# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-016212
**Filing Date:** 2026-2
**Character Count:** 807849
**Document Hash:** d9493d17aebb6227db4e62e7e2e004b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-016212.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001410368-26-016212

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26664282

**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 Short Duration Bond Fund (Series ID: S000036259)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000110983 | Class A         | GDIAX           |
| C000110984 | Class C         | GDICX           |
| C000110985 | Institutional   | GDFIX           |
| C000110986 | Investor Shares | GSSRX           |
| C000110987 | Class R         | GIFRX           |
| C000161296 | Class R6 Shares | GDIUX           |
| C000202046 | Class P Shares  | GMCPX           |

## Nport-Ex

GOLDMAN SACHS ENHANCED INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 46.9%** | **Corporate Obligations – 46.9%** | **Corporate Obligations – 46.9%** | **Corporate Obligations – 46.9%** |
| **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** | **Aerospace & Defense – 0.8%** |
| General Electric Co.<sup>(a)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co.<sup>(a)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co.<sup>(a)</sup> (3 mo. USD Term SOFR + 0.642%) | General Electric Co.<sup>(a)</sup> (3 mo. USD Term SOFR + 0.642%) |
| 1249000 | 4.542% | 05/05/26 | $1250374 |
| RTX Corp.<sup>(b)</sup>  | RTX Corp.<sup>(b)</sup>  | RTX Corp.<sup>(b)</sup>  | RTX Corp.<sup>(b)</sup>  |
| 3040000 | 5.750 | 11/08/26 | 3081465 |
|  |  |  | 4331839 |
| **Agriculture<sup>(b)</sup> – 0.2%** | **Agriculture<sup>(b)</sup> – 0.2%** | **Agriculture<sup>(b)</sup> – 0.2%** | **Agriculture<sup>(b)</sup> – 0.2%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 1322000 | 4.875 | 02/04/28 | 1344051 |
| **Automotive – 2.7%** | **Automotive – 2.7%** | **Automotive – 2.7%** | **Automotive – 2.7%** |
| American Honda Finance Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | American Honda Finance Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 5249000 | 4.445 | 11/19/27 | 5249630 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 2491000 | 4.000 <sup>(b)</sup> | 10/06/26 | 2490327 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 736000 | 5.009 <sup>(a)</sup> | 07/15/27 | 736677 |
| (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) |
| 3514000 | 5.181 <sup>(a)</sup> | 04/04/28 | 3520009 |
| Hyundai Capital America<sup>(c)</sup>  | Hyundai Capital America<sup>(c)</sup>  | Hyundai Capital America<sup>(c)</sup>  | Hyundai Capital America<sup>(c)</sup>  |
| 1228000 | 4.875 | 06/23/27 | 1241606 |
| (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) | (Secured Overnight Financing Rate + 1.040%) |
| 450000 | 4.765 <sup>(a)</sup> | 03/19/27 | 451562 |
| Volkswagen Group of America Finance LLC<sup>(c)</sup>  | Volkswagen Group of America Finance LLC<sup>(c)</sup>  | Volkswagen Group of America Finance LLC<sup>(c)</sup>  | Volkswagen Group of America Finance LLC<sup>(c)</sup>  |
| 1469000 | 5.300 | 03/22/27 | 1486966 |
|  |  |  | 15176777 |
| **Banks – 17.3%** | **Banks – 17.3%** | **Banks – 17.3%** | **Banks – 17.3%** |
| Banco Santander SA<sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA<sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA<sup>(a)(b)</sup> (1 yr. CMT + 0.900%) | Banco Santander SA<sup>(a)(b)</sup> (1 yr. CMT + 0.900%) |
| 2400000 | 1.722 | 09/14/27 | 2359608 |
| Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) |
| 700000 | 3.559 | 04/23/27 | 698684 |
| (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) |
| 4713000 | 4.979 | 01/24/29 | 4800190 |
| Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  | Bank of Montreal<sup>(b)</sup>  |
| 4440000 | 4.700 | 09/14/27 | 4498253 |
| Bank of New York Mellon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.026%) |
| 1910000 | 4.947 | 04/26/27 | 1915883 |
| Bank of Nova Scotia<sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia<sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia<sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) | Bank of Nova Scotia<sup>(a)</sup> (Secured Overnight Financing Rate + 0.800%) |
| 622000 | 4.607 | 08/15/27 | 623200 |
| (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) | (Secured Overnight Financing Rate + 0.890%) |
| 4565000 | 4.932 <sup>(b)</sup> | 02/14/29 | 4653104 |
| Banque Federative du Credit Mutuel SA<sup>(c)</sup>  | Banque Federative du Credit Mutuel SA<sup>(c)</sup>  | Banque Federative du Credit Mutuel SA<sup>(c)</sup>  | Banque Federative du Credit Mutuel SA<sup>(c)</sup>  |
| 4045000 | 4.935 | 01/26/26 | 4047306 |
| BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) | BNP Paribas SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.228%) |
| 4345000 | 2.591 | 01/20/28 | 4273872 |
| BPCE SA | BPCE SA | BPCE SA | BPCE SA |
| 1055000 | 3.250 <sup>(c)</sup> | 01/11/28 | 1037392 |
| (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) | (Secured Overnight Financing Rate + 1.087%) |
| 1000000 | 2.045 <sup>(a)(b)</sup> | 10/19/27 | 983720 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 2980000 | 5.615% | 07/17/26 | $3006433 |
| 260000 | 5.926 | 10/02/26 | 263882 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 1265000 | 4.508 <sup>(a)(b)</sup> | 09/11/27 | 1268770 |
| 800000 | 4.658 <sup>(a)(b)</sup> | 09/11/27 | 802256 |
| (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) | (Secured Overnight Financing Rate + 0.940%) |
| 2456000 | 4.669 <sup>(a)</sup> | 06/28/27 | 2473069 |
| Citibank NA<sup>(b)</sup>  | Citibank NA<sup>(b)</sup>  | Citibank NA<sup>(b)</sup>  | Citibank NA<sup>(b)</sup>  |
| 1027000 | 5.488 | 12/04/26 | 1040649 |
| (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) |
| 2178000 | 4.876 <sup>(a)</sup> | 11/19/27 | 2193965 |
| Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.413%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.413%) |
| 614000 | 3.520 | 10/27/28 | 608652 |
| (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) | (3 mo. USD Term SOFR + 1.652%) |
| 744000 | 3.668 | 07/24/28 | 739424 |
| (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) | (Secured Overnight Financing Rate + 0.770%) |
| 4460000 | 1.462 | 06/09/27 | 4407595 |
| Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) |
| 2164000 | 2.311 | 11/16/27 | 2128489 |
| Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 817000 | 4.693 | 04/12/28 | 816273 |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.800%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.800%) |
| 1388000 | 4.915 | 01/24/29 | 1413511 |
| (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) | (Secured Overnight Financing Rate + 1.190%) |
| 2630000 | 5.040 | 01/23/28 | 2657010 |
| Macquarie Bank Ltd.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 0.920%) |
| 985000 | 4.708 | 07/02/27 | 991550 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) |
| 1435000 | 1.538 | 07/20/27 | 1415283 |
| Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.879%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.879%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.879%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.879%) |
| 2536000 | 1.593 | 05/04/27 | 2514013 |
| (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) |
| 952000 | 5.050 | 01/28/27 | 952505 |
| (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) |
| 2820000 | 4.994 | 04/12/29 | 2876146 |
| NatWest Markets PLC<sup>(c)</sup>  | NatWest Markets PLC<sup>(c)</sup>  | NatWest Markets PLC<sup>(c)</sup>  | NatWest Markets PLC<sup>(c)</sup>  |
| 571000 | 5.416 | 05/17/27 | 582214 |
| Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.790%) |
| 543000 | 5.069 | 07/23/27 | 546084 |
| Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) |
| 1127000 | 1.673 | 06/14/27 | 1114152 |
| Societe Generale SA<sup>(c)</sup>  | Societe Generale SA<sup>(c)</sup>  | Societe Generale SA<sup>(c)</sup>  | Societe Generale SA<sup>(c)</sup>  |
| 859000 | 5.250 | 02/19/27 | 868655 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 3367000 | 4.895 <sup>(a)</sup> | 02/19/27 | 3377539 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Standard Chartered Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(a)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 2157000 | 4.634% | 10/08/26 | $2161098 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 725000 | 0.948 | 01/12/26 | 724319 |
| 2552000 | 2.632 | 07/14/26 | 2533498 |
| 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>  |
| 2680000 | 5.200 | 03/07/27 | 2718672 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 2594000 | 4.765 <sup>(a)</sup> | 09/10/27 | 2614856 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 137000 | 1.250 | 09/10/26 | 134519 |
| 1810000 | 4.693 | 09/15/27 | 1832933 |
| 2231000 | 4.861 | 01/31/28 | 2268325 |
| Truist Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.590%) | Truist Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.590%) |
| 3397000 | 4.671 | 05/20/27 | 3403183 |
| UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) |
| 2500000 | 1.494 | 08/10/27 | 2459275 |
| (1 yr. CMT + 1.080%) | (1 yr. CMT + 1.080%) | (1 yr. CMT + 1.080%) | (1 yr. CMT + 1.080%) |
| 1462000 | 1.364 | 01/30/27 | 1458623 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 1000000 | 1.305 | 02/02/27 | 997440 |
| UniCredit SpA<sup>(c)</sup>  | UniCredit SpA<sup>(c)</sup>  | UniCredit SpA<sup>(c)</sup>  | UniCredit SpA<sup>(c)</sup>  |
| 3500000 | 4.625 | 04/12/27 | 3524745 |
| Westpac New Zealand Ltd.<sup>(c)</sup>  | Westpac New Zealand Ltd.<sup>(c)</sup>  | Westpac New Zealand Ltd.<sup>(c)</sup>  | Westpac New Zealand Ltd.<sup>(c)</sup>  |
| 1175000 | 4.902 | 02/15/28 | 1195927 |
|  |  |  | 96976744 |
| **Building Materials<sup>(b)(c)</sup> – 0.1%** | **Building Materials<sup>(b)(c)</sup> – 0.1%** | **Building Materials<sup>(b)(c)</sup> – 0.1%** | **Building Materials<sup>(b)(c)</sup> – 0.1%** |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 805000 | 4.750 | 01/15/28 | 802480 |
| **Commercial Services<sup>(b)</sup> – 1.0%** | **Commercial Services<sup>(b)</sup> – 1.0%** | **Commercial Services<sup>(b)</sup> – 1.0%** | **Commercial Services<sup>(b)</sup> – 1.0%** |
| Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  |
| 385000 | 6.500 | 06/15/29 | 398529 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 525000 | 1.200 | 03/01/26 | 522527 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 4414000 | 4.750 | 08/09/27 | 4470146 |
|  |  |  | 5391202 |
| **Diversified Financial Services<sup>(b)</sup> – 1.6%** | **Diversified Financial Services<sup>(b)</sup> – 1.6%** | **Diversified Financial Services<sup>(b)</sup> – 1.6%** | **Diversified Financial Services<sup>(b)</sup> – 1.6%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 2220000 | 2.450 | 10/29/26 | 2190984 |
| 2329000 | 6.100 | 01/15/27 | 2373461 |
| 384000 | 4.625 | 10/15/27 | 387298 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 906000 | 2.875 | 01/15/26 | 905067 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 2100000 | 4.750 | 08/11/26 | 2094624 |
| Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  |
| 110000 | 6.400 | 03/26/29 | 115210 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** | **Diversified Financial Services<sup>(b)</sup> – (continued)** |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 760000 | 6.125% | 05/15/30 | $774980 |
|  |  |  | 8841624 |
| **Electrical – 3.6%** | **Electrical – 3.6%** | **Electrical – 3.6%** | **Electrical – 3.6%** |
| CMS Energy Corp.<sup>(b)</sup>  | CMS Energy Corp.<sup>(b)</sup>  | CMS Energy Corp.<sup>(b)</sup>  | CMS Energy Corp.<sup>(b)</sup>  |
| 1477000 | 3.000 | 05/15/26 | 1470811 |
| Dominion Energy, Inc.<sup>(b)</sup>  | Dominion Energy, Inc.<sup>(b)</sup>  | Dominion Energy, Inc.<sup>(b)</sup>  | Dominion Energy, Inc.<sup>(b)</sup>  |
| 2025000 | 1.450 | 04/15/26 | 2010137 |
| Enel Finance International NV<sup>(b)(c)</sup>  | Enel Finance International NV<sup>(b)(c)</sup>  | Enel Finance International NV<sup>(b)(c)</sup>  | Enel Finance International NV<sup>(b)(c)</sup>  |
| 2575000 | 1.625 | 07/12/26 | 2540727 |
| ITC Holdings Corp.<sup>(b)</sup>  | ITC Holdings Corp.<sup>(b)</sup>  | ITC Holdings Corp.<sup>(b)</sup>  | ITC Holdings Corp.<sup>(b)</sup>  |
| 1086000 | 3.250 | 06/30/26 | 1080994 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 2630000 | 4.625 <sup>(b)</sup> | 07/15/27 | 2659903 |
| 7103000 | 4.685 | 09/01/27 | 7186744 |
| Xcel Energy, Inc.<sup>(b)</sup>  | Xcel Energy, Inc.<sup>(b)</sup>  | Xcel Energy, Inc.<sup>(b)</sup>  | Xcel Energy, Inc.<sup>(b)</sup>  |
| 3325000 | 1.750 | 03/15/27 | 3236954 |
|  |  |  | 20186270 |
| **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 620000 | 6.375 | 03/15/29 | 640968 |
| **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** | **Electronics<sup>(b)</sup> – 0.1%** |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 750000 | 3.900 | 11/15/28 | 749085 |
| **Environmental<sup>(b)</sup> – 1.0%** | **Environmental<sup>(b)</sup> – 1.0%** | **Environmental<sup>(b)</sup> – 1.0%** | **Environmental<sup>(b)</sup> – 1.0%** |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 1273000 | 5.500 | 09/18/26 | 1283553 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 4050000 | 4.500 | 03/15/28 | 4103703 |
|  |  |  | 5387256 |
| **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** | **Food & Drug Retailing – 2.0%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 1580000 | 5.200 | 03/19/27 | 1600998 |
| General Mills, Inc.<sup>(b)</sup>  | General Mills, Inc.<sup>(b)</sup>  | General Mills, Inc.<sup>(b)</sup>  | General Mills, Inc.<sup>(b)</sup>  |
| 2550000 | 4.700 | 01/30/27 | 2568564 |
| J.M. Smucker Co.<sup>(b)</sup>  | J.M. Smucker Co.<sup>(b)</sup>  | J.M. Smucker Co.<sup>(b)</sup>  | J.M. Smucker Co.<sup>(b)</sup>  |
| 813000 | 5.900 | 11/15/28 | 852162 |
| Mars, Inc.<sup>(b)(c)</sup>  | Mars, Inc.<sup>(b)(c)</sup>  | Mars, Inc.<sup>(b)(c)</sup>  | Mars, Inc.<sup>(b)(c)</sup>  |
| 6164000 | 4.600 | 03/01/28 | 6247029 |
|  |  |  | 11268753 |
| **Gas – 0.5%** | **Gas – 0.5%** | **Gas – 0.5%** | **Gas – 0.5%** |
| Entergy New Orleans LLC<sup>(b)</sup>  | Entergy New Orleans LLC<sup>(b)</sup>  | Entergy New Orleans LLC<sup>(b)</sup>  | Entergy New Orleans LLC<sup>(b)</sup>  |
| 1435000 | 4.000 | 06/01/26 | 1427222 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 1518000 | 5.300 | 03/01/26 | 1520308 |
|  |  |  | 2947530 |
| **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** | **Healthcare Providers & Services – 1.1%** |
| HCA, Inc.<sup>(b)</sup>  | HCA, Inc.<sup>(b)</sup>  | HCA, Inc.<sup>(b)</sup>  | HCA, Inc.<sup>(b)</sup>  |
| 1500000 | 5.625 | 09/01/28 | 1546245 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** | **Healthcare Providers & Services – (continued)** |
| Thermo Fisher Scientific, Inc.<sup>(b)</sup>  | Thermo Fisher Scientific, Inc.<sup>(b)</sup>  | Thermo Fisher Scientific, Inc.<sup>(b)</sup>  | Thermo Fisher Scientific, Inc.<sup>(b)</sup>  |
| 2760000 | 5.000% | 12/05/26 | $2786938 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 2000000 | 3.100 | 03/15/26 | 1995900 |
|  |  |  | 6329083 |
| **Home Builders<sup>(b)</sup> – 0.2%** | **Home Builders<sup>(b)</sup> – 0.2%** | **Home Builders<sup>(b)</sup> – 0.2%** | **Home Builders<sup>(b)</sup> – 0.2%** |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 1308000 | 5.250 | 06/01/26 | 1308706 |
| **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
| Athene Global Funding<sup>(c)</sup>  | Athene Global Funding<sup>(c)</sup>  | Athene Global Funding<sup>(c)</sup>  | Athene Global Funding<sup>(c)</sup>  |
| 106000 | 1.450 | 01/08/26 | 105957 |
| Corebridge Financial, Inc.<sup>(b)</sup>  | Corebridge Financial, Inc.<sup>(b)</sup>  | Corebridge Financial, Inc.<sup>(b)</sup>  | Corebridge Financial, Inc.<sup>(b)</sup>  |
| 2837000 | 3.650 | 04/05/27 | 2820318 |
| Corebridge Global Funding<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.300%) | Corebridge Global Funding<sup>(a)(c)</sup> (Secured Overnight Financing Rate + 1.300%) |
| 2621000 | 5.028 | 09/25/26 | 2636018 |
| Jackson National Life Global Funding<sup>(c)</sup>  | Jackson National Life Global Funding<sup>(c)</sup>  | Jackson National Life Global Funding<sup>(c)</sup>  | Jackson National Life Global Funding<sup>(c)</sup>  |
| 1239000 | 5.550 | 07/02/27 | 1264796 |
|  |  |  | 6827089 |
| **Internet<sup>(b)</sup> – 0.9%** | **Internet<sup>(b)</sup> – 0.9%** | **Internet<sup>(b)</sup> – 0.9%** | **Internet<sup>(b)</sup> – 0.9%** |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 1275000 | 3.875 | 11/15/28 | 1280865 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 1550000 | 1.400 | 05/10/26 | 1535631 |
| Prosus NV<sup>(c)</sup>  | Prosus NV<sup>(c)</sup>  | Prosus NV<sup>(c)</sup>  | Prosus NV<sup>(c)</sup>  |
| 2260000 | 3.257 | 01/19/27 | 2227524 |
|  |  |  | 5044020 |
| **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** | **Lodging<sup>(b)</sup> – 0.3%** |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 1530000 | 5.450 | 09/15/26 | 1543387 |
| **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** | **Machinery-Diversified<sup>(b)</sup> – 1.0%** |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 5220000 | 5.197 | 06/15/27 | 5304982 |
| **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** | **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** | **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** | **Miscellaneous Manufacturing<sup>(b)</sup> – 0.2%** |
| Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  |
| 355000 | 6.125 | 03/15/30 | 367663 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 484000 | 6.250 | 02/15/29 | 495345 |
|  |  |  | 863008 |
| **Oil Field Services<sup>(b)</sup> – 1.2%** | **Oil Field Services<sup>(b)</sup> – 1.2%** | **Oil Field Services<sup>(b)</sup> – 1.2%** | **Oil Field Services<sup>(b)</sup> – 1.2%** |
| QatarEnergy<sup>(c)</sup>  | QatarEnergy<sup>(c)</sup>  | QatarEnergy<sup>(c)</sup>  | QatarEnergy<sup>(c)</sup>  |
| 2520000 | 1.375 | 09/12/26 | 2469172 |
| SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
| 2520000 | 1.602 | 06/17/26 | 2487416 |
| Sunoco LP<sup>(c)</sup>  | Sunoco LP<sup>(c)</sup>  | Sunoco LP<sup>(c)</sup>  | Sunoco LP<sup>(c)</sup>  |
| 750000 | 7.000 | 05/01/29 | 782010 |
| Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup>  | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup>  | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup>  | Sunoco LP/Sunoco Finance Corp.<sup>(c)</sup>  |
| 760000 | 7.000 | 09/15/28 | 783986 |
|  |  |  | 6522584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging<sup>(b)</sup> – 0.1%** | **Packaging<sup>(b)</sup> – 0.1%** | **Packaging<sup>(b)</sup> – 0.1%** | **Packaging<sup>(b)</sup> – 0.1%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 550000 | 1.570% | 01/15/26 | $549203 |
| **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** | **Pharmaceuticals – 3.3%** |
| AbbVie, Inc.<sup>(b)</sup>  | AbbVie, Inc.<sup>(b)</sup>  | AbbVie, Inc.<sup>(b)</sup>  | AbbVie, Inc.<sup>(b)</sup>  |
| 7400000 | 4.800 | 03/15/27 | 7478736 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 4792000 | 4.700 | 11/15/26 | 4822621 |
| CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  | CVS Health Corp.<sup>(b)</sup>  |
| 4893000 | 5.000 | 02/20/26 | 4893098 |
| PRA Health Sciences, Inc.<sup>(b)(c)</sup>  | PRA Health Sciences, Inc.<sup>(b)(c)</sup>  | PRA Health Sciences, Inc.<sup>(b)(c)</sup>  | PRA Health Sciences, Inc.<sup>(b)(c)</sup>  |
| 1435000 | 2.875 | 07/15/26 | 1423649 |
|  |  |  | 18618104 |
| **Pipelines<sup>(b)</sup> – 1.6%** | **Pipelines<sup>(b)</sup> – 1.6%** | **Pipelines<sup>(b)</sup> – 1.6%** | **Pipelines<sup>(b)</sup> – 1.6%** |
| Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  |
| 795000 | 5.875 | 03/01/28 | 809858 |
| 300000 | 6.500 | 06/01/29 | 310497 |
| Kinetik Holdings LP<sup>(c)</sup>  | Kinetik Holdings LP<sup>(c)</sup>  | Kinetik Holdings LP<sup>(c)</sup>  | Kinetik Holdings LP<sup>(c)</sup>  |
| 705000 | 6.625 | 12/15/28 | 725854 |
| NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
| 1360000 | 6.000 | 06/01/26 | 1362421 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 2645000 | 4.250 | 09/24/27 | 2653570 |
| Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| 3090000 | 5.300 | 08/15/28 | 3181495 |
|  |  |  | 9043695 |
| **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** | **Real Estate Investment Trust<sup>(b)</sup> – 0.2%** |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1388000 | 2.750 | 01/15/27 | 1369581 |
| **Retailing<sup>(b)</sup> – 1.1%** | **Retailing<sup>(b)</sup> – 1.1%** | **Retailing<sup>(b)</sup> – 1.1%** | **Retailing<sup>(b)</sup> – 1.1%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  |
| 1130000 | 6.125 | 06/15/29 | 1161550 |
| 7-Eleven, Inc.<sup>(c)</sup>  | 7-Eleven, Inc.<sup>(c)</sup>  | 7-Eleven, Inc.<sup>(c)</sup>  | 7-Eleven, Inc.<sup>(c)</sup>  |
| 1577000 | 0.950 | 02/10/26 | 1571543 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 1535000 | 5.625 | 05/01/27 | 1535829 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 1965000 | 5.750 | 11/20/26 | 1991881 |
|  |  |  | 6260803 |
| **Semiconductors<sup>(b)</sup> – 1.6%** | **Semiconductors<sup>(b)</sup> – 1.6%** | **Semiconductors<sup>(b)</sup> – 1.6%** | **Semiconductors<sup>(b)</sup> – 1.6%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 5210000 | 5.050 | 07/12/27 | 5300498 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 2300000 | 4.875 | 02/10/28 | 2333166 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
| 1097000 | 4.400 | 06/01/27 | 1101640 |
|  |  |  | 8735304 |
| **Software – 1.2%** | **Software – 1.2%** | **Software – 1.2%** | **Software – 1.2%** |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 520000 | 4.200 | 09/10/27 | 523198 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| Fidelity National Information Services, Inc.<sup>(b)</sup>  | Fidelity National Information Services, Inc.<sup>(b)</sup>  | Fidelity National Information Services, Inc.<sup>(b)</sup>  | Fidelity National Information Services, Inc.<sup>(b)</sup>  |
| 1050000 | 1.150% | 03/01/26 | $1045086 |
| Oracle Corp.<sup>(b)</sup>  | Oracle Corp.<sup>(b)</sup>  | Oracle Corp.<sup>(b)</sup>  | Oracle Corp.<sup>(b)</sup>  |
| 1209000 | 4.800 | 08/03/28 | 1214489 |
| Synopsys, Inc.<sup>(b)</sup>  | Synopsys, Inc.<sup>(b)</sup>  | Synopsys, Inc.<sup>(b)</sup>  | Synopsys, Inc.<sup>(b)</sup>  |
| 1873000 | 4.650 | 04/01/28 | 1898829 |
| VMware LLC<sup>(b)</sup>  | VMware LLC<sup>(b)</sup>  | VMware LLC<sup>(b)</sup>  | VMware LLC<sup>(b)</sup>  |
| 1883000 | 3.900 | 08/21/27 | 1883395 |
|  |  |  | 6564997 |
| **Telecommunication Services<sup>(b)</sup> – 0.5%** | **Telecommunication Services<sup>(b)</sup> – 0.5%** | **Telecommunication Services<sup>(b)</sup> – 0.5%** | **Telecommunication Services<sup>(b)</sup> – 0.5%** |
| Deutsche Telekom International Finance BV<sup>(c)</sup>  | Deutsche Telekom International Finance BV<sup>(c)</sup>  | Deutsche Telekom International Finance BV<sup>(c)</sup>  | Deutsche Telekom International Finance BV<sup>(c)</sup>  |
| 1404000 | 3.600 | 01/19/27 | 1399114 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 1550000 | 3.750 | 04/15/27 | 1545025 |
|  |  |  | 2944139 |
| **Trucking & Leasing<sup>(b)(c)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.2%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.2%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 418000 | 1.700 | 06/15/26 | 413001 |
| 705000 | 5.350 | 01/12/27 | 712395 |
|  |  |  | 1125396 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $260,896,522)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $260,896,522)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $260,896,522)** | $262998660 |
| **Asset-Backed Securities<sup>(b)</sup> – 14.7%** | **Asset-Backed Securities<sup>(b)</sup> – 14.7%** | **Asset-Backed Securities<sup>(b)</sup> – 14.7%** | **Asset-Backed Securities<sup>(b)</sup> – 14.7%** |
| **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** |
| Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 | Ford Credit Auto Owner Trust Series 2025-B, Class A3 |
| 2825000 | 3.910% | 04/15/30 | $2834942 |
| Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3<sup>(c)</sup>  |
| 1928271 | 5.410 | 05/17/27 | 1938657 |
| Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 | Hyundai Auto Receivables Trust Series 2022-C, Class A3 |
| 462741 | 5.390 | 06/15/27 | 463758 |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 325000 | 4.840 | 03/15/29 | 328620 |
| SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  |
| 3100000 | 4.120 | 04/21/31 | 3113455 |
| Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  |
| 1300000 | 4.140 | 06/20/28 | 1302487 |
| Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust Series 2022-D, Class A3 |
| 678831 | 5.300 | 09/15/27 | 682002 |
| Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup>  | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup>  | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup>  | Toyota Lease Owner Trust Series 2025-B, Class A3<sup>(c)</sup>  |
| 3975000 | 3.960 | 11/20/28 | 3985679 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
| 1355643 | 4.650 | 11/22/27 | 1359145 |
|  |  |  | 16008745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(a)</sup> – 9.6%** | **Collateralized Loan Obligations<sup>(a)</sup> – 9.6%** | **Collateralized Loan Obligations<sup>(a)</sup> – 9.6%** | **Collateralized Loan Obligations<sup>(a)</sup> – 9.6%** |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.410%) |
| 1300000 | 5.621% | 07/20/38 | $1305525 |
| Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) | Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.412%) |
| 4000000 | 5.316 | 04/15/34 | 4006848 |
| Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) | Apidos CLO XXIII Series 2015-23A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.050%) |
| 2669483 | 4.955 | 04/15/33 | 2669993 |
| Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) | Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 0.980%) |
| 5000000 | 4.837 | 01/22/35 | 4991540 |
| Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 3000000 | 5.037 | 10/20/36 | 3001839 |
| CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) | CarVal CLO XI C Ltd. Series 2024-3A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.390%) |
| 1500000 | 5.274 | 10/20/37 | 1503847 |
| CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) | CBAM Ltd. Series 2017-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.452%) |
| 5000000 | 5.333 | 07/17/34 | 5011055 |
| Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%) |
| 1900000 | 3.031 | 11/20/34 | 2233014 |
| Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) | Fort Greene Park CLO LLC Series 2025-2A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 0.950%) |
| 2100000 | 4.807 | 04/22/34 | 2096325 |
| LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) | LCM 36 Ltd. Series 36A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.070%) |
| 4580000 | 4.975 | 01/15/34 | 4574316 |
| Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.360%) | Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.360%) |
| 2750000 | 5.254 | 07/16/37 | 2754782 |
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1000000 | 5.435 | 04/15/37 | 1001846 |
| Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.260%) | Mountain View CLO LLC Series 2016-1A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.260%) |
| 550928 | 5.172 | 04/14/33 | 550934 |
| Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) | Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.362%) |
| 3380938 | 5.251 | 05/20/32 | 3383703 |
| Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) | Octagon 54 Ltd. Series 2021-1A, Class A1<sup>(c)</sup> (3 mo. USD Term SOFR + 1.382%) |
| 1000000 | 5.286 | 07/15/34 | 1000357 |
| OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) | OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2<sup>(c)</sup> (3 mo. USD Term SOFR + 1.320%) |
| 1500000 | 5.204 | 01/20/38 | 1503779 |
| Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) | Pikes Peak CLO 2 Series 2018-2A, Class ARR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.220%) |
| 6700000 | 5.104 | 10/11/34 | 6700007 |
| Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) | Wellfleet CLO Ltd. Series 2021-3A, Class AR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.200%) |
| 5000000 | 5.105 | 01/15/35 | 5001560 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** | **Collateralized Loan Obligations<sup>(a)</sup> – (continued)** |
| Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) | Zais CLO 15 Ltd. Series 2020-15A, Class A1RR<sup>(c)</sup> (3 mo. USD Term SOFR + 1.490%) |
| 475000 | 5.349% | 07/28/37 | $475815 |
|  |  |  | 53767085 |
| **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** | **Credit Card – 0.2%** |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 1200000 | 3.970 | 07/15/31 | 1203944 |
| **Student Loan<sup>(a)</sup> – 2.0%** | **Student Loan<sup>(a)</sup> – 2.0%** | **Student Loan<sup>(a)</sup> – 2.0%** | **Student Loan<sup>(a)</sup> – 2.0%** |
| Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) | Access Group, Inc. Series 2013-1, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.614%) |
| 166758 | 4.489 | 02/25/36 | 166704 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.830%) |
| 2100000 | 5.735 | 01/15/37 | 2103757 |
| ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) | ECMC Group Student Loan Trust Series 2017-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.314%) |
| 968334 | 5.189 | 12/27/66 | 980819 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 1875000 | 5.404 | 04/18/37 | 1880018 |
| Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%) |
| 229205 | 5.475 | 07/25/45 | 229153 |
| Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) | Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%) |
| 464638 | 4.886 | 03/25/51 | 455716 |
| Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) | Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%) |
| 64140 | 5.525 | 04/25/38 | 63267 |
| Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) | Navient Student Loan Trust Series 2017-2A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.164%) |
| 1414976 | 5.039 | 12/27/66 | 1437698 |
| Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) | Nelnet Student Loan Trust Series 2012-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.814%) |
| 976259 | 4.689 | 03/26/40 | 971999 |
| Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) | Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R<sup>(c)</sup> (3 mo. USD Term SOFR + 1.530%) |
| 1500000 | 5.414 | 04/20/38 | 1504151 |
| PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) | PHEAA Student Loan Trust Series 2014-3A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 0.704%) |
| 1314219 | 4.579 | 08/25/40 | 1299188 |
| Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) | Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%) |
| 188041 | 4.815 | 07/01/31 | 187918 |
|  |  |  | 11280388 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $81,977,977)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $81,977,977)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $81,977,977)** | $82260162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – 4.8%** | **Mortgage-Backed Obligations – 4.8%** | **Mortgage-Backed Obligations – 4.8%** | **Mortgage-Backed Obligations – 4.8%** |
| **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** | **Collateralized Mortgage Obligations – 0.3%** |
| **Regular Floater<sup>(a)</sup> – 0.2%** | **Regular Floater<sup>(a)</sup> – 0.2%** | **Regular Floater<sup>(a)</sup> – 0.2%** | **Regular Floater<sup>(a)</sup> – 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) | Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%) |
| 195581 | 4.698 %<sup>(b)</sup> | 09/15/37 | $194871 |
| Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) | Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%) |
| 23326 | 4.948 | 06/15/39 | 23496 |
| Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) | Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%) |
| 28806 | 4.398 | 04/15/37 | 28075 |
| Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) | Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%) |
| 62663 | 4.498 | 05/15/36 | 62225 |
| Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%) |
| 31828 | 4.389 | 09/25/43 | 31529 |
| Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) | Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%) |
| 105536 | 4.489 | 08/25/36 | 104982 |
| Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) | Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%) |
| 170645 | 5.139 | 09/25/39 | 173261 |
| Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) | Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%) |
| 121147 | 4.829 | 04/25/48 | 121373 |
|  |  |  | 739812 |
| **Sequential Fixed Rate – 0.0%** | **Sequential Fixed Rate – 0.0%** | **Sequential Fixed Rate – 0.0%** | **Sequential Fixed Rate – 0.0%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM | Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM |
| 134218 | 6.500 | 05/15/41 | 140994 |
| **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 0.1%** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 442000 | 5.524 | 12/25/41 | 444288 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 59177 | 5.774 | 04/25/42 | 59325 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 144772 | 2.824 | 11/25/66 | 135378 |
|  |  |  | 638991 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 1519797 |
| **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** | **Commercial Mortgage-Backed Securities – 3.8%** |
| **Sequential Fixed Rate<sup>(b)</sup> – 1.8%** | **Sequential Fixed Rate<sup>(b)</sup> – 1.8%** | **Sequential Fixed Rate<sup>(b)</sup> – 1.8%** | **Sequential Fixed Rate<sup>(b)</sup> – 1.8%** |
| Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 | Bank Series 2019-BN17, Class A4 |
| 1450000 | 3.714% | 04/15/52 | $1425646 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 1000000 | 5.893 | 11/15/57 | 1051324 |
| Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 |
| 1750000 | 5.225 | 11/15/58 | 1804650 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate<sup>(b)</sup> – (continued)** | **Sequential Fixed Rate<sup>(b)</sup> – (continued)** | **Sequential Fixed Rate<sup>(b)</sup> – (continued)** | **Sequential Fixed Rate<sup>(b)</sup> – (continued)** |
| Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 | Bank5 Series 2025-5YR19, Class A3 |
| 1200000 | 5.270% | 12/15/58 | $1240524 |
| Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 | Benchmark Mortgage Trust Series 2024-V5, Class A3 |
| 2050000 | 5.805 | 01/10/57 | 2133455 |
| BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 | BMO Mortgage Trust Series 2024-5C3, Class A3 |
| 950000 | 5.739 | 02/15/57 | 984901 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 |
| 1450000 | 5.673 | 05/15/58 | 1517631 |
|  |  |  | 10158131 |
| **Sequential Floating Rate<sup>(a)</sup> – 2.0%** | **Sequential Floating Rate<sup>(a)</sup> – 2.0%** | **Sequential Floating Rate<sup>(a)</sup> – 2.0%** | **Sequential Floating Rate<sup>(a)</sup> – 2.0%** |
| Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 |
| 1100000 | 5.902 <sup>(b)</sup> | 12/15/57 | 1156242 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 1716865 | 5.192 <sup>(c)</sup> | 02/15/39 | 1716872 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 1598408 | 5.142 <sup>(c)</sup> | 03/15/41 | 1597561 |
| BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) | BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%) |
| 501358 | 4.500 <sup>(c)</sup> | 10/15/26 | 499894 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 1200000 | 5.392 <sup>(c)</sup> | 02/15/41 | 1195450 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 1300000 | 5.145 <sup>(c)</sup> | 08/10/42 | 1326067 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%) |
| 56035 | 4.613 <sup>(b)</sup> | 02/25/26 | 56043 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1075000 | 5.467 <sup>(c)</sup> | 01/13/40 | 1113229 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 1400000 | 5.493 <sup>(c)</sup> | 10/15/40 | 1403046 |
| ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) | ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%) |
| 919000 | 4.565 <sup>(c)</sup> | 03/15/36 | 916138 |
|  |  |  | 10980542 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $21138673 |
| **Federal Agencies – 0.7%** | **Federal Agencies – 0.7%** | **Federal Agencies – 0.7%** | **Federal Agencies – 0.7%** |
| **Uniform Mortgage-Backed Security – 0.7%** | **Uniform Mortgage-Backed Security – 0.7%** | **Uniform Mortgage-Backed Security – 0.7%** | **Uniform Mortgage-Backed Security – 0.7%** |
| 3984450 | 6.500% | 06/01/54 | $4163836 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $26,556,497)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $26,556,497)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $26,556,497)** | $26822306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Agency Debentures<sup>(a)</sup> – 2.3%** | **Agency Debentures<sup>(a)</sup> – 2.3%** | **Agency Debentures<sup>(a)</sup> – 2.3%** | **Agency Debentures<sup>(a)</sup> – 2.3%** |
| **United States Dollar – 2.3%** | **United States Dollar – 2.3%** | **United States Dollar – 2.3%** | **United States Dollar – 2.3%** |
| Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) |
| 9931000 | 3.850% | 10/06/27 | $9915706 |
| Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) | Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%) |
| 3192000 | 3.850 | 10/14/27 | 3191681 |
| **TOTAL AGENCY DEBENTURES<br>(Cost $13,123,000)** | **TOTAL AGENCY DEBENTURES<br>(Cost $13,123,000)** | **TOTAL AGENCY DEBENTURES<br>(Cost $13,123,000)** | $13107387 |
| **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** | **Sovereign Debt Obligations – 0.4%** |
| **United States Dollar – 0.4%** | **United States Dollar – 0.4%** | **United States Dollar – 0.4%** | **United States Dollar – 0.4%** |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 2320000 | 3.250% | 10/26/26 | $2305500 |
| **(Cost $2,348,383)** | **(Cost $2,348,383)** | **(Cost $2,348,383)** | **(Cost $2,348,383)** |
| **Municipal Debt Obligations<sup>(b)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(b)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(b)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(b)</sup> – 0.2%** |
| **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** |
| San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 |
| 1330000 | 5.635% | 02/01/26 | $1330224 |
| **(Cost $1,330,000)** | **(Cost $1,330,000)** | **(Cost $1,330,000)** | **(Cost $1,330,000)** |
| **U.S. Treasury Obligations – 17.6%** | **U.S. Treasury Obligations – 17.6%** | **U.S. Treasury Obligations – 17.6%** | **U.S. Treasury Obligations – 17.6%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 52040000 | 2.750% | 04/30/27 | $51531797 |
| 30730000 | 2.625 | 05/31/27 | 30360280 |
| 16950000 | 3.500 <sup>(d)</sup> | 09/30/27 | 16954635 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $98,345,074)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $98,345,074)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $98,345,074)** | $98846712 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(e)</sup> – 2.9%** | **Investment Company<sup>(e)</sup> – 2.9%** | **Investment Company<sup>(e)</sup> – 2.9%** | **Investment Company<sup>(e)</sup> – 2.9%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 15955903 | 3.686% | 3.686% | $15955903 |
| **(Cost $15,955,903)** | **(Cost $15,955,903)** | **(Cost $15,955,903)** | **(Cost $15,955,903)** |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 87.5%<br>(Cost $487,410,356)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 87.5%<br>(Cost $487,410,356)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 87.5%<br>(Cost $487,410,356)** | $490519467 |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 7.6%** | **Short-term Investments – 7.6%** | **Short-term Investments – 7.6%** | **Short-term Investments – 7.6%** | **Short-term Investments – 7.6%** |
|  **Certificates of Deposit – 3.6%** | **Certificates of Deposit – 3.6%** | **Certificates of Deposit – 3.6%** | **Certificates of Deposit – 3.6%** | **Certificates of Deposit – 3.6%** |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  $ | 5600000 | 4.000% | 04/24/26 | $5601906 |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  | 2000000 | 4.420 | 08/19/26 | 2005131 |
|  (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) |
|  | 5901000 | 4.360 <sup>(a)</sup> | 03/26/26 | 5905026 |
|  (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
|  | 3497000 | 4.370 <sup>(a)(b)</sup> | 12/11/26 | 3497044 |
|  Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.620%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.620%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.620%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.620%) | Natixis SA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.620%) |
|  | 3155000 | 4.390 | 10/29/26 | 3162684 |
|  |  |  |  | 20171791 |
|  **Commercial Paper<sup>(f)</sup> – 4.0%** | **Commercial Paper<sup>(f)</sup> – 4.0%** | **Commercial Paper<sup>(f)</sup> – 4.0%** | **Commercial Paper<sup>(f)</sup> – 4.0%** | **Commercial Paper<sup>(f)</sup> – 4.0%** |
|  Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  |
|  | 2808000 | 0.000 | 01/27/26 | 2799878 |
|  Entergy Corp.<sup>(c)</sup>  | Entergy Corp.<sup>(c)</sup>  | Entergy Corp.<sup>(c)</sup>  | Entergy Corp.<sup>(c)</sup>  | Entergy Corp.<sup>(c)</sup>  |
|  | 1731000 | 0.000 | 03/10/26 | 1718141 |
|  General Motors Financial Co., Inc.<sup>(c)</sup>  | General Motors Financial Co., Inc.<sup>(c)</sup>  | General Motors Financial Co., Inc.<sup>(c)</sup>  | General Motors Financial Co., Inc.<sup>(c)</sup>  | General Motors Financial Co., Inc.<sup>(c)</sup>  |
|  | 848000 | 0.000 | 07/27/26 | 828297 |
|  | 2048000 | 0.000 | 08/12/26 | 1996892 |
|  Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
|  | 2871000 | 0.000 | 03/17/26 | 2847479 |
|  National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  |
|  | 1000000 | 0.000 | 05/01/26 | 987230 |
|  Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  |
|  | 1058000 | 0.000 | 01/15/26 | 1056308 |
|  TELUS Corp.<sup>(c)</sup>  | TELUS Corp.<sup>(c)</sup>  | TELUS Corp.<sup>(c)</sup>  | TELUS Corp.<sup>(c)</sup>  | TELUS Corp.<sup>(c)</sup>  |
|  | 2908000 | 0.000 | 02/24/26 | 2888555 |
|  VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  |
|  | 3037000 | 0.000 | 03/16/26 | 3012451 |
|  | 4637000 | 0.000 | 09/24/26 | 4504892 |
|  |  |  |  | 22640123 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $42,776,638)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $42,776,638)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $42,776,638)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $42,776,638)** | $42811914 |
| **TOTAL INVESTMENTS – 97.4%<br>(Cost $543,309,994)** | **TOTAL INVESTMENTS – 97.4%<br>(Cost $543,309,994)** | **TOTAL INVESTMENTS – 97.4%<br>(Cost $543,309,994)** | **TOTAL INVESTMENTS – 97.4%<br>(Cost $543,309,994)** | $546438768 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.6%** | 14492513 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $560931281 |

---

---

| | |
|:---|:---|
| 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) | 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 December 31, 2025. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (e) | Represents an affiliated issuer. |
| (f) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

------

GOLDMAN SACHS ENHANCED INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 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** |
|  BNP Paribas SA | USD | 2225722 | EUR | 1899576 | 02/25/26 | $(12382) |

---

**FUTURES CONTRACTS** — At December 31, 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 | 289 | 03/31/26 | $60340039 | $(3860) |
|  5 Year U.S. Treasury Notes | 64 | 03/31/26 | 6995500 | (1046) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(4906) |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M SOFR<sup>(b)</sup> <br> 3.500%<sup>(b)</sup> | 03/18/27 | $211590 | $378873 | $387294 | $(8421) |
|  3.136%<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 12/15/27 | 21690 | 40111 | 9252 | 30859 |
| 3.500<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 03/18/28 | 70830 | (315470) | (314895) | (575) |
| 3.500<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 03/18/29 | 34090 | (170269) | (175012) | 4743 |
|  **TOTAL** |  |  | $(66755) | $(93361) | $26606 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made at maturity.

(c) Payments made annually.

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| GO | — General Obligation |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |
| SpA | — Stand-by Purchase Agreement |
| STRIPS | — Separate Trading of Registered Interest and Principal of Securities |
| **Abbreviation:** | **Abbreviation:** |
| SOFR | — Secured Overnight Financing Rate |

---

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

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 65.3%** | **Mortgage-Backed Obligations – 65.3%** | **Mortgage-Backed Obligations – 65.3%** | **Mortgage-Backed Obligations – 65.3%** |
| **Collateralized Mortgage Obligations – 4.2%** | **Collateralized Mortgage Obligations – 4.2%** | **Collateralized Mortgage Obligations – 4.2%** | **Collateralized Mortgage Obligations – 4.2%** |
| **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** | **Regular Floater<sup>(a)</sup> – 0.3%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 170619 | 4.874% | 02/25/55 | $170641 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 275627 | 4.874 | 03/25/55 | 275032 |
|  |  |  | 445673 |
| **Sequential Fixed Rate – 2.5%** | **Sequential Fixed Rate – 2.5%** | **Sequential Fixed Rate – 2.5%** | **Sequential Fixed Rate – 2.5%** |
| Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 | Angel Oak Mortgage Trust Series 2025-7, Class A1 |
| 329644 | 5.509 <sup>(b)(c)(d)</sup> | 06/25/70 | 332682 |
| Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A | Arroyo Mortgage Trust Series 2022-1, Class A1A |
| 132523 | 2.495 <sup>(b)(c)(d)</sup> | 12/25/56 | 129963 |
| COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 | COLT Mortgage Loan Trust Series 2024-4, Class A1 |
| 402950 | 5.949 <sup>(b)(c)(d)</sup> | 07/25/69 | 407745 |
| Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA |
| 46313 | 6.500 | 06/15/31 | 47548 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 26863 | 6.500 | 02/15/36 | 28132 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 139248 | 5.000 | 10/25/41 | 140542 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 20414 | 7.000 | 10/25/42 | 21940 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 90763 | 7.000 | 07/25/42 | 98587 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 154676 | 5.000 | 06/25/41 | 156070 |
| Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A |
| 1052638 | 2.000 <sup>(b)</sup> | 08/20/51 | 881846 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 350000 | 4.879 <sup>(b)(c)(d)</sup> | 05/25/65 | 350144 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A | Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A |
| 343193 | 5.016 <sup>(b)(c)(d)</sup> | 09/25/70 | 344045 |
| OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A | OBX Trust Series 2025-NQM21, Class A1A |
| 346711 | 4.989 <sup>(b)(c)(d)</sup> | 10/25/65 | 347407 |
|  |  |  | 3286651 |
| **Sequential Floating Rate<sup>(a)(b)</sup> – 1.4%** | **Sequential Floating Rate<sup>(a)(b)</sup> – 1.4%** | **Sequential Floating Rate<sup>(a)(b)</sup> – 1.4%** | **Sequential Floating Rate<sup>(a)(b)</sup> – 1.4%** |
| Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 | Angel Oak Mortgage Trust Series 2020-3, Class M1 |
| 150000 | 3.809 <sup>(c)</sup> | 04/25/65 | 144256 |
| Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 | Angel Oak Mortgage Trust Series 2021-7, Class A1 |
| 356994 | 1.978 <sup>(c)</sup> | 10/25/66 | 310716 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 441741 | 2.520 <sup>(c)</sup> | 05/25/52 | 380889 |
| JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 | JP Morgan Mortgage Trust Series 2024-VIS1, Class A1 |
| 189857 | 5.990 <sup>(c)</sup> | 07/25/64 | 191804 |
| JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 | JP Morgan Mortgage Trust Series 2024-3, Class A4 |
| 320368 | 3.000 <sup>(c)</sup> | 05/25/54 | 292599 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)</sup> – (continued)** |
| Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) | Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%) |
| 15402 | 4.994% | 11/25/29 | $14851 |
| OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 |
| 379036 | 1.957 <sup>(c)</sup> | 10/25/61 | 327494 |
| OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 | OBX Trust Series 2022-J2, Class A1 |
| 188658 | 3.500 <sup>(c)</sup> | 08/25/52 | 172150 |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 55386 | 2.824 <sup>(c)</sup> | 11/25/66 | 51792 |
|  |  |  | 1886551 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 5618875 |
| **Commercial Mortgage-Backed Securities – 7.7%** | **Commercial Mortgage-Backed Securities – 7.7%** | **Commercial Mortgage-Backed Securities – 7.7%** | **Commercial Mortgage-Backed Securities – 7.7%** |
| **Regular Floater<sup>(a)(c)</sup> – 0.4%** | **Regular Floater<sup>(a)(c)</sup> – 0.4%** | **Regular Floater<sup>(a)(c)</sup> – 0.4%** | **Regular Floater<sup>(a)(c)</sup> – 0.4%** |
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%) |
| 450000 | 5.243% | 11/15/41 | $450356 |
| **Sequential Fixed Rate – 3.3%** | **Sequential Fixed Rate – 3.3%** | **Sequential Fixed Rate – 3.3%** | **Sequential Fixed Rate – 3.3%** |
| Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 | Bank Series 2019-BN24, Class A3 |
| 600000 | 2.960 <sup>(b)</sup> | 11/15/62 | 568357 |
| Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 | Bank Series 2020-BN29, Class A4 |
| 600000 | 1.997 <sup>(b)</sup> | 11/15/53 | 531060 |
| Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 | Bank Series 2024-BNK47, Class A5 |
| 100000 | 5.716 <sup>(b)</sup> | 06/15/57 | 106148 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4 | Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4 |
| 150000 | 3.574 <sup>(b)</sup> | 02/15/50 | 148992 |
| Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 | Bank5 Series 2024-5YR10, Class A3 |
| 200000 | 5.302 <sup>(b)</sup> | 10/15/57 | 205995 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 200000 | 5.893 <sup>(b)</sup> | 11/15/57 | 210265 |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 250000 | 5.452 <sup>(b)</sup> | 07/15/58 | 259892 |
| Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 | Bank5 Series 2025-5YR17, Class A3 |
| 400000 | 5.225 <sup>(b)</sup> | 11/15/58 | 412492 |
| BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS | BBCMS Mortgage Trust Series 2024-C24, Class AS |
| 125000 | 5.867 <sup>(b)</sup> | 02/15/57 | 130892 |
| BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 | BBCMS Mortgage Trust Series 2025-5C36, Class A3 |
| 300000 | 5.517 <sup>(b)</sup> | 08/15/58 | 312873 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 300000 | 6.160 <sup>(b)</sup> | 12/15/56 | 322411 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 450000 | 5.388 <sup>(c)</sup> | 11/13/41 | 462459 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 | Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5 |
| 500000 | 2.626 <sup>(b)</sup> | 04/15/54 | 452037 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 | Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3 |
| 300000 | 5.673 <sup>(b)</sup> | 05/15/58 | 313993 |
|  |  |  | 4437866 |
| **Sequential Floating Rate<sup>(a)</sup> – 4.0%** | **Sequential Floating Rate<sup>(a)</sup> – 4.0%** | **Sequential Floating Rate<sup>(a)</sup> – 4.0%** | **Sequential Floating Rate<sup>(a)</sup> – 4.0%** |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 600000 | 2.618 <sup>(b)</sup> | 11/15/64 | 536544 |
| Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS | Bank Series 2021-BN31, Class AS |
| 250000 | 2.211 <sup>(b)</sup> | 02/15/54 | 215957 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)</sup> – (continued)** |
| Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 | Bank5 Series 2024-5YR12, Class A3 |
| 400000 | 5.902 %<sup>(b)</sup> | 12/15/57 | $420452 |
| Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 | Benchmark Mortgage Trust Series 2022-B37, Class A5 |
| 100000 | 5.746 <sup>(b)</sup> | 11/15/55 | 106128 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class A (1 mo. USD Term SOFR + 1.500%) |
| 400000 | 5.250 <sup>(c)</sup> | 11/15/42 | 401119 |
| BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) | BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1 mo. USD Term SOFR + 1.342%) |
| 192748 | 5.092 <sup>(c)</sup> | 03/15/41 | 192726 |
| BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 | BMO Mortgage Trust Series 2023-C4, Class A5 |
| 225000 | 5.117 <sup>(b)</sup> | 02/15/56 | 229737 |
| BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A | BPR Trust Series 2024-PMDW, Class A |
| 150000 | 5.358 <sup>(c)</sup> | 11/05/41 | 153443 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 250000 | 5.369 <sup>(c)</sup> | 06/15/44 | 256819 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 151428 | 5.142 <sup>(c)</sup> | 03/15/41 | 151348 |
| BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A | BX Commercial Mortgage Trust Series 2024-VLT5, Class A |
| 200000 | 5.410 <sup>(c)</sup> | 11/13/46 | 202236 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 425000 | 5.392 <sup>(c)</sup> | 02/15/41 | 423388 |
| BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) | BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%) |
| 150000 | 5.840 <sup>(c)</sup> | 03/15/41 | 150000 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 300000 | 5.145 <sup>(c)</sup> | 08/10/42 | 306016 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 150000 | 5.462 <sup>(c)</sup> | 02/05/45 | 155132 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 400000 | 5.295 <sup>(b)(c)</sup> | 03/14/47 | 407828 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 125000 | 5.797 <sup>(c)</sup> | 10/05/39 | 127282 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A |
| 419000 | 4.754<sup></sup> <sup>(c)</sup> | 10/15/42 | 420707 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust Series 2023-2, Class A5 |
| 100000 | 6.014 <sup>(b)</sup> | 12/15/56 | 107842 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 250000 | 5.493 <sup>(c)</sup> | 10/15/40 | 250544 |
| TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A | TYSN Mortgage Trust Series 2023-CRNR, Class A |
| 155000 | 6.580 <sup>(c)</sup> | 12/10/33 | 163029 |
|  |  |  | 5378277 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $10266499 |
| **Federal Agencies – 53.4%** | **Federal Agencies – 53.4%** | **Federal Agencies – 53.4%** | **Federal Agencies – 53.4%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(a)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(a)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(a)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(a)</sup> – 0.1%** |
| (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) |
| 63498 | 6.340% | 09/01/33 | $64764 |
| **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.3%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.3%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.3%** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – 0.3%** |
| (RFUCC 1 yr. Treasury + 1.670%) | (RFUCC 1 yr. Treasury + 1.670%) | (RFUCC 1 yr. Treasury + 1.670%) | (RFUCC 1 yr. Treasury + 1.670%) |
| 10575 | 6.045 | 11/01/32 | 10850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – (continued)** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – (continued)** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – (continued)** | **Adjustable Rate Federal National Mortgage Association<sup>(a)</sup> – (continued)** |
| (RFUCC 6 mo. Treasury + 1.413%) | (RFUCC 6 mo. Treasury + 1.413%) | (RFUCC 6 mo. Treasury + 1.413%) | (RFUCC 6 mo. Treasury + 1.413%) |
| 155601 | 5.663% | 05/01/33 | $157949 |
| (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) | (1 yr. CMT + 2.161%) |
| 2072 | 6.270 | 06/01/33 | 2110 |
| (RFUCC 1 yr. Treasury + 1.656%) | (RFUCC 1 yr. Treasury + 1.656%) | (RFUCC 1 yr. Treasury + 1.656%) | (RFUCC 1 yr. Treasury + 1.656%) |
| 63315 | 6.186 | 10/01/33 | 65147 |
| (1 yr. CMT + 2.193%) | (1 yr. CMT + 2.193%) | (1 yr. CMT + 2.193%) | (1 yr. CMT + 2.193%) |
| 59074 | 6.250 | 02/01/35 | 60393 |
| (RFUCC 1 yr. Treasury + 1.389%) | (RFUCC 1 yr. Treasury + 1.389%) | (RFUCC 1 yr. Treasury + 1.389%) | (RFUCC 1 yr. Treasury + 1.389%) |
| 62540 | 6.139 | 09/01/35 | 64016 |
|  |  |  | 360465 |
| **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** | **Adjustable Rate Government National Mortgage Association – 0.1%** |
| (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  | (1 yr. CMT + 1.500%)<sup>(a)</sup>  |
| 45 | 5.625 | 02/20/26 | 45 |
| 19 | 5.375 | 07/20/26 | 19 |
| 2564 | 5.625 | 01/20/27 | 2569 |
| 730 | 5.625 | 02/20/27 | 731 |
| 8914 | 5.625 | 04/20/27 | 8947 |
| 784 | 5.625 | 05/20/27 | 787 |
| 1711 | 5.625 | 06/20/27 | 1718 |
| 685 | 4.750 | 11/20/27 | 688 |
| 6 | 5.000 | 11/20/27 | 6 |
| 2039 | 4.750 | 12/20/27 | 2047 |
| 5519 | 5.625 | 01/20/28 | 5546 |
| 2036 | 5.625 | 02/20/28 | 2046 |
| 1890 | 5.625 | 03/20/28 | 1900 |
| 15299 | 5.375 | 07/20/29 | 15447 |
| 4259 | 5.375 | 08/20/29 | 4302 |
| 1501 | 5.375 | 09/20/29 | 1516 |
| 6827 | 4.750 | 10/20/29 | 6887 |
| 10709 | 4.750 | 11/20/29 | 10806 |
| 1581 | 4.750 | 12/20/29 | 1596 |
| 3246 | 5.625 | 01/20/30 | 3278 |
| 976 | 5.625 | 02/20/30 | 986 |
| 5394 | 5.625 | 03/20/30 | 5448 |
| 8580 | 5.625 | 04/20/30 | 8679 |
| 24818 | 5.625 | 05/20/30 | 25109 |
| 2973 | 5.625 | 06/20/30 | 3007 |
| 22806 | 5.375 | 07/20/30 | 23079 |
| 4134 | 5.375 | 09/20/30 | 4185 |
| 7169 | 4.750 | 10/20/30 | 7249 |
| 16661 | 5.625 | 03/20/32 | 16887 |
|  |  |  | 165510 |
| **Federal Home Loan Mortgage Corp. – 0.2%** | **Federal Home Loan Mortgage Corp. – 0.2%** | **Federal Home Loan Mortgage Corp. – 0.2%** | **Federal Home Loan Mortgage Corp. – 0.2%** |
| 6008 | 6.500 | 07/01/28 | 6036 |
| 34270 | 4.500 | 03/01/29 | 34480 |
| 4144 | 5.000 | 08/01/33 | 4232 |
| 643 | 5.000 | 09/01/33 | 656 |
| 1640 | 5.000 | 10/01/33 | 1675 |
| 958 | 5.000 | 11/01/34 | 979 |
| 38489 | 5.000 | 12/01/34 | 39352 |
| 2496 | 5.000 | 07/01/35 | 2552 |
| 1 | 5.000 | 11/01/35 | 1 |
| 5639 | 5.000 | 12/01/35 | 5756 |
| 9764 | 5.000 | 02/01/37 | 10003 |
| 699 | 5.000 | 03/01/38 | 716 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** |
|  $ | 25667 | 5.000% | 07/01/39 | $26203 |
|  | 4340 | 4.000 | 06/01/40 | 4261 |
|  | 1555 | 5.000 | 08/01/40 | 1588 |
|  | 509 | 4.500 | 11/01/40 | 513 |
|  | 29369 | 4.000 | 02/01/41 | 28834 |
|  | 1889 | 5.000 | 06/01/41 | 1929 |
|  | 60690 | 5.000 | 07/01/41 | 62142 |
|  | 2760 | 4.000 | 11/01/41 | 2702 |
|  | 3056 | 3.000 | 05/01/42 | 2830 |
|  | 4370 | 3.000 | 08/01/42 | 4048 |
|  | 5804 | 3.000 | 01/01/43 | 5368 |
|  | 26414 | 3.000 | 02/01/43 | 24390 |
|  |  |  |  | 271246 |
|  **Federal National Mortgage Association – 1.6%** | **Federal National Mortgage Association – 1.6%** | **Federal National Mortgage Association – 1.6%** | **Federal National Mortgage Association – 1.6%** | **Federal National Mortgage Association – 1.6%** |
|  | 605 | 6.500 | 11/01/28 | 611 |
|  | 15603 | 7.000 | 07/01/31 | 16558 |
|  | 136872 | 5.500 | 07/01/33 | 141231 |
|  | 987270 | 5.500 | 10/01/55 | 1009990 |
|  | 994451 | 5.500 | 11/01/55 | 1016093 |
|  |  |  |  | 2184483 |
|  **Government National Mortgage Association – 13.9%** | **Government National Mortgage Association – 13.9%** | **Government National Mortgage Association – 13.9%** | **Government National Mortgage Association – 13.9%** | **Government National Mortgage Association – 13.9%** |
|  | 903 | 7.000 | 12/15/27 | 904 |
|  | 1966 | 6.500 | 08/15/28 | 1982 |
|  | 11559 | 6.000 | 01/15/29 | 11736 |
|  | 25471 | 7.000 | 10/15/29 | 26031 |
|  | 7160 | 5.500 | 11/15/32 | 7364 |
|  | 212270 | 5.500 | 12/15/32 | 219621 |
|  | 3006 | 5.500 | 01/15/33 | 3062 |
|  | 14208 | 5.500 | 02/15/33 | 14683 |
|  | 12879 | 5.500 | 03/15/33 | 13270 |
|  | 15202 | 5.500 | 07/15/33 | 15609 |
|  | 7030 | 5.500 | 08/15/33 | 7226 |
|  | 2697 | 5.500 | 09/15/33 | 2757 |
|  | 7369 | 5.500 | 04/15/34 | 7561 |
|  | 6018 | 5.500 | 05/15/34 | 6167 |
|  | 82191 | 5.500 | 06/15/34 | 85473 |
|  | 61726 | 5.500 | 09/15/34 | 64219 |
|  | 60535 | 5.500 | 12/15/34 | 63078 |
|  | 49341 | 5.500 | 01/15/35 | 51401 |
|  | 18240 | 5.000 | 03/15/38 | 18674 |
|  | 2029 | 4.000 | 02/20/41 | 1978 |
|  | 3269 | 4.000 | 11/20/41 | 3182 |
|  | 550 | 4.000 | 01/20/42 | 535 |
|  | 1780 | 4.000 | 04/20/42 | 1731 |
|  | 1110 | 4.000 | 10/20/42 | 1079 |
|  | 120627 | 4.000 | 08/20/43 | 117046 |
|  | 1578 | 4.000 | 03/20/44 | 1529 |
|  | 1928 | 4.000 | 05/20/44 | 1867 |
|  | 135129 | 4.000 | 11/20/44 | 130748 |
|  | 604677 | 4.000 | 06/20/45 | 584471 |
|  | 134367 | 4.000 | 01/20/46 | 129713 |
|  | 89159 | 4.500 | 02/20/48 | 88880 |
|  | 47282 | 5.000 | 08/20/48 | 48086 |
|  | 395637 | 5.000 | 10/20/48 | 401991 |
|  | 219009 | 5.000 | 11/20/48 | 222526 |
|  | 342673 | 5.000 | 12/20/48 | 347963 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 479848 | 5.000% | 01/20/49 | $487254 |
|  | 605709 | 4.000 | 02/20/49 | 581543 |
|  | 297027 | 5.000 | 03/20/49 | 301612 |
|  | 1599276 | 3.000 | 11/20/49 | 1444562 |
|  | 1024041 | 3.000 | 02/20/50 | 924310 |
|  | 336692 | 3.000 | 03/20/50 | 303922 |
|  | 107313 | 3.500 | 01/20/51 | 99553 |
|  | 465580 | 2.500 | 11/20/51 | 401458 |
|  | 681632 | 3.000 | 12/20/51 | 612972 |
|  | 266717 | 2.500 | 12/20/51 | 229983 |
|  | 775981 | 3.500 | 02/20/53 | 719868 |
|  | 6000000 | 2.000 | TBA-30yr <sup>(e)</sup> | 4965887 |
|  | 2000000 | 2.500 | TBA-30yr <sup>(e)</sup> | 1724766 |
|  | 1000000 | 4.500 | TBA-30yr <sup>(e)</sup> | 974097 |
|  | 2000000 | 5.500 | TBA-30yr <sup>(e)</sup> | 2019305 |
|  |  |  |  | 18495235 |
|  **Uniform Mortgage-Backed Security – 37.2%** | **Uniform Mortgage-Backed Security – 37.2%** | **Uniform Mortgage-Backed Security – 37.2%** | **Uniform Mortgage-Backed Security – 37.2%** | **Uniform Mortgage-Backed Security – 37.2%** |
|  | 570 | 4.500 | 07/01/36 | 572 |
|  | 586 | 4.500 | 04/01/39 | 588 |
|  | 2682 | 4.500 | 05/01/39 | 2689 |
|  | 1143 | 4.000 | 08/01/39 | 1121 |
|  | 5415 | 4.500 | 08/01/39 | 5427 |
|  | 93442 | 4.500 | 12/01/39 | 93669 |
|  | 5866 | 4.500 | 01/01/41 | 5900 |
|  | 5778 | 4.500 | 05/01/41 | 5786 |
|  | 27903 | 4.500 | 08/01/41 | 27921 |
|  | 59303 | 4.500 | 08/01/42 | 59304 |
|  | 5600 | 3.000 | 11/01/42 | 5195 |
|  | 62012 | 3.000 | 12/01/42 | 58033 |
|  | 161307 | 3.000 | 01/01/43 | 150204 |
|  | 24614 | 3.000 | 02/01/43 | 22963 |
|  | 214979 | 3.000 | 03/01/43 | 199577 |
|  | 364425 | 3.000 | 04/01/43 | 337939 |
|  | 236557 | 3.000 | 05/01/43 | 219258 |
|  | 45541 | 3.000 | 06/01/43 | 42170 |
|  | 360081 | 3.000 | 07/01/43 | 333320 |
|  | 331285 | 4.500 | 10/01/44 | 330056 |
|  | 358161 | 4.500 | 04/01/45 | 357593 |
|  | 42614 | 4.500 | 05/01/45 | 42805 |
|  | 169264 | 4.500 | 06/01/45 | 168636 |
|  | 148906 | 4.000 | 11/01/45 | 144483 |
|  | 52042 | 4.000 | 03/01/46 | 50356 |
|  | 3718 | 4.500 | 05/01/46 | 3716 |
|  | 26772 | 4.000 | 06/01/46 | 25851 |
|  | 42620 | 4.500 | 08/01/46 | 42532 |
|  | 8259 | 4.000 | 08/01/46 | 7975 |
|  | 60730 | 4.000 | 10/01/46 | 58641 |
|  | 15639 | 4.500 | 06/01/47 | 15631 |
|  | 427936 | 4.500 | 11/01/47 | 426242 |
|  | 148054 | 4.000 | 12/01/47 | 143568 |
|  | 141258 | 4.000 | 01/01/48 | 136977 |
|  | 550242 | 4.000 | 02/01/48 | 533186 |
|  | 378535 | 4.000 | 03/01/48 | 366709 |
|  | 435097 | 4.000 | 06/01/48 | 421229 |
|  | 132799 | 4.000 | 08/01/48 | 128484 |
|  | 588828 | 5.000 | 11/01/48 | 600640 |
|  | 761806 | 4.500 | 01/01/49 | 755696 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 212679 | 4.500% | 03/01/49 | $210973 |
| 631942 | 4.500 | 04/01/49 | 626746 |
| 38508 | 3.500 | 07/01/49 | 36180 |
| 919772 | 3.000 | 09/01/49 | 830449 |
| 1352769 | 4.500 | 03/01/50 | 1341662 |
| 2183997 | 2.500 | 09/01/50 | 1889476 |
| 2500802 | 2.000 | 10/01/50 | 2045001 |
| 2500256 | 2.000 | 11/01/50 | 2043682 |
| 810572 | 2.500 | 11/01/50 | 699237 |
| 1605374 | 2.500 | 02/01/51 | 1371404 |
| 2252087 | 2.500 | 05/01/51 | 1939938 |
| 5813 | 4.500 | 05/01/51 | 5726 |
| 715993 | 2.000 | 05/01/51 | 585001 |
| 3929458 | 2.000 | 12/01/51 | 3197745 |
| 2471168 | 2.000 | 02/01/52 | 2010144 |
| 115346 | 4.500 | 04/01/52 | 113261 |
| 736721 | 5.500 | 09/01/52 | 758510 |
| 824850 | 6.000 | 11/01/52 | 862120 |
| 147737 | 6.000 | 12/01/52 | 154237 |
| 792296 | 4.500 | 05/01/53 | 784456 |
| 804838 | 6.500 | 06/01/54 | 849864 |
| 2000000 | 3.000 | TBA-30yr <sup>(e)</sup> | 1767656 |
| 4000000 | 5.000 | TBA-30yr <sup>(e)</sup> | 3990000 |
| 1000000 | 3.500 | TBA-30yr <sup>(e)</sup> | 920664 |
| 1000000 | 4.000 | TBA-30yr <sup>(e)</sup> | 948359 |
| 8000000 | 5.500 | TBA-30yr <sup>(e)</sup> | 8111562 |
| 4000000 | 6.000 | TBA-30yr <sup>(e)</sup> | 4106406 |
| 1000000 | 7.000 | TBA-30yr <sup>(e)</sup> | 1052022 |
|  |  |  | 49585123 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $71126826 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $88,624,852)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $88,624,852)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $88,624,852)** | $87012200 |
| **Asset-Backed Securities<sup>(b)</sup> – 3.2%** | **Asset-Backed Securities<sup>(b)</sup> – 3.2%** | **Asset-Backed Securities<sup>(b)</sup> – 3.2%** | **Asset-Backed Securities<sup>(b)</sup> – 3.2%** |
| **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** | **Automotive – 0.9%** |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 17904 | 4.700% | 09/15/27 | $17910 |
| Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust Series 2025-3A, Class A3 |
| 200000 | 4.780 | 07/16/29 | 201456 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(d)</sup>  |
| 325000 | 4.870 | 08/15/36 | 333045 |
| Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(c)(d)</sup>  | Ford Credit Auto Owner Trust Series 2025-2, Class A<sup>(c)(d)</sup>  |
| 300000 | 4.370 | 02/15/38 | 302563 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 275000 | 4.740 | 01/16/29 | 275813 |
|  |  |  | 1130787 |
| **Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.7%** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.7%** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.7%** | **Collateralized Loan Obligations<sup>(a)(c)</sup> – 0.7%** |
| Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 | Towd Point Mortgage Trust Series 2017-4, Class A2 |
| 1030153 | 3.000 | 06/25/57 | 986019 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** | **Asset-Backed Securities<sup>(b)</sup> – (continued)** |
| **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** | **Credit Card – 0.5%** |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 400000 | 4.510% | 04/15/32 | $407709 |
| Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A | Barclays Dryrock Issuance Trust Series 2025-1, Class A |
| 275000 | 3.970 | 07/15/31 | 275904 |
|  |  |  | 683613 |
| **Student Loan<sup>(a)(c)</sup> – 1.1%** | **Student Loan<sup>(a)(c)</sup> – 1.1%** | **Student Loan<sup>(a)(c)</sup> – 1.1%** | **Student Loan<sup>(a)(c)</sup> – 1.1%** |
| ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) | ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%) |
| 681802 | 4.789 | 09/25/68 | 671266 |
| Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) | Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%) |
| 747032 | 4.630 | 01/30/45 | 737117 |
|  |  |  | 1408383 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $4,261,145)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $4,261,145)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $4,261,145)** | $4208802 |
| **Agency Debentures – 2.6%** | **Agency Debentures – 2.6%** | **Agency Debentures – 2.6%** | **Agency Debentures – 2.6%** |
| **Sovereign – 2.6%** | **Sovereign – 2.6%** | **Sovereign – 2.6%** | **Sovereign – 2.6%** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3620000 | 3.500% | 06/11/32 | $3505825 |
| **(Cost $3,660,510)** | **(Cost $3,660,510)** | **(Cost $3,660,510)** | **(Cost $3,660,510)** |
| **Municipal Debt Obligations – 1.6%** | **Municipal Debt Obligations – 1.6%** | **Municipal Debt Obligations – 1.6%** | **Municipal Debt Obligations – 1.6%** |
| **New Jersey – 1.6%** | **New Jersey – 1.6%** | **New Jersey – 1.6%** | **New Jersey – 1.6%** |
| New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A | New Jersey Economic Development Authority RB Taxable Series A |
| 2000000 | 7.425% | 02/15/29 | $2088799 |
| **(Cost $2,000,000)** | **(Cost $2,000,000)** | **(Cost $2,000,000)** | **(Cost $2,000,000)** |
| **U.S. Treasury Obligations – 44.0%** | **U.S. Treasury Obligations – 44.0%** | **U.S. Treasury Obligations – 44.0%** | **U.S. Treasury Obligations – 44.0%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 570000 | 4.375% | 05/15/40 | $560916 |
| 1260000 | 4.750 | 02/15/41 | 1284019 |
| 1630000 | 3.625 | 02/15/44 | 1401036 |
| 4100000 | 3.375 | 05/15/44 | 3388266 |
| 1170000 | 4.625 | 05/15/44 | 1150439 |
| 1770000 | 3.125 | 08/15/44 | 1403002 |
| 680000 | 3.125 | 05/15/48 | 517331 |
| 680000 | 3.000 | 08/15/48 | 504369 |
| 720000 | 2.375 | 11/15/49 | 463275 |
| 4870000 | 4.000 | 11/15/52 | 4230812 |
| 13000 | 4.250 | 08/15/54 | 11779 |
| 580000 | 4.750 | 05/15/55 | 571209 |
| 570000 | 4.750 | 08/15/55 | 561628 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 1151150 | 1.500 | 02/15/53 | 897177 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 7940000 | 1.250 | 05/31/28 | 7528112 |
| 287600 | 3.625 | 03/31/30 | 287083 |
| 6052800 | 0.625 | 05/15/30 | 5312278 |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
|  U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
|  $ | 8085300 | 3.750% | 05/31/30 | $8106145 |
|  | 1380000 | 3.750 | 06/30/30 | 1383558 |
|  | 410000 | 3.625 | 09/30/30 | 408495 |
|  | 6220000 | 4.625 | 05/31/31 | 6475603 |
|  | 2100000 | 4.375 <sup>(f)</sup> | 05/15/34 | 2147906 |
|  | 6450000 | 4.250 | 11/15/34 | 6523570 |
|  U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  | U.S. Treasury STRIPS Coupon<sup>(g)</sup>  |
|  | 1791200 | 0.000 | 11/15/29 | 1552115 |
|  | 440000 | 0.000 | 08/15/30 | 368999 |
|  | 470000 | 0.000 | 08/15/31 | 377235 |
|  | 900000 | 0.000 | 11/15/31 | 714407 |
|  | 440000 | 0.000 | 08/15/33 | 321422 |
|  | 360000 | 0.000 | 08/15/35 | 237678 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $60,434,246)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $60,434,246)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $60,434,246)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $60,434,246)** | $58689864 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(h)</sup> – 4.8%** | **Investment Company<sup>(h)</sup> – 4.8%** | **Investment Company<sup>(h)</sup> – 4.8%** |
|  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;6351201 | 3.686% | $6351201 |
|  **(Cost $6,351,201)** | **(Cost $6,351,201)** | **(Cost $6,351,201)** |
| **TOTAL INVESTMENTS – 121.5%<br>(Cost $165,331,954)** | **TOTAL INVESTMENTS – 121.5%<br>(Cost $165,331,954)** | $161856691 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (21.5)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (21.5)%** | (28628770) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $133227921 |

---

---

| | |
|:---|:---|
| 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) | 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 December 31, 2025. |
| (b) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (e) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $30,580,724 which represents approximately 22.9% of net assets as of December 31, 2025. |
| (f) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(3000000) | $(2696479) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 01/15/25 | (1000000) | (943597) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 01/15/25 | (1000000) | (997575) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (7000000) | (5655234) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (4000000) | (3903907) |
|  **(PROCEEDS RECEIVED: $(14212617))** | **(PROCEEDS RECEIVED: $(14212617))** |  |  |  | $(14196792) |

---

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement
when the specific mortgage pools are assigned.

**FUTURES CONTRACTS** — At December 31, 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 | 53 | 03/20/26 | $5959188 | $(26366) |
|  2 Year U.S. Treasury Notes | 118 | 03/31/26 | 24637109 | (3883) |
|  20 Year U.S. Treasury Bonds | 7 | 03/20/26 | 809156 | (3959) |
|  Ultra Long U.S. Treasury Bonds | 6 | 03/20/26 | 708000 | (543) |
|  **Total** |  |  |  | $(34751) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (109) | 03/31/26 | (11914211) | 36417 |
|  Ultra 10-Year U.S. Treasury Notes | (86) | 03/20/26 | (9891344) | 60324 |
|  **Total** |  |  |  | $96741 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $61990 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Payments**<br> **Received**<br> **by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.490%<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 05/31/27 | $10 | $28 | $(10) | $38 |
| 3.062<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 08/31/27 | 4970 <sup>(c)</sup> | 5484 | 1114 | 4370 |
| 3.174<sup>(b)</sup>  | 12M SOFR<sup>(b)</sup> | 08/31/27 | 4420 <sup>(c)</sup> | 132 | 570 | (438) |
| 3.136<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 12/15/27 | 6990 <sup>(c)</sup> | 12927 | 2569 | 10358 |
|  12M SOFR<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;3.200<sup>%(b)</sup> | 06/23/28 | 3870 <sup>(c)</sup> | (2666) | 460 | (3126) |
|  12M SOFR<sup>(b)</sup>  | 3.368<sup>(b)</sup> | 06/23/28 | 15300 <sup>(c)</sup> | 13546 | 9027 | 4519 |
|  12M SOFR<sup>(b)</sup>  | 3.201<sup>(b)</sup> | 10/07/28 | 3910 <sup>(c)</sup> | (5130) | 1142 | (6272) |
| 3.600<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 06/23/30 | 16160 <sup>(c)</sup> | (9132) | (32688) | 23556 |
| 3.484<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 06/23/30 | 4070 <sup>(c)</sup> | 6049 | (779) | 6828 |
| 3.528<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 07/15/30 | 1020 <sup>(c)</sup> | (1393) | (5388) | 3995 |
|  12M SOFR<sup>(a)</sup>  | 3.265<sup>(a)</sup> | 01/30/31 | 2570 <sup>(c)</sup> | (22943) | (14897) | (8046) |
|  12M SOFR<sup>(a)</sup>  | 3.379<sup>(a)</sup> | 08/31/31 | 7050 <sup>(c)</sup> | (37331) | 10938 | (48269) |
|  12M SOFR<sup>(a)</sup>  | 3.469<sup>(a)</sup> | 08/31/31 | 6310 <sup>(c)</sup> | (8040) | (4722) | (3318) |
|  12M SOFR<sup>(a)</sup>  | 3.588<sup>(a)</sup> | 05/21/32 | 590 <sup>(c)</sup> | (728) | (70) | (658) |
|  12M SOFR<sup>(a)</sup>  | 3.845<sup>(a)</sup> | 05/21/32 | 1280 <sup>(c)</sup> | 12818 | 14736 | (1918) |
| 3.577<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 10/10/32 | 2680 <sup>(c)</sup> | 18477 | (915) | 19392 |
|  12M SOFR<sup>(a)</sup>  | 4.076<sup>(a)</sup> | 06/24/35 | 990 <sup>(c)</sup> | (1759) | 260 | (2019) |
|  12M SOFR<sup>(a)</sup>  | 4.098<sup>(a)</sup> | 06/24/35 | 3950 <sup>(c)</sup> | (3602) | 1918 | (5520) |
| 3.805<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 08/31/36 | 3880 <sup>(c)</sup> | 15512 | (24157) | 39669 |
| 3.829<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 08/31/36 | 3490 <sup>(c)</sup> | 7344 | 3905 | 3439 |
|  12M SOFR<sup>(a)</sup>  | 4.574<sup>(a)</sup> | 07/16/40 | 5960 <sup>(c)</sup> | (26720) | (25374) | (1346) |
|  12M SOFR<sup>(a)</sup>  | 4.438<sup>(a)</sup> | 10/09/40 | 1790 <sup>(c)</sup> | (16140) | 412 | (16552) |
| 4.213<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 05/21/55 | 910 <sup>(c)</sup> | 25752 | 22632 | 3120 |
| 4.484<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 05/21/55 | 400 <sup>(c)</sup> | 1453 | 206 | 1247 |
| 3.848<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 07/17/55 | 4820 <sup>(c)</sup> | 58120 | 40857 | 17263 |
| 3.828<sup>(a)</sup>  | 12M SOFR<sup>(a)</sup> | 01/30/56 | 700 <sup>(c)</sup> | 40160 | 18299 | 21861 |
|  **TOTAL** |  |  |  | $82218 | $20045 | $62173 |

---

(a) Payments made annually.

(b) Payments made at maturity.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

------

GOLDMAN SACHS GOVERNMENT INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED OPTIONS CONTRACTS** — At December 31, 2025, the Fund had the following purchased options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts Puts** | **Purchased option contracts Puts** | **Purchased option contracts Puts** | **Purchased option contracts Puts** |  |  |  |  |  |
|  3M IRS  | JPMorgan Securities, Inc. | 3.302% | 01/28/2026 | 1370000 | $1370000 | $1645 | $1849 | $(204) |
| **TOTAL** |  |  |  | 1370000 | $1370000 | $1645 | $1849 | $(204) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| RB | — Revenue Bond |
| REMICS | — Real Estate Mortgage Investment Conduits |
| RFUCC | — Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | — Secured Overnight Financing Rate |
| STRIPS | — Separate Trading of Registered Interest and Principal of Securities |
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Agency Debentures – 32.8%** | **Agency Debentures – 32.8%** | **Agency Debentures – 32.8%** | **Agency Debentures – 32.8%** |
| **Sovereign – 32.8%** | **Sovereign – 32.8%** | **Sovereign – 32.8%** | **Sovereign – 32.8%** |
| U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
| 69425157 | 1.875% | 07/15/35 | $69257018 |
| **(Cost $70,037,500)** | **(Cost $70,037,500)** | **(Cost $70,037,500)** |  |
| **Sovereign Debt Obligations – 16.5%** | **Sovereign Debt Obligations – 16.5%** | **Sovereign Debt Obligations – 16.5%** | **Sovereign Debt Obligations – 16.5%** |
| **United States Dollar – 16.5%** | **United States Dollar – 16.5%** | **United States Dollar – 16.5%** | **United States Dollar – 16.5%** |
| U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
| 35500313 | 1.125% | 10/15/30 | $34976129 |
| **(Cost $35,164,473)** | **(Cost $35,164,473)** | **(Cost $35,164,473)** |  |
| **U.S. Treasury Obligations – 48.1%** | **U.S. Treasury Obligations – 48.1%** | **U.S. Treasury Obligations – 48.1%** | **U.S. Treasury Obligations – 48.1%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 910000 | 4.750% | 08/15/55 | $896634 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 10595288 | 1.500 | 02/15/53 | 8257703 |
| 11902737 | 2.125 | 02/15/54 | 10698980 |
| U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes | U.S. Treasury Inflation-Indexed Notes |
| 19658279 | 0.375 <sup>(a)</sup> | 07/15/27 | 19431748 |
| 10324438 | 0.750 | 07/15/28 | 10204659 |
| 19925718 | 2.125 | 04/15/29 | 20355366 |
| 19535325 | 1.625 | 10/15/29 | 19732968 |
| 10657263 | 1.625 | 04/15/30 | 10714296 |
| 1268942 | 2.125 | 01/15/35 | 1291842 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $101,699,417)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $101,699,417)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $101,699,417)** | $101584196 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 0.6%** | **Investment Company<sup>(b)</sup> – 0.6%** | **Investment Company<sup>(b)</sup> – 0.6%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1317030 | 3.686% | $1317030 |
| **(Cost $1,317,030)** | **(Cost $1,317,030)** | **(Cost $1,317,030)** |
| **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $208,218,420)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $208,218,420)** | $207134373 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | 4279120 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $211413493 |

---

---

| | |
|:---|:---|
| 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) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (b) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FUTURES CONTRACTS —** At December 31, 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 | 90 | 03/20/26 | $10119375 | $(48478) |
|  2 Year U.S. Treasury Notes | 326 | 03/31/26 | 68065234 | (7084) |
|  20 Year U.S. Treasury Bonds | 174 | 03/20/26 | 20113313 | (197886) |
|  **Total** |  |  |  | $(253448) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (61) | 03/31/26 | (6667586) | 15994 |
|  Ultra 10-Year U.S. Treasury Notes | (333) | 03/20/26 | (38300203) | 226907 |
|  Ultra Long U.S. Treasury Bonds | (67) | 03/20/26 | (7906000) | 124363 |
|  **Total** |  |  |  | $367264 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $113816 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made<br>by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.007%<sup>(a)</sup> <br> 12M CPI-U<sup>(a)</sup> | 02/07/26 | $6300 | $863481 | $1 | $863480 |
|  12M SOFR<sup>(b)</sup> <br> 3.490%<sup>(b)</sup> | 05/31/27 | 10 | 58 | (11) | 69 |
| 3.062<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 08/31/27 | 18640 <sup>(c)</sup> | 20570 | 1063 | 19507 |
| 3.174<sup>(a)</sup> <br> 12M SOFR<sup>(a)</sup> | 08/31/27 | 14010 <sup>(c)</sup> | 420 | 1800 | (1380) |
| 3.136<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 12/15/27 | 22070 <sup>(c)</sup> | 40814 | 8110 | 32704 |
|  12M SOFR<sup>(a)</sup> <br> 3.368<sup>(a)</sup> | 06/23/28 | 48690 <sup>(c)</sup> | 43110 | 23353 | 19757 |
|  12M SOFR<sup>(a)</sup> <br> 3.200<sup>(a)</sup> | 06/23/28 | 12290 <sup>(c)</sup> | (8465) | 1462 | (9927) |
|  12M SOFR<sup>(a)</sup> <br> 3.201<sup>(a)</sup> | 10/07/28 | 15480 <sup>(c)</sup> | (20309) | 3191 | (23500) |
|  12M CPI-U<sup>(a)</sup> <br> 2.103<sup>(a)</sup> | 02/07/29 | 6300 | (859173) | 30 | (859203) |
| 3.600<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/23/30 | 51320 <sup>(c)</sup> | (29001) | (70393) | 41392 |
| 3.484<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 06/23/30 | 12940 <sup>(c)</sup> | 19232 | (2478) | 21710 |
| 3.528<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/15/30 | 3260 <sup>(c)</sup> | (4455) | (5703) | 1248 |
|  12M SOFR<sup>(b)</sup> <br> 3.265<sup>(b)</sup> | 01/30/31 | 4080 <sup>(c)</sup> | (36423) | (24184) | (12239) |
|  12M SOFR<sup>(b)</sup> <br> 3.379<sup>(b)</sup> | 08/31/31 | 26490 <sup>(c)</sup> | (140270) | 62830 | (203100) |
|  12M SOFR<sup>(b)</sup> <br> 3.469<sup>(b)</sup> | 08/31/31 | 20030 <sup>(c)</sup> | (25520) | (14973) | (10547) |
|  12M SOFR<sup>(b)</sup> <br> 3.588<sup>(b)</sup> | 05/21/32 | 1890 <sup>(c)</sup> | (2331) | (214) | (2117) |
|  12M SOFR<sup>(b)</sup> <br> 3.845<sup>(b)</sup> | 05/21/32 | 3550 <sup>(c)</sup> | 35550 | 2657 | 32893 |
| 3.577<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 10/10/32 | 10640 <sup>(c)</sup> | 73353 | (1063) | 74416 |
|  12M SOFR<sup>(b)</sup> <br> 4.076<sup>(b)</sup> | 06/24/35 | 3150 <sup>(c)</sup> | (5598) | 827 | (6425) |
|  12M SOFR<sup>(b)</sup> <br> 4.098<sup>(b)</sup> | 06/24/35 | 12570 <sup>(c)</sup> | (11462) | (3248) | (8214) |
| 3.805<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/36 | 14540 <sup>(c)</sup> | 58130 | (112986) | 171116 |
| 3.829<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/36 | 11080 <sup>(c)</sup> | 23317 | 12356 | 10961 |
|  12M SOFR<sup>(b)</sup> <br> 4.574<sup>(b)</sup> | 07/16/40 | 18680 <sup>(c)</sup> | (83748) | (46068) | (37680) |
|  12M SOFR<sup>(b)</sup> <br> 4.438<sup>(b)</sup> | 10/09/40 | 7150 <sup>(c)</sup> | (64472) | (1831) | (62641) |
| 4.213<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 05/21/55 | 2420 <sup>(c)</sup> | 68483 | 3681 | 64802 |
| 4.484<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 05/21/55 | 1260 <sup>(c)</sup> | 4578 | 650 | 3928 |
| 3.848<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 07/17/55 | 15120 <sup>(c)</sup> | 182318 | 48547 | 133771 |
| 3.828<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 01/30/56 | 1150 <sup>(c)</sup> | 65977 | 30716 | 35261 |
|  **TOTAL** |  |  | $208164 | $(81878) | $290042 |

---

(a) Payments made at maturity. (b)Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

**PURCHASED OPTIONS CONTRACTS** — At December 31, 2025, the Fund had the following purchased options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts Puts** | **Purchased option contracts Puts** | **Purchased option contracts Puts** | **Purchased option contracts Puts** |  |  |  |  |  |
|  3M IRS | JPMorgan Securities, Inc. | 3.302% | 01/28/2026 | 2150000 | $2150000 | $2582 | $2903 | $(321) |
| **TOTAL** |  |  |  | 2150000 | $2150000 | $2582 | $2903 | $(321) |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| CPI U | — Consumer Price Index For All Urban Consumers |
| SOFR | — Secured Overnight Financing Rate |

---

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

------

GOLDMAN SACHS SHORT DURATION BOND FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – 37.2%** | **Corporate Obligations – 37.2%** | **Corporate Obligations – 37.2%** | **Corporate Obligations – 37.2%** |
| **Aerospace & Defense<sup>(a)</sup> –1.1%** | **Aerospace & Defense<sup>(a)</sup> –1.1%** | **Aerospace & Defense<sup>(a)</sup> –1.1%** | **Aerospace & Defense<sup>(a)</sup> –1.1%** |
| Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| 8071000 | 2.700% | 02/01/27 | $7954132 |
| 7420000 | 5.150 | 05/01/30 | 7624347 |
|  |  |  | 15578479 |
| **Agriculture<sup>(a)</sup> – 0.8%** | **Agriculture<sup>(a)</sup> – 0.8%** | **Agriculture<sup>(a)</sup> – 0.8%** | **Agriculture<sup>(a)</sup> – 0.8%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 2833000 | 4.875 | 02/04/28 | 2880254 |
| BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC | BAT International Finance PLC |
| 8000000 | 1.668 | 03/25/26 | 7951760 |
|  |  |  | 10832014 |
| **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** | **Automotive<sup>(a)</sup> – 0.6%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 8800000 | 1.500 | 06/10/26 | 8694312 |
| **Banks – 10.1%** | **Banks – 10.1%** | **Banks – 10.1%** | **Banks – 10.1%** |
| Bank of America Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.760%) | Bank of America Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.760%) |
| 1690000 | 4.375 | 01/27/27 | 1674046 |
| (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) | (5 yr. CMT + 3.231%) |
| 1595000 | 6.125 | 04/27/27 | 1618622 |
| (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) | (Secured Overnight Financing Rate + 0.830%) |
| 12843000 | 4.979 | 01/24/29 | 13080596 |
| (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) | (Secured Overnight Financing Rate + 2.040%) |
| 7000000 | 4.948 | 07/22/28 | 7098000 |
| Bank of New York Mellon Corp.<sup>(a)(b)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (5 yr. CMT + 3.352%) | Bank of New York Mellon Corp.<sup>(a)(b)</sup> (5 yr. CMT + 3.352%) |
| 1680000 | 3.700 | 03/20/26 | 1673465 |
| Bank of Nova Scotia<sup>(a)(b)</sup> (Secured Overnight Financing Rate + | Bank of Nova Scotia<sup>(a)(b)</sup> (Secured Overnight Financing Rate + | Bank of Nova Scotia<sup>(a)(b)</sup> (Secured Overnight Financing Rate + | Bank of Nova Scotia<sup>(a)(b)</sup> (Secured Overnight Financing Rate + |
| 0.890%) |  |  |  |
| 6955000 | 4.932 | 02/14/29 | 7089232 |
| Barclays PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.490%) | Barclays PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.490%) | Barclays PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.490%) | Barclays PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.490%) |
| 3115000 | 5.674 | 03/12/28 | 3170883 |
| (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) | (Secured Overnight Financing Rate + 2.210%) |
| 2445000 | 5.829 | 05/09/27 | 2458521 |
| BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  | BPCE SA<sup>(c)</sup>  |
| 2435000 | 3.250 | 01/11/28 | 2394360 |
| Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 4.779%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 4.779%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 4.779%) | Citigroup, Inc.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 4.779%) |
| 1610000 | 6.250 | 08/15/26 | 1612640 |
| (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) | (5 yr. CMT + 3.209%) |
| 1555000 | 7.375 | 05/15/28 | 1620621 |
| (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) | (5 yr. CMT + 3.417%) |
| 5000000 | 3.875 | 02/18/26 | 4985050 |
| (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) | (Secured Overnight Financing Rate + 1.280%) |
| 7000000 | 3.070 | 02/24/28 | 6920550 |
| (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) | (Secured Overnight Financing Rate + 1.887%) |
| 7000000 | 4.658 | 05/24/28 | 7060620 |
| Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.210%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.210%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.210%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.210%) |
| 4417000 | 5.373 | 01/10/29 | 4507460 |
| (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) | (Secured Overnight Financing Rate + 1.594%) |
| 3135000 | 5.706 | 02/08/28 | 3185160 |
| HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 3.350%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 3.350%) |
| 2945000 | 7.390 | 11/03/28 | 3113218 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Huntington National Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 1569000 | 4.693% | 04/12/28 | $1567604 |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (5 yr. CMT + 2.850%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (5 yr. CMT + 2.850%) |
| 1690000 | 3.650 | 06/01/26 | 1680266 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 3037000 | 4.915 | 01/24/29 | 3092820 |
| M&T Bank Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.679%) | M&T Bank Corp.<sup>(a)(b)</sup> (5 yr. CMT + 2.679%) |
| 3599000 | 3.500 | 09/01/26 | 3493261 |
| Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) |
| 2100000 | 1.340 | 01/12/27 | 2098593 |
| Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.215%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.215%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.215%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.215%) |
| 5000000 | 5.042 | 07/19/30 | 5128750 |
| (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) | (Secured Overnight Financing Rate + 1.380%) |
| 5964000 | 4.994 | 04/12/29 | 6082743 |
| PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (5 yr. CMT + 3.238%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (5 yr. CMT + 3.238%) |
| 1610000 | 6.200 | 09/15/27 | 1636549 |
| Societe Generale SA<sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA<sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA<sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) | Societe Generale SA<sup>(a)(b)(c)</sup> (1 yr. CMT + 1.500%) |
| 3155000 | 5.519 | 01/19/28 | 3193554 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 1807000 | 5.464 | 01/13/26 | 1807741 |
| 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> |
| 10294000 | 4.500 | 03/13/28 | 10397969 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 4754000 | 4.861 | 01/31/28 | 4833534 |
| Wells Fargo & Co.<sup>(a)(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(a)(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(a)(b)</sup> (5 yr. CMT + 3.453%) | Wells Fargo & Co.<sup>(a)(b)</sup> (5 yr. CMT + 3.453%) |
| 1685000 | 3.900 | 03/15/26 | 1679271 |
| (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) | (5 yr. CMT + 3.606%) |
| 1515000 | 7.625 | 09/15/28 | 1615505 |
| (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) | (Secured Overnight Financing Rate + 1.510%) |
| 7000000 | 3.526 | 03/24/28 | 6953730 |
| (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) | (Secured Overnight Financing Rate + 1.980%) |
| 7000000 | 4.808 | 07/25/28 | 7076930 |
| Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> |
| 2265000 | 4.902 | 02/15/28 | 2305340 |
|  |  |  | 137907204 |
| **Beverages<sup>(a)(c)</sup> – 0.6%** | **Beverages<sup>(a)(c)</sup> – 0.6%** | **Beverages<sup>(a)(c)</sup> – 0.6%** | **Beverages<sup>(a)(c)</sup> – 0.6%** |
| Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV | Bacardi-Martini BV |
| 3775000 | 5.550 | 02/01/30 | 3894290 |
| JDE Peet's NV | JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
| 4230000 | 2.250 | 09/24/31 | 3676124 |
|  |  |  | 7570414 |
| **Building Materials<sup>(a)(c)</sup> – 0.1%** | **Building Materials<sup>(a)(c)</sup> – 0.1%** | **Building Materials<sup>(a)(c)</sup> – 0.1%** | **Building Materials<sup>(a)(c)</sup> – 0.1%** |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 1940000 | 4.750 | 01/15/28 | 1933928 |
| **Chemicals<sup>(a)(c)</sup> – 0.2%** | **Chemicals<sup>(a)(c)</sup> – 0.2%** | **Chemicals<sup>(a)(c)</sup> – 0.2%** | **Chemicals<sup>(a)(c)</sup> – 0.2%** |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 1530000 | 6.100 | 04/30/30 | 1597504 |
| SNF Group SACA | SNF Group SACA | SNF Group SACA | SNF Group SACA |
| 1650000 | 3.125 | 03/15/27 | 1621323 |
|  |  |  | 3218827 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Commercial Services<sup>(a)</sup> – 1.2%** | **Commercial Services<sup>(a)</sup> – 1.2%** | **Commercial Services<sup>(a)</sup> – 1.2%** | **Commercial Services<sup>(a)</sup> – 1.2%** |
| Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  | Brink's Co.<sup>(c)</sup>  |
| 915000 | 6.500% | 06/15/29 | $947153 |
| DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. | DP World Crescent Ltd. |
| 2060000 | 3.750 | 01/30/30 | 2000131 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 3175000 | 1.200 | 03/01/26 | 3160046 |
| Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
| 10660000 | 4.750 | 08/09/27 | 10795595 |
|  |  |  | 16902925 |
| **Diversified Financial Services<sup>(a)</sup> – 3.2%** | **Diversified Financial Services<sup>(a)</sup> – 3.2%** | **Diversified Financial Services<sup>(a)</sup> – 3.2%** | **Diversified Financial Services<sup>(a)</sup> – 3.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
| 827000 | 4.625 | 10/15/27 | 834104 |
| 5000000 | 6.150 | 09/30/30 | 5354500 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 1149000 | 2.875 | 01/15/26 | 1147817 |
| 6000000 | 3.750 | 06/01/26 | 5986320 |
| 5175000 | 1.875 | 08/15/26 | 5097634 |
| Ally Financial, Inc.<sup>(b)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(b)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(b)</sup> (7 yr. CMT + 3.481%) | Ally Financial, Inc.<sup>(b)</sup> (7 yr. CMT + 3.481%) |
| 3740000 | 4.700 | 05/15/28 | 3551541 |
| American Express Co.<sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co.<sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co.<sup>(b)</sup> (5 yr. CMT + 2.854%) | American Express Co.<sup>(b)</sup> (5 yr. CMT + 2.854%) |
| 1725000 | 3.550 | 09/15/26 | 1701281 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 4739000 | 4.750 | 08/11/26 | 4726868 |
| Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  | Macquarie Airfinance Holdings Ltd.<sup>(c)</sup>  |
| 260000 | 6.400 | 03/26/29 | 272314 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 1745000 | 6.125 | 05/15/30 | 1779394 |
| Rocket Cos., Inc.<sup>(c)</sup>  | Rocket Cos., Inc.<sup>(c)</sup>  | Rocket Cos., Inc.<sup>(c)</sup>  | Rocket Cos., Inc.<sup>(c)</sup>  |
| 2135000 | 6.125 | 08/01/30 | 2207739 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(c)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(c)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(c)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(c)</sup>  |
| 10460000 | 2.875 | 10/15/26 | 10309062 |
|  |  |  | 42968574 |
| **Electrical – 1.4%** | **Electrical – 1.4%** | **Electrical – 1.4%** | **Electrical – 1.4%** |
| Emera, Inc.<sup>(a)(b)</sup>(3 mo. USD Term SOFR + 5.440%) | Emera, Inc.<sup>(a)(b)</sup>(3 mo. USD Term SOFR + 5.440%) | Emera, Inc.<sup>(a)(b)</sup>(3 mo. USD Term SOFR + 5.440%) | Emera, Inc.<sup>(a)(b)</sup>(3 mo. USD Term SOFR + 5.440%) |
| 3105000 | 6.750 | 06/15/76 | 3123381 |
| Enel Finance International NV<sup>(a)(c)</sup>  | Enel Finance International NV<sup>(a)(c)</sup>  | Enel Finance International NV<sup>(a)(c)</sup>  | Enel Finance International NV<sup>(a)(c)</sup>  |
| 7875000 | 1.625 | 07/12/26 | 7770184 |
| National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | National Rural Utilities Cooperative Finance Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) |
| 4493000 | 4.197 | 10/30/26 | 4492101 |
| Vistra Operations Co. LLC<sup>(a)(c)</sup>  | Vistra Operations Co. LLC<sup>(a)(c)</sup>  | Vistra Operations Co. LLC<sup>(a)(c)</sup>  | Vistra Operations Co. LLC<sup>(a)(c)</sup>  |
| 2965000 | 5.000 | 07/31/27 | 2963755 |
|  |  |  | 18349421 |
| **Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(a)(c)</sup> – 0.1%** |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 1485000 | 6.375 | 03/15/29 | 1535223 |
| **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** | **Electronics<sup>(a)</sup> – 0.1%** |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 1800000 | 3.900 | 11/15/28 | 1797804 |
| **Energy-Alternate Sources<sup>(a)(c)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(c)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(c)</sup> – 0.0%** | **Energy-Alternate Sources<sup>(a)(c)</sup> – 0.0%** |
| Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV | Greenko Dutch BV |
| 173000 | 3.850 | 03/29/26 | 171486 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** | **Engineering & Construction<sup>(a)</sup> – 0.2%** |
| MasTec, Inc. | MasTec, Inc. | MasTec, Inc. | MasTec, Inc. |
| 754000 | 5.900% | 06/15/29 | $787335 |
| Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust | Mexico City Airport Trust |
| 2040000 | 3.875 | 04/30/28 | 1992835 |
|  |  |  | 2780170 |
| **Environmental<sup>(a)</sup> – 1.0%** | **Environmental<sup>(a)</sup> – 1.0%** | **Environmental<sup>(a)</sup> – 1.0%** | **Environmental<sup>(a)</sup> – 1.0%** |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 6710000 | 5.500 | 09/18/26 | 6765626 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 7332000 | 4.500 | 03/15/28 | 7429222 |
|  |  |  | 14194848 |
| **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** | **Food & Drug Retailing – 1.3%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 3700000 | 5.200 | 03/19/27 | 3749173 |
| Mars, Inc.<sup>(a)(c)</sup>  | Mars, Inc.<sup>(a)(c)</sup>  | Mars, Inc.<sup>(a)(c)</sup>  | Mars, Inc.<sup>(a)(c)</sup>  |
| 13054000 | 4.600 | 03/01/28 | 13229837 |
|  |  |  | 16979010 |
| **Healthcare Providers & Services<sup>(a)</sup> – 2.2%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.2%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.2%** | **Healthcare Providers & Services<sup>(a)</sup> – 2.2%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 4560000 | 4.742 | 12/01/30 | 4577150 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 1900000 | 4.250 | 12/15/27 | 1888524 |
| 8410000 | 2.450 | 07/15/28 | 7871928 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 6150000 | 5.650 | 11/15/27 | 6329519 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 3650000 | 5.625 | 09/01/28 | 3762530 |
| 5517000 | 4.125 | 06/15/29 | 5497359 |
|  |  |  | 29927010 |
| **Insurance<sup>(c)</sup> – 0.2%** | **Insurance<sup>(c)</sup> – 0.2%** | **Insurance<sup>(c)</sup> – 0.2%** | **Insurance<sup>(c)</sup> – 0.2%** |
| Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| 305000 | 1.450 | 01/08/26 | 304875 |
| Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
| 2000000 | 3.000 | 04/18/26 | 1993560 |
|  |  |  | 2298435 |
| **Internet – 1.0%** | **Internet – 1.0%** | **Internet – 1.0%** | **Internet – 1.0%** |
| Alphabet, Inc.<sup>(a)</sup>  | Alphabet, Inc.<sup>(a)</sup>  | Alphabet, Inc.<sup>(a)</sup>  | Alphabet, Inc.<sup>(a)</sup>  |
| 2975000 | 3.875 | 11/15/28 | 2988685 |
| Gen Digital, Inc.<sup>(a)(c)</sup>  | Gen Digital, Inc.<sup>(a)(c)</sup>  | Gen Digital, Inc.<sup>(a)(c)</sup>  | Gen Digital, Inc.<sup>(a)(c)</sup>  |
| 3110000 | 6.750 | 09/30/27 | 3158174 |
| Netflix, Inc.<sup>(c)</sup>  | Netflix, Inc.<sup>(c)</sup>  | Netflix, Inc.<sup>(c)</sup>  | Netflix, Inc.<sup>(c)</sup>  |
| 6025000 | 5.375 | 11/15/29 | 6280942 |
| Uber Technologies, Inc.<sup>(a)</sup>  | Uber Technologies, Inc.<sup>(a)</sup>  | Uber Technologies, Inc.<sup>(a)</sup>  | Uber Technologies, Inc.<sup>(a)</sup>  |
| 1600000 | 4.300 | 01/15/30 | 1609152 |
|  |  |  | 14036953 |
| **Investment Companies<sup>(a)</sup> – 0.3%** | **Investment Companies<sup>(a)</sup> – 0.3%** | **Investment Companies<sup>(a)</sup> – 0.3%** | **Investment Companies<sup>(a)</sup> – 0.3%** |
| Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
| 3355000 | 3.125 | 09/23/26 | 3317089 |
| **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** | **Iron/Steel<sup>(c)</sup> – 0.0%** |
| POSCO | POSCO | POSCO | POSCO |
| 310000 | 5.750 | 01/17/28 | 319269 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Leisure Time<sup>(a)(c)</sup> – 0.1%** | **Leisure Time<sup>(a)(c)</sup> – 0.1%** | **Leisure Time<sup>(a)(c)</sup> – 0.1%** | **Leisure Time<sup>(a)(c)</sup> – 0.1%** |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 1825000 | 5.625% | 09/30/31 | $1866044 |
| **Lodging<sup>(a)</sup> – 0.2%** | **Lodging<sup>(a)</sup> – 0.2%** | **Lodging<sup>(a)</sup> – 0.2%** | **Lodging<sup>(a)</sup> – 0.2%** |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 1820000 | 5.625 | 06/15/28 | 1864366 |
| 680000 | 6.000 | 06/14/30 | 712218 |
|  |  |  | 2576584 |
| **Machinery-Diversified<sup>(a)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)</sup> – 1.8%** | **Machinery-Diversified<sup>(a)</sup> – 1.8%** |
| Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
| 17330000 | 5.197 | 06/15/27 | 17612134 |
| Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. |
| 7468000 | 4.500 | 12/15/29 | 7523711 |
|  |  |  | 25135845 |
| **Mining<sup>(a)(c)</sup> – 0.4%** | **Mining<sup>(a)(c)</sup> – 0.4%** | **Mining<sup>(a)(c)</sup> – 0.4%** | **Mining<sup>(a)(c)</sup> – 0.4%** |
| Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
| 5000000 | 5.371 | 04/04/29 | 5158050 |
| **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** | **Miscellaneous Manufacturing<sup>(a)</sup> – 0.8%** |
| Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  | Axon Enterprise, Inc.<sup>(c)</sup>  |
| 750000 | 6.125 | 03/15/30 | 776753 |
| Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. | Hillenbrand, Inc. |
| 1191000 | 6.250 | 02/15/29 | 1218917 |
| Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
| 9375000 | 1.600 | 04/01/26 | 9315000 |
|  |  |  | 11310670 |
| **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** | **Oil Field Services – 0.7%** |
| Pertamina Persero PT<sup>(a)</sup>  | Pertamina Persero PT<sup>(a)</sup>  | Pertamina Persero PT<sup>(a)</sup>  | Pertamina Persero PT<sup>(a)</sup>  |
| 2630000 | 3.100 | 01/21/30 | 2482884 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 200000 | 6.500 | 01/23/29 | 203500 |
| 300000 | 8.750 <sup>(a)</sup> | 06/02/29 | 321633 |
| 2500000 | 6.840 <sup>(a)</sup> | 01/23/30 | 2539750 |
| QatarEnergy<sup>(a)</sup>  | QatarEnergy<sup>(a)</sup>  | QatarEnergy<sup>(a)</sup>  | QatarEnergy<sup>(a)</sup>  |
| 2160000 | 1.375 | 09/12/26 | 2116433 |
| Sunoco LP<sup>(a)(c)</sup>  | Sunoco LP<sup>(a)(c)</sup>  | Sunoco LP<sup>(a)(c)</sup>  | Sunoco LP<sup>(a)(c)</sup>  |
| 1740000 | 7.000 | 05/01/29 | 1814263 |
|  |  |  | 9478463 |
| **Packaging<sup>(a)</sup> – 0.4%** | **Packaging<sup>(a)</sup> – 0.4%** | **Packaging<sup>(a)</sup> – 0.4%** | **Packaging<sup>(a)</sup> – 0.4%** |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 3200000 | 1.570 | 01/15/26 | 3195360 |
| Silgan Holdings, Inc.<sup>(c)</sup>  | Silgan Holdings, Inc.<sup>(c)</sup>  | Silgan Holdings, Inc.<sup>(c)</sup>  | Silgan Holdings, Inc.<sup>(c)</sup>  |
| 1925000 | 1.400 | 04/01/26 | 1908734 |
|  |  |  | 5104094 |
| **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** | **Pharmaceuticals – 1.0%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 10569000 | 4.700 | 11/15/26 | 10636536 |
| PRA Health Sciences, Inc.<sup>(a)(c)</sup>  | PRA Health Sciences, Inc.<sup>(a)(c)</sup>  | PRA Health Sciences, Inc.<sup>(a)(c)</sup>  | PRA Health Sciences, Inc.<sup>(a)(c)</sup>  |
| 3144000 | 2.875 | 07/15/26 | 3119131 |
|  |  |  | 13755667 |
| **Pipelines<sup>(a)</sup> – 1.9%** | **Pipelines<sup>(a)</sup> – 1.9%** | **Pipelines<sup>(a)</sup> – 1.9%** | **Pipelines<sup>(a)</sup> – 1.9%** |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 2835000 | 4.500 | 10/01/29 | 2843420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 2690000 | 5.625% | 07/15/27 | $2740142 |
| Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  | Hess Midstream Operations LP<sup>(c)</sup>  |
| 1710000 | 5.875 | 03/01/28 | 1741960 |
| 710000 | 6.500 | 06/01/29 | 734843 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 8300000 | 1.750 | 03/01/26 | 8267215 |
| NGPL PipeCo LLC<sup>(c)</sup>  | NGPL PipeCo LLC<sup>(c)</sup>  | NGPL PipeCo LLC<sup>(c)</sup>  | NGPL PipeCo LLC<sup>(c)</sup>  |
| 410000 | 4.875 | 08/15/27 | 411943 |
| NEOK, Inc. | NEOK, Inc. | NEOK, Inc. | NEOK, Inc. |
| 6405000 | 4.250 | 09/24/27 | 6425752 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
| 2720000 | 6.875 | 01/15/29 | 2752558 |
|  |  |  | 25917833 |
| **Real Estate Investment Trust<sup>(a)(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(a)(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(a)(c)</sup> – 0.1%** | **Real Estate Investment Trust<sup>(a)(c)</sup> – 0.1%** |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 1425000 | 6.500 | 07/01/30 | 1486332 |
| **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** | **Retailing<sup>(a)</sup> – 0.5%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(c)</sup>  |
| 2705000 | 6.125 | 06/15/29 | 2780523 |
| Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| 3670000 | 5.625 | 05/01/27 | 3671982 |
|  |  |  | 6452505 |
| **Semiconductors<sup>(a)</sup> – 0.9%** | **Semiconductors<sup>(a)</sup> – 0.9%** | **Semiconductors<sup>(a)</sup> – 0.9%** | **Semiconductors<sup>(a)</sup> – 0.9%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 9815000 | 5.050 | 07/12/27 | 9985487 |
| Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
| 2425000 | 1.800 | 06/01/26 | 2399707 |
|  |  |  | 12385194 |
| **Software – 1.7%** | **Software – 1.7%** | **Software – 1.7%** | **Software – 1.7%** |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| 1255000 | 4.200 | 09/10/27 | 1262718 |
| 4400000 | 4.300 <sup>(a)</sup> | 09/10/29 | 4421076 |
| Fair Isaac Corp.<sup>(a)(c)</sup>  | Fair Isaac Corp.<sup>(a)(c)</sup>  | Fair Isaac Corp.<sup>(a)(c)</sup>  | Fair Isaac Corp.<sup>(a)(c)</sup>  |
| 2705000 | 5.250 | 05/15/26 | 2708489 |
| Oracle Corp.<sup>(a)</sup>  | Oracle Corp.<sup>(a)</sup>  | Oracle Corp.<sup>(a)</sup>  | Oracle Corp.<sup>(a)</sup>  |
| 5163000 | 4.800 | 08/03/28 | 5186440 |
| 6300000 | 2.950 | 04/01/30 | 5813010 |
| Synopsys, Inc.<sup>(a)</sup>  | Synopsys, Inc.<sup>(a)</sup>  | Synopsys, Inc.<sup>(a)</sup>  | Synopsys, Inc.<sup>(a)</sup>  |
| 3963000 | 4.650 | 04/01/28 | 4017650 |
|  |  |  | 23409383 |
| **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** | **Telecommunication Services<sup>(a)</sup> – 0.3%** |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3725000 | 3.750 | 04/15/27 | 3713043 |
| **Toys/Games/Hobbies<sup>(a)(c)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(c)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(c)</sup> – 0.2%** | **Toys/Games/Hobbies<sup>(a)(c)</sup> – 0.2%** |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 2815000 | 5.875 | 12/15/27 | 2821137 |
| **Trucking & Leasing<sup>(a)(c)</sup> – 0.5%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.5%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.5%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.5%** |
| Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
| 1690000 | 5.350 | 01/12/27 | 1707728 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Trucking & Leasing<sup>(a)(c)</sup> – (continued)** | **Trucking & Leasing<sup>(a)(c)</sup> – (continued)** | **Trucking & Leasing<sup>(a)(c)</sup> – (continued)** | **Trucking & Leasing<sup>(a)(c)</sup> – (continued)** |
| 5000000 | 3.350% | 11/01/29 | $4809250 |
|  |  |  | 6516978 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $502,011,058)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $502,011,058)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $502,011,058)** | $508401217 |
| **Mortgage-Backed Obligations – 18.4%** | **Mortgage-Backed Obligations – 18.4%** | **Mortgage-Backed Obligations – 18.4%** | **Mortgage-Backed Obligations – 18.4%** |
| **Collateralized Mortgage Obligations – 3.1%** | **Collateralized Mortgage Obligations – 3.1%** | **Collateralized Mortgage Obligations – 3.1%** | **Collateralized Mortgage Obligations – 3.1%** |
| **Interest Only<sup>(d)</sup> – 0.2%** | **Interest Only<sup>(d)</sup> – 0.2%** | **Interest Only<sup>(d)</sup> – 0.2%** | **Interest Only<sup>(d)</sup> – 0.2%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY<br>(-1X 1 mo. USD Term SOFR + 5.986%) |
| 270881 | 2.002 %<sup>(b)</sup> | 05/15/45 | $29702 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST<br>(-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST<br>(-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST<br>(-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST<br>(-1X 30 day USD SOFR Average + 5.886%) |
| 194579 | 1.902 <sup>(b)</sup> | 05/15/46 | 21580 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE<br>(-1X 30 day USD SOFR Average + 5.936%) |
| 165854 | 1.952 <sup>(b)</sup> | 03/15/44 | 16625 |
| Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%) |
| 264279 | 2.161 <sup>(b)</sup> | 02/25/46 | 31224 |
| Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) | Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 30 day USD SOFR Average + 5.986%) |
| 320818 | 2.111 <sup>(b)</sup> | 05/25/47 | 36441 |
| Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) | Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%) |
| 2033970 | 2.111 <sup>(b)</sup> | 07/25/50 | 231704 |
| Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) | Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%) |
| 51122 | 1.961 <sup>(b)</sup> | 12/25/40 | 4337 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 100066 | 2.252 <sup>(a)(b)</sup> | 10/20/43 | 5197 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 114865 | 1.812 <sup>(a)(b)</sup> | 07/20/47 | 11234 |
| Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 254468 | 2.352 <sup>(a)(b)</sup> | 09/20/48 | 30170 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 260545 | 2.202 <sup>(a)(b)</sup> | 01/20/49 | 29315 |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 117007 | 2.252 <sup>(a)(b)</sup> | 06/20/49 | 13007 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 1137936 | 4.000 <sup>(a)</sup> | 06/20/50 | 245310 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(d)</sup> – (continued)** | **Interest Only<sup>(d)</sup> – (continued)** | **Interest Only<sup>(d)</sup> – (continued)** | **Interest Only<sup>(d)</sup> – (continued)** |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 180935 | 2.202 %<sup>(a)(b)</sup> | 08/20/43 | $19302 |
| Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) | Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%) |
| 67672 | 1.752 <sup>(a)(b)</sup> | 11/20/44 | 6199 |
| Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%) |
| 116852 | 2.402 <sup>(a)(b)</sup> | 09/20/45 | 14330 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 59979 | 4.000 <sup>(a)</sup> | 06/20/45 | 7868 |
| Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%) |
| 248366 | 2.352 <sup>(a)(b)</sup> | 09/20/48 | 29178 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 5838658 | 4.000 <sup>(a)</sup> | 12/20/49 | 1231831 |
| Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI | Government National Mortgage Association REMICS Series 2020-61, Class GI |
| 1426760 | 5.000 <sup>(a)</sup> | 05/20/50 | 328918 |
|  |  |  | 2343472 |
| **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** | **Sequential Fixed Rate – 1.3%** |
| BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A | BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A |
| 3436211 | 5.459 <sup>(a)(c)(e)</sup> | 07/25/65 | 3473400 |
| CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 | CIM Trust Series 2025-I1, Class A2 |
| 1648539 | 5.908 <sup>(a)(c)(e)</sup> | 10/25/69 | 1672184 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 6805 | 7.000 | 10/25/42 | 7313 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 23885 | 7.000 | 07/25/42 | 25944 |
| JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A | JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A |
| 3800000 | 4.879 <sup>(a)(c)(e)</sup> | 05/25/65 | 3801561 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 2822686 | 5.562 <sup>(a)(c)(e)</sup> | 03/25/70 | 2855522 |
| OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A | OBX Trust Series 2025-NQM13, Class A1A |
| 1802840 | 5.441 <sup>(a)(c)(e)</sup> | 05/25/65 | 1819608 |
| OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A | OBX Trust Series 2025-NQM11, Class A1A |
| 3041735 | 5.418 <sup>(a)(c)(e)</sup> | 05/25/65 | 3068151 |
| Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 | Verus Securitization Trust Series 2023-INV2, Class A2 |
| 1296232 | 6.928 <sup>(a)(c)(e)</sup> | 08/25/68 | 1305086 |
|  |  |  | 18028769 |
| **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 1.6%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 1.6%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 1.6%** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – 1.6%** |
| Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A | Chase Home Lending Mortgage Trust Series 2025-2, Class A4A |
| 2042005 | 5.500 | 12/25/55 | 2053506 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(a)(b)(c)</sup> – (continued)** |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%) |
| 1850000 | 5.524% | 05/25/44 | $1859583 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 25000 | 5.824 | 03/25/44 | 25166 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%) |
| 312929 | 4.874 | 07/25/44 | 312961 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%) |
| 3425000 | 5.474 | 09/25/44 | 3430016 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R03, Class 2M2 (1 mo. USD Term SOFR + 2.250%) |
| 3150000 | 6.124 | 03/25/45 | 3192453 |
| GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 | GCAT Trust Series 2024-INV4, Class A6 |
| 1845322 | 5.500 | 12/25/54 | 1861300 |
| JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 | JP Morgan Mortgage Trust Series 2021-LTV2, Class A1 |
| 3732540 | 2.520 | 05/25/52 | 3218363 |
| JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 | JP Morgan Mortgage Trust Series 2025-DSC1, Class A1 |
| 2909577 | 5.577 | 09/25/65 | 2940949 |
| JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 | JP Morgan Mortgage Trust Series 2025-VIS2, Class A1 |
| 3728431 | 5.385 | 12/25/55 | 3762428 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 60247 | 3.750 | 05/28/52 | 58250 |
|  |  |  | 22714975 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 43087216 |
| **Commercial Mortgage-Backed Securities – 10.4%** | **Commercial Mortgage-Backed Securities – 10.4%** | **Commercial Mortgage-Backed Securities – 10.4%** | **Commercial Mortgage-Backed Securities – 10.4%** |
| **Regular Floater<sup>(b)(c)</sup> – 0.4%** | **Regular Floater<sup>(b)(c)</sup> – 0.4%** | **Regular Floater<sup>(b)(c)</sup> – 0.4%** | **Regular Floater<sup>(b)(c)</sup> – 0.4%** |
| TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) | TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%) |
| 4200000 | 5.883% | 11/15/29 | $4219349 |
| TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) | TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%) |
| 950000 | 6.680 | 11/15/29 | 969978 |
|  |  |  | 5189327 |
| **Sequential Fixed Rate – 4.2%** | **Sequential Fixed Rate – 4.2%** | **Sequential Fixed Rate – 4.2%** | **Sequential Fixed Rate – 4.2%** |
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| 3800000 | 3.901 <sup>(c)</sup> | 08/10/35 | 3674470 |
| Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 | Bank5 Series 2024-5YR7, Class A3 |
| 2350000 | 5.769 <sup>(a)</sup> | 06/15/57 | 2452240 |
| Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 | Bank5 Series 2024-5YR11, Class A3 |
| 2450000 | 5.893 <sup>(a)</sup> | 11/15/57 | 2575743 |
| Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS | Bank5 Series 2024-5YR11, Class AS |
| 1075000 | 6.139 <sup>(a)</sup> | 11/15/57 | 1124877 |
| Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 | Bank5 Series 2025-5YR14, Class A3 |
| 3000000 | 5.646 <sup>(a)</sup> | 04/15/58 | 3136479 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 | Bank5 Series 2025-5YR15, Class A3 |
| 2450000 | 5.452 %<sup>(a)</sup> | 07/15/58 | $2546942 |
| Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS | Bank5 Series 2025-5YR19, Class AS |
| 4000000 | 5.611 <sup>(a)</sup> | 12/15/58 | 4128995 |
| BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 | BBCMS Mortgage Trust Series 2023-C19, Class A5 |
| 2900000 | 5.451 <sup>(a)</sup> | 04/15/56 | 3013682 |
| BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB | BBCMS Mortgage Trust Series 2023-C19, Class ASB |
| 800000 | 5.700 <sup>(a)</sup> | 04/15/56 | 841990 |
| BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 | BMO Mortgage Trust Series 2023-C7, Class A5 |
| 5000000 | 6.160 <sup>(a)</sup> | 12/15/56 | 5373522 |
| BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 | BMO Mortgage Trust Series 2025-5C11, Class A3 |
| 2400000 | 5.669 <sup>(a)</sup> | 07/15/58 | 2511085 |
| BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A | BX Trust Series 2022-CLS, Class A |
| 3900000 | 5.760 <sup>(c)</sup> | 10/13/27 | 3912459 |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 1500000 | 3.000 <sup>(a)(c)</sup> | 09/15/50 | 1052737 |
| Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 | Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4 |
| 740000 | 3.102 <sup>(a)</sup> | 12/15/72 | 704673 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 3650000 | 6.338 <sup>(c)</sup> | 08/10/44 | 3841663 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B | JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B |
| 2100000 | 3.598 <sup>(a)(c)</sup> | 06/05/39 | 1961747 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A |
| 2000000 | 6.234 <sup>(c)</sup> | 06/05/42 | 2090747 |
| MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 | MSWF Commercial Mortgage Trust Series 2023-2, Class A2 |
| 3150000 | 6.890 <sup>(a)</sup> | 12/15/56 | 3319408 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 4300000 | 5.388 <sup>(c)</sup> | 11/13/41 | 4419052 |
| ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |
| 3250000 | 7.109 <sup>(c)</sup> | 11/13/41 | 3393943 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D | Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D |
| 900000 | 3.250 <sup>(a)(c)</sup> | 01/15/60 | 839602 |
|  |  |  | 56916056 |
| **Sequential Floating Rate – 5.8%** | **Sequential Floating Rate – 5.8%** | **Sequential Floating Rate – 5.8%** | **Sequential Floating Rate – 5.8%** |
| Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS | Bank5 Series 2024-5YR10, Class AS |
| 900000 | 5.637 <sup>(a)</sup> | 10/15/57 | 926075 |
| Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
| 3200000 | 5.894 <sup>(a)(b)</sup> | 11/15/58 | 3154574 |
| Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS | Bank5 Series 2025-5YR16, Class AS |
| 3600000 | 5.751 <sup>(a)(b)</sup> | 08/15/63 | 3739982 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 1225000 | 4.670 <sup>(b)(c)</sup> | 03/15/37 | 1158818 |
| BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 | BBCMS Mortgage Trust Series 2023-C22, Class A5 |
| 2850000 | 6.804 <sup>(a)(b)</sup> | 11/15/56 | 3154885 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 1150000 | 4.919 <sup>(b)(c)</sup> | 03/15/37 | 1036625 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A | BFLD Commercial Mortgage Trust Series 2025-5MW, Class A |
| 4450000 | 4.674 <sup>(b)(c)</sup> | 10/10/42 | 4447208 |
| BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C | BFLD Commercial Mortgage Trust Series 2025-5MW, Class C |
| 1800000 | 5.451 <sup>(b)(c)</sup> | 10/10/42 | 1819122 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
| 3450000 | 5.900 %<sup>(b)(c)</sup> | 11/15/42 | $3463271 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 2800000 | 5.650 <sup>(b)(c)</sup> | 06/15/42 | 2800909 |
| BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) | BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%) |
| 4268962 | 5.192 <sup>(b)(c)</sup> | 02/15/39 | 4268978 |
| BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) | BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%) |
| 1446979 | 5.142 <sup>(b)(c)</sup> | 03/15/41 | 1446213 |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%) |
| 2874855 | 5.130 <sup>(b)(c)</sup> | 08/15/42 | 2872323 |
| BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) | BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%) |
| 1916570 | 5.300 <sup>(b)(c)</sup> | 08/15/42 | 1912666 |
| BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) | BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%) |
| 3347417 | 5.591 <sup>(b)(c)</sup> | 04/15/41 | 3347068 |
| BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) | BX Trust Series 2025-ROIC, Class A (1 mo. USD Term SOFR + 1.144%) |
| 2490287 | 4.894 <sup>(b)(c)</sup> | 03/15/30 | 2486159 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 3550000 | 5.582 <sup>(b)(c)</sup> | 08/10/42 | 3617213 |
| Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| 1550000 | 5.824 <sup>(b)(c)</sup> | 08/10/42 | 1578858 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D | Hudson Yards Mortgage Trust Series 2025-SPRL, Class D |
| 1375000 | 6.340 <sup>(b)(c)</sup> | 01/13/40 | 1430039 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 1375000 | 5.467 <sup>(b)(c)</sup> | 01/13/40 | 1423898 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A | JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A |
| 1125000 | 5.797 <sup>(b)(c)</sup> | 10/05/39 | 1145543 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A | MAD Commercial Mortgage Trust Series 2025-11MD, Class A |
| 3500000 | 4.754 <sup>(b)(c)</sup> | 10/15/42 | 3514259 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D | MAD Commercial Mortgage Trust Series 2025-11MD, Class D |
| 2575000 | 6.359 <sup>(b)(c)</sup> | 10/15/42 | 2609624 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 2200000 | 5.442 <sup>(b)(c)</sup> | 02/15/42 | 2193138 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D | NYC Commercial Mortgage Trust Series 2025-300P, Class D |
| 1700000 | 6.161 <sup>(b)(c)</sup> | 07/13/42 | 1715630 |
| NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A | NYC Commercial Mortgage Trust Series 2025-300P, Class A |
| 2900000 | 4.879 <sup>(b)(c)</sup> | 07/13/42 | 2912455 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 3350000 | 5.493 <sup>(b)(c)</sup> | 10/15/40 | 3357288 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A | VTR Commercial Mortgage Trust Series 2025-STEM, Class A |
| 2900000 | 5.034 <sup>(b)(c)</sup> | 10/13/39 | 2908333 |
| VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| 1350000 | 5.861 <sup>(b)(c)</sup> | 10/13/39 | 1354156 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A |
| 3150000 | 5.308 <sup>(b)(c)</sup> | 07/15/35 | 3177313 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 1950000 | 5.743 %<sup>(b)(c)</sup> | 07/15/35 | $1963517 |
| Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A<br>(1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A<br>(1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A<br>(1 mo. USD Term SOFR + 1.350%) | Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A<br>(1 mo. USD Term SOFR + 1.350%) |
| 2950000 | 5.100 <sup>(b)(c)</sup> | 08/15/42 | 2950919 |
|  |  |  | 79887059 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $141992442 |
| **Federal Agencies – 4.9%** | **Federal Agencies – 4.9%** | **Federal Agencies – 4.9%** | **Federal Agencies – 4.9%** |
| **Government National Mortgage Association – 1.0%** | **Government National Mortgage Association – 1.0%** | **Government National Mortgage Association – 1.0%** | **Government National Mortgage Association – 1.0%** |
| 978189 | 4.500% | 08/20/47 | $975739 |
| 152303 | 5.000 | 03/20/48 | 155263 |
| 1525485 | 4.000 | 05/20/48 | 1467957 |
| 545473 | 4.500 | 06/20/48 | 543085 |
| 545901 | 4.500 | 07/20/48 | 543510 |
| 839687 | 4.500 | 09/20/48 | 835484 |
| 580167 | 4.500 | 10/20/48 | 577264 |
| 726168 | 4.500 | 12/20/48 | 721853 |
| 1794533 | 4.500 | 01/20/49 | 1781627 |
| 550847 | 4.500 | 02/20/49 | 546886 |
| 738853 | 4.500 | 03/20/49 | 733539 |
| 388151 | 4.500 | 10/20/49 | 386208 |
| 718627 | 5.000 | 12/20/49 | 728593 |
| 43938 | 5.000 | 02/20/50 | 44792 |
| 4040676 | 3.000 | 11/20/51 | 3617250 |
|  |  |  | 13659050 |
| **Uniform Mortgage-Backed Security – 3.9%** | **Uniform Mortgage-Backed Security – 3.9%** | **Uniform Mortgage-Backed Security – 3.9%** | **Uniform Mortgage-Backed Security – 3.9%** |
| 159 | 5.000 | 11/01/26 | 158 |
| 1363 | 5.000 | 07/01/27 | 1364 |
| 52715 | 4.500 | 07/01/47 | 52457 |
| 31771 | 4.500 | 03/01/50 | 31530 |
| 7044571 | 6.000 | 11/01/52 | 7360086 |
| 1576513 | 5.500 | 12/01/52 | 1628558 |
| 4202034 | 6.000 | 12/01/52 | 4385607 |
| 2777324 | 6.000 | 01/01/53 | 2890929 |
| 782879 | 5.500 | 04/01/53 | 804321 |
| 2226728 | 6.000 | 04/01/53 | 2322185 |
| 1984991 | 6.500 | 09/01/53 | 2076034 |
| 4963344 | 6.500 | 11/01/53 | 5225500 |
| 2178225 | 6.500 | 12/01/53 | 2296679 |
| 24000000 | 5.500 | TBA-30yr<sup>(f)</sup> | 24334687 |
|  |  |  | 53410095 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $67069145 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,472,310)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,472,310)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $250,472,310)** | $252148803 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(a)</sup> – 14.2%** | **Asset-Backed Securities<sup>(a)</sup> – 14.2%** | **Asset-Backed Securities<sup>(a)</sup> – 14.2%** | **Asset-Backed Securities<sup>(a)</sup> – 14.2%** |
| **Automotive – 2.7%** | **Automotive – 2.7%** | **Automotive – 2.7%** | **Automotive – 2.7%** |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust Series 2025-1A, Class A2 |
| 202914 | 4.700% | 09/15/27 | $202978 |
| Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust Series 2025-1A, Class A3 |
| 800000 | 4.670 | 08/15/28 | 801771 |
| Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 | Ford Credit Auto Lease Trust Series 2024-B, Class A3 |
| 6100000 | 4.990 | 12/15/27 | 6134141 |
| Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(e)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(e)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(e)</sup>  | Ford Credit Auto Owner Trust Series 2024-1, Class A<sup>(c)(e)</sup>  |
| 3200000 | 4.870 | 08/15/36 | 3279214 |
| Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup>  | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup>  |
| 1450322 | 4.770 | 03/15/27 | 1453820 |
| Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 | Hyundai Auto Receivables Trust Series 2024-B, Class A3 |
| 5825000 | 4.840 | 03/15/29 | 5889879 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust Series 2025-1, Class A2 |
| 144223 | 4.760 | 08/16/27 | 144281 |
| Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust Series 2025-1, Class A3 |
| 2825000 | 4.740 | 01/16/29 | 2833355 |
| SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  | SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3<sup>(c)</sup>  |
| 7300000 | 4.120 | 04/21/31 | 7331684 |
| Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  | Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2<sup>(c)</sup>  |
| 4750000 | 4.140 | 06/20/28 | 4759089 |
| Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust Series 2024-C, Class A3 |
| 4225000 | 4.880 | 03/15/29 | 4268733 |
|  |  |  | 37098945 |
| **Collateralized Loan Obligations – 8.7%** | **Collateralized Loan Obligations – 8.7%** | **Collateralized Loan Obligations – 8.7%** | **Collateralized Loan Obligations – 8.7%** |
| Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup>(3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup>(3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup>(3 mo. USD Term SOFR + 1.410%) | Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2<sup>(b)(c)</sup>(3 mo. USD Term SOFR + 1.410%) |
| 7600000 | 5.621 | 07/20/38 | 7632300 |
| Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.850%) | Aqueduct European CLO 14 DAC Series 2025-14A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.850%) |
| 1500000 | 3.972 | 01/25/39 | 1762544 |
| Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Arini European CLO VII DAC Series 7A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 2150000 | 3.895 | 01/15/39 | 2526397 |
| Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) | Arini European CLO VII DAC Series 7A, Class D<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.850%) |
| 2300000 | 4.945 | 01/15/39 | 2686496 |
| Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Armada Euro CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1900000 | 3.934 | 10/30/39 | 2231234 |
| Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) | Aurium CLO VIII DAC Series 8A, Class CR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 2.150%) |
| 2200000 | 4.163 | 10/16/38 | 2587131 |
| Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) | Bridgepoint CLO IX DAC Series 9A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.800%) |
| 1775000 | 3.914 | 10/15/39 | 2086731 |
| Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.270%) | Bryant Park Funding Ltd. Series 2023-21A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.270%) |
| 3600000 | 5.181 | 10/18/38 | 3601152 |
| CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) | CIFC Funding Ltd. Series 2023-3A, Class E<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 7.650%) |
| 2025000 | 11.534 | 01/20/37 | 2026620 |
| CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | CIFC Funding Ltd. Series 2019-4A, Class A1R2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 3825000 | 5.205 | 07/15/38 | 3837240 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) | Crown City CLO V Series 2023-5A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.600%) |
| 1100000 | 5.484% | 04/20/37 | $1102800 |
| CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.700%) | CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B<sup>(b)(c)</sup>(3 mo. EUR EURIBOR + 1.700%) |
| 2700000 | 3.704 | 04/20/38 | 3137007 |
| Dunedin Park CLO DAC Series 1X, Class AR<sup>(b)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(b)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(b)</sup> (3 mo. EUR EURIBOR + 0.980%) | Dunedin Park CLO DAC Series 1X, Class AR<sup>(b)</sup> (3 mo. EUR EURIBOR + 0.980%) |
| 4750000 | 3.031 | 11/20/34 | 5582535 |
| Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Elmwood CLO X Ltd. Series 2021-3A, Class AR2<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 7850000 | 5.184 | 07/20/38 | 7881039 |
| Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) | Harvest CLO XXXVII DAC Series 37A, Class B<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.850%) |
| 1850000 | 3.848 | 01/15/39 | 2174437 |
| Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) | Invesco CLO Ltd. Series 2022-2A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.150%) |
| 6575000 | 5.034 | 07/20/35 | 6578320 |
| Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) | Jamestown CLO XVI Ltd. Series 2021-16A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.120%) |
| 3000000 | 4.978 | 07/25/34 | 2998674 |
| Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Magnetite XLVII Ltd. Series 2024-47A, Class A<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 7900000 | 5.188 | 01/25/38 | 7917372 |
| OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | OCP CLO Ltd. Series 2024-33A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) |
| 2450000 | 5.384 | 07/20/37 | 2458313 |
| OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) | OCP Euro DAC Series 2025-12A, Class B1<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 1.700%) |
| 2900000 | 3.704 | 01/20/38 | 3387297 |
| Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) | Pikes Peak CLO 3 Series 2019-3A, Class ARR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.462%) |
| 4000000 | 5.320 | 10/25/34 | 4007660 |
| Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) | Rad CLO 21 Ltd. Series 2023-21A, Class BR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.550%) |
| 3490000 | 5.408 | 01/25/37 | 3491536 |
| RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) | RR 29 Ltd. Series 2024-29RA, Class A2R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 3000000 | 5.605 | 07/15/39 | 3005064 |
| Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) | Silver Point CLO 4 Ltd. Series 2024-4A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.630%) |
| 5180000 | 5.535 | 04/15/37 | 5193079 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)</sup>  | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A<sup>(c)</sup>  |
| 325772 | 5.750 | 12/20/50 | 332539 |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.680%) |
| 2200000 | 5.564 | 01/20/37 | 2202119 |
| Symphony CLO XXV Ltd. Series 2021-25A, Class BR <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) | Symphony CLO XXV Ltd. Series 2021-25A, Class BR <sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.500%) |
| 3300000 | 5.325 | 04/19/34 | 3301660 |
| Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) | Tikehau CLO IV DAC Series 4A, Class DR<sup>(b)(c)</sup> (3 mo. EUR EURIBOR + 3.250%) |
| 1700000 | 5.297 | 10/15/39 | 1997311 |
| Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) | Trestles CLO VIII Ltd. Series 2025-8A, Class A1<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.330%) |
| 4700085 | 5.627 | 06/11/35 | 4710082 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** |
| **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** | **Collateralized Loan Obligations – (continued)** |
| Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.130%) |
| 9000000 | 5.014% | 07/20/34 | $8998335 |
| Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) | Venture 36 CLO Ltd. Series 2019-36A, Class D<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 4.412%) |
| 2500000 | 8.296 | 04/20/32 | 2424013 |
| Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) | Wind River CLO Ltd. Series 2021-2A, Class CR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 2.000%) |
| 4000000 | 5.884 | 07/20/34 | 4003012 |
| Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) | Zais CLO 13 Ltd. Series 2019-13A, Class A1AR<sup>(b)(c)</sup> (3 mo. USD Term SOFR + 1.300%) |
| 993195 | 5.205 | 07/15/32 | 993424 |
|  |  |  | 118855473 |
| **Credit Card – 1.5%** | **Credit Card – 1.5%** | **Credit Card – 1.5%** | **Credit Card – 1.5%** |
| American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A | American Express Credit Account Master Trust Series 2024-3, Class A |
| 4500000 | 4.650 | 07/15/29 | 4561327 |
| American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A | American Express Credit Account Master Trust Series 2025-3, Class A |
| 3975000 | 4.510 | 04/15/32 | 4051609 |
| Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A | Barclays Dryrock Issuance Trust Series 2023-1, Class A |
| 7300000 | 4.720 | 02/15/29 | 7318180 |
| Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A | Discover Card Execution Note Trust Series 2023-A1, Class A |
| 3800000 | 4.310 | 03/15/28 | 3803638 |
|  |  |  | 19734754 |
| **Student Loan<sup>(b)</sup> – 1.3%** | **Student Loan<sup>(b)</sup> – 1.3%** | **Student Loan<sup>(b)</sup> – 1.3%** | **Student Loan<sup>(b)</sup> – 1.3%** |
| Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup>(3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup>(3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup>(3 mo. USD Term SOFR + 1.830%) | Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R<sup>(c)</sup>(3 mo. USD Term SOFR + 1.830%) |
| 5500000 | 5.735 | 01/15/37 | 5509839 |
| Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) | Elmwood CLO 27 Ltd. Series 2024-3A, Class A<sup>(c)</sup> (3 mo. USD Term SOFR + 1.520%) |
| 4500000 | 5.404 | 04/18/37 | 4512042 |
| Illinois Student Assistance Commission Series 2010-1, Class A3<br>(3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3<br>(3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3<br>(3 mo. USD Term SOFR + 1.162%) | Illinois Student Assistance Commission Series 2010-1, Class A3<br>(3 mo. USD Term SOFR + 1.162%) |
| 167496 | 5.475 | 07/25/45 | 167458 |
| Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(c)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(c)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(c)</sup> (3 mo. USD Term SOFR + 2.150%) | Katayma CLO II Ltd. Series 2024-2A, Class B<sup>(c)</sup> (3 mo. USD Term SOFR + 2.150%) |
| 2500000 | 6.034 | 04/20/37 | 2504198 |
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup>(3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup>(3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup>(3 mo. USD Term SOFR + 1.400%) | Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<sup>(c)</sup>(3 mo. USD Term SOFR + 1.400%) |
| 5025000 | 5.305 | 04/15/31 | 5030171 |
| PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) | PHEAA Student Loan Trust Series 2016-1A, Class A<sup>(c)</sup> (1 mo. USD Term SOFR + 1.264%) |
| 323632 | 5.139 | 09/25/65 | 326039 |
|  |  |  | 18049747 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $192,010,339)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $192,010,339)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $192,010,339)** | $193738919 |
| **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** | **Sovereign Debt Obligations – 2.3%** |
| **Sovereign<sup>(a)(c)</sup> – 0.7%** | **Sovereign<sup>(a)(c)</sup> – 0.7%** | **Sovereign<sup>(a)(c)</sup> – 0.7%** | **Sovereign<sup>(a)(c)</sup> – 0.7%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| 9720000 | 5.500% | 08/17/30 | $9885240 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** | **Sovereign Debt Obligations – (continued)** |
| **United States Dollar – 1.6%** | **United States Dollar – 1.6%** | **United States Dollar – 1.6%** | **United States Dollar – 1.6%** |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 3630000 | 5.250% | 06/16/29 | $3698516 |
| Indonesia Government International Bonds<sup>(a)</sup>  | Indonesia Government International Bonds<sup>(a)</sup>  | Indonesia Government International Bonds<sup>(a)</sup>  | Indonesia Government International Bonds<sup>(a)</sup>  |
| 6030000 | 4.550 | 01/11/28 | 6082763 |
| Korea Hydro & Nuclear Power Co. Ltd.<sup>(c)</sup>  | Korea Hydro & Nuclear Power Co. Ltd.<sup>(c)</sup>  | Korea Hydro & Nuclear Power Co. Ltd.<sup>(c)</sup>  | Korea Hydro & Nuclear Power Co. Ltd.<sup>(c)</sup>  |
| 3950000 | 4.250 | 07/27/27 | 3966827 |
| Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  | Peru Government International Bonds<sup>(a)</sup>  |
| 2120000 | 2.392 | 01/23/26 | 2112580 |
| Republic of Poland Government International Bonds<sup>(a)</sup>  | Republic of Poland Government International Bonds<sup>(a)</sup>  | Republic of Poland Government International Bonds<sup>(a)</sup>  | Republic of Poland Government International Bonds<sup>(a)</sup>  |
| 2600000 | 4.625 | 03/18/29 | 2649816 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 1500000 | 3.000 <sup>(c)</sup> | 02/27/27 | 1474987 |
| 1700000 | 5.875 | 01/30/29 | 1757800 |
|  |  |  | 21743289 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,157,461)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,157,461)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $31,157,461)** | $31628529 |
| **Agency Debentures<sup>(b)</sup> – 1.9%** | **Agency Debentures<sup>(b)</sup> – 1.9%** | **Agency Debentures<sup>(b)</sup> – 1.9%** | **Agency Debentures<sup>(b)</sup> – 1.9%** |
| **United States Dollar – 1.9%** | **United States Dollar – 1.9%** | **United States Dollar – 1.9%** | **United States Dollar – 1.9%** |
| Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) |
| 25959000 | 3.935% | 11/03/28 | $25926811 |
| **(Cost $25,959,000)** | **(Cost $25,959,000)** | **(Cost $25,959,000)** |  |
| **Municipal Debt Obligations<sup>(a)</sup> – 0.1%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.1%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.1%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.1%** |
| **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** |
| Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G | Massachusetts Development Finance Agency RB Taxable Series G |
| 1465000 | 6.625% | 10/01/30 | $1500169 |
| **(Cost $1,465,000)** | **(Cost $1,465,000)** | **(Cost $1,465,000)** |  |
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks<sup>(c)</sup> – 0.0%** | **Common Stocks<sup>(c)</sup> – 0.0%** | **Common Stocks<sup>(c)</sup> – 0.0%** | **Common Stocks<sup>(c)</sup> – 0.0%** |
| **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** |
| 22377 | Sunac Services Holdings<br>Ltd. | Sunac Services Holdings<br>Ltd. | $4033 |
| **(Cost $42,587)** | **(Cost $42,587)** | **(Cost $42,587)** |  |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – 13.0%** | **U.S. Treasury Obligations – 13.0%** | **U.S. Treasury Obligations – 13.0%** | **U.S. Treasury Obligations – 13.0%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 14170000 | 1.250% | 11/30/26 | $13879404 |
| 19210000 | 4.250 | 03/15/27 | 19371334 |
| 4600000 | 0.500 | 06/30/27 | 4401445 |
| 26260000 | 4.375 <sup>(g)</sup> | 07/15/27 | 26608766 |
| 66130000 | 3.625 | 08/31/27 | 66274659 |
| 15370000 | 1.250 | 03/31/28 | 14629118 |
| 850000 | 2.875 | 08/15/28 | 836387 |
| 30810000 | 4.500 <sup>(g)</sup> | 05/31/29 | 31698195 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $176,570,493)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $176,570,493)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $176,570,493)** | $177699308 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(h)</sup> – 3.8%** | **Investment Company<sup>(h)</sup> – 3.8%** | **Investment Company<sup>(h)</sup> – 3.8%** | **Investment Company<sup>(h)</sup> – 3.8%** |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 52360998 | 3.686% | 3.686% | $52360998 |
| **(Cost $52,360,998)** | **(Cost $52,360,998)** | **(Cost $52,360,998)** |  |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 89.0%<br>(Cost $1,206,090,246)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 89.0%<br>(Cost $1,206,090,246)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 89.0%<br>(Cost $1,206,090,246)** | $1217481976 |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 6.6%** | **Short-term Investments – 6.6%** | **Short-term Investments – 6.6%** | **Short-term Investments – 6.6%** |
| **Certificates of Deposit – 3.1%** | **Certificates of Deposit – 3.1%** | **Certificates of Deposit – 3.1%** | **Certificates of Deposit – 3.1%** |
| Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.200%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.200%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.200%) | Australia & New Zealand Banking Group Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.200%) |
| 3605000 | 3.910% | 01/05/26 | $3605031 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 9800000 | 4.000 | 04/24/26 | 9803336 |
| Barclays Bank PLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.370%) | Barclays Bank PLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.370%) |
| 9679000 | 4.140 | 10/22/26 | 9678973 |
| Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.270%) |
| 5777000 | 3.930 | 06/02/26 | 5777675 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 6000000 | 4.420 | 08/19/26 | 6015392 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 7094000 | 4.370 <sup>(a)(b)</sup> | 12/11/26 | 7094089 |
|  |  |  | 41974496 |
| **Commercial Paper<sup>(i)</sup> – 3.5%** | **Commercial Paper<sup>(i)</sup> – 3.5%** | **Commercial Paper<sup>(i)</sup> – 3.5%** | **Commercial Paper<sup>(i)</sup> – 3.5%** |
| Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  | Broadcom, Inc.<sup>(c)</sup>  |
| 6701000 | 0.000 | 01/27/26 | 6681617 |
| Jackson National Life Short Term Funding LLC<sup>(c)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)</sup>  | Jackson National Life Short Term Funding LLC<sup>(c)</sup>  |
| 3300000 | 0.000 | 02/13/26 | 3284856 |
| Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. | Macquarie Group Ltd. |
| 6674000 | 0.000 | 03/17/26 | 6619323 |
| National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  | National Bank of Kuwait<sup>(c)</sup>  |
| 4200000 | 0.000 | 05/01/26 | 4146366 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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<sup>(i)</sup> – (continued)** | **Commercial Paper<sup>(i)</sup> – (continued)** | **Commercial Paper<sup>(i)</sup> – (continued)** | **Commercial Paper<sup>(i)</sup> – (continued)** | **Commercial Paper<sup>(i)</sup> – (continued)** |
|  Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  | Oracle Corp.<sup>(c)</sup>  |
|  $ | 2455000 | 0.000% | 01/15/26 | $2451075 |
|  Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |
|  | 1934000 | 0.000 | 07/17/26 | 1890814 |
|  VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  | VW Credit, Inc.<sup>(c)</sup>  |
|  | 11412000 | 0.000 | 03/16/26 | 11319753 |
|  | 7500000 | 0.000 | 04/06/26 | 7422214 |
|  | 3889000 | 0.000 | 07/01/26 | 3812732 |
|  |  |  |  | 47628750 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $89,560,181)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $89,560,181)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $89,560,181)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $89,560,181)** | $89603246 |
| **TOTAL INVESTMENTS – 97.5%<br>(Cost $1,321,609,427)** | **TOTAL INVESTMENTS – 97.5%<br>(Cost $1,321,609,427)** | **TOTAL INVESTMENTS – 97.5%<br>(Cost $1,321,609,427)** | **TOTAL INVESTMENTS – 97.5%<br>(Cost $1,321,609,427)** | $1333012033 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.5%** | 34564769 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1367576802 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |
| (e) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025. |
| (f) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $24,334,687 which represents approximately 1.8% of net assets as of December 31, 2025. |
| (g) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (h) | Represents an affiliated issuer. |
| (i) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At December 31, 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 | 4513833 | USD | 2990418 | 03/18/26 | $22052 |
|  | BRL | 5475571 | USD | 995124 | 01/05/26 | 2819 |
|  | BRL | 5516799 | USD | 980461 | 02/03/26 | 17650 |
|  | CAD | 1322408 | USD | 951878 | 02/27/26 | 13977 |
|  | CAD | 18296386 | USD | 13256498 | 03/18/26 | 118560 |
|  | CHF | 7130704 | USD | 9012626 | 03/18/26 | 64943 |
|  | CLP | 356301901 | USD | 388374 | 03/18/26 | 7734 |
|  | CNH | 60968153 | USD | 8682387 | 03/18/26 | 98436 |
|  | CZK | 150448414 | USD | 7274703 | 03/18/26 | 52574 |
|  | EUR | 829582 | USD | 967451 | 02/25/26 | 9973 |
|  | EUR | 13647482 | USD | 16003322 | 03/18/26 | 94230 |
|  | GBP | 2301625 | USD | 3081484 | 03/18/26 | 20344 |
|  | HUF | 1679338735 | USD | 5098303 | 03/18/26 | 9889 |
|  | ILS | 6262507 | USD | 1942575 | 03/18/26 | 24551 |
|  | INR | 84374145 | USD | 932847 | 01/15/26 | 4456 |
|  | INR | 734967923 | USD | 8101854 | 03/18/26 | 16737 |
|  | KRW | 1202556285 | USD | 833000 | 02/02/26 | 717 |
|  | KRW | 11370689210 | USD | 7756725 | 03/18/26 | 140080 |
|  | MXN | 79234385 | USD | 4289415 | 03/18/26 | 76799 |
|  | PLN | 16937586 | USD | 4656089 | 03/18/26 | 59942 |
|  | SEK | 47580005 | USD | 5107002 | 03/18/26 | 82488 |
|  | SGD | 4651169 | USD | 3622067 | 03/18/26 | 14930 |
|  | TRY | 42598734 | USD | 928306 | 03/18/26 | 7566 |
|  | TWD | 15922660 | USD | 503331 | 03/18/26 | 2817 |
|  | USD | 1017034 | BRL | 5618975 | 03/18/26 | 10398 |
|  | USD | 1458520 | CAD | 1986494 | 03/19/26 | 6288 |
|  | USD | 610594 | CHF | 477641 | 03/18/26 | 2545 |
|  | USD | 1052864 | COP | 3981277191 | 01/30/26 | 16726 |
|  | USD | 7828292 | EUR | 6610811 | 03/18/26 | 30673 |
|  | USD | 946488 | EUR | 801317 | 03/19/26 | 1267 |
|  | USD | 519209 | GBP | 384624 | 03/18/26 | 863 |
|  | USD | 5209973 | HUF | 1711657636 | 03/18/26 | 3474 |
|  | USD | 805585 | INR | 72346060 | 01/15/26 | 1901 |
|  | USD | 471986 | INR | 42708597 | 03/18/26 | 219 |
|  | USD | 3492654 | JPY | 530090681 | 03/18/26 | 85594 |
|  | USD | 156064 | JPY | 24086181 | 03/19/26 | 1241 |
|  | USD | 1103492 | KRW | 1551130174 | 03/18/26 | 26251 |
|  | USD | 1728139 | NOK | 17304252 | 03/18/26 | 11954 |
|  | USD | 5730469 | NZD | 9890330 | 03/18/26 | 19249 |
|  | USD | 1041000 | SGD | 1330362 | 03/18/26 | 719 |
|  | USD | 1727813 | TWD | 53477688 | 03/18/26 | 27870 |
|  | ZAR | 72031997 | USD | 4177754 | 03/18/26 | 147842 |
|  **TOTAL** |  |  |  |  |  | $1359338 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**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 | BRL | 5466177 | USD | 1004614 | 01/05/26 | $(8383) |
|  | CAD | 1986548 | USD | 1458520 | 03/18/26 | (6310) |
|  | CHF | 520806 | USD | 666172 | 03/18/26 | (3173) |
|  | CHF | 477580 | USD | 610594 | 03/19/26 | (2556) |
|  | COP | 3017479085 | USD | 795166 | 03/18/26 | (16880) |
|  | EUR | 3308874 | USD | 3910853 | 03/18/26 | (7953) |
|  | JPY | 367292564 | USD | 2387613 | 03/18/26 | (26907) |
|  | JPY | 127992218 | USD | 829329 | 03/19/26 | (6610) |
|  | KRW | 3261741800 | USD | 2344147 | 03/18/26 | (78907) |
|  | NOK | 19078080 | USD | 1900626 | 03/18/26 | (8518) |
|  | NOK | 13582766 | USD | 1358992 | 03/19/26 | (11905) |
|  | NZD | 8772362 | USD | 5083628 | 03/18/26 | (17983) |
|  | PLN | 3728654 | USD | 1039000 | 03/18/26 | (809) |
|  | TWD | 16322510 | USD | 519253 | 01/29/26 | (271) |
|  | TWD | 39631633 | USD | 1276013 | 03/18/26 | (16206) |
|  | USD | 4945741 | AUD | 7489684 | 03/18/26 | (52772) |
|  | USD | 1973878 | BRL | 10941748 | 01/05/26 | (20296) |
|  | USD | 9305998 | CAD | 12909895 | 03/18/26 | (131417) |
|  | USD | 1444468 | CAD | 1978781 | 03/19/26 | (2126) |
|  | USD | 8268057 | CHF | 6560885 | 03/18/26 | (84116) |
|  | USD | 416616 | CLP | 382145165 | 03/18/26 | (8222) |
|  | USD | 9677112 | CNH | 67854272 | 03/18/26 | (95473) |
|  | USD | 1194880 | COP | 4668789806 | 03/18/26 | (9322) |
|  | USD | 6357537 | CZK | 131707703 | 03/18/26 | (57012) |
|  | USD | 30475111 | EUR | 25989903 | 02/25/26 | (146519) |
|  | USD | 7421711 | EUR | 6329102 | 03/18/26 | (43627) |
|  | USD | 1285681 | EUR | 1092557 | 03/19/26 | (3083) |
|  | USD | 3583646 | GBP | 2685873 | 03/18/26 | (36021) |
|  | USD | 950217 | GBP | 709605 | 03/19/26 | (6091) |
|  | USD | 257751 | HUF | 85877427 | 03/18/26 | (3470) |
|  | USD | 1862962 | ILS | 6114066 | 03/18/26 | (57537) |
|  | USD | 1024780 | INR | 92988548 | 01/20/26 | (7746) |
|  | USD | 6877719 | INR | 623144112 | 03/18/26 | (5645) |
|  | USD | 1040000 | KRW | 1537952000 | 01/26/26 | (26030) |
|  | USD | 7935213 | KRW | 11610487063 | 03/18/26 | (128129) |
|  | USD | 3181200 | MXN | 59163420 | 03/18/26 | (79002) |
|  | USD | 2057000 | NOK | 20800877 | 03/18/26 | (5970) |
|  | USD | 498956 | NZD | 884088 | 03/18/26 | (11565) |
|  | USD | 5824042 | PLN | 21132519 | 03/18/26 | (60009) |
|  | USD | 5039438 | SEK | 47009471 | 03/18/26 | (87825) |
|  | USD | 3727090 | SGD | 4785576 | 03/18/26 | (15007) |
|  | USD | 373013 | TRY | 17710320 | 03/18/26 | (16074) |
|  | USD | 503331 | TWD | 15932106 | 01/20/26 | (3739) |
|  | USD | 4510937 | ZAR | 77637962 | 03/18/26 | (151304) |
|  **TOTAL** |  |  |  |  |  | $(1568520) |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.000% | TBA - 30yr | 01/15/25 | $(1000000) | $(943597) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 01/22/25 | (5000000) | (4870484) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 01/15/25 | (9000000) | (9351211) |
|  **(PROCEEDS RECEIVED: $(15158633))** | **(PROCEEDS RECEIVED: $(15158633))** | **(PROCEEDS RECEIVED: $(15158633))** |  |  | $(15165292) |

---

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement
when the specific mortgage pools are assigned.

**FUTURES CONTRACTS** — At December 31, 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 | 94 | 03/27/26 | $11577250 | $46521 |
|  10 Year U.S. Treasury Notes | 33 | 03/20/26 | 3710438 | (8313) |
|  2 Year U.S. Treasury Notes | 3351 | 03/31/26 | 699652147 | (71478) |
|  20 Year U.S. Treasury Bonds | 82 | 03/20/26 | 9478688 | (64064) |
|  30 Year German Euro-Buxl | 90 | 03/06/26 | 11647172 | (88902) |
|  3M Euribor | 204 | 09/14/26 | 58700534 | 19238 |
|  3M Euribor | 202 | 06/15/26 | 58136908 | 12337 |
|  Australian 3 Year Government Bonds | 181 | 03/16/26 | 12682451 | (8969) |
|  ICE 3M Sonia Bonds | 257 | 03/17/26 | 83366763 | 55899 |
|  ICE 3M Sonia Bonds | 244 | 06/16/26 | 79289549 | 33229 |
|  ICE 3M Sonia Bonds | 262 | 03/16/27 | 85350676 | 5661 |
|  **Total** |  |  |  | $(68841) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year German Euro-Bund | (1) | 03/06/26 | (149920) | (154) |
|  5 Year U.S. Treasury Notes | (126) | 03/31/26 | (13772391) | 5070 |
|  French 10 Year Government Bonds | (193) | 03/06/26 | (27351452) | 124423 |
|  Ultra 10-Year U.S. Treasury Notes | (395) | 03/20/26 | (45431172) | 263511 |
|  Ultra Long U.S. Treasury Bonds | (21) | 03/20/26 | (2478000) | 3650 |
|  **Total** |  |  |  | $396500 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $327659 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3.062<sup>%(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $48380 | $53388 | $2964 | $50424 |
| 1.250<sup>(b)</sup> <br> 12M JYOR<sup>(b)</sup> | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842030 | 55771 | 5133 | 50638 |
| 3.136<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 12/15/27 | $56990 | 105391 | 20942 | 84449 |
|  12M EURO<sup>(c)</sup> <br> 1.750%<sup>(c)</sup> | 03/18/28 | 36110 | (249807) | (273922) | 24115 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  2.500%<sup>(d)</sup> <br> 12M CDOR<sup>(d)</sup> | 03/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | $2503 | $4475 | $(1972) |
| 0.000<sup>(c)</sup> <br> 12M CHFOR<sup>(c)</sup> | 03/18/28 | 48580 | 90672 | 80356 | 10316 |
| 1.000<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 03/18/28 | 15191000 | 462810 | 294083 | 168727 |
| 3.500<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 03/18/28 | $99850 | (444722) | (436884) | (7838) |
|  12M CDOR<sup>(d)</sup> <br> 2.750%<sup>(d)</sup> | 03/18/28 | 410 | 1209 | 1087 | 122 |
|  12M GBP<sup>(c)</sup> <br> 3.750<sup>(c)</sup> | 03/18/28 | 77320 | 561932 | 364612 | 197320 |
| 3.500<sup>(e)</sup> <br> 3M AUDOR<sup>(e)</sup> | 03/18/28 | 11150 | 83158 | 85124 | (1966) |
|  6M NIBOR<sup>(d)</sup> <br> 4.000<sup>(c)</sup> | 03/18/28 | 1313530 | (250991) | (316870) | 65879 |
|  12M GBP<sup>(c)</sup> <br> 4.000<sup>(c)</sup> | 03/18/28 | 4750 | 64826 | 56671 | 8155 |
| 2.000<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/18/28 | 4530 | 31844 | 37343 | (5499) |
| 2.250<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/18/28 | 6440 | 8613 | 12032 | (3419) |
|  12M SOFR<sup>(b)</sup> <br> 3.368<sup>(b)</sup> | 06/23/28 | $126790 | 112260 | 49509 | 62751 |
|  12M EURO<sup>(b)</sup> <br> 2.000<sup>(b)</sup> | 09/10/28 | 175851 | (551864) | (153172) | (398692) |
| 2.500<sup>(b)</sup> <br> 6M EURO<sup>(d)</sup> | 09/10/28 | 175851 | 86157 | (381679) | 467836 |
|  12M SOFR<sup>(b)</sup> <br> 3.201<sup>(b)</sup> | 10/07/28 | $40530 | (53171) | 8408 | (61579) |
|  12M GBP<sup>(b)</sup> <br> 3.500<sup>(b)</sup> | 10/27/28 | 77110 | (78018) | (76266) | (1752) |
|  6M EURO<sup>(d)</sup> <br> 2.400<sup>(c)</sup> | 08/11/29 | 33508 | (171224) | (78962) | (92262) |
| 3.600<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/23/30 | $133490 | (75435) | (198023) | 122588 |
| 3.528<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 07/15/30 | 8610 | (11766) | (12825) | 1059 |
| 3.500<sup>(c)</sup> <br> 12M GBP<sup>(c)</sup> | 10/27/30 | 71810 | 547644 | 472731 | 74913 |
|  12M SOFR<sup>(c)</sup> <br> 3.265<sup>(c)</sup> | 01/30/31 | $20720 | (184972) | (121866) | (63106) |
| 1.000<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 03/18/31 | 3699000 | 628754 | 517966 | 110788 |
|  6M EURO<sup>(d)</sup> <br> 2.250<sup>(c)</sup> | 03/18/31 | 20000 | (397559) | (408776) | 11217 |
|  3M NZDOR<sup>(e)</sup> <br> 3.500<sup>(d)</sup> | 03/18/31 | 27110 | (97188) | (158783) | 61595 |
|  6M AUDOR<sup>(d)</sup> <br> 3.750<sup>(d)</sup> | 03/18/31 | 21920 | (493941) | (482285) | (11656) |
|  12M GBP<sup>(c)</sup> <br> 3.750<sup>(c)</sup> | 03/18/31 | 10790 | 56785 | 35739 | 21046 |
|  12M SOFR<sup>(c)</sup> <br> 3.379<sup>(c)</sup> | 08/31/31 | $68780 | (364204) | 162126 | (526330) |
|  12M SOFR<sup>(c)</sup> <br> 3.845<sup>(c)</sup> | 05/21/32 | 10760 | 107750 | 35519 | 72231 |
| 3.577<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 10/10/32 | 27870 | 192138 | (2785) | 194923 |
| 1.295<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 08/02/34 | 2889226 | 643792 | (400854) | 1044646 |
|  12M EURO<sup>(c)</sup> <br> 2.500<sup>(c)</sup> | 02/15/35 | 24710 | (333361) | (215250) | (118111) |
|  12M SOFR<sup>(c)</sup> <br> 4.098<sup>(c)</sup> | 06/24/35 | $32710 | (29825) | (31544) | 1719 |
|  12M GBP<sup>(c)</sup> <br> 4.500<sup>(c)</sup> | 10/28/35 | 14260 | 82212 | 109160 | (26948) |
| 4.000<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 11/27/35 | $21047 | 147792 | (31539) | 179331 |
|  6M AUDOR<sup>(d)</sup> <br> 5.000<sup>(d)</sup> | 11/27/35 | 34965 | (120340) | 5222 | (125562) |
| 0.500<sup>(c)</sup> <br> 12M CHFOR<sup>(c)</sup> | 03/18/36 | 1150 | 27040 | 19369 | 7671 |
| 4.250<sup>(c)</sup> <br> 12M GBP<sup>(c)</sup> | 03/18/36 | 3400 | (87600) | (74906) | (12694) |
| 1.250<sup>(c)</sup> <br> 12M JYOR<sup>(c)</sup> | 03/18/36 | 4064000 | 1582259 | 1406667 | 175592 |
| 4.000<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 03/18/36 | $5010 | (79838) | (86729) | 6891 |
|  12M CDOR<sup>(d)</sup> <br> 3.000<sup>(d)</sup> | 03/18/36 | 2900 | (36141) | (48513) | 12372 |
|  3M STIBOR<sup>(e)</sup> <br> 3.000<sup>(c)</sup> | 03/18/36 | 31900 | 8860 | (18635) | 27495 |
|  12M SOFR<sup>(c)</sup> <br> 4.000<sup>(c)</sup> | 03/18/36 | $800 | 12748 | 13902 | (1154) |
|  3M NZDOR<sup>(e)</sup> <br> 4.000<sup>(d)</sup> | 03/18/36 | 11970 | (80178) | (126803) | 46625 |
| 4.250<sup>(d)</sup> <br> 6M AUDOR<sup>(d)</sup> | 03/18/36 | 4190 | 123963 | 122972 | 991 |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/18/36 | 5070 | 236751 | 240386 | (3635) |
| 4.000<sup>(c)</sup> <br> 6M NIBOR<sup>(d)</sup> | 03/18/36 | 41070 | 49466 | 63208 | (13742) |
| 3.805<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 08/31/36 | $37800 | 151121 | (293684) | 444805 |
| 4.250<sup>(c)</sup> <br> 12M GBP<sup>(c)</sup> | 01/31/39 | 9960 | (93028) | (25627) | (67401) |
|  12M SOFR<sup>(c)</sup> <br> 4.574<sup>(c)</sup> | 07/16/40 | $49050 | (219906) | (50087) | (169819) |
|  12M SOFR<sup>(c)</sup> <br> 4.438<sup>(c)</sup> | 10/09/40 | 18750 | (169070) | (4919) | (164151) |
|  12M JYOR<sup>(c)</sup> <br> 2.160<sup>(c)</sup> | 08/02/44 | 4281247 | (1315144) | (1427884) | 112740 |
|  6M EURO<sup>(d)</sup> <br> 2.750<sup>(c)</sup> | 03/18/46 | 2690 | (238395) | (232720) | (5675) |
| 4.213<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 05/21/55 | $7350 | 207995 | 33012 | 174983 |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)<sup>(a)</sup>**  | **Market**<br> **Value** | **Upfront**<br> **Premium**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  3.848%<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 07/17/55 | $39710 | $478827 | $54162 | $424665 |
| 2.800<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 08/13/55 | 13550 | 759862 | 192502 | 567360 |
|  6M EURO<sup>(d)</sup> <br> 2.900%<sup>(c)</sup> | 08/15/55 | 7840 | (170752) | 29085 | (199837) |
| 3.828<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 01/30/56 | $5830 | 334475 | 155058 | 179417 |
|  12M JYOR<sup>(c)</sup> <br> 2.250<sup>(c)</sup> | 03/18/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | (251898) | (244121) | (7777) |
| 2.500<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/18/56 | 2890 | 502874 | 494154 | 8720 |
|  12M EURO<sup>(c)</sup> <br> 2.530<sup>(c)</sup> | 03/19/56 | 12360 | (1550421) | (561666) | (988755) |
| 2.610<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/19/56 | 12360 | 1839929 | 611029 | 1228900 |
| 3.100<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 08/15/56 | 10090 | 367648 | 170756 | 196892 |
| 2.600<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 08/16/75 | 5470 | 64386 | (23446) | 87832 |
| 3.000<sup>(c)</sup> <br> 6M EURO<sup>(d)</sup> | 03/18/76 | 1540 | 64387 | 64701 | (314) |
|  **TOTAL** |  |  | $2739233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969860) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709093 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

(e) Payments made quarterly.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing<br>Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>**  | **Credit**<br> **Spread at<br>December 31,**<br> **2025<sup>(b)</sup>**  | **Counterparty** | **Termination**<br> **Date** | **Notional**<br> **Amount**<br> **(000s)** | **Value** | **Upfront**<br> **Premiums**<br> **(Received)**<br> **Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
| CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $4800 | $(55010) | $(60308) | $5298 |

---

(a) Payments made monthly.

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

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate**<br> **Received/(Paid) by**<br> **the Fund<sup>(a)</sup>**  | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  AT&T, Inc., 3.800%, 02/15/27 | 1.000% | 0.264% | 06/20/26 | $3475 | $13130 | $6005 | $7125 |
|  CDX.NA.HY Index 45 | 5.000 | 3.168 | 12/20/30 | 30000 | 2321816 | 2174802 | 147014 |
|  CDX.NA.IG Index 40 | 1.000 | 0.243 | 06/20/28 | 19049 | 349777 | 152544 | 197233 |
|  CDX.NA.IG Index 42 | 1.000 | 0.347 | 06/20/29 | 136199 | 2959328 | 1819484 | 1139844 |
|  CDX.NA.IG Index 43 | 1.000 | 0.400 | 12/20/29 | 99300 | 2243568 | 1832979 | 410589 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 167125 | 3837019 | 3363535 | 473484 |
|  **TOTAL** |  |  |  |  | 11724638 | $9349349 | $2375289 |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.250% | 01/30/2026 | 15600000 | $15600000 | $8708 | $70391 | $(61683) |
|  6M IRS | Barclays Bank PLC | 1.750 | 01/30/2026 | 15600000 | 15600000 | 42 | 10693 | (10651) |
|  6M IRS | Barclays Bank PLC | 3.400 | 05/14/2026 | 8390000 | 8390000 | 23249 | 26448 | (3199) |
|  1Y IRS | BofA Securities LLC | 2.000 | 09/04/2026 | 7350000 | 7350000 | 6074 | 22515 | (16441) |
|  2Y IRS | BofA Securities LLC | 2.250 | 03/08/2027 | 16000000 | 16000000 | 41262 | 103547 | (62285) |
|  9M IRS | BofA Securities LLC | 2.250 | 04/29/2026 | 3670000 | 3670000 | 3368 | 24509 | (21141) |
|  2Y IRS | Deutsche Bank AG (London) | 1.950 | 05/11/2026 | 4860000 | 4860000 | 1097 | 63705 | (62608) |
|  2Y IRS | Deutsche Bank AG (London) | 2.000 | 11/11/2026 | 4910000 | 4910000 | 5921 | 78797 | (72876) |
|  9M IRS | JPMorgan Securities, Inc. | 2.450 | 03/24/2026 | 2650000 | 2650000 | 1107 | 41848 | (40741) |
|  |  |  |  | 79030000 | $79030000 | $90828 | $442453 | $(351625) |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 2.180 | 12/03/2029 | 2280240000 | 2280240000 | 263865 | 215109 | 48756 |
|  3M IRS | JPMorgan Securities, Inc. | 3.302 | 01/28/2026 | 10920000 | 10920000 | 13113 | 14742 | (1629) |
|  |  |  |  | 2291160000 | $2291160000 | $276978 | $229851 | $47127 |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 2370190000 | $2370190000 | $367806 | $672304 | $(304498) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M IRS | Barclays Bank PLC | 2.000 | 01/30/2026 | (31200000) | (31200000) | (858) | (58808) | 57950 |
|  6M IRS | Barclays Bank PLC | 3.893 | 05/14/2026 | (1950000) | (1950000) | (22935) | (26392) | 3457 |
|  1Y IRS | BofA Securities LLC | 2.551 | 09/04/2026 | (720000) | (720000) | (3879) | (22425) | 18546 |
|  2Y IRS | BofA Securities LLC | 2.690 | 03/08/2027 | (1490000) | (1490000) | (23433) | (67141) | 43708 |
|  9M IRS | BofA Securities LLC | 2.586 | 04/29/2026 | (850000) | (850000) | (1495) | (24681) | 23186 |
|  2Y IRS | Deutsche Bank AG (London) | 2.085 | 11/11/2026 | (1440000) | (1440000) | (1643) | (79699) | 78056 |
|  9M IRS | Deutsche Bank AG (London) | 2.400 | 05/11/2026 | (1478639) | (1478639) | (706) | (20021) | 19315 |
|  9M IRS | JPMorgan Securities, Inc. | 2.498 | 03/24/2026 | (1110000) | (1110000) | (585) | (42189) | 41604 |
|  |  |  |  | (40238639) | $(40238639) | $(55534) | $(341356) | $285822 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  4Y IRS | Citibank NA | 3.336 | 12/03/2029 | (697320000) | (697320000) | (242806) | (215110) | (27696) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (737558639) | $(737558639) | $(298340) | $(556466) | $258126 |
|  **TOTAL** |  |  |  | 1632631361 | $1632631361 | $69466 | $115838 | $(46372) |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| EURIBOR | — Euro Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS SHORT DURATION BOND FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1Y IRS | — 1 Year Interest Rate Swaptions |
| 2Y IRS | — 2 Year Interest Rate Swaptions |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| 4Y IRS | — 4 Year Interest Rate Swaptions |
| 6M IRS | — 6 Month Interest Rate Swaptions |
| 9M IRS | — 9 Months Interest Rate Swaptions |
| AUDOR | — Australian Dollar Offered Rate |
| BofA Securities LLC | — Bank of America Securities LLC |
| CDOR | — Canadian Dollar Offered Rate |
| CDX.NA.HY Ind 45 | — CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 40 | — CDX North America Investment Grade Index 40 |
| CDX.NA.IG Ind 42 | — CDX North America Investment Grade Index 42 |
| CDX.NA.IG Ind 43 | — CDX North America Investment Grade Index 43 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| CHFOR | — Swiss Franc Offered Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| EURO | — Euro Offered Rate |
| JYOR | — Japanese Yen Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| NIBOR | — Norwegian Interbank Offered Rate |
| NZDOR | — New Zealand Dollar Offered Rate |
| SOFR | — Secured Overnight Financing Rate |
| STIBOR | — Stockholm Interbank Offered Rate |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 44.0%** | **Mortgage-Backed Obligations – 44.0%** | **Mortgage-Backed Obligations – 44.0%** | **Mortgage-Backed Obligations – 44.0%** |
| **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** | **Collateralized Mortgage Obligations – 2.7%** |
| **Sequential Fixed Rate – 2.7%** | **Sequential Fixed Rate – 2.7%** | **Sequential Fixed Rate – 2.7%** | **Sequential Fixed Rate – 2.7%** |
| Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z |
| 12751 | 7.000 %<sup>(a)</sup> | 07/15/27 | $12952 |
| Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z |
| 18602 | 6.500 <sup>(a)</sup> | 12/15/27 | 18899 |
| Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT | Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT |
| 26863 | 6.500 | 02/15/36 | 28132 |
| Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA | Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA |
| 161910 | 5.000 | 02/15/34 | 163786 |
| Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B | Federal National Mortgage Association REMICS Series 2012-111, Class B |
| 103770 | 7.000 | 10/25/42 | 111527 |
| Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B | Federal National Mortgage Association REMICS Series 2012-153, Class B |
| 384548 | 7.000 | 07/25/42 | 417698 |
| Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA | Federal National Mortgage Association REMICS Series 2025-9, Class EA |
| 12504379 | 5.500 | 04/25/50 | 12674810 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 13427804 |
| **Commercial Mortgage-Backed Securities – 2.8%** | **Commercial Mortgage-Backed Securities – 2.8%** | **Commercial Mortgage-Backed Securities – 2.8%** | **Commercial Mortgage-Backed Securities – 2.8%** |
| **Sequential Fixed Rate<sup>(a)</sup> – 0.4%** | **Sequential Fixed Rate<sup>(a)</sup> – 0.4%** | **Sequential Fixed Rate<sup>(a)</sup> – 0.4%** | **Sequential Fixed Rate<sup>(a)</sup> – 0.4%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K546, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K546, Class A2 |
| 2000000 | 4.361% | 05/25/30 | $2023831 |
| **Sequential Floating Rate<sup>(b)</sup> – 2.4%** | **Sequential Floating Rate<sup>(b)</sup> – 2.4%** | **Sequential Floating Rate<sup>(b)</sup> – 2.4%** | **Sequential Floating Rate<sup>(b)</sup> – 2.4%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%) |
| 3771068 | 4.259 <sup>(a)</sup> | 03/25/28 | 3758240 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2 |
| 3500000 | 4.266 <sup>(a)</sup> | 07/25/30 | 3525519 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K547, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K547, Class A2 |
| 2100000 | 4.421 <sup>(a)</sup> | 05/25/30 | 2129848 |
| Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 | Federal National Mortgage Association-ACES Series 2018-M10, Class A2 |
| 2836457 | 3.354 | 07/25/28 | 2808610 |
|  |  |  | 12222217 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $14246048 |
| **Federal Agencies – 38.5%** | **Federal Agencies – 38.5%** | **Federal Agencies – 38.5%** | **Federal Agencies – 38.5%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1%** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – 0.1%** |
| (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) | (RFUCC 1 yr. Treasury + 1.840%) |
| 65761 | 6.722% | 11/01/34 | $67657 |
| (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) | (1 yr. CMT + 2.250%) |
| 163269 | 6.353 | 06/01/35 | 166627 |
| (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) | (RFUCC 1 yr. Treasury + 2.330%) |
| 22429 | 7.330 | 05/01/36 | 23343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued)** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued)** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued)** | **Adjustable Rate Federal Home Loan Mortgage Corp.<sup>(b)</sup> – (continued)** |
| (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) | (RFUCC 6 mo. Treasury + 2.058%) |
| 10541 | 6.682% | 10/01/36 | $10849 |
| (RFUCC 1 yr. Treasury + 1.756%) | (RFUCC 1 yr. Treasury + 1.756%) | (RFUCC 1 yr. Treasury + 1.756%) | (RFUCC 1 yr. Treasury + 1.756%) |
| 43063 | 6.622 | 06/01/42 | 44816 |
| (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) | (RFUCC 1 yr. Treasury + 1.649%) |
| 367385 | 6.325 | 11/01/44 | 379684 |
|  |  |  | 692976 |
| **Adjustable Rate Federal National Mortgage Association – 0.4%** | **Adjustable Rate Federal National Mortgage Association – 0.4%** | **Adjustable Rate Federal National Mortgage Association – 0.4%** | **Adjustable Rate Federal National Mortgage Association – 0.4%** |
| (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.695%)<sup>(b)</sup>  |
| 657 | 4.616 | 08/01/29 | 655 |
| (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.755%)<sup>(b)</sup>  |
| 17766 | 6.505 | 07/01/32 | 18258 |
| (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.800%)<sup>(b)</sup>  |
| 131222 | 6.723 | 05/01/33 | 134844 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup>  |
| 171507 | 4.586 | 08/01/33 | 171859 |
| (1 yr. CMT + 2.288%)<sup>(b)</sup>  | (1 yr. CMT + 2.288%)<sup>(b)</sup>  | (1 yr. CMT + 2.288%)<sup>(b)</sup>  | (1 yr. CMT + 2.288%)<sup>(b)</sup>  |
| 60145 | 6.538 | 02/01/34 | 61414 |
| (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.695%)<sup>(b)</sup>  |
| 4084 | 6.445 | 05/01/34 | 4197 |
| (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.720%)<sup>(b)</sup>  |
| 95877 | 6.700 | 05/01/34 | 98477 |
| 14061 | 6.595 | 03/01/35 | 14462 |
| 16648 | 6.845 | 04/01/35 | 17157 |
| (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  | (1 yr. CMT + 2.220%)<sup>(b)</sup>  |
| 111665 | 6.220 | 06/01/34 | 114208 |
| (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.685%)<sup>(b)</sup>  |
| 27704 | 6.435 | 10/01/34 | 28530 |
| (RFUCC 1 yr. Treasury + 1.624%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.624%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.624%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.624%)<sup>(b)</sup>  |
| 51356 | 6.137 | 10/01/34 | 52762 |
| (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.686%)<sup>(b)</sup>  |
| 36012 | 6.666 | 03/01/35 | 37020 |
| (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.325%)<sup>(b)</sup>  |
| 70111 | 6.325 | 04/01/35 | 71400 |
| (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.424%)<sup>(b)</sup>  |
| 49696 | 6.399 | 05/01/35 | 50757 |
| (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  | (1 yr. CMT + 2.095%)<sup>(b)</sup>  |
| 42155 | 6.047 | 10/01/35 | 43145 |
| (RFUCC 1 yr. Treasury + 1.683%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.683%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.683%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.683%)<sup>(b)</sup>  |
| 112001 | 6.572 | 03/01/36 | 115293 |
| (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.950%)<sup>(b)</sup>  |
| 321901 | 6.825 | 04/01/36 | 333573 |
| (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.985%)<sup>(b)</sup>  |
| 66927 | 6.485 | 06/01/36 | 69478 |
| (1 yr. MTA + 2.117%)<sup>(b)</sup>  | (1 yr. MTA + 2.117%)<sup>(b)</sup>  | (1 yr. MTA + 2.117%)<sup>(b)</sup>  | (1 yr. MTA + 2.117%)<sup>(b)</sup>  |
| 195049 | 6.193 | 07/01/36 | 198671 |
| (RFUCC 1 yr. Treasury + 1.935%<sup>)(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%<sup>)(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%<sup>)(b)</sup> | (RFUCC 1 yr. Treasury + 1.935%<sup>)(b)</sup> |
| 10558 | 6.364 | 11/01/36 | 10961 |
| 3153 | 6.310 | 11/01/36 | 3272 |
| (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  | (RFUCC 1 yr. Treasury + 1.713%)<sup>(b)</sup>  |
| 233948 | 6.495 | 07/01/37 | 241500 |
|  |  |  | 1891893 |
| **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** | **Adjustable Rate Government National Mortgage Association – 0.2%** |
| (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  | (1 yr. CMT + 1.500%)<sup>(b)</sup>  |
| 27100 | 5.625 | 05/20/34 | 27590 |
| 91783 | 5.375 | 07/20/34 | 93476 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** |
|  (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) |
|  $ | 86573 | 5.375% | 08/20/34 | $88188 |
|  | 558884 | 5.375 | 09/20/34 | 569326 |
|  | 82560 | 4.750 | 10/20/34 | 83992 |
|  | 81918 | 4.750 | 12/20/34 | 83356 |
|  |  |  |  | 945928 |
|  **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** | **Federal Home Loan Mortgage Corp. – 0.3%** |
|  | 2705 | 7.500 | 01/01/31 | 2859 |
|  | 9086 | 4.500 | 07/01/33 | 9167 |
|  | 214311 | 4.500 | 08/01/33 | 216222 |
|  | 434910 | 4.500 | 09/01/33 | 438781 |
|  | 39532 | 4.500 | 10/01/33 | 39884 |
|  | 984 | 4.500 | 04/01/34 | 993 |
|  | 990 | 4.500 | 04/01/35 | 998 |
|  | 903 | 4.500 | 07/01/35 | 911 |
|  | 1744 | 4.500 | 08/01/35 | 1759 |
|  | 8709 | 4.500 | 09/01/35 | 8784 |
|  | 2595 | 4.500 | 10/01/35 | 2618 |
|  | 427 | 4.500 | 12/01/35 | 431 |
|  | 349 | 4.500 | 05/01/36 | 352 |
|  | 30935 | 4.500 | 01/01/38 | 31199 |
|  | 500 | 4.500 | 04/01/38 | 503 |
|  | 274 | 4.500 | 05/01/38 | 275 |
|  | 1930 | 4.500 | 06/01/38 | 1946 |
|  | 52374 | 4.500 | 09/01/38 | 52743 |
|  | 1167 | 4.500 | 01/01/39 | 1173 |
|  | 27608 | 4.500 | 02/01/39 | 27758 |
|  | 15836 | 4.500 | 03/01/39 | 15921 |
|  | 2674 | 4.500 | 04/01/39 | 2688 |
|  | 74549 | 4.500 | 05/01/39 | 74946 |
|  | 233032 | 4.500 | 06/01/39 | 234278 |
|  | 9930 | 4.500 | 07/01/39 | 9983 |
|  | 11050 | 4.500 | 08/01/39 | 11110 |
|  | 15564 | 4.500 | 09/01/39 | 15647 |
|  | 2780 | 4.500 | 10/01/39 | 2795 |
|  | 5040 | 4.500 | 11/01/39 | 5067 |
|  | 6193 | 4.500 | 12/01/39 | 6226 |
|  | 9567 | 4.500 | 01/01/40 | 9617 |
|  | 2618 | 4.500 | 02/01/40 | 2635 |
|  | 6568 | 4.500 | 04/01/40 | 6611 |
|  | 10644 | 4.500 | 05/01/40 | 10719 |
|  | 13465 | 4.500 | 06/01/40 | 13557 |
|  | 7763 | 4.500 | 07/01/40 | 7817 |
|  | 9196 | 4.500 | 08/01/40 | 9258 |
|  | 6559 | 4.500 | 09/01/40 | 6605 |
|  | 2547 | 4.500 | 10/01/40 | 2565 |
|  | 3530 | 4.500 | 02/01/41 | 3539 |
|  | 9992 | 4.500 | 03/01/41 | 10018 |
|  | 16458 | 4.500 | 04/01/41 | 16501 |
|  | 19248 | 4.500 | 05/01/41 | 19298 |
|  | 35278 | 4.500 | 06/01/41 | 35370 |
|  | 3171 | 4.500 | 07/01/41 | 3179 |
|  | 100343 | 4.500 | 08/01/41 | 100614 |
|  | 101743 | 4.500 | 09/01/41 | 102425 |
|  | 6436 | 4.500 | 12/01/41 | 6453 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** |
|  $ | 88467 | 4.500% | 03/01/42 | $88696 |
|  |  |  |  | 1673494 |
|  **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** | **Federal National Mortgage Association – 0.0%** |
|  | 72382 | 7.500 | 10/01/37 | 77372 |
|  **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** | **Government National Mortgage Association – 8.3%** |
|  | 762 | 6.500 | 01/15/32 | 779 |
|  | 2015 | 6.500 | 02/15/32 | 2081 |
|  | 1550 | 6.500 | 08/15/34 | 1632 |
|  | 7004 | 6.500 | 05/15/35 | 7451 |
|  | 1197 | 6.500 | 06/15/35 | 1276 |
|  | 5413 | 6.500 | 07/15/35 | 5758 |
|  | 2072 | 6.500 | 08/15/35 | 2205 |
|  | 4080 | 6.500 | 09/15/35 | 4351 |
|  | 6999 | 6.500 | 11/15/35 | 7460 |
|  | 2358 | 6.500 | 12/15/35 | 2502 |
|  | 9735 | 6.500 | 01/15/36 | 10363 |
|  | 13954 | 6.500 | 02/15/36 | 14856 |
|  | 7784 | 6.500 | 03/15/36 | 8268 |
|  | 25039 | 6.500 | 04/15/36 | 26579 |
|  | 26828 | 6.500 | 05/15/36 | 28502 |
|  | 24668 | 6.500 | 06/15/36 | 26218 |
|  | 86151 | 6.500 | 07/15/36 | 91762 |
|  | 87493 | 6.500 | 08/15/36 | 93028 |
|  | 184423 | 6.500 | 09/15/36 | 196763 |
|  | 71285 | 6.500 | 10/15/36 | 75812 |
|  | 100767 | 6.500 | 11/15/36 | 107706 |
|  | 32089 | 6.500 | 12/15/36 | 34124 |
|  | 14328 | 6.500 | 01/15/37 | 15227 |
|  | 11921 | 6.500 | 02/15/37 | 12587 |
|  | 7296 | 6.500 | 03/15/37 | 7792 |
|  | 10746 | 6.500 | 04/15/37 | 11419 |
|  | 4141 | 6.500 | 05/15/37 | 4391 |
|  | 18647 | 6.500 | 09/15/37 | 19692 |
|  | 13794 | 6.500 | 10/15/37 | 14865 |
|  | 10675 | 6.500 | 11/15/37 | 11273 |
|  | 7592 | 6.500 | 05/15/38 | 8024 |
|  | 27972 | 6.000 | 11/15/38 | 29288 |
|  | 1750 | 6.500 | 01/15/39 | 1834 |
|  | 3014 | 6.500 | 02/15/39 | 3198 |
|  | 1770948 | 4.500 | 08/20/47 | 1766513 |
|  | 37701 | 4.500 | 02/20/48 | 37584 |
|  | 92888 | 4.500 | 05/20/48 | 92481 |
|  | 475981 | 4.500 | 09/20/48 | 473599 |
|  | 3410150 | 5.000 | 09/20/48 | 3468116 |
|  | 2669 | 5.000 | 11/20/48 | 2711 |
|  | 1294576 | 4.500 | 12/20/48 | 1286883 |
|  | 2938687 | 5.000 | 12/20/48 | 2984048 |
|  | 263385 | 4.500 | 01/20/49 | 261491 |
|  | 1528462 | 5.000 | 01/20/49 | 1552054 |
|  | 21850 | 5.000 | 03/20/49 | 22188 |
|  | 790212 | 4.000 | 04/20/49 | 758684 |
|  | 9482 | 5.000 | 05/20/49 | 9634 |
|  | 340451 | 5.000 | 06/20/49 | 345706 |
|  | 53544 | 5.000 | 11/20/49 | 54588 |
|  | 565056 | 5.000 | 12/20/49 | 572892 |
|  | 154603 | 5.000 | 07/20/50 | 157747 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 433622 | 4.000% | 01/20/51 | $415508 |
|  | 377276 | 2.500 | 09/20/51 | 324255 |
|  | 745801 | 2.500 | 10/20/51 | 643552 |
|  | 3356097 | 3.000 | 11/20/51 | 3018042 |
|  | 465580 | 2.500 | 11/20/51 | 401458 |
|  | 4771424 | 3.000 | 12/20/51 | 4290806 |
|  | 1006221 | 2.500 | 12/20/51 | 868563 |
|  | 2283556 | 4.500 | 09/20/52 | 2248251 |
|  | 2742560 | 4.500 | 10/20/52 | 2692410 |
|  | 10000000 | 2.500 | TBA-30yr <sup>(c)</sup> | 8623832 |
|  | 4000000 | 5.500 | TBA-30yr <sup>(c)</sup> | 4038609 |
|  |  |  |  | 42301271 |
|  **Uniform Mortgage-Backed Security – 29.2%** | **Uniform Mortgage-Backed Security – 29.2%** | **Uniform Mortgage-Backed Security – 29.2%** | **Uniform Mortgage-Backed Security – 29.2%** | **Uniform Mortgage-Backed Security – 29.2%** |
|  | 117011 | 4.500 | 11/01/36 | 117177 |
|  | 32470 | 4.500 | 02/01/39 | 32610 |
|  | 48445 | 4.500 | 04/01/39 | 48646 |
|  | 2567 | 4.500 | 08/01/39 | 2571 |
|  | 111613 | 4.500 | 08/01/41 | 111684 |
|  | 57167 | 4.500 | 10/01/41 | 57436 |
|  | 2628666 | 4.000 | 08/01/45 | 2560634 |
|  | 262860 | 4.500 | 06/01/48 | 260998 |
|  | 1792719 | 4.500 | 07/01/48 | 1779460 |
|  | 477441 | 4.500 | 08/01/48 | 473910 |
|  | 133200 | 4.500 | 09/01/48 | 132256 |
|  | 2098844 | 4.500 | 10/01/48 | 2084286 |
|  | 954182 | 4.500 | 01/01/49 | 947017 |
|  | 1334765 | 4.000 | 01/01/49 | 1291396 |
|  | 223696 | 4.500 | 03/01/49 | 221692 |
|  | 132648 | 5.000 | 07/01/49 | 134158 |
|  | 339128 | 4.000 | 03/01/50 | 327155 |
|  | 395327 | 4.500 | 05/01/50 | 390980 |
|  | 2500802 | 2.000 | 10/01/50 | 2045001 |
|  | 2500256 | 2.000 | 11/01/50 | 2043682 |
|  | 9632243 | 2.500 | 02/01/51 | 8228424 |
|  | 12951505 | 2.000 | 05/01/51 | 10581997 |
|  | 10955287 | 4.500 | 06/01/52 | 10834791 |
|  | 2946883 | 5.500 | 09/01/52 | 3034038 |
|  | 2813550 | 6.000 | 11/01/52 | 2939567 |
|  | 1400678 | 6.000 | 12/01/52 | 1461869 |
|  | 686784 | 6.000 | 01/01/53 | 714212 |
|  | 1484184 | 5.500 | 04/01/53 | 1523905 |
|  | 4539108 | 5.500 | 07/01/53 | 4615397 |
|  | 726075 | 6.500 | 12/01/53 | 765559 |
|  | 4829806 | 6.500 | 06/01/54 | 5100002 |
|  | 2018215 | 6.000 | 12/01/54 | 2089040 |
|  | 6734129 | 5.500 | 01/01/55 | 6831189 |
|  | 28000000 | 5.000 | TBA-30yr <sup>(c)</sup> | 27930000 |
|  | 34000000 | 5.500 | TBA-30yr <sup>(c)</sup> | 34496719 |
|  | 5000000 | 6.000 | TBA-30yr <sup>(c)</sup> | 5133008 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 7000000 | 6.500% | TBA-30yr <sup>(c)</sup> | $7273164 |
|  |  |  | 148615630 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $196198564 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $227,365,730)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $227,365,730)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $227,365,730)** | $223872416 |
| **Agency Debentures – 4.2%** | **Agency Debentures – 4.2%** | **Agency Debentures – 4.2%** | **Agency Debentures – 4.2%** |
| **Sovereign – 4.2%** | **Sovereign – 4.2%** | **Sovereign – 4.2%** | **Sovereign – 4.2%** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 10080000 | 3.500% | 06/11/32 | $9762077 |
| Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%) |
| 1928000 | 3.690 <sup>(b)</sup> | 03/24/26 | 1927865 |
| Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) | Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%) |
| 9703000 | 3.935 <sup>(b)</sup> | 11/03/28 | 9690968 |
| **TOTAL AGENCY DEBENTURES <br>(Cost $21,869,896)** | **TOTAL AGENCY DEBENTURES <br>(Cost $21,869,896)** | **TOTAL AGENCY DEBENTURES <br>(Cost $21,869,896)** | $21380910 |
| **U.S. Treasury Obligations – 64.0%** | **U.S. Treasury Obligations – 64.0%** | **U.S. Treasury Obligations – 64.0%** | **U.S. Treasury Obligations – 64.0%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 410000 | 3.375% | 05/15/44 | $338827 |
| 59500 | 4.000 | 11/15/52 | 51691 |
| 1510000 | 4.750 | 11/15/53 | 1484755 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 3370207 | 1.500 | 02/15/53 | 2626655 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 11549400 | 0.750 | 04/30/26 | 11442929 |
| 31536100 | 3.625 | 05/15/26 | 31543491 |
| 38860000 | 0.750 | 05/31/26 | 38407645 |
| 22170000 | 0.875 | 06/30/26 | 21879019 |
| 52930000 | 0.625 | 07/31/26 | 52040942 |
| 4200000 | 1.375 | 08/31/26 | 4140609 |
| 4250000 | 4.375 | 12/15/26 | 4283037 |
| 28970000 | 4.250 | 03/15/27 | 29213303 |
| 12630000 | 2.250 | 11/15/27 | 12349279 |
| 4280000 | 3.875 | 11/30/27 | 4310428 |
| 11010000 | 1.125 | 02/29/28 | 10471542 |
| 1670000 | 1.250 | 03/31/28 | 1589501 |
| 11090000 | 1.250 | 04/30/28 | 10535500 |
| 5680000 | 1.250 | 05/31/28 | 5385350 |
| 19730000 | 4.375 <sup>(d)</sup> | 08/31/28 | 20147721 |
| 2210000 | 1.750 | 01/31/29 | 2093975 |
| 5630000 | 2.625 | 02/15/29 | 5473855 |
| 4240000 | 4.250 <sup>(d)</sup> | 02/28/29 | 4326125 |
| 4910000 | 3.500 | 04/30/30 | 4875093 |
| 4300000 | 3.875 | 04/30/30 | 4334266 |
| 10070000 | 0.625 | 05/15/30 | 8837998 |
| 2700000 | 3.750 | 05/31/30 | 2706961 |
| 3950000 | 3.750 | 06/30/30 | 3960184 |
| 8925200 | 0.625 | 08/15/30 | 7767016 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
|  U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |  |
|  $ | 4240000 | 4.625% | 04/30/31 | $4414237 |
|  | 5100000 | 1.250 | 08/15/31 | 4444172 |
|  | 4410000 | 4.000 | 04/30/32 | 4440319 |
|  | 1690000 | 4.375 | 05/15/34 | 1728553 |
|  | 4360000 | 4.250 | 11/15/34 | 4409731 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,852,522)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,852,522)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,852,522)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,852,522)** | $326054709 |
| **Shares** | **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(e)</sup> – 3.0%** | **Investment Company<sup>(e)</sup> – 3.0%** | **Investment Company<sup>(e)</sup> – 3.0%** | **Investment Company<sup>(e)</sup> – 3.0%** | **Investment Company<sup>(e)</sup> – 3.0%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 15198063 | 3.686% | 3.686% | $15198063 |
| **(Cost $15,198,063)** | **(Cost $15,198,063)** | **(Cost $15,198,063)** | **(Cost $15,198,063)** | **(Cost $15,198,063)** |
| **TOTAL INVESTMENTS – 115.2%<br>(Cost $590,286,211)** | **TOTAL INVESTMENTS – 115.2%<br>(Cost $590,286,211)** | **TOTAL INVESTMENTS – 115.2%<br>(Cost $590,286,211)** | **TOTAL INVESTMENTS – 115.2%<br>(Cost $590,286,211)** | $586506098 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (15.2)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (15.2)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (15.2)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (15.2)%** | (77220655) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $509285443 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| (c) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $87,495,332 which represents approximately 17.2% of net assets as of December 31, 2025. |
| (d) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (e) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 3.000% | TBA - 30yr | 01/15/25 | $(8000000) | $(7190611) |
|  Government National Mortgage Association | 4.000 | TBA - 30yr | 01/15/25 | (1000000) | (943597) |
|  Government National Mortgage Association | 4.500 | TBA - 30yr | 01/22/25 | (8000000) | (7792775) |
|  Government National Mortgage Association | 5.000 | TBA - 30yr | 01/15/25 | (9000000) | (8978177) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (17000000) | (13734140) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 01/15/25 | (9000000) | (7606055) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (11000000) | (10735742) |
|  Uniform Mortgage-Backed Security | 4.000 | TBA - 30yr | 01/14/25 | (2000000) | (1896719) |
|  **(PROCEEDS RECEIVED: $(58965117))** | **(PROCEEDS RECEIVED: $(58965117))** | **(PROCEEDS RECEIVED: $(58965117))** |  |  | $(58877816) |

---

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement
when the specific mortgage pools are assigned.

**FUTURES CONTRACTS** — At December 31, 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 | 1739 | 03/31/26 | $363084179 | $(66356) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (262) | 03/20/26 | $(29458625) | $102941 |
|  20 Year U.S. Treasury Bonds | (63) | 03/20/26 | (7282406) | 85884 |
|  5 Year U.S. Treasury Notes | (327) | 03/31/26 | (35742633) | 128235 |
|  Ultra 10-Year U.S. Treasury Notes | (314) | 03/20/26 | (36114907) | 220523 |
|  Ultra Long U.S. Treasury Bonds | (35) | 03/20/26 | (4130000) | 46730 |
|  **Total** |  |  |  | $584313 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $517957 |

---

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3.062%<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/27 | $17400 | $19201 | $989 | $18212 |
| 3.174<sup>(b)</sup> <br> 12M SOFR<sup>(b)</sup> | 08/31/27 | 13010 | 391 | 1674 | (1283) |
| 3.136<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 12/15/27 | 20680 | 38243 | 7599 | 30644 |
|  12M SOFR<sup>(b)</sup> <br> 3.200<sup>%(b)</sup> | 06/23/28 | 11430 | (7873) | 1359 | (9232) |
|  12M SOFR<sup>(b)</sup> <br> 3.368<sup>(b)</sup> | 06/23/28 | 45510 | 40295 | 28841 | 11454 |
|  12M SOFR<sup>(b)</sup> <br> 3.201<sup>(b)</sup> | 10/07/28 | 14610 | (19167) | 2895 | (22062) |
| 3.600<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/23/30 | 47900 | (27068) | (76319) | 49251 |
| 3.484<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 06/23/30 | 12040 | 17894 | (2306) | 20200 |
| 3.528<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 07/15/30 | 3110 | (4250) | (6433) | 2183 |
|  12M SOFR<sup>(c)</sup> <br> 3.379<sup>(c)</sup> | 08/31/31 | 24740 | (131004) | 58334 | (189338) |
|  12M SOFR<sup>(c)</sup> <br> 3.469<sup>(c)</sup> | 08/31/31 | 18630 | (23736) | (13937) | (9799) |
|  12M SOFR<sup>(c)</sup> <br> 3.588<sup>(c)</sup> | 05/21/32 | 1770 | (2183) | (201) | (1982) |
|  12M SOFR<sup>(c)</sup> <br> 3.845<sup>(c)</sup> | 05/21/32 | 3320 | 33247 | 3252 | 29995 |
| 3.577<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 10/10/32 | 10050 | 69286 | (714) | 70000 |
|  12M SOFR<sup>(c)</sup> <br> 4.076<sup>(c)</sup> | 06/24/35 | 2930 | (5208) | 769 | (5977) |
|  12M SOFR<sup>(c)</sup> <br> 4.098<sup>(c)</sup> | 06/24/35 | 11750 | (10714) | (3468) | (7246) |
| 3.805<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 13600 | 54371 | (104929) | 159300 |
| 3.829<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 08/31/36 | 10300 | 21676 | 11488 | 10188 |
|  12M SOFR<sup>(c)</sup> <br> 4.574<sup>(c)</sup> | 07/16/40 | 17740 | (79534) | (37398) | (42136) |
|  12M SOFR<sup>(c)</sup> <br> 4.438<sup>(c)</sup> | 10/09/40 | 6760 | (60956) | (2006) | (58950) |
| 4.213<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 05/21/55 | 2260 | 63955 | 6132 | 57823 |
| 4.484<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 05/21/55 | 1170 | 4251 | 608 | 3643 |
| 3.848<sup>(c)</sup> <br> 12M SOFR<sup>(c)</sup> | 07/17/55 | 14360 | 173155 | 47387 | 125768 |
|  **TOTAL** |  |  | $164272 | $(76384) | $240656 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made at maturity.

(c) Payments made annually.

------

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ACES | — Alternative Credit Enhancement Securities |
| CMT | — Constant Maturity Treasury Indexes |
| MTA | — Monthly Treasury Average |
| REMICS | — Real Estate Mortgage Investment Conduits |
| RFUCC | — Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | — Secured Overnight Financing Rate |
| **Abbreviation:** |  |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – 63.6%** | **Corporate Obligations – 63.6%** | **Corporate Obligations – 63.6%** | **Corporate Obligations – 63.6%** |
| **Agriculture – 0.4%** | **Agriculture – 0.4%** | **Agriculture – 0.4%** | **Agriculture – 0.4%** |
| Bunge Ltd. Finance Corp.<sup>(a)</sup> | Bunge Ltd. Finance Corp.<sup>(a)</sup> | Bunge Ltd. Finance Corp.<sup>(a)</sup> | Bunge Ltd. Finance Corp.<sup>(a)</sup> |
| 3417000 | 3.750% | 09/25/27 | $3406578 |
| Philip Morris International, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.660%) | Philip Morris International, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.660%) | Philip Morris International, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.660%) | Philip Morris International, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.660%) |
| 5359000 | 4.539 | 10/27/28 | 5362001 |
|  |  |  | 8768579 |
| **Automotive – 9.7%** | **Automotive – 9.7%** | **Automotive – 9.7%** | **Automotive – 9.7%** |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 14450000 | 4.550 | 07/09/27 | 14588575 |
| (Secured Overnight Financing Rate + 0.650%) | (Secured Overnight Financing Rate + 0.650%) | (Secured Overnight Financing Rate + 0.650%) | (Secured Overnight Financing Rate + 0.650%) |
| 11804000 | 4.445 <sup>(b)</sup> | 11/19/27 | 11805416 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 21619000 | 4.672 <sup>(b)</sup> | 09/01/28 | 21681479 |
| BMW U.S. Capital LLC<sup>(c)</sup> | BMW U.S. Capital LLC<sup>(c)</sup> | BMW U.S. Capital LLC<sup>(c)</sup> | BMW U.S. Capital LLC<sup>(c)</sup> |
| 5460000 | 4.150 | 08/11/27 | 5482987 |
| (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) | (Secured Overnight Financing Rate + 0.920%) |
| 12698000 | 4.645 <sup>(b)</sup> | 03/21/28 | 12755522 |
| Daimler Truck Finance North America LLC<sup>(c)</sup> | Daimler Truck Finance North America LLC<sup>(c)</sup> | Daimler Truck Finance North America LLC<sup>(c)</sup> | Daimler Truck Finance North America LLC<sup>(c)</sup> |
| 3859000 | 5.000 | 01/15/27 | 3896587 |
| 4237000 | 3.650 | 04/07/27 | 4216069 |
| 8923000 | 4.300 | 08/12/27 | 8961190 |
| (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) | (Secured Overnight Financing Rate + 0.840%) |
| 17103000 | 4.810 <sup>(b)</sup> | 01/13/28 | 17080937 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 2000000 | 2.350 <sup>(a)</sup> | 02/26/27 | 1959840 |
| 6190000 | 5.000 | 07/15/27 | 6269913 |
| (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) | (Secured Overnight Financing Rate + 1.050%) |
| 4907000 | 5.009 <sup>(b)</sup> | 07/15/27 | 4911514 |
| (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) | (Secured Overnight Financing Rate + 1.170%) |
| 26936000 | 5.181 <sup>(b)</sup> | 04/04/28 | 26982061 |
| Hyundai Capital America<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Hyundai Capital America<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Hyundai Capital America<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Hyundai Capital America<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) |
| 10477000 | 4.914 | 01/07/28 | 10488839 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 11384000 | 4.795 | 09/18/28 | 11440920 |
| (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) | (Secured Overnight Financing Rate + 1.500%) |
| 13814000 | 5.487 | 01/08/27 | 13919125 |
| Mercedes-Benz Finance North America LLC<sup>(c)</sup> | Mercedes-Benz Finance North America LLC<sup>(c)</sup> | Mercedes-Benz Finance North America LLC<sup>(c)</sup> | Mercedes-Benz Finance North America LLC<sup>(c)</sup> |
| 10600000 | 4.875 | 07/31/26 | 10658406 |
| 11253000 | 4.650 | 04/01/27 | 11352477 |
| Toyota Motor Credit Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.350%) | Toyota Motor Credit Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.350%) | Toyota Motor Credit Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.350%) | Toyota Motor Credit Corp.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.350%) |
| 4806000 | 4.060 | 12/09/26 | 4807490 |
| (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) | (Secured Overnight Financing Rate + 0.720%) |
| 3635000 | 4.463 | 09/05/28 | 3657101 |
| Volkswagen Group of America Finance LLC<sup>(c)</sup> | Volkswagen Group of America Finance LLC<sup>(c)</sup> | Volkswagen Group of America Finance LLC<sup>(c)</sup> | Volkswagen Group of America Finance LLC<sup>(c)</sup> |
| 3163000 | 5.400 | 03/20/26 | 3170844 |
| 8500000 | 4.900 | 08/14/26 | 8528390 |
| 6079000 | 5.300 | 03/22/27 | 6153346 |
| 6402000 | 4.450 | 09/11/27 | 6426648 |
|  |  |  | 231195676 |
| **Banks – 34.9%** | **Banks – 34.9%** | **Banks – 34.9%** | **Banks – 34.9%** |
| ABN AMRO Bank NV<sup>(c)</sup> | ABN AMRO Bank NV<sup>(c)</sup> | ABN AMRO Bank NV<sup>(c)</sup> | ABN AMRO Bank NV<sup>(c)</sup> |
| 3000000 | 4.718 | 01/22/27 | 3025200 |
| (1 yr. CMT + 0.800%) | (1 yr. CMT + 0.800%) |  |  |
| 2800000 | 1.542 <sup>(a)(b)</sup> | 06/16/27 | 2766428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| ABN AMRO Bank NV<sup>(c)</sup> – (continued) | ABN AMRO Bank NV<sup>(c)</sup> – (continued) | ABN AMRO Bank NV<sup>(c)</sup> – (continued) | ABN AMRO Bank NV<sup>(c)</sup> – (continued) |
| (1 yr. CMT + 1.650%) | (1 yr. CMT + 1.650%) | (1 yr. CMT + 1.650%) | (1 yr. CMT + 1.650%) |
| 8800000 | 6.339 %<sup>(a)(b)</sup> | 09/18/27 | $8934728 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 24200000 | 4.250 | 04/11/27 | 24249610 |
| 8000000 | 5.294 | 08/18/27 | 8147600 |
| (1 yr. CMT + 0.900%) | (1 yr. CMT + 0.900%) | (1 yr. CMT + 0.900%) | (1 yr. CMT + 0.900%) |
| 10719000 | 1.722 <sup>(a)(b)</sup> | 09/14/27 | 10538599 |
| (Secured Overnight Financing Rate + 1.120%) | (Secured Overnight Financing Rate + 1.120%) | (Secured Overnight Financing Rate + 1.120%) | (Secured Overnight Financing Rate + 1.120%) |
| 7000000 | 5.097 <sup>(a)(b)</sup> | 07/15/28 | 7040390 |
| Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) | Bank of America Corp.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.322%) |
| 8174000 | 3.559 | 04/23/27 | 8158633 |
| (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) | (Secured Overnight Financing Rate + 0.910%) |
| 12769000 | 1.658 | 03/11/27 | 12706943 |
| (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) | (Secured Overnight Financing Rate + 0.960%) |
| 7095000 | 1.734 | 07/22/27 | 7003545 |
| (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) | (Secured Overnight Financing Rate + 1.290%) |
| 10000000 | 5.080 | 01/20/27 | 10003700 |
| Bank of America NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.020%) | Bank of America NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.020%) |
| 8020000 | 4.824 | 08/18/26 | 8054085 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 7100000 | 4.850 <sup>(a)</sup> | 07/30/26 | 7085303 |
| (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) | (Secured Overnight Financing Rate + 0.750%) |
| 10000000 | 4.475 <sup>(a)(b)</sup> | 09/22/28 | 10006900 |
| (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) | (Secured Overnight Financing Rate + 0.880%) |
| 5018000 | 4.610 <sup>(a)(b)</sup> | 09/10/27 | 5030445 |
| (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) | (Secured Overnight Financing Rate + 1.160%) |
| 9755000 | 4.888 <sup>(b)</sup> | 12/11/26 | 9828845 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 2845000 | 2.951 | 03/11/27 | 2814672 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 4304000 | 4.607 <sup>(b)</sup> | 08/15/27 | 4312307 |
| Banque Federative du Credit Mutuel SA<sup>(c)</sup> | Banque Federative du Credit Mutuel SA<sup>(c)</sup> | Banque Federative du Credit Mutuel SA<sup>(c)</sup> | Banque Federative du Credit Mutuel SA<sup>(c)</sup> |
| 2973000 | 5.088 | 01/23/27 | 3004573 |
| 4191000 | 4.753 | 07/13/27 | 4235969 |
| (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) | (Secured Overnight Financing Rate + 1.070%) |
| 5529000 | 4.877 <sup>(b)</sup> | 02/16/28 | 5568311 |
| (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) | (Secured Overnight Financing Rate + 1.130%) |
| 9494000 | 5.038 <sup>(b)</sup> | 01/23/27 | 9553148 |
| (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) | (Secured Overnight Financing Rate + 1.400%) |
| 7345000 | 5.370 <sup>(b)</sup> | 07/13/26 | 7383341 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| 2000000 | 4.375 | 01/12/26 | 2000000 |
| (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) | (1 yr. CMT + 1.050%) |
| 12075000 | 2.279 <sup>(a)(b)</sup> | 11/24/27 | 11880592 |
| (Secured Overnight Financing Rate + 1.880%) | (Secured Overnight Financing Rate + 1.880%) | (Secured Overnight Financing Rate + 1.880%) | (Secured Overnight Financing Rate + 1.880%) |
| 8816000 | 6.496 <sup>(a)(b)</sup> | 09/13/27 | 8954852 |
| BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.087%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.087%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.087%) | BPCE SA<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.087%) |
| 3715000 | 2.045 | 10/19/27 | 3654520 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 3899000 | 3.450 <sup>(a)</sup> | 04/07/27 | 3879388 |
| 7562000 | 5.237 | 06/28/27 | 7707720 |
| (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) | (Secured Overnight Financing Rate + 0.800%) |
| 4964000 | 4.540 <sup>(a)(b)</sup> | 09/08/28 | 4970552 |
| (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) | (Secured Overnight Financing Rate + 0.930%) |
| 8110000 | 4.658 <sup>(a)(b)</sup> | 09/11/27 | 8132870 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Canadian Imperial Bank of Commerce – (continued) | Canadian Imperial Bank of Commerce – (continued) | Canadian Imperial Bank of Commerce – (continued) | Canadian Imperial Bank of Commerce – (continued) |
| (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) | (Secured Overnight Financing Rate + 1.220%) |
| 12651000 | 4.947 %<sup>(b)</sup> | 10/02/26 | $12736394 |
| Citibank NA<sup>(a)</sup> | Citibank NA<sup>(a)</sup> | Citibank NA<sup>(a)</sup> | Citibank NA<sup>(a)</sup> |
| 5956000 | 4.929 | 08/06/26 | 5984231 |
| (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) | (Secured Overnight Financing Rate + 0.712%) |
| 3099000 | 4.876 <sup>(b)</sup> | 11/19/27 | 3121716 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 6302000 | 3.400 | 05/01/26 | 6288514 |
| (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) | (Secured Overnight Financing Rate + 1.143%) |
| 16173000 | 4.963 <sup>(a)(b)</sup> | 05/07/28 | 16268906 |
| Cooperatieve Rabobank UA<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.550%) | Cooperatieve Rabobank UA<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.550%) | Cooperatieve Rabobank UA<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.550%) | Cooperatieve Rabobank UA<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.550%) |
| 14683000 | 1.106 | 02/24/27 | 14616633 |
| Credit Agricole SA<sup>(c)</sup> | Credit Agricole SA<sup>(c)</sup> | Credit Agricole SA<sup>(c)</sup> | Credit Agricole SA<sup>(c)</sup> |
| 15478000 | 5.589 | 07/05/26 | 15604920 |
| 4611000 | 4.125 | 01/10/27 | 4613674 |
| (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) | (Secured Overnight Financing Rate + 0.870%) |
| 10000000 | 4.598 <sup>(b)</sup> | 03/11/27 | 10040700 |
| Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) | Deutsche Bank AG<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.219%) |
| 8673000 | 2.311 | 11/16/27 | 8530676 |
| 16977000 | 5.026 | 11/16/27 | 17035910 |
| Federation des Caisses Desjardins du Quebec<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.630%) | Federation des Caisses Desjardins du Quebec<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.630%) |
| 7600000 | 4.526 | 01/27/27 | 7616093 |
| Fifth Third Bank NA<sup>(a)</sup> | Fifth Third Bank NA<sup>(a)</sup> | Fifth Third Bank NA<sup>(a)</sup> | Fifth Third Bank NA<sup>(a)</sup> |
| 3954000 | 3.850 | 03/15/26 | 3949255 |
| HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.290%) | HSBC Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.290%) |
| 5000000 | 1.589 | 05/24/27 | 4950150 |
| HSBC USA, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.960%) | HSBC USA, Inc.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.960%) |
| 20660000 | 4.706 | 03/04/27 | 20771151 |
| Intesa Sanpaolo SpA<sup>(c)</sup> | Intesa Sanpaolo SpA<sup>(c)</sup> | Intesa Sanpaolo SpA<sup>(c)</sup> | Intesa Sanpaolo SpA<sup>(c)</sup> |
| 3393000 | 3.875 | 07/14/27 | 3384993 |
| JPMorgan Chase & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 0.695%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 0.695%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 0.695%) | JPMorgan Chase & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 0.695%) |
| 2845000 | 1.040 | 02/04/27 | 2836892 |
| (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) | (3 mo. USD Term SOFR + 1.507%) |
| 6794000 | 3.960 | 01/29/27 | 6792302 |
| (Secured Overnight Financing Rate + 0.885%) | (Secured Overnight Financing Rate + 0.885%) | (Secured Overnight Financing Rate + 0.885%) | (Secured Overnight Financing Rate + 0.885%) |
| 21950000 | 1.578 | 04/22/27 | 21775278 |
| (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) | (Secured Overnight Financing Rate + 1.330%) |
| 10000000 | 6.070 | 10/22/27 | 10156000 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| 8990000 | 3.750 | 01/11/27 | 8977054 |
| (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) | (Secured Overnight Financing Rate + 1.060%) |
| 3604000 | 4.849 <sup>(a)(b)</sup> | 11/26/28 | 3621912 |
| (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) | (Secured Overnight Financing Rate + 1.580%) |
| 7530000 | 5.611 <sup>(a)(b)</sup> | 01/05/28 | 7602815 |
| Macquarie Bank Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) | Macquarie Bank Ltd.<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.920%) |
| 6871000 | 4.708 | 07/02/27 | 6916692 |
| (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) | (Secured Overnight Financing Rate + 1.200%) |
| 6000000 | 4.983 | 12/07/26 | 6039300 |
| (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) | (Secured Overnight Financing Rate + 1.240%) |
| 6867000 | 5.011 | 06/15/26 | 6892957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) | Macquarie Group Ltd.<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 1.069%) |
| 11394000 | 1.340% | 01/12/27 | $11386366 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) | Mitsubishi UFJ Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.750%) |
| 9670000 | 1.538 | 07/20/27 | 9537134 |
| Mizuho Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.670%) | Mizuho Financial Group, Inc.<sup>(a)(b)</sup> (1 yr. CMT + 0.670%) |
| 5000000 | 1.234 | 05/22/27 | 4944000 |
| Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.858%) | Morgan Stanley<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.858%) |
| 6822000 | 1.512 | 07/20/27 | 6726424 |
| (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) | (Secured Overnight Financing Rate + 0.879%) |
| 8542000 | 1.593 | 05/04/27 | 8467941 |
| (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) | (Secured Overnight Financing Rate + 1.295%) |
| 6000000 | 5.050 | 01/28/27 | 6003180 |
| Morgan Stanley Private Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.780%) | Morgan Stanley Private Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.780%) |
| 21000000 | 4.578 | 11/17/28 | 21020370 |
| National Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.557%) | National Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.557%) | National Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.557%) | National Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.557%) |
| 14929000 | 4.702 | 03/05/27 | 14940346 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 5728000 | 4.628 | 03/25/27 | 5733957 |
| (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) | (Secured Overnight Financing Rate + 1.030%) |
| 2000000 | 4.757 | 07/02/27 | 2004660 |
| (Secured Overnight Financing Rate + 1.036%) | (Secured Overnight Financing Rate + 1.036%) | (Secured Overnight Financing Rate + 1.036%) | (Secured Overnight Financing Rate + 1.036%) |
| 2267000 | 5.600 | 07/02/27 | 2283481 |
| National Securities Clearing Corp.<sup>(c)</sup> | National Securities Clearing Corp.<sup>(c)</sup> | National Securities Clearing Corp.<sup>(c)</sup> | National Securities Clearing Corp.<sup>(c)</sup> |
| 3988000 | 5.150 | 06/26/26 | 4009974 |
| NatWest Group PLC<sup>(a)(b)</sup> (1 yr. CMT + 1.350%) | NatWest Group PLC<sup>(a)(b)</sup> (1 yr. CMT + 1.350%) | NatWest Group PLC<sup>(a)(b)</sup> (1 yr. CMT + 1.350%) | NatWest Group PLC<sup>(a)(b)</sup> (1 yr. CMT + 1.350%) |
| 3115000 | 5.847 | 03/02/27 | 3122881 |
| NatWest Markets PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.800%) | NatWest Markets PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.800%) |
| 21044000 | 4.629 | 11/06/28 | 21058099 |
| (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) | (Secured Overnight Financing Rate + 0.900%) |
| 14800000 | 4.707 | 05/17/27 | 14874888 |
| (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) |
| 7635000 | 4.675 | 03/21/28 | 7671343 |
| PNC Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.504%) | PNC Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.504%) | PNC Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.504%) | PNC Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.504%) |
| 9000000 | 4.775 | 01/15/27 | 8999190 |
| PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.730%) | PNC Financial Services Group, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.730%) |
| 12907000 | 6.615 | 10/20/27 | 13161784 |
| Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) | Royal Bank of Canada<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.720%) |
| 4388000 | 4.657 | 10/18/27 | 4397610 |
| Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) | Santander U.K. Group Holdings PLC<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.989%) |
| 4136000 | 1.673 | 06/14/27 | 4088850 |
| Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) | Skandinaviska Enskilda Banken AB<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.890%) |
| 10253000 | 4.633 | 03/05/27 | 10306008 |
| Societe Generale SA<sup>(c)</sup> | Societe Generale SA<sup>(c)</sup> | Societe Generale SA<sup>(c)</sup> | Societe Generale SA<sup>(c)</sup> |
| 18433000 | 5.250 | 02/19/27 | 18640187 |
| (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) | (Secured Overnight Financing Rate + 1.100%) |
| 17746000 | 4.895 <sup>(b)</sup> | 02/19/27 | 17801545 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| Standard Chartered Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) | Standard Chartered Bank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.650%) |
| 5633000 | 4.634% | 10/08/26 | $5643703 |
| Standard Chartered PLC<sup>(a)(b)(c)</sup> (1 yr. CMT + 2.050%) | Standard Chartered PLC<sup>(a)(b)(c)</sup> (1 yr. CMT + 2.050%) | Standard Chartered PLC<sup>(a)(b)(c)</sup> (1 yr. CMT + 2.050%) | Standard Chartered PLC<sup>(a)(b)(c)</sup> (1 yr. CMT + 2.050%) |
| 3225000 | 6.170 | 01/09/27 | 3226000 |
| State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.845%) | State Street Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.845%) |
| 4891000 | 4.679 | 08/03/26 | 4904793 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 14272000 | 5.880 | 07/13/26 | 14412865 |
| 7434000 | 2.632 | 07/14/26 | 7380104 |
| 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> |
| 9999000 | 5.200 | 03/07/27 | 10143286 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 15148000 | 4.765 <sup>(b)</sup> | 09/10/27 | 15269790 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 3673000 | 5.532 | 07/17/26 | 3702127 |
| (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) | (Secured Overnight Financing Rate + 0.820%) |
| 7942000 | 4.682 <sup>(b)</sup> | 01/31/28 | 7970988 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 10259000 | 5.021 <sup>(b)</sup> | 07/17/26 | 10301575 |
| Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.609%) | Truist Financial Corp.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.609%) |
| 2000000 | 1.267 | 03/02/27 | 1989960 |
| UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) | UBS Group AG<sup>(a)(b)(c)</sup> (1 yr. CMT + 0.850%) |
| 10837000 | 1.494 | 08/10/27 | 10660465 |
| (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) | (Secured Overnight Financing Rate + 0.980%) |
| 1000000 | 1.305 | 02/02/27 | 997440 |
| UniCredit SpA<sup>(c)</sup> | UniCredit SpA<sup>(c)</sup> | UniCredit SpA<sup>(c)</sup> | UniCredit SpA<sup>(c)</sup> |
| 13488000 | 4.625 | 04/12/27 | 13583360 |
| (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) | (1 yr. CMT + 1.200%) |
| 23243000 | 1.982 <sup>(a)(b)</sup> | 06/03/27 | 23032418 |
| Wells Fargo & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.432%) | Wells Fargo & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.432%) | Wells Fargo & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.432%) | Wells Fargo & Co.<sup>(a)(b)</sup> (3 mo. USD Term SOFR + 1.432%) |
| 1441000 | 3.196 | 06/17/27 | 1435005 |
| Wells Fargo Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.060%) | Wells Fargo Bank NA<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 1.060%) |
| 5115000 | 4.886 | 08/07/26 | 5136943 |
| Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> | Westpac New Zealand Ltd.<sup>(c)</sup> |
| 2564000 | 5.132 | 02/26/27 | 2597665 |
|  |  |  | 831327592 |
| **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** | **Biotechnology<sup>(a)</sup> – 0.2%** |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
| 4129000 | 3.300 | 03/15/27 | 4091922 |
| **Building Materials – 0.6%** | **Building Materials – 0.6%** |  |  |
| Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |  |  |
| 15130000 | 4.600 | 04/07/27 | 15229707 |
| **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** | **Chemicals – 0.3%** |
| Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |
| 7968000 | 4.500 | 03/12/27 | 8014294 |
| **Diversified Financial Services – 4.9%** | **Diversified Financial Services – 4.9%** | **Diversified Financial Services – 4.9%** | **Diversified Financial Services – 4.9%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> | AerCap Ireland Capital DAC/AerCap Global Aviation Trust<sup>(a)</sup> |
| 14682000 | 2.450 | 10/29/26 | 14490106 |
| 4975000 | 3.650 | 07/21/27 | 4944653 |
| 10000000 | 4.625 | 10/15/27 | 10085900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> | Air Lease Corp.<sup>(a)</sup> |
| 17285000 | 2.875% | 01/15/26 | $17267196 |
| 2130000 | 3.750 | 06/01/26 | 2125144 |
| 3959000 | 1.875 | 08/15/26 | 3899813 |
| American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.750%) | American Express Co.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.750%) |
| 8208000 | 4.658 | 04/23/27 | 8216290 |
| Capital One Financial Corp.(a)(b) | Capital One Financial Corp.(a)(b) | Capital One Financial Corp.(a)(b) | Capital One Financial Corp.(a)(b) |
| (Secured Overnight Financing Rate + 0.855%) | (Secured Overnight Financing Rate + 0.855%) | (Secured Overnight Financing Rate + 0.855%) | (Secured Overnight Financing Rate + 0.855%) |
| 12055000 | 1.878 | 11/02/27 | 11828607 |
| (Secured Overnight Financing Rate + 2.440%) | (Secured Overnight Financing Rate + 2.440%) | (Secured Overnight Financing Rate + 2.440%) | (Secured Overnight Financing Rate + 2.440%) |
| 3970000 | 7.149 | 10/29/27 | 4064486 |
| Citigroup Global Markets Holdings, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.500%) | Citigroup Global Markets Holdings, Inc.<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.500%) |
| 25000000 | 4.238 | 01/06/27 | 24923000 |
| Jefferies Financial Group, Inc.<sup>(a)</sup> | Jefferies Financial Group, Inc.<sup>(a)</sup> | Jefferies Financial Group, Inc.<sup>(a)</sup> | Jefferies Financial Group, Inc.<sup>(a)</sup> |
| 8303000 | 4.750 | 08/11/26 | 8281744 |
| Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
| 2233000 | 4.750 | 03/15/26 | 2234831 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>(a)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>(a)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>(a)(c)</sup> | Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>(a)(c)</sup> |
| 5475000 | 4.500 | 03/15/27 | 5483651 |
|  |  |  | 117845421 |
| **Electrical – 0.9%** | **Electrical – 0.9%** | **Electrical – 0.9%** | **Electrical – 0.9%** |
| Enel Finance International NV<sup>(c)</sup> | Enel Finance International NV<sup>(c)</sup> | Enel Finance International NV<sup>(c)</sup> | Enel Finance International NV<sup>(c)</sup> |
| 12222000 | 3.625 | 05/25/27 | 12140601 |
| Monongahela Power Co.<sup>(a)(c)</sup> | Monongahela Power Co.<sup>(a)(c)</sup> | Monongahela Power Co.<sup>(a)(c)</sup> | Monongahela Power Co.<sup>(a)(c)</sup> |
| 4005000 | 3.550 | 05/15/27 | 3979929 |
| NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(a)</sup> |
| 5898000 | 4.625 | 07/15/27 | 5965060 |
|  |  |  | 22085590 |
| **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** | **Food & Drug Retailing – 0.2%** |
| Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
| 4000000 | 5.300 | 03/20/26 | 4006120 |
| **Gas – 0.4%** | **Gas – 0.4%** | **Gas – 0.4%** | **Gas – 0.4%** |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 9486000 | 5.300 | 03/01/26 | 9500419 |
| **Household Products<sup>(a)(c)</sup> – 0.2%** | **Household Products<sup>(a)(c)</sup> – 0.2%** | **Household Products<sup>(a)(c)</sup> – 0.2%** | **Household Products<sup>(a)(c)</sup> – 0.2%** |
| Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC | Reckitt Benckiser Treasury Services PLC |
| 5265000 | 3.000 | 06/26/27 | 5191659 |
| **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** | **Insurance – 4.5%** |
| Corebridge Global Funding<sup>(c)</sup> | Corebridge Global Funding<sup>(c)</sup> | Corebridge Global Funding<sup>(c)</sup> | Corebridge Global Funding<sup>(c)</sup> |
| 13789000 | 5.350 | 06/24/26 | 13876422 |
| (Secured Overnight Financing Rate + 0.860%) | (Secured Overnight Financing Rate + 0.860%) | (Secured Overnight Financing Rate + 0.860%) | (Secured Overnight Financing Rate + 0.860%) |
| 8500000 | 4.584 <sup>(b)</sup> | 12/15/28 | 8513175 |
| (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) | (Secured Overnight Financing Rate + 1.300%) |
| 2371000 | 5.028 <sup>(b)</sup> | 09/25/26 | 2384586 |
| Equitable America Global Funding<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.710%) | Equitable America Global Funding<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.710%) | Equitable America Global Funding<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.710%) | Equitable America Global Funding<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.710%) |
| 2737000 | 4.433 | 09/15/27 | 2736042 |
| Equitable Financial Life Global Funding<sup>(c)</sup> | Equitable Financial Life Global Funding<sup>(c)</sup> | Equitable Financial Life Global Funding<sup>(c)</sup> | Equitable Financial Life Global Funding<sup>(c)</sup> |
| 5957000 | 4.600 | 04/01/27 | 5998580 |
| Jackson National Life Global Funding<sup>(c)</sup> | Jackson National Life Global Funding<sup>(c)</sup> | Jackson National Life Global Funding<sup>(c)</sup> | Jackson National Life Global Funding<sup>(c)</sup> |
| 10592000 | 4.900 | 01/13/27 | 10672287 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** |  |  |
| Jackson National Life Global Funding<sup>(c)</sup> – (continued) | Jackson National Life Global Funding<sup>(c)</sup> – (continued) | Jackson National Life Global Funding<sup>(c)</sup> – (continued) | Jackson National Life Global Funding<sup>(c)</sup> – (continued) |
| 15477000 | 5.550% | 07/02/27 | $15799231 |
| (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) | (Secured Overnight Financing Rate + 0.950%) |
| 17149000 | 4.675 <sup>(b)</sup> | 09/12/28 | 17161347 |
| Manulife Financial Corp.<sup>(a)</sup> | Manulife Financial Corp.<sup>(a)</sup> | Manulife Financial Corp.<sup>(a)</sup> | Manulife Financial Corp.<sup>(a)</sup> |
| 4106000 | 2.484 | 05/19/27 | 4026631 |
| Protective Life Global Funding<sup>(c)</sup> | Protective Life Global Funding<sup>(c)</sup> | Protective Life Global Funding<sup>(c)</sup> | Protective Life Global Funding<sup>(c)</sup> |
| 5705000 | 1.618 | 04/15/26 | 5665693 |
| (Secured Overnight Financing Rate + 0.850%) | (Secured Overnight Financing Rate + 0.850%) | (Secured Overnight Financing Rate + 0.850%) | (Secured Overnight Financing Rate + 0.850%) |
| 20000000 | 4.578 <sup>(b)</sup> | 09/11/28 | 20024000 |
|  |  |  | 106857994 |
| **Internet<sup>(a)</sup> – 0.1%** | **Internet<sup>(a)</sup> – 0.1%** | **Internet<sup>(a)</sup> – 0.1%** | **Internet<sup>(a)</sup> – 0.1%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 2161000 | 5.000 | 02/15/26 | 2161929 |
| **Mining<sup>(b)(c)</sup> – 0.5%** | **Mining<sup>(b)(c)</sup> – 0.5%** | **Mining<sup>(b)(c)</sup> – 0.5%** | **Mining<sup>(b)(c)</sup> – 0.5%** |
| Glencore Funding LLC (Secured Overnight Financing Rate + 1.060%) | Glencore Funding LLC (Secured Overnight Financing Rate + 1.060%) | Glencore Funding LLC (Secured Overnight Financing Rate + 1.060%) | Glencore Funding LLC (Secured Overnight Financing Rate + 1.060%) |
| 11397000 | 5.071 | 04/04/27 | 11446235 |
| **Oil Field Services<sup>(a)</sup> – 0.5%** | **Oil Field Services<sup>(a)</sup> – 0.5%** | **Oil Field Services<sup>(a)</sup> – 0.5%** | **Oil Field Services<sup>(a)</sup> – 0.5%** |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 2678000 | 5.200 | 04/18/27 | 2717688 |
| Schlumberger Holdings Corp.<sup>(c)</sup> | Schlumberger Holdings Corp.<sup>(c)</sup> | Schlumberger Holdings Corp.<sup>(c)</sup> | Schlumberger Holdings Corp.<sup>(c)</sup> |
| 9025000 | 5.000 | 05/29/27 | 9145754 |
| Var Energi ASA<sup>(c)</sup> | Var Energi ASA<sup>(c)</sup> | Var Energi ASA<sup>(c)</sup> | Var Energi ASA<sup>(c)</sup> |
| 1009000 | 5.000 | 05/18/27 | 1018394 |
|  |  |  | 12881836 |
| **Pharmaceuticals – 0.2%** | **Pharmaceuticals – 0.2%** | **Pharmaceuticals – 0.2%** | **Pharmaceuticals – 0.2%** |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 4137000 | 4.700 | 11/15/26 | 4163435 |
| Eli Lilly & Co.<sup>(a)</sup> | Eli Lilly & Co.<sup>(a)</sup> | Eli Lilly & Co.<sup>(a)</sup> | Eli Lilly & Co.<sup>(a)</sup> |
| 1500000 | 5.000 | 02/27/26 | 1500360 |
|  |  |  | 5663795 |
| **Pipelines<sup>(a)</sup> – 0.9%** | **Pipelines<sup>(a)</sup> – 0.9%** | **Pipelines<sup>(a)</sup> – 0.9%** | **Pipelines<sup>(a)</sup> – 0.9%** |
| Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> | Energy Transfer LP<sup>(c)</sup> |
| 11120000 | 5.625 | 05/01/27 | 11124114 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 6887000 | 4.125 | 03/01/27 | 6890443 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 2942000 | 4.850 | 07/15/26 | 2947296 |
|  |  |  | 20961853 |
| **Real Estate Investment Trust<sup>(a)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)</sup> – 0.6%** | **Real Estate Investment Trust<sup>(a)</sup> – 0.6%** |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 6984000 | 3.700 | 08/15/27 | 6947753 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 2503000 | 5.050 | 01/13/26 | 2503551 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 2847000 | 3.300 | 01/15/26 | 2846231 |
| 2324000 | 3.375 | 06/15/27 | 2308383 |
|  |  |  | 14605918 |
| **Savings & Loans<sup>(a)(b)(c)</sup> – 0.2%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.2%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.2%** | **Savings & Loans<sup>(a)(b)(c)</sup> – 0.2%** |
| Nationwide Building Society (Secured Overnight Financing Rate + 1.910%) | Nationwide Building Society (Secured Overnight Financing Rate + 1.910%) | Nationwide Building Society (Secured Overnight Financing Rate + 1.910%) | Nationwide Building Society (Secured Overnight Financing Rate + 1.910%) |
| 3970000 | 6.557 | 10/18/27 | 4044041 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(a)</sup> – 0.4%** | **Semiconductors<sup>(a)</sup> – 0.4%** | **Semiconductors<sup>(a)</sup> – 0.4%** | **Semiconductors<sup>(a)</sup> – 0.4%** |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 3890000 | 3.750% | 03/25/27 | $3872884 |
| 4952000 | 3.150 | 05/11/27 | 4891833 |
|  |  |  | 8764717 |
| **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| 7690000 | 3.400 | 06/27/26 | 7655241 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 8199000 | 2.800 | 04/01/27 | 8040104 |
| 1206000 | 3.250 | 11/15/27 | 1181096 |
|  |  |  | 16876441 |
| **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** | **Telecommunication Services – 1.9%** |
| AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> | AT&T, Inc.<sup>(a)</sup> |
| 3082000 | 1.700 | 03/25/26 | 3066066 |
| 5200000 | 4.250 | 03/01/27 | 5212064 |
| NBN Co. Ltd.<sup>(a)(c)</sup> | NBN Co. Ltd.<sup>(a)(c)</sup> | NBN Co. Ltd.<sup>(a)(c)</sup> | NBN Co. Ltd.<sup>(a)(c)</sup> |
| 8677000 | 1.450 | 05/05/26 | 8600122 |
| NTT Finance Corp.<sup>(c)</sup> | NTT Finance Corp.<sup>(c)</sup> | NTT Finance Corp.<sup>(c)</sup> | NTT Finance Corp.<sup>(c)</sup> |
| 18310000 | 4.567 | 07/16/27 | 18459410 |
| (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) | (Secured Overnight Financing Rate + 1.080%) |
| 9187000 | 5.059 <sup>(b)</sup> | 07/16/28 | 9279880 |
|  |  |  | 44617542 |
| **Trucking & Leasing<sup>(a)(c)</sup> – 0.4%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.4%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.4%** | **Trucking & Leasing<sup>(a)(c)</sup> – 0.4%** |
| SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
| 10007000 | 1.900 | 10/15/26 | 9834079 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,510,814,860)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,510,814,860)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $1,510,814,860)** | $1515973359 |
| **Asset-Backed Securities<sup>(a)</sup> – 3.1%** | **Asset-Backed Securities<sup>(a)</sup> – 3.1%** | **Asset-Backed Securities<sup>(a)</sup> – 3.1%** | **Asset-Backed Securities<sup>(a)</sup> – 3.1%** |
| **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** | **Automotive – 2.9%** |
| BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A | BMW Vehicle Lease Trust Series 2025-1, Class A2A |
| 7978012 | 4.430% | 09/27/27 | $8001628 |
| BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 | BMW Vehicle Owner Trust Series 2023-A, Class A3 |
| 3319043 | 5.470 | 02/25/28 | 3339729 |
| Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(c)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(c)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(c)</sup> | Chase Auto Owner Trust Series 2024-5A, Class A2<sup>(c)</sup> |
| 1601503 | 4.400 | 11/26/27 | 1602717 |
| Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 | Drive Auto Receivables Trust Series 2024-2, Class A2 |
| 158125 | 4.940 | 12/15/27 | 158172 |
| Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust Series 2024-5A, Class A3 |
| 2581853 | 4.450 | 03/15/28 | 2582820 |
| GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust Series 2024-3, Class A3 |
| 8225000 | 4.210 | 10/20/27 | 8238182 |
| Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A<sup>(c)</sup> |
| 2325517 | 4.770 | 03/15/27 | 2331125 |
| Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(c)</sup> | Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A<sup>(c)</sup> |
| 9023100 | 4.580 | 09/15/27 | 9057972 |
| Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 | Hyundai Auto Receivables Trust Series 2023-A, Class A3 |
| 1613545 | 4.580 | 04/15/27 | 1614947 |
| Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A |
| 788663 | 4.570 | 12/15/26 | 788898 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | |
| **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Asset-Backed Securities<sup>(a)</sup> – (continued)** | **Value** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |  |
| Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A | Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A |
| 7475000 | 4.570% | 04/17/28 | $7512730 |
| Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 | Santander Drive Auto Receivables Trust Series 2023-4, Class A3 |
| 685241 | 5.730 | 04/17/28 | 686269 |
| Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust Series 2025-2, Class A2 |
| 2541069 | 4.710 | 06/15/28 | 2545569 |
| SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(c)</sup> | SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2<sup>(c)</sup> |
| 4488735 | 4.520 | 11/20/28 | 4502966 |
| Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-A, Class A3<sup>(c)</sup> |
| 3161086 | 5.250 | 04/20/27 | 3172843 |
| Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(c)</sup> | Toyota Lease Owner Trust Series 2024-B, Class A2A<sup>(c)</sup> |
| 857585 | 4.310 | 02/22/27 | 857869 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A |
| 4527337 | 4.650 | 11/22/27 | 4539031 |
| Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(c)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(c)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(c)</sup> | Westlake Automobile Receivables Trust Series 2025-2A, Class A2A<sup>(c)</sup> |
| 4550000 | 4.660 | 09/15/28 | 4562670 |
| World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 | World Omni Auto Receivables Trust Series 2023-B, Class A3 |
| 3844212 | 4.660 | 05/15/28 | 3853449 |
|  |  |  | 69949586 |
| **Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.2%** | **Collateralized Loan Obligations<sup>(b)(c)</sup> – 0.2%** |
| Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) | Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%) |
| 2000000 | 4.914 | 10/20/35 | 1999994 |
| Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) | Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%) |
| 2571429 | 4.984 | 10/20/37 | 2571468 |
|  |  |  | 4571462 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,414,464)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,414,464)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $74,414,464)** | $74521048 |
| **Municipal Debt Obligations<sup>(a)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.2%** | **Municipal Debt Obligations<sup>(a)</sup> – 0.2%** |
| **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** | **Texas – 0.2%** |
| San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 | San Antonio GO Bonds Taxable Series 2023 |
| 5065000 | 5.635% | 02/01/26 | $5065852 |
| **(Cost $5,065,000)** | **(Cost $5,065,000)** | **(Cost $5,065,000)** | **(Cost $5,065,000)** |
| **U.S. Treasury Obligations – 3.6%** | **U.S. Treasury Obligations – 3.6%** | **U.S. Treasury Obligations – 3.6%** | **U.S. Treasury Obligations – 3.6%** |
| U.S. Treasury Bills<sup>(d)</sup> | U.S. Treasury Bills<sup>(d)</sup> | U.S. Treasury Bills<sup>(d)</sup> |  |
| 9561000 | 0.000% | 02/03/26 | $9531343 |
| 6190100 | 0.000 | 02/05/26 | 6169424 |
| 756200 | 0.000 | 02/17/26 | 752790 |
| 7371000 | 0.000 | 03/05/26 | 7326184 |
| 1699900 | 0.000 | 03/19/26 | 1687284 |
| 4158500 | 0.000 | 03/24/26 | 4125709 |
| 80200 | 0.000 | 04/21/26 | 79345 |
| 1724300 | 0.000 | 06/18/26 | 1696295 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 8060700 | 4.875 | 05/31/26 | 8101633 |
| 6353300 | 3.875 | 03/31/27 | 6380847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
|  U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
|  $ | 20000000 | 3.750% | 04/30/27 | $20062500 |
|  | 13975600 | 3.875 | 05/31/27 | 14047116 |
|  | 5897600 | 2.250 | 08/15/27 | 5782873 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $85,478,732)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $85,478,732)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $85,478,732)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $85,478,732)** | $85743343 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(e)</sup> – 6.0%** | **Investment Company<sup>(e)</sup> – 6.0%** | **Investment Company<sup>(e)</sup> – 6.0%** | **Investment Company<sup>(e)</sup> – 6.0%** | **Investment Company<sup>(e)</sup> – 6.0%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 142904610 | 3.686% | 3.686% | $142904610 |
| **(Cost $142,904,610)** | **(Cost $142,904,610)** | **(Cost $142,904,610)** | **(Cost $142,904,610)** | **(Cost $142,904,610)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 19.1%** | **Short-term Investments – 19.1%** | **Short-term Investments – 19.1%** | **Short-term Investments – 19.1%** |
| **Certificates of Deposit – 7.4%** | **Certificates of Deposit – 7.4%** | **Certificates of Deposit – 7.4%** | **Certificates of Deposit – 7.4%** |
| Atlantic Asset Securitization LLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.240%) | Atlantic Asset Securitization LLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.240%) |
| 3418000 | 3.950% | 04/02/26 | $3418015 |
| Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
| 13000000 | 4.000 | 04/24/26 | 13004425 |
| Banco Santander SA<sup>(b)</sup> | Banco Santander SA<sup>(b)</sup> | Banco Santander SA<sup>(b)</sup> | Banco Santander SA<sup>(b)</sup> |
| (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) | (Secured Overnight Financing Rate + 0.320%) |
| 4147000 | 4.080 | 08/24/26 | 4148071 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 3364000 | 4.060 | 12/22/26 | 3364803 |
| Bank of Montreal<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of Montreal<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of Montreal<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of Montreal<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.250%) |
| 4533000 | 4.010 | 05/26/26 | 4533111 |
| Bayerische Landesbank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.390%) | Bayerische Landesbank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.390%) | Bayerische Landesbank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.390%) | Bayerische Landesbank<sup>(b)</sup> (Secured Overnight Financing Rate + 0.390%) |
| 6128000 | 4.150 | 01/28/26 | 6129459 |
| HSBC Bank PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.380%) | HSBC Bank PLC<sup>(b)(c)</sup> (Secured Overnight Financing Rate + 0.380%) |
| 4693000 | 4.040 | 11/20/26 | 4693327 |
| 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%) |
| 9502000 | 4.360 | 02/06/26 | 9506190 |
| Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.190%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.190%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.190%) | Mizuho Bank Ltd.<sup>(b)</sup> (Secured Overnight Financing Rate + 0.190%) |
| 17812000 | 3.850 | 03/17/26 | 17813053 |
| National Bank of Canada<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.400%) | National Bank of Canada<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.400%) | National Bank of Canada<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.400%) | National Bank of Canada<sup>(a)(b)(c)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 8156000 | 4.170 | 12/29/26 | 8156527 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 11550000 | 4.420 | 08/19/26 | 11579629 |
| (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) |
| 733000 | 4.010 <sup>(b)</sup> | 01/16/26 | 733029 |
| (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) | (Secured Overnight Financing Rate + 0.520%) |
| 10937000 | 4.230 <sup>(a)(b)</sup> | 08/24/26 | 10937421 |
| (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) |
| 10020000 | 4.360 <sup>(b)</sup> | 03/26/26 | 10026836 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 11517000 | 4.370 <sup>(a)(b)</sup> | 12/11/26 | 11517145 |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 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)** |
| Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Natixis SA<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 20000000 | 4.160% | 12/04/26 | $20010194 |
| Nordea Bank Abp<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) | Nordea Bank Abp<sup>(b)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 12592000 | 4.110 | 02/19/27 | 12594354 |
| Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) | Paradelle Funding LLC<sup>(b)</sup> (Secured Overnight Financing Rate + 0.330%) |
| 5668000 | 4.040 | 09/02/26 | 5668703 |
| (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) |  |
| 11158000 | 4.090 | 01/02/26 | 11158196 |
| Standard Chartered Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.440%) | Standard Chartered Bank<sup>(a)(b)</sup> (Secured Overnight Financing Rate + 0.440%) |
| 8726000 | 4.200 | 10/30/26 | 8729996 |
|  |  |  | 177722484 |
| **Commercial Paper<sup>(d)</sup> – 10.4%** | **Commercial Paper<sup>(d)</sup> – 10.4%** | **Commercial Paper<sup>(d)</sup> – 10.4%** | **Commercial Paper<sup>(d)</sup> – 10.4%** |
| Air Lease Corp.<sup>(c)</sup> | Air Lease Corp.<sup>(c)</sup> | Air Lease Corp.<sup>(c)</sup> |  |
| 4411000 | 0.000 | 01/02/26 | 4410019 |
| 6477000 | 0.000 | 01/08/26 | 6471181 |
| Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC | Albion Capital Corp. SA/Albion Capital LLC |  |
| 10940000 | 0.000 | 05/15/26 | 10781643 |
| Bell Telephone Co. of Canada or Bell Canada<sup>(c)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)</sup> |
| 8824000 | 0.000 | 03/03/26 | 8765492 |
| Broadcom, Inc.<sup>(c)</sup> | Broadcom, Inc.<sup>(c)</sup> | Broadcom, Inc.<sup>(c)</sup> |  |
| 34764000 | 0.000 | 01/27/26 | 34663442 |
| Charles Schwab Corp.<sup>(c)</sup> | Charles Schwab Corp.<sup>(c)</sup> |  |  |
| 12923000 | 0.000 | 05/15/26 | 12741755 |
| First Abu Dhabi Bank PJSC<sup>(c)</sup> | First Abu Dhabi Bank PJSC<sup>(c)</sup> |  |  |
| 12099000 | 0.000 | 02/12/26 | 12045260 |
| Hannover Funding Co. LLC<sup>(c)</sup> | Hannover Funding Co. LLC<sup>(c)</sup> |  |  |
| 5000000 | 0.000 | 02/19/26 | 4972732 |
| 2664000 | 0.000 | 03/30/26 | 2638053 |
| Lime Funding LLC<sup>(c)</sup> | Lime Funding LLC<sup>(c)</sup> |  |  |
| 20491000 | 0.000 | 01/08/26 | 20473968 |
| 20000000 | 0.000 | 01/09/26 | 19981296 |
| 3965000 | 0.000 | 02/13/26 | 3946714 |
| Macquarie Group Ltd. | Macquarie Group Ltd. |  |  |
| 12043000 | 0.000 | 03/17/26 | 11944338 |
| Oracle Corp. | Oracle Corp. |  |  |
| 2074000 | 0.000 <sup>(c)</sup> | 01/15/26 | 2070684 |
| 16989000 | 0.000 <sup>(c)</sup> | 01/16/26 | 16960008 |
| Penske Truck Leasing Co. LP | Penske Truck Leasing Co. LP |  |  |
| 19038000 | 0.000 | 07/17/26 | 18612881 |
| Pure Grove Funding<sup>(c)</sup> | Pure Grove Funding<sup>(c)</sup> |  |  |
| 9114000 | 0.000 | 05/27/26 | 8973623 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** | **Commercial Paper<sup>(d)</sup> – (continued)** |
|  Salisbury Receivables Co. LLC<sup>(c)</sup> | Salisbury Receivables Co. LLC<sup>(c)</sup> | Salisbury Receivables Co. LLC<sup>(c)</sup> | Salisbury Receivables Co. LLC<sup>(c)</sup> | Salisbury Receivables Co. LLC<sup>(c)</sup> |
|  $ | 3996000 | 0.000% | 06/04/26 | $3931481 |
|  TELUS Corp.<sup>(c)</sup> | TELUS Corp.<sup>(c)</sup> | TELUS Corp.<sup>(c)</sup> | TELUS Corp.<sup>(c)</sup> |  |
|  | 11775000 | 0.000 | 02/24/26 | 11696265 |
|  University of Virginia | University of Virginia | University of Virginia | University of Virginia |  |
|  | 11310000 | 0.000 | 01/22/26 | 11281964 |
|  VW Credit, Inc.<sup>(c)</sup> | VW Credit, Inc.<sup>(c)</sup> | VW Credit, Inc.<sup>(c)</sup> | VW Credit, Inc.<sup>(c)</sup> |  |
|  | 3335000 | 0.000 | 07/01/26 | 3269597 |
|  | 18155000 | 0.000 | 09/24/26 | 17637766 |
|  |  |  |  | 248270162 |
|  **Repurchase Agreement<sup>(b)</sup> – 1.3%** | **Repurchase Agreement<sup>(b)</sup> – 1.3%** | **Repurchase Agreement<sup>(b)</sup> – 1.3%** | **Repurchase Agreement<sup>(b)</sup> – 1.3%** | **Repurchase Agreement<sup>(b)</sup> – 1.3%** |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC | Wells Fargo Securities LLC |  |  |
|  | 30000000 | 4.620 | 04/30/26 | 30000000 |
|  Maturity Value: $30,008,047 | Maturity Value: $30,008,047 | Maturity Value: $30,008,047 |  |  |
|  Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 | Next Reset Date: 10/03/25 |  |  |
|  Collateralized by various Mortgage – Backed Obligations, 2.500% to 6.220%, due 9/17/29 to 5/25/67. The market value of the collateral, including accrued interest, was $34,500,001. | Collateralized by various Mortgage – Backed Obligations, 2.500% to 6.220%, due 9/17/29 to 5/25/67. The market value of the collateral, including accrued interest, was $34,500,001. | Collateralized by various Mortgage – Backed Obligations, 2.500% to 6.220%, due 9/17/29 to 5/25/67. The market value of the collateral, including accrued interest, was $34,500,001. | Collateralized by various Mortgage – Backed Obligations, 2.500% to 6.220%, due 9/17/29 to 5/25/67. The market value of the collateral, including accrued interest, was $34,500,001. | Collateralized by various Mortgage – Backed Obligations, 2.500% to 6.220%, due 9/17/29 to 5/25/67. The market value of the collateral, including accrued interest, was $34,500,001. |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $455,861,990)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $455,861,990)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $455,861,990)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $455,861,990)** | $455992646 |
| **TOTAL INVESTMENTS – 95.6%<br>(Cost $2,274,539,656)** | **TOTAL INVESTMENTS – 95.6%<br>(Cost $2,274,539,656)** | **TOTAL INVESTMENTS – 95.6%<br>(Cost $2,274,539,656)** | **TOTAL INVESTMENTS – 95.6%<br>(Cost $2,274,539,656)** | $2280200858 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.4%** | 103722217 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $2383923075 |

---

---

| | |
|:---|:---|
| 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 December 31, 2025. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| GO | — General Obligation |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Financing Rate |
| SpA | — Stand-by Purchase Agreement |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

## Schedule of Investments
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – 135.3%** | **Mortgage-Backed Obligations – 135.3%** | **Mortgage-Backed Obligations – 135.3%** | **Mortgage-Backed Obligations – 135.3%** |
| **Collateralized Mortgage Obligations – 8.7%** | **Collateralized Mortgage Obligations – 8.7%** | **Collateralized Mortgage Obligations – 8.7%** | **Collateralized Mortgage Obligations – 8.7%** |
| **Interest Only<sup>(a)</sup> – 0.8%** | **Interest Only<sup>(a)</sup> – 0.8%** | **Interest Only<sup>(a)</sup> – 0.8%** | **Interest Only<sup>(a)</sup> – 0.8%** |
| Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) | Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%) |
| 81264 | 2.002 %<sup>(b)</sup> | 05/15/45 | $8911 |
| Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI | Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI |
| 127718 | 4.000 | 09/25/50 | 25628 |
| Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) | Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%) |
| 376997 | 1.902 <sup>(b)</sup> | 05/15/46 | 41811 |
| Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) | Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%) |
| 82927 | 1.952 <sup>(b)</sup> | 03/15/44 | 8313 |
| Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) | Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%) |
| 245019 | 2.161 <sup>(b)</sup> | 01/25/48 | 28150 |
| Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 30 day USD SOFR Average + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 30 day USD SOFR Average + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 30 day USD SOFR Average + 6.036%) | Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 30 day USD SOFR Average + 6.036%) |
| 196164 | 2.161 <sup>(b)</sup> | 02/25/48 | 21834 |
| Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) | Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%) |
| 114356 | 2.781 <sup>(b)</sup> | 04/25/37 | 11076 |
| Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) | Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%) |
| 140988 | 2.311 <sup>(b)</sup> | 03/25/38 | 10768 |
| Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%) |
| 93812 | 2.252 <sup>(b)(c)</sup> | 10/20/43 | 4872 |
| Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC | Government National Mortgage Association REMICS Series 2015-129, Class IC |
| 168511 | 4.500 <sup>(c)</sup> | 09/16/45 | 32350 |
| Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) | Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%) |
| 416387 | 1.812 <sup>(b)(c)</sup> | 07/20/47 | 40724 |
| Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) | Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%) |
| 885836 | 1.852 <sup>(b)(c)</sup> | 01/20/48 | 89602 |
| Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%) |
| 357466 | 2.352 <sup>(b)(c)</sup> | 05/20/48 | 42603 |
| Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%) |
| 494587 | 2.352 <sup>(b)(c)</sup> | 09/20/48 | 59426 |
| Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 133857 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 15009 |
| Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%) |
| 199892 | 2.202 <sup>(b)(c)</sup> | 01/20/49 | 22491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 129381 | 2.252 %<sup>(b)(c)</sup> | 06/20/49 | $14382 |
| Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI | Government National Mortgage Association REMICS Series 2019-151, Class NI |
| 1018347 | 3.500 <sup>(c)</sup> | 10/20/49 | 176481 |
| Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%) |
| 519112 | 2.202 <sup>(b)(c)</sup> | 02/20/50 | 61587 |
| Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI | Government National Mortgage Association REMICS Series 2020-78, Class DI |
| 518651 | 4.000 <sup>(c)</sup> | 06/20/50 | 111808 |
| Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM | Government National Mortgage Association REMICS Series 2020-146, Class IM |
| 952911 | 2.500 <sup>(c)</sup> | 10/20/50 | 138333 |
| Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) | Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%) |
| 453252 | 2.202 <sup>(b)(c)</sup> | 08/20/43 | 48354 |
| Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM | Government National Mortgage Association REMICS Series 2015-111, Class IM |
| 236192 | 4.000 <sup>(c)</sup> | 08/20/45 | 38331 |
| Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA | Government National Mortgage Association REMICS Series 2016-27, Class IA |
| 125957 | 4.000 <sup>(c)</sup> | 06/20/45 | 16522 |
| Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%) |
| 356804 | 2.252 <sup>(b)(c)</sup> | 09/20/49 | 36854 |
| Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) | Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%) |
| 364716 | 2.252 <sup>(b)(c)</sup> | 09/20/49 | 42884 |
| Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI | Government National Mortgage Association REMICS Series 2019-153, Class EI |
| 868133 | 4.000 <sup>(c)</sup> | 12/20/49 | 183157 |
| Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI | Government National Mortgage Association REMICS Series 2016-138, Class DI |
| 58439 | 4.000 <sup>(c)</sup> | 10/20/46 | 11413 |
| Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%) |
| 132501 | 2.402 <sup>(b)(c)</sup> | 02/20/40 | 14397 |
| Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) | Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%) |
| 188240 | 2.402 <sup>(b)(c)</sup> | 08/20/45 | 22882 |
| Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI | Government National Mortgage Association REMICS Series 2015-90, Class PI |
| 7274 | 3.500 <sup>(c)</sup> | 04/20/45 | 575 |
| Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI | Government National Mortgage Association REMICS Series 2015-83, Class PI |
| 15833 | 3.500 <sup>(c)</sup> | 06/20/45 | 2166 |
| Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI | Government National Mortgage Association REMICS Series 2015-72, Class JI |
| 6843 | 3.500 <sup>(c)</sup> | 05/20/45 | 747 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

## Schedule of Investments (continued)
*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** | **Interest Only<sup>(a)</sup> – (continued)** |
| Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) | Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%) |
| 87298 | 2.352 %<sup>(b)</sup><sup>(c)</sup> | 01/20/46 | $10371 |
|  |  |  | 1394812 |
| **Regular Floater<sup>(b)</sup> – 2.8%** | **Regular Floater<sup>(b)</sup> – 2.8%** | **Regular Floater<sup>(b)</sup> – 2.8%** | **Regular Floater<sup>(b)</sup> – 2.8%** |
| Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) | Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%) |
| 221804 | 4.874 | 02/25/55 | 221833 |
| Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) | Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%) |
| 866269 | 4.389 | 12/25/57 | 839911 |
| Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) | Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%) |
| 390472 | 4.874 | 03/25/55 | 389629 |
| Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) | Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%) |
| 916413 | 4.149 <sup>(c)</sup> | 12/16/47 | 898956 |
| Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) | Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%) |
| 823805 | 2.500 <sup>(c)</sup> | 06/20/51 | 705349 |
| Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) | Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%) |
| 2176657 | 3.000 <sup>(c)</sup> | 07/20/51 | 1918580 |
|  |  |  | 4974258 |
| **Sequential Fixed Rate – 2.4%** | **Sequential Fixed Rate – 2.4%** | **Sequential Fixed Rate – 2.4%** | **Sequential Fixed Rate – 2.4%** |
| Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N | Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N |
| 1888 | 6.500 <sup>(c)</sup> | 03/15/28 | 1926 |
| Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM | Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM |
| 253732 | 4.000 <sup>(c)</sup><sup>(d)</sup> | 12/15/50 | 243694 |
| Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB | Federal National Mortgage Association REMICS Series 2011-99, Class DB |
| 122197 | 5.000 | 10/25/41 | 123333 |
| Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B | Federal National Mortgage Association REMICS Series 2012- 111, Class B |
| 20414 | 7.000 | 10/25/42 | 21940 |
| Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B | Federal National Mortgage Association REMICS Series 2012- 153, Class B |
| 81209 | 7.000 | 07/25/42 | 88209 |
| Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB | Federal National Mortgage Association REMICS Series 2011-52, Class GB |
| 123741 | 5.000 | 06/25/41 | 124856 |
| Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG | Federal National Mortgage Association REMICS Series 2000-16, Class ZG |
| 28419 | 8.500 | 06/25/30 | 30186 |
| Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA | Federal National Mortgage Association REMICS Series 2017-87, Class EA |
| 1393550 | 3.000 | 04/25/44 | 1283870 |
| Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ | Federal National Mortgage Association REMICS Series 2005-59, Class KZ |
| 242911 | 5.500 | 07/25/35 | 252065 |
| Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A | Government National Mortgage Association REMICS Series 2021-135, Class A |
| 1891458 | 2.000 <sup>(c)</sup> | 08/20/51 | 1584566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** | **Sequential Fixed Rate – (continued)** |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1 |
| 564537 | 5.562 %<sup>(c)</sup><sup>(d)</sup><sup>(e)</sup> | 03/25/70 | $571104 |
|  |  |  | 4325749 |
| **Sequential Floating Rate<sup>(b)</sup><sup>(c)</sup> – 2.7%** | **Sequential Floating Rate<sup>(b)</sup><sup>(c)</sup> – 2.7%** | **Sequential Floating Rate<sup>(b)</sup><sup>(c)</sup> – 2.7%** | **Sequential Floating Rate<sup>(b)</sup><sup>(c)</sup> – 2.7%** |
| Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 | Bear Stearns ALT-A Trust Series 2005-5, Class 21A1 |
| 58199 | 5.778 | 07/25/35 | 57365 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%) |
| 28125 | 5.524 <sup>(e)</sup> | 01/25/34 | 28221 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA2, Class A1 (1 mo. USD Term SOFR + 1.100%) |
| 885000 | 4.974 <sup>(e)</sup> | 05/25/45 | 887873 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%) |
| 80361 | 5.424 <sup>(e)</sup> | 10/25/41 | 80655 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%) |
| 14231 | 5.774 <sup>(e)</sup> | 04/25/42 | 14267 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%) |
| 94000 | 6.874 <sup>(e)</sup> | 04/25/42 | 96042 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%) |
| 125000 | 5.674 <sup>(e)</sup> | 01/25/44 | 125631 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%) |
| 150000 | 5.824 <sup>(e)</sup> | 03/25/44 | 150995 |
| Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) | Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%) |
| 337996 | 2.202 <sup>(a)</sup> | 05/20/53 | 19533 |
| Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) | Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%) |
| 2223089 | 4.918 | 07/20/53 | 2231303 |
| HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) | HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%) |
| 6802 | 4.326 | 01/19/36 | 7730 |
| Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) | Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%) |
| 1828 | 4.566 | 10/25/34 | 1799 |
| JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 | JP Morgan Mortgage Trust Series 2021-6, Class A3 |
| 361058 | 2.500 <sup>(e)</sup> | 10/25/51 | 301314 |
| JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 | JP Morgan Mortgage Trust Series 2022-LTV1, Class A2 |
| 638011 | 3.511 <sup>(e)</sup> | 07/25/52 | 578882 |
| New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 | New Residential Mortgage Loan Trust Series 2015-1A, Class A1 |
| 53553 | 3.750 <sup>(e)</sup> | 05/28/52 | 51778 |
| Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 | Towd Point Mortgage Trust Series 2016-4, Class M1 |
| 30478 | 3.250 <sup>(e)</sup> | 07/25/56 | 30273 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** | **Sequential Floating Rate<sup>(b)(c)</sup> – (continued)** |
| Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 | Verus Securitization Trust Series 2021-8, Class A1 |
| 110224 | 2.824 %<sup>(e)</sup> | 11/25/66 | $103072 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1 |
| 21723 | 3.500 <sup>(e)</sup> | 07/25/49 | 19716 |
|  |  |  | 4786449 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** | 15481268 |
| **Commercial Mortgage-Backed Securities – 7.3%** | **Commercial Mortgage-Backed Securities – 7.3%** | **Commercial Mortgage-Backed Securities – 7.3%** | **Commercial Mortgage-Backed Securities – 7.3%** |
| **Sequential Fixed Rate<sup>(e)</sup> – 0.8%** | **Sequential Fixed Rate<sup>(e)</sup> – 0.8%** | **Sequential Fixed Rate<sup>(e)</sup> – 0.8%** | **Sequential Fixed Rate<sup>(e)</sup> – 0.8%** |
| Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D | Citigroup Commercial Mortgage Trust Series 2017-P8, Class D |
| 400000 | 3.000 %<sup>(c)</sup> | 09/15/50 | $280730 |
| COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| 375000 | 6.338 | 08/10/44 | 394691 |
| DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| 400000 | 2.956 | 05/10/41 | 359468 |
| ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A | ROCK Trust Series 2024-CNTR, Class A |
| 450000 | 5.388 | 11/13/41 | 462459 |
|  |  |  | 1497348 |
| **Sequential Floating Rate – 6.5%** | **Sequential Floating Rate – 6.5%** | **Sequential Floating Rate – 6.5%** | **Sequential Floating Rate – 6.5%** |
| 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS | 3650R Commercial Mortgage Trust Series 2021-PF1, Class AS |
| 400000 | 2.778 <sup>(b)</sup> | 11/15/54 | 344448 |
| Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 | Bank Series 2021-BN37, Class A5 |
| 200000 | 2.618 <sup>(b)(c)</sup> | 11/15/64 | 178848 |
| Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B | Bank Series 2025-BNK51, Class B |
| 400000 | 5.895 <sup>(b)(c)</sup> | 12/25/67 | 410639 |
| Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C | Bank5 Series 2025-5YR17, Class C |
| 300000 | 5.894 <sup>(b)(c)</sup> | 11/15/58 | 295741 |
| BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) | BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%) |
| 450000 | 4.670 <sup>(b)(e)</sup> | 03/15/37 | 425688 |
| BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) | BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%) |
| 125000 | 4.919 <sup>(b)(e)</sup> | 03/15/37 | 112677 |
| Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 | Benchmark Mortgage Trust Series 2022-B32, Class A5 |
| 500000 | 3.002 <sup>(b)</sup> | 01/15/55 | 447789 |
| BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) | BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%) |
| 400000 | 5.900 <sup>(b)(e)</sup> | 11/15/42 | 401539 |
| BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) | BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%) |
| 350000 | 5.650 <sup>(b)(e)</sup> | 06/15/42 | 350114 |
| BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A | BSTN Commercial Mortgage Trust Series 2025-1C, Class A |
| 275000 | 5.369 <sup>(b)(e)</sup> | 06/15/44 | 282500 |
| BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) | BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%) |
| 450000 | 5.392 <sup>(b)(e)</sup> | 02/15/41 | 448294 |
| BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A | BX Trust Series 2025-ARIA, Class A |
| 450000 | 5.031 <sup>(b)(e)</sup> | 12/13/42 | 452793 |
| Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A | Durst Commercial Mortgage Trust Series 2025-151, Class A |
| 400000 | 5.145 <sup>(b)(e)</sup> | 08/10/42 | 408021 |
| Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B | Durst Commercial Mortgage Trust Series 2025-151, Class B |
| 600000 | 5.582 <sup>(b)(e)</sup> | 08/10/42 | 611360 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** | **Sequential Floating Rate – (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2 |
| 800000 | 3.500 %<sup>(b)(c)</sup> | 07/25/32 | $766120 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2 |
| 1166000 | 3.900 <sup>(b)(c)</sup> | 12/25/30 | 1156282 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%) |
| 190674 | 4.673 <sup>(b)(c)</sup> | 11/25/29 | 190674 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2 |
| 800000 | 3.820 <sup>(b)(c)</sup> | 12/25/32 | 776766 |
| Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A | Houston Galleria Mall Trust Series 2025-HGLR, Class A |
| 250000 | 5.462 <sup>(b)(e)</sup> | 02/05/45 | 258554 |
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust Series 2025-SPRL, Class A |
| 330000 | 5.467 <sup>(b)(e)</sup> | 01/13/40 | 341735 |
| IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A | IRV Trust Series 2025-200P, Class A |
| 600000 | 5.295 <sup>(b)(c)</sup><sup>(e)</sup> | 03/14/47 | 611742 |
| IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C | IRV Trust Series 2025-200P, Class C |
| 250000 | 5.730 <sup>(b)(c)(e)</sup> | 03/14/47 | 251506 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) | JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%) |
| 305265 | 5.107 <sup>(b)(e)</sup> | 04/15/37 | 299614 |
| MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C | MAD Commercial Mortgage Trust Series 2025-11MD, Class C |
| 150000 | 5.631 <sup>(b)(e)</sup> | 10/15/42 | 151259 |
| NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) | NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%) |
| 300000 | 5.442 <sup>(b)(e)</sup> | 02/15/42 | 299064 |
| NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) | NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%) |
| 500000 | 5.493 <sup>(b)(e)</sup> | 10/15/40 | 501088 |
| ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C | ROCK Trust Series 2024-CNTR, Class C |  |
| 250000 | 6.471 <sup>(e)</sup> | 11/13/41 | 259341 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B | Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B |
| 275000 | 5.743 <sup>(b)(e)</sup> | 07/15/35 | 276906 |
| WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A | WHARF Commercial Mortgage Trust Series 2025-DC, Class A |
| 200000 | 5.350 <sup>(b)(e)</sup> | 07/15/40 | 205414 |
|  |  |  | 11516516 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | $13013864 |
| **Federal Agencies – 119.3%** | **Federal Agencies – 119.3%** | **Federal Agencies – 119.3%** | **Federal Agencies – 119.3%** |
| **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** | **Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%** |
| (1 yr. CMT + 2.250%)<sup>(b)</sup> | (1 yr. CMT + 2.250%)<sup>(b)</sup> |  |  |
| 3305 | 6.500% | 04/01/33 | $3364 |
| 2622 | 6.360 | 09/01/33 | 2676 |
| 3155 | 5.892 | 11/01/34 | 3224 |
| 2452 | 6.500 | 02/01/35 | 2501 |
| 8216 | 6.353 | 06/01/35 | 8385 |
| (1 yr. CMT + 2.107%)<sup>(b)</sup> | (1 yr. CMT + 2.107%)<sup>(b)</sup> |  |  |
| 1994 | 6.106 | 10/01/34 | 2036 |
|  |  |  | 22186 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** | **Adjustable Rate Federal National Mortgage Association – 0.1%** |
| (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.350%)<sup>(b)</sup> |
| 719 | 4.271% | 07/01/27 | $714 |
| (1 yr. MTA + 1.150%)<sup>(b)</sup> | (1 yr. MTA + 1.150%)<sup>(b)</sup> |  |  |
| 661 | 5.227 | 11/01/27 | 653 |
| 669 | 5.227 | 01/01/38 | 667 |
| (1 yr. MTA + 1.125%)<sup>(b)</sup> | (1 yr. MTA + 1.125%)<sup>(b)</sup> |  |  |
| 3893 | 5.202 | 06/01/32 | 3872 |
| (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.250%)<sup>(b)</sup> |
| 3681 | 4.215 | 08/01/32 | 3598 |
| (11th District Cost of Funds - Consumer + 1.327%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.327%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.327%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.327%)<sup>(b)</sup> |
| 2871 | 4.292 | 05/01/33 | 2804 |
| (1 yr. CMT + 2.261%)<sup>(b)</sup> | (1 yr. CMT + 2.261%)<sup>(b)</sup> |  |  |
| 19576 | 6.261 | 06/01/33 | 19977 |
| (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> | (RFUCC 6 mo. Treasury + 1.412%)<sup>(b)</sup> |
| 1113 | 5.951 | 06/01/33 | 1129 |
| (1 yr. CMT + 2.012%)<sup>(b)</sup> | (1 yr. CMT + 2.012%)<sup>(b)</sup> |  |  |
| 428 | 6.197 | 07/01/33 | 435 |
| (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.254%)<sup>(b)</sup> |
| 15262 | 4.210 | 08/01/33 | 14960 |
| (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.636%)<sup>(b)</sup> |
| 8603 | 6.141 | 12/01/33 | 8815 |
| (1 yr. CMT + 2.301%)<sup>(b)</sup> | (1 yr. CMT + 2.301%)<sup>(b)</sup> |  |  |
| 242 | 6.417 | 04/01/34 | 247 |
| (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.670%)<sup>(b)</sup> |
| 2747 | 6.210 | 11/01/34 | 2825 |
| (1 yr. CMT + 2.193%)<sup>(b)</sup> | (1 yr. CMT + 2.193%)<sup>(b)</sup> |  |  |
| 3650 | 6.250 | 02/01/35 | 3731 |
| (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.617%)<sup>(b)</sup> |
| 6390 | 6.530 | 03/01/35 | 6552 |
| (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 1.810%)<sup>(b)</sup> |
| 4152 | 6.810 | 04/01/35 | 4282 |
| (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> | (RFUCC 1 yr. Treasury + 2.475%)<sup>(b)</sup> |
| 2205 | 7.475 | 05/01/35 | 2299 |
| (11th District Cost of Funds - Consumer + 1.228%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.228%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.228%)<sup>(b)</sup> | (11th District Cost of Funds - Consumer + 1.228%)<sup>(b)</sup> |
| 1721 | 4.688 | 12/01/37 | 1706 |
| (1 yr. MTA + 1.175%)<sup>(b)</sup> | (1 yr. MTA + 1.175%)<sup>(b)</sup> |  |  |
| 2028 | 5.252 | 11/01/40 | 2020 |
|  |  |  | 81286 |
| **Adjustable Rate Government National Mortgage Association – 0.0%** | **Adjustable Rate Government National Mortgage Association – 0.0%** | **Adjustable Rate Government National Mortgage Association – 0.0%** | **Adjustable Rate Government National Mortgage Association – 0.0%** |
| (1 yr. CMT + 1.500%)<sup>(b)</sup> | (1 yr. CMT + 1.500%)<sup>(b)</sup> |  |  |
| 20 | 5.625 | 02/20/26 | 20 |
| 8 | 5.375 | 07/20/26 | 8 |
| 1107 | 5.625 | 01/20/27 | 1109 |
| 315 | 5.625 | 02/20/27 | 316 |
| 3849 | 5.625 | 04/20/27 | 3863 |
| 339 | 5.625 | 05/20/27 | 340 |
| 739 | 5.625 | 06/20/27 | 742 |
| 296 | 4.750 | 11/20/27 | 297 |
| 880 | 4.750 | 12/20/27 | 884 |
| 2383 | 5.625 | 01/20/28 | 2395 |
| 905 | 5.625 | 02/20/28 | 909 |
| 816 | 5.625 | 03/20/28 | 820 |
| 6800 | 5.375 | 07/20/29 | 6865 |
| 1893 | 5.375 | 08/20/29 | 1912 |
| 667 | 5.375 | 09/20/29 | 674 |
| 2948 | 4.750 | 10/20/29 | 2974 |
| 4624 | 4.750 | 11/20/29 | 4667 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** | **Adjustable Rate Government National Mortgage Association – (continued)** |
|  (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) | (1 yr. CMT + 1.500%)<sup>(b)</sup> – (continued) |
|  $ | 683 | 4.750% | 12/20/29 | $689 |
|  | 1443 | 5.625 | 01/20/30 | 1457 |
|  | 434 | 5.625 | 02/20/30 | 438 |
|  | 2397 | 5.625 | 03/20/30 | 2421 |
|  | 3705 | 5.625 | 04/20/30 | 3748 |
|  | 10717 | 5.625 | 05/20/30 | 10843 |
|  | 1284 | 5.625 | 06/20/30 | 1299 |
|  | 10136 | 5.375 | 07/20/30 | 10257 |
|  | 1837 | 5.375 | 09/20/30 | 1860 |
|  | 3096 | 4.750 | 10/20/30 | 3130 |
|  |  |  |  | 64937 |
|  **Federal Home Loan Mortgage Corp. – 6.0%** | **Federal Home Loan Mortgage Corp. – 6.0%** | **Federal Home Loan Mortgage Corp. – 6.0%** | **Federal Home Loan Mortgage Corp. – 6.0%** | **Federal Home Loan Mortgage Corp. – 6.0%** |
|  | 1125000 | 4.450 | 12/01/32 | 1123720 |
|  | 20168 | 5.000 | 10/01/33 | 20593 |
|  | 887 | 5.000 | 07/01/35 | 907 |
|  | 432 | 4.500 | 08/01/35 | 436 |
|  | 1136 | 4.500 | 09/01/35 | 1146 |
|  | 544 | 4.500 | 10/01/35 | 549 |
|  | 23967 | 5.000 | 12/01/35 | 24462 |
|  | 8047 | 4.500 | 01/01/38 | 8116 |
|  | 359 | 4.500 | 06/01/38 | 362 |
|  | 14290 | 4.500 | 09/01/38 | 14390 |
|  | 80 | 4.500 | 01/01/39 | 81 |
|  | 7223 | 4.500 | 02/01/39 | 7263 |
|  | 2850 | 4.500 | 03/01/39 | 2865 |
|  | 629 | 4.500 | 04/01/39 | 633 |
|  | 20243 | 4.500 | 05/01/39 | 20349 |
|  | 51781 | 5.000 | 05/01/39 | 52942 |
|  | 63404 | 4.500 | 06/01/39 | 63743 |
|  | 91121 | 5.000 | 07/01/39 | 93026 |
|  | 2166 | 4.500 | 07/01/39 | 2177 |
|  | 1487 | 4.500 | 08/01/39 | 1495 |
|  | 3498 | 4.500 | 09/01/39 | 3518 |
|  | 758 | 4.500 | 10/01/39 | 763 |
|  | 516 | 4.500 | 11/01/39 | 519 |
|  | 807 | 4.500 | 12/01/39 | 811 |
|  | 2316 | 4.500 | 01/01/40 | 2328 |
|  | 1393 | 4.500 | 04/01/40 | 1403 |
|  | 2340 | 4.500 | 05/01/40 | 2355 |
|  | 3470 | 4.500 | 06/01/40 | 3494 |
|  | 5786 | 4.000 | 06/01/40 | 5681 |
|  | 718 | 4.500 | 07/01/40 | 723 |
|  | 203 | 4.500 | 08/01/40 | 204 |
|  | 1393 | 5.000 | 08/01/40 | 1429 |
|  | 39159 | 4.000 | 02/01/41 | 38444 |
|  | 12362 | 4.500 | 02/01/41 | 12395 |
|  | 2727 | 4.500 | 03/01/41 | 2733 |
|  | 3649 | 4.500 | 04/01/41 | 3658 |
|  | 4887 | 4.500 | 05/01/41 | 4900 |
|  | 9245 | 4.500 | 06/01/41 | 9271 |
|  | 774 | 5.000 | 06/01/41 | 790 |
|  | 26815 | 4.500 | 08/01/41 | 26886 |
|  | 26501 | 4.500 | 09/01/41 | 26684 |
|  | 20864 | 4.000 | 10/01/41 | 20458 |
|  | 3680 | 4.000 | 11/01/41 | 3602 |
|  | 1756 | 4.500 | 12/01/41 | 1761 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** | **Federal Home Loan Mortgage Corp. – (continued)** |
|  $ | 24137 | 4.500% | 03/01/42 | $24200 |
|  | 195075 | 4.000 | 03/01/42 | 190855 |
|  | 8894 | 3.000 | 05/01/42 | 8238 |
|  | 145670 | 3.500 | 06/01/42 | 139507 |
|  | 242152 | 4.500 | 06/01/42 | 242749 |
|  | 40571 | 3.000 | 08/01/42 | 37687 |
|  | 33765 | 3.500 | 08/01/42 | 32124 |
|  | 99788 | 3.500 | 10/01/42 | 94868 |
|  | 19265 | 3.000 | 10/01/42 | 17841 |
|  | 53860 | 3.500 | 11/01/42 | 51253 |
|  | 262891 | 3.000 | 11/01/42 | 244434 |
|  | 446285 | 3.000 | 12/01/42 | 415066 |
|  | 793429 | 3.000 | 01/01/43 | 739967 |
|  | 76879 | 3.000 | 02/01/43 | 70991 |
|  | 366738 | 4.000 | 08/01/43 | 359718 |
|  | 165999 | 4.000 | 01/01/44 | 162809 |
|  | 215682 | 3.500 | 02/01/44 | 205186 |
|  | 214861 | 3.500 | 06/01/44 | 205862 |
|  | 3154 | 4.000 | 11/01/44 | 3080 |
|  | 24653 | 3.500 | 02/01/45 | 23437 |
|  | 46588 | 3.500 | 03/01/45 | 44250 |
|  | 5961 | 3.500 | 08/01/45 | 5641 |
|  | 8115 | 3.500 | 09/01/45 | 7699 |
|  | 13906 | 3.500 | 11/01/45 | 13155 |
|  | 118333 | 3.500 | 03/01/46 | 111772 |
|  | 196002 | 3.500 | 05/01/46 | 184800 |
|  | 218281 | 3.500 | 06/01/46 | 205603 |
|  | 100380 | 3.500 | 07/01/46 | 94675 |
|  | 17317 | 3.500 | 10/01/46 | 16311 |
|  | 14796 | 3.500 | 12/01/46 | 13936 |
|  | 5302572 | 3.000 | 05/01/47 | 4843075 |
|  | 154017 | 3.500 | 12/01/47 | 145408 |
|  |  |  |  | 10570262 |
|  **Federal National Mortgage Association – 3.5%** | **Federal National Mortgage Association – 3.5%** | **Federal National Mortgage Association – 3.5%** | **Federal National Mortgage Association – 3.5%** | **Federal National Mortgage Association – 3.5%** |
|  | 438 | 7.000 | 08/01/31 | 465 |
|  | 41590 | 3.500 | 07/01/42 | 39463 |
|  | 37830 | 3.500 | 08/01/42 | 35955 |
|  | 24706 | 3.500 | 09/01/42 | 23492 |
|  | 3344 | 3.500 | 10/01/42 | 3177 |
|  | 6325 | 3.500 | 11/01/42 | 6010 |
|  | 3586 | 3.500 | 01/01/43 | 3403 |
|  | 85398 | 3.500 | 02/01/43 | 81047 |
|  | 6242 | 3.500 | 05/01/43 | 5930 |
|  | 373608 | 3.500 | 07/01/43 | 353888 |
|  | 183064 | 3.500 | 01/01/44 | 173693 |
|  | 5185 | 3.500 | 12/01/44 | 4871 |
|  | 166144 | 4.000 | 03/01/45 | 160975 |
|  | 70675 | 4.000 | 04/01/45 | 68478 |
|  | 890741 | 4.500 | 06/01/51 | 882802 |
|  | 2171383 | 4.000 | 07/01/56 | 2053939 |
|  | 1424724 | 4.000 | 02/01/57 | 1345115 |
|  | 987270 | 5.500 | 10/01/55 | 1009990 |
|  |  |  |  | 6252693 |
|  **Government National Mortgage Association – 24.4%** | **Government National Mortgage Association – 24.4%** | **Government National Mortgage Association – 24.4%** | **Government National Mortgage Association – 24.4%** | **Government National Mortgage Association – 24.4%** |
|  | 113 | 6.500 | 01/15/32 | 115 |
|  | 299 | 6.500 | 02/15/32 | 309 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 89649 | 5.500% | 04/15/33 | $92805 |
|  | 2504 | 5.000 | 11/15/33 | 2546 |
|  | 241 | 6.500 | 08/15/34 | 254 |
|  | 429 | 6.500 | 02/15/36 | 458 |
|  | 933 | 6.500 | 03/15/36 | 991 |
|  | 1537 | 6.500 | 04/15/36 | 1627 |
|  | 3615 | 6.500 | 05/15/36 | 3842 |
|  | 1898 | 6.500 | 06/15/36 | 2018 |
|  | 11345 | 6.500 | 07/15/36 | 12096 |
|  | 11523 | 6.500 | 08/15/36 | 12259 |
|  | 24341 | 6.500 | 09/15/36 | 25983 |
|  | 10667 | 6.500 | 10/15/36 | 11344 |
|  | 16213 | 6.500 | 11/15/36 | 17330 |
|  | 5159 | 6.500 | 12/15/36 | 5488 |
|  | 2301 | 6.500 | 01/15/37 | 2446 |
|  | 1169 | 6.500 | 03/15/37 | 1248 |
|  | 1731 | 6.500 | 04/15/37 | 1840 |
|  | 667 | 6.500 | 05/15/37 | 707 |
|  | 3004 | 6.500 | 09/15/37 | 3172 |
|  | 2222 | 6.500 | 10/15/37 | 2395 |
|  | 1716 | 6.500 | 11/15/37 | 1813 |
|  | 1216 | 6.500 | 05/15/38 | 1285 |
|  | 483 | 6.500 | 02/15/39 | 512 |
|  | 99627 | 5.000 | 01/20/40 | 101562 |
|  | 99899 | 4.500 | 05/15/40 | 100144 |
|  | 84665 | 5.000 | 07/15/40 | 86705 |
|  | 110941 | 3.500 | 09/15/42 | 104494 |
|  | 123317 | 3.500 | 02/15/45 | 113191 |
|  | 22142 | 4.000 | 05/20/45 | 21408 |
|  | 16091 | 4.000 | 07/20/45 | 15547 |
|  | 28308 | 4.000 | 10/20/45 | 27334 |
|  | 87132 | 4.000 | 01/20/46 | 84114 |
|  | 356055 | 4.500 | 03/20/46 | 355322 |
|  | 723471 | 4.500 | 02/20/47 | 721218 |
|  | 144738 | 4.500 | 03/20/47 | 144466 |
|  | 810229 | 4.500 | 05/20/47 | 808706 |
|  | 139537 | 4.500 | 06/20/47 | 139274 |
|  | 40997 | 4.500 | 07/20/47 | 40894 |
|  | 396735 | 4.500 | 08/20/47 | 395741 |
|  | 437985 | 4.500 | 09/20/48 | 435793 |
|  | 1023806 | 5.000 | 11/20/48 | 1040249 |
|  | 522255 | 4.500 | 12/20/48 | 519152 |
|  | 423965 | 5.000 | 12/20/48 | 430509 |
|  | 76848 | 4.500 | 01/20/49 | 76295 |
|  | 248365 | 4.500 | 02/20/49 | 246578 |
|  | 366731 | 4.500 | 03/20/49 | 364093 |
|  | 258940 | 4.500 | 10/20/49 | 257644 |
|  | 522246 | 3.500 | 12/20/50 | 484481 |
|  | 806761 | 3.000 | 07/20/51 | 722976 |
|  | 653087 | 2.500 | 09/20/51 | 561304 |
|  | 465580 | 2.500 | 11/20/51 | 401458 |
|  | 808135 | 3.000 | 11/20/51 | 723450 |
|  | 608319 | 2.500 | 12/20/51 | 523471 |
|  | 2694029 | 4.500 | 10/20/52 | 2644767 |
|  | 7000000 | 2.000 | TBA-30yr <sup>(f)</sup> | 5793535 |
|  | 5000000 | 2.500 | TBA-30yr <sup>(f)</sup> | 4311916 |
|  | 5000000 | 3.500 | TBA-30yr <sup>(f)</sup> | 4545507 |
|  | 4000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 3774386 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** | **Government National Mortgage Association – (continued)** |
|  $ | 3000000 | 5.000% | TBA-30yr <sup>(f)</sup> | $2992726 |
|  | 5000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 5048261 |
|  | 3000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 3057012 |
|  | 1000000 | 6.500 | TBA-30yr <sup>(f)</sup> | 1033590 |
|  |  |  |  | 43454156 |
|  **Government National Mortgage Association (GNMA) – 1.5%** | **Government National Mortgage Association (GNMA) – 1.5%** | **Government National Mortgage Association (GNMA) – 1.5%** | **Government National Mortgage Association (GNMA) – 1.5%** | **Government National Mortgage Association (GNMA) – 1.5%** |
|  | 2963310 | 3.000 | 03/20/52 | 2666882 |
|  **Uniform Mortgage-Backed Security – 83.8%** | **Uniform Mortgage-Backed Security – 83.8%** | **Uniform Mortgage-Backed Security – 83.8%** | **Uniform Mortgage-Backed Security – 83.8%** | **Uniform Mortgage-Backed Security – 83.8%** |
|  | 510736 | 1.500 | 07/01/35 | 466913 |
|  | 119752 | 1.500 | 08/01/35 | 109477 |
|  | 823880 | 1.500 | 09/01/35 | 752902 |
|  | 1233970 | 1.500 | 10/01/35 | 1127235 |
|  | 567094 | 1.500 | 11/01/35 | 517845 |
|  | 626873 | 1.500 | 12/01/35 | 572216 |
|  | 329998 | 1.500 | 02/01/36 | 301279 |
|  | 78382 | 4.500 | 07/01/36 | 78492 |
|  | 633216 | 1.500 | 10/01/36 | 576620 |
|  | 3271 | 4.500 | 12/01/36 | 3276 |
|  | 61060 | 4.500 | 02/01/39 | 61314 |
|  | 2007 | 4.500 | 03/01/39 | 2011 |
|  | 2830 | 4.500 | 05/01/39 | 2836 |
|  | 1262 | 4.500 | 07/01/39 | 1264 |
|  | 1200 | 4.000 | 08/01/39 | 1177 |
|  | 2885 | 4.500 | 09/01/39 | 2897 |
|  | 4637 | 4.500 | 10/01/39 | 4656 |
|  | 11702 | 4.500 | 02/01/40 | 11726 |
|  | 2215 | 4.500 | 03/01/40 | 2224 |
|  | 27903 | 4.500 | 04/01/40 | 28061 |
|  | 11987 | 4.500 | 06/01/40 | 12006 |
|  | 59665 | 4.500 | 09/01/40 | 59997 |
|  | 3115 | 4.500 | 12/01/40 | 3133 |
|  | 27678 | 4.500 | 01/01/41 | 27836 |
|  | 8925 | 4.500 | 04/01/41 | 8937 |
|  | 14016 | 4.500 | 06/01/41 | 14036 |
|  | 12582 | 4.500 | 07/01/41 | 12600 |
|  | 56054 | 4.500 | 08/01/41 | 56056 |
|  | 53497 | 4.500 | 09/01/41 | 53572 |
|  | 30299 | 4.500 | 10/01/41 | 30342 |
|  | 49807 | 3.500 | 10/01/41 | 47786 |
|  | 10743 | 3.500 | 11/01/41 | 10306 |
|  | 37412 | 4.500 | 11/01/41 | 37465 |
|  | 34054 | 4.500 | 12/01/41 | 34102 |
|  | 26592 | 4.500 | 01/01/42 | 26629 |
|  | 40348 | 3.500 | 01/01/42 | 38728 |
|  | 3967 | 3.500 | 02/01/42 | 3788 |
|  | 165970 | 4.000 | 03/01/42 | 162185 |
|  | 2216 | 4.500 | 03/01/42 | 2234 |
|  | 38348 | 4.000 | 04/01/42 | 37473 |
|  | 4308 | 4.500 | 04/01/42 | 4330 |
|  | 5430 | 3.500 | 05/01/42 | 5197 |
|  | 17443 | 3.500 | 06/01/42 | 16720 |
|  | 10509 | 3.500 | 09/01/42 | 10112 |
|  | 37194 | 3.000 | 09/01/42 | 34415 |
|  | 94530 | 3.500 | 10/01/42 | 90424 |
|  | 200733 | 3.000 | 12/01/42 | 185608 |
|  | 33902 | 3.500 | 12/01/42 | 32461 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
|  $ | 42870 | 3.000% | 01/01/43 | $39927 |
|  | 13261 | 3.000 | 02/01/43 | 12372 |
|  | 128036 | 3.500 | 02/01/43 | 122265 |
|  | 463520 | 3.000 | 03/01/43 | 430252 |
|  | 268129 | 3.500 | 03/01/43 | 256256 |
|  | 514375 | 3.000 | 04/01/43 | 476920 |
|  | 623233 | 3.000 | 05/01/43 | 577633 |
|  | 183993 | 2.500 | 05/01/43 | 165151 |
|  | 79037 | 3.500 | 05/01/43 | 75305 |
|  | 23358 | 3.000 | 06/01/43 | 21628 |
|  | 353353 | 3.500 | 06/01/43 | 336790 |
|  | 184681 | 3.000 | 07/01/43 | 170955 |
|  | 257917 | 3.500 | 07/01/43 | 246245 |
|  | 22844 | 3.500 | 08/01/43 | 21762 |
|  | 17289 | 3.500 | 09/01/43 | 16506 |
|  | 31445 | 3.500 | 01/01/44 | 30065 |
|  | 16771 | 3.500 | 08/01/44 | 15888 |
|  | 20851 | 3.500 | 09/01/44 | 19811 |
|  | 46717 | 3.500 | 10/01/44 | 44487 |
|  | 19036 | 5.000 | 12/01/44 | 19445 |
|  | 11110 | 3.500 | 01/01/45 | 10517 |
|  | 122488 | 4.000 | 02/01/45 | 119048 |
|  | 60532 | 3.500 | 03/01/45 | 57376 |
|  | 27864 | 3.500 | 04/01/45 | 26342 |
|  | 376038 | 3.500 | 05/01/45 | 357392 |
|  | 677056 | 4.500 | 06/01/45 | 674546 |
|  | 41026 | 3.500 | 07/01/45 | 38753 |
|  | 148906 | 4.000 | 11/01/45 | 144483 |
|  | 6563 | 3.500 | 11/01/45 | 6191 |
|  | 119173 | 3.500 | 01/01/46 | 112606 |
|  | 44253 | 4.000 | 03/01/46 | 42939 |
|  | 314957 | 3.500 | 03/01/46 | 298419 |
|  | 48582 | 3.500 | 04/01/46 | 46040 |
|  | 261399 | 3.500 | 05/01/46 | 246252 |
|  | 53544 | 4.000 | 06/01/46 | 51703 |
|  | 122551 | 4.500 | 06/01/46 | 122296 |
|  | 158708 | 3.000 | 07/01/46 | 144085 |
|  | 171371 | 4.000 | 07/01/46 | 165477 |
|  | 16518 | 4.000 | 08/01/46 | 15949 |
|  | 87293 | 3.000 | 08/01/46 | 79250 |
|  | 389587 | 3.000 | 09/01/46 | 353692 |
|  | 115875 | 3.000 | 10/01/46 | 105200 |
|  | 18482 | 4.000 | 10/01/46 | 17846 |
|  | 487452 | 3.000 | 11/01/46 | 442587 |
|  | 214167 | 3.000 | 12/01/46 | 194434 |
|  | 849805 | 3.000 | 01/01/47 | 771507 |
|  | 438608 | 4.500 | 02/01/47 | 436983 |
|  | 42017 | 3.000 | 02/01/47 | 38145 |
|  | 119381 | 3.000 | 04/01/47 | 108158 |
|  | 254575 | 3.500 | 06/01/47 | 238975 |
|  | 121293 | 4.500 | 11/01/47 | 120775 |
|  | 4102 | 4.500 | 02/01/48 | 4078 |
|  | 212938 | 4.500 | 05/01/48 | 212541 |
|  | 349011 | 3.500 | 06/01/48 | 327624 |
|  | 179738 | 4.500 | 07/01/48 | 178409 |
|  | 640492 | 4.500 | 08/01/48 | 635755 |
|  | 273750 | 4.500 | 09/01/48 | 271726 |
|  | 5296 | 4.500 | 10/01/48 | 5287 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
|  **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
|  $ | 935127 | 5.000% | 11/01/48 | $953884 |
|  | 469932 | 4.500 | 11/01/48 | 466416 |
|  | 206914 | 4.500 | 12/01/48 | 205254 |
|  | 264091 | 4.500 | 02/01/49 | 261973 |
|  | 2879 | 4.500 | 05/01/49 | 2855 |
|  | 1379659 | 3.000 | 09/01/49 | 1245674 |
|  | 4271 | 4.500 | 11/01/49 | 4235 |
|  | 285103 | 4.500 | 01/01/50 | 282994 |
|  | 45089 | 4.500 | 02/01/50 | 44725 |
|  | 519633 | 3.000 | 03/01/50 | 467878 |
|  | 3205580 | 4.500 | 03/01/50 | 3179260 |
|  | 338836 | 4.500 | 04/01/50 | 334954 |
|  | 1862009 | 2.000 | 09/01/50 | 1523286 |
|  | 328342 | 4.500 | 09/01/50 | 325643 |
|  | 2911996 | 2.500 | 09/01/50 | 2519301 |
|  | 1872665 | 3.000 | 10/01/50 | 1685068 |
|  | 3256286 | 2.000 | 10/01/50 | 2662789 |
|  | 810572 | 2.500 | 11/01/50 | 699237 |
|  | 3265808 | 2.000 | 12/01/50 | 2669436 |
|  | 840337 | 2.500 | 01/01/51 | 715929 |
|  | 4016227 | 2.000 | 02/01/51 | 3278613 |
|  | 10100328 | 2.000 | 05/01/51 | 8242852 |
|  | 6718824 | 2.500 | 05/01/51 | 5773015 |
|  | 6952032 | 2.500 | 07/01/51 | 5985475 |
|  | 1424433 | 2.500 | 09/01/51 | 1226555 |
|  | 1599903 | 2.000 | 11/01/51 | 1302324 |
|  | 4322291 | 2.500 | 12/01/51 | 3712257 |
|  | 1200331 | 2.000 | 01/01/52 | 986244 |
|  | 25857 | 2.000 | 02/01/52 | 21230 |
|  | 2005834 | 2.000 | 03/01/52 | 1648634 |
|  | 3045248 | 2.000 | 04/01/52 | 2502109 |
|  | 519948 | 6.000 | 11/01/52 | 542663 |
|  | 769441 | 4.500 | 05/01/53 | 761827 |
|  | 903318 | 5.500 | 08/01/53 | 918381 |
|  | 904413 | 6.500 | 08/01/53 | 945894 |
|  | 547160 | 6.500 | 10/01/53 | 572255 |
|  | 2163103 | 6.500 | 11/01/53 | 2277355 |
|  | 2730122 | 2.500 | 01/01/54 | 2321533 |
|  | 4016800 | 6.000 | 04/01/54 | 4177716 |
|  | 2356005 | 6.500 | 06/01/54 | 2478275 |
|  | 1591204 | 6.500 | 08/01/54 | 1676741 |
|  | 827044 | 6.500 | 09/01/54 | 872795 |
|  | 735788 | 6.000 | 09/01/54 | 755613 |
|  | 2565699 | 5.500 | 10/01/54 | 2603326 |
|  | 1827680 | 5.000 | 12/01/54 | 1847778 |
|  | 1009108 | 6.000 | 12/01/54 | 1044520 |
|  | 5000000 | 2.000 | TBA-30yr <sup>(f)</sup> | 4625195 |
|  | 9000000 | 5.000 | TBA-30yr <sup>(f)</sup> | 8977500 |
|  | 3000000 | 4.000 | TBA-30yr <sup>(f)</sup> | 2845078 |
|  | 21000000 | 5.500 | TBA-30yr <sup>(f)</sup> | 21292851 |
|  | 8000000 | 6.000 | TBA-30yr <sup>(f)</sup> | 8212813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** | **Mortgage-Backed Obligations – (continued)** |
| **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** | **Uniform Mortgage-Backed Security – (continued)** |
| 8000000 | 7.000% | TBA-30yr <sup>(f)</sup> | $8416175 |
|  |  |  | 149102331 |
| **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | **TOTAL FEDERAL AGENCIES** | $212214733 |
| **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $245,546,772)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $245,546,772)** | **TOTAL MORTGAGE-BACKED OBLIGATIONS<br>(Cost $245,546,772)** | $240709865 |
| **Asset-Backed Securities<sup>(c)(e)</sup> – 2.0%** | **Asset-Backed Securities<sup>(c)(e)</sup> – 2.0%** | **Asset-Backed Securities<sup>(c)(e)</sup> – 2.0%** | **Asset-Backed Securities<sup>(c)(e)</sup> – 2.0%** |
| **Collateralized Loan Obligations – 1.7%** | **Collateralized Loan Obligations – 1.7%** | **Collateralized Loan Obligations – 1.7%** | **Collateralized Loan Obligations – 1.7%** |
| BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) | BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.700%) |
| 500000 | 5.618% | 10/20/38 | $500952 |
| CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) | CBAMR Ltd. Series 2021-14A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.280%) |
| 290000 | 5.236 | 10/20/38 | 290411 |
| CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) | CIFC Funding Ltd. Series 2023-3A, Class D<sup>(b)</sup> (3 mo. USD Term SOFR + 4.250%) |
| 500000 | 8.134 | 01/20/37 | 501988 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) | HalseyPoint CLO 7 Ltd. Series 2023-7A, Class A1R<sup>(b)</sup> (3 mo. USD Term SOFR + 1.450%) |
| 750000 | 5.334 | 07/20/38 | 751506 |
| Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) | Invesco U.S. CLO Ltd. Series 2023-3A, Class BR<sup>(b)</sup> (3 mo. USD Term SOFR + 1.750%) |
| 800000 | 5.655 | 07/15/38 | 803293 |
| Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A | Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A |
| 86873 | 5.750 | 12/20/50 | 88677 |
|  |  |  | 2936827 |
| **Student Loan<sup>(b)</sup> – 0.3%** | **Student Loan<sup>(b)</sup> – 0.3%** | **Student Loan<sup>(b)</sup> – 0.3%** | **Student Loan<sup>(b)</sup> – 0.3%** |
| Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) | Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%) |
| 600000 | 8.384 | 01/20/37 | 601234 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,524,732)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,524,732)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,524,732)** | $3538061 |
| **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** | **U.S. Treasury Obligations – 5.0%** |
| U.S. Treasury Bills<sup>(g)(h)</sup> | U.S. Treasury Bills<sup>(g)(h)</sup> | U.S. Treasury Bills<sup>(g)(h)</sup> | U.S. Treasury Bills<sup>(g)(h)</sup> |
| 6000000 | 0.000% | 02/19/26 | $5971590 |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 530000 | 4.750 | 05/15/55 | 521967 |
| 540000 | 4.750 | 08/15/55 | 532069 |
| 570000 | 4.625 | 11/15/55 | 550317 |
| U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds | U.S. Treasury Inflation-Indexed Bonds |
| 1073384 | 1.500 | 02/15/53 | 836569 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 556200 | 4.375 | 11/30/28 | 568802 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,026,731)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,026,731)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $9,026,731)** | $8981314 |

---

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(i)</sup> – 4.5%** | **Investment Company<sup>(i)</sup> – 4.5%** | **Investment Company<sup>(i)</sup> – 4.5%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989132 | 3.686% | $7989132 |
| **(Cost $7,989,132)** | **(Cost $7,989,132)** | **(Cost $7,989,132)** |
| **TOTAL INVESTMENTS – 146.8%<br>(Cost $266,087,367)** | **TOTAL INVESTMENTS – 146.8%<br>(Cost $266,087,367)** | $261218372 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (46.8)%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – (46.8)%** | (83241543) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $177976829 |

---

---

| | |
|:---|:---|
| 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 a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. |

---

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

(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 December 31, 2025.

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

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2025.

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

(f) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $84,926,545 which represents approximately 47.8% of net assets as of December 31, 2025.

(g) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

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

(i) Represents an affiliated issuer.

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD SALES CONTRACTS** — At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date<sup>(a)</sup>** | **Settlement<br>Date** | **Principal<br>Amount** | **Value** |
|  Government National Mortgage Association | 4.500% | TBA - 30yr | 01/22/25 | $(3000000) | $(2922291) |
|  Uniform Mortgage-Backed Security | 2.000 | TBA - 30yr | 01/15/25 | (4000000) | (3231562) |
|  Uniform Mortgage-Backed Security | 2.500 | TBA - 30yr | 01/15/25 | (1000000) | (845117) |
|  Uniform Mortgage-Backed Security | 1.500 | TBA - 15yr | 01/15/25 | (2000000) | (1808096) |
|  Uniform Mortgage-Backed Security | 3.000 | TBA - 30yr | 01/14/25 | (8000000) | (7070625) |
|  Uniform Mortgage-Backed Security | 3.500 | TBA - 30yr | 01/14/25 | (6000000) | (5542735) |
|  Uniform Mortgage-Backed Security | 4.500 | TBA - 30yr | 01/15/25 | (5000000) | (4879883) |
|  Uniform Mortgage-Backed Security | 6.500 | TBA - 30yr | 01/15/25 | (11000000) | (11429257) |
|  **(PROCEEDS RECEIVED: $(37751055))** | **(PROCEEDS RECEIVED: $(37751055))** |  |  |  | $(37729566) |

---

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement
when the specific mortgage pools are assigned.

**FUTURES CONTRACTS** — At December 31, 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 | 37 | 03/20/26 | $4160187 | $(8289) |
|  20 Year U.S. Treasury Bonds | 6 | 03/20/26 | 693563 | (5316) |
|  **Total** |  |  |  | $(13605) |
|  **Short position contracts:** |  |  |  |  |
|  5 Year U.S. Treasury Notes | (19) | 03/31/26 | (2076789) | 446 |
|  Ultra 10-Year U.S. Treasury Notes | (27) | 03/20/26 | (3105422) | 18909 |
|  Ultra Long U.S. Treasury Bonds | (26) | 03/20/26 | (3068000) | 41660 |
|  **Total** |  |  |  | $61015 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $47410 |

---

**SWAP CONTRACTS** — At December 31, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)<sup>(a)</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3.062<sup>%(b)</sup> | 12M SOFR<sup>(b)</sup> | 08/31/27 | $4730 | $5220 | $1102 | $4118 |
| 3.174<sup>(b)</sup> | 12M SOFR<sup>(b)</sup> | 08/31/27 | 4250 | 128 | 547 | (419) |
| 3.136<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 12/15/27 | 6590 | 12187 | 2422 | 9765 |
| 2.500<sup>(d)</sup> | 12M CDOR<sup>(d)</sup> | 03/18/28 | 530 | 308 | 551 | (243) |
|  12M SOFR<sup>(b)</sup> | 3.200<sup>%(b)</sup> | 06/23/28 | $3720 | (2563) | 442 | (3005) |
|  12M SOFR<sup>(b)</sup> | 3.368<sup>(b)</sup> | 06/23/28 | 14650 | 12971 | 8791 | 4180 |
|  12M SOFR<sup>(b)</sup> | 3.201<sup>(b)</sup> | 10/07/28 | 3690 | (4841) | 1085 | (5926) |
| 3.600<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 06/23/30 | 15480 | (8748) | (31277) | 22529 |
| 3.484<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 06/23/30 | 3920 | 5826 | (751) | 6577 |
|  12M SOFR<sup>(c)</sup> | 3.265<sup>(c)</sup> | 01/30/31 | 2460 | (21961) | (14598) | (7363) |
|  12M SOFR<sup>(c)</sup> | 3.379<sup>(c)</sup> | 08/31/31 | 6750 | (35743) | 10521 | (46264) |
|  12M SOFR<sup>(c)</sup> | 3.469<sup>(c)</sup> | 08/31/31 | 6080 | (7746) | (4551) | (3195) |
|  12M SOFR<sup>(c)</sup> | 3.588<sup>(c)</sup> | 05/21/32 | 570 | (703) | (68) | (635) |
|  12M SOFR<sup>(c)</sup> | 3.845<sup>(c)</sup> | 05/21/32 | 1230 | 12318 | 14161 | (1843) |
| 3.577<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 10/10/32 | 2520 | 17373 | (875) | 18248 |
|  12M SOFR<sup>(c)</sup> | 4.076<sup>(c)</sup> | 06/24/35 | 950 | (1689) | 249 | (1938) |
|  12M SOFR<sup>(c)</sup> | 4.098<sup>(c)</sup> | 06/24/35 | 3780 | (3447) | 1868 | (5315) |
| 3.805<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 08/31/36 | 3700 | 14792 | (23357) | 38149 |
| 3.829<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 08/31/36 | 3360 | 7071 | 3744 | 3327 |
|  12M SOFR<sup>(c)</sup> | 4.438<sup>(c)</sup> | 10/09/40 | 1700 | (15329) | 397 | (15726) |
| 4.213<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 05/21/55 | 870 | 24620 | 21637 | 2983 |
| 4.484<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 05/21/55 | 380 | 1381 | 196 | 1185 |
| 3.828<sup>(c)</sup> | 12M SOFR<sup>(c)</sup> | 01/30/56 | 700 | 40160 | 18794 | 21366 |
|  **TOTAL** |  |  |  | $51585 | $11030 | $40555 |

---

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2025.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

------

GOLDMAN SACHS U.S. MORTGAGES FUND

*December 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread<br>at December 31,<br>2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
| CMBX.NA.AAA.17 | 0.500% | 0.692% | MS & Co. Int. PLC | 12/15/56 | $700 | $(8022) | $(8795) | $773 |

---

(a) Payments made monthly.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | JPMorgan Securities, Inc. | 3.302% | 01/28/2026 | 1290000 | $1290000 | $1549 | $1742 | $(193) |
|  **TOTAL** |  |  |  | 1290000 | $1290000 | $1549 | $1742 | $(193) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | — Canadian Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| GNMA | — Government National Mortgage Association |
| LLC | — Limited Liability Company |
| MTA | — Monthly Treasury Average |
| PI | — Private Investment |
| REMICS | — Real Estate Mortgage Investment Conduits |
| RFUCC | — Refinitive USD IBOR Consumer Cash Fallbacks 1 year |
| SOFR | — Secured Overnight Financing Rate |
| STACR | — Structured Agency Credit Risk |
| **Abbreviations:** | **Abbreviations:** |
| 3M IRS | — 3 Months Interest Rate Swaptions |
| CDOR | — Canadian Dollar Offered Rate |
| CMBX | — Commercial Mortgage Backed Securities Index |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("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 Act (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 SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Inverse Floaters** — The interest rate on inverse floating rate securities ("inverse floaters") resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv. Treasury Inflation Protected Securities** — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v. When-Issued Securities and Forward Commitments** — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi. Repurchase Agreements** — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds' custodian or designated sub-custodians under tri-party repurchase agreements. An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

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

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

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

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

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

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

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

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

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

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

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

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

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $262998660 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 98846712 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 82260162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 26822306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 13107387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2305500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1330224 |  |
|  Investment Company | 15955903 |  |  |
|  Short-term Investments |  | 42811914 |  |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;114802615 | $&nbsp;&nbsp;&nbsp;&nbsp;431636153 | $— |

---

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **ENHANCED INCOME FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets<sup>(a)</sup>** |  |  |  |
|  Interest Rate Swap Contracts | $— | $35602 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(12382) | $— |
|  Futures Contracts | (4906) |  |  |
|  Interest Rate Swap Contracts |  | (8996) |  |
| **Total** | $(4906) | $(21378) | $— |
| (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **GOVERNMENT INCOME FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $87012200 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 58689864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4208802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 3505825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 2088799 |  |
|  Investment Company | 6351201 |  |  |
| **Total** | $65041065 | $96815626 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(14196792) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $96741 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 159655 |  |
|  Purchased Option Contracts |  | 1645 |  |
| **Total** | $96741 | $161300 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(34751) | $— | $— |
|  Interest Rate Swap Contracts |  | (97482) |  |
| **Total** | $(34751) | $(97482) | $— |

---

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

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **INFLATION PROTECTED SECURITIES FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $101584196 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures | 69257018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 34976129 |  |  |
|  Investment Company | 1317030 |  |  |
| **Total** | $207134373 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $367264 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 1527015 |  |
|  Purchased Option Contracts |  | 2582 |  |
| **Total** | $367264 | $1529597 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(253448) | $— | $— |
|  Interest Rate Swap Contracts |  | (1236973) |  |
| **Total** | $(253448) | $(1236973) | $— |
| (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **SHORT DURATION BOND FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $508401217 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 252148803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 193738919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 177699308 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 31628529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 25926811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 1500169 |  |
|  Common Stock and/or Other Equity Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia |  | 4033 |  |
|  Investment Company | 52360998 |  |  |
|  Short-term Investments |  | 89603246 |  |
| **Total** | $230060306 | $1102951727 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(15165292) | $— |

---

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHORT DURATION BOND FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1359338 | $— |
|  Futures Contracts<sup>(a)</sup> | 569539 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 6790739 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 2380587 |  |
|  Purchased Option Contracts |  | 367806 |  |
| **Total** | $569539 | $10898470 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(1568520) | $— |
|  Futures Contracts<sup>(a)</sup> | (241880) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (3081646) |  |
|  Written Option Contracts |  | (298340) |  |
| **Total** | $(241880) | $(4948506) | $— |
| (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **SHORT DURATION GOVERNMENT FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $326054709 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations |  | 223872416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 21380910 |  |
|  Investment Company | 15198063 |  |  |
| **Total** | $341252772 | $245253326 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(58877816) | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(a)</sup>** | **Assets<sup>(a)</sup>** | **Assets<sup>(a)</sup>** | **Assets<sup>(a)</sup>** |
|  Futures Contracts | $584313 | $— | $— |
|  Interest Rate Swap Contracts |  | 588661 |  |
| **Total** | $584313 | $588661 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(66356) | $— | $— |
|  Interest Rate Swap Contracts |  | (348005) |  |
| **Total** | $(66356) | $(348005) | $— |

---

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

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM CONSERVATIVE INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1515973359 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 85743343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 74521048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 5065852 |  |
|  Investment Company | 142904610 |  |  |
|  Short-term Investments |  | 455992646 |  |
| **Total** | $228647953 | $2051552905 | $— |
| **U.S. MORTGAGES FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations | $— | $240709865 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 8981314 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3538061 |  |
|  Investment Company | 7989132 |  |  |
| **Total** | $16970446 | $244247926 | $— |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Obligations — Forward Sales Contracts | $— | $(37729566) | $— |
| **Derivative Type** |  |  |  |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Futures Contracts<sup>(a)</sup> | $61015 | $— | $— |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 132427 |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | 773 |  |
|  Purchased Option Contracts |  | 1549 |  |
| **Total** | $61015 | $134749 | $— |
| **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $(13605) | $— | $— |
|  Interest Rate Swap Contracts |  | (91872) |  |
| **Total** | $(13605) | $(91872) | $— |

---

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

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

**Asset-Backed Securities Risk** — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

**Call/Prepayment Risk** — An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

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

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

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

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

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

**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. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**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.

**Mortgage-Backed and Other Asset-Backed Securities Risk** — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

**Portfolio Turnover Rate Risk** — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds and their shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

**U.S. Government Securities Risk** — The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. government securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities held by the Funds may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Agency ("FHFA") acting as their conservator, since

------

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

*December 31, 2025 (Unaudited)* 

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

September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

## 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 Short Duration Bond Fund

- **b. EDGAR series identifier (if any):** S000036259

- **c. LEI of Series:** 5K6BNCLRUJN03ZJ21072

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1417940166.74

**Total Liabilities:** $54895471.41

**Net Assets:** $1363044695.33

**Cash Not Reported:** $39420766.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4689.03000000 | **1-Year:** -74050.33000000 | **5-Year:** -97643.14000000 | **10-Year:** -15316.38000000 | **30-Year:** -1957.18000000

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

- **3-Month:** -1546.63000000 | **1-Year:** -37867.54000000 | **5-Year:** -157769.46000000 | **10-Year:** -2368.42000000 | **30-Year:** -10314.36000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000110983 | 0.44%                | 0.54%                | 0.54%                |
| Class ID C000110984 | 0.40%                | 0.40%                | 0.51%                |
| Class ID C000110985 | 0.46%                | 0.56%                | 0.46%                |
| Class ID C000110986 | 0.46%                | 0.46%                | 0.56%                |
| Class ID C000110987 | 0.41%                | 0.42%                | 0.52%                |
| Class ID C000161296 | 0.46%                | 0.46%                | 0.56%                |
| Class ID C000202046 | 0.46%                | 0.46%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $431977.58               | $-962166.14                                |
| Month 2  | $-69850.72               | $1521153.92                                |
| Month 3  | $59084.19                | $150000.94                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                  | CUSIP: 00774MAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      827000 | PA      | $834103.93    | 0.06%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                  | CUSIP: 00774MBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     5000000 | PA      | $5354500.00   | 0.39%             | 2030-09-30      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                            | Adventist Health System/West                                                                               | CUSIP: 007944AN1<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     4560000 | PA      | $4577150.02   | 0.34%             | 2030-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                    | Air Lease Corp                                                                                             | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     6000000 | PA      | $5986320.00   | 0.44%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                    | Air Lease Corp                                                                                             | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     1149000 | PA      | $1147816.53   | 0.08%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                    | Air Lease Corp                                                                                             | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     5175000 | PA      | $5097633.75   | 0.37%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                                                                      | CUSIP: 01F052615<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    24000000 | PA      | $24334687.20  | 1.79%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                         | Uniform Mortgage-Backed Security, TBA                                                                      | CUSIP: 01F062614<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -9000000 | PA      | $-9351210.60  | -0.69%            | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                | Ally Financial Inc                                                                                         | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     3740000 | PA      | $3551541.40   | 0.26%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                      | Alphabet Inc                                                                                               | CUSIP: 02079KAV9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     2975000 | PA      | $2988685.00   | 0.22%             | 2028-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                  | Altria Group Inc                                                                                           | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     2833000 | PA      | $2880254.44   | 0.21%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                               | American Express Co                                                                                        | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     1725000 | PA      | $1701281.25   | 0.12%             | 2026-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust      | American Express Credit Account Master Trust                                                               | CUSIP: 02582JKR0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |     3975000 | PA      | $4051608.82   | 0.30%             | 2032-04-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust      | American Express Credit Account Master Trust                                                               | CUSIP: 02589BAE0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |     4500000 | PA      | $4561326.95   | 0.33%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                                     | Amphenol Corp                                                                                              | CUSIP: 032095AX9<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     1800000 | PA      | $1797804.00   | 0.13%             | 2028-11-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 15 Ltd                                                                               | CUSIP: 03329FAW4<br>LEI: 549300H5Q0HJ2EHSSX26 | Long             | ABS-CBDO         | CORP              | KY        |     7600000 | PA      | $7632300.00   | 0.56%             | 2038-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                             | Athene Global Funding                                                                                      | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      305000 | PA      | $304874.95    | 0.02%             | 2026-01-08      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                           | Australia & New Zealand Banking Group Ltd                                                                  | CUSIP: 05253MZJ6<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | STIV             | CORP              | AU        |     3605000 | PA      | $3605030.93   | 0.26%             | 2026-01-05      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                               | Axon Enterprise Inc                                                                                        | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      750000 | PA      | $776752.50    | 0.06%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Trust 2025-EWEST                                                                                      | CUSIP: 05494JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2800000 | PA      | $2800909.05   | 0.21%             | 2042-06-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2025-5YR19                                                                                           | CUSIP: 05494RBT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $4128995.52   | 0.30%             | 2058-12-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                              | BAT International Finance PLC                                                                              | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     8000000 | PA      | $7951760.00   | 0.58%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS 2018-TALL Mortgage Trust                                                                             | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1225000 | PA      | $1158818.13   | 0.09%             | 2037-03-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS 2018-TALL Mortgage Trust                                                                             | CUSIP: 05548WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1150000 | PA      | $1036625.42   | 0.08%             | 2037-03-15      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2023-C19                                                                              | CUSIP: 05553RAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2900000 | PA      | $3013681.80   | 0.22%             | 2056-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2023-C19                                                                              | CUSIP: 05553RAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      800000 | PA      | $841990.26    | 0.06%             | 2056-04-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust 2023-C22                                                                              | CUSIP: 05554FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2850000 | PA      | $3154884.93   | 0.23%             | 2056-11-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Commercial Mortgage Trust 2025-660F                                                                   | CUSIP: 05556QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3450000 | PA      | $3463271.29   | 0.25%             | 2042-11-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                           | BPCE SA                                                                                                    | CUSIP: 05578AAJ7<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     2435000 | PA      | $2394359.85   | 0.18%             | 2028-01-11      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2023-C7 Mortgage Trust                                                                                 | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5000000 | PA      | $5373522.25   | 0.39%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-ROIC                                                                                         | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2490288 | PA      | $2486159.35   | 0.18%             | 2030-03-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2022-CLS                                                                                          | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3900000 | PA      | $3912459.02   | 0.29%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-XL4                                                                      | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4268962 | PA      | $4268978.08   | 0.31%             | 2039-02-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-XL5                                                                      | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1446979 | PA      | $1446212.82   | 0.11%             | 2041-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX 2024-BRVE                                                                                               | CUSIP: 05612KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3347417 | PA      | $3347067.83   | 0.25%             | 2041-04-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI BV                                | Bacardi-Martini BV                                                                                         | CUSIP: 05634WAA0<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |     3775000 | PA      | $3894290.00   | 0.29%             | 2030-02-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria/New York NY       | Banco Bilbao Vizcaya Argentaria/New York NY                                                                | CUSIP: 05971MEE1<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | STIV             | CORP              | ES        |     9800000 | PA      | $9803335.92   | 0.72%             | 2026-04-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                                                       | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1674046.40   | 0.12%             | 2027-01-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                                                       | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     7000000 | PA      | $7098000.00   | 0.52%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                                                       | CUSIP: 06051GMK2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    12843000 | PA      | $13080595.50  | 0.96%             | 2029-01-24      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                                                       | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1595000 | PA      | $1618621.95   | 0.12%             | 2027-04-27      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2025-5YR17                                                                                           | CUSIP: 06211GAZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3200000 | PA      | $3154574.14   | 0.23%             | 2058-11-15      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR7                                                                                            | CUSIP: 06211UBL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2350000 | PA      | $2452239.71   | 0.18%             | 2057-06-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                            | Bank of New York Mellon Corp/The                                                                           | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     1680000 | PA      | $1673464.80   | 0.12%             | 2026-03-20      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                               | Bank of Nova Scotia/The                                                                                    | CUSIP: 06418GAP2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     6955000 | PA      | $7089231.50   | 0.52%             | 2029-02-14      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2025-5YR15                                                                                           | CUSIP: 065924AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2450000 | PA      | $2546942.11   | 0.19%             | 2058-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2025-5YR16                                                                                           | CUSIP: 065934BF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3600000 | PA      | $3739981.86   | 0.27%             | 2063-08-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR10                                                                                           | CUSIP: 06604AAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $926074.73    | 0.07%             | 2057-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2025-5YR14                                                                                           | CUSIP: 06604MAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $3136479.00   | 0.23%             | 2058-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR11                                                                                           | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2450000 | PA      | $2575743.02   | 0.19%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR11                                                                                           | CUSIP: 06644WBL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1075000 | PA      | $1124877.02   | 0.08%             | 2057-11-15      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                                               | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2445000 | PA      | $2458520.85   | 0.18%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                                               | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     3115000 | PA      | $3170883.10   | 0.23%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                   | Barclays Dryrock Issuance Trust                                                                            | CUSIP: 06742LAX1<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |     7300000 | PA      | $7318180.07   | 0.54%             | 2029-02-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC NY                              | Barclays Bank PLC/NY                                                                                       | CUSIP: 06745GFF3<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |     9679000 | PA      | $9678972.90   | 0.71%             | 2026-10-22      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                                                                           | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     3200000 | PA      | $3195360.00   | 0.23%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Commercial Mortgage Trust 2025-5MW                                                                    | CUSIP: 088921AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4450000 | PA      | $4447207.58   | 0.33%             | 2042-10-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD Commercial Mortgage Trust 2025-5MW                                                                    | CUSIP: 088921AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1800000 | PA      | $1819122.21   | 0.13%             | 2042-10-10      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2025-5C11 Mortgage Trust                                                                               | CUSIP: 096941AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2400000 | PA      | $2511085.22   | 0.18%             | 2058-07-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                         | Boeing Co/The                                                                                              | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     8071000 | PA      | $7954131.92   | 0.58%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                         | Boeing Co/The                                                                                              | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     7420000 | PA      | $7624346.80   | 0.56%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                   | BRAVO Residential Funding Trust 2025-NQM7                                                                  | CUSIP: 10570TAA3<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |     3436211 | PA      | $3473399.49   | 0.25%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                    | Brink's Co/The                                                                                             | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |      915000 | PA      | $947153.10    | 0.07%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                                               | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     9815000 | PA      | $9985486.55   | 0.73%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                                                                               | CUSIP: 11135NAT1<br>LEI: 549300WV6GIDOZJTV909 | Long             | STIV             | CORP              | US        |     6701000 | PA      | $6681616.69   | 0.49%             | 2026-01-27      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                           | Bryant Park Funding 2023-21 Ltd                                                                            | CUSIP: 117650AL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3600000 | PA      | $3601152.00   | 0.26%             | 2038-10-18      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2025-BCAT                                                                     | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2874855 | PA      | $2872322.65   | 0.21%             | 2042-08-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2025-BCAT                                                                     | CUSIP: 12433HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1916570 | PA      | $1912666.31   | 0.14%             | 2042-08-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                         | CIM Trust 2025-I1                                                                                          | CUSIP: 12571DAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1648539 | PA      | $1672183.82   | 0.12%             | 2069-10-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | Cifc Funding 2023-III Ltd                                                                                  | CUSIP: 12598SAA9<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     2025000 | PA      | $2026620.00   | 0.15%             | 2037-01-20      | Floating      | 11.53%                | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2024-277P Mortgage Trust                                                                              | CUSIP: 12654FAA8<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     3650000 | PA      | $3841663.54   | 0.28%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                            | Cadence Design Systems Inc                                                                                 | CUSIP: 127387AM0<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |     1255000 | PA      | $1262718.25   | 0.09%             | 2027-09-10      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                            | Cadence Design Systems Inc                                                                                 | CUSIP: 127387AN8<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |     4400000 | PA      | $4421076.00   | 0.32%             | 2029-09-10      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPANY/THE                             | Campbell's Company/The                                                                                     | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     3700000 | PA      | $3749173.00   | 0.28%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                               | Cardinal Health Inc                                                                                        | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    10569000 | PA      | $10636535.91  | 0.78%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                      | Centene Corp                                                                                               | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     1900000 | PA      | $1888524.00   | 0.14%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                      | Centene Corp                                                                                               | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     8410000 | PA      | $7871928.20   | 0.58%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                | Chase Home Lending Mortgage Trust Series 2025-2                                                            | CUSIP: 16159VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2042005 | PA      | $2053506.32   | 0.15%             | 2055-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                          | Cheniere Energy Partners LP                                                                                | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     2835000 | PA      | $2843419.95   | 0.21%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2019-IV Ltd                                                                                   | CUSIP: 17182XAW1<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |     3825000 | PA      | $3837240.00   | 0.28%             | 2038-07-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                                              | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1612640.40   | 0.12%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                                              | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $4985050.00   | 0.37%             | 2026-02-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                                              | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     7000000 | PA      | $6920550.00   | 0.51%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                                              | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     7000000 | PA      | $7060620.00   | 0.52%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                     | Citigroup Inc                                                                                              | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1555000 | PA      | $1620621.00   | 0.12%             | 2028-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2017-P8                                                                | CUSIP: 17326DAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1052736.62   | 0.08%             | 2050-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust 2019-C7                                                                | CUSIP: 17328CAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      740000 | PA      | $704672.90    | 0.05%             | 2072-12-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                                                                   | CUSIP: 20753GAC5<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     1850000 | PA      | $1859583.37   | 0.14%             | 2044-05-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                                                                   | CUSIP: 20754VAC1<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     3150000 | PA      | $3192452.55   | 0.23%             | 2045-03-25      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                                                                   | CUSIP: 20754XAB9<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |      312929 | PA      | $312961.39    | 0.02%             | 2044-07-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                                                                   | CUSIP: 20755RAC9<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     3425000 | PA      | $3430015.91   | 0.25%             | 2044-09-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Fannie Mae Connecticut Avenue Securities                                                                   | CUSIP: 207941AB1<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |       25000 | PA      | $25165.77     | 0.00%             | 2044-03-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                                                                 | CUSIP: 21H040616<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -1000000 | PA      | $-943596.60   | -0.07%            | 2055-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae                                                                                                 | CUSIP: 21H042612<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |    -5000000 | PA      | $-4870484.50  | -0.36%            | 2056-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Crown City CLO                                    | Crown City CLO V                                                                                           | CUSIP: 22823AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1100000 | PA      | $1102799.50   | 0.08%             | 2037-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                           | DCP Midstream Operating LP                                                                                 | CUSIP: 23311VAJ6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     2690000 | PA      | $2740141.60   | 0.20%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                                               | CUSIP: 251526CV9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     3135000 | PA      | $3185160.00   | 0.23%             | 2028-02-08      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                                               | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     4417000 | PA      | $4507460.16   | 0.33%             | 2029-01-10      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                              | Diameter Capital CLO 4 Ltd                                                                                 | CUSIP: 25255NAQ1<br>LEI: 25490087B17FBD0ODC27 | Long             | ABS-CBDO         | CORP              | KY        |     5500000 | PA      | $5509839.50   | 0.40%             | 2037-01-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                | Discover Card Execution Note Trust                                                                         | CUSIP: 254683CY9<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |     3800000 | PA      | $3803637.78   | 0.28%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD EUR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $1910.26      | 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      | $1023.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD EUR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $27875.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD TRY                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-16073.95    | -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      | $61418.74     | 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      | $862.91       | 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      | $-6159.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD MXN                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-69996.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED ZAR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |           1 | NC      | $86052.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CZK / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $1484.13      | 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      | $-1389.36     | -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      | $-46495.89    | -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      | $-17676.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED KRW / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $-78906.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD TWD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $20449.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD BRL                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $7836.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED PLN / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $59942.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $18182.09     | 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      | $6546.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $8068.85      | 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      | $-13252.94    | -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      | $-3356.07     | -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      | $-25439.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $11075.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CNH / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $26593.46     | 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      | $-11564.75    | -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      | $-4521.85     | -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      | $8912.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-11312.86    | -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      | $2878.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TWD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-9259.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED BRL / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |           1 | NC      | $-8383.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD COP                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $16725.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5591.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $9972.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CNH                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-70040.61    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD HUF                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $2454.20      | 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      | $8798.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-21290.79    | -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      | $1380.42      | 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      | $1442.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED MXN / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $45661.35     | 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      | $-6366.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED HUF / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $804.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED MXN / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |           1 | NC      | $31137.86     | 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      | $-2357.87     | -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      | $-17983.28    | -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      | $14138.67     | 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      | $-15007.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-91097.06    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED SGD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SG        |           1 | NC      | $14930.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD BRL                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $2560.55      | 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      | $-17095.60    | -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      | $16139.80     | 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      | $9679.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD AUD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-20531.60    | -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      | $48802.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $10602.80     | 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      | $-22438.88    | -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      | $-4284.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD ZAR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-151303.64   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-4830.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CNH / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CN        |           1 | NC      | $71842.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD EUR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-800.02      | -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      | $2206.21      | 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      | $78941.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD EUR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-146519.18   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD ILS                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-11040.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED INR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $1751.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD INR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2285.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TWD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-4077.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CLP / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CL        |           1 | NC      | $7733.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD PLN                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-36746.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TWD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-2869.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED ZAR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |           1 | NC      | $61789.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED COP / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CO        |           1 | NC      | $-16880.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CZK / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |           1 | NC      | $51090.38     | 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      | $100.01       | 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      | $-4769.71     | -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      | $7248.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED KRW / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $126212.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CZK                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-38357.48    | -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      | $24551.04     | 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      | $13976.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CLP                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8222.01     | -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      | $-26413.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED AUD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |           1 | NC      | $9255.41      | 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      | $76891.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CNH                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-17094.97    | -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      | $-18113.07    | -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      | $-68641.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD NZD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $2617.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD MXN                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9006.12     | -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      | $28997.44     | 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      | $-7171.58     | -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      | $10053.25     | 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      | $18014.54     | 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      | $1318.78      | 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      | $-6919.04     | -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      | $-2194.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED HUF / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $6047.71      | 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      | $8504.52      | 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      | $-4743.91     | -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      | $6382.71      | 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      | $-12119.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD PLN                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-23263.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CZK                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-12433.45    | -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      | $-23027.76    | -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      | $3883.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-54592.66    | -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      | $7404.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD COP                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-9321.52     | -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      | $3031.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TRY / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $54.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TRY / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TR        |           1 | NC      | $7512.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD HUF                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $1020.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD INR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3360.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED INR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $4456.18      | 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      | $792.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $-1624.46     | -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      | $-3266.67     | -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      | $1266.85      | 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      | $2107.65      | 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      | $-1282.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2125.87     | -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      | $-1226.36     | -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      | $3546.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD TWD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $7079.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED INR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $14540.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-56784.17    | -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      | $1269.88      | 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      | $2567.21      | 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      | $-1774.59     | -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      | $-8426.95     | -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      | $-298.30      | -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      | $2246.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-2886.48     | -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      | $2493.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED PLN / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |           1 | NC      | $-808.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CZK                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-5330.96     | -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      | $4793.33      | 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      | $-10374.41    | -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      | $888.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $-392.84      | -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      | $-1047.31     | -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      | $1804.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TWD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $2817.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD TWD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3738.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD INR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-7745.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CNH                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-8336.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED KRW / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $8118.29      | 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      | $-1037.06     | -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      | $1028.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD JPY                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $6604.37      | 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      | $-1242.84     | -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      | $-6610.20     | -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      | $822.48       | 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      | $1240.88      | 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      | $-5267.26     | -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      | $5258.40      | 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      | $-823.86      | -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      | $610.27       | 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      | $-2045.67     | -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      | $2035.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD INR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $1900.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-26029.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED INR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |           1 | NC      | $445.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $-269.42      | -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      | $-3238.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD INR                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $218.97       | 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      | $1889.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CZK                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-891.22      | -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      | $-1783.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED EUR / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |           1 | NC      | $-847.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD KRW                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-11160.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED KRW / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $5750.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD HUF                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-3469.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED HUF / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |           1 | NC      | $3035.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD BRL                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $-17482.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED BRL / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |           1 | NC      | $17650.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD TWD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $340.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED TWD / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |           1 | NC      | $-271.48      | -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      | $-11905.27    | -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      | $11854.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED USD / SOLD CAD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |           1 | NC      | $6287.53      | 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      | $-6309.83     | -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      | $2545.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED CHF / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |           1 | NC      | $-2555.61     | -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      | $719.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                          | PURCHASED KRW / SOLD USD                                                                                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |           1 | NC      | $717.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                   | Durst Commercial Mortgage Trust 2025-151                                                                   | CUSIP: 266895AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3550000 | PA      | $3617213.07   | 0.27%             | 2042-08-10      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust                   | Durst Commercial Mortgage Trust 2025-151                                                                   | CUSIP: 266895AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1550000 | PA      | $1578858.29   | 0.12%             | 2042-08-10      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                          | Eagle Funding Luxco Sarl                                                                                   | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |     9720000 | PA      | $9885240.00   | 0.73%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO X Ltd                                 | Elmwood CLO X Ltd                                                                                          | CUSIP: 29002VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     7850000 | PA      | $7881038.90   | 0.58%             | 2038-07-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 27 Ltd                                | Elmwood CLO 27 Ltd                                                                                         | CUSIP: 29003FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     4500000 | PA      | $4512042.00   | 0.33%             | 2037-04-18      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| EMERA INC                                         | Emera Inc                                                                                                  | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |     3105000 | PA      | $3123381.60   | 0.23%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                              | Enel Finance International NV                                                                              | CUSIP: 29278GAM0<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |     7875000 | PA      | $7770183.75   | 0.57%             | 2026-07-12      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2025-1                                                                 | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      202914 | PA      | $202977.96    | 0.01%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust               | Exeter Automobile Receivables Trust 2025-1                                                                 | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      800000 | PA      | $801770.78    | 0.06%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                                                            | CUSIP: 303250AE4<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     2705000 | PA      | $2708489.45   | 0.20%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                                           | CUSIP: 31329KGZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1363 | PA      | $1363.70      | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                                           | CUSIP: 3132E06J6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2178225 | PA      | $2296678.62   | 0.17%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                                           | CUSIP: 3133KQK62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      716971 | PA      | $748293.01    | 0.05%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                                           | CUSIP: 3133KQK88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     2060353 | PA      | $2142636.03   | 0.16%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                       | Federal Home Loan Mortgage Corp                                                                            | CUSIP: 3134HB2Z3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    25959000 | PA      | $25926810.84  | 1.90%             | 2028-11-03      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 3136A9EA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        6805 | PA      | $7313.23      | 0.00%             | 2042-10-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 3136ABDT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       23885 | PA      | $25943.99     | 0.00%             | 2042-07-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 3136AQC57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      264279 | PA      | $31223.78     | 0.00%             | 2046-02-25      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      320818 | PA      | $36440.93     | 0.00%             | 2047-05-25      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 3136BAC36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2033970 | PA      | $231704.20    | 0.02%             | 2050-07-25      | Floating      | 2.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 31371M4U8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         158 | PA      | $158.38       | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                                                         | CUSIP: 3137B9HA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      165854 | PA      | $16625.22     | 0.00%             | 2044-03-15      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                                                         | CUSIP: 3137BJMU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      270881 | PA      | $29702.12     | 0.00%             | 2045-05-15      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac REMICS                                                                                         | CUSIP: 3137BPDJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      194579 | PA      | $21579.87     | 0.00%             | 2046-05-15      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3138WLC27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       52715 | PA      | $52457.41     | 0.00%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae REMICS                                                                                          | CUSIP: 31398SH97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       51122 | PA      | $4336.99      | 0.00%             | 2040-12-25      | Floating      | 1.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QC6X9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       31771 | PA      | $31530.46     | 0.00%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QQ3G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1576513 | PA      | $1628558.36   | 0.12%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QQWC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3558859 | PA      | $3721005.84   | 0.27%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QQWD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3485712 | PA      | $3639079.80   | 0.27%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QRXE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      782879 | PA      | $804320.66    | 0.06%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QRXS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      747782 | PA      | $780684.06    | 0.06%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QRXT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      754907 | PA      | $787414.88    | 0.06%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QRXU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      724039 | PA      | $754086.20    | 0.06%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140QS5D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1984991 | PA      | $2076033.87   | 0.15%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                                            | CUSIP: 3140XJZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4202034 | PA      | $4385607.08   | 0.32%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Pool                                                                                           | CUSIP: 3142GQGE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4963344 | PA      | $5225499.92   | 0.38%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                      | Ford Credit Auto Lease Trust 2024-B                                                                        | CUSIP: 345279AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     6100000 | PA      | $6134140.85   | 0.45%             | 2027-12-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit          | Ford Credit Auto Owner Trust 2024-REV1                                                                     | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3200000 | PA      | $3279213.92   | 0.24%             | 2036-08-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179T4Q5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      545901 | PA      | $543509.82    | 0.04%             | 2048-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179TE35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      978189 | PA      | $975738.81    | 0.07%             | 2047-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179TUD5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      152303 | PA      | $155263.43    | 0.01%             | 2048-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179TXV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1525485 | PA      | $1467956.97   | 0.11%             | 2048-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179TZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      545473 | PA      | $543084.48    | 0.04%             | 2048-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179U4E9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      388151 | PA      | $386208.30    | 0.03%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      839687 | PA      | $835484.37    | 0.06%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UEA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      580168 | PA      | $577263.99    | 0.04%             | 2048-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UH54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      726168 | PA      | $721852.59    | 0.05%             | 2048-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1794533 | PA      | $1781626.61   | 0.13%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UMM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      550847 | PA      | $546885.65    | 0.04%             | 2049-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      738853 | PA      | $733539.45    | 0.05%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179VBK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      718628 | PA      | $728593.03    | 0.05%             | 2049-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 36179VFT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       43938 | PA      | $44792.48     | 0.00%             | 2050-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae II Pool                                                                                         | CUSIP: 3622ABGZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     4040676 | PA      | $3617249.80   | 0.27%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                            | GE HealthCare Technologies Inc                                                                             | CUSIP: 36267VAF0<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |     6150000 | PA      | $6329518.50   | 0.46%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GCAT                                              | GCAT 2024-INV4 Trust                                                                                       | CUSIP: 367919AF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1845322 | PA      | $1861300.49   | 0.14%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                            | General Motors Financial Co Inc                                                                            | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     8800000 | PA      | $8694312.00   | 0.64%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                                                       | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $5158050.00   | 0.38%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                               | Global Payments Inc                                                                                        | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     3175000 | PA      | $3160045.75   | 0.23%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund    | Goldman Sachs Financial Square Government Fund                                                             | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |    52225298 | NS      | $52225297.91  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38378WUZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      180935 | PA      | $19302.52     | 0.00%             | 2043-08-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38379EW73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      100066 | PA      | $5196.94      | 0.00%             | 2043-10-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38379GV20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       67672 | PA      | $6199.19      | 0.00%             | 2044-11-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38379QCY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      116852 | PA      | $14329.87     | 0.00%             | 2045-09-20      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38379VUJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       59979 | PA      | $7867.85      | 0.00%             | 2045-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38380TZK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      114865 | PA      | $11234.29     | 0.00%             | 2047-07-20      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38380YR23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      248366 | PA      | $29177.85     | 0.00%             | 2048-09-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38380YR64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      254468 | PA      | $30169.62     | 0.00%             | 2048-09-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38381BZG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      260545 | PA      | $29314.99     | 0.00%             | 2049-01-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38381WVB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      117007 | PA      | $13006.78     | 0.00%             | 2049-06-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38382BUQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     5838658 | PA      | $1231830.67   | 0.09%             | 2049-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38382ET31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1426760 | PA      | $328918.29    | 0.02%             | 2050-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association          | Government National Mortgage Association                                                                   | CUSIP: 38382FV84<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1137936 | PA      | $245309.95    | 0.02%             | 2050-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV                                  | Greenko Dutch BV                                                                                           | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |      173000 | PA      | $171486.25    | 0.01%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                                                    | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     5517000 | PA      | $5497359.48   | 0.40%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                                           | HCA Inc                                                                                                    | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     3650000 | PA      | $3762529.50   | 0.28%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                 | HSBC Holdings PLC                                                                                          | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     2945000 | PA      | $3113218.40   | 0.23%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                          | Hess Midstream Operations LP                                                                               | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      710000 | PA      | $734842.90    | 0.05%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                          | Hess Midstream Operations LP                                                                               | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1710000 | PA      | $1741959.90   | 0.13%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                   | Hillenbrand Inc                                                                                            | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     1191000 | PA      | $1218917.04   | 0.09%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                          | Huntington National Bank/The                                                                               | CUSIP: 44644MAL5<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |     1569000 | PA      | $1567603.59   | 0.12%             | 2028-04-12      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2025-SPRL Mortgage Trust                                                                      | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1375000 | PA      | $1423897.59   | 0.10%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2025-SPRL Mortgage Trust                                                                      | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1375000 | PA      | $1430038.65   | 0.10%             | 2040-01-13      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust           | Hyundai Auto Lease Securitization Trust 2024-C                                                             | CUSIP: 448984AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1450322 | PA      | $1453819.74   | 0.11%             | 2027-03-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                    | Hyundai Auto Receivables Trust 2024-B                                                                      | CUSIP: 44934QAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5825000 | PA      | $5889878.97   | 0.43%             | 2029-03-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Illinois Student Assistance Commision             | Illinois Student Assistance Commission                                                                     | CUSIP: 452281JD1<br>LEI: 549300FKIJ7H0L1PDN43 | Long             | ABS-O            | CORP              | US        |      167496 | PA      | $167458.15    | 0.01%             | 2045-07-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| PRA HEALTH SCIENCES INC                           | PRA Health Sciences Inc                                                                                    | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |     3144000 | PA      | $3119130.96   | 0.23%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds          | Indonesia Government International Bonds                                                                   | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     6030000 | PA      | $6082762.50   | 0.45%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                | Ingersoll Rand Inc                                                                                         | CUSIP: 45687VAC0<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    17330000 | PA      | $17612132.40  | 1.29%             | 2027-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Invesco CLO 2022-2, Ltd.                          | Invesco CLO 2022-2 Ltd                                                                                     | CUSIP: 46145XAL0<br>LEI: 54930008L2A8UYGN7A86 | Long             | ABS-CBDO         | CORP              | JE        |     6575000 | PA      | $6578320.38   | 0.48%             | 2035-07-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI                                           | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1125000 | PA      | $1145542.77   | 0.08%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-DSC1                                                                  | CUSIP: 46593TAA0<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     2909577 | PA      | $2940948.68   | 0.22%             | 2065-09-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                                                        | CUSIP: 46647PEU6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     3037000 | PA      | $3092820.06   | 0.23%             | 2029-01-24      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB                                            | CUSIP: 46651EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2100000 | PA      | $1961747.05   | 0.14%             | 2039-06-05      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust 2021-LTV2                                                                       | CUSIP: 46654VAA1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     3732540 | PA      | $3218363.40   | 0.24%             | 2052-05-25      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust 2025-NSLB                                             | CUSIP: 46659JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $2090746.64   | 0.15%             | 2042-06-05      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2025-VIS2                                                                         | CUSIP: 46659RAC1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     3728431 | PA      | $3762427.56   | 0.28%             | 2055-12-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-NQM5                                                                  | CUSIP: 46664DAC5<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |     3800000 | PA      | $3801561.04   | 0.28%             | 2065-05-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| JACKSON NTL L SHT TRM FD                          | Jackson National Life Short Term Funding LLC                                                               | CUSIP: 46850CBD8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     3300000 | PA      | $3284856.30   | 0.24%             | 2026-02-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                 | Jamestown CLO XVI Ltd                                                                                      | CUSIP: 47048RAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $2998674.00   | 0.22%             | 2034-07-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                     | JDE Peet's NV                                                                                              | CUSIP: 47216QAC7<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |     4230000 | PA      | $3676123.80   | 0.27%             | 2031-09-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                           | Jefferies Financial Group Inc                                                                              | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     4739000 | PA      | $4726868.16   | 0.35%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                                                        | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1680265.60   | 0.12%             | 2026-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Katayma CLO Ltd                                   | Katayma CLO II Ltd                                                                                         | CUSIP: 485862AC0<br>LEI: 254900HW0KYG9AOGVP97 | Long             | ABS-CBDO         | CORP              | JE        |     2500000 | PA      | $2504197.50   | 0.18%             | 2037-04-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                          | Korea Hydro & Nuclear Power Co Ltd                                                                         | CUSIP: 50064YAQ6<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |     3950000 | PA      | $3966827.00   | 0.29%             | 2027-07-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                              | Las Vegas Sands Corp                                                                                       | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     1820000 | PA      | $1864365.78   | 0.14%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                              | Las Vegas Sands Corp                                                                                       | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      680000 | PA      | $712218.40    | 0.05%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                              | M&T Bank Corp                                                                                              | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     3599000 | PA      | $3493261.38   | 0.26%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                           | MPLX LP                                                                                                    | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     8300000 | PA      | $8267215.00   | 0.61%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                    | MSWF Commercial Mortgage Trust 2023-2                                                                      | CUSIP: 55361AAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3150000 | PA      | $3319408.20   | 0.24%             | 2056-12-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                               | Macquarie Group Ltd                                                                                        | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |     2100000 | PA      | $2098593.00   | 0.15%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                               | Macquarie Group Ltd                                                                                        | CUSIP: 55608VCH2<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | STIV             | CORP              | AU        |     6674000 | PA      | $6619323.26   | 0.49%             | 2026-03-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                          | Macquarie Airfinance Holdings Ltd                                                                          | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      260000 | PA      | $272313.60    | 0.02%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                              | MAD Commercial Mortgage Trust 2025-11MD                                                                    | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3500000 | PA      | $3514258.86   | 0.26%             | 2042-10-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                              | MAD Commercial Mortgage Trust 2025-11MD                                                                    | CUSIP: 55616AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2575000 | PA      | $2609624.04   | 0.19%             | 2042-10-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                 | Magnetite XLVII Ltd                                                                                        | CUSIP: 559916AA9<br>LEI: 529900SMT5EN0CN67W73 | Long             | ABS-CBDO         | CORP              | KY        |     7900000 | PA      | $7917372.10   | 0.58%             | 2038-01-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| MARS INC                                          | Mars Inc                                                                                                   | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    13054000 | PA      | $13229837.38  | 0.97%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency          | MASSACHUSETTS ST DEV FIN AGY REVENUE                                                                       | CUSIP: 57585BQT8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     1465000 | PA      | $1500169.08   | 0.11%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                                        | MasTec Inc                                                                                                 | CUSIP: 576323AT6<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |      754000 | PA      | $787334.34    | 0.06%             | 2029-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                        | Mattel Inc                                                                                                 | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     2815000 | PA      | $2821136.70   | 0.21%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LTD/NY                                | Mizuho Bank Ltd/New York NY                                                                                | CUSIP: 60701A2U6<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |     5777000 | PA      | $5777675.33   | 0.42%             | 2026-06-02      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                                             | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     5000000 | PA      | $5128750.00   | 0.38%             | 2030-07-19      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                                             | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     5964000 | PA      | $6082743.24   | 0.45%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust    | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                                                   | CUSIP: 61790VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2822686 | PA      | $2855522.14   | 0.21%             | 2070-03-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                                | Murphy Oil USA Inc                                                                                         | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |     3670000 | PA      | $3671981.80   | 0.27%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                   | NGPL PipeCo LLC                                                                                            | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |      410000 | PA      | $411943.40    | 0.03%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                            | National Bank of Kuwait/New York NY                                                                        | CUSIP: 63376F2G4<br>LEI: 549300NB7FE83IH6BW96 | Long             | STIV             | CORP              | KW        |     6000000 | PA      | $6015391.80   | 0.44%             | 2026-08-19      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                            | National Bank of Kuwait/New York NY                                                                        | CUSIP: 63376GAL2<br>LEI: 549300NB7FE83IH6BW96 | Long             | STIV             | CORP              | KW        |     7094000 | PA      | $7094089.38   | 0.52%             | 2026-12-11      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                            | National Bank of Kuwait/New York NY                                                                        | CUSIP: 63423KE16<br>LEI: 549300NB7FE83IH6BW96 | Long             | STIV             | CORP              | US        |     4200000 | PA      | $4146366.00   | 0.30%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                          | National Rural Utilities Cooperative Finance Corp                                                          | CUSIP: 63743HGA4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     4493000 | PA      | $4492101.40   | 0.33%             | 2026-10-30      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                       | Netflix Inc                                                                                                | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     6025000 | PA      | $6280942.00   | 0.46%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2015-1                                                                 | CUSIP: 64829CAA6<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |       60247 | PA      | $58249.79     | 0.00%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NORDSON CORP                                      | Nordson Corp                                                                                               | CUSIP: 655663AC6<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |     7468000 | PA      | $7523711.28   | 0.55%             | 2029-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                   | Gen Digital Inc                                                                                            | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     3110000 | PA      | $3158173.90   | 0.23%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                          | OCP SA                                                                                                     | CUSIP: 67091TAH8<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     1530000 | PA      | $1597503.60   | 0.12%             | 2030-04-30      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                       | Ocp Clo 2024-33 Ltd                                                                                        | CUSIP: 671080AA7<br>LEI: 213800MSZWCRHL4TG372 | Long             | ABS-CBDO         | CORP              | JE        |     2450000 | PA      | $2458312.85   | 0.18%             | 2037-07-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909            | NYC Commercial Mortgage Trust 2025-3BP                                                                     | CUSIP: 67120UAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2200000 | PA      | $2193137.47   | 0.16%             | 2042-02-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909            | NYC Commercial Mortgage Trust 2025-300P                                                                    | CUSIP: 67121TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2900000 | PA      | $2912454.95   | 0.21%             | 2042-07-13      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909            | NYC Commercial Mortgage Trust 2025-300P                                                                    | CUSIP: 67121TAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1700000 | PA      | $1715630.45   | 0.13%             | 2042-07-13      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM13 Trust                                                                                       | CUSIP: 67121UAF3<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |     1802840 | PA      | $1819608.28   | 0.13%             | 2065-05-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909            | NYC Commercial Mortgage Trust 2025-11X                                                                     | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3350000 | PA      | $3357288.09   | 0.25%             | 2040-10-15      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM11 Trust                                                                                       | CUSIP: 67449BAL7<br>LEI: 254900KNWDG7C03UTA13 | Long             | ABS-MBS          | CORP              | US        |     3041735 | PA      | $3068150.92   | 0.23%             | 2065-05-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                          | 1011778 BC ULC / New Red Finance Inc                                                                       | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2705000 | PA      | $2780523.60   | 0.20%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                         | ONEOK Inc                                                                                                  | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     6405000 | PA      | $6425752.20   | 0.47%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                              | OneMain Finance Corp                                                                                       | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1745000 | PA      | $1779393.95   | 0.13%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                                                | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     6300000 | PA      | $5813010.00   | 0.43%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                                                | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     5163000 | PA      | $5186440.02   | 0.38%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                       | Oracle Corp                                                                                                | CUSIP: 6840C3AF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | STIV             | CORP              | US        |     2455000 | PA      | $2451074.70   | 0.18%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME                            | Blue Owl Credit Income Corp                                                                                | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     3355000 | PA      | $3317088.50   | 0.24%             | 2026-09-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency   | PHEAA Student Loan Trust 2016-1                                                                            | CUSIP: 69343FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      323632 | PA      | $326038.86    | 0.02%             | 2065-09-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                            | PNC Financial Services Group Inc/The                                                                       | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1636548.90   | 0.12%             | 2027-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                            | Pertamina Persero PT                                                                                       | CUSIP: 69370RAF4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     2630000 | PA      | $2482884.38   | 0.18%             | 2030-01-21      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                    | Palmer Square Loan Funding 2022-3 Ltd                                                                      | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     5025000 | PA      | $5030170.73   | 0.37%             | 2031-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                          | Penske Truck Leasing Co Lp / PTL Finance Corp                                                              | CUSIP: 709599BH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5000000 | PA      | $4809250.00   | 0.35%             | 2029-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                          | Penske Truck Leasing Co Lp / PTL Finance Corp                                                              | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1707728.10   | 0.13%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO                           | Penske Truck Leasing Co LP                                                                                 | CUSIP: 70962BGH1<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | STIV             | CORP              | US        |     1934000 | PA      | $1890813.78   | 0.14%             | 2026-07-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                  | Peruvian Government International Bond                                                                     | CUSIP: 715638DE9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2120000 | PA      | $2112580.00   | 0.15%             | 2026-01-23      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                                                        | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      200000 | PA      | $203500.00    | 0.01%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                                                        | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2500000 | PA      | $2539750.00   | 0.19%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                                                        | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      300000 | PA      | $321633.00    | 0.02%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Pikes Peak CLO                                    | Pikes Peak CLO 3                                                                                           | CUSIP: 72132UBA0<br>LEI: 254900Y8O8REGL3BZS62 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4007660.00   | 0.29%             | 2034-10-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds                                                          | CUSIP: 731011AX0<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     2600000 | PA      | $2649816.00   | 0.19%             | 2029-03-18      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| POSCO                                             | POSCO                                                                                                      | CUSIP: 73730EAD5<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |      310000 | PA      | $319269.00    | 0.02%             | 2028-01-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                          | Principal Life Global Funding II                                                                           | CUSIP: 74256LAU3<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1993560.00   | 0.15%             | 2026-04-18      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                               | Quanta Services Inc                                                                                        | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    10660000 | PA      | $10795595.20  | 0.79%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                                                                       | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4300000 | PA      | $4419051.99   | 0.32%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                                                                       | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3250000 | PA      | $3393942.57   | 0.25%             | 2041-11-13      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                            | RR 29 LTD                                                                                                  | CUSIP: 74989VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3000000 | PA      | $3005064.00   | 0.22%             | 2039-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                       | RAD CLO 21 Ltd                                                                                             | CUSIP: 750099AN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3490000 | PA      | $3491535.60   | 0.26%             | 2037-01-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                    | Rocket Cos Inc                                                                                             | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2135000 | PA      | $2207739.45   | 0.16%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                          | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                                                        | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10460000 | PA      | $10309062.20  | 0.76%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                           | Romanian Government International Bond                                                                     | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1500000 | PA      | $1474986.90   | 0.11%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                           | Royal Caribbean Cruises Ltd                                                                                | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     1825000 | PA      | $1866044.25   | 0.14%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust         | SFS Auto Receivables Securitization Trust 2025-3                                                           | CUSIP: 78398KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     7300000 | PA      | $7331683.83   | 0.54%             | 2031-04-21      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SNF GROUP SACA                                    | SNF Group SACA                                                                                             | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |     1650000 | PA      | $1621323.00   | 0.12%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2025-1                                                              | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      144223 | PA      | $144280.94    | 0.01%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust 2025-1                                                              | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2825000 | PA      | $2833355.39   | 0.21%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                               | Silgan Holdings Inc                                                                                        | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |     1925000 | PA      | $1908733.75   | 0.14%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                             | Silver Point Clo 4 Ltd                                                                                     | CUSIP: 82809EAA8<br>LEI: 254900DVAEEJOXQ8PL85 | Long             | ABS-CBDO         | CORP              | JE        |     5180000 | PA      | $5193079.50   | 0.38%             | 2037-04-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                            | Skyworks Solutions Inc                                                                                     | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |     2425000 | PA      | $2399707.25   | 0.18%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                  | Societe Generale SA                                                                                        | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     3155000 | PA      | $3193554.10   | 0.23%             | 2028-01-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                          | Standard Industries Inc/NY                                                                                 | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     1940000 | PA      | $1933927.80   | 0.14%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                           | Starwood Property Trust Inc                                                                                | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     1425000 | PA      | $1486332.00   | 0.11%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                          | Sumitomo Mitsui Financial Group Inc                                                                        | CUSIP: 86562MCT5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     1807000 | PA      | $1807740.87   | 0.13%             | 2026-01-13      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                          | Sumitomo Mitsui Trust Bank Ltd                                                                             | CUSIP: 86563VBX6<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    10294000 | PA      | $10397969.40  | 0.76%             | 2028-03-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia I Issuer, LLC                      | Sunnova Hestia I Issuer LLC                                                                                | CUSIP: 86746BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      325772 | PA      | $332539.30    | 0.02%             | 2050-12-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                         | Sunoco LP                                                                                                  | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1740000 | PA      | $1814263.20   | 0.13%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                             | Sycamore Tree CLO 2023-2 Ltd                                                                               | CUSIP: 87122CAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2200000 | PA      | $2202118.60   | 0.16%             | 2037-01-20      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                      | Synopsys Inc                                                                                               | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     3963000 | PA      | $4017649.77   | 0.29%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                  | Symphony CLO XXV Ltd                                                                                       | CUSIP: 87167WDE2<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |     3300000 | PA      | $3301659.90   | 0.24%             | 2034-04-19      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                                           | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     3725000 | PA      | $3713042.75   | 0.27%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TPG Trust                                         | TPG Trust 2024-WLSC                                                                                        | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4200000 | PA      | $4219349.06   | 0.31%             | 2029-11-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| TPG Trust                                         | TPG Trust 2024-WLSC                                                                                        | CUSIP: 872973AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      950000 | PA      | $969977.51    | 0.07%             | 2029-11-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                          | Targa Resources Partners LP / Targa Resources Partners Finance Corp                                        | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2720000 | PA      | $2752558.40   | 0.20%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELEDYNE TECHNOLOGIES IN                          | Teledyne Technologies Inc                                                                                  | CUSIP: 879360AC9<br>LEI: 549300VSMO9KYQWDND94 | Long             | DBT              | CORP              | US        |     9375000 | PA      | $9315000.00   | 0.68%             | 2026-04-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Tesla Lease Electric Vehicle Securitization LLC   | Tesla Lease Electric Vehicle Securitization 2025-A LLC                                                     | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4750000 | PA      | $4759089.27   | 0.35%             | 2028-06-20      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                             | Toronto-Dominion Bank/The                                                                                  | CUSIP: 89115A3E0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     4754000 | PA      | $4833534.42   | 0.35%             | 2028-01-31      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust               | Toyota Auto Receivables 2024-C Owner Trust                                                                 | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4225000 | PA      | $4268733.69   | 0.31%             | 2029-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                  | Trestles CLO VIII Ltd                                                                                      | CUSIP: 89533DAC4<br>LEI: 2549002BMO2L1UMJWE02 | Long             | ABS-CBDO         | CORP              | KY        |     4700085 | PA      | $4710082.08   | 0.35%             | 2035-06-11      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                  | Trinitas CLO XVI Ltd                                                                                       | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |     9000000 | PA      | $8998335.00   | 0.66%             | 2034-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Trust                 | 1211 Avenue of the Americas Trust 2015-1211                                                                | CUSIP: 90117PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3800000 | PA      | $3674469.89   | 0.27%             | 2035-08-10      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                             | Uber Technologies Inc                                                                                      | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1609152.00   | 0.12%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      850000 | PA      | $836386.72    | 0.06%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 912828ZV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     4600000 | PA      | $4401445.32   | 0.32%             | 2027-06-30      | Fixed         | 0.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CBS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    15370000 | PA      | $14629118.05  | 1.07%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    14170000 | PA      | $13879404.33  | 1.02%             | 2026-11-30      | Fixed         | 1.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    19210000 | PA      | $19371334.03  | 1.42%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    30810000 | PA      | $31698194.69  | 2.33%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    26260000 | PA      | $26608765.63  | 1.95%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                                                        | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    66130000 | PA      | $66274659.38  | 4.86%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  1 | On Loan: No      |
| VW CREDIT INC                                     | VW Credit Inc                                                                                              | CUSIP: 91842KCG9<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |    11412000 | PA      | $11319753.38  | 0.83%             | 2026-03-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC                                     | VW Credit Inc                                                                                              | CUSIP: 91842KD60<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |     7500000 | PA      | $7422213.75   | 0.54%             | 2026-04-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC                                     | VW Credit Inc                                                                                              | CUSIP: 91842KG18<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |     3889000 | PA      | $3812732.43   | 0.28%             | 2026-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                   | Venture 36 Clo Ltd                                                                                         | CUSIP: 92332LAF6<br>LEI: 549300AZL7IWJJ04HD37 | Long             | ABS-CBDO         | CORP              | KY        |     2500000 | PA      | $2424012.50   | 0.18%             | 2032-04-20      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                                      | Veralto Corp                                                                                               | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |     6710000 | PA      | $6765625.90   | 0.50%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2023-INV2                                                                       | CUSIP: 92540BAB5<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |     1296232 | PA      | $1305086.05   | 0.10%             | 2068-08-25      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                       | Vistra Operations Co LLC                                                                                   | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     2965000 | PA      | $2963754.70   | 0.22%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust                     | VTR Commercial Mortgage Trust 2025-STEM                                                                    | CUSIP: 92890YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2900000 | PA      | $2908332.72   | 0.21%             | 2039-10-13      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| VTR Commercial Mortgage Trust                     | VTR Commercial Mortgage Trust 2025-STEM                                                                    | CUSIP: 92890YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1350000 | PA      | $1354156.35   | 0.10%             | 2039-10-13      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                              | Waste Management Inc                                                                                       | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     7332000 | PA      | $7429222.32   | 0.55%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                                           | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1685000 | PA      | $1679271.00   | 0.12%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                                           | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     7000000 | PA      | $6953730.00   | 0.51%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                                           | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     7000000 | PA      | $7076930.00   | 0.52%             | 2028-07-25      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2017-RC1                                                             | CUSIP: 95001FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $839601.97    | 0.06%             | 2060-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co                                                                                           | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1515000 | PA      | $1615505.10   | 0.12%             | 2028-09-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                            | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3150000 | PA      | $3177313.05   | 0.23%             | 2035-07-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2024-1CHI                                                            | CUSIP: 95003PAC5<br>LEI: 54930012YCNUERXJ1I74 | Long             | ABS-MBS          | CORP              | US        |     1950000 | PA      | $1963517.26   | 0.14%             | 2035-07-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust 2025-B33RP                                                           | CUSIP: 95004RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2950000 | PA      | $2950918.93   | 0.22%             | 2042-08-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                                                     | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     1485000 | PA      | $1535222.70   | 0.11%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WESTPAC NEW ZEALAND LTD                           | Westpac New Zealand Ltd                                                                                    | CUSIP: 96122FAA5<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |     2265000 | PA      | $2305339.65   | 0.17%             | 2028-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                | Wind River 2021-2 CLO Ltd                                                                                  | CUSIP: 97315VAS6<br>LEI: 254900AGKLJSTAXGRN27 | Long             | ABS-CBDO         | CORP              | KY        |     4000000 | PA      | $4003012.00   | 0.29%             | 2034-07-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Zais CLO 13, Limited                              | Zais Clo 13 Ltd                                                                                            | CUSIP: 98876NAW4<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |      993195 | PA      | $993424.17    | 0.07%             | 2032-07-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SS006063  CDS USD R F  1.00000 2 CCPCORPORATE / Short: SS006063  CDS USD P V 03MEVENT 1 CCPCORPORATE | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3475000 | OU      | $11971.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SX003113  CDS USD R F  1.00000 2 CCPCDX / Short: SX003113  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    19049340 | OU      | $343427.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SX003151  CDS USD R F  1.00000 2 CCPCDX / Short: SX003151  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   136199221 | OU      | $2913927.85   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR228526  IRS JPY R F  2.16000 2 CCPOIS / Short: SR228526  IRS JPY P V 00MTONAR 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  4281246551 | OU      | $-1315144.06  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR228525  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR228525  IRS JPY P F  1.29500 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  2889225553 | OU      | $643791.54    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SX003205  CDS USD R F  1.00000 2 CCPCDX / Short: SX003205  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    99300000 | OU      | $2210467.65   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR233404  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR233404  IRS EUR P F  2.61000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    12360000 | OU      | $1839929.90   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR233405  IRS EUR R F  2.53000 2 CCPOIS / Short: SR233405  IRS EUR P V 00MESTR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    12360000 | OU      | $-1550421.27  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR233928  IRS USD R F  3.84519 2 CCPOIS / Short: SR233928  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    10760000 | OU      | $107750.64    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR233929  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR233929  IRS USD P F  4.21304 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     7350000 | OU      | $207994.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR234635  IRS USD R F  4.09811 2 CCPOIS / Short: SR234635  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    32710000 | OU      | $-29824.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR234637  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR234637  IRS USD P F  3.59995 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   133490000 | OU      | $-75435.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR234636  IRS USD R F  3.36762 2 CCPOIS / Short: SR234636  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   126790000 | OU      | $112259.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR236075  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR236075  IRS USD P F  3.84826 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    39710000 | OU      | $478827.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR236073  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR236073  IRS USD P F  3.52786 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     8610000 | OU      | $-11765.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR236074  IRS USD R F  4.57424 2 CCPOIS / Short: SR236074  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    49050000 | OU      | $-219905.86   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR241429  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR241429  IRS EUR P F  2.80000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    13550000 | OU      | $759862.70    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR241428  IRS EUR R F  2.40000 2 CCPVANILLA / Short: SR241428  IRS EUR P V 06MEURIB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    33507727 | OU      | $-171224.64   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR243128  IRS EUR R F  2.90000 2 CCPVANILLA / Short: SR243128  IRS EUR P V 06MEURIB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     7840000 | OU      | $-170752.29   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR243130  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR243130  IRS EUR P F  2.60000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5470000 | OU      | $64385.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR247832  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR247832  IRS USD P F  3.06188 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    48380000 | OU      | $53387.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR247831  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR247831  IRS USD P F  3.80536 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    37800000 | OU      | $151120.62    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR247830  IRS USD R F  3.37935 2 CCPOIS / Short: SR247830  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    68780000 | OU      | $-364203.86   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR248830  IRS EUR R F  2.00000 2 CCPOIS / Short: SR248830  IRS EUR P V 00MESTR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |   175850537 | OU      | $-551863.65   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR248829  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR248829  IRS EUR P F  2.50000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   175850537 | OU      | $86156.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | Long: CX003319  CDS USD R F   .50000 2 CMBX / Short: CX003319  CDS USD P V 01MEVENT 1 CMBX                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCR              |  | GB        |     4800000 | OU      | $-55476.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SX003325  CDS USD R F  1.00000 2 CCPCDX / Short: SX003325  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   167125000 | OU      | $3790595.55   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                   | Long: SX003335  CDS USD R F  5.00000 2 CCPCDX / Short: SX003335  CDS USD P V 03MEVENT 1 CCPCDX             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    30000000 | OU      | $2280150.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252135  IRS USD R F  3.20120 2 CCPOIS / Short: SR252135  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    40530000 | OU      | $-53171.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252134  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252134  IRS USD P F  3.57684 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    27870000 | OU      | $192138.57    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252136  IRS USD R F  4.43814 2 CCPOIS / Short: SR252136  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    18750000 | OU      | $-169070.62   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252261  IRS GBP R F  3.50000 2 CCPOIS / Short: SR252261  IRS GBP P V 00MSONIA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    77110000 | OU      | $-78017.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252263  IRS GBP R F  4.50000 2 CCPOIS / Short: SR252263  IRS GBP P V 00MSONIA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    14260000 | OU      | $82211.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252262  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR252262  IRS GBP P F  3.50000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    71810000 | OU      | $547644.58    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252269  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252269  IRS USD P F  3.82793 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     5830000 | OU      | $334474.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252270  IRS USD R F  3.26477 2 CCPOIS / Short: SR252270  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    20720000 | OU      | $-184971.58   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252760  IRS AUD R F  5.00000 2 CCPVANILLA / Short: SR252760  IRS AUD P V 06MBBSW 1 CCPVANILLA      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    34965000 | OU      | $-120339.89   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252761  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252761  IRS USD P F  4.00000 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    21047048 | OU      | $147792.37    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252754  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252754  IRS USD P F  3.13557 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    56990000 | OU      | $105391.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253220  IRS EUR R F  2.50000 2 CCPOIS / Short: SR253220  IRS EUR P V 00MESTR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    24710000 | OU      | $-333361.21   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253229  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR253229  IRS EUR P F  3.10000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    10090000 | OU      | $367647.72    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253016  IRS CHF R V 00MSARON 1 CCPOIS / Short: BR253016  IRS CHF P F   .00000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    48580000 | OU      | $90671.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253046  IRS NOK R V 06MNIBOR 1 CCPVANILLA / Short: BR253046  IRS NOK P F  4.00000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    41070000 | OU      | $49466.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253040  IRS NOK R F  4.00000 2 CCPVANILLA / Short: SR253040  IRS NOK P V 06MNIBOR 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |  1313530000 | OU      | $-250991.08   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253022  IRS CHF R V 00MSARON 1 CCPOIS / Short: BR253022  IRS CHF P F   .50000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1150000 | OU      | $27039.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252945  IRS EUR R F  1.75000 2 CCPOIS / Short: SR252945  IRS EUR P V 00MESTR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    36110000 | OU      | $-249806.54   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253358  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR253358  IRS GBP P F  4.25000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     9960000 | OU      | $-93028.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252928  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252928  IRS EUR P F  2.00000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     4530000 | OU      | $31843.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252962  IRS GBP R F  3.75000 2 CCPOIS / Short: SR252962  IRS GBP P V 00MSONIA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    77320000 | OU      | $561931.60    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252985  IRS CAD R F  3.00000 2 CCPOIS / Short: SR252985  IRS CAD P V 00MCORRA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2900000 | OU      | $-36141.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253034  IRS SEK R F  3.00000 2 CCPVANILLA / Short: SR253034  IRS SEK P V 03MSTIBO 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    31900000 | OU      | $8860.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253442  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253442  IRS JPY P F  1.25000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  6842030000 | OU      | $55770.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252917  IRS USD R F  4.00000 2 CCPOIS / Short: SR252917  IRS USD P V 00MSOFR 1 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |      800000 | OU      | $12748.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252917  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252917  IRS USD P F  4.00000 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     5010000 | OU      | $-79837.86    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252997  IRS AUD R F  3.75000 2 CCPVANILLA / Short: SR252997  IRS AUD P V 06MBBSW 1 CCPVANILLA      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    21920000 | OU      | $-493941.07   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252968  IRS GBP R V 00MSONIA 1 CCPOIS / Short: BR252968  IRS GBP P F  4.25000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     3400000 | OU      | $-87600.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252965  IRS GBP R F  3.75000 2 CCPOIS / Short: SR252965  IRS GBP P V 00MSONIA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    10790000 | OU      | $56785.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252937  IRS EUR R F  2.75000 2 CCPVANILLA / Short: SR252937  IRS EUR P V 06MEURIB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     2690000 | OU      | $-238394.62   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252943  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252943  IRS EUR P F  3.00000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     1540000 | OU      | $64387.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252939  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252939  IRS EUR P F  2.50000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     2890000 | OU      | $502874.25    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252934  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR252934  IRS EUR P F  2.50000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     5070000 | OU      | $236751.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR252931  IRS EUR R F  2.25000 2 CCPVANILLA / Short: SR252931  IRS EUR P V 06MEURIB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    20000000 | OU      | $-397558.40   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253434  IRS CAD R F  2.75000 2 CCPOIS / Short: SR253434  IRS CAD P V 00MCORRA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |      410000 | OU      | $1208.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253433  IRS GBP R F  4.00000 2 CCPOIS / Short: SR253433  IRS GBP P V 00MSONIA 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     4750000 | OU      | $64825.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253435  IRS AUD R V 03MBBSW 1 CCPVANILLA / Short: BR253435  IRS AUD P F  3.50000 2 CCPVANILLA      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    11150000 | OU      | $83157.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253432  IRS EUR R V 06MEURIB 1 CCPVANILLA / Short: BR253432  IRS EUR P F  2.25000 2 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |     6440000 | OU      | $8612.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252911  IRS USD R V 00MSOFR 1 CCPOIS / Short: BR252911  IRS USD P F  3.50000 2 CCPOIS              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | GB        |    99850000 | OU      | $-444721.92   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253055  IRS NZD R F  3.50000 2 CCPVANILLA / Short: SR253055  IRS NZD P V 03MNZDBB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    27110000 | OU      | $-97188.40    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253058  IRS NZD R F  4.00000 2 CCPVANILLA / Short: SR253058  IRS NZD P V 03MNZDBB 1 CCPVANILLA     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    11970000 | OU      | $-80177.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253004  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253004  IRS JPY P F  1.00000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 15191000000 | OU      | $462809.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253010  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253010  IRS JPY P F  1.25000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  4064000000 | OU      | $1582259.15   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253000  IRS AUD R V 06MBBSW 1 CCPVANILLA / Short: BR253000  IRS AUD P F  4.25000 2 CCPVANILLA      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4190000 | OU      | $123963.51    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: SR253014  IRS JPY R F  2.25000 2 CCPOIS / Short: SR253014  IRS JPY P V 00MTONAR 1 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   315000000 | OU      | $-251897.84   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR253007  IRS JPY R V 00MTONAR 1 CCPOIS / Short: BR253007  IRS JPY P F  1.00000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  3699000000 | OU      | $628754.43    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                          | Long: BR252979  IRS CAD R V 00MCORRA 1 CCPOIS / Short: BR252979  IRS CAD P F  2.50000 2 CCPOIS             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4300000 | OU      | $2503.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                             | DP World Crescent Ltd                                                                                      | CUSIP: 000000000<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |     2060000 | PA      | $2000131.25   | 0.15%             | 2030-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| QatarEnergy                                       | QatarEnergy                                                                                                | CUSIP: 000000000<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |     2160000 | PA      | $2116432.80   | 0.16%             | 2026-09-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Dunedin Park CLO                                  | Dunedin Park CLO DAC                                                                                       | CUSIP: 000000000<br>LEI: 635400VZKZZW7P5TBL62 | Long             | ABS-CBDO         | CORP              | IE        |     4750000 | PA      | $5582534.88   | 0.41%             | 2034-11-20      | Floating      | 3.03%                 | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds            | Hungary Government International Bonds                                                                     | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     3630000 | PA      | $3698516.25   | 0.27%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds            | Romania Government International Bonds                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1700000 | PA      | $1757800.00   | 0.13%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                  | CVC Cordatus Loan Fund XXXIV DAC                                                                           | CUSIP: 000000000<br>LEI: 635400DVOSHFEKDFWJ26 | Long             | ABS-CBDO         | CORP              | IE        |     2700000 | PA      | $3137006.93   | 0.23%             | 2038-04-20      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| OCP Euro CLO                                      | OCP Euro 2025-12 DAC                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     2900000 | PA      | $3387297.50   | 0.25%             | 2038-01-20      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Tikehau                                           | Tikehau CLO IV DAC                                                                                         | CUSIP: 000000000<br>LEI: 5493003A9LSOVYP56X91 | Long             | ABS-CBDO         | CORP              | IE        |     1700000 | PA      | $1997310.55   | 0.15%             | 2039-10-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                        | Aurium Clo VIII DAC                                                                                        | CUSIP: 000000000<br>LEI: 549300FEAY35HPC4RS38 | Long             | ABS-CBDO         | CORP              | IE        |     2200000 | PA      | $2587130.85   | 0.19%             | 2038-10-16      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| Aqueduct European CLO                             | Aqueduct European Clo 14 DAC                                                                               | CUSIP: 000000000<br>LEI: 2549003MKHH8W6CBWG92 | Long             | ABS-CBDO         | CORP              | IE        |     1500000 | PA      | $1762544.38   | 0.13%             | 2039-01-25      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| Armada Euro CLO                                   | Armada Euro CLO IX DAC                                                                                     | CUSIP: 000000000<br>LEI: 254900H74CRBB8IV8606 | Long             | ABS-CBDO         | CORP              | IE        |     1900000 | PA      | $2231234.35   | 0.16%             | 2039-10-30      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| Bridgepoint CLO                                   | Bridgepoint Clo IX DAC                                                                                     | CUSIP: 000000000<br>LEI: 635400KHJOULRBQMED20 | Long             | ABS-CBDO         | CORP              | IE        |     1775000 | PA      | $2086730.93   | 0.15%             | 2039-10-15      | Floating      | 3.91%                 | No            |                  2 | On Loan: No      |
| Harvest CLO                                       | Harvest CLO XXXVII DAC                                                                                     | CUSIP: 000000000<br>LEI: 635400IUMEGLVCCJWL30 | Long             | ABS-CBDO         | CORP              | IE        |     1850000 | PA      | $2174437.40   | 0.16%             | 2039-01-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                | Arini European Clo VII DAC                                                                                 | CUSIP: 000000000<br>LEI: 635400HLOZDFMPWGCW53 | Long             | ABS-CBDO         | CORP              | IE        |     2150000 | PA      | $2526396.99   | 0.19%             | 2039-01-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Arini European CLO                                | Arini European Clo VII DAC                                                                                 | CUSIP: 000000000<br>LEI: 635400HLOZDFMPWGCW53 | Long             | ABS-CBDO         | CORP              | IE        |     2300000 | PA      | $2686496.25   | 0.20%             | 2039-01-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | ICE 3MTH SONIA FU DEC25                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         257 | NC      | $60229.31     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | ICE 3MTH SONIA FU DEC26                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         262 | NC      | $5661.04      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | ICE 3MTH SONIA FU MAR26                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         244 | NC      | $33228.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | 3MO EURO EURIBOR SEP26                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         204 | NC      | $19238.33     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | 3MO EURO EURIBOR JUN26                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         202 | NC      | $12337.11     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BUND FUTURE MAR26                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          -1 | NC      | $-177.96      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                 | EURO-BUXL 30Y BND MAR26                                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          90 | NC      | $-88902.35    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                 | EURO-OAT FUTURE MAR26                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -193 | NC      | $126691.27    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US LONG BOND(CBT) MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         109 | NC      | $-134500.05   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         161 | NC      | $-82727.77    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US ULTRA BOND CBT MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          20 | NC      | $-30051.54    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 5YR NOTE (CBT) MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -307 | NC      | $214353.37    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 2YR NOTE (CBT) MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        3351 | NC      | $-150011.70   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR ULTRA FUT MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -395 | NC      | $362260.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division  | LONG GILT FUTURE MAR26                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          94 | NC      | $46520.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                               | AUST 3YR BOND FUT MAR26                                                                                    | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         181 | NC      | $-8968.76     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                  | OPS08414A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |     4910000 | NC      | $5921.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | OPS08415A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |    -1440000 | NC      | $-1643.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | OPS08423A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |     4860000 | NC      | $1097.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS08792A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    16000000 | NC      | $41261.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                            | OPS09177A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | DE        |     2650000 | NC      | $1107.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                            | OPS09176A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | DE        |    -1110000 | NC      | $-584.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | OPS09395A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              |  | DE        |    -1478639 | NC      | $-706.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS09423A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |     -850000 | NC      | $-1495.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS09424A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |     3670000 | NC      | $3367.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                            | OPS09471A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |   -31200000 | NC      | $-857.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                            | OPS09496A SWAPTION                                                                                         | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |    15600000 | NC      | $8708.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                            | OPS09497A SWAPTION                                                                                         | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | DE        |    15600000 | NC      | $42.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS09586A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |     -720000 | NC      | $-3878.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS09587A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |     7350000 | NC      | $6074.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                | OPS09788A SWAPTION EUR OTC                                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              |  | DE        |    -1490000 | NC      | $-23433.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                            | OPS09863A SWAPTION USD OTC                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              |  | US        |    10920000 | NC      | $13112.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                            | OPS09936A SWAPTION GBP OTC                                                                                 | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | GB        |     8390000 | NC      | $23248.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Capital, Inc.                            | OPS09937A SWAPTION GBP OTC                                                                                 | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DIR              |  | GB        |    -1950000 | NC      | $-22934.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                       | OPS10039A SWAPTION JPY OTC                                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | JP        |  -697320000 | NC      | $-242807.06   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                       | OPS10038A SWAPTION JPY OTC                                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | JP        |  2280240000 | NC      | $263865.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunac Services Holdings Ltd                       | Sunac Services Holdings Ltd                                                                                | CUSIP: 000000000<br>LEI: 549300K4OFRSVPWF2W77 | Long             | EC               | CORP              | KY        |       22377 | NS      | $4033.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                            | Mexico City Airport Trust                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2040000 | PA      | $1992835.20   | 0.15%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President