GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 9.4%
 

Aerospace & Defense – 0.1%

  1,234      Airbus SE   $          183,388
  551      Axon Enterprise, Inc.*   126,658
  18,616      BAE Systems PLC   246,984
  1,905      Boeing Co.*   441,255
  482      Dassault Aviation SA   95,729
  1,168      General Dynamics Corp.   288,461
  411      HEICO Corp.   70,293
  413      HEICO Corp. Class A   56,750
  3,423      Howmet Aerospace, Inc.   180,050
  822      Huntington Ingalls Industries, Inc.   194,831
  1,317      Kongsberg Gruppen ASA   56,551
  1,201      L3Harris Technologies, Inc.   229,163
  621      Lockheed Martin Corp.   278,065
  13,098      Melrose Industries PLC   85,994
  292      MTU Aero Engines AG   59,840
  290      Northrop Grumman Corp.   137,796
  287      Rheinmetall AG   86,525
  34,744      Rolls-Royce Holdings PLC*   118,563
  2,648      RTX Corp.   215,759
  993      Saab AB Class B   51,030
  1,104      Safran SA   194,113
  7,753      Singapore Technologies Engineering Ltd.   21,505
  4,351      Textron, Inc.   333,548
  732      Thales SA   109,381
  242      TransDigm Group, Inc.   233,015
    

 

     4,095,247

 

 

 

Air Freight & Logistics – 0.1%

  3,167      CH Robinson Worldwide, Inc.   259,853
  11,397      Deutsche Post AG   535,534
  654      DSV AS   98,392
  1,139      Expeditors International of Washington, Inc.   137,067
  1,160      FedEx Corp.   300,243
  2,574      NIPPON EXPRESS HOLDINGS, Inc.   140,412
  716      United Parcel Service, Inc. Class B   108,553
  2,397      Yamato Holdings Co. Ltd.   42,553
    

 

     1,622,607

 

 

 

Automobile Components – 0.0%

  3,958      Aisin Corp.   146,182
  255      Aptiv PLC*   21,124
  6,528      BorgWarner, Inc.   219,928
  2,435      Bridgestone Corp.   100,507
  3,120      Cie Generale des Etablissements Michelin SCA   104,914
  2,964      Denso Corp.   46,516
  826      Lear Corp.   110,478
  9,151      Sumitomo Electric Industries Ltd.   113,645
  6,742      Valeo SE   97,896
    

 

     961,190

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Automobiles – 0.1%

  2,658      Bayerische Motoren Werke AG   $          277,342
  560      Ferrari NV   201,811
  7,160      Ford Motor Co.   73,462
  1,142      General Motors Co.   36,087
  30,966      Honda Motor Co. Ltd.   316,749
  7,352      Isuzu Motors Ltd.   97,599
  17,219      Mazda Motor Corp.   185,408
  3,993      Mercedes-Benz Group AG   259,622
  11,177      Nissan Motor Co. Ltd.   44,365
  1,983      Renault SA   77,930
  17,480      Stellantis NV   379,917
  8,877      Subaru Corp.   158,359
  6,344      Tesla, Inc.*   1,523,068
  16,797      Toyota Motor Corp.   318,905
  44,280      Volvo Car AB Class B*   144,530
  1,521      Yamaha Motor Co. Ltd.   38,992
    

 

     4,134,146

 

 

 

Banks – 0.4%

  7,686      ABN AMRO Bank NV(a)   103,295
  13,897      AIB Group PLC   64,434
  13,219      ANZ Group Holdings Ltd.   212,644
  26,749      Banco Bilbao Vizcaya Argentaria SA   249,014
  65,920      Banco Santander SA   273,254
  5,538      Bank Hapoalim BM   46,787
  14,802      Bank Leumi Le-Israel BM   110,949
  18,726      Bank of America Corp.   570,956
  5,985      Bank of Ireland Group PLC   56,036
  1,831      Bank of Montreal   150,291
  4,114      Bank of Nova Scotia   184,030
  355      Banque Cantonale Vaudoise   43,264
  44,042      Barclays PLC   78,746
  3,274      BNP Paribas SA   205,827
  68,100      BOC Hong Kong Holdings Ltd.   182,080
  15,305      CaixaBank SA   68,936
  3,758      Canadian Imperial Bank of Commerce   155,366
  5,690      Chiba Bank Ltd.   42,698
  7,489      Citigroup, Inc.   345,243
  4,253      Citizens Financial Group, Inc.   115,979
  4,901      Commerzbank AG   59,996
  3,669      Commonwealth Bank of Australia   253,459
  5,700      Concordia Financial Group Ltd.   26,827
  11,764      Credit Agricole SA   154,174
  4,322      Danske Bank AS   111,981
  8,211      DBS Group Holdings Ltd.   195,050
  5,052      DNB Bank ASA   96,311
  3,173      Erste Group Bank AG   128,321
  2,692      Fifth Third Bancorp   77,933
  1,688      FinecoBank Banca Fineco SpA   22,778
  279      First Citizens BancShares, Inc. Class A   409,541
  8,044      First Horizon Corp.   102,883
  1,949      Hang Seng Bank Ltd.   21,544

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  44,767      HSBC Holdings PLC   $          341,948
  7,599      Huntington Bancshares, Inc.   85,565
  14,250      ING Groep NV   200,198
  61,912      Intesa Sanpaolo SpA   178,467
  10,673      Israel Discount Bank Ltd. Class A   51,394
  8,792      Japan Post Bank Co. Ltd.   86,713
  11,332      JPMorgan Chase & Co.   1,768,699
  1,086      KBC Group NV   62,258
  8,952      KeyCorp   110,915
  226,641      Lloyds Banking Group PLC   124,944
  693      M&T Bank Corp.   88,822
  7,853      Mediobanca Banca di Credito Finanziario SpA   92,184
  33,319      Mitsubishi UFJ Financial Group, Inc.   283,900
  2,319      Mizrahi Tefahot Bank Ltd.   82,665
  11,845      Mizuho Financial Group, Inc.   201,006
  8,716      National Australia Bank Ltd.   163,256
  2,335      National Bank of Canada   154,732
  12,835      NatWest Group PLC   33,766
  13,204      Nordea Bank Abp   147,613
  26,306      Oversea-Chinese Banking Corp. Ltd.   246,853
  1,061      PNC Financial Services Group, Inc.   142,132
  3,854      Regions Financial Corp.   64,285
  13,591      Resona Holdings, Inc.   70,796
  4,048      Royal Bank of Canada   365,795
  5,373      Shizuoka Financial Group, Inc.   43,523
  6,726      Skandinaviska Enskilda Banken AB Class A   81,388
  3,420      Societe Generale SA   86,070
  8,661      Standard Chartered PLC   71,697
  6,587      Sumitomo Mitsui Financial Group, Inc.   324,064
  1,849      Sumitomo Mitsui Trust Holdings, Inc.   69,588
  7,513      Svenska Handelsbanken AB Class A   70,992
  5,691      Swedbank AB Class A   104,317
  5,114      Toronto-Dominion Bank   311,826
  5,362      Truist Financial Corp.   172,335
  3,100      U.S. Bancorp   118,172
  5,898      UniCredit SpA   160,867
  8,335      United Overseas Bank Ltd.   170,111
  735      Webster Financial Corp.   32,965
  9,721      Wells Fargo & Co.   433,459
  13,571      Westpac Banking Corp.   191,401
    

 

     12,512,308

 

 

 

Beverages – 0.1%

  2,009      Anheuser-Busch InBev SA   126,432
  3,945      Asahi Group Holdings Ltd.   146,058
  1,373      Brown-Forman Corp. Class B   80,650
  433      Carlsberg AS Class B   53,720

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Beverages – (continued)

  6,581      Coca-Cola Co.   $          384,594
  2,126      Coca-Cola Europacific Partners PLC   128,921
  3,373      Coca-Cola HBC AG   93,720
  734      Constellation Brands, Inc. Class A   176,520
  7,824      Davide Campari-Milano NV   85,456
  3,463      Diageo PLC   121,209
  1,572      Heineken Holding NV   122,287
  872      Heineken NV   79,825
  3,319      Keurig Dr Pepper, Inc.   104,781
  4,412      Kirin Holdings Co. Ltd.   62,370
  6,953      Molson Coors Beverage Co. Class B   427,888
  4,774      Monster Beverage Corp.*   263,286
  5,681      PepsiCo, Inc.   956,055
  446      Pernod Ricard SA   77,051
  186      Remy Cointreau SA   22,107
  2,191      Suntory Beverage & Food Ltd.   68,985
  5,431      Treasury Wine Estates Ltd.   38,409
    

 

     3,620,324

 

 

 

Biotechnology – 0.2%

  7,234      AbbVie, Inc.   1,030,049
  125      Alnylam Pharmaceuticals, Inc.*   21,031
  1,327      Amgen, Inc.   357,812
  1,261      Biogen, Inc.*   295,175
  670      BioMarin Pharmaceutical, Inc.*   61,024
  499      CSL Ltd.   86,580
  1,435      Exact Sciences Corp.*   91,840
  554      Genmab AS*   174,241
  7,496      Gilead Sciences, Inc.   574,194
  7,214      Incyte Corp.*   392,009
  234      Moderna, Inc.*   18,182
  536      Neurocrine Biosciences, Inc.*   62,492
  541      Regeneron Pharmaceuticals, Inc.*   445,681
  1,317      Seagen, Inc.*   280,798
  6,694      Swedish Orphan Biovitrum AB*   159,067
  812      United Therapeutics Corp.*   194,880
  1,224      Vertex Pharmaceuticals, Inc.*   434,287
    

 

     4,679,342

 

 

 

Broadline Retail – 0.2%

  32,405      Amazon.com, Inc.*   4,734,047
  550      Canadian Tire Corp. Ltd. Class A   57,211
  3,134      Dollarama, Inc.   227,610
  4,836      eBay, Inc.   198,324
  5,962      Etsy, Inc.*   451,979
  135      MercadoLibre, Inc.*   218,762
  3,415      Next PLC   342,701
  1,048      Pan Pacific International Holdings Corp.   22,704
  1,187      Prosus NV   39,244
  8,490      Wesfarmers Ltd.   295,330
    

 

     6,587,912

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Building Products – 0.1%

  2,256      A O Smith Corp.   $          170,012
  1,485      AGC, Inc.   53,952
  357      Allegion PLC   37,874
  1,075      Assa Abloy AB Class B   27,542
  4,655      Builders FirstSource, Inc.*   624,282
  543      Carlisle Cos., Inc.   152,263
  2,904      Carrier Global Corp.   150,892
  4,718      Cie de Saint-Gobain SA   307,594
  191      Daikin Industries Ltd.   28,520
  3,698      Fortune Brands Innovations, Inc.   253,054
  384      Geberit AG   215,429
  2,193      Johnson Controls International PLC   115,790
  365      Kingspan Group PLC   29,005
  709      Lennox International, Inc.   288,322
  5,174      Masco Corp.   313,286
  2,939      Owens Corning   398,470
  1,148      ROCKWOOL AS Class B   310,390
  864      Trane Technologies PLC   194,754
    

 

     3,671,431

 

 

 

Capital Markets – 0.2%

  8,970      3i Group PLC   253,695
  18,543      Abrdn PLC   38,273
  1,332      Ameriprise Financial, Inc.   470,875
  518      Amundi SA(a)   31,930
  974      ARES Management Corp. Class A   109,332
  700      ASX Ltd.   26,843
  6,026      Bank of New York Mellon Corp.   291,176
  128      BlackRock, Inc.   96,157
  351      Blackstone, Inc.   39,442
  813      Brookfield Asset Management Ltd. Class A   28,465
  494      Brookfield Corp.   17,424
  376      Carlyle Group, Inc.   12,889
  1,211      Cboe Global Markets, Inc.   220,632
  2,522      Charles Schwab Corp.   154,649
  1,031      CME Group, Inc.   225,129
  477      Coinbase Global, Inc. Class A*   59,491
  12,889      Daiwa Securities Group, Inc.   83,337
  18,324      Deutsche Bank AG   228,286
  505      Deutsche Boerse AG   96,005
  320      Euronext NV(a)   26,564
  638      FactSet Research Systems, Inc.   289,307
  4,434      Franklin Resources, Inc.   109,963
  21,486      Hargreaves Lansdown PLC   195,262
  2,318      Hong Kong Exchanges & Clearing Ltd.   82,063
  1,077      IGM Financial, Inc.   26,739
  1,621      Intercontinental Exchange, Inc.   184,535
  16,439      Invesco Ltd.   234,585
  2,716      Japan Exchange Group, Inc.   55,440
  521      Julius Baer Group Ltd.   26,362
  372      KKR & Co., Inc.   28,212

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Capital Markets – (continued)

  788      London Stock Exchange Group PLC   $            88,834
  1,281      LPL Financial Holdings, Inc.   284,766
  888      Macquarie Group Ltd.   98,920
  90      MarketAxess Holdings, Inc.   21,611
  1,373      Moody’s Corp.   501,090
  4,469      Morgan Stanley   354,570
  75      MSCI, Inc.   39,064
  1,831      Nasdaq, Inc.   102,243
  10,136      Nomura Holdings, Inc.   41,509
  2,033      Northern Trust Corp.   161,115
  148      Partners Group Holding AG   195,137
  1,351      Raymond James Financial, Inc.   142,058
  4,587      Robinhood Markets, Inc. Class A*   40,366
  322      S&P Global, Inc.   133,897
  1,726      SBI Holdings, Inc.   37,444
  3,794      Schroders PLC   19,316
  1,766      SEI Investments Co.   103,611
  27,688      Singapore Exchange Ltd.   195,432
  5,693      St. James’s Place PLC   46,735
  3,635      State Street Corp.   264,701
  917      T Rowe Price Group, Inc.   91,819
  1,975      TMX Group Ltd.   42,645
  1,048      Tradeweb Markets, Inc. Class A   101,551
  12,686      UBS Group AG   358,476
    

 

     7,209,972

 

 

 

Chemicals – 0.2%

  1,370      Air Liquide SA   259,725
  604      Air Products & Chemicals, Inc.   163,412
  893      Akzo Nobel NV   68,741
  185      Albemarle Corp.   22,435
  1,073      Arkema SA   109,186
  1,349      BASF SE   62,752
  750      Celanese Corp.   103,995
  1,502      CF Industries Holdings, Inc.   112,875
  2,453      Clariant AG   36,732
  1,226      Corteva, Inc.   55,415
  754      Covestro AG*(a)   39,650
  218      Croda International PLC   12,368
  4,920      Dow, Inc.   254,610
  585      DSM-Firmenich AG   55,279
  2,083      DuPont de Nemours, Inc.   149,018
  229      Eastman Chemical Co.   19,197
  307      Ecolab, Inc.   58,861
  184      EMS-Chemie Holding AG   130,459
  4,347      Evonik Industries AG   81,291
  410      FMC Corp.   22,001
  11      Givaudan SA   41,166
  8,551      ICL Group Ltd. Class G   43,073
  1,230      Linde PLC   508,937
  2,029      LyondellBasell Industries NV Class A   192,958
  33,126      Mitsubishi Chemical Group Corp.   217,214
  6,623      Mosaic Co.   237,699

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Chemicals – (continued)

  2,221      Nippon Sanso Holdings Corp.   $            58,377
  264      Nitto Denko Corp.   18,761
  898      Novozymes AS Class B   46,567
  3,203      Nutrien Ltd.   171,321
  3,168      Orica Ltd.   32,605
  309      PPG Industries, Inc.   43,875
  831      RPM International, Inc.   85,535
  1,156      Sherwin-Williams Co.   322,293
  3,434      Shin-Etsu Chemical Co. Ltd.   121,047
  137      Sika AG   37,230
  1,504      Solvay SA   174,223
  8,369      Sumitomo Chemical Co. Ltd.   21,371
  309      Symrise AG   34,782
  6,885      Toray Industries, Inc.   35,697
  1,830      Tosoh Corp.   24,346
  2,009      Westlake Corp.   257,935
  1,133      Yara International ASA   38,437
    

 

     4,583,451

 

 

 

Commerical Services & Supplies – 0.1%

  10,790      Brambles Ltd.   95,088
  796      Cintas Corp.   440,387
  4,726      Copart, Inc.*   237,340
  1,352      Element Fleet Management Corp.   21,780
  7,952      Rentokil Initial PLC   43,183
  1,120      Republic Services, Inc.   181,261
  9,379      Rollins, Inc.   382,101
  1,039      Secom Co. Ltd.   72,221
  9,268      Securitas AB Class B   83,431
  2,998      TOPPAN Holdings, Inc.   70,205
  477      Veralto Corp.*   36,848
  659      Waste Connections, Inc.   89,288
  807      Waste Management, Inc.   137,989
    

 

     1,891,122

 

 

 

Communications Equipment – 0.1%

  1,021      Arista Networks, Inc.*   224,324
  15,997      Cisco Systems, Inc.   773,935
  1,010      F5, Inc.*   172,902
  4,405      Juniper Networks, Inc.   125,322
  837      Motorola Solutions, Inc.   270,242
  6,152      Nokia OYJ   21,577
  6,541      Telefonaktiebolaget LM Ericsson Class B   32,345
    

 

     1,620,647

 

 

 

Construction & Engineering – 0.1%

  7,430      ACS Actividades de Construccion y Servicios SA   296,994
  3,388      AECOM   301,058
  2,026      Bouygues SA   77,093
  2,402      Eiffage SA   243,516
  2,377      Ferrovial SE   82,207
  3,803      Kajima Corp.   60,121
  12,099      Obayashi Corp.   102,077

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Construction & Engineering – (continued)

  827      Quanta Services, Inc.   $          155,732
  10,291      Shimizu Corp.   67,647
  2,676      Taisei Corp.   91,000
  2,647      Vinci SA   323,842
  3,004      WSP Global, Inc.   415,816
    

 

     2,217,103

 

 

 

Construction Materials – 0.0%

  2,013      Heidelberg Materials AG   164,320
  3,822      Holcim AG   281,145
  2,914      James Hardie Industries PLC*   93,057
  279      Martin Marietta Materials, Inc.   129,621
  753      Vulcan Materials Co.   160,811
    

 

     828,954

 

 

 

Consumer Finance – 0.1%

  10,242      Ally Financial, Inc.   299,271
  1,675      American Express Co.   286,040
  3,236      Capital One Financial Corp.   361,332
  4,234      Discover Financial Services   393,762
  1      Isracard Ltd.   3
  8,842      Synchrony Financial   286,127
    

 

     1,626,535

 

 

 

Consumer Staples Distribution & Retail – 0.3%

  3,922      Aeon Co. Ltd.   81,120
  19,151      Albertsons Cos., Inc. Class A   416,917
  3,664      Alimentation Couche-Tard, Inc.   208,993
  12,508      Carrefour SA   237,149
  27,112      Coles Group Ltd.   274,377
  1,525      Costco Wholesale Corp.   903,928
  1,125      Dollar General Corp.   147,510
  1,919      Dollar Tree, Inc.*   237,169
  12,507      Empire Co. Ltd. Class A   339,923
  9,350      Endeavour Group Ltd.   30,420
  1,837      George Weston Ltd.   215,453
  10,177      HelloFresh SE*   156,052
  94,961      J Sainsbury PLC   343,143
  12,449      Jeronimo Martins SGPS SA   308,032
  925      Kesko OYJ Class B   17,693
  18,043      Koninklijke Ahold Delhaize NV   522,517
  15,716      Kroger Co.   695,747
  3,797      Loblaw Cos. Ltd.   327,388
  7,542      MatsukiyoCocokara & Co.   130,293
  1,273      Metro, Inc.   63,802
  4,719      Seven & i Holdings Co. Ltd.   181,196
  7,089      Sysco Corp.   511,613
  2,639      Target Corp.   353,125
  91,250      Tesco PLC   329,778
  4,090      Walgreens Boots Alliance, Inc.   81,555
  8,477      Walmart, Inc.   1,319,784
  12,316      Welcia Holdings Co. Ltd.   214,849
  13,801      Woolworths Group Ltd.   318,117
    

 

     8,967,643

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Containers & Packaging – 0.0%

  6,148      Amcor PLC   $            58,283
  290      Avery Dennison Corp.   56,405
  268      Ball Corp.   14,818
  591      CCL Industries, Inc. Class B   24,359
  3,364      International Paper Co.   124,266
  460      Packaging Corp. of America   77,285
  672      Sealed Air Corp.   22,431
  1,807      Smurfit Kappa Group PLC   68,652
  5,822      Westrock Co.   239,692
    

 

     686,191

 

 

 

Distributors – 0.0%

  93      D’ieteren Group   15,892
  2,228      Genuine Parts Co.   295,834
  7,164      LKQ Corp.   319,013
  644      Pool Corp.   223,674
    

 

     854,413

 

 

 

Diversified Consumer Services – 0.0%

  10,353      IDP Education Ltd.   154,884
  2,938      Pearson PLC   34,852
    

 

     189,736

 

 

 

Diversified REITs – 0.0%

  15      Daiwa House REIT Investment Corp.   26,710
  9,861      GPT Group   26,807
  26      Nomura Real Estate Master Fund, Inc.   29,780
  22,092      Stockland   60,204
  966      WP Carey, Inc.   60,124
    

 

     203,625

 

 

 

Diversified Telecommunication Services – 0.1%

  31,356      AT&T, Inc.   519,569
  646      BCE, Inc.   25,436
  7,991      BT Group PLC   12,421
  427      Cellnex Telecom SA*(a)   16,302
  15,925      Deutsche Telekom AG   381,695
  1,015      Elisa OYJ   45,386
  37,703      HKT Trust & HKT Ltd.   40,219
  4,199      Infrastrutture Wireless Italiane SpA(a)   51,924
  24,369      Koninklijke KPN NV   83,472
  14,835      Liberty Global Ltd. Class C*   249,821
  262,250      Nippon Telegraph & Telephone Corp.   306,897
  7,333      Orange SA   90,349
  2,251      Quebecor, Inc. Class B   49,949
  20,647      Singapore Telecommunications Ltd.   35,523
  25,800      Spark New Zealand Ltd.   82,296
  177      Swisscom AG   103,365
  64,042      Telefonica Deutschland Holding AG   164,179

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Diversified Telecommunication Services – (continued)

  59,624      Telefonica SA   $          257,114
  3,393      Telenor ASA   36,516
  32,052      Telia Co. AB   76,036
  38,670      Telstra Group Ltd.   97,713
  1,933      TELUS Corp.   34,587
  10,626      Verizon Communications, Inc.   407,295
    

 

     3,168,064

 

 

 

Electric Utilities – 0.1%

  174      Acciona SA   24,560
  1,235      Alliant Energy Corp.   62,454
  982      American Electric Power Co., Inc.   78,118
  604      BKW AG   106,493
  5,899      Chubu Electric Power Co., Inc.   72,879
  3,877      CK Infrastructure Holdings Ltd.   19,199
  8,127      CLP Holdings Ltd.   63,171
  966      Constellation Energy Corp.   116,925
  1,110      Duke Energy Corp.   102,431
  1,262      Edison International   84,541
  7,848      EDP - Energias de Portugal SA   37,533
  216      Elia Group SA   23,410
  688      Emera, Inc.   24,180
  2,462      Endesa SA   51,498
  26,926      Enel SpA   190,282
  689      Entergy Corp.   69,871
  1,289      Evergy, Inc.   65,790
  943      Eversource Energy   56,024
  1,954      Exelon Corp.   75,248
  1,919      FirstEnergy Corp.   70,888
  859      Fortis, Inc.   34,412
  2,391      Hydro One Ltd.(a)   66,464
  14,379      Iberdrola SA   177,710
  5,127      Kansai Electric Power Co., Inc.   68,458
  1,916      NextEra Energy, Inc.   112,105
  363      NRG Energy, Inc.   17,366
  5,232      Origin Energy Ltd.   28,543
  10,321      PG&E Corp.*   177,212
  7,944      Power Assets Holdings Ltd.   41,442
  2,923      PPL Corp.   76,349
  3,207      Redeia Corp. SA   53,756
  1,497      Southern Co.   106,257
  3,352      SSE PLC   77,667
  5,040      Terna - Rete Elettrica Nazionale   40,608
  1,217      Xcel Energy, Inc.   74,042
    

 

     2,547,886

 

 

 

Electrical Equipment – 0.1%

  4,207      ABB Ltd.   167,306
  1,312      AMETEK, Inc.   203,662
  1,320      Eaton Corp. PLC   300,551
  1,844      Emerson Electric Co.   163,932
  381      Hubbell, Inc.   114,300
  1,012      Legrand SA   97,606
  7,512      Mitsubishi Electric Corp.   101,757
  2,300      Prysmian SpA   88,719

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electrical Equipment – (continued)

  494      Rockwell Automation, Inc.   $          136,067
  1,034      Schneider Electric SE   190,310
  6,723      Sensata Technologies Holding PLC   218,565
  15,376      Siemens Energy AG*   181,666
    

 

     1,964,441

 

 

 

Electronic Equipment, Instruments & Components – 0.1%

  1,711      Amphenol Corp. Class A   155,684
  2,774      Arrow Electronics, Inc.*   328,885
  496      Azbil Corp.   16,019
  864      CDW Corp.   182,200
  1,727      Cognex Corp.   65,108
  2,961      Corning, Inc.   84,359
  832      Halma PLC   22,454
  640      Hamamatsu Photonics KK   25,306
  1,560      Hexagon AB Class B   15,625
  200      Hirose Electric Co. Ltd.   22,402
  2,925      Jabil, Inc.   337,311
  233      Keyence Corp.   99,774
  1,440      Keysight Technologies, Inc.*   195,682
  801      Kyocera Corp.   44,355
  1,578      Murata Manufacturing Co. Ltd.   30,664
  626      Omron Corp.   26,245
  887      TE Connectivity Ltd.   116,197
  248      Teledyne Technologies, Inc.*   99,934
  899      Trimble, Inc.*   41,714
  1,037      Yokogawa Electric Corp.   19,678
  391      Zebra Technologies Corp. Class A*   92,659
    

 

     2,022,255

 

 

 

Energy Equipment & Services – 0.0%

  4,052      Baker Hughes Co.   136,755
  2,273      Halliburton Co.   84,169
  3,836      Schlumberger NV   199,625
  4,196      Tenaris SA   72,393
    

 

     492,942

 

 

 

Entertainment – 0.1%

  27,581      Bollore SE   157,788
  5,122      Capcom Co. Ltd.   171,900
  2,039      Electronic Arts, Inc.   281,402
  1,313      Liberty Media Corp.-Liberty Formula One Class C*   83,586
  1,232      Live Nation Entertainment, Inc.*   103,759
  1,042      Netflix, Inc.*   493,877
  2,411      Nintendo Co. Ltd.   112,383
  745      ROBLOX Corp. Class A*   29,286
  277      Roku, Inc.*   28,863
  1,496      Square Enix Holdings Co. Ltd.   51,902
  719      Take-Two Interactive Software, Inc.*   113,746
  815      Toho Co. Ltd.   28,244
  1,222      Universal Music Group NV   32,286

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – (continued)

  2,818      Walt Disney Co.*   $          261,200
  31,199      Warner Bros Discovery, Inc.*   326,030
    

 

     2,276,252

 

 

 

Financial Services – 0.3%

  1,894      Apollo Global Management, Inc.   174,248
  4,859      Berkshire Hathaway, Inc. Class B*   1,749,240
  222      Block, Inc.*   14,081
  1,670      Edenred SE   90,960
  17,051      Equitable Holdings, Inc.   523,295
  3,157      Eurazeo SE   237,234
  2,823      EXOR NV   275,059
  318      Fidelity National Information Services, Inc.   18,648
  1,922      Fiserv, Inc.*   251,032
  663      FleetCor Technologies, Inc.*   159,452
  270      Global Payments, Inc.   31,439
  540      Groupe Bruxelles Lambert NV   42,856
  3,621      Industrivarden AB Class A   108,951
  3,953      Industrivarden AB Class C   119,080
  9,968      Investor AB Class B   207,095
  593      Jack Henry & Associates, Inc.   94,103
  766      L E Lundbergforetagen AB Class B   37,282
  3,134      Mastercard, Inc. Class A   1,296,943
  17,480      Mitsubishi HC Capital, Inc.   114,023
  4,094      ORIX Corp.   74,793
  545      PayPal Holdings, Inc.*   31,397
  2,692      Toast, Inc. Class A*   40,030
  5,447      Visa, Inc. Class A   1,398,136
  5,171      Washington H Soul Pattinson & Co. Ltd.   114,205
  1,249      Wendel SE   105,765
  4,345      Wise PLC Class A*   42,983
    

 

     7,352,330

 

 

 

Food Products – 0.1%

  3,853      Ajinomoto Co., Inc.   143,844
  4,389      Archer-Daniels-Midland Co.   323,601
  4,312      Associated British Foods PLC   129,852
  36      Barry Callebaut AG   59,994
  511      Bunge Global SA   56,144
  1,923      Campbell Soup Co.   77,266
  5      Chocoladefabriken Lindt & Spruengli AG   61,824
  3,366      Conagra Brands, Inc.   95,224
  2,130      Danone SA   136,965
  1,973      Darling Ingredients, Inc.*   86,556
  2,938      General Mills, Inc.   187,033
  1,246      Hershey Co.   234,148
  2,561      Hormel Foods Corp.   78,341
  1,716      J M Smucker Co.   188,297
  3,735      JDE Peet’s NV   100,094
  253      Kerry Group PLC Class A   20,478
  531      Kikkoman Corp.   32,611

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Food Products – (continued)

  6,058      Kraft Heinz Co.   $          212,696
  1,855      Lamb Weston Holdings, Inc.   185,556
  957      McCormick & Co., Inc.   62,042
  1,940      MEIJI Holdings Co. Ltd.   44,939
  4,850      Mondelez International, Inc. Class A   344,641
  5,662      Nestle SA   644,271
  895      Nissin Foods Holdings Co. Ltd.   88,907
  5,489      Orkla ASA   40,504
  2,991      Saputo, Inc.   58,147
  3,643      Tyson Foods, Inc. Class A   170,638
  421,917      WH Group Ltd.(a)   270,987
  69,845      Wilmar International Ltd.   189,483
  1,972      Yakult Honsha Co. Ltd.   44,090
    

 

     4,369,173

 

 

 

Gas Utilities – 0.0%

  673      AltaGas Ltd.   13,689
  5,034      APA Group   28,331
  651      Atmos Energy Corp.   74,090
  2,429      Enagas SA   44,456
  47,777      Hong Kong & China Gas Co. Ltd.   32,802
  4,932      Naturgy Energy Group SA   147,162
  1,474      Osaka Gas Co. Ltd.   28,726
  8,515      Snam SpA   42,905
  8,789      Tokyo Gas Co. Ltd.   203,774
    

 

     615,935

 

 

 

Ground Transportation – 0.1%

  13,874      Aurizon Holdings Ltd.   32,363
  614      Canadian National Railway Co.   71,248
  815      Canadian Pacific Kansas City Ltd.   58,674
  2,245      Central Japan Railway Co.   53,858
  2,708      CSX Corp.   87,468
  1,222      East Japan Railway Co.   66,004
  1,964      Hankyu Hanshin Holdings, Inc.   59,375
  203      JB Hunt Transport Services, Inc.   37,610
  1,593      Keisei Electric Railway Co. Ltd.   64,168
  2,734      Kintetsu Group Holdings Co. Ltd.   76,556
  3,995      Knight-Swift Transportation Holdings, Inc.   214,851
  12,599      MTR Corp. Ltd.   45,161
  382      Norfolk Southern Corp.   83,337
  447      Old Dominion Freight Line, Inc.   173,910
  182      TFI International, Inc.   21,535
  2,306      Tobu Railway Co. Ltd.   56,986
  3,455      Tokyu Corp.   40,524
  4,127      Uber Technologies, Inc.*   232,680
  622      U-Haul Holding Co.   33,681
  533      Union Pacific Corp.   120,069
  680      West Japan Railway Co.   26,875
    

 

     1,656,933

 

 

 

Health Care Equipment & Supplies – 0.2%

  3,607      Abbott Laboratories   376,174

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – (continued)

  456      Alcon, Inc.   $            34,396
  412      Align Technology, Inc.*   88,086
  1,170      Asahi Intecc Co. Ltd.   22,699
  1,106      Baxter International, Inc.   39,904
  576      Becton Dickinson & Co.   136,040
  1,057      BioMerieux   113,851
  5,525      Boston Scientific Corp.*   308,792
  405      Carl Zeiss Meditec AG   36,368
  1,430      Cochlear Ltd.   257,910
  1,615      Coloplast AS Class B   190,566
  265      Cooper Cos., Inc.   89,284
  4,327      Demant AS*   183,511
  1,268      DENTSPLY SIRONA, Inc.   40,259
  1,017      Dexcom, Inc.*   117,484
  3,371      Edwards Lifesciences Corp.*   228,250
  626      EssilorLuxottica SA   119,533
  9,950      Fisher & Paykel Healthcare Corp. Ltd.   144,562
  1,068      GE HealthCare Technologies, Inc.   73,115
  1,296      Hologic, Inc.*   92,405
  2,216      Hoya Corp.   249,248
  1,124      IDEXX Laboratories, Inc.*   523,582
  141      Insulet Corp.*   26,662
  845      Intuitive Surgical, Inc.*   262,660
  1,577      Medtronic PLC   125,009
  6,374      Olympus Corp.   93,568
  679      ResMed, Inc.   107,099
  461      Siemens Healthineers AG(a)   26,609
  10,605      Smith & Nephew PLC   137,480
  307      Sonova Holding AG   88,635
  230      STERIS PLC   46,216
  1,190      Straumann Holding AG   163,657
  961      Stryker Corp.   284,773
  1,698      Sysmex Corp.   93,928
  157      Teleflex, Inc.   35,433
  705      Terumo Corp.   22,509
  1,405      Zimmer Biomet Holdings, Inc.   163,415
    

 

     5,143,672

 

 

 

Health Care Providers & Services – 0.2%

  3,044      Cardinal Health, Inc.   325,952
  1,793      Cencora, Inc.   364,642
  5,121      Centene Corp.*   377,315
  1,735      Cigna Group   456,097
  6,589      CVS Health Corp.   447,723
  1,814      DaVita, Inc.*   184,048
  1,206      EBOS Group Ltd.   27,450
  1,012      Elevance Health, Inc.   485,244
  4,752      Fresenius Medical Care AG & Co. KGaA   195,149
  6,150      Fresenius SE & Co. KGaA   195,292
  817      HCA Healthcare, Inc.   204,642
  3,162      Henry Schein, Inc.*   211,000
  804      Humana, Inc.   389,827

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Providers & Services – (continued)

  1,128      Laboratory Corp. of America Holdings   $          244,675
  1,166      McKesson Corp.   548,673
  489      Molina Healthcare, Inc.*   178,759
  1,559      Quest Diagnostics, Inc.   213,942
  4,558      Sonic Healthcare Ltd.   88,202
  3,289      UnitedHealth Group, Inc.   1,818,718
  1,437      Universal Health Services, Inc. Class B   197,559
    

 

     7,154,909

 

 

 

Health Care REITs – 0.0%

  2,187      Healthcare Realty Trust, Inc.   33,395
  1,735      Healthpeak Properties, Inc.   30,050
  852      Ventas, Inc.   39,056
  838      Welltower, Inc.   74,666
    

 

     177,167

 

 

 

Health Care Technology* – 0.0%

  580      Contra Abiomed, Inc.(b)   592
  313      Veeva Systems, Inc. Class A   54,559
    

 

     55,151

 

 

 

Hotel & Resort REITs – 0.0%

  14,795      Host Hotels & Resorts, Inc.   258,469

 

 

 

Hotels, Restaurants & Leisure – 0.2%

  1,922      Accor SA   66,827
  764      Airbnb, Inc. Class A*   96,524
  1,241      Amadeus IT Group SA   85,203
  1,733      Aramark   48,541
  3,089      Aristocrat Leisure Ltd.   82,667
  245      Booking Holdings, Inc.*   765,796
  2,991      Caesars Entertainment, Inc.*   133,758
  7,080      Carnival Corp.*   106,625
  75      Chipotle Mexican Grill, Inc.*   165,169
  7,342      Compass Group PLC   185,873
  1,302      Darden Restaurants, Inc.   203,724
  1,090      Domino’s Pizza, Inc.   428,250
  801      DoorDash, Inc. Class A*   75,278
  3,786      DraftKings, Inc. Class A*   144,777
  935      Entain PLC   9,489
  493      Evolution AB(a)   51,075
  2,005      Expedia Group, Inc.*   273,041
  313      Flutter Entertainment PLC*   48,841
  4,171      Galaxy Entertainment Group Ltd.   21,577
  103,247      Genting Singapore Ltd.   70,617
  846      Hilton Worldwide Holdings, Inc.   141,722
  817      Hyatt Hotels Corp. Class A   93,759
  1,254      InterContinental Hotels Group PLC   97,241
  6,968      La Francaise des Jeux SAEM(a)   252,145
  2,153      Las Vegas Sands Corp.   99,296
  98,811      Lottery Corp. Ltd.   299,945
  938      Marriott International, Inc. Class A   190,133
  1,889      McDonald’s Corp.   532,396

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hotels, Restaurants & Leisure – (continued)

  2,285      McDonald’s Holdings Co. Japan Ltd.   $            97,269
  6,047      MGM Resorts International   238,494
  3,495      Oriental Land Co. Ltd.   118,722
  562      Restaurant Brands International, Inc.   39,971
  1,433      Royal Caribbean Cruises Ltd.*   153,990
  6,879      Sands China Ltd.*   16,871
  490      Sodexo SA   52,509
  2,809      Starbucks Corp.   278,934
  237      Vail Resorts, Inc.   51,502
  1,802      Whitbread PLC   70,457
  1,102      Wynn Resorts Ltd.   93,031
  4,031      Yum! Brands, Inc.   506,092
  5,746      Zensho Holdings Co. Ltd.   318,731
    

 

     6,806,862

 

 

 

Household Durables – 0.1%

  23,110      Barratt Developments PLC   150,270
  2,865      Berkeley Group Holdings PLC   168,133
  2,397      DR Horton, Inc.   306,025
  956      Garmin Ltd.   116,861
  2,465      Iida Group Holdings Co. Ltd.   36,970
  3,537      Lennar Corp. Class A   452,453
  2,657      Mohawk Industries, Inc.*   234,640
  38      NVR, Inc.*   233,905
  16,986      Panasonic Holdings Corp.   175,025
  4,937      Persimmon PLC   78,222
  3,825      PulteGroup, Inc.   338,206
  1,672      SEB SA   190,621
  4,571      Sekisui Chemical Co. Ltd.   64,965
  4,687      Sekisui House Ltd.   95,968
  1,454      Sony Group Corp.   125,031
  14,283      Taylor Wimpey PLC   23,410
  688      Whirlpool Corp.   74,923
    

 

     2,865,628

 

 

 

Household Products – 0.1%

  2,035      Church & Dwight Co., Inc.   196,642
  1,821      Clorox Co.   261,040
  7,130      Colgate-Palmolive Co.   561,630
  4,218      Essity AB Class B   105,523
  1,009      Henkel AG & Co. KGaA   70,502
  1,445      Kimberly-Clark Corp.   178,790
  6,810      Procter & Gamble Co.   1,045,471
  1,266      Reckitt Benckiser Group PLC   86,426
  1,146      Unicharm Corp.   36,826
    

 

     2,542,850

 

 

 

Independent Power and Renewable Electricity Producers – 0.0%

  1,443      AES Corp.   24,834
  700      Corp. ACCIONA Energias Renovables SA   20,784
  3,883      Northland Power, Inc.   63,126
  1,378      RWE AG   59,067

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Independent Power and Renewable Electricity Producers – (continued)

  19,009      Vistra Corp.   $          673,109
    

 

     840,920

 

 

 

Industrial Conglomerates – 0.1%

  990      3M Co.   98,079
  44,997      CK Hutchison Holdings Ltd.   225,751
  3,762      DCC PLC   254,326
  4,650      General Electric Co.   566,370
  195      Hikari Tsushin, Inc.   30,244
  3,116      Hitachi Ltd.   216,660
  1,116      Honeywell International, Inc.   218,647
  8,284      Jardine Cycle & Carriage Ltd.   176,731
  5,354      Jardine Matheson Holdings Ltd.   207,358
  14,893      Keppel Corp. Ltd.   74,294
  1,938      Siemens AG   325,550
  3,492      Smiths Group PLC   72,860
    

 

     2,466,870

 

 

 

Industrial REITs – 0.0%

  21      GLP J-Reit   19,813
  1,410      Goodman Group   21,184
  13      Nippon Prologis REIT, Inc.   24,605
  635      Prologis, Inc.   72,981
    

 

     138,583

 

 

 

Insurance – 0.4%

  6,908      Admiral Group PLC   236,032
  3,927      Aflac, Inc.   324,802
  3,527      Ageas SA   151,900
  11,216      AIA Group Ltd.   96,425
  1,566      Allianz SE   393,758
  463      Allstate Corp.   63,834
  1,081      American Financial Group, Inc.   123,656
  5,048      American International Group, Inc.   332,209
  1,748      Aon PLC Class A   574,201
  3,046      Arch Capital Group Ltd.*   254,920
  1,091      Arthur J Gallagher & Co.   271,659
  1,055      ASR Nederland NV   48,639
  15,057      Assicurazioni Generali SpA   311,826
  525      Assurant, Inc.   88,211
  6,106      Aviva PLC   32,239
  8,499      AXA SA   265,002
  842      Baloise Holding AG   128,940
  1,733      Brown & Brown, Inc.   129,524
  1,326      Chubb Ltd.   304,224
  429      Cincinnati Financial Corp.   44,097
  2,532      Dai-ichi Life Holdings, Inc.   53,080
  440      Erie Indemnity Co. Class A   130,082
  612      Everest Group Ltd.   251,257
  239      Fairfax Financial Holdings Ltd.   219,682
  3,596      Fidelity National Financial, Inc.   161,245
  4,181      Gjensidige Forsikring ASA   70,559
  1,265      Globe Life, Inc.   155,759
  4,402      Great-West Lifeco, Inc.   140,694
  548      Hannover Rueck SE   130,788

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Insurance – (continued)

  2,895      Hartford Financial Services Group, Inc.   $          226,273
  856      Helvetia Holding AG   117,090
  2,804      iA Financial Corp., Inc.   187,236
  25,844      Insurance Australia Group Ltd.   101,483
  739      Intact Financial Corp.   114,530
  16,408      Japan Post Holdings Co. Ltd.   144,970
  6,211      Japan Post Insurance Co. Ltd.   116,746
  44,106      Legal & General Group PLC   128,181
  4,070      Loews Corp.   286,080
  10,513      Manulife Financial Corp.   205,929
  171      Markel Group, Inc.*   246,084
  2,195      Marsh & McLennan Cos., Inc.   437,727
  17,262      Medibank Pvt Ltd.   39,466
  3,382      MetLife, Inc.   215,197
  2,143      MS&AD Insurance Group Holdings, Inc.   80,687
  669      Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen   284,953
  3,288      NN Group NV   125,483
  5,366      Phoenix Group Holdings PLC   31,617
  19,888      Poste Italiane SpA(a)   214,350
  8,066      Power Corp. of Canada   223,205
  4,297      Principal Financial Group, Inc.   317,248
  1,774      Progressive Corp.   290,989
  1,665      Prudential Financial, Inc.   162,804
  2,441      Prudential PLC   26,698
  10,753      QBE Insurance Group Ltd.   109,411
  1,360      Sampo OYJ Class A   59,477
  1,102      Sompo Holdings, Inc.   50,552
  2,152      Sun Life Financial, Inc.   108,667
  19,612      Suncorp Group Ltd.   181,061
  237      Swiss Life Holding AG   152,192
  554      Swiss Re AG   65,428
  3,106      T&D Holdings, Inc.   46,215
  2,431      Talanx AG   176,430
  4,749      Tokio Marine Holdings, Inc.   117,595
  952      Travelers Cos., Inc.   171,950
  3,375      Tryg AS   72,830
  1,527      W R Berkley Corp.   110,784
  505      Willis Towers Watson PLC   124,381
  358      Zurich Insurance Group AG   179,364
    

 

     11,540,607

 

 

 

Interactive Media & Services – 0.3%

  19,787      Alphabet, Inc. Class C*   2,649,875
  22,179      Alphabet, Inc. Class A*   2,939,383
  45,384      Auto Trader Group PLC(a)   416,260
  4,774      Match Group, Inc.*   154,582
  8,529      Meta Platforms, Inc. Class A*   2,790,263
  12,862      Pinterest, Inc. Class A*   438,208
  1,110      REA Group Ltd.   113,835
  184      Scout24 SE(a)   12,821

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Interactive Media & Services – (continued)

  5,944      Snap, Inc. Class A*   $            82,206
    

 

     9,597,433

 

 

 

IT Services – 0.2%

  2,499      Accenture PLC Class A   832,517
  2,781      Akamai Technologies, Inc.*   321,289
  507      Bechtle AG   25,143
  933      Capgemini SE   191,227
  1,896      CGI, Inc.*   192,779
  456      Cloudflare, Inc. Class A*   35,180
  7,159      Cognizant Technology Solutions Corp. Class A   503,850
  749      EPAM Systems, Inc.*   193,384
  682      Fujitsu Ltd.   97,107
  1,166      Gartner, Inc.*   507,023
  4,399      GoDaddy, Inc. Class A*   440,164
  4,769      International Business Machines Corp.   756,173
  146      MongoDB, Inc.*   60,698
  2,626      NEC Corp.   146,362
  315      Okta, Inc.*   21,121
  1,374      Otsuka Corp.   55,979
  1,214      SCSK Corp.   22,324
  996      Shopify, Inc. Class A*   72,556
  277      Snowflake, Inc. Class A*   51,987
  1,185      TIS, Inc.   25,004
  368      Twilio, Inc. Class A*   23,802
  2,321      VeriSign, Inc.*   492,516
  1,443      Wix.com Ltd.*   146,465
    

 

     5,214,650

 

 

 

Leisure Products – 0.0%

  3,303      Bandai Namco Holdings, Inc.   65,681
  857      BRP, Inc.   52,925
  410      Hasbro, Inc.   19,028
  170      Shimano, Inc.   26,030
    

 

     163,664

 

 

 

Life Sciences Tools & Services – 0.1%

  1,029      Agilent Technologies, Inc.   131,506
  12,301      Avantor, Inc.*   260,535
  399      Bachem Holding AG Class B   29,681
  53      Bio-Rad Laboratories, Inc. Class A*   16,161
  380      Bio-Techne Corp.   23,902
  509      Charles River Laboratories International, Inc.*   100,314
  1,433      Danaher Corp.   320,003
  692      Eurofins Scientific SE   40,257
  79      Illumina, Inc.*   8,054
  719      IQVIA Holdings, Inc.*   153,938
  52      Lonza Group AG   20,130
  360      Mettler-Toledo International, Inc.*   393,095
  1,504      QIAGEN NV*   61,721
  394      Revvity, Inc.   35,027

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Life Sciences Tools & Services – (continued)

  222      Sartorius Stedim Biotech   $            50,060
  806      Thermo Fisher Scientific, Inc.   399,582
  844      Waters Corp.*   236,835
  261      West Pharmaceutical Services, Inc.   91,548
    

 

     2,372,349

 

 

 

Machinery – 0.2%

  1,239      Alfa Laval AB   46,220
  1,314      Alstom SA   16,282
  5,204      Atlas Copco AB Class A   80,331
  2,470      Atlas Copco AB Class B   32,623
  1,395      Caterpillar, Inc.   349,754
  11,827      CNH Industrial NV   125,720
  676      Cummins, Inc.   151,532
  2,795      Daimler Truck Holding AG   90,770
  669      Deere & Co.   243,790
  659      Dover Corp.   93,025
  1,651      Epiroc AB Class A   30,792
  1,494      Epiroc AB Class B   23,527
  2,000      Fortive Corp.   137,960
  1,223      GEA Group AG   44,999
  2,093      Graco, Inc.   169,073
  1,571      Hoshizaki Corp.   50,032
  4,180      Husqvarna AB Class B   31,918
  306      IDEX Corp.   61,714
  1,534      Illinois Tool Works, Inc.   371,550
  2,074      Ingersoll Rand, Inc.   148,146
  2,194      Knorr-Bremse AG   137,657
  3,086      Komatsu Ltd.   78,937
  444      Kone OYJ Class B   19,765
  1,258      Kubota Corp.   18,068
  4,985      Metso OYJ   49,106
  4,603      MISUMI Group, Inc.   74,735
  1,496      Mitsubishi Heavy Industries Ltd.   84,045
  5,745      NGK Insulators Ltd.   70,142
  396      Nordson Corp.   93,195
  2,581      Otis Worldwide Corp.   221,424
  3,196      PACCAR, Inc.   293,457
  584      Parker-Hannifin Corp.   252,977
  1,571      Pentair PLC   101,392
  333      Rational AG   213,560
  2,893      Sandvik AB   57,173
  325      Schindler Holding AG   71,354
  805,016      Seatrium Ltd.*   63,232
  1,366      Snap-on, Inc.   375,227
  119      Spirax-Sarco Engineering PLC   13,906
  10,758      Techtronic Industries Co. Ltd.   109,300
  2,687      Toro Co.   223,021
  626      Toyota Industries Corp.   53,839
  343      VAT Group AG(a)   159,250
  6,511      Volvo AB Class B   151,000
  3,885      Volvo AB Class A   91,798
  2,010      Westinghouse Air Brake Technologies Corp.   234,286
  1,076      Xylem, Inc.   113,120

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – (continued)

  676      Yaskawa Electric Corp.   $            25,936
    

 

     5,750,660

 

 

 

Marine Transportation – 0.0%

  144      AP Moller - Maersk AS Class B   227,377
  145      AP Moller - Maersk AS Class A   224,943
  3,113      Kawasaki Kisen Kaisha Ltd.   109,484
  1,082      Kuehne & Nagel International AG   313,208
  5,310      Mitsui OSK Lines Ltd.   146,002
  6,555      Nippon Yusen KK   176,554
  44,150      SITC International Holdings Co. Ltd.   66,669
    

 

     1,264,237

 

 

 

Media – 0.1%

  340      Charter Communications, Inc. Class A*   136,044
  16,448      Comcast Corp. Class A   689,007
  13,388      CyberAgent, Inc.   80,793
  2,322      Dentsu Group, Inc.   62,547
  9,219      Fox Corp. Class A   272,329
  9,972      Fox Corp. Class B   275,825
  7,044      Hakuhodo DY Holdings, Inc.   53,141
  12,824      Informa PLC   120,589
  4,700      Interpublic Group of Cos., Inc.   144,478
  376      Liberty Broadband Corp. Class C*   31,253
  14,800      Liberty Media Corp.-Liberty SiriusXM Class C*   399,452
  11,049      News Corp. Class A   243,520
  2,289      Omnicom Group, Inc.   184,562
  1,524      Paramount Global Class B   21,900
  1,842      Publicis Groupe SA   155,662
  30,616      Sirius XM Holdings, Inc.   143,283
  349      Trade Desk, Inc. Class A*   24,591
  4,356      Vivendi SE   41,229
  7,771      WPP PLC   69,458
    

 

     3,149,663

 

 

 

Metals & Mining – 0.2%

  1,837      Antofagasta PLC   32,612
  7,927      ArcelorMittal SA   199,293
  10,001      BHP Group Ltd.   304,455
  21,056      BlueScope Steel Ltd.   288,833
  18,943      Cleveland-Cliffs, Inc.*   325,062
  1,595      First Quantum Minerals Ltd.   13,059
  11,709      Fortescue Ltd.   192,272
  2,919      Freeport-McMoRan, Inc.   108,937
  41,127      Glencore PLC   230,072
  4,426      IGO Ltd.   24,904
  14,609      JFE Holdings, Inc.   215,792
  1,122      Mineral Resources Ltd.   45,037
  332      Newmont Corp.   13,343
  8,691      Nippon Steel Corp.   203,508
  6,451      Norsk Hydro ASA   37,460
  8,806      Northern Star Resources Ltd.   73,586

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Metals & Mining – (continued)

  2,290      Nucor Corp.   $          389,231
  66,931      Pilbara Minerals Ltd.   160,041
  1,184      Reliance Steel & Aluminum Co.   325,908
  2,775      Rio Tinto Ltd.   227,843
  4,632      Rio Tinto PLC   316,586
  55,641      South32 Ltd.   111,836
  3,040      Steel Dynamics, Inc.   362,155
  1,873      Teck Resources Ltd. Class B   70,561
  6,534      voestalpine AG   183,667
    

 

     4,456,053

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.0%

  4,795      Annaly Capital Management, Inc.   86,646

 

 

 

Multi-Utilities – 0.1%

  879      Ameren Corp.   68,202
  1,051      Canadian Utilities Ltd. Class A   23,546
  2,563      CenterPoint Energy, Inc.   72,456
  143,605      Centrica PLC   270,627
  1,222      CMS Energy Corp.   69,361
  982      Consolidated Edison, Inc.   88,488
  1,390      Dominion Energy, Inc.   63,022
  697      DTE Energy Co.   72,565
  18,601      E.ON SE   241,777
  8,580      Engie SA   148,890
  5,697      National Grid PLC   73,886
  2,108      NiSource, Inc.   54,049
  1,180      Public Service Enterprise Group, Inc.   73,667
  23,886      Sembcorp Industries Ltd.   91,808
  1,212      Sempra   88,318
  2,959      Veolia Environnement SA   93,284
  818      WEC Energy Group, Inc.   68,401
    

 

     1,662,347

 

 

 

Office REITs – 0.0%

  705      Alexandria Real Estate Equities, Inc.   77,127
  2,184      Boston Properties, Inc.   124,335
  6,711      Dexus   31,191
  6      Japan Real Estate Investment Corp.   23,290
  6      Nippon Building Fund, Inc.   25,158
    

 

     281,101

 

 

 

Oil, Gas & Consumable Fuels – 0.4%

  1,678      Aker BP ASA   47,789
  5,581      Ampol Ltd.   125,766
  2,465      APA Corp.   88,740
  8,934      ARC Resources Ltd.   142,475
  60,668      BP PLC   368,841
  1,322      Cameco Corp.   60,705
  2,926      Canadian Natural Resources Ltd.   195,383
  12,703      Cenovus Energy, Inc.   225,330
  936      Cheniere Energy, Inc.   170,492
  3,060      Chesapeake Energy Corp.   245,749

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Oil, Gas & Consumable Fuels – (continued)

  5,278      Chevron Corp.   $          757,921
  3,217      ConocoPhillips   371,789
  3,399      Coterra Energy, Inc.   89,224
  1,718      Devon Energy Corp.   77,258
  630      Diamondback Energy, Inc.   97,278
  1,896      Enbridge, Inc.   66,202
  8,131      ENEOS Holdings, Inc.   32,003
  16,969      Eni SpA   281,388
  2,543      EOG Resources, Inc.   312,967
  3,401      EQT Corp.   135,904
  6,187      Equinor ASA   197,670
  11,930      Exxon Mobil Corp.   1,225,688
  3,987      Galp Energia SGPS SA   59,242
  701      Hess Corp.   98,533
  2,983      HF Sinclair Corp.   156,548
  3,549      Imperial Oil Ltd.   199,949
  15,883      Inpex Corp.   219,129
  10,803      Kinder Morgan, Inc.   189,809
  5,321      Marathon Oil Corp.   135,313
  3,111      Marathon Petroleum Corp.   464,130
  4,774      Occidental Petroleum Corp.   282,382
  2,636      OMV AG   112,554
  1,413      ONEOK, Inc.   97,285
  3,185      Ovintiv, Inc.   141,223
  1,692      Pembina Pipeline Corp.   56,597
  3,254      Phillips 66   419,408
  391      Pioneer Natural Resources Co.   90,571
  10,327      Repsol SA   158,575
  26,297      Santos Ltd.   118,932
  20,750      Shell PLC   670,740
  3,839      Suncor Energy, Inc.   126,576
  1,136      Targa Resources Corp.   102,751
  738      TC Energy Corp.   27,677
  25      Texas Pacific Land Corp.   41,799
  6,177      TotalEnergies SE   421,020
  1,233      Tourmaline Oil Corp.   59,681
  2,672      Valero Energy Corp.   334,962
  2,869      Williams Cos., Inc.   105,551
  4,406      Woodside Energy Group Ltd.   89,518
    

 

     10,297,017

 

 

 

Paper & Forest Products – 0.0%

  475      Holmen AB Class B   19,908
  8,570      Mondi PLC   152,702
  5,690      Oji Holdings Corp.   21,139
  1,073      Svenska Cellulosa AB SCA Class B   15,942
  2,375      UPM-Kymmene OYJ   83,088
  1,476      West Fraser Timber Co. Ltd.   107,055
    

 

     399,834

 

 

 

Passenger Airlines – 0.0%

  3,691      Air Canada*   47,955
  5,109      ANA Holdings, Inc.*   105,426
  1,911      Delta Air Lines, Inc.   70,573

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Passenger Airlines – (continued)

  22,978      Deutsche Lufthansa AG*   $          199,887
  8,132      Japan Airlines Co. Ltd.   153,919
  17,572      Qantas Airways Ltd.*   61,511
  47,039      Singapore Airlines Ltd.   223,059
    

 

     862,330

 

 

 

Personal Products – 0.1%

  905      Beiersdorf AG   126,858
  1,685      Estee Lauder Cos., Inc. Class A   215,158
  27,566      Haleon PLC   115,489
  965      Kao Corp.   36,972
  11,833      Kenvue, Inc.   241,866
  590      Kobayashi Pharmaceutical Co. Ltd.   27,216
  2,473      Kose Corp.   174,960
  1,365      L’Oreal SA   641,401
  7,766      Shiseido Co. Ltd.   208,040
  5,644      Unilever PLC   269,257
    

 

     2,057,217

 

 

 

Pharmaceuticals – 0.4%

  10,554      Astellas Pharma, Inc.   128,631
  3,673      AstraZeneca PLC   472,738
  2,193      Bayer AG   75,064
  9,553      Bristol-Myers Squibb Co.   471,727
  2,849      Chugai Pharmaceutical Co. Ltd.   100,618
  2,565      Daiichi Sankyo Co. Ltd.   69,504
  2,467      Eisai Co. Ltd.   128,114
  2,722      Eli Lilly & Co.   1,608,811
  12,821      GSK PLC   230,361
  7,009      Hikma Pharmaceuticals PLC   152,734
  4,397      Ipsen SA   495,743
  3,141      Jazz Pharmaceuticals PLC*   371,361
  7,456      Johnson & Johnson   1,153,145
  1,005      Kyowa Kirin Co. Ltd.   16,614
  9,159      Merck & Co., Inc.   938,614
  378      Merck KGaA   66,212
  5,147      Novartis AG   502,390
  11,392      Novo Nordisk AS Class B   1,163,859
  3,015      Ono Pharmaceutical Co. Ltd.   55,548
  6,750      Orion OYJ Class B   267,786
  2,552      Otsuka Holdings Co. Ltd.   98,445
  13,429      Pfizer, Inc.   409,182
  1,763      Recordati Industria Chimica e Farmaceutica SpA   84,907
  2,592      Roche Holding AG   703,337
  8,076      Royalty Pharma PLC Class A   218,617
  1,029      Sandoz Group AG*   29,388
  3,869      Sanofi SA   360,842
  615      Shionogi & Co. Ltd.   28,998
  8,514      Takeda Pharmaceutical Co. Ltd.   241,354
  37,268      Teva Pharmaceutical Industries Ltd.*   365,972
  1,681      UCB SA   124,326
  50,727      Viatris, Inc.   465,674

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Pharmaceuticals – (continued)

  1,985      Zoetis, Inc.   $          350,690
    

 

     11,951,306

 

 

 

Professional Services – 0.1%

  892      Adecco Group AG   43,022
  475      Automatic Data Processing, Inc.   109,212
  5,144      BayCurrent Consulting, Inc.   172,615
  1,337      Booz Allen Hamilton Holding Corp.   167,299
  362      Broadridge Financial Solutions, Inc.   70,163
  1,794      Bureau Veritas SA   43,434
  1,749      Computershare Ltd.   27,280
  72      Equifax, Inc.   15,675
  6,012      Experian PLC   221,023
  642      Intertek Group PLC   32,371
  406      Jacobs Solutions, Inc.   51,635
  2,349      Leidos Holdings, Inc.   252,095
  1,332      Paychex, Inc.   162,464
  68      Paycom Software, Inc.   12,353
  155,280      Persol Holdings Co. Ltd.   267,992
  5,029      Randstad NV   299,201
  10,248      Recruit Holdings Co. Ltd.   378,709
  9,597      RELX PLC   369,319
  5,352      Robert Half, Inc.   438,757
  3,266      SGS SA   277,946
  3,721      SS&C Technologies Holdings, Inc.   209,343
  364      Teleperformance SE   51,082
  350      Thomson Reuters Corp.   48,899
  726      Verisk Analytics, Inc.   175,278
  2,085      Wolters Kluwer NV   287,194
    

 

     4,184,361

 

 

 

Real Estate Management & Development – 0.1%

  1,379      CBRE Group, Inc. Class A*   108,886
  4,947      City Developments Ltd.   23,139
  6,574      CK Asset Holdings Ltd.   31,130
  1,042      CoStar Group, Inc.*   86,528
  972      Daito Trust Construction Co. Ltd.   107,071
  2,406      Daiwa House Industry Co. Ltd.   68,365
  398      FirstService Corp.   62,456
  22,535      Henderson Land Development Co. Ltd.   61,168
  31,386      Hongkong Land Holdings Ltd.   101,091
  11,490      Hulic Co. Ltd.   114,102
  2,490      Mitsubishi Estate Co. Ltd.   33,661
  1,295      Mitsui Fudosan Co. Ltd.   30,442
  124,134      New World Development Co. Ltd.   184,714
  799      Nomura Real Estate Holdings, Inc.   19,485
  62,041      Sino Land Co. Ltd.   62,431
  6,090      Sun Hung Kai Properties Ltd.   59,710
  8,133      Swire Pacific Ltd. Class A   52,708
  474      Swiss Prime Site AG   47,663
  21,012      UOL Group Ltd.   92,644

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Real Estate Management & Development – (continued)

  7,440      Wharf Real Estate Investment Co. Ltd.   $            23,449
  1,801      Zillow Group, Inc. Class C*   73,733
    

 

       1,444,576

 

 

 

Residential REITs – 0.0%

  1,748      American Homes 4 Rent Class A   63,400
  321      AvalonBay Communities, Inc.   55,514
  1,094      Camden Property Trust   98,744
  401      Canadian Apartment Properties REIT   13,662
  705      Equity LifeStyle Properties, Inc.   50,126
  841      Equity Residential   47,802
  227      Essex Property Trust, Inc.   48,455
  1,436      Invitation Homes, Inc.   47,905
  335      Mid-America Apartment Communities, Inc.   41,701
  764      Sun Communities, Inc.   98,816
  1,241      UDR, Inc.   41,449
    

 

     607,574

 

 

 

Retail REITs – 0.0%

  16,556      CapitaLand Integrated Commercial Trust   22,520
  46      Japan Metropolitan Fund Invest   30,611
  3,816      Kimco Realty Corp.   73,725
  2,526      Klepierre SA   63,588
  3,020      Link REIT   14,915
  1,481      Realty Income Corp.   79,915
  808      Regency Centers Corp.   50,726
  16,689      Scentre Group   29,185
  1,024      Simon Property Group, Inc.   127,887
  268      Unibail-Rodamco-Westfield*   17,076
  24,768      Vicinity Ltd.   30,998
    

 

     541,146

 

 

 

Semiconductors & Semiconductor Equipment – 0.5%

  3,365      Advanced Micro Devices, Inc.*   407,704
  8,856      Advantest Corp.   275,175
  1,879      Analog Devices, Inc.   344,571
  5,021      Applied Materials, Inc.   752,045
  149      ASM International NV   76,528
  933      ASML Holding NV   635,864
  999      BE Semiconductor Industries NV   140,247
  1,482      Broadcom, Inc.   1,371,932
  404      Disco Corp.   87,650
  868      Enphase Energy, Inc.*   87,685
  231      Entegris, Inc.   24,116
  487      First Solar, Inc.*   76,839
  2,170      Infineon Technologies AG   83,729
  6,852      Intel Corp.   306,284
  823      KLA Corp.   448,222
  799      Lam Research Corp.   572,020
  4,989      Lattice Semiconductor Corp.*   292,106
  1,348      Marvell Technology, Inc.   75,124

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Semiconductors & Semiconductor Equipment – (continued)

  4,515      Microchip Technology, Inc.   $          376,732
  2,701      Micron Technology, Inc.   205,600
  404      Monolithic Power Systems, Inc.   221,683
  8,750      NVIDIA Corp.   4,092,375
  1,326      NXP Semiconductors NV   270,610
  5,347      ON Semiconductor Corp.*   381,402
  4,265      Qorvo, Inc.*   411,573
  4,866      QUALCOMM, Inc.   627,957
  7,939      Renesas Electronics Corp.*   138,368
  4,605      Skyworks Solutions, Inc.   446,363
  129      SolarEdge Technologies, Inc.*   10,240
  1,657      STMicroelectronics NV   78,657
  3,036      SUMCO Corp.   45,424
  2,353      Teradyne, Inc.   217,017
  3,481      Texas Instruments, Inc.   531,584
  1,460      Tokyo Electron Ltd.   234,551
  405      Wolfspeed, Inc.*   14,928
    

 

     14,362,905

 

 

 

Software – 0.8%

  1,988      Adobe, Inc.*   1,214,688
  282      ANSYS, Inc.*   82,728
  986      Aspen Technology, Inc.*   185,624
  1,903      Atlassian Corp. Class A*   363,378
  1,370      Autodesk, Inc.*   299,249
  1,872      Bentley Systems, Inc. Class B   97,456
  217      Bill Holdings, Inc.*   14,207
  2,856      Cadence Design Systems, Inc.*   780,459
  504      Check Point Software Technologies Ltd.*   73,584
  754      Confluent, Inc. Class A*   16,000
  264      Constellation Software, Inc.   620,102
  287      Crowdstrike Holdings, Inc. Class A*   68,016
  1,730      Dassault Systemes SE   81,138
  1,557      Datadog, Inc. Class A*   181,499
  10,791      DocuSign, Inc.*   465,092
  22,092      Dropbox, Inc. Class A*   622,553
  1,448      Dynatrace, Inc.*   77,540
  588      Fair Isaac Corp.*   639,509
  6,284      Fortinet, Inc.*   330,287
  10,260      Gen Digital, Inc.   226,541
  784      HubSpot, Inc.*   387,241
  984      Intuit, Inc.   562,317
  2,310      Manhattan Associates, Inc.*   515,245
  27,972      Microsoft Corp.   10,598,871
  486      Monday.com Ltd.*   87,402
  4,160      Nemetschek SE   363,178
  797      Open Text Corp.   31,887
  5,018      Oracle Corp.   560,131
  9,079      Palantir Technologies, Inc. Class A*   182,034
  1,143      Palo Alto Networks, Inc.*   337,288
  1,171      PTC, Inc.*   184,269
  529      Roper Technologies, Inc.   284,734

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software – (continued)

  24,859      Sage Group PLC   $          355,699
  3,367      Salesforce, Inc.*   848,147
  2,599      SAP SE   413,425
  603      ServiceNow, Inc.*   413,501
  1,706      Splunk, Inc.*   258,527
  771      Synopsys, Inc.*   418,830
  2,356      Trend Micro, Inc.   119,762
  135      Tyler Technologies, Inc.*   55,193
  1,472      UiPath, Inc. Class A*   29,087
  623      Unity Software, Inc.*   18,385
  1,138      WiseTech Global Ltd.   50,116
  437      Workday, Inc. Class A*   118,305
  1,863      Xero Ltd.*   127,018
  4,475      Zoom Video Communications, Inc. Class A*   303,539
  192      Zscaler, Inc.*   37,926
    

 

     24,101,707

 

 

 

Specialized REITs – 0.0%

  333      American Tower Corp.   69,524
  489      Crown Castle, Inc.   57,350
  166      Digital Realty Trust, Inc.   23,038
  192      Equinix, Inc.   156,482
  191      Extra Space Storage, Inc.   24,862
  1,550      Gaming & Leisure Properties, Inc.   72,432
  2,073      Iron Mountain, Inc.   132,983
  209      Public Storage   54,081
  147      SBA Communications Corp.   36,303
  2,933      VICI Properties, Inc.   87,667
  1,404      Weyerhaeuser Co.   44,015
    

 

     758,737

 

 

 

Specialty Retail – 0.3%

  291      AutoZone, Inc.*   759,490
  3,085      Avolta AG*   107,772
  11,869      Bath & Body Works, Inc.   387,167
  8,630      Best Buy Co., Inc.   612,212
  1,696      Burlington Stores, Inc.*   287,625
  2,144      CarMax, Inc.*   137,087
  10,787      Chewy, Inc. Class A*   187,910
  3,723      Dick’s Sporting Goods, Inc.   484,362
  448      Fast Retailing Co. Ltd.   113,813
  17,080      H & M Hennes & Mauritz AB Class B   273,559
  4,472      Home Depot, Inc.   1,401,927
  8,387      Industria de Diseno Textil SA   346,090
  185,649      JD Sports Fashion PLC   369,524
  25,178      Kingfisher PLC   69,889
  3,804      Lowe’s Cos., Inc.   756,349
  396      Nitori Holdings Co. Ltd.   45,380
  686      O’Reilly Automotive, Inc.*   673,913
  1,622      Ross Stores, Inc.   211,476
  7,468      TJX Cos., Inc.   658,005
  1,832      Tractor Supply Co.   371,914
  1,396      Ulta Beauty, Inc.*   594,682

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – (continued)

  1,631      USS Co. Ltd.   $            31,893
  7,703      Zalando SE*(a)   183,656
  17,358      ZOZO, Inc.   366,423
    

 

     9,432,118

 

 

 

Technology Hardware, Storage & Peripherals – 0.5%

  62,227      Apple, Inc.   11,820,019
  4,598      Brother Industries Ltd.   77,631
  3,765      Canon, Inc.   97,004
  3,424      Dell Technologies, Inc. Class C   259,779
  496      FUJIFILM Holdings Corp.   29,046
  22,000      Hewlett Packard Enterprise Co.   372,020
  7,174      HP, Inc.   210,485
  1,860      Logitech International SA   162,601
  2,638      NetApp, Inc.   241,087
  10,223      Ricoh Co. Ltd.   83,537
  627      Seagate Technology Holdings PLC   49,596
  3,609      Seiko Epson Corp.   53,603
  522      Super Micro Computer, Inc.*   142,751
  814      Western Digital Corp.*   39,324
    

 

     13,638,483

 

 

 

Textiles, Apparel & Luxury Goods – 0.2%

  1,460      Adidas AG   305,627
  12,025      Burberry Group PLC   222,764
  845      Cie Financiere Richemont SA Class A   105,684
  886      Deckers Outdoor Corp.*   588,278
  212      Hermes International SCA   439,373
  231      Kering SA   99,369
  1,197      Lululemon Athletica, Inc.*   534,820
  741      LVMH Moet Hennessy Louis Vuitton SE   567,072
  3,673      Moncler SpA   203,534
  5,085      NIKE, Inc. Class B   560,723
  2,718      Pandora AS   366,924
  3,754      Puma SE   242,454
  2,227      Swatch Group AG   182,634
  2,803      VF Corp.   46,894
    

 

     4,466,150

 

 

 

Tobacco – 0.0%

  6,604      Altria Group, Inc.   277,632
  8,093      British American Tobacco PLC   257,519
  4,561      Imperial Brands PLC   106,631
  6,147      Japan Tobacco, Inc.   158,069
  4,686      Philip Morris International, Inc.   437,485
    

 

     1,237,336

 

 

 

Trading Companies & Distributors – 0.1%

  1,537      AerCap Holdings NV*   104,854
  916      Ashtead Group PLC   55,349
  1,021      Brenntag SE   88,330
  3,885      Bunzl PLC   147,481
  9,452      Fastenal Co.   566,836

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Trading Companies & Distributors – (continued)

  2,776      Ferguson PLC   $          475,640
  96      IMCD NV   14,816
  5,486      ITOCHU Corp.   213,281
  23,125      Marubeni Corp.   361,395
  6,028      Mitsubishi Corp.   281,075
  7,370      Mitsui & Co. Ltd.   268,762
  21,522      MonotaRO Co. Ltd.   216,320
  4,061      Reece Ltd.   51,805
  6,369      Sumitomo Corp.   133,535
  542      Toromont Industries Ltd.   43,737
  1,301      Toyota Tsusho Corp.   72,095
  285      United Rentals, Inc.   135,666
  556      Watsco, Inc.   212,520
  848      WW Grainger, Inc.   666,689
    

 

     4,110,186

 

 

 

Transportation Infrastructure – 0.0%

  432      Aena SME SA(a)   74,294
  3,912      Getlink SE   71,484
  11,583      Transurban Group   98,965
    

 

     244,743

 

 

 

Water Utilities – 0.0%

  521      American Water Works Co., Inc.   68,688
  1,536      Essential Utilities, Inc.   54,697
  1,516      Severn Trent PLC   49,780
  3,834      United Utilities Group PLC   52,832
    

 

     225,997

 

 

 

Wireless Telecommunication Services – 0.0%

  6,282      KDDI Corp.   196,237
  799      Rogers Communications, Inc. Class B   34,405
  9,217      SoftBank Corp.   112,013
  2,381      SoftBank Group Corp.   96,482
  3,653      Tele2 AB Class B   28,680
  1,228      T-Mobile U.S., Inc.   184,753
  248,392      Vodafone Group PLC   223,346
    

 

     875,916

 

 

 
 TOTAL COMMON STOCKS
(Cost $204,840,979)		   $   279,020,240

 

 

Shares     

Dividend

Rate

   Value
  Preferred Stocks – 0.0%
 

Auto Manufacturers – 0.0%

 

Bayerische Motoren Werke AG

      2,057      9.793%   $          195,475
 

Volkswagen AG

  246      26.147         28,554
    

 

     224,029

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Shares  

Dividend

Rate

   Value
Preferred Stocks – (continued)

Household Products – 0.0%

  

Henkel AG & Co. KGaA

  
1,505   2.565%   $          118,399

 

TOTAL PREFERRED STOCKS
(Cost $358,748)		   $          342,428

 

Units  

Expiration

Date

     Value
Warrants*(b) – 0.0%

 

  

Constellation Software, Inc.

 

  
264     03/31/40     $                 —  
(Cost $—)

 

  

 

Shares    Description   Value
Exchange Traded Funds – 80.1%  
1,203,579    Goldman Sachs ActiveBeta Emerging Markets Equity ETF(c)   $     35,878,690
8,704,547    Goldman Sachs MarketBeta International Equity ETF(c)   446,197,690
8,365,463    Goldman Sachs MarketBeta U.S. Equity ETF(c)   524,598,185
2,309,371    iShares Core MSCI EAFE ETF   155,998,011
6,939,603    iShares Core MSCI Emerging Markets ETF   344,551,289
2,915    iShares MSCI Canada ETF   101,967
14,830    iShares MSCI EAFE ETF   1,073,988
2,342,573    iShares MSCI EAFE Small-Cap ETF   137,181,075
1,734,662    Vanguard S&P 500 ETF   727,517,243

 

TOTAL EXCHANGE TRADED FUNDS
(Cost $2,015,700,865)		   $2,373,098,138

 

Shares  

Dividend

Rate

   Value
Investment Company(c) – 5.9%  

Goldman Sachs Financial Square Government Fund — Institutional Shares

175,888,942   5.260%   $   175,888,942
(Cost $175,888,942)  

 

TOTAL INVESTMENTS – 95.4%
(Cost $2,396,789,534)		   $2,828,349,748

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 4.6%		   135,196,112

 

NET ASSETS – 100.0%   $2,963,545,860

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)   Represents an affiliated fund.
 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

     

AUD

      2,090,000          USD        1,327,909          12/20/23        $ 53,999  
    

CAD

      40,400,000          USD        29,640,289          12/20/23          142,510  
    

CHF

      1,490,000          USD        1,646,420          12/20/23          59,108  
    

DKK

      5,170,000          USD        734,800          12/20/23          20,949  
    

EUR

      4,600,000          USD        4,874,400          12/20/23          137,402  
    

GBP

      1,895,000          USD        2,324,119          12/20/23          68,670  
    

HKD

      260,000          USD        33,262          12/20/23          25  
    

ILS

      280,000          USD        69,852          12/20/23          5,256  
    

JPY

          521,000,000          USD        3,479,362          12/20/23          46,514  
    

NOK

      1,700,000          USD        154,960          12/20/23          2,258  
    

NZD

      30,000          USD        17,481          12/20/23          995  
    

SEK

      7,725,000          USD        693,489          12/20/23          42,732  
    

SGD

      300,000          USD        221,544          12/20/23          2,941  
    

USD

      40,973          HKD        320,000          12/20/23          4  
    

USD

      116,730,982          JPY            16,947,000,000          12/20/23          2,041,884  
    

USD

      3,401,555          NOK        36,400,000          12/20/23          35,261  

 

  

TOTAL

                           $ 2,660,508  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

     

CAD

      3,790,000          USD        2,807,859          12/20/23        $ (13,879 ) 
    

HKD

      2,400,000          USD        307,331          12/20/23          (65 ) 
    

USD

      36,706,300          AUD        57,240,000          12/20/23          (1,140,783 ) 
    

USD

      51,393,978          CHF        45,350,000          12/20/23          (515,891 ) 
    

USD

      17,646,918          DKK        122,170,000          12/20/23          (211,872 ) 
    

USD

          173,140,244          EUR            160,680,000          12/20/23          (1,924,178 ) 
    

USD

      77,208,012          GBP        61,855,000          12/20/23          (895,409 ) 
    

USD

      10,994,148          HKD        85,920,000          12/20/23          (5,964 ) 
    

USD

      1,975,522          ILS        7,520,000          12/20/23          (41,648 ) 
    

USD

      4,807,458          JPY        711,000,000          12/20/23          (4,246 ) 
    

USD

      206,325          NOK        2,250,000          12/20/23          (1,757 ) 
    

USD

      984,127          NZD        1,670,000          12/20/23          (44,355 ) 
    

USD

      16,438,986          SEK        181,350,000          12/20/23          (844,320 ) 
    

USD

      6,439,770          SGD        8,740,000          12/20/23          (100,226 ) 

 

  

TOTAL

                           $ (5,744,593 ) 

 

  

FUTURES CONTRACTS — At November 30, 2023, the Fund had the following futures contracts:

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		        Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                    

E-Mini Russell 2000 Index

      2,615      12/15/23      $ 236,945,150        $ (6,482,544 ) 

S&P 500 E-Mini Index

      750      12/15/23        171,628,125          3,280,011  

S&P Toronto Stock Exchange 60 Index

      420      12/14/23        75,516,121          588,005  

 

  

TOTAL FUTURES CONTRACTS

                     $ (2,614,528 ) 

 

  

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty   Exercise
Rate		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

              

Calls

                 

Call CHF/Put NOK

    MS & Co. Int. PLC     13.209 %      03/20/2024       3,247,000     $       3,247,000     $     21,906     $ 36,756     $ (14,850 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     13.603       06/19/2024       2,626,000       2,626,000       26,260       38,842       (12,582 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     13.974       09/18/2024       2,258,000       2,258,000       28,482       40,093       (11,611 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

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

 

Description    Counterparty   Exercise
Rate		     Expiration
Date		     Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Call CHF/Put NOK

    MS & Co. Int. PLC     14.338 %      12/18/2024     2,005,000   $   2,005,000     $     29,323     $ 39,730     $ (10,407 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     13.316       06/19/2024     5,834,000     5,834,000       82,750       81,898       852  

Call CHF/Put NOK

    MS & Co. Int. PLC     13.680       09/18/2024     4,899,000     4,899,000       81,085       82,950       (1,865 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     14.027       12/18/2024     4,295,000     4,295,000       79,382       81,551       (2,169 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     14.351       03/19/2025     3,894,000     3,894,000       78,036       80,630       (2,594 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.018       03/20/2024     3,783,000     3,783,000       10,385       40,208       (29,823 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.340       06/19/2024     3,072,000     3,072,000       15,527       41,597       (26,070 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.629       09/18/2024     2,656,000     2,656,000       18,653       42,495       (23,842 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.914       12/18/2024     2,364,000     2,364,000       20,557       41,465       (20,908 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     12.812       06/19/2024     6,819,000     6,819,000       76,436       76,601       (165 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.099       09/18/2024     5,736,000     5,736,000       74,417       77,418       (3,001 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.373       12/18/2024     5,027,000     5,027,000       73,209       77,505       (4,296 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.620       03/19/2025     4,557,000     4,557,000       72,302       75,970       (3,668 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     9.645       06/19/2024     500,728,000     500,728,000       32,483       34,991       (2,508 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     9.915       09/13/2024     421,929,000     421,929,000       32,722       34,290       (1,568 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.187       12/18/2024     366,013,000     366,013,000       32,802       33,815       (1,013 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.443       03/19/2025     329,211,000     329,211,000       31,809       33,144       (1,335 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     9.870       03/19/2024     278,244,000     278,244,000       3,898       16,981       (13,083 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.182       06/19/2024     222,951,000     222,951,000       6,579       17,611       (11,032 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.458       09/13/2024     192,722,000     192,722,000       8,093       17,527       (9,434 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.746       12/18/2024     169,714,000     169,714,000       9,118       17,553       (8,435 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.413       03/20/2024     6,965,000     6,965,000       13,624       36,184       (22,560 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.430       06/18/2024     5,490,000     5,490,000       18,040       37,063       (19,023 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.446       09/18/2024     4,662,000     4,662,000       20,485       37,608       (17,123 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.462       12/18/2024     4,098,000     4,098,000       21,531       36,456       (14,925 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.428       06/18/2024     13,306,000     13,306,000       45,999       76,749       (30,750 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.441       09/18/2024     11,028,000     11,028,000       52,273       76,600       (24,327 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.455       12/18/2024     9,427,000     9,427,000       53,885       75,812       (21,927 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.465       03/19/2025     8,630,000     8,630,000       56,794       76,703       (19,909 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,066.420       03/20/2024     1,278,000     1,278,000       3,059       17,971       (14,912 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,099.850       06/18/2024     1,090,000     1,090,000       5,474       18,989       (13,515 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,127.970       09/17/2024     977,000     977,000       7,193       19,672       (12,479 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,154.490       12/18/2024     896,000     896,000       8,531       20,257       (11,726 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,005.760       06/18/2024     2,321,000     2,321,000       28,701       36,372       (7,671 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,035.290       09/17/2024     2,030,000     2,030,000       29,928       36,788       (6,860 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,062.540       12/18/2024     1,833,000     1,833,000       30,849       38,174       (7,325 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,089.090       03/19/2025     1,681,000     1,681,000       31,245       36,950       (5,705 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,361.910       06/18/2024     3,968,000     3,968,000       34,847       34,859       (12 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,377.220       09/13/2024     3,386,000     3,386,000       35,245       35,299       (54 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,394.460       12/18/2024     2,952,000     2,952,000       34,978       34,996       (18 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,408.090       03/19/2025     2,688,000     2,688,000       34,815       35,374       (559 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,422.910       03/20/2024     2,220,000     2,220,000       2,815       16,717       (13,902 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,441.840       06/18/2024     1,795,000     1,795,000       5,365       17,196       (11,831 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,456.720       09/13/2024     1,565,000     1,565,000       7,197       17,325       (10,128 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,474.710       12/18/2024     1,379,000     1,379,000       8,373       16,824       (8,451 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     20.354       03/20/2024     2,806,000     2,806,000       7,921       35,401       (27,480 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     21.228       06/18/2024     2,354,000     2,354,000       13,307       35,748       (22,441 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     22.007       09/18/2024     2,109,000     2,109,000       17,309       36,452       (19,143 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     22.858       12/18/2024     1,899,000     1,899,000       20,034       36,294       (16,260 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     19.708       06/18/2024     5,428,000     5,428,000       68,670       70,721       (2,051 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     20.472       09/18/2024     4,681,000     4,681,000       71,395       73,356       (1,961 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     21.290       12/18/2024     4,099,000     4,099,000       71,839       75,868       (4,029 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     21.999       03/19/2025     3,763,000     3,763,000       72,148       75,915       (3,767 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     11.822       03/20/2024     1,758,000     1,758,000       6,749       18,716       (11,967 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

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

 

Description    Counterparty   Exercise
Rate		     Expiration
Date		     Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Call USD/Put NOK

    MS & Co. Int. PLC     12.099 %      06/18/2024     1,415,000   $ 1,415,000     $ 9,247     $ 19,610     $ (10,363 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     12.353       09/18/2024     1,219,000     1,219,000       10,652       19,695       (9,043 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     12.604       12/18/2024     1,085,000     1,085,000       11,487       19,249       (7,762 ) 

Call USD/Put SEK

    MS & Co. Int. PLC     11.214       06/18/2024     3,500,000     3,500,000       35,098       34,783       315  

Call USD/Put SEK

    MS & Co. Int. PLC     11.398       09/18/2024     2,958,000     2,958,000       34,910       34,863       47  

Call USD/Put SEK

    MS & Co. Int. PLC     11.584       12/18/2024     2,582,000     2,582,000       33,977       33,832       145  

Call USD/Put SEK

    MS & Co. Int. PLC     11.726       03/19/2025     2,358,000     2,358,000       33,311       33,337       (26 ) 

 

  
         2,684,263,000   $ 2,684,263,000     $ 2,055,514     $ 2,702,399     $ (646,885 ) 

 

  

Puts

                 

Put AUD/Call JPY

    MS & Co. Int. PLC     87.542       06/19/2024     9,788,000     9,788,000       52,717       74,251       (21,534 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     85.094       09/18/2024     8,023,000     8,023,000       56,166       73,749       (17,583 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     82.850       12/18/2024     6,870,000     6,870,000       57,686       71,979       (14,293 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     80.965       03/19/2025     6,230,000     6,230,000       59,133       72,667       (13,534 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     86.614       03/19/2024     5,256,000     5,256,000       7,647       34,288       (26,641 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     83.937       06/19/2024     4,097,000     4,097,000       12,379       35,254       (22,875 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     81.621       09/18/2024     3,462,000     3,462,000       15,361       35,541       (20,180 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     79.618       12/18/2024     3,068,000     3,068,000       17,774       35,557       (17,783 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.617       06/18/2024     8,364,000     8,364,000       40,294       53,851       (13,557 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.609       09/18/2024     6,886,000     6,886,000       42,797       54,268       (11,471 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.601       12/18/2024     5,905,000     5,905,000       44,222       53,525       (9,303 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.595       03/19/2025     5,355,000     5,355,000       45,913       54,157       (8,244 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.600       03/20/2024     4,607,000     4,607,000       4,703       26,917       (22,214 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.592       06/18/2024     3,616,000     3,616,000       8,286       27,502       (19,216 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.585       09/18/2024     3,048,000     3,048,000       10,672       27,779       (17,107 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.578       12/18/2024     2,669,000     2,669,000       12,512       27,502       (14,990 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     100.705       03/19/2024     3,925,000     3,925,000       11,541       26,374       (14,833 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     97.663       06/19/2024     3,095,000     3,095,000       14,926       27,601       (12,675 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     95.027       09/18/2024     2,633,000     2,633,000       16,289       28,397       (12,108 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     92.677       12/18/2024     2,337,000     2,337,000       17,476       27,914       (10,438 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     98.006       06/19/2024     7,530,000     7,530,000       38,539       55,355       (16,816 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     95.434       09/18/2024     6,197,000     6,197,000       40,631       55,141       (14,510 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     93.100       12/18/2024     5,316,000     5,316,000       41,887       53,320       (11,433 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     91.166       03/19/2025     4,835,000     4,835,000       43,338       54,282       (10,944 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     80.300       06/19/2024     7,671,000     7,671,000       32,486       54,215       (21,729 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     77.954       09/18/2024     6,347,000     6,347,000       36,118       54,306       (18,188 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     75.859       12/18/2024     5,477,000     5,477,000       38,227       52,894       (14,667 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     74.113       03/19/2025     4,993,000     4,993,000       40,349       53,658       (13,309 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     80.240       03/19/2024     4,011,000     4,011,000       4,928       23,513       (18,585 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     77.518       06/19/2024     3,169,000     3,169,000       8,300       24,333       (16,033 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     75.167       09/18/2024     2,700,000     2,700,000       10,317       24,554       (14,237 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     73.135       12/18/2024     2,416,000     2,416,000       11,974       24,849       (12,875 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.565       06/18/2024     9,149,000     9,149,000       32,164       55,084       (22,920 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.556       09/18/2024     7,512,000     7,512,000       35,592       55,342       (19,750 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.549       12/18/2024     6,445,000     6,445,000       37,938       54,793       (16,855 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.544       03/19/2025     5,856,000     5,856,000       40,717       55,260       (14,543 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.555       03/20/2024     4,984,000     4,984,000       4,002       26,454       (22,452 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.546       06/18/2024     3,908,000     3,908,000       7,318       27,035       (19,717 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.537       09/18/2024     3,288,000     3,288,000       9,478       26,953       (17,475 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

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

 

Description    Counterparty  

Exercise

Rate

     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Put NZD/Call USD

    MS & Co. Int. PLC     0.530 %      12/18/2024       2,888,000     $ 2,888,000     $ 11,087     $ 26,638     $ (15,551 ) 

 

  
           203,926,000     $ 203,926,000     $ 1,073,884     $ 1,727,052     $ (653,168 ) 

 

  

Total purchased option contracts

         2,888,189,000     $ 2,888,189,000     $ 3,129,398     $ 4,429,451     $ (1,300,053 ) 

 

  
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description        Exercise
Price		     Expiration
Date		    

Number of

Contracts

     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts

              

Calls

                 

Euro Stoxx 50 Index

      $ 4,200.000       12/15/2023       (35)     $ (14,700,000 )    $ (74,709 )    $ (13,010 )    $ (61,699 ) 

Euro Stoxx 50 Index

        4,250.000       12/15/2023       (42)       (17,850,000 )      (68,210 )      (15,647 )      (52,563 ) 

Euro Stoxx 50 Index

        4,275.000       12/15/2023       (31)       (13,252,500 )      (42,753 )      (18,831 )      (23,922 ) 

Euro Stoxx 50 Index

        4,300.000       12/15/2023       (26)       (11,180,000 )      (29,744 )      (9,577 )      (20,167 ) 

Euro Stoxx 50 Index

        4,325.000       12/15/2023       (15)       (6,487,500 )      (13,829 )      (2,964 )      (10,865 ) 

Euro Stoxx 50 Index

        4,350.000       12/15/2023       (62)       (26,970,000 )      (44,474 )      (28,341 )      (16,133 ) 

Euro Stoxx 50 Index

        4,400.000       12/15/2023       (11)       (4,840,000 )      (4,191 )      (5,037 )      846  

Euro Stoxx 50 Index

        4,250.000       01/19/2024       (13)       (5,525,000 )      (26,292 )      (6,344 )      (19,948 ) 

Euro Stoxx 50 Index

        4,300.000       01/19/2024       (7)       (3,010,000 )      (11,147 )      (3,349 )      (7,798 ) 

Euro Stoxx 50 Index

        4,350.000       01/19/2024       (22)       (9,570,000 )      (26,437 )      (10,753 )      (15,684 ) 

Euro Stoxx 50 Index

        4,375.000       01/19/2024       (32)       (14,000,000 )      (32,812 )      (10,122 )      (22,690 ) 

Euro Stoxx 50 Index

        4,450.000       01/19/2024       (41)       (18,245,000 )      (23,921 )      (20,809 )      (3,112 ) 

Euro Stoxx 50 Index

        4,500.000       01/19/2024       (38)       (17,100,000 )      (13,981 )      (13,964 )      (17 ) 

Euro Stoxx 50 Index

        4,550.000       02/16/2024       (7)       (3,185,000 )      (3,071 )      (3,038 )      (33 ) 

FTSE 100 Index

        7,550.000       12/15/2023       (9)       (6,795,000 )      (3,011 )      (6,337 )      3,326  

FTSE 100 Index

        7,600.000       12/15/2023       (10)       (7,600,000 )      (2,020 )      (4,168 )      2,148  

FTSE 100 Index

        7,725.000       12/15/2023       (7)       (5,407,500 )      (353 )      (6,251 )      5,898  

FTSE 100 Index

        7,750.000       12/15/2023       (9)       (6,975,000 )      (341 )      (5,295 )      4,954  

FTSE 100 Index

        7,900.000       12/15/2023       (14)       (11,060,000 )      (177 )      (11,605 )      11,428  

FTSE 100 Index

        7,975.000       12/15/2023       (2)       (1,595,000 )      (13 )      (1,013 )      1,000  

FTSE 100 Index

        7,625.000       01/19/2024       (10)       (7,625,000 )      (6,312 )      (11,110 )      4,798  

FTSE 100 Index

        7,650.000       01/19/2024       (3)       (2,295,000 )      (1,610 )      (2,486 )      876  

FTSE 100 Index

        7,675.000       01/19/2024       (22)       (16,885,000 )      (9,999 )      (13,122 )      3,123  

FTSE 100 Index

        7,825.000       01/19/2024       (1)       (782,500 )      (164 )      (783 )      619  

FTSE 100 Index

        7,750.000       02/16/2024       (2)       (1,550,000 )      (1,225 )      (1,573 )      348  

Nikkei 225 Index

        32,000.000       12/08/2023       (7)       (22,400,000 )      (71,766 )      (23,524 )      (48,242 ) 

Nikkei 225 Index

        32,500.000       12/08/2023       (3)       (9,750,000 )      (21,246 )      (5,054 )      (16,192 ) 

Nikkei 225 Index

        33,125.000       12/08/2023       (1)       (3,312,500 )      (3,305 )      (2,669 )      (636 ) 

Nikkei 225 Index

        33,375.000       12/08/2023       (11)       (36,712,500 )      (26,339 )      (23,913 )      (2,426 ) 

Nikkei 225 Index

        33,625.000       12/08/2023       (4)       (13,450,000 )      (5,936 )      (9,203 )      3,267  

Nikkei 225 Index

        34,125.000       12/08/2023       (1)       (3,412,500 )      (492 )      (4,259 )      3,767  

Nikkei 225 Index

        34,500.000       12/08/2023       (3)       (10,350,000 )      (506 )      (4,932 )      4,426  

Nikkei 225 Index

        32,875.000       01/12/2024       (5)       (16,437,500 )      (33,893 )      (11,561 )      (22,332 ) 

Nikkei 225 Index

        33,625.000       01/12/2024       (6)       (20,175,000 )      (23,068 )      (18,830 )      (4,238 ) 

Nikkei 225 Index

        33,750.000       01/12/2024       (4)       (13,500,000 )      (13,760 )      (9,216 )      (4,544 ) 

Nikkei 225 Index

        35,000.000       01/12/2024       (6)       (21,000,000 )      (6,273 )      (11,110 )      4,837  

Nikkei 225 Index

        35,250.000       02/09/2024       (1)       (3,525,000 )      (1,855 )      (2,627 )      772  

S&P 500 Index

        4,475.000       12/06/2023       (31)       (13,872,500 )      (297,290 )      (60,292 )      (236,998 ) 

S&P 500 Index

        4,600.000       12/13/2023       (30)       (13,800,000 )      (76,198 )      (73,854 )      (2,345 ) 

S&P 500 Index

        4,630.000       12/20/2023       (29)       (13,427,000 )      (64,960 )      (73,426 )      8,466  

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description        Exercise
Price		     Expiration
Date		   Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid

(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

S&P 500 Index

      $ 4,650.000     12/27/2023   (29)   $ (13,485,000 )    $ (63,945 )    $ (64,490 )    $ 545  

S&P 500 Index

        4,345.000     12/29/2023   (9)     (3,910,500 )      (223,560 )      (47,333 )      (176,227 ) 

S&P 500 Index

        4,420.000     12/29/2023   (8)     (3,536,000 )      (143,280 )      (29,594 )      (113,686 ) 

S&P 500 Index

        4,445.000     12/29/2023   (1)     (444,500 )      (15,720 )      (5,689 )      (10,031 ) 

S&P 500 Index

        4,510.000     12/29/2023   (7)     (3,157,000 )      (72,905 )      (22,376 )      (50,529 ) 

S&P 500 Index

        4,550.000     12/29/2023   (3)     (1,365,000 )      (22,650 )      (14,308 )      (8,342 ) 

S&P 500 Index

        4,555.000     12/29/2023   (6)     (2,733,000 )      (43,440 )      (22,958 )      (20,482 ) 

S&P 500 Index

        4,620.000     12/29/2023   (5)     (2,310,000 )      (18,575 )      (16,970 )      (1,605 ) 

S&P 500 Index

        4,640.000     12/29/2023   (23)     (10,672,000 )      (51,356 )      (51,356 )      —  

S&P 500 Index

        4,645.000     12/29/2023   (23)     (10,683,500 )      (48,081 )      (48,081 )      —  

S&P 500 Index

        4,650.000     12/29/2023   (26)     (12,090,000 )      (66,560 )      (53,327 )      (13,233 ) 

S&P 500 Index

        4,655.000     12/29/2023   (24)     (11,172,000 )      (57,600 )      (44,291 )      (13,309 ) 

S&P 500 Index

        4,660.000     12/29/2023   (23)     (10,718,000 )      (38,982 )      (38,982 )      —  

S&P 500 Index

        4,565.000     01/31/2024   (2)     (913,000 )      (21,750 )      (8,258 )      (13,492 ) 

S&P 500 Index

        4,675.000     01/31/2024   (4)     (1,870,000 )      (20,220 )      (17,917 )      (2,303 ) 

S&P 500 Index

        4,710.000     01/31/2024   (6)     (2,826,000 )      (22,530 )      (23,295 )      765  

S&P 500 Index

        4,715.000     01/31/2024   (8)     (3,772,000 )      (28,680 )      (28,400 )      (280 ) 

 

  
         (820)   $ (545,267,000 )    $ (2,047,517 )    $ (1,097,624 )    $ (949,894 ) 

 

  

Puts

                 

Euro Stoxx 50 Index

        3,900.000     12/15/2023   (36)     (14,040,000 )      (509 )      (23,819 )      23,310  

Euro Stoxx 50 Index

        3,925.000     12/15/2023   (42)     (16,485,000 )      (640 )      (35,090 )      34,450  

Euro Stoxx 50 Index

        3,950.000     12/15/2023   (31)     (12,245,000 )      (506 )      (20,144 )      19,638  

Euro Stoxx 50 Index

        4,025.000     12/15/2023   (19)     (7,647,500 )      (414 )      (11,925 )      11,511  

Euro Stoxx 50 Index

        4,050.000     12/15/2023   (26)     (10,530,000 )      (623 )      (11,080 )      10,457  

Euro Stoxx 50 Index

        4,075.000     12/15/2023   (50)     (20,375,000 )      (1,361 )      (37,859 )      36,498  

Euro Stoxx 50 Index

        4,150.000     12/15/2023   (15)     (6,225,000 )      (620 )      (9,340 )      8,720  

Euro Stoxx 50 Index

        4,225.000     12/15/2023   (4)     (1,690,000 )      (292 )      (950 )      658  

Euro Stoxx 50 Index

        3,875.000     01/19/2024   (13)     (5,037,500 )      (877 )      (11,279 )      10,402  

Euro Stoxx 50 Index

        3,900.000     01/19/2024   (7)     (2,730,000 )      (511 )      (7,049 )      6,538  

Euro Stoxx 50 Index

        4,025.000     01/19/2024   (22)     (8,855,000 )      (2,562 )      (13,611 )      11,049  

Euro Stoxx 50 Index

        4,125.000     01/19/2024   (32)     (13,200,000 )      (5,817 )      (25,685 )      19,868  

Euro Stoxx 50 Index

        4,200.000     01/19/2024   (41)     (17,220,000 )      (10,934 )      (17,858 )      6,924  

Euro Stoxx 50 Index

        4,275.000     01/19/2024   (38)     (16,245,000 )      (15,180 )      (16,950 )      1,770  

Euro Stoxx 50 Index

        4,275.000     02/16/2024   (7)     (2,992,500 )      (4,442 )      (4,731 )      289  

FTSE 100 Index

        7,150.000     12/15/2023   (8)     (5,720,000 )      (657 )      (9,399 )      8,742  

FTSE 100 Index

        7,250.000     12/15/2023   (7)     (5,075,000 )      (1,060 )      (7,854 )      6,794  

FTSE 100 Index

        7,275.000     12/15/2023   (6)     (4,365,000 )      (1,061 )      (5,131 )      4,070  

FTSE 100 Index

        7,300.000     12/15/2023   (10)     (7,300,000 )      (2,146 )      (13,686 )      11,540  

FTSE 100 Index

        7,325.000     12/15/2023   (4)     (2,930,000 )      (1,035 )      (1,340 )      305  

FTSE 100 Index

        7,425.000     12/15/2023   (4)     (2,970,000 )      (2,348 )      (4,142 )      1,794  

FTSE 100 Index

        7,475.000     12/15/2023   (10)     (7,475,000 )      (8,648 )      (10,761 )      2,113  

FTSE 100 Index

        7,525.000     12/15/2023   (2)     (1,505,000 )      (2,487 )      (2,361 )      (126 ) 

FTSE 100 Index

        7,100.000     01/19/2024   (3)     (2,130,000 )      (909 )      (4,177 )      3,268  

FTSE 100 Index

        7,250.000     01/19/2024   (5)     (3,625,000 )      (2,556 )      (5,808 )      3,252  

FTSE 100 Index

        7,275.000     01/19/2024   (19)     (13,822,500 )      (10,674 )      (18,069 )      7,395  

FTSE 100 Index

        7,375.000     01/19/2024   (9)     (6,637,500 )      (7,499 )      (6,420 )      (1,079 ) 

FTSE 100 Index

        7,350.000     02/16/2024   (2)     (1,470,000 )      (2,171 )      (1,938 )      (233 ) 

Nikkei 225 Index

        29,250.000     12/08/2023   (7)     (20,475,000 )      (142 )      (20,464 )      20,322  

Nikkei 225 Index

        30,250.000     12/08/2023   (3)     (9,075,000 )      (81 )      (11,968 )      11,887  

Nikkei 225 Index

        30,875.000     12/08/2023   (6)     (18,525,000 )      (202 )      (17,843 )      17,641  

Nikkei 225 Index

        31,000.000     12/08/2023   (4)     (12,400,000 )      (162 )      (21,241 )      21,079  

Nikkei 225 Index

        31,125.000     12/08/2023   (4)     (12,450,000 )      (189 )      (15,211 )      15,022  

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description   

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

  

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Nikkei 225 Index

    $ 31,375.000       12/08/2023     (1)   $ (3,137,500 )    $ (61 )    $ (1,580 )    $ 1,519  

Nikkei 225 Index

      31,500.000       12/08/2023     (1)     (3,150,000 )      (67 )      (2,974 )      2,907  

Nikkei 225 Index

      31,750.000       12/08/2023     (3)     (9,525,000 )      (283 )      (14,407 )      14,124  

Nikkei 225 Index

      29,500.000       01/12/2024     (6)     (17,700,000 )      (1,659 )      (7,109 )      5,450  

Nikkei 225 Index

      29,875.000       01/12/2024     (5)     (14,937,500 )      (1,686 )      (25,147 )      23,461  

Nikkei 225 Index

      30,500.000       01/12/2024     (1)     (3,050,000 )      (506 )      (3,843 )      3,337  

Nikkei 225 Index

      30,750.000       01/12/2024     (3)     (9,225,000 )      (1,841 )      (19,539 )      17,698  

Nikkei 225 Index

      31,125.000       01/12/2024     (6)     (18,675,000 )      (5,059 )      (17,594 )      12,535  

Nikkei 225 Index

      32,625.000       01/12/2024     (6)     (19,575,000 )      (15,581 )      (22,637 )      7,056  

Nikkei 225 Index

      32,375.000       02/09/2024     (1)     (3,237,500 )      (3,609 )      (4,649 )      1,040  

S&P 500 Index

      4,310.000       12/06/2023     (31)     (13,361,000 )      (1,008 )      (111,290 )         110,282  

S&P 500 Index

      4,430.000       12/13/2023     (30)     (13,290,000 )      (19,200 )      (84,872 )      65,672  

S&P 500 Index

      4,490.000       12/20/2023     (29)     (13,021,000 )      (56,840 )      (78,799 )      21,959  

S&P 500 Index

      4,510.000       12/27/2023     (29)     (13,079,000 )      (81,200 )      (84,414 )      3,214  

S&P 500 Index

      4,055.000       12/29/2023     (9)     (3,649,500 )      (2,475 )      (44,159 )      41,684  

S&P 500 Index

      4,080.000       12/29/2023     (1)     (408,000 )      (295 )      (7,419 )      7,124  

S&P 500 Index

      4,105.000       12/29/2023     (8)     (3,284,000 )      (2,560 )      (66,516 )      63,956  

S&P 500 Index

      4,235.000       12/29/2023     (3)     (1,270,500 )      (1,590 )      (21,538 )      19,948  

S&P 500 Index

      4,250.000       12/29/2023     (6)     (2,550,000 )      (3,420 )      (49,435 )      46,015  

S&P 500 Index

      4,285.000       12/29/2023     (7)     (2,999,500 )      (4,690 )      (34,973 )      30,283  

S&P 500 Index

      4,425.000       12/29/2023     (5)     (2,212,500 )      (7,925 )      (19,517 )      11,592  

S&P 500 Index

      4,485.000       12/29/2023     (3)     (1,345,500 )      (7,380 )      (9,622 )      2,242  

S&P 500 Index

      4,495.000       12/29/2023     (23)     (10,338,500 )      (77,493 )      (77,493 )      —  

S&P 500 Index

      4,500.000       12/29/2023     (23)     (10,350,000 )      (80,517 )      (80,517 )      —  

S&P 500 Index

      4,510.000       12/29/2023     (1)     (451,000 )      (2,985 )      (3,079 )      94  

S&P 500 Index

      4,265.000       01/31/2024     (2)     (853,000 )      (3,840 )      (13,338 )      9,498  

S&P 500 Index

      4,405.000       01/31/2024     (4)     (1,762,000 )      (13,560 )      (22,551 )      8,991  

S&P 500 Index

      4,465.000       01/31/2024     (6)     (2,679,000 )      (26,640 )      (30,178 )      3,538  

S&P 500 Index

      4,490.000       01/31/2024     (8)     (3,592,000 )      (39,840 )      (40,277 )      437  

 

  
       (757)   $ (496,176,000 )    $ (553,125 )    $ (1,424,649 )    $ 871,524  

 

  

Total written option contracts

 

     (1,577)   $ (1,041,443,000 )    $ (2,600,642 )    $ (2,522,273 )    $ (78,370 ) 

 

  

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description   

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Purchased option contracts

 

            

Calls

               

3 Month SOFR

    $ 96.625       06/13/2025       983     $ 2,457,500     $ 1,271,756      $ 1,903,452     $ (631,696 ) 

3 Month SOFR

      97.250       03/14/2025       1,843       4,607,500       1,151,875       3,360,173       (2,208,298 ) 

3 Month SOFR

      95.250       09/13/2024       385       962,500       522,156       1,547,892       (1,025,736 ) 

3 Month SOFR

      95.125       06/14/2024       428       1,070,000       321,000       1,518,638       (1,197,638 ) 

3 Month SOFR

      97.750       06/14/2024       2,036                 5,090,000       76,350       2,716,180       (2,639,830 ) 

3 Month SOFR

      97.250       12/13/2024       2,052       5,130,000       872,100       3,290,395       (2,418,295 ) 

3 Month SOFR

      97.250       09/13/2024       1,214       3,035,000       257,975       1,623,613       (1,365,638 ) 

3 Month SOFR

      97.250       06/14/2024       807       2,017,500       50,438       779,129       (728,691 ) 

3 Month SOFR

      95.000       03/15/2024       777       1,942,500       165,113       2,288,516       (2,123,403 ) 

3 Month SOFR

      97.750       03/15/2024       2,323       5,807,500       43,556       2,749,256       (2,705,700 ) 

3 Month SOFR

      97.500       12/15/2023       1,534       3,835,000       9,588       1,910,371       (1,900,783 ) 

3 Month SOFR

               96.500       03/14/2025       966       2,415,000          1,098,825          1,863,201       (764,376 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

 

Description   

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

  

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

3 Month SOFR

    $ 96.250       12/13/2024     915   $ 2,287,500     $ 874,969     $ 1,714,070     $ (839,101 ) 

3 Month SOFR

      96.000       09/13/2024     907     2,267,500       634,900       1,617,407       (982,507 ) 

3 Month SOFR

      96.625       09/12/2025     921     2,302,500       1,369,988       1,888,445       (518,457 ) 

3 Month SOFR

      97.250       06/13/2025     2,670     6,675,000       2,136,000       2,854,785       (718,785 ) 

3 Month SOFR

      97.000       03/14/2025     2,074     5,185,000       1,594,387       2,263,037       (668,650 ) 

3 Month SOFR

      97.500       09/12/2025     3,092     7,730,000       2,396,300       3,074,948       (678,648 ) 

3 Month SOFR

      97.500       12/12/2025     2,880     7,200,000       2,376,000       3,083,882       (707,882 ) 

3 Month SOFR

      98.500       06/14/2024     5,086             12,715,000       95,363       554,825       (459,462 ) 

3 Month SOFR

      97.000       09/12/2025     1,234     3,085,000       1,411,387       1,267,713       143,674  

3 Month SOFR

      97.250       03/13/2026     1,368     3,420,000       1,436,400       1,371,174       65,226  

3 Month SOFR

      97.250       12/12/2025     1,442     3,605,000       1,451,012       1,373,245       77,767  

3 Month SOFR

      96.750       06/13/2025     1,226     3,065,000       1,448,212       1,290,144       158,068  

3 Month SOFR

      98.000       09/13/2024     2,599     6,497,500       243,656       363,392       (119,736 ) 

3 Month SOFR

      98.000       12/13/2024     2,324     5,810,000       508,375       557,342       (48,967 ) 

3 Month SOFR

               98.000       03/14/2025     1,713     4,282,500       578,138       582,112       (3,974 ) 

 

  

TOTAL

 

     45,799   $ 114,497,500     $ 24,395,819     $  49,407,337     $ (25,011,518 ) 

 

  

 

 

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

 

 

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Schedule of Investments

November 30, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		     Value
U.S. Treasury Obligations(a)(b) – 25.8%

U.S. Treasury Bills

$

     187,500,000       0.000 %      12/28/23     $   186,757,219
    187,500,000       0.000       01/25/24     185,987,844
    187,500,000       0.000       02/22/24     185,233,339

 

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $558,370,130)

 

 

   $   557,978,402

 

Shares     Dividend
Rate		   Value
  Investment Company(c) – 67.2%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

            1,454,226,179     5.260%   $1,454,226,179
  (Cost $1,454,226,179)  

 

 

 

 TOTAL INVESTMENTS – 93.0%

(Cost $2,012,596,309)

   $2,012,204,581

 

 

 

 OTHER ASSETS IN EXCESS OF

    LIABILITIES – 7.0%

   150,608,755

 

 

  NET ASSETS – 100.0%   $2,162,813,336

 

 

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 options.
(b)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)   Represents an affiliated fund.
 

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

     

AUD

      47,810,000          USD        30,394,696          12/20/23        $ 1,217,272  
    

CAD

      25,350,000          USD        18,680,610          12/20/23          7,359  
    

CHF

      11,370,000          USD        12,536,658          12/20/23          478,011  
    

EUR

      2,790,000          USD        2,965,772          12/20/23          73,995  
    

GBP

      13,650,000          USD        17,073,800          12/20/23          161,859  
    

JPY

      300,490,000          USD        2,033,137          12/20/23          434  
    

NZD

      42,740,000          USD        25,703,366          12/20/23          618,410  
    

USD

      103,670,610          CHF        90,310,000          12/20/23          297,287  
    

USD

      127,285,641          GBP        100,700,000          12/20/23          133,196  
    

USD

      8,509,964          JPY        1,234,920,000          12/20/23          152,623  

 

  

TOTAL

                           $ 3,140,446  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

     

AUD

      9,890,000          USD        6,540,566          12/20/23        $ (1,298 ) 
    

CAD

      10,050,000          USD        7,449,199          12/20/23          (40,360 ) 
    

EUR

      75,360,000          USD        82,270,685          12/20/23          (164,294 ) 
    

JPY

      2,547,730,000          USD        17,273,530          12/20/23          (31,727 ) 
    

USD

      26,612,097          AUD        41,130,000          12/20/23          (583,056 ) 
    

USD

      108,279,238          CAD        148,610,000          12/20/23          (1,275,753 ) 
    

USD

      34,237,526          CHF        30,190,000          12/20/23          (319,451 ) 
    

USD

      82,910,156          EUR        78,150,000          12/20/23          (2,236,001 ) 
    

USD

      13,876,339          GBP        11,370,000          12/20/23          (480,397 ) 
    

USD

      19,279,264          NZD        33,000,000          12/20/23          (1,044,054 ) 

 

  

TOTAL

                           $ (6,176,391 ) 

 

  

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS — At November 30, 2023, the Fund had the following futures contracts:

 

Description     

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

     

Unrealized

Appreciation/

(Depreciation)

  

 

  

Long position contracts:

                  

10 Year U.S. Treasury Notes

      12,255      03/19/24      $ 1,345,560,703      $ 9,331,375  

S&P 500 E-Mini Index

      5,726      12/15/23        1,310,323,525        57,565,000  

 

  

Total

                   $ 66,896,375  

 

  

Short position contracts:

                  

20 Year U.S. Treasury Bonds

      (509)      03/19/24        (59,266,687 )       (561,099 ) 

3 Month SOFR

      (564)      03/18/25        (135,070,950 )       (482,742 ) 

 

  

Total

                   $ (1,043,841 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 65,852,534  

 

  

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2023, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description   Exercise
Price		     Expiration
Date		    

Number of

Contracts

     Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

            

Puts

              

S&P 500 Index

   $ 3,300.000       12/01/2023       416     $     137,280,000     $     1,040     $ 35,953     $ (34,913 ) 

S&P 500 Index

     4,095.000       12/01/2023       351       143,734,500       1,755       8,054       (6,299 ) 

S&P 500 Index

     3,350.000       12/04/2023       411       137,685,000       1,028       44,401       (43,373 ) 

S&P 500 Index

     3,400.000       12/05/2023       413       140,420,000       1,033       40,266       (39,233 ) 

S&P 500 Index

     3,450.000       12/06/2023       413       142,485,000       2,065       44,254       (42,189 ) 

S&P 500 Index

     3,400.000       12/07/2023       415       141,100,000       3,112       41,811       (38,699 ) 

S&P 500 Index

     3,400.000       12/08/2023       417       141,780,000       3,127       48,995       (45,868 ) 

S&P 500 Index

     3,400.000       12/11/2023       418       142,120,000       3,135       41,762       (38,627 ) 

S&P 500 Index

     3,400.000       12/12/2023       413       140,420,000       6,195       35,415       (29,220 ) 

S&P 500 Index

     3,500.000       12/13/2023       409       143,150,000       8,180       42,171       (33,991 ) 

S&P 500 Index

     3,500.000       12/14/2023       410       143,500,000       10,250       47,457       (37,207 ) 

S&P 500 Index

     3,460.000       12/15/2023       409       141,514,000       10,225       45,297       (35,072 ) 

S&P 500 Index

     3,400.000       12/19/2023       411       139,740,000       12,330       41,408       (29,078 ) 

S&P 500 Index

     3,550.000       12/19/2023       412       146,260,000       16,480       41,187       (24,707 ) 

S&P 500 Index

     3,650.000       12/20/2023       412       150,380,000       22,660       43,569       (20,909 ) 

S&P 500 Index

     3,700.000       12/21/2023       413       152,810,000       27,877       51,246       (23,369 ) 

S&P 500 Index

     3,700.000       12/22/2023       414       153,180,000       30,015       43,780       (13,765 ) 

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description   Exercise
Price		     Expiration
Date		    

Number of

Contracts

     Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

S&P 500 Index

   $ 3,750.000       12/26/2023       413     $ 154,875,000     $ 37,170     $ 45,529     $ (8,359 ) 

S&P 500 Index

     3,750.000       12/27/2023       414       155,250,000       41,400       49,990       (8,590 ) 

S&P 500 Index

     3,700.000       12/28/2023       413       152,810,000       39,235       43,675       (4,440 ) 

S&P 500 Index

     3,675.000       12/29/2023       437       160,597,500       48,398       48,398       —  

 

  

Total purchased option contracts

         8,634     $ 3,061,091,000     $ 326,710     $ 884,618     $ (557,908 ) 

 

  

Written option contracts

 

            

Puts

              

S&P 500 Index

     4,415.000       12/01/2023       (1,680)       (741,720,000 )      (16,800 )      (215,040 )      198,240  

S&P 500 Index

     4,440.000       12/04/2023       (1,674)       (743,256,000 )      (37,665 )      (222,642 )      184,977  

S&P 500 Index

     4,445.000       12/05/2023       (1,676)       (744,982,000 )      (113,130 )      (398,888 )      285,758  

S&P 500 Index

     4,410.000       12/06/2023       (1,670)       (736,470,000 )      (108,550 )      (255,510 )      146,960  

S&P 500 Index

     4,385.000       12/07/2023       (1,758)       (770,883,000 )      (242,604 )      (242,604 )      —  

 

  

Total written option contracts

 

     (8,458)     $ (3,737,311,000 )    $ (518,749 )    $ (1,334,684 )    $ 815,935  

 

  

TOTAL

         176     $ (676,220,000 )    $ (192,039 )    $ (450,066 )    $ 258,027  

 

  

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description   Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		    

Market

Value

     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts

 

            

Puts

              

20 Year U.S. Treasury Bonds

   $ 110.000       12/22/2023       (1,224)     $ (1,224,000 )    $ (114,750 )    $ (836,849 )    $ 722,099  

20 Year U.S. Treasury Bonds

     111.000       12/22/2023       (1,195)       (1,195,000 )      (205,391 )      (406,240 )      200,849  

20 Year U.S. Treasury Bonds

     113.000       01/26/2024       (1,192)       (1,192,000 )      (1,206,095 )      (1,206,095 )      —  

 

  

TOTAL

         (3,611)     $ (3,611,000 )    $ (1,526,236 )    $ (2,449,184 )    $ 922,948  

 

  

 

 

Currency Abbreviations:
AUD   — Australian Dollar
CAD   — Canadian Dollar
CHF   — Swiss Franc
EUR   — Euro
GBP   — British Pound
JPY   — Japanese Yen
NZD   — New Zealand Dollar
USD   — U.S. Dollar
Abbreviation:
MS & Co. Int. PLC — Morgan Stanley & Co. International PLC

 

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Schedule of Investments

November 30, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		     Value
U.S. Treasury Obligations(a) – 33.5%

U.S. Treasury Bills

$

     50,000,000       0.000 %      12/28/23     $  49,801,925
    50,000,000       0.000       01/25/24     49,596,758
    50,000,000       0.000       02/22/24     49,395,557

 

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $148,898,701)

 

 

   $148,794,240

 

Shares     Dividend
Rate		   Value
  Investment Company(b) – 64.4%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

               286,232,946     5.260%   $286,232,946
  (Cost $286,232,946)  

 

 

 

 TOTAL INVESTMENTS – 97.9%

(Cost $435,131,647)

   $435,027,186

 

 

 

 OTHER ASSETS IN EXCESS OF

    LIABILITIES – 2.1%

   9,256,995

 

 

  NET ASSETS – 100.0%   $444,284,181

 

 

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At November 30, 2023, the Fund had the following futures contracts:

 

Description     

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

       

Unrealized

Appreciation/

(Depreciation)

  

 

  

Long position contracts:

                    

2 Year U.S. Treasury Notes

      1,335      03/28/24      $ 272,955,352        $ 965,734  

5 Year U.S. Treasury Notes

      1,617      03/28/24        172,778,977          1,260,452  

S&P 500 E-Mini Index

      13      12/15/23        2,974,888          133,570  

 

  

TOTAL FUTURES CONTRACTS

                     $ 2,359,756  

 

  

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2023, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description   

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Purchased option contracts

 

          

Puts

               

S&P 500 Index

    $ 3,300.000       12/01/2023       94     $     31,020,000     $     235     $ 8,124     $ (7,889 ) 

S&P 500 Index

      3,350.000       12/04/2023       93       31,155,000       233       10,047       (9,814 ) 

S&P 500 Index

      3,400.000       12/05/2023       93       31,620,000       233       9,067       (8,834 ) 

S&P 500 Index

      3,450.000       12/06/2023       93       32,085,000       465       9,965       (9,500 ) 

S&P 500 Index

      3,400.000       12/07/2023       94       31,960,000       705       9,471       (8,766 ) 

S&P 500 Index

      3,400.000       12/08/2023       96       32,640,000       720       11,280       (10,560 ) 

S&P 500 Index

      3,400.000       12/11/2023       97       32,980,000       728       9,691       (8,963 ) 

S&P 500 Index

      3,400.000       12/12/2023       95       32,300,000       1,425       8,146       (6,721 ) 

S&P 500 Index

      3,500.000       12/13/2023       95       33,250,000       1,900       9,795       (7,895 ) 

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description   Exercise
Price		     Expiration
Date		    

Number of

Contracts

   Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

S&P 500 Index

   $ 3,500.000       12/14/2023     95   $ 33,250,000     $ 2,375     $ 10,996     $ (8,621 ) 

S&P 500 Index

     3,460.000       12/15/2023     95     32,870,000       2,375       10,521       (8,146 ) 

S&P 500 Index

     3,400.000       12/19/2023     95     32,300,000       2,850       9,571       (6,721 ) 

S&P 500 Index

     3,550.000       12/19/2023     95     33,725,000       3,800       9,497       (5,697 ) 

S&P 500 Index

     3,650.000       12/20/2023     95     34,675,000       5,225       10,046       (4,821 ) 

S&P 500 Index

     3,700.000       12/21/2023     96     35,520,000       6,480       11,912       (5,432 ) 

S&P 500 Index

     3,700.000       12/22/2023     95     35,150,000       6,887       10,046       (3,159 ) 

S&P 500 Index

     3,750.000       12/26/2023     95     35,625,000       8,550       10,473       (1,923 ) 

S&P 500 Index

     3,750.000       12/27/2023     96     36,000,000       9,600       11,592       (1,992 ) 

S&P 500 Index

     3,700.000       12/28/2023     96     35,520,000       9,120       10,152       (1,032 ) 

S&P 500 Index

     3,675.000       12/29/2023     98     36,015,000       10,853       10,854       (1 ) 

 

  

Total purchased option contracts

 

   1,901   $ 669,660,000     $ 74,759     $ 201,246     $ (126,487 ) 

 

  

Written option contracts

 

            

Puts

              

S&P 500 Index

     4,415.000       12/01/2023     (388)     (171,302,000 )      (3,880 )      (49,664 )      45,784  

S&P 500 Index

     4,440.000       12/04/2023     (387)     (171,828,000 )      (8,707 )      (51,471 )      42,764  

S&P 500 Index

     4,445.000       12/05/2023     (387)     (172,021,500 )      (26,123 )      (92,106 )      65,983  

S&P 500 Index

     4,410.000       12/06/2023     (387)     (170,667,000 )      (25,155 )      (59,211 )      34,056  

S&P 500 Index

     4,385.000       12/07/2023     (393)     (172,330,500 )      (54,234 )      (54,234 )      —  

 

  

Total written option contracts

 

   (1,942)   $ (858,149,000 )    $ (118,099 )    $ (306,686 )    $ 188,587  

 

  

TOTAL

       (41)   $ (188,489,000 )    $ (43,340 )    $ (105,440 )    $ 62,100  

 

  

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments

November 30, 2023 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Agency Debentures – 7.0%

Sovereign – 7.0%

Federal Farm Credit Banks Funding Corp.

$

     12,964,000       5.500 %(a)    08/07/24   $     12,963,222

(Federal Reserve Bank Prime Loan Rate - 3.010%)

    166,000       5.490 (b)    08/07/25   165,867

(Secured Overnight Financing Rate + 0.200%)

    140,000       5.510 (b)    12/05/24   140,049

Federal Home Loan Banks

    65,800,000       5.000 (a)    02/21/24   65,715,202
    29,425,000       5.165 (a)    03/08/24   29,400,283
    30,270,000       5.500 (a)    04/01/24   30,266,065
    25,560,000       5.340 (a)    04/23/24   25,539,296
    14,910,000       5.540 (a)    04/24/24   14,898,668
    14,830,000       5.330 (a)    04/26/24   14,813,094
    14,860,000       5.370 (a)    05/21/24   14,853,907
    14,875,000       5.300 (a)    05/22/24   14,691,740
    27,925,000       5.360 (a)    06/11/24   27,897,634
    17,455,000       5.375 (a)    06/11/24   17,420,090
    8,250,000       5.490 (a)    07/15/24   8,240,760
    8,280,000       5.520 (a)    07/15/24   8,269,236

(Secured Overnight Financing Rate + 0.120%)

    555,000       5.430 (b)    01/03/25   554,612

Federal Home Loan Mortgage Corp.(a)

    14,908,000       5.400     06/11/24   14,892,049
    14,908,000       5.380     06/12/24   14,889,365

Federal National Mortgage Association

    10,437,000       5.505 (a)    07/26/24   10,429,172

 

TOTAL AGENCY DEBENTURES
(Cost $326,498,529)		   $   326,040,311

 

Corporate Obligations – 1.3%

Banks – 1.3%

Euroclear Bank SA/NV(c)

$

     34,752,000       0.010 %    02/02/24   $     34,429,482

Mizuho Bank Ltd.(b) (Secured Overnight Financing Rate + 0.600%)

    4,667,000       5.920     02/26/24   4,671,269

Sumitomo Mitsui Banking Corp.(c)

    20,000,000       0.000     02/02/24   19,800,551

 

TOTAL CORPORATE OBLIGATIONS
(Cost $58,875,687)		   $     58,901,302

 

U.S. Treasury Obligations – 9.6%

U.S. Treasury Floating Rate Notes(b)

(3 mo. Treasury money market yield + 0.140%)

$

     33,738,000       5.491 %(d)    10/31/24   $     33,758,815

(3 mo. Treasury money market yield + 0.169%)

    890,500       5.520     04/30/25   890,947

(3 mo. Treasury money market yield + 0.125%)

    21,831,500       5.476     07/31/25   21,814,454

(3 mo. Treasury money market yield + 0.170%)

    455,100       5.521     10/31/25   454,823

U.S. Treasury Notes

    45,127,500       1.750     06/30/24   44,209,085

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
U.S. Treasury Obligations – (continued)

$

     1,987,100       3.250 %    08/31/24   $       1,957,060
    31,497,600       0.375     09/15/24   30,315,210
    22,245,100       1.500     11/30/24   21,443,929
    111,697,300       2.125     11/30/24   108,355,108
    35,579,000       4.500     11/30/24   35,333,005
    155,810,001       3.875     08/15/33   149,967,125

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $442,553,617)		   $   448,499,561

 

Shares     Description   Value
Exchange Traded Funds – 2.2%
    256,040       Alerian MLP ETF(e)   $     11,281,122
    13,076      
 iShares 20+ Year
Treasury Bond ETF		   1,197,271
    38,759      
 iShares 7-10 Year
Treasury Bond ETF		   3,620,478
    12,170      

 iShares Core MSCI
Emerging Markets
ETF		   604,271
    18,562      
 iShares Core S&P
500 ETF		   8,509,239
    203,564       iShares Gold Trust*   7,845,865
    34,050      


 iShares iBoxx $
Investment Grade
Corporate Bond
ETF		   3,619,260
    81,434      

 iShares iBoxx High
Yield Corporate
Bond ETF		   6,165,368
    3,022,699      
 Sprott Physical
Uranium Trust*		   57,671,747
    28,368      
 Vanguard Real
Estate ETF		   2,318,588

 

TOTAL EXCHANGE TRADED FUNDS
(Cost $83,776,766)		   $   102,833,209

 

Shares    

Dividend

Rate

   Value
Investment Companies(f) – 27.0%

Goldman Sachs Energy Infrastructure Fund — Class R6

2,232,605

 

     3.972%   $     26,344,742

Goldman Sachs Financial Square Government Fund — Institutional Shares

1,222,250,425

 

     5.260   1,222,250,425

Goldman Sachs MLP Energy Infrastructure Fund — Class R6

109,228

 

     4.793   3,609,987

 

TOTAL INVESTMENT COMPANIES
(Cost $1,236,635,194)		   $1,252,205,154

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 47.1%
(Cost $2,148,339,793)		   $2,188,479,537

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – 51.0%

Certificates of Deposit – 11.0%

Banco Santander SA

$

     9,092,000       5.880 %    03/05/24   $       9,098,216
    10,904,000       5.750     11/27/24   10,907,149

(Secured Overnight Financing Rate + 0.490%)

    5,950,000       5.800 (b)    02/09/24   5,953,737

(Secured Overnight Financing Rate + 0.710%)

    23,667,000       6.020 (b)    04/19/24   23,696,604

Bank of America NA

    7,592,000       5.440     02/08/24   7,587,797
    1,147,000       5.960     08/15/24   1,149,040

Bank of Nova Scotia(b)(g) (Secured Overnight Financing Rate + 0.390%)

    2,358,000       5.700     02/13/24   2,358,973

Bayerische Landesbank

    400,000       5.300     01/25/24   399,742
    11,758,000       5.820     03/08/24   11,754,776
    8,400,000       6.000     09/25/24   8,419,572

(Secured Overnight Financing Rate + 0.635%)

    3,180,000       5.945 (b)    01/11/24   3,181,626

BNP Paribas SA(b)

(Secured Overnight Financing Rate + 0.270%)

    22,235,000       5.580     03/08/24   22,239,044

(Secured Overnight Financing Rate + 0.400%)

    17,954,000       5.710     05/10/24   17,960,302

Brighthouse Financial Short Term Funding LLC(b)(g) (Secured Overnight Financing Rate + 0.730%)

    13,464,900       6.050     12/22/23   13,470,212

Canadian Imperial Bank of Commerce

    9,119,000       5.950     09/19/24   9,140,062

Citibank NA

    17,900,000       5.780     03/07/24   17,905,398

(Secured Overnight Financing Rate + 0.600%)

    15,634,000       5.910 (b)    10/28/24   15,639,351

(Secured Overnight Financing Rate + 0.700%)

    4,209,000       6.010 (b)    12/13/23   4,210,025

Cooperatieve Rabobank UA

    6,000,000       5.750     03/07/24   6,002,213
    16,400,000       5.750     06/17/24   16,398,767
    8,006,000       5.960     07/24/24   8,017,721
    9,931,000       5.800     11/12/24   9,951,899

Credit Agricole Corporate & Investment Bank SA

    7,090,000       5.740     02/08/24   7,094,183

Credit Industriel et Commercial(b)

(Secured Overnight Financing Rate + 0.440%)

    7,629,000       5.750     01/31/24   7,632,458

(Secured Overnight Financing Rate + 0.450%)

    11,255,000       5.760     01/09/24   11,259,014

HSBC Bank USA NA

    12,180,000       5.980     09/25/24   12,207,148

(Secured Overnight Financing Rate + 0.660%)

    6,019,000       5.970 (b)    01/03/24   6,021,158

JP Morgan Securities LLC(a)(b)(g) (Secured Overnight Financing Rate + 0.660%)

    6,371,000       5.970     08/02/24   6,375,663

Landesbank Baden-Wuerttemberg

    19,085,000       5.220     01/17/24   19,073,270
    7,100,000       5.990     09/25/24   7,116,098

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Certificates of Deposit – (continued)

Lloyds Bank Corporate Markets PLC

$

     4,921,000       6.050 %    10/07/24   $       4,934,317

(Secured Overnight Financing Rate + 0.670%)

    10,871,000       5.980 (b)    08/14/24   10,889,800

Matchpoint Finance PLC(b)(g) (Secured Overnight Financing Rate + 0.460%)

    11,428,000       5.770     12/04/23   11,428,495

Mizuho Bank Ltd.(b) (Secured Overnight Financing Rate + 0.450%)

    5,878,000       5.770     01/24/24   5,880,513

National Bank of Kuwait SAKP

    21,465,000       5.850     02/16/24   21,470,096

Natixis SA

    14,700,000       5.990     09/17/24   14,732,711

Nordea Bank Abp(b)

(Secured Overnight Financing Rate + 0.250%)

    1,376,000       5.560 (g)    03/01/24   1,376,123

(Secured Overnight Financing Rate + 0.450%)

    3,148,000       5.760 (g)    01/18/24   3,149,285

(Secured Overnight Financing Rate + 0.530%)

    1,063,000       5.840     04/26/24   1,063,927

(Secured Overnight Financing Rate + 0.570%)

    5,630,000       5.880     08/14/24   5,637,844

(Secured Overnight Financing Rate + 0.610%)

    33,000       5.920     01/04/24   33,013

Royal Bank of Canada(b)

(Secured Overnight Financing Rate + 0.640%)

    1,000,000       5.950 (g)    07/08/24   1,001,067

(Secured Overnight Financing Rate + 0.700%)

    3,794,000       6.010     03/27/24   3,799,410

Skandinaviska Enskilda Banken AB(b)(g)

(Secured Overnight Financing Rate + 0.580%)

    16,910,000       5.900     08/02/24   16,922,395

(Secured Overnight Financing Rate + 0.650%)

    2,300,000       5.970     05/31/24   2,303,634

Standard Chartered Bank PLC

    10,476,000       6.070     07/23/24   10,497,216
    8,787,000       0.000 (c)    09/05/24   8,810,761

Sumitomo Mitsui Banking Corp.(b)

(Secured Overnight Financing Rate + 0.300%)

    6,685,000       5.620     03/07/24   6,685,603

(Secured Overnight Financing Rate + 0.700%)

    9,371,000       6.020     08/14/24   9,384,440

Svenska Handelsbanken AB(b) (Secured Overnight Financing Rate + 0.550%)

    9,500,000       5.860     11/05/24   9,503,834

Swedbank AB

    5,600,000       5.940     07/26/24   5,609,616
    9,045,000       5.930     08/15/24   9,062,551

Toronto-Dominion Bank(b)

    1,468,000       5.000     01/17/24   1,468,388

(Secured Overnight Financing Rate + 0.480%)

    7,529,000       5.800 (g)    05/09/24   7,533,106

Wells Fargo Bank Na(b) (Secured Overnight Financing Rate + 0.600%)

    24,591,000       5.910     11/06/24   24,604,469

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Certificates of Deposit – (continued)

Wells Fargo Bank NA(b) (Secured Overnight Financing Rate + 0.490%)

$

     11,750,000       5.800 %    08/05/24   $     11,754,322
       

 

  511,758,154

 

Commercial Paper – 38.8%

Air Liquide U.S. LLC

    33,700,000       0.000 (c)(g)    02/05/24   33,364,931

Albion Capital Corp. SA/Albion Capital LLC(c)

    14,837,000       0.000     12/22/23   14,787,665
    4,592,000       0.000     01/22/24   4,554,948
    15,453,000       0.000     02/20/24   15,260,277
    20,369,000       0.000     02/28/24   20,090,454

Alimentation Couche-Tard, Inc.(c)(g)

    1,669,000       0.000     01/08/24   1,658,795
    23,209,000       0.000     01/16/24   23,037,378

American Electric Power Co., Inc.(c)(g)

    17,520,000       0.000     02/12/24   17,316,765

American Honda Finance Corp.(c)

    17,895,000       0.000     01/29/24   17,726,787
    6,077,000       0.000     02/13/24   6,005,405

Antalis SA(c)(g)

    8,990,000       0.000     02/01/24   8,903,518

AT&T, Inc.(c)(g)

    2,500,000       0.000     01/23/24   2,479,270
    17,909,000       0.000     02/26/24   17,664,021
    6,518,000       0.000     03/25/24   6,399,657
    5,203,000       0.000     01/30/24   5,154,496

Barclays Bank PLC(c)(g)

    5,000,000       0.000     03/11/24   4,921,505

Barton Capital SA(c)(g)

    13,006,000       0.000     12/08/23   12,990,563
    3,082,000       0.000     12/29/23   3,068,597

BASF SE(c)(g)

    6,865,000       0.000     12/18/23   6,846,365

BAT International Finance PLC(c)(g)

    20,000,000       0.000     12/05/23   19,984,925

Bay Square Funding LLC(c)(g)

    2,584,000       0.000     09/19/24   2,468,881

Bayer Corp.(c)(g)

    12,650,000       0.000     07/08/24   12,196,623
    15,950,000       0.000     07/09/24   15,375,843
    2,100,000       0.000     08/12/24   2,013,226
    3,000,000       0.000     09/16/24   2,859,825

Cabot Trail Funding LLC(c)(g)

    26,764,000       0.000     02/09/24   26,471,943
    8,672,000       0.000     02/22/24   8,559,252

CAFCO LLC(c)(g)

    7,615,000       0.000     03/18/24   7,488,072

Caisse d’Amortissement de la Dette Sociale(c)(g)

    46,441,000       0.000     01/16/24   46,115,167
    4,107,000       0.000     01/26/24   4,071,924
    26,256,000       0.000     02/13/24   25,958,158

Canadian National Railway Co.(c)(g)

    2,000,000       0.000     12/14/23   1,995,788
    15,088,000       0.000     02/07/24   14,927,617

CDP Financial, Inc.(c)(g)

    14,613,000       0.000     01/16/24   14,510,118

 

Principal

Amount

     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

Charta LLC(c)(g)

$

     7,494,000       0.000 %    03/18/24   $       7,368,802

Citigroup Global Markets, Inc.(c)(g)

    8,503,000       0.000     09/16/24   8,130,009

Clorox Co.(c)(g)

    2,855,000       0.000     01/03/24   2,839,986
    1,805,000       0.000     01/05/24   1,794,943
    6,600,000       0.000     01/09/24   6,559,080

Coca-Cola Co.(c)(g)

    1,592,000       0.000     05/22/24   1,551,834
    9,563,000       0.000     07/17/24   9,246,864

Collateralized Commercial Paper FLEX Co. LLC(a)(g)

    4,185,000       6.030     07/01/24   4,192,008

Dexia Credit Local SA(c)(g)

    14,754,000       0.000     12/19/23   14,712,296
    6,399,000       0.000     12/20/23   6,379,953

DNB Bank ASA(c)(g)

    12,731,000       0.000     07/31/24   12,266,340
    6,448,000       0.000     09/20/24   6,165,653

Duke Energy Corp.(c)(g)

    5,000,000       0.000     01/02/24   4,975,200

Duke University Health System, Inc.(c)

    22,927,000       0.000     02/06/24   22,689,998

EIDP, Inc.(c)(g)

    2,167,000       0.000     12/01/23   2,166,670
    6,545,000       0.000     12/05/23   6,540,012

Entergy Corp.(c)(g)

    10,273,000       0.000     01/18/24   10,195,098

Equitable Short Term Funding LLC(c)(g)

    13,500,000       0.000     07/09/24   13,049,401

Fairway Finance Co. LLC(c)(g)

    6,620,000       0.000     01/22/24   6,566,923
    12,047,000       0.000     02/21/24   11,893,858

Fidelity National Information Services, Inc.(c)(g)

    1,341,000       0.000     12/06/23   1,339,787
    26,144,000       0.000     12/15/23   26,087,064

General Motors Financial Co., Inc.(c)(g)

    5,495,000       0.000     01/18/24   5,452,069
    2,838,000       0.000     01/24/24   2,813,112

Glencore Funding LLC(c)(g)

    13,495,000       0.000     01/18/24   13,389,922
    17,001,000       0.000     02/01/24   16,830,076

Gotham Funding Corp.(c)(g)

    6,820,000       0.000     12/05/23   6,814,947
    30,884,000       0.000     03/01/24   30,447,561

GTA Funding LLC(c)(g)

    9,470,000       0.000     01/12/24   9,408,866
    16,201,000       0.000     01/24/24   16,066,434

HSBC USA, Inc.(c)(g)

    11,009,000       0.000     03/01/24   10,852,282
    4,203,000       0.000     05/20/24   4,088,455
    3,509,000       0.000     05/24/24   3,410,923
    3,402,000       0.000     06/27/24   3,288,626

ING U.S. Funding LLC(c)

    4,289,000       0.000     04/01/24   4,208,760

JP Morgan Securities LLC(a)(b)(g) (Secured Overnight Financing Rate + 0.610%)

    16,822,000       5.920     10/25/24   16,829,293

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

$

     48,899,000       0.000 %(c)(g)    01/04/24   $     48,634,674

Korea Development Bank(c)

    2,056,000       0.000     01/05/24   2,044,922

Kreditanstalt fuer Wiederaufbau(c)(g)

    31,028,000       0.000     02/01/24   30,737,050
    20,461,000       0.000     02/02/24   20,266,075
    35,858,000       0.000     02/22/24   35,408,917

Liberty Street Funding LLC(c)(g)

    4,636,000       0.000     01/05/24   4,611,030

LMA-Americas LLC(c)(g)

    4,970,000       0.000     12/01/23   4,969,261
    2,455,000       0.000     02/21/24   2,423,582
    4,663,000       0.000     02/22/24   4,602,592

LVMH Moet Hennessy Louis Vuitton SE(c)(g)

    13,500,000       0.000     01/03/24   13,431,915
    3,000,000       0.000     03/25/24   2,948,200
    1,563,000       0.000     04/12/24   1,531,789
    7,706,000       0.000     05/20/24   7,508,290

LVMH Moet Hennessy Louis Vuitton, Inc.(c)(g)

    4,777,000       0.000     06/06/24   4,642,497

Macquarie Bank Ltd.(b)(g) (Secured Overnight Financing Rate + 0.600%)

    18,365,000       5.910     11/07/24   18,363,044

Manhattan Asset Funding Co. LLC(c)(g)

    4,579,000       0.000     02/21/24   4,520,661

Matchpoint Finance Plc(b)(g) (Secured Overnight Financing Rate + 0.390%)

    6,963,000       5.700     05/08/24   6,963,480

Mercedes-Benz Finance North America LLC(c)(g)

    19,891,000       0.000     12/21/23   19,828,819

MetLife Short Term Funding LLC(c)(g)

    1,000,000       0.000     01/04/24   994,818

National Australia Bank Ltd.(c)(g)

    2,031,000       0.000     04/15/24   1,988,743

National Bank of Canada(c)(g)

    24,204,000       0.000     11/06/24   22,972,807

National Bank of Kuwait SAKP(c)

    7,744,000       0.000     01/19/24   7,742,855

National Grid North America, Inc.(c)(g)

    16,000,000       0.000     01/08/24   15,903,315

Nestle Finance International Ltd.(c)(g)

    6,839,000       0.000     01/22/24   6,786,040

NextEra Energy Capital Holdings, Inc.(c)(g)

    9,898,000       0.000     12/21/23   9,866,192

NRW Bank(c)(g)

    49,481,000       0.000     02/28/24   48,827,851

Nutrien Ltd.(c)(g)

    9,215,000       0.000     12/13/23   9,196,693
    12,801,000       0.000     12/18/23   12,765,621
    4,979,000       0.000     12/20/23   4,963,682
    6,170,000       0.000     12/22/23   6,149,080
    4,742,000       0.000     12/29/23   4,720,666

Old Line Funding LLC

    17,953,000       0.000 (c)    02/12/24   17,744,961
    17,594,000       0.000 (c)(g)    03/01/24   17,345,370

(Secured Overnight Financing Rate + 0.430%)

    5,386,000       5.740 (a)(b)(g)    06/10/24   5,385,359

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

Oracle Corp.(c)(g)

$

     15,562,000       0.000 %    12/04/23   $     15,552,618

Oversea-Chinese Banking Corp. Ltd.(b)(g) (Secured Overnight Financing Rate + 0.400%)

    16,471,000       5.710     12/12/23   16,472,811

Parker-Hannifin Corp.(c)(g)

    4,624,000       0.000     12/22/23   4,608,435

PepsiCo, Inc.(c)(g)

    3,900,000       0.000     03/15/24   3,840,455

Podium Funding Trust(c)

    29,515,000       0.000     12/15/23   29,449,243

Procter & Gamble Co.(c)(g)

    3,500,000       0.000     12/06/23   3,496,914

Pure Grove Funding(c)(g)

    13,033,000       0.000     12/05/23   13,023,344
    21,739,000       0.000     01/05/24   21,621,914
    13,136,000       0.000     01/24/24   13,026,892
    5,240,000       0.000     02/05/24   5,186,646
    19,795,000       0.000     11/21/24   18,728,775

Regency Markets No. 1 LLC(c)(g)

    25,000,000       0.000     12/19/23   24,929,339

Ridgefield Funding Co. LLC(c)(g)

    32,357,000       0.000     05/20/24   31,504,236

Salisbury Receivables Co. LLC(c)(g)

    28,943,000       0.000     01/26/24   28,694,804
    3,163,000       0.000     02/14/24   3,126,737

Sanofi SA(c)(g)

    15,698,000       0.000     02/02/24   15,549,197

Sheffield Receivables Co. LLC(c)(g)

    5,234,000       0.000     12/22/23   5,216,723
    3,068,000       0.000     02/14/24   3,032,118

Societe Generale SA(c)(g)

    15,305,000       0.000     02/09/24   15,140,178

Starbird Funding Corp.(c)(g)

    2,879,000       0.000     02/13/24   2,846,101
    15,644,000       0.000     05/10/24   15,256,825

Starbucks Corp.(c)(g)

    13,000,000       0.000     12/13/23   12,974,455

Svenska Handelsbanken AB(c)(g)

    8,000,000       0.000     04/08/24   7,844,790

TELUS Corp.(c)(g)

    3,052,000       0.000     12/07/23   3,048,778
    4,207,000       0.000     12/08/23   4,201,918
    4,638,000       0.000     12/20/23   4,623,820
    5,830,000       0.000     01/22/24   5,781,883

Thunder Bay Funding LLC

    17,952,000       0.000 (c)    02/12/24   17,745,534

(Secured Overnight Financing Rate + 0.430%)

    10,576,000       5.740 (a)(b)(g)    06/10/24   10,575,387

Toyota Industries Commercial Finance, Inc.(c)(g)

    24,454,000       0.000     04/22/24   23,919,905
    6,724,000       0.000     08/12/24   6,464,807

Toyota Motor Credit Corp.(c)

    10,000,000       0.000     08/02/24   9,631,793

UBS AG(c)(g)

    14,441,000       0.000     03/04/24   14,231,240

United Parcel Service, Inc.(c)(g)

    17,737,000       0.000     02/08/24   17,553,061

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

Versailles Commercial Paper LLC(c)

$

     20,101,000       0.000 %    01/04/24   $     19,995,795
    6,553,000       0.000     02/06/24   6,484,806
    3,446,000       0.000     04/03/24   3,379,298

Victory Receivables Corp.(c)(g)

    2,616,000       0.000     02/02/24   2,590,403
    15,411,000       0.000     02/09/24   15,243,499
    18,683,000       0.000     02/14/24   18,465,439
    14,850,000       0.000     02/15/24   14,674,766
    20,078,000       0.000     02/28/24   19,800,422

VW Credit, Inc.(c)(g)

    7,767,000       0.000     02/08/24   7,681,872
    29,678,000       0.000     02/21/24   29,290,833

Walt Disney Co.(c)(g)

    26,187,000       0.000     02/12/24   25,887,461
    14,280,000       0.000     03/26/24   14,021,366

Westpac Banking Corp.(c)(g)

    8,967,000       0.000     09/12/24   8,584,147
       

 

        1,799,634,498

 

U.S. Treasury Obligations – 1.2%

U.S. Treasury Bills(c)

    6,450,900       0.000     12/12/23   6,440,514
    2,361,700       0.000 (d)    01/30/24   2,340,962
    119,700       0.000 (d)    02/06/24   118,530
    8,672,000       0.000 (d)    03/21/24   8,532,288
    41,156,100       0.000     05/16/24   40,171,593

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,368,464,691)		   $2,368,996,539

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 98.1%
(Cost $4,516,804,484)		   $4,557,476,076

 

Shares        

Dividend

Rate

   Value
Securities Lending Reinvestment Vehicle(f) – 0.3%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    10,254,847       5.260%   $     10,254,847
(Cost $10,254,847)

 

TOTAL INVESTMENTS – 98.4%
(Cost $4,527,059,331)		   $4,567,730,923

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 1.6%

   75,777,989

 

NET ASSETS – 100.0%   $4,643,508,912

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2023.
(c)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(e)   All or a portion of security is on loan.
(f)   Represents an affiliated fund.
(g)   Exempt from registration under Rule 144A of the Securities Act of 1933.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com
 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty      Currency
Purchased		      Currency
Sold		        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

      CHF    52,659,999        USD        59,470,543          12/20/23        $ 806,715  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

     

JPY

      8,659,000,000          USD        59,429,926          12/20/23        $ (830,003 ) 
    

USD

      59,177,099          CHF        52,660,000          12/20/23          (1,100,160 ) 
    

USD

      57,802,274          JPY        8,659,000,000          12/20/23          (797,649 ) 

 

  

TOTAL

                           $ (2,727,812 ) 

 

  

FUTURES CONTRACTS — At November 30, 2023, the Fund had the following futures contracts:

 

Description     

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

       

Unrealized

Appreciation/

(Depreciation)

  

 

  

Long position contracts:

                    

10 Year U.S. Treasury Notes

      9,670      03/19/24      $ 1,061,735,781        $ 4,669,450  

2 Year U.S. Treasury Notes

      5,352      03/28/24        1,094,274,940          3,603,801  

5 Year U.S. Treasury Notes

      7,199      03/28/24        769,224,402          3,474,417  

E-Mini Russell 2000 Index

      6      12/15/23        543,660          228  

Nasdaq 100 E-Mini Index

      26      12/15/23        8,312,460          4,054  

Stoxx Europe 600 Index

      192      12/15/23        4,828,763          (5,156 ) 

 

  

TOTAL FUTURES CONTRACTS

                     $ 11,746,794  

 

  

SWAP CONTRACTS — At November 30, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made

by the Fund(a)

     Payments
Received
by Fund		      Termination
Date		    

Notional

Amount

(000s)(b)

     Unrealized
Appreciation/
(Depreciation)*		  

 

  

12M EURO

        2.904%        08/31/33     EUR   81,090      $ 1,017,148  

12M GBP

        4.325           09/19/33     GBP   69,400        1,943,688  

12M EURO

        3.124           11/02/33     EUR   81,410        2,861,533  

 

  

TOTAL

              $ 5,822,369  

 

  

 

(a)   Payments made quarterly.

 

(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to November 30, 2023.

 

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

 

Description    Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		    

Notional

Amount

    

Market

Value

     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

Calls

 

KWEB Index

    MS & Co. Int. PLC   $ 31.863       12/29/2023       1,867,675     $ 5,950,972,853     $ 205,474     $ 6,723,070     $ (6,517,596 ) 

SPX Index

    JPMorgan Securities, Inc.     4,417.340       12/29/2023       34,126       15,074,614,484       6,157,279       3,146,074       3,011,205  

IEF Index

    BofA Securities LLC     91.472       01/19/2024       1,608,004       14,708,734,189       4,135,645       1,621,548       2,514,097  

SPX Index

    MS & Co. Int. PLC     4,610.330       12/29/2023       34,126       15,733,212,158       1,368,759       1,255,837       112,922  

BVSP Index

    JPMorgan Securities, Inc.     131,082.340       02/14/2024       5,750       75,372,345,500       3,158,333       3,616,495       (458,162 ) 

Puts

 

SPX Index

    MS & Co. Int. PLC     4,095.690       12/29/2023       34,126       13,976,951,694       94,110       138,210       (44,100 ) 

 

  

Total purchased option contracts

 

     3,583,807     $ 140,816,830,878     $ 15,119,600     $ 16,501,234     $ (1,381,634 ) 

 

  

Written option contracts

 

        

Puts

                 

SPX Index

    JPMorgan Securities, Inc.     4,095.690       12/29/2023       (34,126)       (13,976,951,694 )      (94,111 )      (2,282,733 )      2,188,622  

IEF Index

    BofA Securities LLC     87.902       01/19/2024       (1,608,004)       (14,134,676,761 )      (148,813 )      (1,772,223 )      1,623,410  

Calls

                 

SPX Index

    JPMorgan Securities, Inc.     4,610.330       12/29/2023       (34,126)       (15,733,212,158 )      (1,368,759 )      (863,341 )      (505,418 ) 

SPX Index

    MS & Co. Int. PLC     4,417.340       12/29/2023       (34,126)       (15,074,614,484 )      (6,157,279 )      (5,796,772 )      (360,507 ) 

 

  

Total written option contracts

 

     (1,710,382)     $ (58,919,455,097 )    $ (7,768,962 )    $ (10,715,069 )    $ 2,946,107  

 

  

TOTAL

 

     1,873,425     $ 81,897,375,781     $ 7,350,638     $ 5,786,165     $ 1,564,473  

 

  

 

 

Currency Abbreviations:
CHF  

— Swiss Franc

EUR  

— Euro

GBP  

— British Pound

JPY  

— Japanese Yen

USD  

— U.S. Dollar

Investment Abbreviations:
ETF  

— Exchange Traded Fund

LLC  

— Limited Liability Company

MLP  

— Master Limited Partnership

MSCI  

— Morgan Stanley Capital International

PLC  

— Public Limited Company

Abbreviations:
EURO  

— Euro Offered Rate

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

 

    

 

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (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 Fund’s 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 Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (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 shareholder report.

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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.

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.

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.

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of November 30, 2023:

 

                                                                    
GLOBAL MANAGED BETA           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Common Stock and/or Other Equity Investments(a)

          

Africa

      $ 153,990      $ —      $ —  

Asia

        673,423        23,002,041        —  

Australia and Oceania

        21,124        6,481,063        —  

Europe

        6,020,366        52,178,837        —  

North America

        190,120,937        367,867        592  

Preferred Stocks

        —        342,428        —  

Exchange Traded Funds

        2,373,098,138        —        —  

Investment Company

        175,888,942        —        —  
Total      $ 2,745,976,920      $ 82,372,236      $ 592  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(b)

     $ —      $ 2,660,508      $ —  

Futures Contracts(b)

       3,868,016        —        —  

Purchased Option Contracts

        24,395,819        3,129,398        —  
Total      $ 28,263,835      $ 5,789,906      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(b)

     $ —      $ (5,744,593 )     $ —  

Futures Contracts(b)

       (6,482,544 )       —        —  

Written Option Contracts

        (2,600,642 )       —        —  
Total      $ (9,083,186 )     $ (5,744,593 )     $ —  

 

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

 

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

 

                                                                    
STRATEGIC FACTOR ALLOCATION               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Fixed Income

               

U.S. Treasury Obligations

      $ 557,978,402        $         —        $         —  

Investment Company

        1,454,226,179          —          —  
Total      $ 2,012,204,581        $ —        $ —  

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
STRATEGIC FACTOR ALLOCATION (continued)           
Derivative Type      Level 1      Level 2      Level 3  
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ 3,140,446      $         —  

Futures Contracts(a)

       66,896,375        —        —  

Purchased Option Contracts

        326,710        —        —  
Total      $ 67,223,085      $ 3,140,446      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ (6,176,391 )     $         —  

Futures Contracts(a)

       (1,043,841 )       —        —  

Written Option Contracts

        (2,044,985 )       —        —  
Total      $ (3,088,826 )     $ (6,176,391 )     $ —  

 

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

 

                                                                    
STRATEGIC VOLATILITY PREMIUM             
Investment Type      Level 1      Level 2        Level 3  
Assets

 

Fixed Income

             

U.S. Treasury Obligations

      $ 148,794,240      $         —        $         —  

Investment Company

        286,232,946        —          —  
Total      $ 435,027,186      $ —        $ —  
Derivative Type                            
Assets             

Futures Contracts(a)

     $ 2,359,756      $ —        $         —  

Purchased Option Contracts

        74,759        —          —  
Total      $ 2,434,515      $ —        $ —  
Liabilities             
Written Option Contracts      $ (118,099 )     $ —        $ —  

 

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
TACTICAL TILT OVERLAY           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

U.S. Treasury Obligations

      $ 448,499,561      $ —      $         —  

Agency Debentures

        —        326,040,311        —  

Corporate Obligations

        —        58,901,302        —  

Securities Lending Reinvestment Vehicle

        10,254,847        —        —  

Exchange Traded Funds

        102,833,209        —        —  

Investment Companies

        1,252,205,154        —        —  

Short-term Investments

        57,603,887        2,311,392,652        —  
Total      $ 1,871,396,658      $ 2,696,334,265      $ —  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ 806,715      $ —  

Futures Contracts(a)

       11,751,950        —        —  

Interest Rate Swap Contracts(a)

       —        5,822,369        —  

Purchased Option Contracts

        —        15,119,600        —  
Total      $ 11,751,950      $ 21,748,684      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

     $ —      $ (2,727,812 )     $ —  

Futures Contracts(a)

       (5,156 )       —        —  

Written Option Contracts

        —        (7,768,962 )       —  
Total      $ (5,156 )     $ (10,496,774 )     $ —  

 

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

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

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

Asset Allocation Risk — The Funds’ allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

obligation, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

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

Investments in the Underlying Funds Risk — The investments of may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

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

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

November 30, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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