# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-25-173050
**Filing Date:** 2025-7
**Character Count:** 260489
**Document Hash:** a3f5551819ed6f6a33ebe2255b111d94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-173050.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0001752724-25-173050

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 251136272

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Strategic Volatility Premium Fund (Series ID: S000071304)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226252 | Institutional Shares | SVPFX           |
| C000226253 | Class P Shares       | SVPBX           |

## Nport-Ex

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 11.0%** | **Common Stocks – 11.0%** | **Common Stocks – 11.0%** |
| **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** | **Aerospace & Defense – 0.2%** |
| 597 | Airbus SE | $109803 |
| 283 | Axon Enterprise, Inc.\* | 212352 |
| 18616 | BAE Systems PLC | 477312 |
| 482 | Dassault Aviation SA | 175312 |
| 213 | Elbit Systems Ltd. | 85589 |
| 1334 | General Dynamics Corp. | 371506 |
| 4039 | General Electric Co. | 993230 |
| 508 | HEICO Corp. | 152217 |
| 648 | HEICO Corp. Class A | 152824 |
| 1975 | Howmet Aerospace, Inc. | 335533 |
| 1621 | Kongsberg Gruppen ASA\* | 285491 |
| 1435 | L3Harris Technologies, Inc. | 350628 |
| 5720 | Leonardo SpA | 353838 |
| 969 | Lockheed Martin Corp. | 467426 |
| 168 | MTU Aero Engines AG | 67195 |
| 607 | Northrop Grumman Corp. | 294255 |
| 287 | Rheinmetall AG | 615117 |
| 34744 | Rolls-Royce Holdings PLC | 404315 |
| 5647 | RTX Corp. | 770703 |
| 836 | Saab AB Class B | 42248 |
| 1299 | Safran SA | 384188 |
| 38420 | Singapore Technologies Engineering Ltd. | 232277 |
| 5668 | Textron, Inc. | 419602 |
| 550 | Thales SA | 168449 |
| 158 | TransDigm Group, Inc. | 232012 |
|  |  | 8153422 |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |
| 4609 | CH Robinson Worldwide, Inc. | 442326 |
| 14957 | Deutsche Post AG | 671163 |
| 1321 | Expeditors International of Washington, Inc. | 148916 |
| 700 | FedEx Corp. | 152670 |
| 16507 | InPost SA\* | 271304 |
| 5765 | SG Holdings Co. Ltd. | 56111 |
|  |  | 1742490 |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| 20793 | Aisin Corp. | 264577 |
| 3783 | Aptiv PLC\* | 252742 |
| 3126 | Bridgestone Corp. | 134215 |
| 11356 | Cie Generale des Etablissements Michelin SCA | 434469 |
| 3429 | Continental AG | 300728 |
| 6632 | Denso Corp. | 89538 |
| 2716 | Magna International, Inc. | 98598 |
| 11113 | Sumitomo Electric Industries Ltd. | 233103 |
|  |  | 1807970 |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| 560 | Ferrari NV | 268036 |
| 30255 | Ford Motor Co. | 314047 |
| 9868 | Isuzu Motors Ltd. | 133384 |
| 6488 | Mercedes-Benz Group AG | 387968 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Automobiles – (continued)** | **Automobiles – (continued)** | **Automobiles – (continued)** |
| 14360 | Subaru Corp. | $263607 |
| 3431 | Suzuki Motor Corp. | 43543 |
| 8574 | Tesla, Inc.\* | 2970548 |
| 4317 | Toyota Motor Corp. | 82188 |
|  |  | 4463321 |
| **Banks – 0.7%** | **Banks – 0.7%** | **Banks – 0.7%** |
| 7686 | ABN AMRO Bank NV<sup>(a)</sup> | 198679 |
| 13897 | AIB Group PLC | 109644 |
| 22203 | ANZ Group Holdings Ltd. | 415490 |
| 29264 | Banco Bilbao Vizcaya Argentaria SA | 439310 |
| 21777 | Banco BPM SpA | 250322 |
| 78567 | Banco Santander SA | 626780 |
| 5538 | Bank Hapoalim BM | 92908 |
| 14802 | Bank Leumi Le-Israel BM | 238879 |
| 31046 | Bank of America Corp. | 1370060 |
| 7896 | Bank of Ireland Group PLC | 108403 |
| 2951 | Bank of Montreal | 316894 |
| 7377 | Bank of Nova Scotia | 394719 |
| 984 | Banque Cantonale Vaudoise | 114003 |
| 64672 | Barclays PLC | 286397 |
| 3274 | BNP Paribas SA | 286719 |
| 118342 | BOC Hong Kong Holdings Ltd. | 497689 |
| 6798 | BPER Banca SpA | 60384 |
| 23129 | CaixaBank SA | 196195 |
| 7323 | Canadian Imperial Bank of Commerce | 498552 |
| 5690 | Chiba Bank Ltd. | 51712 |
| 11751 | Citigroup, Inc. | 885085 |
| 8988 | Citizens Financial Group, Inc. | 362666 |
| 4901 | Commerzbank AG | 149280 |
| 5421 | Commonwealth Bank of Australia | 615115 |
| 10021 | Concordia Financial Group Ltd. | 64241 |
| 11764 | Credit Agricole SA | 215389 |
| 4322 | Danske Bank AS | 165618 |
| 11831 | DBS Group Holdings Ltd. | 408199 |
| 6135 | DNB Bank ASA | 164085 |
| 3892 | Erste Group Bank AG | 313421 |
| 5945 | Fifth Third Bancorp | 227040 |
| 3628 | FinecoBank Banca Fineco SpA | 78459 |
| 290 | First Citizens BancShares, Inc. Class A | 536175 |
| 15921 | Hang Seng Bank Ltd. | 222270 |
| 77541 | HSBC Holdings PLC | 913512 |
| 17810 | Huntington Bancshares, Inc. | 278370 |
| 21963 | ING Groep NV | 466541 |
| 73328 | Intesa Sanpaolo SpA | 409370 |
| 10673 | Israel Discount Bank Ltd. Class A | 90895 |
| 11206 | Japan Post Bank Co. Ltd. | 120852 |
| 15157 | JPMorgan Chase & Co. | 4001448 |
| 1403 | KBC Group NV | 138705 |
| 249627 | Lloyds Banking Group PLC | 260013 |
| 1837 | M&T Bank Corp. | 335510 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 14386 | Mediobanca Banca di Credito Finanziario SpA | $342224 |
| 36683 | Mitsubishi UFJ Financial Group, Inc. | 513133 |
| 2319 | Mizrahi Tefahot Bank Ltd. | 132909 |
| 11845 | Mizuho Financial Group, Inc. | 329389 |
| 13915 | National Australia Bank Ltd. | 340529 |
| 2969 | National Bank of Canada | 292216 |
| 33678 | NatWest Group PLC | 239142 |
| 8481 | Nordea Bank Abp | 122958 |
| 39874 | Oversea-Chinese Banking Corp. Ltd. | 500823 |
| 2071 | PNC Financial Services Group, Inc. | 359960 |
| 13678 | Regions Financial Corp. | 293256 |
| 13591 | Resona Holdings, Inc. | 120458 |
| 5774 | Royal Bank of Canada | 731832 |
| 12393 | Skandinaviska Enskilda Banken AB Class A | 206780 |
| 3420 | Societe Generale SA | 185698 |
| 14703 | Standard Chartered PLC | 229385 |
| 19761 | Sumitomo Mitsui Financial Group, Inc. | 507678 |
| 3698 | Sumitomo Mitsui Trust Group, Inc. | 100067 |
| 17014 | Svenska Handelsbanken AB Class A | 227319 |
| 5691 | Swedbank AB Class A | 154097 |
| 6417 | Toronto-Dominion Bank | 443137 |
| 1673 | Truist Financial Corp. | 66083 |
| 7911 | U.S. Bancorp | 344840 |
| 7682 | UniCredit SpA | 494002 |
| 15806 | United Overseas Bank Ltd. | 434187 |
| 16384 | Wells Fargo & Co. | 1225195 |
| 22079 | Westpac Banking Corp. | 463237 |
|  |  | 27376532 |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| 4478 | Anheuser-Busch InBev SA | 316205 |
| 22407 | Asahi Group Holdings Ltd. | 295325 |
| 596 | Carlsberg AS Class B | 85313 |
| 14455 | Coca-Cola Co. | 1042205 |
| 2126 | Coca-Cola Europacific Partners PLC | 195145 |
| 3373 | Coca-Cola HBC AG | 175776 |
| 897 | Diageo PLC | 24346 |
| 4744 | Heineken Holding NV | 369763 |
| 1417 | Heineken NV | 126414 |
| 5894 | Keurig Dr. Pepper, Inc. | 198451 |
| 8234 | Kirin Holdings Co. Ltd. | 118127 |
| 8269 | Molson Coors Beverage Co. Class B | 443136 |
| 4774 | Monster Beverage Corp.\* | 305297 |
| 6708 | PepsiCo, Inc. | 881767 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Beverages – (continued)** | **Beverages – (continued)** | **Beverages – (continued)** |
| 2954 | Suntory Beverage & Food Ltd. | $95919 |
|  |  | 4673189 |
| **Biotechnology – 0.2%** | **Biotechnology – 0.2%** | **Biotechnology – 0.2%** |
| 7681 | AbbVie, Inc. | 1429511 |
| 474 | Alnylam Pharmaceuticals, Inc.\* | 144361 |
| 1235 | Amgen, Inc. | 355902 |
| 72 | Argenx SE\* | 41312 |
| 2928 | Biogen, Inc.\* | 380025 |
| 1393 | CSL Ltd. | 222281 |
| 423 | Genmab AS\* | 89236 |
| 8750 | Gilead Sciences, Inc. | 963200 |
| 31658 | Grifols SA\* | 340687 |
| 11198 | Incyte Corp.\* | 728542 |
| 648 | Natera, Inc.\* | 102209 |
| 1240 | Neurocrine Biosciences, Inc.\* | 152545 |
| 541 | Regeneron Pharmaceuticals, Inc. | 265242 |
| 7474 | Swedish Orphan Biovitrum AB\* | 228463 |
| 1607 | United Therapeutics Corp.\* | 512392 |
| 1224 | Vertex Pharmaceuticals, Inc.\* | 541069 |
|  |  | 6496977 |
| **Broadline Retail – 0.3%** | **Broadline Retail – 0.3%** | **Broadline Retail – 0.3%** |
| 54031 | Amazon.com, Inc.\* | 11076895 |
| 3729 | Canadian Tire Corp. Ltd. Class A | 473859 |
| 3999 | Dollarama, Inc. | 514318 |
| 5390 | eBay, Inc. | 394386 |
| 148 | MercadoLibre, Inc.\* | 379367 |
| 4391 | Next PLC | 762045 |
| 2352 | Pan Pacific International Holdings Corp. | 77022 |
| 27044 | Rakuten Group, Inc.\* | 148847 |
| 11877 | Wesfarmers Ltd. | 635495 |
|  |  | 14462234 |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| 3999 | A.O. Smith Corp. | 257176 |
| 1105 | Allegion PLC | 157683 |
| 5179 | Assa Abloy AB Class B | 164384 |
| 4969 | Builders FirstSource, Inc.\* | 535062 |
| 543 | Carlisle Cos., Inc. | 206438 |
| 675 | Carrier Global Corp. | 48060 |
| 4718 | Cie de Saint-Gobain SA | 531171 |
| 4161 | Fortune Brands Innovations, Inc. | 209714 |
| 467 | Geberit AG | 348817 |
| 1370 | Johnson Controls International PLC | 138877 |
| 365 | Kingspan Group PLC | 31350 |
| 989 | Lennox International, Inc. | 558241 |
| 7051 | Masco Corp. | 440123 |
| 2939 | Owens Corning | 393679 |
| 11480 | Rockwool AS Class B | 544752 |
| 864 | Trane Technologies PLC | 371753 |
|  |  | 4937280 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – 0.4%** | **Capital Markets – 0.4%** | **Capital Markets – 0.4%** |
| 8970 | 3i Group PLC | $492678 |
| 1678 | Ameriprise Financial, Inc. | 854505 |
| 518 | Amundi SA<sup>(a)</sup> | 42291 |
| 1222 | ARES Management Corp. Class A | 202241 |
| 1493 | ASX Ltd. | 68598 |
| 10767 | Bank of New York Mellon Corp. | 954064 |
| 388 | Blackrock, Inc. | 380197 |
| 3292 | Blackstone, Inc. | 456798 |
| 771 | Brookfield Asset Management Ltd. Class A | 43377 |
| 1832 | Brookfield Corp. | 105794 |
| 796 | Carlyle Group, Inc. | 35979 |
| 1509 | Cboe Global Markets, Inc. | 345742 |
| 2511 | Charles Schwab Corp. | 221822 |
| 1872 | CME Group, Inc. | 541008 |
| 650 | Coinbase Global, Inc. Class A\* | 160303 |
| 9579 | CVC Capital Partners PLC<sup>(a)</sup> | 178252 |
| 12889 | Daiwa Securities Group, Inc. | 87186 |
| 24203 | Deutsche Bank AG | 670305 |
| 1117 | Deutsche Boerse AG | 359840 |
| 1149 | Euronext NV<sup>(a)</sup> | 187263 |
| 580 | FactSet Research Systems, Inc. | 265791 |
| 16336 | Franklin Resources, Inc. | 353511 |
| 1541 | Hong Kong Exchanges & Clearing Ltd. | 77088 |
| 4394 | IGM Financial, Inc. | 140271 |
| 270 | Interactive Brokers Group, Inc. Class A | 56614 |
| 3022 | Intercontinental Exchange, Inc. | 543356 |
| 5432 | Japan Exchange Group, Inc. | 59499 |
| 1956 | KKR & Co., Inc. | 237576 |
| 2181 | London Stock Exchange Group PLC | 331854 |
| 1958 | LPL Financial Holdings, Inc. | 758059 |
| 1162 | Macquarie Group Ltd. | 160298 |
| 1831 | Moody's Corp. | 877635 |
| 4866 | Morgan Stanley | 622994 |
| 2217 | Nasdaq, Inc. | 185208 |
| 15674 | Nomura Holdings, Inc. | 95782 |
| 4238 | Northern Trust Corp. | 452364 |
| 1599 | Onex Corp. | 118694 |
| 231 | Partners Group Holding AG | 310087 |
| 2242 | Raymond James Financial, Inc. | 329529 |
| 5138 | Robinhood Markets, Inc. Class A\* | 339879 |
| 1055 | S&P Global, Inc. | 541067 |
| 2908 | SBI Holdings, Inc. | 88070 |
| 23478 | Schroders PLC | 112574 |
| 2386 | SEI Investments Co. | 203430 |
| 40508 | Singapore Exchange Ltd. | 439941 |
| 6305 | State Street Corp. | 607045 |
| 2441 | T. Rowe Price Group, Inc. | 228453 |
| 5779 | TMX Group Ltd. | 233586 |
| 1382 | Tradeweb Markets, Inc. Class A | 199630 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 2721 | UBS Group AG | $86801 |
|  |  | 15444929 |
| **Chemicals – 0.1%** | **Chemicals – 0.1%** | **Chemicals – 0.1%** |
| 1226 | Air Liquide SA | 254038 |
| 498 | Air Products & Chemicals, Inc. | 138897 |
| 1797 | Akzo Nobel NV | 122637 |
| 1936 | Arkema SA | 138338 |
| 13158 | Asahi Kasei Corp. | 92460 |
| 2240 | CF Industries Holdings, Inc. | 203190 |
| 742 | Corteva, Inc. | 52534 |
| 3266 | Dow, Inc. | 90599 |
| 1038 | DuPont de Nemours, Inc. | 69338 |
| 1162 | Eastman Chemical Co. | 91066 |
| 1439 | Ecolab, Inc. | 382227 |
| 184 | EMS-Chemie Holding AG | 139823 |
| 17016 | Evonik Industries AG | 368779 |
| 31 | Givaudan SA | 155902 |
| 49376 | ICL Group Ltd. | 325922 |
| 855 | International Flavors & Fragrances, Inc. | 65459 |
| 1428 | Linde PLC | 667704 |
| 5322 | LyondellBasell Industries NV Class A | 300640 |
| 33126 | Mitsubishi Chemical Group Corp. | 176331 |
| 2221 | Nippon Sanso Holdings Corp. | 79375 |
| 3025 | Nitto Denko Corp. | 55026 |
| 1061 | Nutrien Ltd. | 62685 |
| 1464 | PPG Industries, Inc. | 162211 |
| 2737 | RPM International, Inc. | 311580 |
| 1722 | Sherwin-Williams Co. | 617871 |
| 789 | Symrise AG | 94339 |
| 14579 | Toray Industries, Inc. | 100577 |
| 412 | Westlake Corp. | 29264 |
| 2789 | Yara International ASA | 100059 |
|  |  | 5448871 |
| **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** |
| 6786 | Brambles Ltd. | 101507 |
| 4164 | Cintas Corp. | 943146 |
| 1904 | Copart, Inc.\* | 98018 |
| 4061 | Element Fleet Management Corp. | 96765 |
| 893 | RB Global, Inc. | 94086 |
| 2144 | Republic Services, Inc. | 551630 |
| 11517 | Rollins, Inc. | 659348 |
| 2814 | Secom Co. Ltd. | 102469 |
| 20398 | Securitas AB Class B | 301657 |
| 4673 | TOPPAN Holdings, Inc. | 124086 |
| 4335 | Veralto Corp. | 437965 |
| 1724 | Waste Connections, Inc. | 339783 |
| 2062 | Waste Management, Inc. | 496880 |
|  |  | 4347340 |
| **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** |
| 3732 | Arista Networks, Inc.\* | 323340 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |
| 14317 | Cisco Systems, Inc. | $902544 |
| 1981 | F5, Inc.\* | 565338 |
| 12071 | Juniper Networks, Inc. | 433711 |
| 1292 | Motorola Solutions, Inc. | 536671 |
| 90770 | Nokia OYJ | 472394 |
| 33763 | Telefonaktiebolaget LM Ericsson Class B | 287410 |
|  |  | 3521408 |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| 9433 | ACS Actividades de Construccion y Servicios SA | 619618 |
| 4741 | AECOM | 520799 |
| 11735 | Bouygues SA | 511688 |
| 3982 | Eiffage SA | 547707 |
| 817 | EMCOR Group, Inc. | 385510 |
| 3631 | Ferrovial SE | 184980 |
| 6029 | Obayashi Corp. | 90968 |
| 827 | Quanta Services, Inc. | 283297 |
| 3358 | Skanska AB Class B | 79888 |
| 1813 | Stantec, Inc. | 186498 |
| 1579 | Taisei Corp. | 88012 |
| 3204 | Vinci SA | 457806 |
| 3483 | WSP Global, Inc. | 713706 |
|  |  | 4670477 |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| 738 | CRH PLC | 67276 |
| 3026 | Heidelberg Materials AG | 593130 |
| 4860 | Holcim AG | 538537 |
| 3577 | James Hardie Industries PLC CDI\* | 82296 |
| 159 | Martin Marietta Materials, Inc. | 87060 |
| 294 | Vulcan Materials Co. | 77931 |
|  |  | 1446230 |
| **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |
| 16881 | Ally Financial, Inc. | 590835 |
| 2965 | American Express Co. | 871858 |
| 8335 | Capital One Financial Corp. | 1576565 |
| 1 | Isracard Ltd. | 4 |
| 11997 | Synchrony Financial | 691627 |
|  |  | 3730889 |
| **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** | **Consumer Staples Distribution & Retail – 0.4%** |
| 2575 | Aeon Co. Ltd. | 79164 |
| 35938 | Albertsons Cos., Inc. Class A | 798902 |
| 3664 | Alimentation Couche-Tard, Inc. | 189961 |
| 18509 | Carrefour SA | 276790 |
| 37421 | Coles Group Ltd. | 521166 |
| 2132 | Costco Wholesale Corp. | 2217664 |
| 5225 | Dollar General Corp. | 508131 |
| 4419 | Dollar Tree, Inc.\* | 398859 |
| 18826 | Empire Co. Ltd. Class A | 726646 |
| 1837 | George Weston Ltd. | 369850 |
| 111034 | J Sainsbury PLC | 427037 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** |
| 12449 | Jeronimo Martins SGPS SA | $313792 |
| 22137 | Koninklijke Ahold Delhaize NV | 934270 |
| 18677 | Kroger Co. | 1274332 |
| 4369 | Loblaw Cos. Ltd. | 737097 |
| 15773 | Marks & Spencer Group PLC | 79618 |
| 18004 | MatsukiyoCocokara & Co. | 363102 |
| 2181 | Metro, Inc. | 170113 |
| 17575 | Seven & i Holdings Co. Ltd. | 264339 |
| 9472 | Sysco Corp. | 691456 |
| 3375 | Target Corp. | 317284 |
| 115276 | Tesco PLC | 603196 |
| 4090 | Walgreens Boots Alliance, Inc. | 46012 |
| 31098 | Walmart, Inc. | 3069994 |
| 17356 | Woolworths Group Ltd. | 356430 |
|  |  | 15735205 |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| 12116 | Amcor PLC | 110377 |
| 952 | Avery Dennison Corp. | 169199 |
| 1536 | Ball Corp. | 82299 |
| 3301 | Crown Holdings, Inc. | 325149 |
| 2142 | International Paper Co. | 102409 |
| 1367 | Packaging Corp. of America | 264063 |
|  |  | 1053496 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 580 | D'ieteren Group | 119102 |
| 2228 | Genuine Parts Co. | 281886 |
| 16042 | LKQ Corp. | 649220 |
| 644 | Pool Corp. | 193580 |
|  |  | 1243788 |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| 10078 | Pearson PLC | 158283 |
| **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** |
| 5695 | WP Carey, Inc. | 357418 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 41600 | AT&T, Inc. | 1156480 |
| 20451 | Deutsche Telekom AG | 774447 |
| 2714 | Elisa OYJ | 143086 |
| 133904 | HKT Trust & HKT Ltd. | 192860 |
| 10865 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 127555 |
| 51059 | Koninklijke KPN NV | 240052 |
| 344021 | Nippon Telegraph & Telephone Corp. | 383031 |
| 25666 | Orange SA | 383076 |
| 5561 | Quebecor, Inc. Class B | 156454 |
| 35169 | Singapore Telecommunications Ltd. | 103831 |
| 249 | Swisscom AG | 171274 |
| 114229 | Telefonica SA | 611830 |
| 8339 | Telenor ASA | 128037 |
| 38857 | Telia Co. AB | 150261 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** |
| 38670 | Telstra Group Ltd. | $119192 |
| 5061 | TELUS Corp. | 82903 |
| 20633 | Verizon Communications, Inc. | 907027 |
|  |  | 5831396 |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| 3422 | Alliant Energy Corp. | 212951 |
| 2004 | American Electric Power Co., Inc. | 207394 |
| 10053 | CK Infrastructure Holdings Ltd. | 64963 |
| 16300 | CLP Holdings Ltd. | 138035 |
| 1093 | Constellation Energy Corp. | 334622 |
| 3478 | Duke Energy Corp. | 409430 |
| 1638 | Edison International | 91155 |
| 688 | Emera, Inc. | 31539 |
| 8193 | Endesa SA | 250369 |
| 26910 | Enel SpA | 247357 |
| 3040 | Entergy Corp. | 253171 |
| 3005 | Evergy, Inc. | 199562 |
| 713 | Eversource Energy | 46209 |
| 3629 | Exelon Corp. | 159023 |
| 5140 | FirstEnergy Corp. | 215572 |
| 2175 | Fortis, Inc. | 106266 |
| 4022 | Fortum OYJ | 69505 |
| 3350 | Hydro One Ltd.<sup>(a)</sup> | 123347 |
| 21687 | Iberdrola SA | 397517 |
| 11575 | Kansai Electric Power Co., Inc. | 131331 |
| 3748 | NextEra Energy, Inc. | 264759 |
| 6760 | NRG Energy, Inc. | 1053884 |
| 20421 | Origin Energy Ltd. | 142482 |
| 5979 | PG&E Corp. | 100925 |
| 11380 | Power Assets Holdings Ltd. | 71963 |
| 6945 | PPL Corp. | 241339 |
| 6523 | Redeia Corp. SA | 134945 |
| 4443 | Southern Co. | 399870 |
| 2360 | SSE PLC | 56182 |
| 8117 | Terna - Rete Elettrica Nazionale | 82770 |
| 2538 | Xcel Energy, Inc. | 177914 |
|  |  | 6416351 |
| **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** | **Electrical Equipment – 0.1%** |
| 5713 | ABB Ltd. | 323628 |
| 1484 | AMETEK, Inc. | 265250 |
| 632 | Eaton Corp. PLC | 202367 |
| 472 | Emerson Electric Co. | 56347 |
| 950 | GE Vernova, Inc. | 449331 |
| 161 | Hubbell, Inc. | 62722 |
| 7512 | Mitsubishi Electric Corp. | 149917 |
| 2300 | Prysmian SpA | 147918 |
| 1150 | Schneider Electric SE | 290158 |
| 5824 | Siemens Energy AG\* | 569153 |
| 2036 | Vertiv Holdings Co. Class A | 219746 |
|  |  | 2736537 |
| **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** |
| 5547 | Amphenol Corp. Class A | 498842 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 1588 | CDW Corp. | $286412 |
| 5453 | Corning, Inc. | 270414 |
| 3820 | Halma PLC | 149759 |
| 12813 | Hexagon AB Class B | 129174 |
| 3507 | Jabil, Inc. | 589211 |
| 113 | Keyence Corp. | 47298 |
| 1440 | Keysight Technologies, Inc.\* | 226138 |
| 7054 | Kyocera Corp. | 85767 |
| 6553 | Shimadzu Corp. | 158223 |
| 11740 | TDK Corp. | 128556 |
| 2763 | TE Connectivity PLC | 442273 |
| 820 | Teledyne Technologies, Inc.\* | 409065 |
| 1656 | Trimble, Inc.\* | 118023 |
| 4298 | Yokogawa Electric Corp. | 105370 |
| 449 | Zebra Technologies Corp. Class A\* | 130107 |
|  |  | 3774632 |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |  |
| 3089 | Baker Hughes Co. | 114448 |
| 5528 | Halliburton Co. | 108294 |
| 3228 | Schlumberger NV | 106685 |
| 16771 | Tenaris SA | 280872 |
|  |  | 610299 |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** |  |
| 32487 | Bollore SE | 206640 |
| 4061 | Capcom Co. Ltd. | 120476 |
| 2734 | Electronic Arts, Inc. | 393094 |
| 471 | Konami Group Corp. | 63935 |
| 870 | Liberty Media Corp.-Liberty Formula One Class C\* | 83981 |
| 303 | Live Nation Entertainment, Inc.\* | 41568 |
| 1273 | Netflix, Inc.\* | 1536804 |
| 2411 | Nintendo Co. Ltd. | 196705 |
| 1701 | ROBLOX Corp. Class A\* | 147953 |
| 617 | Sea Ltd. ADR\* | 98948 |
| 247 | Spotify Technology SA\* | 164290 |
| 268 | Take-Two Interactive Software, Inc.\* | 60643 |
| 4040 | Universal Music Group NV | 129270 |
| 6314 | Walt Disney Co. | 713734 |
| 71161 | Warner Bros Discovery, Inc.\* | 709475 |
|  |  | 4667516 |
| **Financial Services – 0.4%** | **Financial Services – 0.4%** |  |
| 5367 | Apollo Global Management, Inc. | 701413 |
| 8012 | Berkshire Hathaway, Inc. Class B\* | 4037728 |
| 1527 | Block, Inc.\* | 94292 |
| 7886 | Corebridge Financial, Inc. | 257163 |
| 919 | Corpay, Inc.\* | 298776 |
| 6111 | Equitable Holdings, Inc. | 323089 |
| 4685 | EXOR NV | 451065 |
| 2761 | Fiserv, Inc.\* | 449463 |
| 1424 | Global Payments, Inc. | 107669 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Financial Services – (continued)** | **Financial Services – (continued)** | **Financial Services – (continued)** |
| 1632 | Groupe Bruxelles Lambert NV | $133532 |
| 5206 | Industrivarden AB Class A | 188734 |
| 5406 | Industrivarden AB Class C | 195393 |
| 9145 | Infratil Ltd. | 57546 |
| 12910 | Investor AB Class B | 380172 |
| 973 | Jack Henry & Associates, Inc. | 176278 |
| 1724 | L E Lundbergforetagen AB Class B | 88051 |
| 78143 | M&G PLC | 249656 |
| 4587 | Mastercard, Inc. Class A | 2686147 |
| 22699 | Mitsubishi HC Capital, Inc. | 166676 |
| 4094 | ORIX Corp. | 86759 |
| 1324 | PayPal Holdings, Inc.\* | 93051 |
| 8367 | Visa, Inc. Class A | 3055545 |
| 3813 | Washington H Soul Pattinson & Co. Ltd. | 90740 |
| 26842 | Wise PLC Class A\* | 398241 |
|  |  | 14767179 |
| **Food Products – 0.1%** | **Food Products – 0.1%** |  |
| 3548 | Ajinomoto Co., Inc. | 88700 |
| 6226 | Archer-Daniels-Midland Co. | 300529 |
| 13181 | Associated British Foods PLC | 370545 |
| 4514 | Bunge Global SA | 352769 |
| 2534 | Campbell's Co. | 86257 |
| 13526 | Conagra Brands, Inc. | 309610 |
| 2872 | Danone SA | 245548 |
| 2657 | General Mills, Inc. | 144169 |
| 1086 | Hershey Co. | 174509 |
| 711 | J.M. Smucker Co. | 80066 |
| 14970 | JDE Peet's NV | 411964 |
| 1913 | Kellanova | 158071 |
| 253 | Kerry Group PLC Class A | 27657 |
| 2655 | Kikkoman Corp. | 24222 |
| 8501 | Kraft Heinz Co. | 227232 |
| 941 | McCormick & Co., Inc. | 68439 |
| 5694 | MEIJI Holdings Co. Ltd. | 127317 |
| 2966 | Mondelez International, Inc. Class A | 200175 |
| 5662 | Nestle SA | 603213 |
| 2685 | Nissin Foods Holdings Co. Ltd. | 56929 |
| 8253 | Orkla ASA | 93581 |
| 2991 | Saputo, Inc. | 57625 |
| 3506 | Tyson Foods, Inc. Class A | 196897 |
| 609109 | WH Group Ltd.<sup>(a)</sup> | 560232 |
| 18229 | Wilmar International Ltd. | 43055 |
| 1972 | Yakult Honsha Co. Ltd. | 39934 |
|  |  | 5049245 |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |  |
| 4754 | AltaGas Ltd. | 132815 |
| 1941 | Atmos Energy Corp. | 300234 |
| 13345 | Snam SpA | 79843 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Gas Utilities – (continued)** | **Gas Utilities – (continued)** | **Gas Utilities – (continued)** |
| 8789 | Tokyo Gas Co. Ltd. | $294718 |
|  |  | 807610 |
| **Ground Transportation – 0.0%** | **Ground Transportation – 0.0%** |  |
| 964 | Canadian National Railway Co. | 101335 |
| 1077 | Canadian Pacific Kansas City Ltd. | 87967 |
| 11267 | Central Japan Railway Co. | 246136 |
| 4175 | CSX Corp. | 131888 |
| 3666 | East Japan Railway Co. | 76831 |
| 4887 | Hankyu Hanshin Holdings, Inc. | 131459 |
| 274 | JB Hunt Transport Services, Inc. | 38045 |
| 746 | Old Dominion Freight Line, Inc. | 119487 |
| 773 | TFI International, Inc. | 66741 |
| 3801 | Tokyo Metro Co. Ltd. | 48012 |
| 12824 | Tokyu Corp. | 155704 |
| 3687 | Uber Technologies, Inc.\* | 310298 |
| 706 | U-Haul Holding Co. | 40270 |
| 1248 | Union Pacific Corp. | 276632 |
| 4266 | West Japan Railway Co. | 91933 |
|  |  | 1922738 |
| **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** |  |
| 5598 | Abbott Laboratories | 747781 |
| 946 | Alcon AG | 81467 |
| 697 | Align Technology, Inc.\* | 126115 |
| 1360 | Baxter International, Inc. | 41480 |
| 984 | Becton Dickinson & Co. | 169829 |
| 1057 | BioMerieux | 141739 |
| 6703 | Boston Scientific Corp.\* | 705558 |
| 2258 | Cochlear Ltd. | 394819 |
| 624 | Coloplast AS Class B | 60666 |
| 562 | Cooper Cos., Inc.\* | 38373 |
| 4327 | Demant AS\* | 169937 |
| 719 | Dexcom, Inc.\* | 61690 |
| 2491 | Edwards Lifesciences Corp.\* | 194846 |
| 880 | EssilorLuxottica SA | 244511 |
| 16006 | Fisher & Paykel Healthcare Corp. Ltd. | 348331 |
| 3208 | Hologic, Inc.\* | 199441 |
| 3305 | Hoya Corp. | 390215 |
| 1124 | IDEXX Laboratories, Inc.\* | 577017 |
| 1121 | Insulet Corp.\* | 364359 |
| 889 | Intuitive Surgical, Inc.\* | 491030 |
| 13211 | Koninklijke Philips NV | 304640 |
| 4654 | Medtronic PLC | 386189 |
| 13938 | Olympus Corp. | 178587 |
| 461 | Siemens Healthineers AG<sup>(a)</sup> | 24399 |
| 16455 | Smith & Nephew PLC | 238781 |
| 535 | Sonova Holding AG | 168045 |
| 700 | STERIS PLC | 171647 |
| 1633 | Straumann Holding AG | 210050 |
| 1146 | Stryker Corp. | 438505 |
| 11943 | Sysmex Corp. | 200406 |
| 1410 | Terumo Corp. | 25883 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 1963 | Zimmer Biomet Holdings, Inc. | $180930 |
|  |  | 8077266 |
| **Health Care Providers & Services – 0.2%** | **Health Care Providers & Services – 0.2%** |  |
| 3024 | Cardinal Health, Inc. | 467027 |
| 1738 | Cencora, Inc. | 506175 |
| 1641 | Centene Corp.\* | 92618 |
| 2186 | Cigna Group | 692175 |
| 7459 | CVS Health Corp. | 477674 |
| 1814 | DaVita, Inc.\* | 247176 |
| 941 | Elevance Health, Inc. | 361193 |
| 7740 | Fresenius Medical Care AG | 439668 |
| 10756 | Fresenius SE & Co. KGaA | 527141 |
| 882 | HCA Healthcare, Inc. | 336386 |
| 793 | Humana, Inc. | 184872 |
| 678 | Labcorp Holdings, Inc. | 168802 |
| 761 | McKesson Corp. | 547547 |
| 356 | Molina Healthcare, Inc.\* | 108594 |
| 1822 | Quest Diagnostics, Inc. | 315825 |
| 4558 | Sonic Healthcare Ltd. | 78399 |
| 3686 | UnitedHealth Group, Inc. | 1112840 |
| 2382 | Universal Health Services, Inc. Class B | 453414 |
|  |  | 7117526 |
| **Health Care REITs – 0.0%** | **Health Care REITs – 0.0%** |  |
| 1142 | Alexandria Real Estate Equities, Inc. | 80157 |
| 3247 | Healthpeak Properties, Inc. | 56530 |
| 2168 | Ventas, Inc. | 139359 |
| 2632 | Welltower, Inc. | 406065 |
|  |  | 682111 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |  |
| 580 | ABIOMED, Inc.\*<sup>(b)</sup> | 592 |
| 2253 | Pro Medicus Ltd. | 408464 |
|  |  | 409056 |
| **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** |  |
| 20941 | Host Hotels & Resorts, Inc. | 324376 |
| **Hotels, Restaurants & Leisure – 0.2%** | **Hotels, Restaurants & Leisure – 0.2%** |  |
| 1922 | Accor SA | 102110 |
| 2029 | Amadeus IT Group SA | 168752 |
| 3089 | Aristocrat Leisure Ltd. | 124124 |
| 280 | Booking Holdings, Inc. | 1545300 |
| 13811 | Carnival Corp.\* | 320691 |
| 4885 | Chipotle Mexican Grill, Inc.\* | 244641 |
| 10511 | Compass Group PLC | 369596 |
| 208 | Darden Restaurants, Inc. | 44556 |
| 779 | Domino's Pizza, Inc. | 369106 |
| 1125 | DoorDash, Inc. Class A\* | 234731 |
| 3490 | Entain PLC | 35386 |
| 493 | Evolution AB<sup>(a)</sup> | 33816 |
| 2849 | Expedia Group, Inc. | 475071 |
| 8716 | FDJ United<sup>(a)</sup> | 319869 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 110405 | Genting Singapore Ltd. | $58895 |
| 1616 | Hilton Worldwide Holdings, Inc. | 401479 |
| 471 | Hyatt Hotels Corp. Class A | 62186 |
| 2167 | InterContinental Hotels Group PLC | 248312 |
| 156831 | Lottery Corp. Ltd. | 515356 |
| 681 | Marriott International, Inc. Class A | 179668 |
| 2063 | McDonald's Corp. | 647473 |
| 10337 | MGM Resorts International\* | 327166 |
| 957 | Restaurant Brands International, Inc. | 68326 |
| 1194 | Royal Caribbean Cruises Ltd. | 306822 |
| 1520 | Sodexo SA | 104975 |
| 725 | Starbucks Corp. | 60864 |
| 2936 | Whitbread PLC | 114702 |
| 1102 | Wynn Resorts Ltd. | 99775 |
| 4984 | Yum! Brands, Inc. | 717397 |
| 9465 | Zensho Holdings Co. Ltd. | 517088 |
|  |  | 8818233 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** |  |
| 5421 | Barratt Redrow PLC | 33694 |
| 2885 | DR Horton, Inc. | 340603 |
| 1657 | Garmin Ltd. | 336321 |
| 3537 | Lennar Corp. Class A | 375205 |
| 38 | NVR, Inc.\* | 270406 |
| 19755 | Panasonic Holdings Corp. | 226421 |
| 4138 | PulteGroup, Inc. | 405648 |
| 5086 | Sekisui House Ltd. | 115336 |
| 8753 | Sony Group Corp. | 234282 |
|  |  | 2337916 |
| **Household Products – 0.1%** | **Household Products – 0.1%** |  |
| 2228 | Church & Dwight Co., Inc. | 219035 |
| 3087 | Clorox Co. | 407114 |
| 10328 | Colgate-Palmolive Co. | 959884 |
| 4218 | Essity AB Class B | 123394 |
| 2469 | Henkel AG & Co. KGaA | 181286 |
| 3079 | Kimberly-Clark Corp. | 442637 |
| 9426 | Procter & Gamble Co. | 1601383 |
| 1741 | Reckitt Benckiser Group PLC | 118349 |
| 3438 | Unicharm Corp. | 27348 |
|  |  | 4080430 |
| **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** |
| 5770 | Vistra Corp. | 926489 |
| **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |  |
| 1701 | 3M Co. | 252343 |
| 101119 | CK Hutchison Holdings Ltd. | 565429 |
| 4636 | DCC PLC | 289824 |
| 390 | Hikari Tsushin, Inc. | 106163 |
| 15580 | Hitachi Ltd. | 434064 |
| 1747 | Honeywell International, Inc. | 395992 |
| 12823 | Jardine Matheson Holdings Ltd. | 571988 |
| 14893 | Keppel Ltd. | 78202 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Industrial Conglomerates – (continued)** | **Industrial Conglomerates – (continued)** | **Industrial Conglomerates – (continued)** |
| 10313 | Sekisui Chemical Co. Ltd. | $179156 |
| 1938 | Siemens AG | 466134 |
| 2985 | Smiths Group PLC | 86767 |
| 5242 | Swire Pacific Ltd. Class A | 44654 |
|  |  | 3470716 |
| **Industrial REITs – 0.0%** | **Industrial REITs – 0.0%** |  |
| 20356 | CapitaLand Ascendas REIT | 41775 |
| 7979 | Goodman Group | 169236 |
| 415 | Prologis, Inc. | 45069 |
|  |  | 256080 |
| **Insurance – 0.6%** | **Insurance – 0.6%** |  |
| 7632 | Admiral Group PLC | 344745 |
| 24150 | Aegon Ltd. | 172907 |
| 4913 | Aflac, Inc. | 508692 |
| 5366 | Ageas SA | 350393 |
| 1925 | Allianz SE | 763481 |
| 1908 | Allstate Corp. | 400432 |
| 1896 | American Financial Group, Inc. | 235066 |
| 6651 | American International Group, Inc. | 562941 |
| 1034 | Aon PLC Class A | 384731 |
| 4360 | Arch Capital Group Ltd. | 414374 |
| 1356 | Arthur J Gallagher & Co. | 471129 |
| 3655 | ASR Nederland NV | 234370 |
| 1723 | Assurant, Inc. | 349735 |
| 49707 | Aviva PLC | 409556 |
| 10778 | AXA SA | 508027 |
| 920 | Baloise Holding AG | 218337 |
| 3029 | Brown & Brown, Inc. | 341974 |
| 2404 | Chubb Ltd. | 714469 |
| 3130 | Cincinnati Financial Corp. | 472067 |
| 15032 | Dai-ichi Life Holdings, Inc. | 117332 |
| 630 | Erie Indemnity Co. Class A | 225861 |
| 1149 | Everest Group Ltd. | 398921 |
| 320 | Fairfax Financial Holdings Ltd. | 544486 |
| 3596 | Fidelity National Financial, Inc. | 196953 |
| 19457 | Generali | 708240 |
| 5441 | Gjensidige Forsikring ASA | 137754 |
| 4402 | Great-West Lifeco, Inc. | 167086 |
| 706 | Hannover Rueck SE | 223242 |
| 4770 | Hartford Insurance Group, Inc. | 619337 |
| 994 | Helvetia Holding AG | 235617 |
| 2804 | iA Financial Corp., Inc. | 285477 |
| 30938 | Insurance Australia Group Ltd. | 172316 |
| 732 | Intact Financial Corp. | 166072 |
| 16408 | Japan Post Holdings Co. Ltd. | 160773 |
| 7878 | Japan Post Insurance Co. Ltd. | 173286 |
| 16049 | Legal & General Group PLC | 53847 |
| 7243 | Loews Corp. | 646727 |
| 11871 | Manulife Financial Corp. | 378011 |
| 272 | Markel Group, Inc.\* | 528142 |
| 3816 | Marsh & McLennan Cos., Inc. | 891647 |
| 38138 | Medibank Pvt Ltd. | 117205 |
| 3233 | MetLife, Inc. | 254049 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 6429 | MS&AD Insurance Group Holdings, Inc. | $153129 |
| 839 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 543565 |
| 7674 | NN Group NV | 482860 |
| 5366 | Phoenix Group Holdings PLC | 45917 |
| 25471 | Poste Italiane SpA<sup>(a)</sup> | 553030 |
| 9050 | Power Corp. of Canada | 350235 |
| 3237 | Principal Financial Group, Inc. | 252130 |
| 2380 | Progressive Corp. | 678133 |
| 3520 | Prudential Financial, Inc. | 365693 |
| 25576 | QBE Insurance Group Ltd. | 382058 |
| 12395 | Sampo OYJ Class A | 132282 |
| 7908 | Sompo Holdings, Inc. | 239307 |
| 2695 | Sun Life Financial, Inc. | 173599 |
| 27615 | Suncorp Group Ltd. | 367907 |
| 301 | Swiss Life Holding AG | 300620 |
| 2917 | Swiss Re AG | 515416 |
| 3106 | T&D Holdings, Inc. | 71058 |
| 3338 | Talanx AG | 433041 |
| 4749 | Tokio Marine Holdings, Inc. | 200846 |
| 1827 | Travelers Cos., Inc. | 503704 |
| 5405 | Tryg AS | 138868 |
| 6946 | Unipol Assicurazioni SpA | 135945 |
| 5583 | W.R. Berkley Corp. | 416994 |
| 675 | Willis Towers Watson PLC | 213671 |
| 646 | Zurich Insurance Group AG | 453129 |
|  |  | 23362944 |
| **Interactive Media & Services – 0.5%** | **Interactive Media & Services – 0.5%** |  |
| 26338 | Alphabet, Inc. Class C | 4552523 |
| 30530 | Alphabet, Inc. Class A | 5243222 |
| 60619 | Auto Trader Group PLC<sup>(a)</sup> | 649205 |
| 5480 | CAR Group Ltd. | 125586 |
| 12096 | Meta Platforms, Inc. Class A | 7832039 |
| 14343 | Pinterest, Inc. Class A\* | 446211 |
| 1605 | REA Group Ltd. | 247917 |
| 1677 | Scout24 SE<sup>(a)</sup> | 228499 |
| 5944 | Snap, Inc. Class A\* | 49038 |
|  |  | 19374240 |
| **IT Services – 0.3%** | **IT Services – 0.3%** |  |
| 3278 | Accenture PLC Class A | 1038536 |
| 5873 | Akamai Technologies, Inc.\* | 445937 |
| 1118 | Capgemini SE | 185659 |
| 2427 | CGI, Inc. | 260907 |
| 879 | Cloudflare, Inc. Class A\* | 145817 |
| 10239 | Cognizant Technology Solutions Corp. Class A | 829257 |
| 1987 | EPAM Systems, Inc.\* | 346712 |
| 6820 | Fujitsu Ltd. | 156194 |
| 1231 | Gartner, Inc.\* | 537233 |
| 4399 | GoDaddy, Inc. Class A\* | 801278 |
| 6091 | International Business Machines Corp. | 1577934 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 293 | MongoDB, Inc.\* | $55327 |
| 13130 | NEC Corp. | 342737 |
| 1499 | Nomura Research Institute Ltd. | 57783 |
| 7689 | Obic Co. Ltd. | 280614 |
| 3000 | Okta, Inc.\* | 309510 |
| 11392 | Otsuka Corp. | 234164 |
| 10270 | SCSK Corp. | 311718 |
| 1360 | Shopify, Inc. Class A\* | 145320 |
| 6656 | TIS, Inc. | 218296 |
| 9470 | Twilio, Inc. Class A\* | 1114619 |
| 4542 | VeriSign, Inc. | 1237559 |
| 2263 | Wix.com Ltd.\* | 337074 |
|  |  | 10970185 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |  |
| 3303 | Bandai Namco Holdings, Inc. | 104941 |
| 170 | Shimano, Inc. | 24085 |
|  |  | 129026 |
| **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** |  |
| 1029 | Agilent Technologies, Inc. | 115166 |
| 17622 | Avantor, Inc.\* | 227500 |
| 1150 | Bio-Rad Laboratories, Inc. Class A\* | 260970 |
| 1747 | Danaher Corp. | 331755 |
| 3132 | Eurofins Scientific SE | 208901 |
| 1540 | IQVIA Holdings, Inc.\* | 216108 |
| 399 | Mettler-Toledo International, Inc.\* | 461052 |
| 3224 | Qiagen NV\* | 145528 |
| 1284 | Revvity, Inc. | 116099 |
| 1197 | Thermo Fisher Scientific, Inc. | 482176 |
| 761 | Waters Corp.\* | 265772 |
| 141 | West Pharmaceutical Services, Inc. | 29730 |
|  |  | 2860757 |
| **Machinery – 0.2%** | **Machinery – 0.2%** |  |
| 1239 | Alfa Laval AB | 52713 |
| 8068 | Atlas Copco AB Class A | 129595 |
| 5508 | Atlas Copco AB Class B | 78411 |
| 1787 | Caterpillar, Inc. | 621930 |
| 806 | Cummins, Inc. | 259113 |
| 796 | Deere & Co. | 402983 |
| 774 | Dover Corp. | 137578 |
| 1651 | Epiroc AB Class A | 36900 |
| 1494 | Epiroc AB Class B | 29207 |
| 4152 | Fortive Corp. | 291429 |
| 1741 | GEA Group AG | 116606 |
| 1998 | Graco, Inc. | 169151 |
| 772 | IDEX Corp. | 139663 |
| 1960 | Illinois Tool Works, Inc. | 480357 |
| 2410 | Ingersoll Rand, Inc. | 196752 |
| 2698 | Knorr-Bremse AG | 272998 |
| 2241 | Komatsu Ltd. | 68107 |
| 980 | Kone OYJ Class B | 61149 |
| 12160 | Mitsubishi Heavy Industries Ltd. | 280001 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| 486 | Nordson Corp. | $103027 |
| 3950 | Otis Worldwide Corp. | 376632 |
| 616 | PACCAR, Inc. | 57812 |
| 256 | Parker-Hannifin Corp. | 170163 |
| 1571 | Pentair PLC | 155812 |
| 531 | Rational AG | 436605 |
| 2893 | Sandvik AB | 63147 |
| 920 | Schindler Holding AG | 321962 |
| 1438 | Snap-on, Inc. | 461238 |
| 1680 | Stanley Black & Decker, Inc. | 109922 |
| 14880 | Techtronic Industries Co. Ltd. | 165738 |
| 763 | Trelleborg AB Class B | 27922 |
| 343 | VAT Group AG<sup>(a)</sup> | 130858 |
| 3271 | Wartsila OYJ Abp | 65583 |
| 2787 | Westinghouse Air Brake Technologies Corp. | 563866 |
| 1176 | Xylem, Inc. | 148223 |
| 33472 | Yangzijiang Shipbuilding Holdings Ltd. | 54838 |
|  |  | 7237991 |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |  |
| 86 | AP Moller - Maersk AS Class B | 155801 |
| 94 | AP Moller - Maersk AS Class A | 167893 |
| 9339 | Kawasaki Kisen Kaisha Ltd. | 140445 |
| 1387 | Kuehne & Nagel International AG | 312098 |
| 20300 | SITC International Holdings Co. Ltd. | 64852 |
|  |  | 841089 |
| **Media – 0.1%** | **Media – 0.1%** |  |
| 950 | Charter Communications, Inc. Class A\* | 376457 |
| 21401 | Comcast Corp. Class A | 739833 |
| 2322 | Dentsu Group, Inc. | 50154 |
| 12725 | Fox Corp. Class A | 699111 |
| 13519 | Fox Corp. Class B | 679735 |
| 12824 | Informa PLC | 135974 |
| 7272 | Interpublic Group of Cos., Inc. | 174237 |
| 11049 | News Corp. Class A | 312024 |
| 3676 | Omnicom Group, Inc. | 269965 |
| 1842 | Publicis Groupe SA | 200790 |
| 814 | Trade Desk, Inc. Class A\* | 61229 |
| 21846 | WPP PLC | 176429 |
|  |  | 3875938 |
| **Metals & Mining – 0.0%** | **Metals & Mining – 0.0%** |  |
| 1200 | Agnico Eagle Mines Ltd. | 141454 |
| 2333 | ArcelorMittal SA | 70731 |
| 5927 | BHP Group Ltd. | 145597 |
| 63091 | Glencore PLC\* | 240057 |
| 6974 | JFE Holdings, Inc. | 82695 |
| 7423 | Kinross Gold Corp. | 109586 |
| 1804 | Newmont Corp. | 95107 |
| 8691 | Nippon Steel Corp. | 174821 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |
| 8515 | Northern Star Resources Ltd. | $115793 |
| 296 | Nucor Corp. | 32371 |
| 839 | Reliance, Inc. | 245676 |
| 1382 | Rio Tinto PLC | 81789 |
| 1545 | Wheaton Precious Metals Corp. | 133870 |
|  |  | 1669547 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** |
| 9804 | Annaly Capital Management, Inc. | 185786 |
| **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** |
| 2103 | Ameren Corp. | 203739 |
| 2249 | Canadian Utilities Ltd. Class A | 62897 |
| 4221 | CenterPoint Energy, Inc. | 157190 |
| 225261 | Centrica PLC | 481677 |
| 2627 | CMS Energy Corp. | 184494 |
| 2268 | Consolidated Edison, Inc. | 236983 |
| 1854 | Dominion Energy, Inc. | 105066 |
| 1501 | DTE Energy Co. | 205112 |
| 5607 | E.ON SE | 98269 |
| 10385 | Engie SA | 224139 |
| 10266 | National Grid PLC | 145374 |
| 6024 | NiSource, Inc. | 238189 |
| 2989 | Public Service Enterprise Group, Inc. | 242199 |
| 2326 | Sempra | 182800 |
| 2117 | Veolia Environnement SA | 72860 |
| 2381 | WEC Energy Group, Inc. | 255815 |
|  |  | 3096803 |
| **Office REITs – 0.0%** | **Office REITs – 0.0%** | **Office REITs – 0.0%** |
| 3737 | BXP, Inc. | 251612 |
| 170 | Nippon Building Fund, Inc. | 155362 |
|  |  | 406974 |
| **Oil, Gas & Consumable Fuels – 0.3%** | **Oil, Gas & Consumable Fuels – 0.3%** | **Oil, Gas & Consumable Fuels – 0.3%** |
| 84383 | BP PLC | 410278 |
| 4978 | Canadian Natural Resources Ltd. | 151152 |
| 20765 | Cenovus Energy, Inc. | 273568 |
| 1541 | Cheniere Energy, Inc. | 365202 |
| 6694 | Chevron Corp. | 915070 |
| 5759 | ConocoPhillips | 491531 |
| 3519 | Coterra Energy, Inc. | 85547 |
| 9699 | Enbridge, Inc. | 451397 |
| 38472 | ENEOS Holdings, Inc. | 182284 |
| 26898 | Eni SpA | 396666 |
| 2700 | EOG Resources, Inc. | 293139 |
| 6187 | Equinor ASA | 144843 |
| 636 | Expand Energy Corp. | 73859 |
| 16987 | Exxon Mobil Corp. | 1737770 |
| 6773 | Galp Energia SGPS SA | 108431 |
| 474 | Hess Corp. | 62658 |
| 20609 | Idemitsu Kosan Co. Ltd. | 125530 |
| 3057 | Imperial Oil Ltd. | 218257 |
| 15883 | Inpex Corp. | 212384 |
| 4355 | Keyera Corp. | 132743 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 13996 | Kinder Morgan, Inc. | $392448 |
| 3111 | Marathon Petroleum Corp. | 500062 |
| 5872 | Occidental Petroleum Corp. | 239460 |
| 2561 | OMV AG | 136984 |
| 3307 | ONEOK, Inc. | 267338 |
| 5582 | Ovintiv, Inc. | 199947 |
| 4774 | Pembina Pipeline Corp. | 178910 |
| 1275 | Phillips 66 | 144687 |
| 10588 | Repsol SA | 142651 |
| 22726 | Shell PLC | 749842 |
| 8755 | Suncor Energy, Inc. | 311259 |
| 1686 | Targa Resources Corp. | 266270 |
| 4895 | TC Energy Corp. | 248040 |
| 52 | Texas Pacific Land Corp. | 57930 |
| 10018 | TotalEnergies SE | 589741 |
| 3601 | Valero Energy Corp. | 464421 |
| 8726 | Williams Cos., Inc. | 528010 |
|  |  | 12250309 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 2344 | Holmen AB Class B | 96779 |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| 19296 | Air Canada\* | 269963 |
| 20352 | ANA Holdings, Inc. | 402991 |
| 4264 | Delta Air Lines, Inc. | 206335 |
| 24310 | Deutsche Lufthansa AG | 194548 |
| 19418 | Japan Airlines Co. Ltd. | 392862 |
| 7826 | Qantas Airways Ltd. | 53484 |
| 92590 | Singapore Airlines Ltd. | 510870 |
|  |  | 2031053 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** | **Personal Products – 0.0%** |
| 1238 | Beiersdorf AG | 169811 |
| 2065 | Estee Lauder Cos., Inc. Class A | 138231 |
| 1419 | Kao Corp. | 64779 |
| 11755 | Kenvue, Inc. | 280592 |
| 1415 | L'Oreal SA | 598921 |
| 13489 | Shiseido Co. Ltd. | 217102 |
| 7040 | Unilever PLC | 448035 |
|  |  | 1917471 |
| **Pharmaceuticals – 0.4%** | **Pharmaceuticals – 0.4%** | **Pharmaceuticals – 0.4%** |
| 10554 | Astellas Pharma, Inc. | 104248 |
| 5115 | AstraZeneca PLC | 749265 |
| 16170 | Bayer AG | 455242 |
| 17381 | Bristol-Myers Squibb Co. | 839155 |
| 2849 | Chugai Pharmaceutical Co. Ltd. | 148950 |
| 2565 | Daiichi Sankyo Co. Ltd. | 68265 |
| 6045 | Eisai Co. Ltd. | 173080 |
| 3511 | Eli Lilly & Co. | 2589959 |
| 31779 | GSK PLC | 645557 |
| 32828 | Haleon PLC | 183256 |
| 9213 | Hikma Pharmaceuticals PLC | 265937 |
| 4866 | Ipsen SA\* | 572923 |
| 9952 | Johnson & Johnson | 1544650 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| 3275 | Kyowa Kirin Co. Ltd. | $53524 |
| 12161 | Merck & Co., Inc. | 934451 |
| 7943 | Novartis AG | 916853 |
| 11897 | Novo Nordisk AS Class B | 845256 |
| 15153 | Ono Pharmaceutical Co. Ltd. | 164990 |
| 6750 | Orion OYJ Class B | 457966 |
| 4870 | Otsuka Holdings Co. Ltd. | 247591 |
| 7200 | Pfizer, Inc. | 169128 |
| 2146 | Recordati Industria Chimica e Farmaceutica SpA | 128783 |
| 3362 | Roche Holding AG | 1099404 |
| 19276 | Royalty Pharma PLC Class A | 633795 |
| 3856 | Sanofi SA | 381902 |
| 9444 | Shionogi & Co. Ltd. | 157691 |
| 9315 | Takeda Pharmaceutical Co. Ltd. | 279684 |
| 29209 | Teva Pharmaceutical Industries Ltd. ADR\* | 490127 |
| 1061 | UCB SA | 193017 |
| 78978 | Viatris, Inc. | 694217 |
| 2126 | Zoetis, Inc. | 358507 |
|  |  | 16547373 |
| **Professional Services – 0.2%** | **Professional Services – 0.2%** | **Professional Services – 0.2%** |
| 81 | Amentum Holdings, Inc.\* | 1682 |
| 1786 | Automatic Data Processing, Inc. | 581397 |
| 1337 | Booz Allen Hamilton Holding Corp. | 142056 |
| 1105 | Broadridge Financial Solutions, Inc. | 268327 |
| 1794 | Bureau Veritas SA | 61305 |
| 6818 | Computershare Ltd. | 176523 |
| 1949 | Experian PLC | 97071 |
| 2048 | Intertek Group PLC | 132236 |
| 1338 | Jacobs Solutions, Inc. | 168989 |
| 2492 | Leidos Holdings, Inc. | 370112 |
| 1788 | Paychex, Inc. | 282343 |
| 9725 | Randstad NV | 407668 |
| 14085 | Recruit Holdings Co. Ltd. | 838905 |
| 13974 | RELX PLC | 751999 |
| 4372 | SGS SA | 456626 |
| 3721 | SS&C Technologies Holdings, Inc. | 300694 |
| 2984 | Teleperformance SE | 301599 |
| 460 | Thomson Reuters Corp. | 91393 |
| 1342 | Verisk Analytics, Inc. | 421576 |
| 3240 | Wolters Kluwer NV | 574548 |
|  |  | 6427049 |
| **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** | **Real Estate Management & Development – 0.0%** |
| 763 | Azrieli Group Ltd. | 58340 |
| 333 | CBRE Group, Inc. Class A\* | 41632 |
| 1258 | Daito Trust Construction Co. Ltd. | 141706 |
| 398 | FirstService Corp. | 69763 |
| 15209 | Hongkong Land Holdings Ltd. | 78565 |
| 8996 | Hulic Co. Ltd. | 91086 |
| 74575 | Sino Land Co. Ltd. | 75182 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** |
| 1264 | Swiss Prime Site AG | $179757 |
| 1753 | Vonovia SE | 57436 |
|  |  | 793467 |
| **Residential REITs – 0.0%** | **Residential REITs – 0.0%** | **Residential REITs – 0.0%** |
| 4083 | American Homes 4 Rent Class A | 154542 |
| 802 | AvalonBay Communities, Inc. | 165830 |
| 1446 | Camden Property Trust | 169890 |
| 2009 | Equity LifeStyle Properties, Inc. | 127712 |
| 2523 | Equity Residential | 176963 |
| 514 | Essex Property Trust, Inc. | 145925 |
| 3571 | Invitation Homes, Inc. | 120343 |
| 943 | Mid-America Apartment |  |
|  | Communities, Inc. | 147721 |
| 1098 | Sun Communities, Inc. | 135537 |
| 4129 | UDR, Inc. | 171064 |
|  |  | 1515527 |
| **Retail REITs – 0.0%** | **Retail REITs – 0.0%** | **Retail REITs – 0.0%** |
| 32721 | CapitaLand Integrated Commercial |  |
|  | Trust | 53001 |
| 4648 | Kimco Realty Corp. | 98816 |
| 3597 | Klepierre SA | 140814 |
| 3530 | Realty Income Corp. | 199869 |
| 2049 | Regency Centers Corp. | 147835 |
| 16689 | Scentre Group | 39515 |
| 1388 | Simon Property Group, Inc. | 226341 |
| 574 | Unibail-Rodamco-Westfield\* | 54438 |
|  |  | 960629 |
| **Semiconductors & Semiconductor Equipment – 0.8%** | **Semiconductors & Semiconductor Equipment – 0.8%** | **Semiconductors & Semiconductor Equipment – 0.8%** |
| 2086 | Advanced Micro Devices, Inc.\* | 230983 |
| 8856 | Advantest Corp. | 447903 |
| 609 | Analog Devices, Inc. | 130314 |
| 5725 | Applied Materials, Inc. | 897394 |
| 1053 | ASML Holding NV | 775787 |
| 470 | BE Semiconductor Industries NV | 56797 |
| 16828 | Broadcom, Inc. | 4073554 |
| 404 | Disco Corp. | 90501 |
| 9431 | Intel Corp. | 184376 |
| 823 | KLA Corp. | 622912 |
| 7990 | Lam Research Corp. | 645512 |
| 285 | Marvell Technology, Inc. | 17154 |
| 563 | Micron Technology, Inc. | 53181 |
| 279 | Monolithic Power Systems, Inc. | 184670 |
| 147493 | NVIDIA Corp. | 19930729 |
| 1326 | NXP Semiconductors NV | 253438 |
| 8637 | ON Semiconductor Corp.\* | 362927 |
| 6756 | QUALCOMM, Inc. | 980971 |
| 377 | SCREEN Holdings Co. Ltd. | 26822 |
| 10416 | Skyworks Solutions, Inc. | 719017 |
| 3195 | STMicroelectronics NV | 80209 |
| 2353 | Teradyne, Inc. | 184946 |
| 2653 | Texas Instruments, Inc. | 485101 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| 1460 | Tokyo Electron Ltd. | $229753 |
|  |  | 31664951 |
| **Software – 1.0%** | **Software – 1.0%** | **Software – 1.0%** |
| 2536 | Adobe, Inc.\* | 1052668 |
| 693 | ANSYS, Inc.\* | 229258 |
| 3360 | AppLovin Corp. Class A\* | 1320480 |
| 2796 | Atlassian Corp. Class A\* | 580534 |
| 1887 | Autodesk, Inc.\* | 558779 |
| 2190 | Bentley Systems, Inc. Class B | 104529 |
| 1925 | Cadence Design Systems, Inc.\* | 552610 |
| 1320 | Check Point Software Technologies Ltd.\* | 302122 |
| 291 | Constellation Software, Inc. | 1055085 |
| 606 | Crowdstrike Holdings, Inc. Class A\* | 285650 |
| 421 | CyberArk Software Ltd.\* | 161150 |
| 2377 | Dassault Systemes SE | 89134 |
| 1605 | Datadog, Inc. Class A\* | 189197 |
| 1693 | Descartes Systems Group, Inc.\* | 196298 |
| 14081 | Docusign, Inc.\* | 1247717 |
| 1986 | Dynatrace, Inc.\* | 107264 |
| 525 | Fair Isaac Corp.\* | 906297 |
| 7620 | Fortinet, Inc.\* | 775564 |
| 17521 | Gen Digital, Inc. | 498998 |
| 786 | HubSpot, Inc.\* | 463661 |
| 1236 | Intuit, Inc. | 931289 |
| 3121 | Manhattan Associates, Inc.\* | 589182 |
| 40486 | Microsoft Corp. | 18638135 |
| 753 | MicroStrategy, Inc. Class A\* | 277902 |
| 978 | Monday.com Ltd.\* | 290945 |
| 3722 | Nemetschek SE | 517436 |
| 289 | Nice Ltd.\* | 48947 |
| 4576 | Nutanix, Inc. Class A\* | 350933 |
| 4456 | Open Text Corp. | 126178 |
| 4430 | Oracle Corp. | 733298 |
| 1553 | Oracle Corp. Japan | 181929 |
| 9079 | Palantir Technologies, Inc. Class A\* | 1196431 |
| 2286 | Palo Alto Networks, Inc.\* | 439872 |
| 1955 | PTC, Inc.\* | 329066 |
| 904 | Roper Technologies, Inc. | 515524 |
| 36735 | Sage Group PLC | 604153 |
| 4232 | Salesforce, Inc. | 1123046 |
| 3600 | SAP SE | 1089072 |
| 951 | ServiceNow, Inc.\* | 961547 |
| 943 | Synopsys, Inc.\* | 437533 |
| 3204 | Trend Micro, Inc. | 239955 |
| 426 | Tyler Technologies, Inc.\* | 245798 |
| 2590 | WiseTech Global Ltd. | 178951 |
| 520 | Workday, Inc. Class A\* | 128809 |
| 3803 | Xero Ltd.\* | 451752 |
| 9038 | Zoom Communications, Inc.\* | 734338 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 385 | Zscaler, Inc.\* | $106145 |
|  |  | 42145161 |
| **Specialized REITs – 0.0%** | **Specialized REITs – 0.0%** | **Specialized REITs – 0.0%** |
| 692 | American Tower Corp. | 148538 |
| 419 | Crown Castle, Inc. | 42047 |
| 211 | Digital Realty Trust, Inc. | 36191 |
| 48 | Equinix, Inc. | 42663 |
| 4111 | Gaming & Leisure Properties, Inc. | 191984 |
| 2073 | Iron Mountain, Inc. | 204626 |
| 379 | Public Storage | 116887 |
| 5927 | VICI Properties, Inc. | 187945 |
| 2277 | Weyerhaeuser Co. | 58997 |
|  |  | 1029878 |
| **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** | **Specialty Retail – 0.4%** |
| 291 | AutoZone, Inc.\* | 1086315 |
| 6120 | Avolta AG | 328221 |
| 8630 | Best Buy Co., Inc. | 571996 |
| 1696 | Burlington Stores, Inc.\* | 387146 |
| 3620 | CarMax, Inc.\* | 233345 |
| 338 | Carvana Co.\* | 110580 |
| 3184 | Dick's Sporting Goods, Inc. | 571019 |
| 685 | Fast Retailing Co. Ltd. | 228166 |
| 25496 | H & M Hennes & Mauritz AB Class B | 364913 |
| 5435 | Home Depot, Inc. | 2001656 |
| 10875 | Industria de Diseno Textil SA | 589156 |
| 435827 | JD Sports Fashion PLC | 494285 |
| 125382 | Kingfisher PLC | 469356 |
| 4257 | Lowe's Cos., Inc. | 960933 |
| 613 | Nitori Holdings Co. Ltd. | 61090 |
| 759 | O'Reilly Automotive, Inc.\* | 1037933 |
| 2704 | Ross Stores, Inc. | 378803 |
| 10157 | TJX Cos., Inc. | 1288923 |
| 9160 | Tractor Supply Co. | 443344 |
| 1871 | Ulta Beauty, Inc.\* | 882102 |
| 4466 | Williams-Sonoma, Inc. | 722420 |
| 14300 | Zalando SE\*<sup>(a)</sup> | 510934 |
| 71112 | ZOZO, Inc. | 770514 |
|  |  | 14493150 |
| **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** |
| 87874 | Apple, Inc. | 17649493 |
| 5694 | Canon, Inc. | 173946 |
| 388 | Dell Technologies, Inc. Class C | 43173 |
| 1837 | FUJIFILM Holdings Corp. | 41466 |
| 31495 | Hewlett Packard Enterprise Co. | 544234 |
| 11908 | HP, Inc. | 296509 |
| 3335 | Logitech International SA | 277891 |
| 2911 | NetApp, Inc. | 288655 |
| 2933 | Pure Storage, Inc. Class A\* | 157179 |
| 40760 | Ricoh Co. Ltd. | 380054 |
| 1016 | Seagate Technology Holdings PLC | 119827 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Technology Hardware, Storage & Peripherals – (continued)** | **Technology Hardware, Storage & Peripherals – (continued)** | **Technology Hardware, Storage & Peripherals – (continued)** |
| 20823 | Seiko Epson Corp. | $269419 |
|  |  | 20241846 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 2024 | adidas AG | 504812 |
| 12390 | Asics Corp. | 298613 |
| 649 | Cie Financiere Richemont SA Class A | 122471 |
| 5316 | Deckers Outdoor Corp.\* | 560944 |
| 953 | Gildan Activewear, Inc. | 44374 |
| 212 | Hermes International SCA | 584593 |
| 1744 | Lululemon Athletica, Inc.\* | 552273 |
| 741 | LVMH Moet Hennessy Louis Vuitton SE | 401923 |
| 5214 | Moncler SpA | 326402 |
| 6694 | NIKE, Inc. Class B | 405589 |
| 3342 | Pandora AS | 610895 |
| 11197 | Puma SE | 290513 |
| 335 | Swatch Group AG | 56517 |
|  |  | 4759919 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 7735 | Altria Group, Inc. | 468818 |
| 10771 | British American Tobacco PLC | 484893 |
| 9372 | Imperial Brands PLC | 355430 |
| 7232 | Japan Tobacco, Inc. | 221839 |
| 5376 | Philip Morris International, Inc. | 970852 |
|  |  | 2501832 |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |
| 1283 | AerCap Holdings NV | 148482 |
| 3160 | Brenntag SE | 214162 |
| 4683 | Bunzl PLC | 150095 |
| 23262 | Fastenal Co. | 961651 |
| 3250 | Ferguson Enterprises, Inc. | 592605 |
| 252 | IMCD NV | 34252 |
| 5486 | ITOCHU Corp. | 291176 |
| 23125 | Marubeni Corp. | 468727 |
| 7357 | Mitsubishi Corp. | 148821 |
| 14740 | Mitsui & Co. Ltd. | 307788 |
| 31199 | MonotaRO Co. Ltd. | 643594 |
| 4061 | Reece Ltd. | 40979 |
| 8359 | Rexel SA | 234793 |
| 4679 | SGH Ltd. | 153009 |
| 11090 | Sumitomo Corp. | 282424 |
| 981 | Toromont Industries Ltd. | 85072 |
| 12729 | Toyota Tsusho Corp. | 269007 |
| 67 | United Rentals, Inc. | 47461 |
| 609 | Watsco, Inc. | 270134 |
| 887 | WW Grainger, Inc. | 964666 |
|  |  | 6308898 |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| 750 | Aena SME SA<sup>(a)</sup> | 201777 |
| 5223 | Getlink SE\* | 99904 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
|  **Transportation Infrastructure – (continued)** | **Transportation Infrastructure – (continued)** | **Transportation Infrastructure – (continued)** |
| 14350 | Transurban Group | $131146 |
|  |  | 432827 |
|  **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| 521 | American Water Works Co., Inc. | 74488 |
| 1536 | Essential Utilities, Inc. | 59182 |
| 1516 | Severn Trent PLC | 55365 |
|  |  | 189035 |
|  **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| 12564 | KDDI Corp. | 217489 |
| 1757 | Rogers Communications, Inc. Class B | 47166 |
| 171704 | SoftBank Corp. | 263833 |
| 1250 | SoftBank Group Corp. | 65298 |
| 10991 | Tele2 AB Class B | 164449 |
| 2476 | T-Mobile U.S., Inc. | 599687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474865 | Vodafone Group PLC | 492465 |
|  |  | 1850387 |
| **TOTAL COMMON STOCKS<br>(Cost $291,713,446)** | **TOTAL COMMON STOCKS<br>(Cost $291,713,446)** | $456524272 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** |
|  **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** |
|  Porsche Automobil Holding SE | Porsche Automobil Holding SE | Porsche Automobil Holding SE |
| 5074 | 5.449% | $202857 |
|  **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
|  Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |
| 2622 | 2.893 | 210088 |
| **TOTAL PREFERRED STOCKS<br>(Cost $438,296)** | **TOTAL PREFERRED STOCKS<br>(Cost $438,296)** | $412945 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Warrants\*<sup>(b)</sup> – 0.0%** | **Warrants\*<sup>(b)</sup> – 0.0%** | **Warrants\*<sup>(b)</sup> – 0.0%** |
|  Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| 264 | 03/31/40 | $— |
| **(Cost $—)** | **(Cost $—)** | **(Cost $—)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | |
| **U.S. Treasury Obligations<sup>(c)</sup> – 1.3%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.3%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.3%** | **U.S. Treasury Obligations<sup>(c)</sup> – 1.3%** | **Value** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 5000000 | 0.000% | 08/21/25 | $4952953 |
|  | 5400000 | 0.000 | 08/26/25 | 5346014 |
|  | 5800000 | 0.000 | 09/09/25 | 5732741 |
|  | 5000000 | 0.000 | 09/18/25 | 4936960 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **U.S. Treasury Obligations<sup>(c)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(c)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(c)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(c)</sup> – (continued)** | **U.S. Treasury Obligations<sup>(c)</sup> – (continued)** |
|  U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
|  $ | 5400000 | 0.000% | 10/02/25 | $5323189 |
|  | 3800000 | 0.000 | 10/16/25 | 3739971 |
|  | 5000000 | 0.000 | 10/30/25 | 4912865 |
|  | 5000000 | 0.000 | 11/13/25 | 4905109 |
|  | 5400000 | 0.000 | 11/20/25 | 5293029 |
|  | 5400000 | 0.000 | 11/28/25 | 5288122 |
|  | 3800000 | 0.000 | 12/26/25 | 3710648 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $54,140,522)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $54,140,522)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $54,140,522)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $54,140,522)** | $54141601 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 78.7%** | **Exchange Traded Funds – 78.7%** | **Exchange Traded Funds – 78.7%** |
| 1537577 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(d)</sup> | $53507680 |
| 8757018 | Goldman Sachs MarketBeta International Equity ETF<sup>(d)</sup> | 552830546 |
| 3539144 | Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF<sup>(d)</sup> | 193753270 |
| 6737609 | Goldman Sachs MarketBeta Russell 1000 Value Equity ETF<sup>(d)</sup> | 326862973 |
| 12946517 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(d)</sup> | 1055400066 |
| 3124689 | iShares Core MSCI EAFE ETF | 257974324 |
| 7549478 | iShares Core MSCI Emerging Markets ETF | 427979908 |
| 2881 | iShares MSCI Canada ETF | 129530 |
| 15366 | iShares MSCI EAFE ETF | 1364654 |
| 2600668 | iShares MSCI EAFE Small-Cap ETF | 183685181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81240 | iShares U.S. Technology ETF | 12856230 |
| 2184976 | SPDR Portfolio S&P 500 Growth ETF | 195970497 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 4000 | Vanguard S&P 500 ETF | $2167040 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,574,052,443)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,574,052,443)** | $3264481899 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(d)</sup> – 6.7%** | **Investment Company<sup>(d)</sup> – 6.7%** | **Investment Company<sup>(d)</sup> – 6.7%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 277380850 | 4.216% | $277380850 |
| **(Cost $277,380,850)** | **(Cost $277,380,850)** | **(Cost $277,380,850)** |
| **TOTAL INVESTMENTS – 97.7%<br>(Cost $3,197,725,557)** | **TOTAL INVESTMENTS – 97.7%<br>(Cost $3,197,725,557)** | $4052941567 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.3%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.3%** | 96692278 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4149633845 |

---

---

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

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At May 31, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 2800000 | USD | 1776230 | 06/18/25 | $29112 |
|  | CAD | 65980000 | USD | 46153577 | 06/18/25 | 1967802 |
|  | DKK | 36080000 | USD | 5346329 | 06/18/25 | 152286 |
|  | EUR | 15450000 | USD | 17438559 | 06/18/25 | 124120 |
|  | GBP | 5055000 | USD | 6738573 | 06/18/25 | 72848 |
|  | ILS | 160000 | USD | 44084 | 06/18/25 | 1461 |
|  | JPY | 1368000000 | USD | 9364129 | 06/18/25 | 162090 |
|  | NOK | 3400000 | USD | 326869 | 06/18/25 | 6217 |
|  | NZD | 100000 | USD | 59488 | 06/18/25 | 306 |
|  | SEK | 39600000 | USD | 4024243 | 06/18/25 | 110819 |
|  | SGD | 1140000 | USD | 875345 | 06/18/25 | 9539 |
|  | USD | 13919369 | HKD | 108000000 | 06/18/25 | 120604 |
|  **TOTAL** |  |  |  |  |  | $2757204 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | CHF | 6130000 | USD | 7466932 | 06/18/25 | $(2107) |
|  | HKD | 8270000 | USD | 1067110 | 06/18/25 | (10482) |
|  | JPY | 1864000000 | USD | 13106390 | 06/18/25 | (126219) |
|  | USD | 51468030 | AUD | 81170000 | 06/18/25 | (867557) |
|  | USD | 76256169 | CHF | 66720000 | 06/18/25 | (4992296) |
|  | USD | 21355233 | DKK | 146600000 | 06/18/25 | (986700) |
|  | USD | 265127002 | EUR | 244070000 | 06/18/25 | (12317858) |
|  | USD | 113326627 | GBP | 87890000 | 06/18/25 | (5101820) |
|  | USD | 3905986 | ILS | 14080000 | 06/18/25 | (101959) |
|  | USD | 180721894 | JPY | 26412000000 | 06/18/25 | (3201000) |
|  | USD | 4718834 | NOK | 51100000 | 06/18/25 | (287242) |
|  | USD | 1442719 | NZD | 2510000 | 06/18/25 | (58102) |
|  | USD | 26104420 | SEK | 262200000 | 06/18/25 | (1274714) |
|  | USD | 10498074 | SGD | 13920000 | 06/18/25 | (306826) |
|  **TOTAL** |  |  |  |  |  | $(29634882) |

---

**FUTURES CONTRACTS** — At May 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2434 | 06/20/25 | $251712110 | $2924618 |
|  S&P 500 E-Mini Index | 1094 | 06/20/25 | 323605200 | 11703325 |
|  S&P Toronto Stock Exchange 60 Index | 472 | 06/19/25 | 107858199 | 6354121 |
|  **Total** |  |  |  | $20982064 |
|  **Short position contracts:** |  |  |  |  |
|  E-mini Consumer Staples Select Sector | (256) | 06/20/25 | (21383680) | (745459) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $20236605 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  STOX Index | MS & Co. Int. PLC | $5156.960 | 07/15/2025 | 2735 | $1410428560 | $852930 | $235250 | $617680 |
|  SPX Index | MS & Co. Int. PLC | 6102.226 | 06/30/2025 | 10592 | 6463477779 | 304110 | 319415 | (15305) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 13327 | $7873906339 | $1157040 | $554665 | $602375 |
|  **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** |
|  **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
|  SPX Index | MS & Co. Int. PLC | 5558.229 | 06/30/2025 | (10592) | (5887276157) | (299992) | (300625) | 633 |
|  **TOTAL** |  |  |  | 2735 | $1986630182 | $857048 | $254040 | $603008 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $13.806 | 06/18/2025 | 8830000 | $8830000 | $12 | $153879 | $(153867) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.124 | 09/17/2025 | 1980000 | 1980000 | 2959 | 38669 | (35710) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.516 | 09/17/2025 | 5392000 | 5392000 | 3630 | 104803 | (101173) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 6389000 | 6389000 | 24283 | 108731 | (84448) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | 6143000 | 6143000 | 96638 | 107474 | (10836) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.306 | 06/18/2025 | 9371000 | 9371000 | 11 | 149219 | (149208) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.540 | 09/17/2025 | 2123000 | 2123000 | 764 | 37062 | (36298) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.481 | 09/17/2025 | 6321000 | 6321000 | 2657 | 102726 | (100069) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 7340000 | 7340000 | 13975 | 103398 | (89423) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 6975000 | 6975000 | 89921 | 114554 | (24633) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.052 | 06/18/2025 | 1053137000 | 1053137000 | 10473 | 88531 | (78058) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.269 | 09/17/2025 | 236302000 | 236302000 | 14445 | 22350 | (7905) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.702 | 09/17/2025 | 615567000 | 615567000 | 18279 | 66461 | (48182) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 701185000 | 701185000 | 45386 | 68910 | (23524) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 655617000 | 655617000 | 47608 | 58270 | (10662) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |  |
|  Call USD/Put CAD | MS & Co. Int. PLC | $1.440 | 06/18/2025 | 25620000 | $25620000 | $128 | $193328 | $(193200) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.449 | 09/17/2025 | 5775000 | 5775000 | 5556 | 50485 | (44929) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.420 | 09/17/2025 | 19208000 | 19208000 | 46291 | 137702 | (91411) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 22231000 | 22231000 | 18007 | 200635 | (182628) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 19875000 | 19875000 | 29395 | 163492 | (134097) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1084.510 | 06/18/2025 | 10646000 | 10646000 | 43 | 193246 | (193203) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1108.720 | 09/17/2025 | 2420000 | 2420000 | 4102 | 48603 | (44501) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1077.560 | 09/17/2025 | 7505000 | 7505000 | 22147 | 133131 | (110984) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 8012000 | 8012000 | 32256 | 131717 | (99461) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1066.790 | 03/18/2026 | 7503000 | 7503000 | 120626 | 130335 | (9709) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1481.080 | 06/18/2025 | 8094000 | 8094000 | 469 | 89358 | (88889) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1494.880 | 09/17/2025 | 1822000 | 1822000 | 5187 | 22392 | (17205) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1427.030 | 09/17/2025 | 5463000 | 5463000 | 51467 | 63644 | (12177) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 4999000 | 4999000 | 12188 | 68486 | (56298) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 5674000 | 5674000 | 28177 | 63322 | (35145) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.815 | 06/18/2025 | 5089000 | 5089000 | 5 | 93057 | (93052) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.619 | 09/17/2025 | 1169000 | 1169000 | 1182 | 23435 | (22253) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.724 | 09/17/2025 | 3400000 | 3400000 | 3179 | 63029 | (59850) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 3789000 | 3789000 | 8412 | 63977 | (55565) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 3684000 | 3684000 | 22362 | 61092 | (38730) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.030 | 06/18/2025 | 3174000 | 3174000 | 3 | 47039 | (47036) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.224 | 09/17/2025 | 720000 | 720000 | 176 | 11866 | (11690) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.994 | 09/17/2025 | 2158000 | 2158000 | 950 | 35359 | (34409) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 12.731 | 12/17/2025 | 2269000 | 2269000 | 1799 | 35623 | (33824) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 2411000 | 2411000 | 13480 | 35924 | (22444) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.617 | 06/18/2025 | 9405000 | 9405000 | 9 | 139194 | (139185) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.758 | 09/17/2025 | 2149000 | 2149000 | 131 | 35244 | (35113) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** | **Calls (continued)** |  |  |  |  |  |  |  |
|  Call USD/Put SEK | MS & Co. Int. PLC | $11.218 | 09/17/2025 | 7148000 | $7148000 | $2302 | $103875 | $(101573) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 7081000 | 7081000 | 2386 | 107341 | (104955) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 7173000 | 7173000 | 30987 | 111662 | (80675) |
|  |  |  |  | 3538338000 | $3538338000 | $834443 | $3982630 | $(3148187) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.170 | 06/18/2025 | 22780000 | 22780000 | 44198 | 234427 | (190229) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 88.320 | 09/17/2025 | 5138000 | 5138000 | 42552 | 60331 | (17779) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.360 | 09/17/2025 | 13335000 | 13335000 | 32844 | 158228 | (125384) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 19059000 | 19059000 | 143482 | 215981 | (72499) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 18102000 | 18102000 | 184246 | 186590 | (2344) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.611 | 06/18/2025 | 10680000 | 10680000 | 1370 | 90428 | (89058) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.605 | 09/17/2025 | 2404000 | 2404000 | 7358 | 23059 | (15701) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.620 | 09/17/2025 | 7086000 | 7086000 | 37729 | 66193 | (28464) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 7613000 | 7613000 | 21749 | 67311 | (45562) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 7676000 | 7676000 | 43582 | 63327 | (19745) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 100.970 | 06/18/2025 | 14322000 | 14322000 | 15279 | 148268 | (132989) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 99.060 | 09/17/2025 | 3193000 | 3193000 | 19965 | 36997 | (17032) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 91.640 | 09/17/2025 | 8566000 | 8566000 | 10880 | 99885 | (89005) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 9728000 | 9728000 | 63896 | 110259 | (46363) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 8981000 | 8981000 | 70972 | 95305 | (24333) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 82.880 | 06/18/2025 | 19116000 | 19116000 | 22297 | 179755 | (157458) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 81.100 | 09/17/2025 | 4312000 | 4312000 | 26697 | 46325 | (19628) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.450 | 09/17/2025 | 11734000 | 11734000 | 20060 | 131135 | (111075) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 76.630 | 12/17/2025 | 10592000 | 10592000 | 59653 | 108501 | (48848) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 9578000 | 9578000 | 79417 | 89388 | (9971) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.562 | 06/18/2025 | 11567000 | 11567000 | 560 | 90427 | (89867) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.556 | 09/17/2025 | 2611000 | 2611000 | 5400 | 23156 | (17756) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |  |
|  Put NZD/Call USD | MS & Co. Int. PLC | $0.567 | 09/17/2025 | 7586000 | $7586000 | $25290 | $65287 | $(39997) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 4192000 | 4192000 | 7951 | 33689 | (25738) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 4201000 | 4201000 | 18084 | 31912 | (13828) |
|  |  |  |  | 244152000 | $244152000 | $1005511 | $2456164 | $(1450653) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** |  | 3782490000 | $3782490000 | $1839954 | $6438794 | $(4598840) |

---

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | $5550.000 | 06/06/2025 | (70) | $(38850000) | $(1033) | $(13960) | $12927 |
|  Euro Stoxx 50 Index | 5650.000 | 06/13/2025 | (68) | (38420000) | (1004) | (6336) | 5332 |
|  Euro Stoxx 50 Index | 5600.000 | 06/20/2025 | (68) | (38080000) | (4941) | (9416) | 4475 |
|  FTSE 100 Index | 8775.000 | 06/20/2025 | (1) | (877500) | (1233) | (582) | (651) |
|  FTSE 100 Index | 8875.000 | 06/20/2025 | (9) | (7987500) | (5457) | (4166) | (1291) |
|  FTSE 100 Index | 8925.000 | 06/20/2025 | (21) | (18742500) | (8347) | (5601) | (2746) |
|  FTSE 100 Index | 9000.000 | 06/20/2025 | (9) | (8100000) | (1758) | (1622) | (136) |
|  FTSE 100 Index | 9025.000 | 06/20/2025 | (13) | (11732500) | (1927) | (1729) | (198) |
|  FTSE 100 Index | 9150.000 | 07/18/2025 | (4) | (3660000) | (1240) | (1206) | (34) |
|  FTSE 100 Index | 9175.000 | 07/18/2025 | (1) | (917500) | (263) | (247) | (16) |
|  Nikkei 225 Index | 37125.000 | 06/13/2025 | (2) | (7425000) | (15567) | (5364) | (10203) |
|  Nikkei 225 Index | 37750.000 | 06/13/2025 | (4) | (15100000) | (19041) | (10573) | (8468) |
|  Nikkei 225 Index | 38625.000 | 06/13/2025 | (6) | (23175000) | (11884) | (14733) | 2849 |
|  Nikkei 225 Index | 39125.000 | 06/13/2025 | (14) | (54775000) | (14594) | (17714) | 3120 |
|  Nikkei 225 Index | 39250.000 | 06/13/2025 | (4) | (15700000) | (3336) | (3012) | (324) |
|  Nikkei 225 Index | 40125.000 | 06/13/2025 | (9) | (36112500) | (2314) | (4474) | 2160 |
|  Nikkei 225 Index | 40000.000 | 07/11/2025 | (3) | (12000000) | (5420) | (2835) | (2585) |
|  Nikkei 225 Index | 40250.000 | 07/11/2025 | (5) | (20125000) | (7471) | (6069) | (1402) |
|  S&P 500 Index | 6010.000 | 06/02/2025 | (37) | (22237000) | (1850) | (21974) | 20124 |
|  S&P 500 Index | 5900.000 | 06/04/2025 | (29) | (17110000) | (122960) | (62786) | (60174) |
|  S&P 500 Index | 6060.000 | 06/04/2025 | (36) | (21816000) | (2520) | (26979) | 24459 |
|  S&P 500 Index | 6060.000 | 06/06/2025 | (36) | (21816000) | (14400) | (20083) | 5683 |
|  S&P 500 Index | 6100.000 | 06/11/2025 | (27) | (16470000) | (13500) | (60123) | 46623 |
|  S&P 500 Index | 6200.000 | 06/18/2025 | (27) | (16740000) | (9045) | (30309) | 21264 |
|  S&P 500 Index | 6175.000 | 06/25/2025 | (27) | (16672500) | (24840) | (42243) | 17403 |
|  |  |  | (530) | $(484641500) | $(295945) | $(374136) | $78191 |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5025.000 | 06/06/2025 | (139) | (69847500) | (2525) | (14145) | 11620 |
|  Euro Stoxx 50 Index | 5200.000 | 06/13/2025 | (136) | (70720000) | (30267) | (36876) | 6609 |
|  Euro Stoxx 50 Index | 5050.000 | 06/20/2025 | (136) | (68680000) | (24244) | (24025) | (219) |
|  FTSE 100 Index | 7450.000 | 06/20/2025 | (1) | (745000) | (40) | (682) | 642 |
|  FTSE 100 Index | 7800.000 | 06/20/2025 | (7) | (5460000) | (472) | (4322) | 3850 |
|  FTSE 100 Index | 8000.000 | 06/20/2025 | (12) | (9600000) | (1132) | (4843) | 3711 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  FTSE 100 Index | $8100.000 | 06/20/2025 | (18) | $(14580000) | $(1940) | $(9213) | $7273 |
|  FTSE 100 Index | 8350.000 | 06/20/2025 | (23) | (19205000) | (4339) | (8128) | 3789 |
|  FTSE 100 Index | 8475.000 | 06/20/2025 | (44) | (37290000) | (12746) | (14245) | 1499 |
|  FTSE 100 Index | 8350.000 | 07/18/2025 | (8) | (6680000) | (4419) | (4447) | 28 |
|  FTSE 100 Index | 8375.000 | 07/18/2025 | (1) | (837500) | (586) | (645) | 59 |
|  Nikkei 225 Index | 25000.000 | 06/13/2025 | (1) | (2500000) | (14) | (2470) | 2456 |
|  Nikkei 225 Index | 28500.000 | 06/13/2025 | (5) | (14250000) | (208) | (5567) | 5359 |
|  Nikkei 225 Index | 30375.000 | 06/13/2025 | (9) | (27337500) | (563) | (12197) | 11634 |
|  Nikkei 225 Index | 32250.000 | 06/13/2025 | (12) | (38700000) | (1251) | (14040) | 12789 |
|  Nikkei 225 Index | 33500.000 | 06/13/2025 | (16) | (53600000) | (2780) | (18130) | 15350 |
|  Nikkei 225 Index | 35125.000 | 06/13/2025 | (13) | (45662500) | (5692) | (17301) | 11609 |
|  Nikkei 225 Index | 35750.000 | 06/13/2025 | (17) | (60775000) | (11223) | (31411) | 20188 |
|  Nikkei 225 Index | 36000.000 | 06/13/2025 | (8) | (28800000) | (6671) | (7209) | 538 |
|  Nikkei 225 Index | 34125.000 | 07/11/2025 | (5) | (17062500) | (6255) | (11004) | 4749 |
|  Nikkei 225 Index | 34750.000 | 07/11/2025 | (11) | (38225000) | (17582) | (19086) | 1504 |
|  S&P 500 Index | 5675.000 | 06/02/2025 | (73) | (41427500) | (1095) | (160425) | 159330 |
|  S&P 500 Index | 5200.000 | 06/04/2025 | (58) | (30160000) | (580) | (173578) | 172998 |
|  S&P 500 Index | 5780.000 | 06/04/2025 | (73) | (42194000) | (47085) | (91025) | 43940 |
|  S&P 500 Index | 5765.000 | 06/06/2025 | (73) | (42084500) | (85775) | (111093) | 25318 |
|  S&P 500 Index | 5580.000 | 06/11/2025 | (55) | (30690000) | (31625) | (152242) | 120617 |
|  S&P 500 Index | 5650.000 | 06/18/2025 | (54) | (30510000) | (125010) | (187107) | 62097 |
|  S&P 500 Index | 5625.000 | 06/25/2025 | (54) | (30375000) | (159300) | (160812) | 1512 |
|  |  |  | (1062) | $(877998500) | $(585419) | $(1296268) | $710849 |
|  **Total written option contracts** |  |  | (1592) | $(1362640000) | $(881364) | $(1670404) | $789040 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.625 | 06/13/2025 | 983 | $2457500 | $6144 | $1903452 | $(1897308) |
|  3 Month SOFR | 96.750 | 06/13/2025 | 1226 | 3065000 | 7663 | 1290144 | (1282481) |
|  3 Month SOFR | 97.250 | 06/13/2025 | 2670 | 6675000 | 16688 | 2854785 | (2838097) |
|  3 Month SOFR | 95.875 | 09/12/2025 | 2359 | 5897500 | 914113 | 2783135 | (1869022) |
|  3 Month SOFR | 96.000 | 09/12/2025 | 482 | 1205000 | 138575 | 471068 | (332493) |
|  3 Month SOFR | 96.500 | 09/12/2025 | 1136 | 2840000 | 120700 | 1589660 | (1468960) |
|  3 Month SOFR | 96.625 | 09/12/2025 | 921 | 2302500 | 80588 | 1888445 | (1807857) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 1234 | 3085000 | 69413 | 1267713 | (1198300) |
|  3 Month SOFR | 97.375 | 09/12/2025 | 327 | 817500 | 12263 | 70128 | (57865) |
|  3 Month SOFR | 97.500 | 09/12/2025 | 3092 | 7730000 | 96625 | 3074948 | (2978323) |
|  3 Month SOFR | 95.875 | 12/12/2025 | 1950 | 4875000 | 1950000 | 2763799 | (813799) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 772 | 1930000 | 530750 | 870291 | (339541) |
|  3 Month SOFR | 96.500 | 12/12/2025 | 1019 | 2547500 | 401231 | 1614489 | (1213258) |
|  3 Month SOFR | 97.250 | 12/12/2025 | 1442 | 3605000 | 198275 | 1373245 | (1174970) |
|  3 Month SOFR | 97.500 | 12/12/2025 | 3234 | 8085000 | 323400 | 3177500 | (2854100) |
|  3 Month SOFR | 96.000 | 03/13/2026 | 1922 | 4805000 | 2654762 | 2752934 | (98172) |
|  3 Month SOFR | 96.250 | 03/13/2026 | 727 | 1817500 | 754263 | 910437 | (156174) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 615 | 1537500 | 411281 | 916239 | (504958) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 480 | 1200000 | 276000 | 781114 | (505114) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Calls (continued)** |  |  |  |  |  |  |  |
|  3 Month SOFR | $97.000 | 03/13/2026 | 1854 | $4635000 | $787950 | $749897 | $38053 |
|  3 Month SOFR | 97.250 | 03/13/2026 | 1368 | 3420000 | 427500 | 1371174 | (943674) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 363 | 907500 | 86213 | 118686 | (32473) |
|  3 Month SOFR | 96.000 | 06/12/2026 | 1712 | 4280000 | 3220700 | 2734522 | 486178 |
|  3 Month SOFR | 96.250 | 06/12/2026 | 658 | 1645000 | 974662 | 935558 | 39104 |
|  3 Month SOFR | 96.500 | 06/12/2026 | 408 | 1020000 | 469200 | 449600 | 19600 |
|  3 Month SOFR | 96.625 | 06/12/2026 | 580 | 1450000 | 583625 | 914846 | (331221) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 494 | 1235000 | 435338 | 766846 | (331508) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 998 | 2495000 | 673650 | 663131 | 10519 |
|  3 Month SOFR | 97.125 | 06/12/2026 | 408 | 1020000 | 242250 | 209900 | 32350 |
|  3 Month SOFR | 96.000 | 09/11/2026 | 1600 | 4000000 | 3560000 | 2747337 | 812663 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 658 | 1645000 | 1065137 | 947402 | 117735 |
|  3 Month SOFR | 96.500 | 09/11/2026 | 1245 | 3112500 | 1789687 | 1413440 | 376247 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 559 | 1397500 | 712725 | 930634 | (217909) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 1398 | 3495000 | 1249462 | 1086190 | 163272 |
|  3 Month SOFR | 96.000 | 12/11/2026 | 2008 | 5020000 | 4919600 | 4045036 | 874564 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 620 | 1550000 | 1131500 | 962438 | 169062 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 2891 | 7227500 | 4752081 | 4082654 | 669427 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 1952 | 4880000 | 4965400 | 4103026 | 862374 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 1302 | 3255000 | 2766750 | 2606552 | 160198 |
|  3 Month SOFR | 96.500 | 03/12/2027 | 1232 | 3080000 | 2148300 | 1641665 | 506635 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 1731 | 4327500 | 4435687 | 3725043 | 710644 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 1302 | 3255000 | 2791162 | 2671652 | 119510 |
|  3 Month SOFR | 96.500 | 06/11/2027 | 780 | 1950000 | 1374750 | 1074029 | 300721 |
|  3 Month SOFR | 96.250 | 09/10/2027 | 1323 | 3307500 | 2803106 | 2681668 | 121438 |
|  **TOTAL** |  |  | 56035 | $140087500 | $57329169 | $75986452 | $(18657283) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SpA | — Stand-by Purchase Agreement |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** | **Abbreviations:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Financing Rate |
| SPX | — S&P 500 Index |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

## Consolidated Schedule of Investments
*May 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(a)</sup> – 62.0%** | **U.S. Treasury Obligations<sup>(a)</sup> – 62.0%** | **U.S. Treasury Obligations<sup>(a)</sup> – 62.0%** | **U.S. Treasury Obligations<sup>(a)</sup> – 62.0%** | **U.S. Treasury Obligations<sup>(a)</sup> – 62.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 82000000 | 0.000% | 06/12/25 | $81903612 |
|  | 118000000 | 0.000 | 06/17/25 | 117792018 |
|  | 180300000 | 0.000 | 06/20/25 | 179918597 |
|  | 325000000 | 0.000 | 07/01/25 | 323899761 |
|  | 81000000 | 0.000 | 07/29/25 | 80458210 |
|  | 100000000 | 0.000 | 08/12/25 | 99164915 |
|  | 100000000 | 0.000 | 08/19/25 | 99082918 |
|  | 125000000 | 0.000 | 09/02/25 | 123650803 |
|  | 84722300 | 0.000 | 09/09/25 | 83739831 |
|  | 125000000 | 0.000 | 10/02/25 | 123221960 |
|  | 85201700 | 0.000 | 10/30/25 | 83716887 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,396,445,868)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,396,445,868)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,396,445,868)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $1,396,445,868)** | $1396549512 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 29.1%** | **Investment Company<sup>(b)</sup> – 29.1%** | **Investment Company<sup>(b)</sup> – 29.1%** | **Investment Company<sup>(b)</sup> – 29.1%** | **Investment Company<sup>(b)</sup> – 29.1%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
|  | 654020993 | 4.216% | 4.216% | $654020993 |
| **(Cost $654,020,993)** | **(Cost $654,020,993)** | **(Cost $654,020,993)** |  |  |
| **TOTAL INVESTMENTS – 91.1%**<br> **(Cost $2,050,466,861)** | **TOTAL INVESTMENTS – 91.1%**<br> **(Cost $2,050,466,861)** | **TOTAL INVESTMENTS – 91.1%**<br> **(Cost $2,050,466,861)** |  | $2050570505 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 8.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 8.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 8.9%** |  | 201424975 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $2251995480 |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At May 31, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 110400000 | USD | 70209756 | 06/18/25 | $972317 |
|  | CAD | 72930000 | USD | 52765881 | 06/18/25 | 424360 |
|  | CHF | 14070000 | USD | 16423491 | 06/18/25 | 710291 |
|  | EUR | 3040000 | USD | 3292288 | 06/18/25 | 163411 |
|  | GBP | 12320000 | USD | 15913518 | 06/18/25 | 687214 |
|  | JPY | 4751490000 | USD | 32197474 | 06/18/25 | 890055 |
|  | USD | 44252503 | CHF | 36250000 | 06/18/25 | 108965 |
|  | USD | 9109776 | GBP | 6760000 | 06/18/25 | 932 |
|  | USD | 10074159 | JPY | 1433330000 | 06/18/25 | 93007 |
|  **TOTAL** |  |  |  |  |  | $4050552 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized**<br> **Loss** |
|  MS & Co. Int. PLC | CHF | 4790000 | USD | 5837529 | 06/18/25 | $(4493) |
|  | USD | 69927946 | AUD | 110400000 | 06/18/25 | (1254127) |
|  | USD | 92131568 | CAD | 131220000 | 06/18/25 | (3571485) |
|  | USD | 3298292 | EUR | 3040000 | 06/18/25 | (157406) |
|  | USD | 49186175 | GBP | 36890000 | 06/18/25 | (521703) |
|  | USD | 8338672 | JPY | 1197490000 | 06/18/25 | (183) |
|  | USD | 21095402 | NZD | 35330001 | 06/18/25 | (29712) |
|  **TOTAL** |  |  |  |  |  | $(5539109) |

---

**FUTURES CONTRACTS** — At May 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 10157 | 09/19/25 | $1124887750 | $2168057 |
|  2 Year U.S. Treasury Notes | 90 | 09/30/25 | 18669375 | 19530 |
|  3 Month SOFR | 2333 | 09/15/26 | 563419500 | (2314229) |
|  5 Year U.S. Treasury Notes | 26 | 09/30/25 | 2812875 | 10111 |
|  Canada 10 Year Government Bonds | 110 | 09/18/25 | 9803695 | 120792 |
|  Japan 10 Year Government Bond | 50 | 06/13/25 | 48330380 | (32587) |
|  S&P 500 E-Mini Index | 4293 | 06/20/25 | 1269869400 | 70780592 |
|  **Total** |  |  |  | $70752266 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (229) | 09/26/25 | (28225514) | (21038) |
|  20 Year U.S. Treasury Bonds | (27) | 09/19/25 | (3045094) | (38381) |
|  5 Year German Euro-Bund | (34) | 06/06/25 | (5065402) | 1664 |
|  Australian 10 Year Government Bonds | (117) | 06/16/25 | (8607960) | (179455) |
|  **Total** |  |  |  | $(237210) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $70515056 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $5870.000 | 06/06/2025 | 1 | $587000 | $7540 | $3121 | $4419 |
|  S&P 500 Index | 5875.000 | 06/06/2025 | 32 | 18800000 | 230720 | 88172 | 142548 |
|  S&P 500 Index | 5900.000 | 06/06/2025 | 6 | 3540000 | 33840 | 15966 | 17874 |
|  S&P 500 Index | 5965.000 | 06/06/2025 | 22 | 13123000 | 54560 | 45822 | 8738 |
|  S&P 500 Index | 6015.000 | 06/06/2025 | 14 | 8421000 | 14350 | 31994 | (17644) |
|  S&P 500 Index | 6070.000 | 06/06/2025 | 2 | 1214000 | 560 | 2742 | (2182) |
|  S&P 500 Index | 6000.000 | 06/13/2025 | 20 | 12000000 | 62000 | 48220 | 13780 |
|  S&P 500 Index | 6040.000 | 06/13/2025 | 22 | 13288000 | 41690 | 54412 | (12722) |
|  S&P 500 Index | 6060.000 | 06/13/2025 | 2 | 1212000 | 2890 | 3862 | (972) |
|  S&P 500 Index | 6100.000 | 06/13/2025 | 42 | 25620000 | 32760 | 108952 | (76192) |
|  S&P 500 Index | 6025.000 | 06/20/2025 | 11 | 6627500 | 38720 | 28781 | 9939 |
|  S&P 500 Index | 6070.000 | 06/20/2025 | 10 | 6070000 | 21800 | 28110 | (6310) |
|  S&P 500 Index | 6075.000 | 06/20/2025 | 4 | 2430000 | 8160 | 6844 | 1316 |
|  S&P 500 Index | 6095.000 | 06/20/2025 | 1 | 609500 | 1635 | 1991 | (356) |
|  S&P 500 Index | 6125.000 | 06/20/2025 | 6 | 3675000 | 6780 | 11286 | (4506) |
|  S&P 500 Index | 6160.000 | 06/20/2025 | 25 | 15400000 | 17625 | 53525 | (35900) |
|  S&P 500 Index | 6100.000 | 06/27/2025 | 2 | 1220000 | 4950 | 4222 | 728 |
|  S&P 500 Index | 6120.000 | 06/27/2025 | 31 | 18972000 | 63550 | 89511 | (25961) |
|  |  |  | 253 | $152809000 | $644130 | $627533 | $16597 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3800.000 | 06/02/2025 | 3 | 1140000 | 7 | 468 | (461) |
|  S&P 500 Index | 5300.000 | 06/02/2025 | 283 | 149990000 | 1415 | 10908 | (9493) |
|  S&P 500 Index | 5820.000 | 06/02/2025 | 12 | 6984000 | 4080 | 18644 | (14564) |
|  S&P 500 Index | 3800.000 | 06/03/2025 | 3 | 1140000 | 7 | 573 | (566) |
|  S&P 500 Index | 5820.000 | 06/03/2025 | 11 | 6402000 | 8470 | 18398 | (9928) |
|  S&P 500 Index | 3800.000 | 06/04/2025 | 3 | 1140000 | 7 | 633 | (626) |
|  S&P 500 Index | 5820.000 | 06/04/2025 | 10 | 5820000 | 11800 | 21010 | (9210) |
|  S&P 500 Index | 3800.000 | 06/05/2025 | 3 | 1140000 | 8 | 581 | (573) |
|  S&P 500 Index | 5820.000 | 06/05/2025 | 9 | 5238000 | 14445 | 24890 | (10445) |
|  S&P 500 Index | 3900.000 | 06/06/2025 | 3 | 1170000 | 7 | 498 | (491) |
|  S&P 500 Index | 3800.000 | 06/09/2025 | 8 | 3040000 | 60 | 1168 | (1108) |
|  S&P 500 Index | 4000.000 | 06/10/2025 | 11 | 4400000 | 55 | 1276 | (1221) |
|  S&P 500 Index | 4200.000 | 06/11/2025 | 21 | 8820000 | 367 | 2541 | (2174) |
|  S&P 500 Index | 4200.000 | 06/12/2025 | 37 | 15540000 | 832 | 4477 | (3645) |
|  S&P 500 Index | 4250.000 | 06/13/2025 | 53 | 22525000 | 1457 | 7106 | (5649) |
|  S&P 500 Index | 4200.000 | 06/16/2025 | 73 | 30660000 | 2372 | 7738 | (5366) |
|  S&P 500 Index | 4400.000 | 06/17/2025 | 105 | 46200000 | 5775 | 13287 | (7512) |
|  S&P 500 Index | 4125.000 | 06/20/2025 | 181 | 74662500 | 9503 | 29690 | (20187) |
|  S&P 500 Index | 4275.000 | 06/20/2025 | 135 | 57712500 | 9450 | 20185 | (10735) |
|  S&P 500 Index | 4000.000 | 06/23/2025 | 212 | 84800000 | 11660 | 31926 | (20266) |
|  S&P 500 Index | 3800.000 | 06/24/2025 | 237 | 90060000 | 10665 | 39814 | (29149) |
|  S&P 500 Index | 4000.000 | 06/25/2025 | 246 | 98400000 | 17220 | 28585 | (11365) |
|  S&P 500 Index | 4075.000 | 06/30/2025 | 261 | 106357500 | 28710 | 38106 | (9396) |
|  S&P 500 Index | 4100.000 | 06/30/2025 | 274 | 112340000 | 31510 | 36614 | (5104) |
|  S&P 500 Index | 4150.000 | 06/30/2025 | 291 | 120765000 | 34192 | 46649 | (12457) |
|  |  |  | 2485 | $1056446500 | $204074 | $405765 | $(201691) |
|  **Total purchased option contracts** | **Total purchased option contracts** |  | 2738 | $1209255500 | $848204 | $1033298 | $(185094) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5250.000 | 06/02/2025 | (1525) | (800625000) | (7625) | (347319) | 339694 |
|  S&P 500 Index | 5540.000 | 06/03/2025 | (1515) | (839310000) | (30300) | (193541) | 163241 |
|  S&P 500 Index | 5560.000 | 06/04/2025 | (1507) | (837892000) | (45210) | (184984) | 139774 |
|  S&P 500 Index | 5550.000 | 06/05/2025 | (1506) | (835830000) | (71535) | (245102) | 173567 |
|  S&P 500 Index | 5310.000 | 06/06/2025 | (49) | (26019000) | (1470) | (270731) | 269261 |
|  S&P 500 Index | 5420.000 | 06/06/2025 | (20) | (10840000) | (850) | (90660) | 89810 |
|  S&P 500 Index | 5550.000 | 06/06/2025 | (1525) | (846375000) | (148688) | (400694) | 252006 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** |  |  |  |  |  |  |
|  **Puts (continued)** | **Puts (continued)** |  |  |  |  |  |  |
|  S&P 500 Index | $5570.000 | 06/06/2025 | (39) | $(21723000) | $(4193) | $(114481) | $110288 |
|  S&P 500 Index | 5680.000 | 06/06/2025 | (21) | (11928000) | (8715) | (63529) | 54814 |
|  S&P 500 Index | 5695.000 | 06/06/2025 | (3) | (1708500) | (1515) | (8937) | 7422 |
|  S&P 500 Index | 5740.000 | 06/06/2025 | (9) | (5166000) | (7875) | (24741) | 16866 |
|  S&P 500 Index | 5750.000 | 06/06/2025 | (70) | (40250000) | (68950) | (129640) | 60690 |
|  S&P 500 Index | 5760.000 | 06/06/2025 | (6) | (3456000) | (6630) | (10734) | 4104 |
|  S&P 500 Index | 5765.000 | 06/06/2025 | (8) | (4612000) | (9400) | (20152) | 10752 |
|  S&P 500 Index | 5775.000 | 06/06/2025 | (8) | (4620000) | (10920) | (18792) | 7872 |
|  S&P 500 Index | 5655.000 | 06/13/2025 | (47) | (26578500) | (70030) | (166803) | 96773 |
|  S&P 500 Index | 5665.000 | 06/13/2025 | (3) | (1699500) | (4755) | (10527) | 5772 |
|  S&P 500 Index | 5705.000 | 06/13/2025 | (62) | (35371000) | (125860) | (168408) | 42548 |
|  S&P 500 Index | 5715.000 | 06/13/2025 | (8) | (4572000) | (17320) | (23832) | 6512 |
|  S&P 500 Index | 5730.000 | 06/13/2025 | (2) | (1146000) | (4740) | (7438) | 2698 |
|  S&P 500 Index | 5670.000 | 06/20/2025 | (30) | (17010000) | (82350) | (94770) | 12420 |
|  S&P 500 Index | 5680.000 | 06/20/2025 | (1) | (568000) | (2880) | (3079) | 199 |
|  S&P 500 Index | 5700.000 | 06/20/2025 | (37) | (21090000) | (116735) | (152543) | 35808 |
|  S&P 500 Index | 5640.000 | 06/27/2025 | (47) | (26508000) | (164500) | (180523) | 16023 |
|  S&P 500 Index | 5650.000 | 06/27/2025 | (1) | (565000) | (3630) | (3759) | 129 |
|  **Total written option contracts** |  |  | (8049) | $(4425462500) | $(1016676) | $(2935719) | $1919043 |
|  **TOTAL** |  |  | (5311) | $(3216207000) | $(168472) | $(1902421) | $1733949 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $95.375 | 06/13/2025 | 1583 | $3957500 | $1236719 | $1843910 | $(607191) |
|  3 Month SOFR | 95.500 | 06/13/2025 | 1600 | 4000000 | 750000 | 1663712 | (913712) |
|  3 Month SOFR | 95.688 | 06/13/2025 | 1642 | 4105000 | 71837 | 1666334 | (1594497) |
|  3 Month SOFR | 96.063 | 06/13/2025 | 78 | 195000 | 488 | 76231 | (75743) |
|  3 Month SOFR | 96.563 | 06/13/2025 | 68 | 170000 | 425 | 70683 | (70258) |
|  3 Month SOFR | 96.125 | 09/12/2025 | 81 | 202500 | 17718 | 70021 | (52303) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 67 | 167500 | 11306 | 73831 | (62525) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 72 | 180000 | 4050 | 74841 | (70791) |
|  3 Month SOFR | 96.063 | 12/12/2025 | 79 | 197500 | 59743 | 62367 | (2624) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 49500 | 64941 | (15441) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 40463 | 68403 | (27940) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 62344 | 63897 | (1553) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 54250 | 68387 | (14137) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 26919 | 63541 | (36622) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 818081 | 1137814 | (319733) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 1131300 | 2377996 | (1246696) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 1614025 | 1032646 | 581379 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 2717882 | 2470706 | 247176 |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 1825162 | 1095678 | 729484 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 1324863 | 1089680 | 235183 |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 1160825 | 1024643 | 136182 |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 1096100 | 1095371 | 729 |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 856356 | 1165371 | (309015) |
|  |  |  | 14538 | $36345000 | $14930356 | $18421004 | $(3490648) |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts (continued)** | **Purchased option contracts (continued)** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | $95.375 | 06/13/2025 | 1583 | $3957500 | $9894 | $2120935 | $(2111041) |
|  3 Month SOFR | 95.500 | 06/13/2025 | 1600 | 4000000 | 10000 | 1863712 | (1853712) |
|  3 Month SOFR | 95.688 | 06/13/2025 | 1642 | 4105000 | 71837 | 1686858 | (1615021) |
|  3 Month SOFR | 96.063 | 06/13/2025 | 78 | 195000 | 73125 | 74281 | (1156) |
|  3 Month SOFR | 96.563 | 06/13/2025 | 68 | 170000 | 148750 | 72383 | 76367 |
|  3 Month SOFR | 96.125 | 09/12/2025 | 81 | 202500 | 58725 | 74578 | (15853) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 67 | 167500 | 66163 | 67969 | (1806) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 72 | 180000 | 197100 | 80241 | 116859 |
|  3 Month SOFR | 96.063 | 12/12/2025 | 79 | 197500 | 34069 | 61380 | (27311) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 36900 | 75741 | (38841) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 62888 | 67428 | (4540) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 64688 | 63897 | 791 |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 66937 | 71011 | (4074) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 101038 | 67966 | 33072 |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 868894 | 1302686 | (433792) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 2765400 | 2492735 | 272665 |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 476188 | 1226121 | (749933) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 1353694 | 2539225 | (1185531) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 572600 | 1238828 | (666228) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 821113 | 1200505 | (379392) |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 905050 | 1184144 | (279094) |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 1086400 | 1078221 | 8179 |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 1301094 | 1174834 | 126260 |
|  |  |  | 14538 | $36345000 | $11152547 | $19885679 | $(8733132) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 29076 | $72690000 | $26082903 | $38306683 | $(12223780) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |  |  |
|  10 Year U.S. Treasury Notes | 111.250 | 06/04/2025 | (336) | (336000) | (42000) | (4595) | (37405) |
|  10 Year U.S. Treasury Notes | 111.750 | 06/04/2025 | (1007) | (1007000) | (31469) | (24208) | (7261) |
|  10 Year U.S. Treasury Notes | 112.000 | 06/04/2025 | (335) | (335000) | (5234) | (4581) | (653) |
|  10 Year U.S. Treasury Notes | 112.250 | 06/04/2025 | (333) | (333000) | (333) | (4554) | 4221 |
|  10 Year U.S. Treasury Notes | 112.250 | 06/06/2025 | (339) | (339000) | (5297) | (4636) | (661) |
|  10 Year U.S. Treasury Notes | 112.750 | 06/06/2025 | (339) | (339000) | (5297) | (9933) | 4636 |
|  |  |  | (2689) | $(2689000) | $(89630) | $(52507) | $(37123) |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |  |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | $108.500 | 06/04/2025 | (672) | $(672000) | $(672) | $(14486) | $13814 |
|  10 Year U.S. Treasury Notes | 109.000 | 06/04/2025 | (672) | (672000) | (4704) | (24935) | 20231 |
|  10 Year U.S. Treasury Notes | 109.250 | 06/04/2025 | (335) | (335000) | (335) | (4581) | 4246 |
|  10 Year U.S. Treasury Notes | 109.500 | 06/04/2025 | (335) | (335000) | (5233) | (9815) | 4582 |
|  10 Year U.S. Treasury Notes | 109.000 | 06/06/2025 | (339) | (339000) | (5297) | (4636) | (661) |
|  10 Year U.S. Treasury Notes | 109.500 | 06/06/2025 | (339) | (339000) | (10594) | (15230) | 4636 |
|  |  |  | (2692) | $(2692000) | $(26835) | $(73683) | $46848 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (5381) | $(5381000) | $(116465) | $(126190) | $9725 |
|  **TOTAL** | **TOTAL** | **TOTAL** | 23695 | $67309000 | $25966438 | $38180493 | $(12214055) |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

## Consolidated Schedule of Investments
*May 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(a)</sup> – 71.5%** | **U.S. Treasury Obligations<sup>(a)</sup> – 71.5%** | **U.S. Treasury Obligations<sup>(a)</sup> – 71.5%** | **U.S. Treasury Obligations<sup>(a)</sup> – 71.5%** | **U.S. Treasury Obligations<sup>(a)</sup> – 71.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 25000000 | 0.000% | 06/03/25 | $24997068 |
|  | 26000000 | 0.000 | 06/17/25 | 25954173 |
|  | 25000000 | 0.000 | 06/24/25 | 24935557 |
|  | 30000000 | 0.000 | 07/01/25 | 29898439 |
|  | 30000000 | 0.000 | 07/15/25 | 29849027 |
|  | 9500000 | 0.000 | 07/29/25 | 9436457 |
|  | 25000000 | 0.000 | 07/31/25 | 24826956 |
|  | 7708600 | 0.000 | 08/07/25 | 7648822 |
|  | 31719701 | 0.000 | 08/19/25 | 31428804 |
|  | 23040000 | 0.000 | 08/26/25 | 22809660 |
|  | 23060400 | 0.000 | 09/04/25 | 22806510 |
|  | 30000000 | 0.000 | 09/23/25 | 29602519 |
|  | 31100000 | 0.000 | 10/02/25 | 30657624 |
|  | 30000000 | 0.000 | 10/16/25 | 29526086 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $344,349,915)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $344,349,915)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $344,349,915)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $344,349,915)** | $344377702 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(b)</sup> – 24.3%** | **Investment Companies<sup>(b)</sup> – 24.3%** | **Investment Companies<sup>(b)</sup> – 24.3%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 5332874 | 4.216% | $5332874 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** | **Investment Companies<sup>(b)</sup> – (continued)** |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares |
| 111517489 | 4.152% | $111517489 |
| **TOTAL INVESTMENT COMPANIES**<br> **(Cost $116,850,363)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $116,850,363)** | $116850363 |
| **TOTAL INVESTMENTS – 95.8%**<br> **(Cost $461,200,278)** | **TOTAL INVESTMENTS – 95.8%**<br> **(Cost $461,200,278)** | $461228065 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 4.2%** | 20398552 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $481626617 |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

**ADDITIONAL INVESTMENT INFORMATION** 

**FUTURES CONTRACTS** — At May 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 41 | 09/19/25 | $4540750 | $3337 |
|  2 Year U.S. Treasury Notes | 1541 | 09/30/25 | 319661188 | 291927 |
|  5 Year U.S. Treasury Notes | 1492 | 09/30/25 | 161415750 | 573764 |
|  S&P 500 E-Mini Index | 7 | 06/20/25 | 2070600 | 1771 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $870799 |

---

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

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $3800.000 | 06/02/2025 | 1 | $380000 | $3 | $157 | $(154) |
|  S&P 500 Index | 5820.000 | 06/02/2025 | 3 | 1746000 | 1020 | 4661 | (3641) |
|  S&P 500 Index | 3800.000 | 06/03/2025 | 1 | 380000 | 2 | 191 | (189) |
|  S&P 500 Index | 5820.000 | 06/03/2025 | 2 | 1164000 | 1540 | 3345 | (1805) |
|  S&P 500 Index | 3800.000 | 06/04/2025 | 1 | 380000 | 2 | 211 | (209) |
|  S&P 500 Index | 5820.000 | 06/04/2025 | 2 | 1164000 | 2360 | 4202 | (1842) |
|  S&P 500 Index | 3800.000 | 06/05/2025 | 1 | 380000 | 2 | 194 | (192) |
|  S&P 500 Index | 5820.000 | 06/05/2025 | 2 | 1164000 | 3210 | 5531 | (2321) |
|  S&P 500 Index | 3900.000 | 06/06/2025 | 1 | 390000 | 2 | 166 | (164) |
|  S&P 500 Index | 3800.000 | 06/09/2025 | 2 | 760000 | 15 | 292 | (277) |
|  S&P 500 Index | 4000.000 | 06/10/2025 | 2 | 800000 | 10 | 232 | (222) |
|  S&P 500 Index | 4200.000 | 06/11/2025 | 5 | 2100000 | 87 | 605 | (518) |
|  S&P 500 Index | 4200.000 | 06/12/2025 | 8 | 3360000 | 180 | 968 | (788) |
|  S&P 500 Index | 4250.000 | 06/13/2025 | 12 | 5100000 | 330 | 1609 | (1279) |
|  S&P 500 Index | 4200.000 | 06/16/2025 | 16 | 6720000 | 520 | 1696 | (1176) |
|  S&P 500 Index | 4400.000 | 06/17/2025 | 23 | 10120000 | 1265 | 2911 | (1646) |
|  S&P 500 Index | 4125.000 | 06/20/2025 | 40 | 16500000 | 2100 | 6561 | (4461) |
|  S&P 500 Index | 4275.000 | 06/20/2025 | 30 | 12825000 | 2100 | 4485 | (2385) |
|  S&P 500 Index | 4000.000 | 06/23/2025 | 47 | 18800000 | 2585 | 7078 | (4493) |
|  S&P 500 Index | 3800.000 | 06/24/2025 | 52 | 19760000 | 2340 | 8735 | (6395) |
|  S&P 500 Index | 4000.000 | 06/25/2025 | 55 | 22000000 | 3850 | 6391 | (2541) |
|  S&P 500 Index | 4075.000 | 06/30/2025 | 57 | 23227500 | 6270 | 8322 | (2052) |
|  S&P 500 Index | 4100.000 | 06/30/2025 | 61 | 25010000 | 7015 | 8151 | (1136) |
|  S&P 500 Index | 4150.000 | 06/30/2025 | 62 | 25730000 | 7285 | 9939 | (2654) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 486 | $199960500 | $44093 | $86633 | $(42540) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 5250.000 | 06/02/2025 | (336) | (176400000) | (1680) | (76524) | 74844 |
|  S&P 500 Index | 5540.000 | 06/03/2025 | (339) | (187806000) | (6780) | (43307) | 36527 |
|  S&P 500 Index | 5560.000 | 06/04/2025 | (333) | (185148000) | (9990) | (40876) | 30886 |
|  S&P 500 Index | 5550.000 | 06/05/2025 | (334) | (185370000) | (15865) | (54359) | 38494 |
|  S&P 500 Index | 5550.000 | 06/06/2025 | (325) | (180375000) | (31688) | (85394) | 53706 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1667) | $(915099000) | $(66003) | $(300460) | $234457 |
|  **TOTAL** | **TOTAL** | **TOTAL** | (1181) | $(715138500) | $(21910) | $(213827) | $191917 |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)<br>by Fund** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.063 | 06/13/2025 | 15 | $37500 | $94 | $14660 | $(14566) |
|  3 Month SOFR | 96.250 | 06/13/2025 | 29 | 72500 | 181 | 14205 | (14024) |
|  3 Month SOFR | 96.375 | 06/13/2025 | 29 | 72500 | 181 | 12392 | (12211) |
|  3 Month SOFR | 96.563 | 06/13/2025 | 13 | 32500 | 81 | 13513 | (13432) |
|  3 Month SOFR | 96.125 | 09/12/2025 | 16 | 40000 | 3500 | 13831 | (10331) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 13 | 32500 | 2194 | 14326 | (12132) |
|  3 Month SOFR | 96.750 | 09/12/2025 | 29 | 72500 | 2175 | 15655 | (13480) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 14 | 35000 | 788 | 14553 | (13765) |
|  3 Month SOFR | 96.063 | 12/12/2025 | 16 | 40000 | 12100 | 12631 | (531) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 10313 | 13530 | (3217) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 8818 | 14908 | (6090) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 13300 | 13631 | (331) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 11625 | 14654 | (3029) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 5931 | 14000 | (8069) |
|  |  |  | 250 | $625000 | $71281 | $196489 | $(125208) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | 94.500 | 06/13/2025 | 29 | 72500 | 181 | 15292 | (15111) |
|  3 Month SOFR | 94.750 | 06/13/2025 | 29 | 72500 | 181 | 11667 | (11486) |
|  3 Month SOFR | 96.063 | 06/13/2025 | 15 | 37500 | 14063 | 14285 | (222) |
|  3 Month SOFR | 96.563 | 06/13/2025 | 13 | 32500 | 28438 | 13838 | 14600 |
|  3 Month SOFR | 95.000 | 09/12/2025 | 29 | 72500 | 181 | 12030 | (11849) |
|  3 Month SOFR | 96.125 | 09/12/2025 | 16 | 40000 | 11600 | 14731 | (3131) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 13 | 32500 | 12838 | 13188 | (350) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 14 | 35000 | 38325 | 15602 | 22723 |
|  3 Month SOFR | 96.063 | 12/12/2025 | 16 | 40000 | 6900 | 12431 | (5531) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 7688 | 15780 | (8092) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 13706 | 14696 | (990) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 13800 | 13631 | 169 |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 14344 | 15217 | (873) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 22263 | 14976 | 7287 |
|  |  |  | 250 | $625000 | $184508 | $197364 | $(12856) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 500 | $1250000 | $255789 | $393853 | $(138064) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 111.250 | 06/04/2025 | (74) | (74000) | (9250) | (1012) | (8238) |
|  10 Year U.S. Treasury Notes | 111.750 | 06/04/2025 | (223) | (223000) | (6969) | (5377) | (1592) |
|  10 Year U.S. Treasury Notes | 112.000 | 06/04/2025 | (74) | (74000) | (1156) | (1012) | (144) |
|  10 Year U.S. Treasury Notes | 112.250 | 06/04/2025 | (74) | (74000) | (74) | (1012) | 938 |
|  10 Year U.S. Treasury Notes | 112.250 | 06/06/2025 | (72) | (72000) | (1125) | (985) | (140) |
|  10 Year U.S. Treasury Notes | 112.750 | 06/06/2025 | (72) | (72000) | (1125) | (2110) | 985 |
|  |  |  | (589) | $(589000) | $(19699) | $(11508) | $(8191) |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 108.500 | 06/04/2025 | (148) | (148000) | (148) | (3180) | 3032 |
|  10 Year U.S. Treasury Notes | 109.000 | 06/04/2025 | (148) | (148000) | (1036) | (5481) | 4445 |
|  10 Year U.S. Treasury Notes | 109.250 | 06/04/2025 | (74) | (74000) | (74) | (1012) | 938 |
|  10 Year U.S. Treasury Notes | 109.500 | 06/04/2025 | (74) | (74000) | (1156) | (2168) | 1012 |
|  10 Year U.S. Treasury Notes | 109.000 | 06/06/2025 | (72) | (72000) | (1125) | (984) | (141) |
|  10 Year U.S. Treasury Notes | 109.500 | 06/06/2025 | (72) | (72000) | (2250) | (3235) | 985 |
|  |  |  | (588) | $(588000) | $(5789) | $(16060) | $10271 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1177) | $(1177000) | $(25488) | $(27568) | $2080 |
|  **TOTAL** | **TOTAL** | **TOTAL** | (677) | $73000 | $230301 | $366285 | $(135984) |

---

---

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

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

## Consolidated Schedule of Investments
*May 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** | **Sovereign Debt Obligations – 3.1%** |
| **British Pound – 3.1%** | **British Pound – 3.1%** | **British Pound – 3.1%** | **British Pound – 3.1%** |
| U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| 104064815 | 4.375% | 03/07/30 | $141626397 |
| **(Cost $139,640,213)** | **(Cost $139,640,213)** | **(Cost $139,640,213)** |  |
| **Agency Debentures<sup>(a)</sup> – 0.0%** | **Agency Debentures<sup>(a)</sup> – 0.0%** | **Agency Debentures<sup>(a)</sup> – 0.0%** | **Agency Debentures<sup>(a)</sup> – 0.0%** |
| **Sovereign – 0.0%** | **Sovereign – 0.0%** | **Sovereign – 0.0%** | **Sovereign – 0.0%** |
| Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.010%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.010%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.010%) | Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.010%) |
| 166000 | 4.490% | 08/07/25 | $166023 |
| **(Cost $166,000)** | **(Cost $166,000)** | **(Cost $166,000)** |  |
| **U.S. Treasury Obligations – 8.2%** | **U.S. Treasury Obligations – 8.2%** | **U.S. Treasury Obligations – 8.2%** | **U.S. Treasury Obligations – 8.2%** |
| U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> | U.S. Treasury Bills<sup>(c)</sup> |
| 38081900 | 0.000 %<sup>(b)</sup> | 07/22/25 | $37858957 |
| 3659000 | 0.000 <sup>(b)</sup> | 08/28/25 | 3621552 |
| 65208000 | 0.000 | 03/19/26 | 63105101 |
| 82199600 | 0.000 | 04/16/26 | 79329311 |
| U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> |
| (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) |
| 30353500 | 4.471 | 10/31/25 | 30363290 |
| (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) |
| 33193300 | 4.546 | 01/31/26 | 33227745 |
| (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) |
| 36475900 | 4.451 | 04/30/26 | 36488298 |
| (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) |
| 1567800 | 4.483 | 07/31/26 | 1569227 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 76021000 | 0.250 | 09/30/25 | 75011346 |
| 6870900 | 4.250 <sup>(b)</sup> | 10/15/25 | 6868484 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $367,584,185)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $367,584,185)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $367,584,185)** | $367443311 |
| **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 6.4%** | **Exchange Traded Funds – 6.4%** | **Exchange Traded Funds – 6.4%** | **Exchange Traded Funds – 6.4%** |
| 167620 | Alerian MLP ETF<sup>(d)</sup> | Alerian MLP ETF<sup>(d)</sup> | $8007208 |
| 1062613 | Health Care Select<br>Sector SPDR Fund | Health Care Select<br>Sector SPDR Fund | 140944988 |
| 101897 | iShares Core MSCI<br>Emerging Markets<br>ETF | iShares Core MSCI<br>Emerging Markets<br>ETF | 5776541 |
| 7288 | iShares Core S&P<br>500 ETF | iShares Core S&P<br>500 ETF | 4315589 |
| 86358 | iShares Gold Trust | iShares Gold Trust | 5368013 |
| 39628 | iShares iBoxx $High Yield<br>Corporate Bond<br>ETF | iShares iBoxx $High Yield<br>Corporate Bond<br>ETF | 3153200 |
| 864052 | iShares MSCI<br>Mexico ETF<sup>(d)</sup> | iShares MSCI<br>Mexico ETF<sup>(d)</sup> | 51990009 |
| 4092499 | Sprott Physical<br>Uranium Trust | Sprott Physical<br>Uranium Trust | 65994100 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $297,966,375)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $297,966,375)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $297,966,375)** | $285549648 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(e)</sup> – 19.7%** | **Investment Companies<sup>(e)</sup> – 19.7%** | **Investment Companies<sup>(e)</sup> – 19.7%** | **Investment Companies<sup>(e)</sup> – 19.7%** |
| Goldman Sachs Energy Infrastructure Fund — Class R6 | Goldman Sachs Energy Infrastructure Fund — Class R6 | Goldman Sachs Energy Infrastructure Fund — Class R6 | Goldman Sachs Energy Infrastructure Fund — Class R6 |
| 1537667 | 1.600% | 1.600% | $21204425 |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 858458973 | 4.216 | 4.216 | 858458973 |
| Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 |
| 122795 | 5.034 | 5.034 | 4687076 |
| **TOTAL INVESTMENT COMPANIES<br>(Cost $869,877,179)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $869,877,179)** | **TOTAL INVESTMENT COMPANIES<br>(Cost $869,877,179)** | $884350474 |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 37.4%<br>(Cost $1,675,067,952)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 37.4%<br>(Cost $1,675,067,952)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 37.4%<br>(Cost $1,675,067,952)** | $1678969830 |
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 59.1%** | **Short-term Investments – 59.1%** | **Short-term Investments – 59.1%** | **Short-term Investments – 59.1%** |
| **Certificates of Deposit – 7.9%** | **Certificates of Deposit – 7.9%** | **Certificates of Deposit – 7.9%** | **Certificates of Deposit – 7.9%** |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 10423000 | 4.530% | 08/12/25 | $10423208 |
| 15132000 | 4.420 | 05/27/26 | 15134665 |
| (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) |
| 6011000 | 4.570 <sup>(a)</sup> | 11/03/25 | 6011957 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 14700000 | 4.540 | 12/17/25 | 14701608 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 23600000 | 4.730 <sup>(a)(f)</sup> | 11/07/25 | 23623276 |
| 11911000 | 4.730 <sup>(a)(f)</sup> | 12/22/25 | 11923228 |
| 5029000 | 4.730 <sup>(a)</sup> | 02/06/26 | 5032462 |
| Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> |
| 20725000 | 4.670 | 12/31/25 | 20731669 |
| 15000000 | 4.730 | 05/08/26 | 15003093 |
| Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 20831000 | 4.720 | 01/28/26 | 20848590 |
| (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) |
| 13824000 | 4.860 | 04/27/26 | 13824012 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 4883000 | 4.390 | 10/07/25 | 4879924 |
| Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
| 8332000 | 4.640 | 11/13/25 | 8336617 |
| Credit Industriel et Commercial | Credit Industriel et Commercial | Credit Industriel et Commercial | Credit Industriel et Commercial |
| 9000000 | 4.600 | 05/12/26 | 9002674 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 7500000 | 4.630 | 11/06/25 | 7500837 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 10631000 | 4.743 <sup>(a)</sup> | 10/21/25 | 10636570 |
| Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
| 11850000 | 4.780 | 11/28/25 | 11850733 |
| (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) |
| 16279000 | 4.630 <sup>(a)</sup> | 09/19/25 | 16279316 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 14200000 | 4.930 <sup>(a)</sup> | 02/06/26 | 14214400 |
| Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale |
| 5636000 | 4.540 | 12/16/25 | 5637810 |
| Lloyds Bank Corporate Markets PLC<sup>(c)</sup> | Lloyds Bank Corporate Markets PLC<sup>(c)</sup> | Lloyds Bank Corporate Markets PLC<sup>(c)</sup> | Lloyds Bank Corporate Markets PLC<sup>(c)</sup> |
| 4334000 | 0.000 | 05/26/26 | 4334317 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Mitsubishi UFJ Trust & Banking Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Mitsubishi UFJ Trust & Banking Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 5136000 | 4.730% | 08/14/25 | $5138671 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 7724000 | 4.630 | 08/28/25 | 7724168 |
| (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) |
| 15000000 | 4.920 <sup>(a)</sup> | 03/26/26 | 15006832 |
| (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) |
| 18400000 | 4.960 <sup>(a)</sup> | 12/12/25 | 18400132 |
| Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
| 3813973 | 4.230 | 10/03/25 | 3808690 |
| 11358000 | 4.650 | 11/20/25 | 11362523 |
| Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 19504000 | 4.730 | 04/10/26 | 19523124 |
| Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 6387000 | 4.500 | 10/07/25 | 6384803 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 19951000 | 4.780 <sup>(a)</sup> | 04/23/26 | 19973571 |
|  |  |  | 357253480 |
| **Commercial Paper – 51.2%** | **Commercial Paper – 51.2%** | **Commercial Paper – 51.2%** | **Commercial Paper – 51.2%** |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 27389000 | 0.000 <sup>(c)(g)</sup> | 09/16/25 | 27008321 |
| Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(c)</sup> |
| 25000000 | 0.000 | 07/02/25 | 24898640 |
| 7192000 | 0.000 | 07/21/25 | 7145855 |
| 14758000 | 0.000 | 07/25/25 | 14655934 |
| 14352000 | 0.000 | 08/20/25 | 14207485 |
| Alimentation Couche-Tard, Inc.<sup>(c)(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(c)(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(c)(g)</sup> | Alimentation Couche-Tard, Inc.<sup>(c)(g)</sup> |
| 25680000 | 0.000 | 07/02/25 | 25569550 |
| Alphabet, Inc.<sup>(c)(g)</sup> | Alphabet, Inc.<sup>(c)(g)</sup> | Alphabet, Inc.<sup>(c)(g)</sup> | Alphabet, Inc.<sup>(c)(g)</sup> |
| 25000000 | 0.000 | 06/13/25 | 24958067 |
| 20819000 | 0.000 | 06/20/25 | 20766584 |
| American Electric Power Co., Inc.<sup>(c)(g)</sup> | American Electric Power Co., Inc.<sup>(c)(g)</sup> | American Electric Power Co., Inc.<sup>(c)(g)</sup> | American Electric Power Co., Inc.<sup>(c)(g)</sup> |
| 17928000 | 0.000 | 06/27/25 | 17863769 |
| American Honda Finance Corp.<sup>(c)</sup> | American Honda Finance Corp.<sup>(c)</sup> | American Honda Finance Corp.<sup>(c)</sup> | American Honda Finance Corp.<sup>(c)</sup> |
| 10622000 | 0.000 | 08/11/25 | 10521507 |
| 9502000 | 0.000 | 08/18/25 | 9403531 |
| Antalis SA<sup>(c)(g)</sup> | Antalis SA<sup>(c)(g)</sup> | Antalis SA<sup>(c)(g)</sup> | Antalis SA<sup>(c)(g)</sup> |
| 7457000 | 0.000 | 08/04/25 | 7396382 |
| 15235000 | 0.000 | 08/06/25 | 15107364 |
| Aon Corp.<sup>(c)(g)</sup> | Aon Corp.<sup>(c)(g)</sup> | Aon Corp.<sup>(c)(g)</sup> | Aon Corp.<sup>(c)(g)</sup> |
| 14000000 | 0.000 | 07/09/25 | 13929430 |
| Apple, Inc.<sup>(c)(g)</sup> | Apple, Inc.<sup>(c)(g)</sup> | Apple, Inc.<sup>(c)(g)</sup> | Apple, Inc.<sup>(c)(g)</sup> |
| 30000000 | 0.000 | 06/17/25 | 29935428 |
| AstraZeneca PLC<sup>(c)(g)</sup> | AstraZeneca PLC<sup>(c)(g)</sup> | AstraZeneca PLC<sup>(c)(g)</sup> | AstraZeneca PLC<sup>(c)(g)</sup> |
| 11024000 | 0.000 | 10/06/25 | 10843334 |
| Atlantic Asset Securitization LLC<sup>(g)</sup> | Atlantic Asset Securitization LLC<sup>(g)</sup> | Atlantic Asset Securitization LLC<sup>(g)</sup> | Atlantic Asset Securitization LLC<sup>(g)</sup> |
| 30000000 | 4.640 | 11/05/25 | 30005790 |
| Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
| 7344000 | 4.580 | 03/26/26 | 7340808 |
| Barclays Bank PLC<sup>(a)(g)</sup> | Barclays Bank PLC<sup>(a)(g)</sup> | Barclays Bank PLC<sup>(a)(g)</sup> | Barclays Bank PLC<sup>(a)(g)</sup> |
| 7462000 | 4.550 | 08/05/25 | 7462979 |
| BASF SE<sup>(c)(g)</sup> | BASF SE<sup>(c)(g)</sup> | BASF SE<sup>(c)(g)</sup> | BASF SE<sup>(c)(g)</sup> |
| 3409000 | 0.000 | 07/31/25 | 3381625 |
| 11333000 | 0.000 | 10/17/25 | 11127988 |
| 14904000 | 0.000 | 11/07/25 | 14594970 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| BAT International Finance PLC<sup>(c)(g)</sup> | BAT International Finance PLC<sup>(c)(g)</sup> | BAT International Finance PLC<sup>(c)(g)</sup> | BAT International Finance PLC<sup>(c)(g)</sup> |
| 4730000 | 0.000% | 08/14/25 | $4684113 |
| 9379000 | 0.000 | 10/21/25 | 9207739 |
| Bay Square Funding LLC<sup>(c)(g)</sup> | Bay Square Funding LLC<sup>(c)(g)</sup> | Bay Square Funding LLC<sup>(c)(g)</sup> | Bay Square Funding LLC<sup>(c)(g)</sup> |
| 14109000 | 0.000 | 06/02/25 | 14103887 |
| Bayer Corp.<sup>(c)(g)</sup> | Bayer Corp.<sup>(c)(g)</sup> | Bayer Corp.<sup>(c)(g)</sup> | Bayer Corp.<sup>(c)(g)</sup> |
| 24100000 | 0.000 | 07/16/25 | 23952874 |
| Bell Telephone Co. of Canada or Bell Canada<sup>(c)(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(g)</sup> | Bell Telephone Co. of Canada or Bell Canada<sup>(c)(g)</sup> |
| 4458000 | 0.000 | 06/12/25 | 4450828 |
| 7181000 | 0.000 | 06/13/25 | 7168556 |
| Beth Israel Deaconess Medical Center, Inc.<sup>(c)</sup> | Beth Israel Deaconess Medical Center, Inc.<sup>(c)</sup> | Beth Israel Deaconess Medical Center, Inc.<sup>(c)</sup> | Beth Israel Deaconess Medical Center, Inc.<sup>(c)</sup> |
| 11700000 | 0.000 | 08/12/25 | 11583486 |
| BofA Securities, Inc.<sup>(c)</sup> | BofA Securities, Inc.<sup>(c)</sup> | BofA Securities, Inc.<sup>(c)</sup> | BofA Securities, Inc.<sup>(c)</sup> |
| 10000000 | 0.000 | 11/13/25 | 9794296 |
| 7281000 | 0.000 | 11/25/25 | 7120610 |
| BPCE SA<sup>(c)(g)</sup> | BPCE SA<sup>(c)(g)</sup> | BPCE SA<sup>(c)(g)</sup> | BPCE SA<sup>(c)(g)</sup> |
| 4750000 | 0.000 | 10/28/25 | 4662542 |
| 8363000 | 0.000 | 11/06/25 | 8199952 |
| Brighthouse Financial Short Term Funding LLC<sup>(c)(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(c)(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(c)(g)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(c)(g)</sup> |
| 27730000 | 0.000 | 11/25/25 | 27113401 |
| Broadcom, Inc.<sup>(c)(g)</sup> | Broadcom, Inc.<sup>(c)(g)</sup> | Broadcom, Inc.<sup>(c)(g)</sup> | Broadcom, Inc.<sup>(c)(g)</sup> |
| 26272000 | 0.000 | 10/21/25 | 25791012 |
| Cabot Trail Funding LLC<sup>(c)(g)</sup> | Cabot Trail Funding LLC<sup>(c)(g)</sup> | Cabot Trail Funding LLC<sup>(c)(g)</sup> | Cabot Trail Funding LLC<sup>(c)(g)</sup> |
| 5375000 | 0.000 | 07/17/25 | 5343395 |
| 9823000 | 0.000 | 10/28/25 | 9642137 |
| 24500000 | 0.000 | 11/10/25 | 24010549 |
| CDP Financial, Inc.<sup>(c)(g)</sup> | CDP Financial, Inc.<sup>(c)(g)</sup> | CDP Financial, Inc.<sup>(c)(g)</sup> | CDP Financial, Inc.<sup>(c)(g)</sup> |
| 28147000 | 0.000 | 11/28/25 | 27526893 |
| Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) |
| 30000000 | 4.800 | 12/15/25 | 30015633 |
| Charles Schwab Corp.<sup>(c)(g)</sup> | Charles Schwab Corp.<sup>(c)(g)</sup> | Charles Schwab Corp.<sup>(c)(g)</sup> | Charles Schwab Corp.<sup>(c)(g)</sup> |
| 23775000 | 0.000 | 11/14/25 | 23289705 |
| Chevron Corp.<sup>(c)(g)</sup> | Chevron Corp.<sup>(c)(g)</sup> | Chevron Corp.<sup>(c)(g)</sup> | Chevron Corp.<sup>(c)(g)</sup> |
| 48550000 | 0.000 | 01/27/26 | 47172166 |
| Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(f)(g)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(f)(g)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(f)(g)</sup> | Collateralized Commercial Paper FLEX Co. LLC<sup>(a)(f)(g)</sup> |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 13121000 | 4.730 | 12/02/25 | 13126319 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 15951000 | 4.780 | 12/10/25 | 15958037 |
| Collateralized Commercial Paper III<sup>(c)</sup> | Collateralized Commercial Paper III<sup>(c)</sup> | Collateralized Commercial Paper III<sup>(c)</sup> | Collateralized Commercial Paper III<sup>(c)</sup> |
| 19000000 | 0.000 | 07/30/25 | 18858137 |
| 9000000 | 0.000 | 08/04/25 | 8927370 |
| 8000000 | 0.000 | 08/26/25 | 7914320 |
| Collateralized Commercial Paper V Co. LLC<sup>(a)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(a)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(a)</sup> | Collateralized Commercial Paper V Co. LLC<sup>(a)</sup> |
| 15750000 | 4.630 | 10/31/25 | 15751316 |
| Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(c)</sup> |
| 15000000 | 0.000 | 09/15/25 | 14802932 |
| Deutsche Bank AG<sup>(c)</sup> | Deutsche Bank AG<sup>(c)</sup> | Deutsche Bank AG<sup>(c)</sup> | Deutsche Bank AG<sup>(c)</sup> |
| 15000000 | 0.000 | 06/02/25 | 14994527 |
| 12000000 | 0.000 | 07/10/25 | 11940437 |
| 15000000 | 0.000 | 08/01/25 | 14885850 |
| 10000000 | 0.000 | 08/14/25 | 9908171 |
| 9000000 | 0.000 | 09/02/25 | 8896696 |
| 6000000 | 0.000 | 10/02/25 | 5909568 |
| 15000000 | 0.000 | 12/02/25 | 14645067 |
| Dexia SA<sup>(c)(g)</sup> | Dexia SA<sup>(c)(g)</sup> | Dexia SA<sup>(c)(g)</sup> | Dexia SA<sup>(c)(g)</sup> |
| 38877000 | 0.000 | 06/26/25 | 38750242 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*May 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| Dominion Energy, Inc.<sup>(c)(g)</sup> | Dominion Energy, Inc.<sup>(c)(g)</sup> | Dominion Energy, Inc.<sup>(c)(g)</sup> | Dominion Energy, Inc.<sup>(c)(g)</sup> |
| 14093000 | 0.000% | 06/13/25 | $14067875 |
| eBay, Inc.<sup>(c)(g)</sup> | eBay, Inc.<sup>(c)(g)</sup> | eBay, Inc.<sup>(c)(g)</sup> | eBay, Inc.<sup>(c)(g)</sup> |
| 13811000 | 0.000 | 06/23/25 | 13768385 |
| 250000 | 0.000 | 07/22/25 | 248305 |
| 10303000 | 0.000 | 08/15/25 | 10201601 |
| 27374000 | 0.000 | 09/09/25 | 27017226 |
| Emerson Electric Co.<sup>(c)(g)</sup> | Emerson Electric Co.<sup>(c)(g)</sup> | Emerson Electric Co.<sup>(c)(g)</sup> | Emerson Electric Co.<sup>(c)(g)</sup> |
| 30389000 | 0.000 | 07/01/25 | 30271999 |
| 5778000 | 0.000 | 07/14/25 | 5746654 |
| 35000000 | 0.000 | 07/22/25 | 34776371 |
| Equitable Short Term Funding LLC<sup>(c)(g)</sup> | Equitable Short Term Funding LLC<sup>(c)(g)</sup> | Equitable Short Term Funding LLC<sup>(c)(g)</sup> | Equitable Short Term Funding LLC<sup>(c)(g)</sup> |
| 30405000 | 0.000 | 07/02/25 | 30283955 |
| 7500000 | 0.000 | 07/07/25 | 7465578 |
| 4910000 | 0.000 | 09/15/25 | 4845586 |
| 9588000 | 0.000 | 10/10/25 | 9433104 |
| 14000000 | 0.000 | 03/09/26 | 13532368 |
| EssilorLuxottica SA<sup>(c)(g)</sup> | EssilorLuxottica SA<sup>(c)(g)</sup> | EssilorLuxottica SA<sup>(c)(g)</sup> | EssilorLuxottica SA<sup>(c)(g)</sup> |
| 20369000 | 0.000 | 06/27/25 | 20300733 |
| Fidelity National Information Services, Inc.<sup>(c)(g)</sup> | Fidelity National Information Services, Inc.<sup>(c)(g)</sup> | Fidelity National Information Services, Inc.<sup>(c)(g)</sup> | Fidelity National Information Services, Inc.<sup>(c)(g)</sup> |
| 7533000 | 0.000 | 06/06/25 | 7526277 |
| First Abu Dhabi Bank PJSC<sup>(c)(g)</sup> | First Abu Dhabi Bank PJSC<sup>(c)(g)</sup> | First Abu Dhabi Bank PJSC<sup>(c)(g)</sup> | First Abu Dhabi Bank PJSC<sup>(c)(g)</sup> |
| 25075000 | 0.000 | 02/12/26 | 24301313 |
| General Motors Financial Co., Inc.<sup>(c)(g)</sup> | General Motors Financial Co., Inc.<sup>(c)(g)</sup> | General Motors Financial Co., Inc.<sup>(c)(g)</sup> | General Motors Financial Co., Inc.<sup>(c)(g)</sup> |
| 2427000 | 0.000 | 06/11/25 | 2423280 |
| 10000000 | 0.000 | 06/25/25 | 9966400 |
| Gotham Funding Corp.<sup>(c)(g)</sup> | Gotham Funding Corp.<sup>(c)(g)</sup> | Gotham Funding Corp.<sup>(c)(g)</sup> | Gotham Funding Corp.<sup>(c)(g)</sup> |
| 15180000 | 0.000 | 08/05/25 | 15055843 |
| 30000000 | 0.000 | 08/08/25 | 29743527 |
| GTA Funding LLC<sup>(c)(g)</sup> | GTA Funding LLC<sup>(c)(g)</sup> | GTA Funding LLC<sup>(c)(g)</sup> | GTA Funding LLC<sup>(c)(g)</sup> |
| 2500000 | 0.000 | 07/30/25 | 2481399 |
| Hannover Funding Co. LLC<sup>(c)(g)</sup> | Hannover Funding Co. LLC<sup>(c)(g)</sup> | Hannover Funding Co. LLC<sup>(c)(g)</sup> | Hannover Funding Co. LLC<sup>(c)(g)</sup> |
| 18981000 | 0.000 | 06/06/25 | 18964318 |
| 4127000 | 0.000 | 07/01/25 | 4110304 |
| 5985000 | 0.000 | 07/02/25 | 5960026 |
| 10000000 | 0.000 | 08/20/25 | 9895799 |
| Honeywell International, Inc.<sup>(c)(g)</sup> | Honeywell International, Inc.<sup>(c)(g)</sup> | Honeywell International, Inc.<sup>(c)(g)</sup> | Honeywell International, Inc.<sup>(c)(g)</sup> |
| 17895000 | 0.000 | 08/15/25 | 17728884 |
| 36110000 | 0.000 | 09/04/25 | 35688188 |
| HSBC USA, Inc.<sup>(c)(g)</sup> | HSBC USA, Inc.<sup>(c)(g)</sup> | HSBC USA, Inc.<sup>(c)(g)</sup> | HSBC USA, Inc.<sup>(c)(g)</sup> |
| 10537000 | 0.000 | 08/27/25 | 10419516 |
| 21122000 | 0.000 | 09/18/25 | 20828054 |
| 18253000 | 0.000 | 09/29/25 | 17973735 |
| 338000 | 0.000 | 10/17/25 | 332070 |
| 14886000 | 0.000 | 11/03/25 | 14593365 |
| ING U.S. Funding LLC<sup>(a)</sup> | ING U.S. Funding LLC<sup>(a)</sup> | ING U.S. Funding LLC<sup>(a)</sup> | ING U.S. Funding LLC<sup>(a)</sup> |
| 7149000 | 4.530 | 09/25/25 | 7149509 |
| 7351000 | 4.580 | 12/23/25 | 7351726 |
| Intel Corp.<sup>(c)(g)</sup> | Intel Corp.<sup>(c)(g)</sup> | Intel Corp.<sup>(c)(g)</sup> | Intel Corp.<sup>(c)(g)</sup> |
| 5923000 | 0.000 | 07/01/25 | 5899052 |
| Intesa Sanpaolo Funding LLC<sup>(c)</sup> | Intesa Sanpaolo Funding LLC<sup>(c)</sup> | Intesa Sanpaolo Funding LLC<sup>(c)</sup> | Intesa Sanpaolo Funding LLC<sup>(c)</sup> |
| 16500000 | 0.000 | 10/03/25 | 16223724 |
| John Deere Financial, Inc.<sup>(c)(g)</sup> | John Deere Financial, Inc.<sup>(c)(g)</sup> | John Deere Financial, Inc.<sup>(c)(g)</sup> | John Deere Financial, Inc.<sup>(c)(g)</sup> |
| 16722000 | 0.000 | 06/27/25 | 16665695 |
| Keurig Dr. Pepper, Inc.<sup>(c)(g)</sup> | Keurig Dr. Pepper, Inc.<sup>(c)(g)</sup> | Keurig Dr. Pepper, Inc.<sup>(c)(g)</sup> | Keurig Dr. Pepper, Inc.<sup>(c)(g)</sup> |
| 7591000 | 0.000 | 06/03/25 | 7587136 |
| 17200000 | 0.000 | 06/17/25 | 17160239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| Lloyds Bank PLC<sup>(c)(g)</sup> | Lloyds Bank PLC<sup>(c)(g)</sup> | Lloyds Bank PLC<sup>(c)(g)</sup> | Lloyds Bank PLC<sup>(c)(g)</sup> |
| 1000000 | 0.000% | 10/03/25 | $984488 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(g)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(g)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(g)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(c)(g)</sup> |
| 5000000 | 0.000 | 06/13/25 | 4991594 |
| 11051000 | 0.000 | 03/12/26 | 10681397 |
| Macquarie Bank Ltd.<sup>(a)(g)</sup> | Macquarie Bank Ltd.<sup>(a)(g)</sup> | Macquarie Bank Ltd.<sup>(a)(g)</sup> | Macquarie Bank Ltd.<sup>(a)(g)</sup> |
| 4943000 | 4.540 | 08/22/25 | 4943169 |
| (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) |
| 14110000 | 4.690 | 10/03/25 | 14114758 |
| (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) |
| 12593000 | 4.760 | 01/13/26 | 12603413 |
| Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> | Mitsubishi UFJ Trust & Banking Corp.<sup>(c)</sup> |
| 3000000 | 0.000 | 06/20/25 | 2992302 |
| Mizuho Bank Ltd.<sup>(c)</sup> | Mizuho Bank Ltd.<sup>(c)</sup> | Mizuho Bank Ltd.<sup>(c)</sup> | Mizuho Bank Ltd.<sup>(c)</sup> |
| 14000000 | 0.000 | 06/16/25 | 13970445 |
| Mondelez International, Inc.<sup>(c)(g)</sup> | Mondelez International, Inc.<sup>(c)(g)</sup> | Mondelez International, Inc.<sup>(c)(g)</sup> | Mondelez International, Inc.<sup>(c)(g)</sup> |
| 15103000 | 0.000 | 06/13/25 | 15076265 |
| Mosaic Co.<sup>(c)(g)</sup> | Mosaic Co.<sup>(c)(g)</sup> | Mosaic Co.<sup>(c)(g)</sup> | Mosaic Co.<sup>(c)(g)</sup> |
| 2865000 | 0.000 | 06/30/25 | 2853553 |
| National Bank of Canada<sup>(c)(g)</sup> | National Bank of Canada<sup>(c)(g)</sup> | National Bank of Canada<sup>(c)(g)</sup> | National Bank of Canada<sup>(c)(g)</sup> |
| 21185000 | 0.000 | 01/16/26 | 20600561 |
| National Grid North America, Inc.<sup>(c)(g)</sup> | National Grid North America, Inc.<sup>(c)(g)</sup> | National Grid North America, Inc.<sup>(c)(g)</sup> | National Grid North America, Inc.<sup>(c)(g)</sup> |
| 12963000 | 0.000 | 07/01/25 | 12910003 |
| 13263000 | 0.000 | 07/24/25 | 13169959 |
| 15000000 | 0.000 | 07/25/25 | 14892869 |
| Northrop Grumman Corp.<sup>(c)</sup> | Northrop Grumman Corp.<sup>(c)</sup> | Northrop Grumman Corp.<sup>(c)</sup> | Northrop Grumman Corp.<sup>(c)</sup> |
| 7556000 | 0.000 | 06/10/25 | 7545397 |
| 23062000 | 0.000 | 07/24/25 | 22900278 |
| NRW Bank<sup>(c)(g)</sup> | NRW Bank<sup>(c)(g)</sup> | NRW Bank<sup>(c)(g)</sup> | NRW Bank<sup>(c)(g)</sup> |
| 5000000 | 0.000 | 09/23/25 | 4929638 |
| Nutrien Ltd.<sup>(c)(g)</sup> | Nutrien Ltd.<sup>(c)(g)</sup> | Nutrien Ltd.<sup>(c)(g)</sup> | Nutrien Ltd.<sup>(c)(g)</sup> |
| 9320000 | 0.000 | 06/11/25 | 9305569 |
| 4135000 | 0.000 | 06/17/25 | 4125358 |
| Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| 30000000 | 4.700 | 11/14/25 | 30000192 |
| Oracle Corp.<sup>(c)(g)</sup> | Oracle Corp.<sup>(c)(g)</sup> | Oracle Corp.<sup>(c)(g)</sup> | Oracle Corp.<sup>(c)(g)</sup> |
| 22196000 | 0.000 | 06/10/25 | 22165465 |
| 12141000 | 0.000 | 06/16/25 | 12115141 |
| Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC | Paradelle Funding LLC |
| 4155000 | 0.000 <sup>(c)</sup> | 06/18/25 | 4145372 |
| 12742000 | 0.000 <sup>(c)</sup> | 09/24/25 | 12559603 |
| 14870000 | 4.620 <sup>(a)</sup> | 11/04/25 | 14872663 |
| 30000000 | 4.710 <sup>(a)</sup> | 01/02/26 | 30014670 |
| 4583000 | 0.000 <sup>(c)</sup> | 04/21/26 | 4406804 |
| Parker-Hannifin Corp.<sup>(c)(g)</sup> | Parker-Hannifin Corp.<sup>(c)(g)</sup> | Parker-Hannifin Corp.<sup>(c)(g)</sup> | Parker-Hannifin Corp.<sup>(c)(g)</sup> |
| 11972000 | 0.000 | 06/05/25 | 11962847 |
| PepsiCo, Inc.<sup>(c)(g)</sup> | PepsiCo, Inc.<sup>(c)(g)</sup> | PepsiCo, Inc.<sup>(c)(g)</sup> | PepsiCo, Inc.<sup>(c)(g)</sup> |
| 20106000 | 0.000 | 07/28/25 | 19964639 |
| 50000000 | 0.000 | 01/26/26 | 48630130 |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 6665000 | 0.000 <sup>(c)</sup> | 08/29/25 | 6590564 |
| 4793000 | 4.550 <sup>(a)</sup> | 09/03/25 | 4793395 |
| 4603000 | 0.000 <sup>(c)</sup> | 10/16/25 | 4524898 |
| 4864000 | 0.000 <sup>(c)</sup> | 10/22/25 | 4777848 |
| PPG Industries, Inc.<sup>(c)</sup> | PPG Industries, Inc.<sup>(c)</sup> | PPG Industries, Inc.<sup>(c)</sup> | PPG Industries, Inc.<sup>(c)</sup> |
| 7338000 | 0.000 | 06/30/25 | 7308815 |
| Pure Grove Funding<sup>(c)(g)</sup> | Pure Grove Funding<sup>(c)(g)</sup> | Pure Grove Funding<sup>(c)(g)</sup> | Pure Grove Funding<sup>(c)(g)</sup> |
| 25000000 | 0.000 | 09/12/25 | 24676797 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*May 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** | **Commercial Paper – (continued)** |
| 10010000 | 0.000% | 10/24/25 | $9828907 |
| 29989000 | 0.000 | 11/24/25 | 29333506 |
| 15519000 | 0.000 | 01/07/26 | 15100980 |
| Reckitt Benckiser Treasury Services PLC<sup>(c)(g)</sup> | Reckitt Benckiser Treasury Services PLC<sup>(c)(g)</sup> | Reckitt Benckiser Treasury Services PLC<sup>(c)(g)</sup> | Reckitt Benckiser Treasury Services PLC<sup>(c)(g)</sup> |
| 15103000 | 0.000 | 08/20/25 | 14946704 |
| 15109000 | 0.000 | 08/21/25 | 14950792 |
| Ridgefield Funding Co. LLC<sup>(c)(g)</sup> | Ridgefield Funding Co. LLC<sup>(c)(g)</sup> | Ridgefield Funding Co. LLC<sup>(c)(g)</sup> | Ridgefield Funding Co. LLC<sup>(c)(g)</sup> |
| 12312000 | 0.000 | 10/28/25 | 12085025 |
| 25000000 | 0.000 | 11/12/25 | 24493047 |
| RWE AG<sup>(c)(g)</sup> | RWE AG<sup>(c)(g)</sup> | RWE AG<sup>(c)(g)</sup> | RWE AG<sup>(c)(g)</sup> |
| 30000000 | 0.000 | 07/24/25 | 29784888 |
| 9595000 | 0.000 | 08/13/25 | 9501149 |
| Salisbury Receivables Co. LLC<sup>(c)(g)</sup> | Salisbury Receivables Co. LLC<sup>(c)(g)</sup> | Salisbury Receivables Co. LLC<sup>(c)(g)</sup> | Salisbury Receivables Co. LLC<sup>(c)(g)</sup> |
| 15000000 | 0.000 | 06/10/25 | 14980139 |
| 4567000 | 0.000 | 06/13/25 | 4559299 |
| 6226000 | 0.000 | 07/11/25 | 6194316 |
| 8029000 | 0.000 | 07/31/25 | 7968435 |
| 5213000 | 0.000 | 08/27/25 | 5156552 |
| Schlumberger Investment SA<sup>(c)(g)</sup> | Schlumberger Investment SA<sup>(c)(g)</sup> | Schlumberger Investment SA<sup>(c)(g)</sup> | Schlumberger Investment SA<sup>(c)(g)</sup> |
| 35000000 | 0.000 | 07/11/25 | 34822455 |
| Sheffield Receivables Co. LLC<sup>(c)(g)</sup> | Sheffield Receivables Co. LLC<sup>(c)(g)</sup> | Sheffield Receivables Co. LLC<sup>(c)(g)</sup> | Sheffield Receivables Co. LLC<sup>(c)(g)</sup> |
| 15144000 | 0.000 | 06/12/25 | 15120088 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 15000000 | 4.700 | 11/14/25 | 15000096 |
| Toronto-Dominion Bank<sup>(c)(g)</sup> | Toronto-Dominion Bank<sup>(c)(g)</sup> | Toronto-Dominion Bank<sup>(c)(g)</sup> | Toronto-Dominion Bank<sup>(c)(g)</sup> |
| 8288000 | 0.000 | 09/10/25 | 8183860 |
| Toyota Motor Credit Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.300%) | Toyota Motor Credit Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.300%) | Toyota Motor Credit Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.300%) | Toyota Motor Credit Corp.<sup>(a)</sup> (Secured Overnight Financing Rate + 0.300%) |
| 18864000 | 4.630 | 06/23/25 | 18866667 |
| Trinity Health Corp.<sup>(c)</sup> | Trinity Health Corp.<sup>(c)</sup> | Trinity Health Corp.<sup>(c)</sup> | Trinity Health Corp.<sup>(c)</sup> |
| 3637000 | 0.000 | 06/12/25 | 3631336 |
| UBS AG<sup>(c)(g)</sup> | UBS AG<sup>(c)(g)</sup> | UBS AG<sup>(c)(g)</sup> | UBS AG<sup>(c)(g)</sup> |
| 14582000 | 0.000 | 12/03/25 | 14250647 |
| Victory Receivables Corp.<sup>(c)(g)</sup> | Victory Receivables Corp.<sup>(c)(g)</sup> | Victory Receivables Corp.<sup>(c)(g)</sup> | Victory Receivables Corp.<sup>(c)(g)</sup> |
| 7331000 | 0.000 | 07/07/25 | 7296952 |
| 9767000 | 0.000 | 07/08/25 | 9720444 |
| 15249000 | 0.000 | 07/28/25 | 15139271 |
| VW Credit, Inc.<sup>(c)(g)</sup> | VW Credit, Inc.<sup>(c)(g)</sup> | VW Credit, Inc.<sup>(c)(g)</sup> | VW Credit, Inc.<sup>(c)(g)</sup> |
| 15000000 | 0.000 | 06/10/25 | 14978624 |
| 12076000 | 0.000 | 06/16/25 | 12049418 |
| 12537000 | 0.000 | 06/26/25 | 12493657 |
| Westpac Banking Corp.<sup>(a)(g)</sup> | Westpac Banking Corp.<sup>(a)(g)</sup> | Westpac Banking Corp.<sup>(a)(g)</sup> | Westpac Banking Corp.<sup>(a)(g)</sup> |
| 20322000 | 4.730 | 04/10/26 | 20342192 |
| (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) |
| 4556000 | 4.580 | 07/02/25 | 4556660 |
|  |  |  | 2298654188 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,656,195,815)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,656,195,815)** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,656,195,815)** | $2655907668 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.5%<br>(Cost $4,331,263,767)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.5%<br>(Cost $4,331,263,767)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.5%<br>(Cost $4,331,263,767)** | $4334877498 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5%** | **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5%** | **Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21318752  | 4.216% | $21318752 |
| **(Cost $21,318,752)** | **(Cost $21,318,752)** | **(Cost $21,318,752)** |
| **TOTAL INVESTMENTS – 97.0%<br>(Cost $4,352,748,519)** | **TOTAL INVESTMENTS – 97.0%<br>(Cost $4,352,748,519)** | $4356362273 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.0%** | 133856355 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4490218628 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025. |
| (b) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | All or a portion of security is on loan. |
| (e) | Represents an affiliated issuer. |
| (f) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (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 | 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

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At May 31, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  BofA Securities LLC | TRY | 375400000 | USD | 9002873 | 06/18/25 | $379743 |
|  JPMorgan Securities, Inc. | TRY | 375400000 | USD | 9004018 | 06/18/25 | 378598 |
|  MS & Co. Int. PLC | INR | 25121500000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;287985355 | 06/18/25 | 5370167 |
|  | TRY | 1437319000 | USD | 34372232 | 06/18/25 | 1551616 |
|  **TOTAL** |  |  |  |  |  | $7680124 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 141718036 | GBP | 106655074 | 06/04/25 | $(1986170) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;285431749 | INR | 25121500001 | 06/18/25 | (7923772) |
|  | USD | 46295885 | MXN | 955500000 | 06/18/25 | (2852997) |
|  **TOTAL** |  |  |  |  |  | $(12762939) |

---

**FUTURES CONTRACTS** — At May 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 7769 | 09/19/25 | $860416750 | $4825970 |
|  2 Year U.S. Treasury Notes | 6474 | 09/30/25 | 1342950375 | 1289739 |
|  5 Year U.S. Treasury Notes | 5068 | 09/30/25 | 548294250 | 1876905 |
|  E-Mini Nasdaq 100 Index | 14 | 06/20/25 | 5985490 | 71328 |
|  E-Mini Russell 2000 Index | 6 | 06/20/25 | 620490 | 198 |
|  FTSE/JSE Top 40 Index | 635 | 06/19/25 | 30640317 | 1837097 |
|  IFSC NIFTY 50 Index | 1223 | 06/26/25 | 60751302 | (700876) |
|  MEX Bolsa Index | 252 | 06/20/25 | 7532846 | 577316 |
|  S&P 500 E-Mini Index | 45 | 06/20/25 | 13311000 | 164791 |
|  Stoxx Europe 600 Index | 187 | 06/20/25 | 5829497 | 10962 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $9953430 |

---

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

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> **(000s)** | **Notional**<br> **Amount**<br> **(000s)** | **Market<br>Value** | **Upfront<br>Premium**<br> **(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  12M CPIBR<sup>(a)</sup><br> &nbsp;&nbsp;&nbsp;&nbsp;8.565%<sup>(a)</sup> | 02/18/30 | COP | &nbsp;&nbsp;&nbsp;&nbsp;3040000 | $2803 | $— | $2803 |
|  12M CPIBR<sup>(a)</sup><br> 8.598<sup>(a)</sup> | 02/18/30 |  | 73400000 | 90382 |  | 90382 |
|  12M CPIBR<sup>(a)</sup><br> 8.610<sup>(a)</sup> | 02/18/30 |  | 18991000 | 25520 | 83 | 25437 |
|  12M CPIBR<sup>(a)</sup><br> 8.620<sup>(a)</sup> | 02/18/30 |  | 48290000 | 69417 |  | 69417 |
|  12M CPIBR<sup>(a)</sup><br> 8.650<sup>(a)</sup> | 02/18/30 |  | 50429000 | 86667 | 98 | 86569 |
|  12M CPIBR<sup>(a)</sup><br> 8.663<sup>(a)</sup> | 02/18/30 |  | 47300000 | 87051 | 88 | 86963 |
|  12M GBP<sup>(b)</sup><br> 3.815<sup>(b)</sup> | 04/10/30 | GBP | 220700 | (702016) |  | (702016) |
|  12M GBP<sup>(b)</sup><br> 3.815<sup>(b)</sup> | 04/14/30 |  | 260900 | (808288) |  | (808288) |
|  **TOTAL** |  |  |  | $(1148464) | $269 | $(1148733) |

---

(a) Payments made quarterly.

(b) Payments made annually.

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate**<br> **Paid/(Received) by<br>the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount**<br> **(000s)** | **Notional<br>Amount**<br> **(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
| SXDR Index | 12MEURO+0.230% | JPMorgan Securities, Inc. | 07/02/25 | EUR | 107266 | $(3496679) |

---

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

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

(a) Payments made quarterly.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |
|  iShares U.S. Real Estate ETF | UBS AG (London) | $111.000 | 06/20/2025 | 1194615 | $13260226500 | $65 | $281690 | $(281625) |
|  iShares U.S. Real Estate ETF | UBS AG (London) | 97.000 | 06/20/2025 | 1493269 | 14484709300 | 569088 | 5326043 | (4756955) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 2687884 | $27744935800 | $569153 | $5607733 | $(5038580) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |  |
|  iShares U.S. Real Estate ETF | UBS AG (London) | 104.000 | 06/20/2025 | (2389230) | (24847992000) | (13650) | (2461863) | 2448213 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  TOPX Index | JPMorgan Securities, Inc. | 2503.355 | 12/19/2025 | (9528481) | (2385317055376) | (4168404) | (6128998) | 1960594 |
|  SPX Index | MS & Co. Int. PLC | 5372.725 | 07/18/2025 | (30588) | (16434091230) | (949427) | (4307451) | 3358024 |
|  MID Index | MS & Co. Int. PLC | 2762.116 | 07/18/2025 | (39425) | (10889642330) | (1045161) | (3003246) | 1958085 |
|  |  |  |  | (9598494) | $(2412640788936) | $(6162992) | $(13439695) | $7276703 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (11987724) | $(2437488780936) | $(6176642) | $(15901558) | $9724916 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | (9299840) | $(2409743845136) | $(5607489) | $(10293825) | $4686336 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*May 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |
|  Euro-Bund Futures | $132.500 | 08/22/2025 | 2817 | $2817000 | $2910692 | $4895958 | $(1985266) |
|  **Written option contract** | **Written option contract** | **Written option contract** | **Written option contract** |  |  |  |  |
|  **Calls** | **Calls** | **Calls** | **Calls** |  |  |  |  |
|  Euro-Bund Futures | 135.000 | 08/22/2025 | (2817) | (2817000) | (1119497) | (2431979) | 1312482 |
|  **TOTAL** |  |  |  | $— | $1791195 | $2463979 | $(672784) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| COP | — Colombia Peso |
| EUR | — Euro |
| GBP | — British Pound |
| INR | — Indian Rupee |
| MXN | — Mexican Peso |
| TRY | — Turkish Lira |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| MLP | — Master Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** | **Abbreviations:** |
| BofA Securities LLC | — Bank of America Securities LLC |
| EURO | — Euro Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SPX | — S&P 500 Index |
| TOPX | — Tokyo Stock Price Index |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

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

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $306822 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1584068 | 32911511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 9570419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7777739 | 84796051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 319297672 | 145528 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 133870 |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 54141601 |  |  |
|  Preferred Stocks |  | 412945 |  |
|  Exchange Traded Funds | 3264481899 |  |  |
|  Investment Company | 277380850 |  |  |
| **Total** | $3925104521 | $&nbsp;&nbsp;&nbsp;&nbsp;127836454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $2757204 | $— |
|  Futures Contracts<sup>(b)</sup> | 20982064 |  |  |
|  Purchased Option Contracts | 57329169 | 2996994 |  |
| **Total** | $78311233 | $5754198 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(29634882) | $— |
|  Futures Contracts<sup>(b)</sup> | (745459) |  |  |
|  Written Option Contracts | (881364) | (299992) |  |
| **Total** | $(1626823) | $(29934874) | $— |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC FACTOR ALLOCATION FUND**<br>**Investment Type** | <br> **Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $1396549512 | $— | $— |
|  Investment Company | 654020993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | $2050570505 | $— | $— |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC FACTOR ALLOCATION FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $4050552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(a)</sup> | 73100746 |  |  |
|  Purchased Option Contracts | 26931107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Total** | $100031853 | $4050552 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(5539109) | $— |
|  Futures Contracts<sup>(a)</sup> | (2585690) |  |  |
|  Written Option Contracts | (1133141) |  |  |
| **Total** | $(3718831) | $(5539109) | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC VOLATILITY PREMIUM FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $344377702 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Companies | 116850363 |  |  |
| **Total** | $461228065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $870799 | $— | $— |
|  Purchased Option Contracts | 299882 |  |  |
| **Total** | $1170681 | $— | $— |
| **Liabilities** |  |  |  |
|  Written Option Contracts | $(91491) | $— | $— |

---

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **TACTICAL TILT OVERLAY FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $367443311 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 141626397 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency Debentures |  | 166023 |  |
|  Securities Lending Reinvestment Vehicle | 21318752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Exchange Traded Funds | 285549648 |  |  |
|  Investment Companies | 884350474 |  |  |
|  Short-term Investments |  | 2655907668 |  |
| **Total** | $1700288582 | $2656073691 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $7680124 | $— |
|  Futures Contracts<sup>(a)</sup> | 10654306 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 361571 |  |
|  Purchased Option Contracts | 2910692 | 569153 |  |
| **Total** | $13564998 | $8610848 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(12762939) | $— |
|  Futures Contracts<sup>(a)</sup> | (700876) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | (1510304) |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (3496679) |  |
|  Written Option Contracts | (1119497) | (6176642) |  |
| **Total** | $(1820373) | $(23946564) | $— |

---

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

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

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

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

**Credit/Default Risk** — An issuer or guarantor of a security held by the Funds, or a bank or other financial institution that has entered into a repurchase agreement with the Funds, 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 Fund's use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

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

**Geographic and Sector Risk** — Each Fund focuses its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

**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 a Fund 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 a 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.

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in 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 vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

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

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

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

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

**Tax Risk** — The Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of

------

GOLDMAN SACHS ALLOCATION FUNDS

*May 31, 2025 (Unaudited)* 

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

compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund's business of investing in stock, securities, or currencies.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Goldman Sachs Strategic Volatility Premium Fund

- **b. EDGAR series identifier (if any):** S000071304

- **c. LEI of Series:** 549300S6RCZRCRMH4C45

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $482263044.90

**Total Liabilities:** $309741.40

**Net Assets:** $481953303.50

**Amount of Assets Invested in Other Investment Companies:** $5290000.00

**Cash Not Reported:** $18879414.02

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226253 | 0.66%                | -0.41%               | -0.31%               |
| Class ID C000226252 | 0.56%                | -0.41%               | -0.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1173.61                 | $-91471.43                                 |
| Month 2  | $0.00                    | $-6979.62                                  |
| Month 3  | $0.00                    | $35391.38                                  |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        57 | NC      | $6270.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25C 112.2                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-74.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         3 | NC      | $1020.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT MAR26C 96.5                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $11625.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797PS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  26000000 | PA      | $25954173.44  | 5.39%             | 2025-06-17      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         2 | NC      | $10.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25C 111.7                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -223 | NC      | $-6968.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797PL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  25000000 | PA      | $24997067.50  | 5.19%             | 2025-06-03      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25P 94.75                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $181.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25P 108.7                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -75 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         5 | NC      | $87.50        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  23040000 | PA      | $22809659.67  | 4.73%             | 2025-08-26      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -339 | NC      | $-6780.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25P 95                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $181.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         2 | NC      | $15.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25C 96.31                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        17 | NC      | $8818.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25C 97                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        14 | NC      | $787.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797PG6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  25000000 | PA      | $24826956.00  | 5.15%             | 2025-07-31      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        12 | NC      | $330.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         3 | NC      | $7.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  31719700 | PA      | $31428804.34  | 6.52%             | 2025-08-19      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25C 96.06                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        16 | NC      | $12100.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -336 | NC      | $-1680.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29526086.10  | 6.13%             | 2025-10-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT MAR26P 96.93                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $22262.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25C 112                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-1156.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29602518.90  | 6.14%             | 2025-09-23      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25P 96.06                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        16 | NC      | $6900.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 2YR NOTE (CBT) SEP25                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      1344 | NC      | $397250.91    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25C 96.37                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $181.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         2 | NC      | $2360.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25C 112                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -75 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25P 108.2                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -224 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   7708600 | PA      | $7648822.04   | 1.59%             | 2025-08-07      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   9500000 | PA      | $9436456.78   | 1.96%             | 2025-07-29      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25P 108.5                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -148 | NC      | $-148.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25P 109.5                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-1156.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        61 | NC      | $7015.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25P 107.5                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25P 96.06                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $14062.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25P 94.5                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $181.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT MAR26C 96.93                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $5931.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund                   | Goldman Sachs Financial Square Government Fund                   | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |   5313923 | NS      | $5313923.36   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        40 | NC      | $2100.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | S+P500 EMINI FUT JUN25                                           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         5 | NC      | $1469.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25C 111.5                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-518.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        47 | NC      | $2585.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        23 | NC      | $1265.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT MAR26P 96.5                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $14343.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        55 | NC      | $3850.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25P 96.12                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $7687.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25P 96.31                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        17 | NC      | $13706.25     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25C 111.2                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-9250.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25P 96.56                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $28437.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797PU5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29898439.50  | 6.20%             | 2025-07-01      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         1 | NC      | $2.50         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25C 96.12                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        16 | NC      | $3500.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  31100000 | PA      | $30657623.65  | 6.36%             | 2025-10-02      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10YR NOTE (CBT)SEP25                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        16 | NC      | $6024.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797PT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  25000000 | PA      | $24935556.50  | 5.17%             | 2025-06-24      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25C 111.2                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -75 | NC      | $-1171.88     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25P 97                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        14 | NC      | $38325.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  23060400 | PA      | $22806509.84  | 4.73%             | 2025-09-04      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund | Goldman Sachs Financial Square Funds - Treasury Instruments Fund | CUSIP: 38142B500<br>LEI: 549300DAH6N80PM31E83 | Long             | EC               | RF                | US        | 110984623 | NS      | $110984623.28 | 23.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25C 96.25                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $2193.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        16 | NC      | $520.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -336 | NC      | $-840.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25P 96.12                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        16 | NC      | $11600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25C 96.75                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $2175.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                           | U.S. Treasury Bills                                              | CUSIP: 912797QA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  30000000 | PA      | $29849026.80  | 6.19%             | 2025-07-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25P 109.2                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-74.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25C 96.56                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $81.25        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -333 | NC      | $-9990.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT DEC25C 96.12                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $10312.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25C 96.06                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        15 | NC      | $93.75        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 6-7 NOTE WED WKJUN25P 109                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -148 | NC      | $-1036.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         2 | NC      | $1540.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25C 111.7                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -75 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |         8 | NC      | $180.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        30 | NC      | $2100.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT JUN25C 96.25                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        29 | NC      | $181.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                      | 3 MONTH SOFR OPT SEP25P 96.25                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        13 | NC      | $12837.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 5YR NOTE (CBT) SEP25                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      1915 | NC      | $932751.27    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25C 112.5                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -149 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                           | US 10Y NOTE W5 OP MAY25P 107.7                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -75 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -334 | NC      | $-15865.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                                           | S+P 500 INDEX                                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |        52 | NC      | $2340.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President