# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-26-051329
**Filing Date:** 2026-5
**Character Count:** 285233
**Document Hash:** e49072a14403230c7a536ba13ff8923b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-051329.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-051329

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** 261017887

**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 Commodity Strategy Fund (Series ID: S000015787)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000043358 | Class A Shares       | GSCAX           |
| C000043359 | Class C Shares       | GSCCX           |
| C000043360 | Institutional Shares | GCCIX           |
| C000058992 | Class R              | GCCRX           |
| C000058993 | Investor Shares      | GCCTX           |
| C000161523 | Class R6 Shares      | GCCUX           |
| C000201770 | Class P Shares       | GGRPX           |

## Nport-Ex

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 36.5%** | **Common Stocks – 36.5%** |  |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |  |
| 1262 | AAR Corp.\* | $138139 |
| 687 | AeroVironment, Inc.\* | 125755 |
| 14283 | AerSale Corp.\* | 88840 |
| 9659 | AIRO Group Holdings, Inc.\* | 73457 |
| 3064 | Archer Aviation, Inc. Class A\* | 15841 |
| 3158 | Astronics Corp.\* | 210733 |
| 2944 | ATI, Inc.\* | 428234 |
| 1665 | Axon Enterprise, Inc.\* | 707109 |
| 18912 | Boeing Co.\* | 3764055 |
| 2202 | BWX Technologies, Inc. | 450287 |
| 4572 | Byrna Technologies, Inc.\* | 41971 |
| 3395 | Cadre Holdings, Inc. | 104159 |
| 995 | Carpenter Technology Corp. | 392179 |
| 1030 | Curtiss-Wright Corp. | 701554 |
| 2189 | Ducommun, Inc.\* | 267058 |
| 465 | Eve Holding, Inc.\* | 1153 |
| 66 | Firefly Aerospace, Inc.\* | 1879 |
| 1118 | FTAI Aviation Ltd. | 273910 |
| 11460 | General Dynamics Corp. | 3933301 |
| 44250 | General Electric Co. | 12556822 |
| 5214 | HEICO Corp. | 1429679 |
| 2313 | HEICO Corp. Class A | 488251 |
| 1816 | Hexcel Corp. | 146969 |
| 19303 | Howmet Aerospace, Inc. | 4448569 |
| 1410 | Huntington Ingalls Industries, Inc. | 535659 |
| 9356 | Innovative Solutions & Support, Inc.\* | 192079 |
| 30 | Intuitive Machines, Inc.\* | 557 |
| 1823 | Karman Holdings, Inc.\* | 145931 |
| 3840 | Kratos Defense & Security Solutions, Inc.\* | 270758 |
| 9798 | L3Harris Technologies, Inc. | 3381780 |
| 263 | Leonardo DRS, Inc. | 11709 |
| 386 | Loar Holdings, Inc.\* | 22114 |
| 5902 | Lockheed Martin Corp. | 3567110 |
| 2356 | Mercury Systems, Inc.\* | 171776 |
| 491 | Moog, Inc. Class A | 143686 |
| 2684 | National Presto Industries, Inc. | 367869 |
| 3726 | Northrop Grumman Corp. | 2542026 |
| 13025 | Park Aerospace Corp. | 356625 |
| 497 | Red Cat Holdings, Inc.\*<sup>(a)</sup> | 6506 |
| 355 | Redwire Corp.\* | 3018 |
| 7774 | Rocket Lab Corp.\* | 499246 |
| 53781 | RTX Corp. | 10374355 |
| 34040 | Satellogic, Inc. Class A\* | 185178 |
| 1398 | StandardAero, Inc.\* | 36110 |
| 4083 | Textron, Inc. | 357507 |
| 1373 | TransDigm Group, Inc. | 1591252 |
| 1162 | V2X, Inc.\* | 79597 |
| 6242 | Virgin Galactic Holdings, Inc.\*<sup>(a)</sup> | 15168 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Aerospace & Defense – (continued)** | **Aerospace & Defense – (continued)** |  |
| 6228 | Voyager Technologies, Inc. Class A\* | $145673 |
| 750 | VSE Corp. | 138300 |
| 4661 | Woodward, Inc. | 1668265 |
|  |  | 57599758 |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |  |
| 2 | Arrive AI, Inc.\* | 2 |
| 3654 | CH Robinson Worldwide, Inc. | 606820 |
| 3848 | Expeditors International of Washington, Inc. | 551149 |
| 5078 | FedEx Corp. | 1808682 |
| 39 | Forward Air Corp.\* | 652 |
| 906 | GXO Logistics, Inc.\* | 46976 |
| 253 | Hub Group, Inc. Class A | 9118 |
| 25288 | Radiant Logistics, Inc.\* | 178280 |
| 15405 | United Parcel Service, Inc. Class B | 1515544 |
|  |  | 4717223 |
| **Automobile Components – 0.1%** | **Automobile Components – 0.1%** |  |
| 4085 | Adient PLC\* | 82558 |
| 7296 | Aptiv PLC\* | 506634 |
| 2809 | Autoliv, Inc. | 295394 |
| 9720 | BorgWarner, Inc. | 527407 |
| 2943 | Cooper-Standard Holdings, Inc.\* | 82021 |
| 5849 | Dana, Inc. | 196819 |
| 4933 | Dauch Corp.\* | 29253 |
| 773 | Dorman Products, Inc.\* | 80670 |
| 838 | Fox Factory Holding Corp.\* | 13794 |
| 11653 | Garrett Motion, Inc. | 211735 |
| 4487 | Gentex Corp. | 98041 |
| 1196 | Gentherm, Inc.\* | 33225 |
| 5193 | Holley, Inc.\* | 15943 |
| 590 | LCI Industries | 72558 |
| 2422 | Lear Corp. | 293256 |
| 13407 | Motorcar Parts of America, Inc.\* | 148281 |
| 1777 | Patrick Industries, Inc. | 197371 |
| 1182 | Phinia, Inc. | 80896 |
| 5148 | QuantumScape Corp.\* | 32844 |
| 2010 | Solid Power, Inc.\* | 6030 |
| 4452 | Standard Motor Products, Inc. | 154663 |
| 6606 | Stoneridge, Inc.\* | 31907 |
| 1487 | Strattec Security Corp.\* | 116492 |
| 1483 | Visteon Corp. | 135116 |
| 478 | XPEL, Inc.\* | 21156 |
|  |  | 3464064 |
| **Automobiles – 0.6%** | **Automobiles – 0.6%** |  |
| 108308 | Ford Motor Co. | 1249874 |
| 23751 | General Motors Co. | 1769450 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments (continued)
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Automobiles – (continued)** | **Automobiles – (continued)** |  |
| 4102 | Harley-Davidson, Inc. | $82942 |
| 178 | Livewire Group, Inc.\* | 295 |
| 11993 | Rivian Automotive, Inc. Class A\* | 180495 |
| 83940 | Tesla, Inc.\* | 31204695 |
| 1395 | Thor Industries, Inc. | 111447 |
| 1024 | Winnebago Industries, Inc. | 31734 |
|  |  | 34630932 |
| **Banks – 1.8%** | **Banks – 1.8%** |  |
| 2232 | 1st Source Corp. | 154477 |
| 4449 | ACNB Corp. | 212974 |
| 2666 | Amalgamated Financial Corp. | 103627 |
| 1274 | Amerant Bancorp, Inc. | 28079 |
| 2327 | Ameris Bancorp | 181483 |
| 5709 | Arrow Financial Corp. | 191651 |
| 2701 | Associated Banc-Corp. | 69848 |
| 1425 | Atlantic Union Bankshares Corp. | 50930 |
| 2 | Avidbank Holdings, Inc.\* | 57 |
| 1351 | Axos Financial, Inc.\* | 114957 |
| 3101 | Banc of California, Inc. | 54516 |
| 1052 | BancFirst Corp. | 114142 |
| 322 | Bancorp, Inc.\* | 17301 |
| 1881 | Bank First Corp. | 254048 |
| 257711 | Bank of America Corp. | 12563411 |
| 2149 | Bank of Hawaii Corp. | 159563 |
| 7616 | Bank of Marin Bancorp | 195198 |
| 6135 | Bank of NT Butterfield & Son Ltd. | 321965 |
| 3053 | Bank OZK | 140102 |
| 3337 | Bank7 Corp. | 133080 |
| 1746 | BankUnited, Inc. | 78849 |
| 5431 | Bankwell Financial Group, Inc. | 263512 |
| 1379 | Banner Corp. | 83678 |
| 4420 | Bar Harbor Bankshares | 143429 |
| 5271 | BayCom Corp. | 156680 |
| 20051 | BCB Bancorp, Inc. | 180058 |
| 5245 | Beacon Financial Corp. | 157350 |
| 7079 | Blue Foundry Bancorp\* | 93726 |
| 47444 | Blue Ridge Bankshares, Inc. | 199265 |
| 854 | BOK Financial Corp. | 109363 |
| 8548 | Bridgewater Bancshares, Inc.\* | 151300 |
| 1841 | Burke & Herbert Financial Services Corp. | 114676 |
| 3992 | Business First Bancshares, Inc. | 107944 |
| 4002 | Byline Bancorp, Inc. | 126343 |
| 1075 | C&F Financial Corp. | 78411 |
| 8752 | California BanCorp | 155085 |
| 3125 | Camden National Corp. | 148281 |
| 6260 | Capital Bancorp, Inc. | 186172 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 4506 | Capital City Bank Group, Inc. | $195831 |
| 21152 | Capitol Federal Financial, Inc. | 150814 |
| 9452 | Carter Bankshares, Inc.\* | 220421 |
| 1940 | Cathay General Bancorp | 96728 |
| 5030 | Central Pacific Financial Corp. | 160759 |
| 2384 | Chemung Financial Corp. | 128307 |
| 5568 | ChoiceOne Financial Services, Inc. | 156572 |
| 46654 | Citigroup, Inc. | 5291030 |
| 11428 | Citizens & Northern Corp. | 255302 |
| 11507 | Citizens Financial Group, Inc. | 690075 |
| 1164 | Citizens Financial Services, Inc. | 71179 |
| 1773 | City Holding Co. | 211909 |
| 5513 | Civista Bancshares, Inc. | 125641 |
| 5680 | CNB Financial Corp. | 164493 |
| 1308 | Coastal Financial Corp.\* | 99539 |
| 3 | CoastalSouth Bancshares, Inc. | 74 |
| 10490 | Colony Bankcorp, Inc. | 209485 |
| 4147 | Columbia Banking System, Inc. | 113752 |
| 6836 | Columbia Financial, Inc.\* | 119698 |
| 2980 | Commerce Bancshares, Inc. | 146616 |
| 4 | Commercial Bancgroup, Inc. | 104 |
| 1714 | Community Financial System, Inc. | 100526 |
| 3016 | Community Trust Bancorp, Inc. | 183132 |
| 9334 | Community West Bancshares | 217482 |
| 2844 | ConnectOne Bancorp, Inc. | 76134 |
| 1204 | Cullen/Frost Bankers, Inc. | 165044 |
| 1504 | Customers Bancorp, Inc.\* | 104393 |
| 4544 | CVB Financial Corp. | 88108 |
| 1801 | Dime Community Bancshares, Inc. | 60910 |
| 1058 | Eagle Bancorp, Inc. | 26312 |
| 1 | Eagle Financial Services, Inc. | 35 |
| 2789 | East West Bancorp, Inc. | 297754 |
| 4360 | Eastern Bankshares, Inc. | 85282 |
| 2120 | Enterprise Financial Services Corp. | 114713 |
| 4096 | Equity Bancshares, Inc. Class A | 181903 |
| 2533 | Esquire Financial Holdings, Inc. | 272297 |
| 2460 | Farmers & Merchants Bancorp, Inc. | 63148 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 18222 | Farmers National Banc Corp. | $239802 |
| 18206 | FB Bancorp, Inc.\* | 250150 |
| 1560 | FB Financial Corp. | 81026 |
| 1989 | Fidelity D&D Bancorp, Inc. | 86084 |
| 22971 | Fifth Third Bancorp | 1067233 |
| 6769 | Financial Institutions, Inc. | 214645 |
| 4563 | Finwise Bancorp\* | 72369 |
| 6623 | First BanCorp | 141467 |
| 6270 | First Bancorp, Inc. | 175748 |
| 2565 | First Bancorp/Southern Pines NC | 144538 |
| 13801 | First Bank | 220816 |
| 3636 | First Busey Corp. | 91882 |
| 3271 | First Business Financial Services, Inc. | 176405 |
| 167 | First Citizens BancShares, Inc. Class A | 314738 |
| 7408 | First Commonwealth Financial Corp. | 130233 |
| 5096 | First Community Bankshares, Inc. | 211586 |
| 9 | First Community Corp. | 263 |
| 3708 | First Financial Bancorp | 103379 |
| 4398 | First Financial Bankshares, Inc. | 129521 |
| 3303 | First Financial Corp. | 208750 |
| 9949 | First Foundation, Inc.\* | 58699 |
| 4720 | First Hawaiian, Inc. | 116301 |
| 13359 | First Horizon Corp. | 304051 |
| 2999 | First Internet Bancorp | 61120 |
| 1753 | First Interstate BancSystem, Inc. Class A | 58550 |
| 2667 | First Merchants Corp. | 103293 |
| 3296 | First Mid Bancshares, Inc. | 135762 |
| 2 | First National Corp. | 54 |
| 14 | First Western Financial, Inc.\* | 344 |
| 1260 | Firstsun Capital Bancorp\* | 45940 |
| 5772 | Five Star Bancorp | 217720 |
| 1001 | Flagstar Bank NA | 13183 |
| 7889 | Flushing Financial Corp. | 121175 |
| 8308 | FNB Corp. | 138910 |
| 3153 | FS Bancorp, Inc. | 121674 |
| 4753 | Fulton Financial Corp. | 96676 |
| 2425 | GBank Financial Holdings, Inc.\*<sup>(a)</sup> | 64893 |
| 4349 | German American Bancorp, Inc. | 181745 |
| 1436 | Glacier Bancorp, Inc. | 64146 |
| 2314 | Great Southern Bancorp, Inc. | 146083 |
| 3801 | Greene County Bancorp, Inc. | 85180 |
| 2475 | Hancock Whitney Corp. | 157385 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 3975 | Hanmi Financial Corp. | $104781 |
| 1 | Hanover Bancorp, Inc. | 22 |
| 6657 | HBT Financial, Inc. | 177875 |
| 15289 | Heritage Commerce Corp. | 190807 |
| 5170 | Heritage Financial Corp. | 134420 |
| 5091 | Hilltop Holdings, Inc. | 182360 |
| 199 | Hingham Institution For Savings<sup>(a)</sup> | 56882 |
| 3011 | Home Bancorp, Inc. | 182406 |
| 4745 | Home BancShares, Inc. | 127783 |
| 5051 | HomeTrust Bancshares, Inc. | 215425 |
| 7489 | Hope Bancorp, Inc. | 83652 |
| 11842 | Horizon Bancorp, Inc. | 196222 |
| 45016 | Huntington Bancshares, Inc. | 704500 |
| 6095 | Independent Bank Corp. | 237497 |
| 2143 | International Bancshares Corp. | 144202 |
| 4688 | John Marshall Bancorp, Inc. | 95073 |
| 99051 | JPMorgan Chase & Co. | 29136842 |
| 14011 | Kearny Financial Corp. | 105783 |
| 19650 | KeyCorp | 393982 |
| 2713 | Lakeland Financial Corp. | 155672 |
| 21097 | LINKBANCORP, Inc. | 175949 |
| 74 | Live Oak Bancshares, Inc. | 2447 |
| 2538 | M&T Bank Corp. | 524655 |
| 2 | MainStreet Bancshares, Inc. | 44 |
| 182 | Mechanics Bancorp Class A | 2685 |
| 2990 | Mercantile Bank Corp. | 150995 |
| 8 | Meridian Corp. | 152 |
| 6535 | Metrocity Bankshares, Inc. | 187358 |
| 567 | Metropolitan Bank Holding Corp. | 47225 |
| 4967 | Mid Penn Bancorp, Inc. | 159739 |
| 4469 | Midland States Bancorp, Inc. | 99703 |
| 9284 | MVB Financial Corp. | 230522 |
| 2409 | National Bank Holdings Corp. Class A | 94336 |
| 7731 | NB Bancorp, Inc. | 162892 |
| 2526 | NBT Bancorp, Inc. | 107557 |
| 1983 | Nicolet Bankshares, Inc. | 294713 |
| 990 | Northeast Bank | 111246 |
| 7085 | Northeast Community Bancorp, Inc. | 168623 |
| 8270 | Northfield Bancorp, Inc. | 111976 |
| 7505 | Northpointe Bancshares, Inc. | 129536 |
| 6617 | Northrim BanCorp, Inc. | 151397 |
| 9754 | Northwest Bancshares, Inc. | 123778 |
| 7076 | Norwood Financial Corp. | 208176 |
| 16413 | NU Holdings Ltd. Class A\* | 235855 |
| 4085 | OceanFirst Financial Corp. | 73693 |
| 2971 | OFG Bancorp | 120207 |
| 6233 | Old National Bancorp | 137749 |
| 8080 | Old Second Bancorp, Inc. | 162893 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 5 | OP Bancorp | $67 |
| 4032 | Orange County Bancorp, Inc. | 128943 |
| 3188 | Origin Bancorp, Inc. | 132174 |
| 4641 | Orrstown Financial Services, Inc. | 167447 |
| 793 | Park National Corp. | 129616 |
| 9882 | Parke Bancorp, Inc. | 280649 |
| 1769 | Pathward Financial, Inc. | 157848 |
| 18595 | Patriot National Bancorp, Inc.\* | 23988 |
| 6140 | PCB Bancorp | 138089 |
| 2251 | Peapack-Gladstone Financial Corp. | 79258 |
| 4496 | Peoples Bancorp, Inc. | 147784 |
| 2563 | Peoples Financial Services Corp. | 136685 |
| 2420 | Pinnacle Financial Partners, Inc. | 208459 |
| 16073 | Pioneer Bancorp, Inc.\* | 223736 |
| 4327 | Plumas Bancorp | 211244 |
| 17457 | PNC Financial Services Group, Inc. | 3632627 |
| 14979 | Ponce Financial Group, Inc.\* | 250299 |
| 18129 | Popular, Inc. | 2432368 |
| 1757 | Preferred Bank | 159342 |
| 13175 | Primis Financial Corp. | 174964 |
| 3 | Princeton Bancorp, Inc. | 101 |
| 2181 | Prosperity Bancshares, Inc. | 146520 |
| 4405 | Provident Financial Services, Inc. | 93210 |
| 1459 | QCR Holdings, Inc. | 124672 |
| 6348 | RBB Bancorp | 135657 |
| 2917 | Red River Bancshares, Inc. | 263813 |
| 21004 | Regions Financial Corp. | 548624 |
| 1359 | Renasant Corp. | 49101 |
| 1971 | Republic Bancorp, Inc. Class A | 139054 |
| 3 | Richmond Mutual BanCorp, Inc. | 41 |
| 3043 | S&T Bancorp, Inc. | 127289 |
| 3016 | Seacoast Banking Corp. of Florida | 91355 |
| 1150 | ServisFirst Bancshares, Inc. | 83755 |
| 7851 | Shore Bancshares, Inc. | 146657 |
| 5036 | Sierra Bancorp | 170821 |
| 8488 | Simmons First National Corp. Class A | 165092 |
| 4468 | SmartFinancial, Inc. | 174609 |
| 4194 | South Plains Financial, Inc. | 175729 |
| 2547 | Southern First Bancshares, Inc.\* | 138812 |
| 2511 | Southern Missouri Bancorp, Inc. | 160553 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 5321 | Southside Bancshares, Inc. | $165430 |
| 1782 | Southstate Bank Corp. | 164871 |
| 4131 | Stellar Bancorp, Inc. | 151236 |
| 23246 | Sterling Bancorp, Inc.\*<sup>(b)</sup> |  |
| 1832 | Stock Yards Bancorp, Inc. | 121443 |
| 913 | Texas Capital Bancshares, Inc.\* | 86625 |
| 12420 | TFS Financial Corp. | 174501 |
| 3146 | Third Coast Bancshares, Inc.\* | 119013 |
| 5237 | Timberland Bancorp, Inc. | 206495 |
| 1470 | Tompkins Financial Corp. | 115895 |
| 3585 | Towne Bank | 120707 |
| 3078 | TriCo Bancshares | 146328 |
| 50 | Triumph Financial, Inc.\* | 2983 |
| 31550 | Truist Financial Corp. | 1450353 |
| 4486 | TrustCo Bank Corp. | 196397 |
| 3287 | Trustmark Corp. | 138514 |
| 67122 | U.S. Bancorp | 3491015 |
| 1289 | UMB Financial Corp. | 145386 |
| 17 | Union Bankshares, Inc. | 413 |
| 3698 | United Bankshares, Inc. | 153171 |
| 2807 | United Community Banks, Inc. | 88392 |
| 2931 | Unity Bancorp, Inc. | 151914 |
| 3640 | Univest Financial Corp. | 124706 |
| 8457 | USCB Financial Holdings, Inc. | 156793 |
| 18859 | Valley National Bancorp | 231589 |
| 2901 | WaFd, Inc. | 91091 |
| 6193 | Washington Trust Bancorp, Inc. | 207218 |
| 3710 | Webster Financial Corp. | 257548 |
| 126460 | Wells Fargo & Co. | 10067481 |
| 2252 | WesBanco, Inc. | 77671 |
| 8675 | West BanCorp, Inc. | 206378 |
| 3783 | Westamerica BanCorp | 197283 |
| 1660 | Western Alliance Bancorp | 117611 |
| 1484 | Wintrust Financial Corp. | 206187 |
| 1862 | WSFS Financial Corp. | 121887 |
| 2733 | Zions Bancorp NA | 157475 |
|  |  | 102559891 |
| **Beverages – 0.3%** | **Beverages – 0.3%** |  |
| 447 | Boston Beer Co., Inc. Class A\* | 102989 |
| 3195 | Brown-Forman Corp. Class B | 84476 |
| 890 | Brown-Forman Corp. Class A | 23843 |
| 8436 | Celsius Holdings, Inc.\* | 299309 |
| 106460 | Coca-Cola Co. | 8096283 |
| 1855 | Coca-Cola Consolidated, Inc. | 355678 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Beverages – (continued)** | **Beverages – (continued)** |  |
| 2472 | Constellation Brands, Inc. Class A | $370800 |
| 30176 | Keurig Dr. Pepper, Inc. | 794534 |
| 1335 | MGP Ingredients, Inc. | 24551 |
| 5019 | Molson Coors Beverage Co. Class B | 216118 |
| 23455 | Monster Beverage Corp.\* | 1699549 |
| 4069 | National Beverage Corp.\* | 136922 |
| 34777 | PepsiCo, Inc. | 5400520 |
| 1640 | Primo Brands Corp. | 30881 |
| 3136 | Vita Coco Co., Inc.\* | 150246 |
| 270 | Zevia PBC Class A\* | 316 |
|  |  | 17787015 |
| **Biotechnology – 0.9%** | **Biotechnology – 0.9%** |  |
| 269 | 89bio, Inc.\*<sup>(b)</sup> | 91 |
| 52715 | AbbVie, Inc. | 11464985 |
| 15374 | Abeona Therapeutics, Inc.\* | 68876 |
| 10637 | Absci Corp.\*<sup>(a)</sup> | 31911 |
| 7956 | ACADIA Pharmaceuticals, Inc.\* | 177101 |
| 46 | Actuate Therapeutics, Inc.\* | 126 |
| 39288 | Acumen Pharmaceuticals, Inc.\* | 92720 |
| 419 | ADC Therapeutics SA\* | 1571 |
| 2304 | ADMA Biologics, Inc.\* | 20759 |
| 16373 | Adverum Biotechnologies, Inc.\*<sup>(b)</sup> | 13098 |
| 20178 | Agenus, Inc.\* | 67395 |
| 28194 | Akebia Therapeutics, Inc.\* | 39190 |
| 2353 | Akero Therapeutics, Inc.\*<sup>(b)</sup> | 1529 |
| 13878 | Aldeyra Therapeutics, Inc.\* | 23454 |
| 24910 | Alector, Inc.\* | 53557 |
| 7043 | Alkermes PLC\* | 249040 |
| 13332 | Allogene Therapeutics, Inc.\* | 32530 |
| 4057 | Alnylam Pharmaceuticals, Inc.\* | 1342340 |
| 430 | Altimmune, Inc.\* | 1324 |
| 15562 | Amgen, Inc. | 5475490 |
| 13283 | Amicus Therapeutics, Inc.\* | 192072 |
| 2655 | AnaptysBio, Inc.\* | 147246 |
| 8844 | Anavex Life Sciences Corp.\*<sup>(a)</sup> | 27151 |
| 8393 | Anika Therapeutics, Inc.\* | 121698 |
| 861 | Annexon, Inc.\* | 4770 |
| 543 | Apellis Pharmaceuticals, Inc.\* | 21845 |
| 908 | Apogee Therapeutics, Inc.\* | 76426 |
| 35341 | Arbutus Biopharma Corp.\* | 159034 |
| 189 | Arcellx, Inc.\* | 21701 |
| 1985 | Arcturus Therapeutics Holdings, Inc.\* | 15324 |
| 735 | Arcus Biosciences, Inc.\* | 15876 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| 5375 | Arcutis Biotherapeutics, Inc.\* | $126635 |
| 2098 | Ardelyx, Inc.\* | 12567 |
| 912 | ArriVent Biopharma, Inc.\* | 21040 |
| 2098 | Arrowhead Pharmaceuticals, Inc.\* | 131545 |
| 286 | ARS Pharmaceuticals, Inc.\*<sup>(a)</sup> | 2297 |
| 8018 | Artiva Biotherapeutics, Inc.\* | 51636 |
| 3481 | Assembly Biosciences, Inc.\* | 96598 |
| 299 | Atrium Therapeutics, Inc.\* | 3998 |
| 41449 | aTyr Pharma, Inc.\* | 32330 |
| 8873 | Aura Biosciences, Inc.\* | 59360 |
| 579 | Aurinia Pharmaceuticals, Inc.\* | 8581 |
| 26701 | Avita Medical, Inc.\*<sup>(a)</sup> | 98794 |
| 464 | Beam Therapeutics, Inc.\* | 11057 |
| 10498 | Benitec Biopharma, Inc.\* | 111804 |
| 9 | Bicara Therapeutics, Inc.\* | 179 |
| 11915 | BioCryst Pharmaceuticals, Inc.\* | 113431 |
| 3864 | Biogen, Inc.\* | 708387 |
| 455 | Biohaven Ltd.\* | 3849 |
| 3972 | BioMarin Pharmaceutical, Inc.\* | 224378 |
| 40738 | Biomea Fusion, Inc.\*<sup>(a)</sup> | 62329 |
| 30637 | Black Diamond Therapeutics, Inc.\* | 65257 |
| 835 | Blueprint Medicines Corp.\*<sup>(b)</sup> | 384 |
| 3781 | Bridgebio Pharma, Inc.\* | 280777 |
| 25 | Bright Minds Biosciences, Inc.\* | 1824 |
| 11236 | C4 Therapeutics, Inc.\* | 29551 |
| 15226 | Cabaletta Bio, Inc.\* | 40958 |
| 12302 | Candel Therapeutics, Inc.\*<sup>(a)</sup> | 60280 |
| 187 | Capricor Therapeutics, Inc.\* | 5685 |
| 29990 | Cardiff Oncology, Inc.\*<sup>(a)</sup> | 48584 |
| 262 | CareDx, Inc.\* | 4548 |
| 7231 | Cargo Therapeutics, Inc.\*<sup>(b)</sup> |  |
| 36490 | Caribou Biosciences, Inc.\* | 69331 |
| 1129 | Caris Life Sciences, Inc.\* | 20187 |
| 7427 | Cartesian Therapeutics, Inc.\*<sup>(a)</sup> | 45676 |
| 3606 | Catalyst Pharmaceuticals, Inc.\* | 89285 |
| 1523 | Celcuity, Inc.\* | 173835 |
| 271 | CG oncology, Inc.\* | 18341 |
| 32453 | Climb Bio, Inc.\* | 222303 |
| 3153 | Cogent Biosciences, Inc.\* | 121359 |
| 58706 | Coherus Oncology, Inc.\* | 99213 |
| 13647 | Compass Therapeutics, Inc.\* | 72193 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| 5496 | Corbus Pharmaceuticals Holdings, Inc.\* | $51607 |
| 3213 | Corvus Pharmaceuticals, Inc.\* | 47006 |
| 954 | Cullinan Therapeutics, Inc.\* | 13556 |
| 1196 | Cytokinetics, Inc.\* | 78828 |
| 15186 | CytomX Therapeutics, Inc.\* | 71374 |
| 753 | Day One Biopharmaceuticals, Inc.\* | 16144 |
| 37 | Denali Therapeutics, Inc.\* | 710 |
| 3906 | Design Therapeutics, Inc.\* | 41560 |
| 7836 | DiaMedica Therapeutics, Inc.\* | 53050 |
| 905 | Dianthus Therapeutics, Inc.\* | 75948 |
| 941 | Disc Medicine, Inc.\* | 60168 |
| 192 | Dyne Therapeutics, Inc.\* | 3481 |
| 31606 | Editas Medicine, Inc.\* | 78067 |
| 44476 | Eledon Pharmaceuticals, Inc.\* | 136986 |
| 1101 | Emergent BioSolutions, Inc.\* | 9138 |
| 3748 | Enanta Pharmaceuticals, Inc.\* | 47337 |
| 3048 | Entrada Therapeutics, Inc.\* | 38466 |
| 8382 | Exelixis, Inc.\* | 359504 |
| 30703 | Fate Therapeutics, Inc.\* | 36844 |
| 31 | Fennec Pharmaceuticals, Inc.\* | 191 |
| 10853 | Foghorn Therapeutics, Inc.\* | 51877 |
| 22865 | Galectin Therapeutics, Inc.\*<sup>(a)</sup> | 63793 |
| 24616 | Genelux Corp.\*<sup>(a)</sup> | 59571 |
| 2651 | Geron Corp.\* | 3950 |
| 52041 | Gilead Sciences, Inc. | 7252954 |
| 23317 | Gossamer Bio, Inc.\* | 7660 |
| 569 | GRAIL, Inc.\* | 29406 |
| 15232 | Greenwich Lifesciences, Inc.\*<sup>(a)</sup> | 365873 |
| 3872 | Gyre Therapeutics, Inc.\*<sup>(a)</sup> | 26988 |
| 6299 | Halozyme Therapeutics, Inc.\* | 407104 |
| 83929 | Heron Therapeutics, Inc.\* | 67152 |
| 23907 | HilleVax, Inc.\*<sup>(b)</sup> | 3347 |
| 24087 | Humacyte, Inc.\*<sup>(a)</sup> | 14614 |
| 449 | Ideaya Biosciences, Inc.\* | 14961 |
| 1487 | Immatics NV\* | 14632 |
| 1181 | ImmunityBio, Inc.\*<sup>(a)</sup> | 9058 |
| 455 | Immunome, Inc.\* | 9951 |
| 340 | Immunovant, Inc.\* | 8446 |
| 6537 | Incyte Corp.\* | 615262 |
| 25 | Inhibikase Therapeutics, Inc.\* | 42 |
| 1089 | Inhibrx Biosciences, Inc.\* | 73213 |
| 99 | Inmune Bio, Inc.\* | 112 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| 27231 | Inovio Pharmaceuticals, Inc.\*<sup>(a)</sup> | $47382 |
| 6506 | Insmed, Inc.\* | 1063861 |
| 20809 | Invivyd, Inc.\* | 27052 |
| 4900 | Ionis Pharmaceuticals, Inc.\* | 367941 |
| 714 | Ironwood Pharmaceuticals, Inc.\* | 2506 |
| 3759 | Jade Biosciences, Inc. | 52814 |
| 67 | Janux Therapeutics, Inc.\* | 931 |
| 8430 | Kalaris Therapeutics, Inc.\*<sup>(a)</sup> | 48641 |
| 3616 | KalVista Pharmaceuticals, Inc.\* | 72790 |
| 3400 | Keros Therapeutics, Inc.\* | 37536 |
| 274 | Kodiak Sciences, Inc.\* | 10445 |
| 5169 | Korro Bio, Inc.\* | 58513 |
| 570 | Krystal Biotech, Inc.\* | 147242 |
| 1190 | Kymera Therapeutics, Inc.\* | 99115 |
| 8808 | Kyverna Therapeutics, Inc.\* | 76013 |
| 6592 | Larimar Therapeutics, Inc.\* | 29664 |
| 2513 | Lexeo Therapeutics, Inc.\* | 14425 |
| 79831 | Lineage Cell Therapeutics, Inc.\*<sup>(a)</sup> | 126133 |
| 616 | Lyell Immunopharma, Inc.\* | 12357 |
| 19167 | MacroGenics, Inc.\* | 55393 |
| 517 | Madrigal Pharmaceuticals, Inc.\* | 270634 |
| 3506 | MannKind Corp.\* | 8590 |
| 43 | MapLight Therapeutics, Inc.\* | 874 |
| 9286 | MeiraGTx Holdings PLC\* | 80417 |
| 230 | Metsera, Inc.\*<sup>(b)</sup> | 1127 |
| 14350 | MiMedx Group, Inc.\* | 56683 |
| 3182 | Mineralys Therapeutics, Inc.\* | 86200 |
| 3960 | Mirum Pharmaceuticals, Inc.\* | 365825 |
| 1007 | Monopar Therapeutics, Inc.\*<sup>(a)</sup> | 55174 |
| 3132 | Monte Rosa Therapeutics, Inc.\* | 51521 |
| 182 | Myriad Genetics, Inc.\* | 819 |
| 3813 | Natera, Inc.\* | 762562 |
| 3302 | Neurocrine Biosciences, Inc.\* | 435005 |
| 2351 | Neurogene, Inc.\* | 47396 |
| 32421 | Nkarta, Inc.\* | 68408 |
| 5944 | Novavax, Inc.\* | 48384 |
| 505 | Nuvalent, Inc. Class A\* | 51737 |
| 75 | Nuvectis Pharma, Inc.\* | 580 |
| 78538 | Ocugen, Inc.\*<sup>(a)</sup> | 142154 |
| 8283 | Organogenesis Holdings, Inc.\* | 19631 |
| 2409 | ORIC Pharmaceuticals, Inc.\* | 30522 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| 876 | Oruka Therapeutics, Inc.\* | $42968 |
| 1225 | Palvella Therapeutics, Inc.\* | 152696 |
| 15634 | Perspective Therapeutics, Inc.\* | 65194 |
| 74321 | PMV Pharmaceuticals, Inc.\* | 92158 |
| 616 | Praxis Precision Medicines, Inc.\* | 198469 |
| 18423 | Precigen, Inc.\* | 71297 |
| 8244 | Prime Medicine, Inc.\* | 28689 |
| 7442 | ProKidney Corp.\*<sup>(a)</sup> | 13321 |
| 2566 | Protagonist Therapeutics, Inc.\* | 270456 |
| 78711 | Protalix BioTherapeutics, Inc.\* | 170803 |
| 1924 | Prothena Corp. PLC\* | 18701 |
| 3766 | PTC Therapeutics, Inc.\* | 256578 |
| 37458 | Puma Biotechnology, Inc.\* | 239357 |
| 1847 | Recursion Pharmaceuticals, Inc. Class A\*<sup>(a)</sup> | 5670 |
| 2306 | Regeneron Pharmaceuticals, Inc. | 1781708 |
| 2890 | REGENXBIO, Inc.\* | 24218 |
| 92 | Regulus Therapeutics, Inc.\*<sup>(b)</sup> | 107 |
| 2798 | Relay Therapeutics, Inc.\* | 27840 |
| 3316 | Revolution Medicines, Inc.\* | 322481 |
| 11032 | Rezolute, Inc.\* | 33648 |
| 2185 | Rhythm Pharmaceuticals, Inc.\* | 190029 |
| 2688 | Rigel Pharmaceuticals, Inc.\* | 72684 |
| 2721 | Rocket Pharmaceuticals, Inc.\* | 9741 |
| 3738 | Sage Therapeutics, Inc.\*<sup>(b)</sup> | 673 |
| 12731 | Sagimet Biosciences, Inc. Class A\* | 66519 |
| 2605 | Sana Biotechnology, Inc.\* | 7502 |
| 69005 | Sangamo Therapeutics, Inc.\* | 17037 |
| 385 | Sarepta Therapeutics, Inc.\* | 8378 |
| 3753 | Savara, Inc.\* | 20491 |
| 367 | Scholar Rock Holding Corp.\* | 18042 |
| 601 | SELLAS Life Sciences Group, Inc.\*<sup>(a)</sup> | 2542 |
| 10456 | Sera Prognostics, Inc. Class A\* | 21226 |
| 2668 | Seres Therapeutics, Inc.\* | 23665 |
| 78 | Sionna Therapeutics, Inc.\* | 3127 |
| 227 | Soleno Therapeutics, Inc.\* | 7600 |
| 3134 | Solid Biosciences, Inc.\* | 22565 |
| 224 | Spyre Therapeutics, Inc.\* | 11299 |
| 2951 | Stoke Therapeutics, Inc.\* | 96085 |
| 573 | Summit Therapeutics, Inc.\* | 10864 |
| 4092 | Sutro Biopharma, Inc.\* | 101932 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| 386 | Syndax Pharmaceuticals, Inc.\* | $9017 |
| 4533 | Tango Therapeutics, Inc.\* | 94830 |
| 12068 | Taysha Gene Therapies, Inc.\* | 53944 |
| 9 | Tectonic Therapeutic, Inc.\* | 278 |
| 21195 | Tenaya Therapeutics, Inc.\* | 14675 |
| 1874 | Tevogen Bio Holdings, Inc.\*<sup>(a)</sup> | 8470 |
| 2591 | TG Therapeutics, Inc.\* | 86073 |
| 52652 | Tiziana Life Sciences Ltd.\*<sup>(a)</sup> | 61603 |
| 2510 | Tonix Pharmaceuticals Holding Corp.\* | 34513 |
| 4151 | Travere Therapeutics, Inc.\* | 123326 |
| 22522 | TriSalus Life Sciences, Inc.\* | 90088 |
| 161 | TuHURA Biosciences, Inc.\* | 288 |
| 290 | Twist Bioscience Corp.\* | 13781 |
| 671 | Tyra Biosciences, Inc.\* | 25699 |
| 1058 | Ultragenyx Pharmaceutical, Inc.\* | 22165 |
| 3433 | United Therapeutics Corp.\* | 2035700 |
| 4351 | UroGen Pharma Ltd.\* | 78231 |
| 24774 | Vanda Pharmaceuticals, Inc.\* | 171188 |
| 270 | Vera Therapeutics, Inc.\* | 10862 |
| 872 | Veracyte, Inc.\* | 28087 |
| 5517 | Verastem, Inc.\* | 29240 |
| 1387 | Vericel Corp.\* | 44620 |
| 11542 | Vertex Pharmaceuticals, Inc.\* | 5153965 |
| 2973 | Vigil Neuroscience, Inc.\*<sup>(b)</sup> | 149 |
| 42 | Viking Therapeutics, Inc.\* | 1367 |
| 1684 | Viridian Therapeutics, Inc.\* | 32939 |
| 9093 | Vor BioPharma, Inc.\* | 162219 |
| 12307 | Voyager Therapeutics, Inc.\* | 47505 |
| 369 | Xenon Pharmaceuticals, Inc.\* | 21457 |
| 4188 | XOMA Royalty Corp.\* | 131378 |
| 2034 | Zenas Biopharma, Inc.\* | 39765 |
| 24619 | Zentalis Pharmaceuticals, Inc.\* | 57608 |
| 20013 | Zura Bio Ltd.\* | 119077 |
| 3977 | Zymeworks, Inc.\* | 99584 |
|  |  | 51997575 |
| **Broadline Retail – 1.4%** | **Broadline Retail – 1.4%** |  |
| 24105 | 1stdibs.com, Inc.\* | 132577 |
| 369203 | Amazon.com, Inc.\* | 76893909 |
| 37603 | Coupang, Inc.\* | 709945 |
| 321 | Dillard's, Inc. Class A | 183647 |
| 12229 | eBay, Inc. | 1113084 |
| 1811 | Etsy, Inc.\* | 90514 |
| 6839 | Groupon, Inc.\* | 81384 |
| 7826 | Kohl's Corp. | 100955 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Broadline Retail – (continued)** | **Broadline Retail – (continued)** |  |
| 13510 | Macy's, Inc. | $244396 |
| 1883 | Ollie's Bargain Outlet Holdings, Inc.\* | 173311 |
| 193 | Savers Value Village, Inc.\* | 1436 |
|  |  | 79725158 |
| **Building Products – 0.2%** | **Building Products – 0.2%** |  |
| 2634 | A.O. Smith Corp. | 173686 |
| 330 | AAON, Inc. | 27307 |
| 928 | Advanced Drainage Systems, Inc. | 127257 |
| 2867 | Allegion PLC | 416546 |
| 26 | American Woodmark Corp.\* | 1036 |
| 356 | Apogee Enterprises, Inc. | 11940 |
| 1911 | Armstrong World Industries, Inc. | 314933 |
| 1209 | AZZ, Inc. | 151282 |
| 1419 | Builders FirstSource, Inc.\* | 116826 |
| 537 | Carlisle Cos., Inc. | 179154 |
| 14077 | Carrier Global Corp. | 792676 |
| 246 | CSW Industrials, Inc. | 64103 |
| 1048 | Fortune Brands Innovations, Inc. | 40841 |
| 222 | Gibraltar Industries, Inc.\* | 8851 |
| 759 | Griffon Corp. | 55164 |
| 2063 | Hayward Holdings, Inc.\* | 27603 |
| 3944 | Insteel Industries, Inc. | 132558 |
| 19709 | Janus International Group, Inc.\* | 101501 |
| 17041 | JELD-WEN Holding, Inc.\* | 21131 |
| 16446 | Johnson Controls International PLC | 2153604 |
| 494 | Lennox International, Inc. | 229280 |
| 2954 | Masco Corp. | 178333 |
| 3338 | Masterbrand, Inc.\* | 27739 |
| 255 | Modine Manufacturing Co.\* | 55261 |
| 1250 | Owens Corning | 135275 |
| 2084 | Resideo Technologies, Inc.\* | 70252 |
| 783 | Simpson Manufacturing Co., Inc. | 134378 |
| 530 | Tecnoglass, Inc. | 23612 |
| 14202 | Tecogen, Inc.\* | 36357 |
| 6468 | Trane Technologies PLC | 2695474 |
| 1121 | UFP Industries, Inc. | 103267 |
| 6029 | Zurn Elkay Water Solutions Corp. | 270340 |
|  |  | 8877567 |
| **Capital Markets – 1.0%** | **Capital Markets – 1.0%** |  |
| 4013 | Acadian Asset Management, Inc. | 218387 |
| 1168 | Affiliated Managers Group, Inc. | 323186 |
| 12047 | AlTi Global, Inc.\* | 43610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** |  |
| 2439 | Ameriprise Financial, Inc. | $1083892 |
| 4220 | ARES Management Corp. Class A | 460402 |
| 3276 | Artisan Partners Asset Management, Inc. Class A | 119214 |
| 15 | Bakkt, Inc.\* | 110 |
| 19036 | Bank of New York Mellon Corp. | 2258241 |
| 9980 | BGC Group, Inc. Class A | 97604 |
| 3739 | Blackrock, Inc. | 3595834 |
| 19404 | Blackstone, Inc. | 2231266 |
| 6250 | Blue Owl Capital, Inc.<sup>(a)</sup> | 57062 |
| 26208 | BRC Group Holdings, Inc.\*<sup>(a)</sup> | 191843 |
| 647 | Brookfield Asset Management Ltd. Class A | 28759 |
| 25 | Bullish\* | 893 |
| 2202 | Carlyle Group, Inc. | 106555 |
| 3212 | Cboe Global Markets, Inc. | 902797 |
| 75072 | Charles Schwab Corp. | 7055267 |
| 9424 | CME Group, Inc. | 2783378 |
| 1827 | Cohen & Steers, Inc. | 114279 |
| 4273 | Coinbase Global, Inc. Class A\* | 746109 |
| 2115 | Diamond Hill Investment Group, Inc. | 363991 |
| 348 | Donnelley Financial Solutions, Inc.\* | 16405 |
| 291 | Evercore, Inc. Class A | 86866 |
| 598 | FactSet Research Systems, Inc. | 129760 |
| 5713 | Federated Hermes, Inc. | 323984 |
| 16 | Fold Holdings, Inc.\* | 21 |
| 9494 | Franklin Resources, Inc. | 224248 |
| 74 | Freedom Holding Corp.\* | 10721 |
| 8552 | GCM Grosvenor, Inc. Class A | 83810 |
| 485 | Hamilton Lane, Inc. Class A | 48209 |
| 1185 | Houlihan Lokey, Inc. | 170190 |
| 1172 | Innventure, Inc.\*<sup>(a)</sup> | 4583 |
| 9062 | Interactive Brokers Group, Inc. Class A | 607788 |
| 13824 | Intercontinental Exchange, Inc. | 2174239 |
| 12603 | Invesco Ltd. | 306127 |
| 2219 | Janus Henderson Group PLC | 113990 |
| 2047 | Jefferies Financial Group, Inc. | 84480 |
| 14306 | KKR & Co., Inc. | 1323305 |
| 319 | Lazard, Inc. | 13551 |
| 2269 | LPL Financial Holdings, Inc. | 682583 |
| 184 | Marex Group PLC | 8203 |
| 1007 | MarketAxess Holdings, Inc. | 166135 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** |  |
| 3683 | Miami International Holdings, Inc.\* | $143342 |
| 1353 | Moelis & Co. Class A | 77121 |
| 8741 | Moody's Corp. | 3813261 |
| 51430 | Morgan Stanley | 8463835 |
| 717 | Morningstar, Inc. | 121209 |
| 1684 | MSCI, Inc. | 907693 |
| 25873 | Nasdaq, Inc. | 2196359 |
| 5412 | Northern Trust Corp. | 755353 |
| 17741 | Open Lending Corp.\* | 22176 |
| 1498 | Oppenheimer Holdings, Inc. Class A | 133607 |
| 14342 | Patria Investments Ltd. Class A | 180709 |
| 302 | Perella Weinberg Partners | 5484 |
| 1284 | Piper Sandler Cos. | 98290 |
| 971 | PJT Partners, Inc. Class A | 135668 |
| 4489 | Raymond James Financial, Inc. | 649962 |
| 9224 | Ridgepost Capital, Inc. Class A | 66966 |
| 16990 | Robinhood Markets, Inc. Class A\* | 1177407 |
| 13418 | S&P Global, Inc. | 5707212 |
| 2791 | SEI Investments Co. | 219010 |
| 7 | Siebert Financial Corp.\* | 13 |
| 7955 | State Street Corp. | 1006785 |
| 1512 | StepStone Group, Inc. Class A | 72153 |
| 3307 | Stifel Financial Corp. | 244453 |
| 3408 | StoneX Group, Inc.\* | 274855 |
| 3290 | T. Rowe Price Group, Inc. | 296561 |
| 1626 | TPG, Inc. | 65869 |
| 1670 | Tradeweb Markets, Inc. Class A | 196492 |
| 3076 | Value Line, Inc. | 108552 |
| 616 | Victory Capital Holdings, Inc. Class A | 40336 |
| 2070 | Virtu Financial, Inc. Class A | 91039 |
| 289 | Virtus Investment Partners, Inc. | 38827 |
| 173 | Webull Corp.\* | 830 |
| 13941 | WisdomTree, Inc.<sup>(a)</sup> | 202981 |
| 172 | XP, Inc. Class A | 3275 |
|  |  | 56879562 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** |  |
| 3241 | AdvanSix, Inc. | 79080 |
| 4378 | Air Products & Chemicals, Inc. | 1271765 |
| 360 | Albemarle Corp. | 64631 |
| 8218 | Alto Ingredients, Inc.\* | 39775 |
| 10633 | American Vanguard Corp.\* | 26476 |
| 16017 | Arq, Inc.\* | 41003 |
| 405 | Ashland, Inc. | 22522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Chemicals – (continued)** | **Chemicals – (continued)** |  |
| 4723 | ASP Isotopes, Inc.\*<sup>(a)</sup> | $20876 |
| 136 | Avient Corp. | 4937 |
| 3191 | Axalta Coating Systems Ltd.\* | 88391 |
| 1449 | Balchem Corp. | 245576 |
| 1362 | Cabot Corp. | 102572 |
| 2842 | Celanese Corp. | 186918 |
| 3706 | CF Industries Holdings, Inc. | 481187 |
| 731 | Chemours Co. | 16104 |
| 17394 | Corteva, Inc. | 1456052 |
| 5310 | Dow, Inc. | 221161 |
| 10911 | DuPont de Nemours, Inc. | 499724 |
| 722 | Eastman Chemical Co. | 55103 |
| 6603 | Ecolab, Inc. | 1756530 |
| 2412 | Ecovyst, Inc.\* | 31018 |
| 1804 | Element Solutions, Inc. | 61589 |
| 4325 | Flotek Industries, Inc.\* | 73395 |
| 640 | Hawkins, Inc. | 98304 |
| 750 | HB Fuller Co. | 46260 |
| 458 | Ingevity Corp.\* | 32623 |
| 2041 | Innospec, Inc. | 149034 |
| 3738 | International Flavors & Fragrances, Inc. | 271192 |
| 1226 | Intrepid Potash, Inc.\* | 52436 |
| 782 | Koppers Holdings, Inc. | 30248 |
| 6594 | Kronos Worldwide, Inc. | 43323 |
| 19436 | Linde PLC | 9635591 |
| 2539 | LSB Industries, Inc.\* | 37831 |
| 1791 | LyondellBasell Industries NV Class A | 144283 |
| 746 | Mativ Holdings, Inc. | 6490 |
| 431 | Minerals Technologies, Inc. | 30567 |
| 3804 | Mosaic Co. | 97002 |
| 464 | NewMarket Corp. | 297401 |
| 2080 | Origin Materials, Inc.\* | 4742 |
| 150 | Orion SA | 975 |
| 5542 | Perimeter Solutions, Inc.\* | 135336 |
| 3545 | PPG Industries, Inc. | 378890 |
| 630 | PureCycle Technologies, Inc.\*<sup>(a)</sup> | 3270 |
| 6298 | Rayonier Advanced Materials, Inc.\* | 69719 |
| 2200 | Resonac Holdings Corp. | 143184 |
| 2117 | RPM International, Inc. | 210430 |
| 545 | Scotts Miracle-Gro Co. | 33141 |
| 2938 | Sensient Technologies Corp. | 253961 |
| 13489 | Sherwin-Williams Co. | 4323899 |
| 91 | Solesence, Inc.\* | 86 |
| 1413 | Stepan Co. | 70622 |
|  |  | 23447225 |
| **Commercial Services & Supplies – 0.2%** | **Commercial Services & Supplies – 0.2%** |  |
| 2074 | ABM Industries, Inc. | 79890 |
| 10508 | ACCO Brands Corp. | 31524 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Commercial Services & Supplies – (continued)** | **Commercial Services & Supplies – (continued)** |  |
| 815 | ACV Auctions, Inc. Class A\* | $3456 |
| 2822 | Brady Corp. Class A | 229259 |
| 2976 | BrightView Holdings, Inc.\* | 35087 |
| 2608 | Brink's Co. | 270267 |
| 1946 | Casella Waste Systems, Inc. Class A\* | 154396 |
| 82 | Cimpress PLC\* | 5986 |
| 9565 | Cintas Corp. | 1617824 |
| 7974 | Civeo Corp.\* | 210992 |
| 837 | Clean Harbors, Inc.\* | 239993 |
| 3490 | CompX International, Inc. | 81526 |
| 20899 | Copart, Inc.\* | 693847 |
| 3370 | CoreCivic, Inc.\* | 63727 |
| 2348 | Deluxe Corp. | 64664 |
| 18891 | Ennis, Inc. | 404645 |
| 4066 | Enviri Corp.\* | 79775 |
| 657 | GEO Group, Inc.\* | 11044 |
| 11793 | Healthcare Services Group, Inc.\* | 218760 |
| 2520 | HNI Corp. | 84143 |
| 1914 | Interface, Inc. | 47697 |
| 889 | Liquidity Services, Inc.\* | 27177 |
| 337 | MillerKnoll, Inc. | 4873 |
| 4622 | Montrose Environmental Group, Inc.\* | 101175 |
| 1179 | MSA Safety, Inc. | 193297 |
| 15568 | NL Industries, Inc. | 90761 |
| 9093 | OPENLANE, Inc.\* | 265061 |
| 13 | Perma-Fix Environmental Services, Inc.\* | 139 |
| 11793 | Pitney Bowes, Inc. | 130313 |
| 5690 | Quad/Graphics, Inc. | 37611 |
| 55 | RB Global, Inc. | 5272 |
| 5283 | Republic Services, Inc. | 1157083 |
| 11566 | Rollins, Inc. | 617740 |
| 4567 | Tetra Tech, Inc. | 137558 |
| 301 | UniFirst Corp. | 75729 |
| 6677 | Veralto Corp. | 590380 |
| 13924 | Virco Mfg. Corp. | 85215 |
| 11686 | Waste Management, Inc. | 2685326 |
|  |  | 10833212 |
| **Communications Equipment – 0.4%** | **Communications Equipment – 0.4%** |  |
| 1875 | ADTRAN Holdings, Inc.\* | 23587 |
| 233 | Applied Optoelectronics, Inc.\* | 19709 |
| 49328 | Arista Networks, Inc.\* | 6056492 |
| 5666 | Aviat Networks, Inc.\* | 128108 |
| 14 | BK Technologies Corp.\* | 1045 |
| 4314 | Calix, Inc.\* | 211343 |
| 3008 | Ciena Corp.\* | 1167796 |
| 153188 | Cisco Systems, Inc. | 11885857 |
| 1811 | Clearfield, Inc.\* | 47937 |
| 625 | Digi International, Inc.\* | 30125 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |  |
| 2958 | Extreme Networks, Inc.\* | $44607 |
| 1180 | F5, Inc.\* | 341409 |
| 3737 | Harmonic, Inc.\* | 33558 |
| 11 | Inseego Corp.\* | 122 |
| 1020 | Lumentum Holdings, Inc.\* | 716815 |
| 7675 | Motorola Solutions, Inc. | 3330720 |
| 2349 | NETGEAR, Inc.\* | 51302 |
| 6478 | NetScout Systems, Inc.\* | 205936 |
| 6931 | Ribbon Communications, Inc.\* | 14694 |
| 21 | Ubiquiti, Inc. | 16596 |
| 6394 | Viasat, Inc.\* | 292845 |
| 10988 | Viavi Solutions, Inc.\* | 365681 |
| 8604 | Vistance Networks, Inc.\* | 156593 |
|  |  | 25142877 |
| **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |  |
| 4055 | AECOM | 343945 |
| 10503 | API Group Corp.\* | 425582 |
| 819 | Arcosa, Inc. | 86929 |
| 393 | Argan, Inc. | 214047 |
| 4562 | Bowman Consulting Group Ltd.\* | 129743 |
| 380 | Centuri Holdings, Inc.\* | 11100 |
| 2040 | Comfort Systems USA, Inc. | 2813140 |
| 12437 | Concrete Pumping Holdings, Inc.\* | 88800 |
| 507 | Construction Partners, Inc. Class A\* | 56338 |
| 971 | Dycom Industries, Inc.\* | 328994 |
| 1146 | EMCOR Group, Inc. | 846103 |
| 1107 | Everus Construction Group, Inc.\* | 130692 |
| 2416 | Fluor Corp.\* | 112706 |
| 1757 | Granite Construction, Inc. | 210629 |
| 3489 | Great Lakes Dredge & Dock Corp.\* | 59313 |
| 284 | IES Holdings, Inc.\* | 135317 |
| 1034 | Legence Corp. Class A\* | 58380 |
| 155 | Limbach Holdings, Inc.\* | 12098 |
| 1506 | MasTec, Inc.\* | 484540 |
| 3143 | Matrix Service Co.\* | 36082 |
| 584 | MYR Group, Inc.\* | 164875 |
| 1376 | NWPX Infrastructure, Inc.\* | 107135 |
| 7132 | Orion Group Holdings, Inc.\* | 77739 |
| 2167 | Primoris Services Corp. | 309968 |
| 4103 | Quanta Services, Inc. | 2252629 |
| 31135 | Southland Holdings, Inc.\* | 40476 |
| 659 | Sterling Infrastructure, Inc.\* | 268391 |
| 4059 | Tutor Perini Corp. | 313314 |
| 570 | Valmont Industries, Inc. | 227755 |
| 1141 | WillScot Holdings Corp. | 19808 |
|  |  | 10366568 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |  |
| 337 | Eagle Materials, Inc. | $63845 |
| 467 | James Hardie Industries PLC\* | 8845 |
| 479 | Knife River Corp.\* | 39110 |
| 3536 | Martin Marietta Materials, Inc. | 2081572 |
| 1909 | Smith-Midland Corp.\* | 62100 |
| 118 | Titan America SA\* | 1768 |
| 378 | U.S. Lime & Minerals, Inc. | 49370 |
| 3223 | Vulcan Materials Co. | 877623 |
|  |  | 3184233 |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |  |
| 6720 | Ally Financial, Inc. | 263626 |
| 23611 | American Express Co. | 7141855 |
| 31 | Atlanticus Holdings Corp.\* | 1627 |
| 1277 | Bread Financial Holdings, Inc. | 95634 |
| 30299 | Capital One Financial Corp. | 5527447 |
| 7708 | Consumer Portfolio Services, Inc.\* | 59583 |
| 41 | Credit Acceptance Corp.\* | 17362 |
| 180 | Dave, Inc.\* | 31336 |
| 730 | Enova International, Inc.\* | 99156 |
| 12613 | EZCORP, Inc. Class A\* | 320118 |
| 4607 | Figure Technology Solutions, Inc.<br>Class A\*<sup>(a)</sup> | 156408 |
| 2324 | FirstCash Holdings, Inc. | 436912 |
| 818 | Green Dot Corp. Class A\* | 9178 |
| 2435 | Jefferson Capital, Inc. | 46825 |
| 613 | LendingClub Corp.\* | 8778 |
| 725 | LendingTree, Inc.\* | 31088 |
| 11449 | Medallion Financial Corp. | 98003 |
| 3103 | Navient Corp. | 25383 |
| 1903 | Nelnet, Inc. Class A | 245411 |
| 208 | NerdWallet, Inc. Class A\* | 2159 |
| 3129 | OneMain Holdings, Inc. | 167370 |
| 6122 | Oportun Financial Corp.\* | 28222 |
| 4334 | OppFi, Inc. | 33415 |
| 110 | PRA Group, Inc.\* | 1925 |
| 833 | PROG Holdings, Inc. | 23899 |
| 2781 | Regional Management Corp. | 89687 |
| 4377 | SLM Corp. | 93712 |
| 21204 | SoFi Technologies, Inc.\* | 336719 |
| 8952 | Synchrony Financial | 608915 |
| 414 | Upstart Holdings, Inc.\* | 10619 |
| 1 | Vroom, Inc.\* | 13 |
| 294 | World Acceptance Corp.\* | 39702 |
|  |  | 16052087 |
| **Consumer Staples Distribution & Retail – 0.7%** | **Consumer Staples Distribution & Retail – 0.7%** |  |
| 15648 | Albertsons Cos., Inc. Class A | 266642 |
| 2511 | Andersons, Inc. | 180240 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** |  |
| 4196 | BJ's Wholesale Club Holdings, Inc.\* | $412970 |
| 1348 | Casey's General Stores, Inc. | 981155 |
| 4174 | Chefs' Warehouse, Inc.\* | 248144 |
| 13108 | Costco Wholesale Corp. | 13061204 |
| 7591 | Dollar General Corp. | 901279 |
| 6426 | Dollar Tree, Inc.\* | 703711 |
| 935 | Grocery Outlet Holding Corp.\* | 6592 |
| 11614 | HF Foods Group, Inc.\* | 21486 |
| 3059 | Ingles Markets, Inc. Class A | 274974 |
| 18383 | Kroger Co. | 1330194 |
| 27440 | Maplebear, Inc.\* | 1027902 |
| 1473 | Natural Grocers by Vitamin Cottage, Inc. | 38077 |
| 5590 | Performance Food Group Co.\* | 478839 |
| 2549 | PriceSmart, Inc. | 383625 |
| 1772 | Sprouts Farmers Market, Inc.\* | 136674 |
| 14519 | Sysco Corp. | 1035640 |
| 9523 | Target Corp. | 1154188 |
| 7562 | U.S. Foods Holding Corp.\* | 697292 |
| 8032 | United Natural Foods, Inc.\* | 361922 |
| 7450 | Village Super Market, Inc. Class A | 314614 |
| 12948 | Walgreens Boots Alliance, Inc.\*<sup>(b)</sup> | 6862 |
| 109566 | Walmart, Inc. | 13616863 |
| 2843 | Weis Markets, Inc. | 194433 |
|  |  | 37835522 |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |  |
| 10845 | Amcor PLC | 431089 |
| 1262 | AptarGroup, Inc. | 159037 |
| 2533 | Ardagh Metal Packaging SA | 10259 |
| 1685 | Avery Dennison Corp. | 290966 |
| 4275 | Ball Corp. | 252695 |
| 4138 | Crown Holdings, Inc. | 414834 |
| 8639 | Eightco Holdings, Inc.\* | 8053 |
| 4869 | Graphic Packaging Holding Co. | 48398 |
| 1241 | Greif, Inc. Class A | 83234 |
| 5762 | International Paper Co. | 205703 |
| 9610 | Myers Industries, Inc. | 203540 |
| 4852 | O-I Glass, Inc.\* | 50995 |
| 1537 | Packaging Corp. of America | 326182 |
| 2870 | Sealed Air Corp. | 120683 |
| 1615 | Silgan Holdings, Inc. | 62662 |
| 48721 | Smurfit Westrock PLC | 1941532 |
| 2023 | Sonoco Products Co. | 109424 |
| 4806 | TriMas Corp. | 172728 |
|  |  | 4892014 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Distributors – 0.0%** | **Distributors – 0.0%** |  |
| 3633 | Genuine Parts Co. | $384190 |
| 1363 | GigaCloud Technology, Inc. Class A\* | 61853 |
| 1000 | Gold.com, Inc. | 40080 |
| 5758 | LKQ Corp. | 169112 |
| 527 | Pool Corp. | 106628 |
| 2828 | Weyco Group, Inc. | 90637 |
|  |  | 852500 |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |  |
| 33847 | ADT, Inc. | 222375 |
| 5507 | American Public Education, Inc.\* | 313238 |
| 807 | Bright Horizons Family Solutions, Inc.\* | 66279 |
| 5728 | Carriage Services, Inc. | 261540 |
| 4656 | Coursera, Inc.\* | 27098 |
| 1851 | Covista, Inc.\* | 213328 |
| 4378 | Driven Brands Holdings, Inc.\* | 55207 |
| 193 | Duolingo, Inc.\* | 19024 |
| 2363 | European Wax Center, Inc. Class A\* | 13658 |
| 1271 | Frontdoor, Inc.\* | 67185 |
| 199 | Graham Holdings Co. Class B | 210395 |
| 1352 | Grand Canyon Education, Inc.\* | 229881 |
| 4470 | H&R Block, Inc. | 141878 |
| 5180 | KinderCare Learning Cos., Inc.\* | 11396 |
| 9978 | Laureate Education, Inc.\* | 347633 |
| 964 | Liberty Live Holdings, Inc. Class A\* | 88341 |
| 1552 | Liberty Live Holdings, Inc. Class C\* | 146059 |
| 6609 | Lincoln Educational Services Corp.\* | 268854 |
| 3643 | Matthews International Corp. Class A | 94062 |
| 5459 | McGraw Hill, Inc.\* | 74788 |
| 7286 | Mister Car Wash, Inc.\* | 50783 |
| 77386 | Nerdy, Inc.\* | 63162 |
| 4353 | OneSpaWorld Holdings Ltd. | 99901 |
| 5918 | Perdoceo Education Corp. | 220209 |
| 17 | Phoenix Education Partners, Inc. | 535 |
| 3742 | Service Corp. International | 308752 |
| 912 | Strategic Education, Inc. | 75660 |
| 2056 | Stride, Inc.\* | 181278 |
| 483 | Udemy, Inc.\* | 2231 |
| 2980 | Universal Technical Institute, Inc.\* | 107578 |
| 624 | WW International, Inc.\* | 8574 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Diversified Consumer Services – (continued)** | **Diversified Consumer Services – (continued)** |  |
| 28 | Zspace, Inc.\* | $3 |
|  |  | 3990885 |
| **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** |  |
| 25921 | AH Realty Trust, Inc. | 142565 |
| 15544 | Alpine Income Property Trust, Inc. | 279792 |
| 4927 | American Assets Trust, Inc. | 90706 |
| 14534 | Broadstone Net Lease, Inc. | 265536 |
| 12044 | CTO Realty Growth, Inc. | 222693 |
| 5666 | Essential Properties Realty Trust, Inc. | 172020 |
| 18353 | Gladstone Commercial Corp. | 209775 |
| 27652 | Global Net Lease, Inc. | 258823 |
| 18418 | NexPoint Diversified Real Estate Trust<sup>(a)</sup> | 86012 |
| 8382 | WP Carey, Inc. | 569641 |
|  |  | 2297563 |
| **Diversified Telecommunication Services – 0.3%** | **Diversified Telecommunication Services – 0.3%** |  |
| 4117 | Anterix, Inc.\* | 157228 |
| 4158 | AST SpaceMobile, Inc.\* | 344574 |
| 181556 | AT&T, Inc. | 5263308 |
| 2192 | ATN International, Inc. | 59666 |
| 1155 | Bandwidth, Inc. Class A\* | 20582 |
| 653 | Cogent Communications Holdings, Inc. | 12303 |
| 84495 | Comcast Corp. Class A | 2425852 |
| 3 | GCI Liberty, Inc. Class A\* | 111 |
| 6987 | GCI Liberty, Inc. Class C\* | 259986 |
| 1865 | Globalstar, Inc.\* | 123873 |
| 2027 | IDT Corp. Class B | 99526 |
| 859 | Iridium Communications, Inc. | 23829 |
| 14235 | Liberty Latin America Ltd. Class A\* | 122990 |
| 16892 | Liberty Latin America Ltd. Class C\* | 148987 |
| 39295 | Lumen Technologies, Inc.\* | 273100 |
| 10154 | Shenandoah Telecommunications Co. | 156575 |
| 8406 | Uniti Group, Inc. | 78848 |
| 175040 | Verizon Communications, Inc. | 8787008 |
|  |  | 18358346 |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |  |
| 7835 | Alliant Energy Corp. | 562240 |
| 14717 | American Electric Power Co., Inc. | 1929104 |
| 7247 | Constellation Energy Corp. | 2023725 |
| 20305 | Duke Energy Corp. | 2658737 |
| 5247 | Edison International | 383975 |
| 12472 | Entergy Corp. | 1401354 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |  |
| 7962 | Evergy, Inc. | $652247 |
| 10844 | Eversource Energy | 751272 |
| 29331 | Exelon Corp. | 1437806 |
| 16938 | FirstEnergy Corp. | 858079 |
| 5536 | Genie Energy Ltd. Class B | 78279 |
| 15289 | Hawaiian Electric Industries, Inc.\* | 226889 |
| 2844 | IDACORP, Inc. | 406607 |
| 2956 | MGE Energy, Inc. | 228469 |
| 81210 | NextEra Energy, Inc. | 7542785 |
| 5633 | NRG Energy, Inc. | 823207 |
| 7882 | OGE Energy Corp. | 378021 |
| 1215 | Oklo, Inc.\* | 60252 |
| 2545 | Otter Tail Corp. | 223375 |
| 114378 | PG&E Corp. | 2009621 |
| 3802 | Pinnacle West Capital Corp. | 383051 |
| 5689 | Portland General Electric Co. | 300208 |
| 21496 | PPL Corp. | 821147 |
| 28375 | Southern Co. | 2738755 |
| 6563 | TXNM Energy, Inc. | 383673 |
| 16176 | Xcel Energy, Inc. | 1285021 |
|  |  | 30547899 |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |  |
| 765 | Acuity, Inc. | 214368 |
| 2161 | Allient, Inc. | 127693 |
| 212 | American Superconductor Corp.\* | 7176 |
| 5621 | AMETEK, Inc. | 1204918 |
| 536 | Amprius Technologies, Inc.\* | 9037 |
| 2388 | Array Technologies, Inc.\* | 17265 |
| 1100 | Atkore, Inc. | 64801 |
| 5862 | Babcock & Wilcox Enterprises, Inc.\* | 86113 |
| 60252 | Blink Charging Co.\* | 34157 |
| 4155 | Bloom Energy Corp. Class A\* | 562961 |
| 4933 | ChargePoint Holdings, Inc.\*<sup>(a)</sup> | 23974 |
| 9070 | Eaton Corp. PLC | 3244067 |
| 13079 | Emerson Electric Co. | 1713611 |
| 9186 | Energy Vault Holdings, Inc.\* | 30314 |
| 1553 | EnerSys | 269787 |
| 819 | Enovix Corp.\* | 4242 |
| 3993 | Eos Energy Enterprises, Inc.\* | 19805 |
| 251 | Fluence Energy, Inc.\* | 3454 |
| 708 | FuelCell Energy, Inc.\* | 4623 |
| 7764 | GE Vernova, Inc. | 6777196 |
| 512 | Generac Holdings, Inc.\* | 100009 |
| 3425 | Hubbell, Inc. | 1680784 |
| 12030 | Hyliion Holdings Corp.\* | 21173 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |  |
| 4864 | KULR Technology Group, Inc.\*<sup>(a)</sup> | $11528 |
| 4259 | LSI Industries, Inc. | 79217 |
| 183 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> | 3748 |
| 4040 | Nextpower, Inc. Class A\* | 487022 |
| 615 | NuScale Power Corp.\* | 6667 |
| 3317 | nVent Electric PLC | 392335 |
| 184 | Powell Industries, Inc. | 99559 |
| 153 | Power Solutions International, Inc.\* | 9315 |
| 624 | Preformed Line Products Co. | 168948 |
| 912 | Regal Rexnord Corp. | 170781 |
| 2830 | Rockwell Automation, Inc. | 1015630 |
| 2570 | Sensata Technologies Holding PLC | 90515 |
| 6299 | SES AI Corp.\* | 6060 |
| 7289 | Shoals Technologies Group, Inc. Class A\* | 47962 |
| 49411 | SKYX Platforms Corp.\* | 55340 |
| 5396 | Stem, Inc.\* | 47701 |
| 71 | SunPower, Inc.\* | 90 |
| 2866 | Sunrun, Inc.\* | 38863 |
| 1419 | T1 Energy, Inc.\* | 6229 |
| 1705 | Thermon Group Holdings, Inc.\* | 85932 |
| 18598 | Vertiv Holdings Co. Class A | 4660287 |
| 849 | Vicor Corp.\* | 136689 |
|  |  | 23841946 |
| **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** | **Electronic Equipment, Instruments & Components – 0.4%** |
| 18204 | 908 Devices, Inc.\* | 111408 |
| 802 | Advanced Energy Industries, Inc. | 258813 |
| 1385 | Aeva Technologies, Inc.\* | 18227 |
| 57174 | Amphenol Corp. Class A | 7223935 |
| 5382 | Arlo Technologies, Inc.\* | 76586 |
| 851 | Arrow Electronics, Inc.\* | 122042 |
| 2039 | Avnet, Inc. | 125643 |
| 752 | Badger Meter, Inc. | 114567 |
| 612 | Bel Fuse, Inc. Class B | 121164 |
| 595 | Belden, Inc. | 68324 |
| 46 | Benchmark Electronics, Inc. | 2579 |
| 1903 | CDW Corp. | 230301 |
| 1584 | Climb Global Solutions, Inc. | 31395 |
| 613 | Cognex Corp. | 30031 |
| 1423 | Coherent Corp.\* | 338973 |
| 18937 | Corning, Inc. | 2574864 |
| 586 | Crane NXT Co. | 23786 |
| 1810 | CTS Corp. | 86446 |
| 2070 | Daktronics, Inc.\* | 40468 |
| 508 | ePlus, Inc. | 38227 |
| 10230 | Evolv Technologies Holdings, Inc.\* | 61891 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 767 | Fabrinet\* | $400006 |
| 8960 | Flex Ltd.\* | 586522 |
| 3961 | Frequency Electronics, Inc.\* | 175314 |
| 27358 | Identiv, Inc.\* | 101225 |
| 548 | Insight Enterprises, Inc.\* | 36721 |
| 634 | Itron, Inc.\* | 56825 |
| 2967 | Jabil, Inc. | 788124 |
| 9159 | Keysight Technologies, Inc.\* | 2586227 |
| 4584 | Kimball Electronics, Inc.\* | 108595 |
| 3192 | Knowles Corp.\* | 81971 |
| 8314 | LightPath Technologies, Inc. Class A\* | 83389 |
| 9784 | Lightwave Logic, Inc.\* | 68781 |
| 203 | Littelfuse, Inc. | 68888 |
| 79760 | MicroVision, Inc.\*<sup>(a)</sup> | 51142 |
| 4244 | Mirion Technologies, Inc.\* | 78896 |
| 12 | M-Tron Industries, Inc.\* | 802 |
| 2737 | Napco Security Technologies, Inc. | 107810 |
| 54 | Neonode, Inc.\* | 76 |
| 1409 | nLight, Inc.\* | 80341 |
| 305 | Novanta, Inc.\* | 36024 |
| 531 | OSI Systems, Inc.\* | 140986 |
| 309 | Ouster, Inc.\* | 5676 |
| 2613 | PC Connection, Inc. | 152756 |
| 306 | Plexus Corp.\* | 61977 |
| 2937 | Ralliant Corp. | 122150 |
| 2043 | Sanmina Corp.\* | 264854 |
| 272 | ScanSource, Inc.\* | 9874 |
| 25140 | SmartRent, Inc.\* | 37710 |
| 2304 | TD SYNNEX Corp. | 388708 |
| 7645 | TE Connectivity PLC | 1597958 |
| 1204 | Teledyne Technologies, Inc.\* | 728432 |
| 1486 | TTM Technologies, Inc.\* | 144766 |
| 1914 | Unusual Machines, Inc.\* | 23734 |
| 1859 | Vishay Precision Group, Inc.\* | 80718 |
| 2294 | Vontier Corp. | 81368 |
| 27032 | Vuzix Corp.\*<sup>(a)</sup> | 62444 |
| 440 | Zebra Technologies Corp. Class A\* | 91995 |
|  |  | 21193455 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |  |
| 3337 | Archrock, Inc. | 116128 |
| 270 | Atlas Energy Solutions, Inc. | 3542 |
| 50755 | Baker Hughes Co. | 3098593 |
| 1823 | Bristow Group, Inc. | 85481 |
| 333 | Cactus, Inc. Class A | 15774 |
| 3709 | DMC Global, Inc.\* | 19324 |
| 57 | Energy Services of America Corp. | 748 |
| 4824 | Expro Group Holdings NV\* | 83986 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Energy Equipment & Services – (continued)** | **Energy Equipment & Services – (continued)** |  |
| 54 | Flowco Holdings, Inc. Class A | $1112 |
| 4070 | Forum Energy Technologies, Inc.\* | 238746 |
| 6633 | Geospace Technologies Corp.\* | 80923 |
| 14610 | Halliburton Co. | 569644 |
| 3563 | Helix Energy Solutions Group, Inc.\* | 35238 |
| 52 | Helmerich & Payne, Inc. | 1874 |
| 3862 | Innovex International, Inc.\* | 94194 |
| 410 | Kodiak Gas Services, Inc. | 23911 |
| 3773 | National Energy Services Reunited Corp.\* | 81006 |
| 3733 | Natural Gas Services Group, Inc. | 140884 |
| 784 | Noble Corp. PLC | 38471 |
| 9078 | NOV, Inc. | 170757 |
| 424 | Oceaneering International, Inc.\* | 15039 |
| 1223 | Oil States International, Inc.\* | 14236 |
| 9676 | Patterson-UTI Energy, Inc. | 104791 |
| 287 | ProPetro Holding Corp.\* | 4136 |
| 2786 | Ranger Energy Services, Inc. Class A | 47752 |
| 9394 | SEACOR Marine Holdings, Inc.\* | 67261 |
| 111 | Seadrill Ltd.\* | 5051 |
| 1008 | Select Water Solutions, Inc. | 15422 |
| 32333 | SLB Ltd. | 1661593 |
| 728 | Solaris Energy Infrastructure, Inc. | 41139 |
| 10184 | TechnipFMC PLC | 704020 |
| 7964 | TETRA Technologies, Inc.\* | 67853 |
| 1215 | Tidewater, Inc.\* | 101513 |
| 898 | Weatherford International PLC | 84933 |
|  |  | 7835075 |
| **Entertainment – 0.6%** | **Entertainment – 0.6%** |  |
| 6793 | Atlanta Braves Holdings, Inc. Class C\* | 290061 |
| 33 | Atlanta Braves Holdings, Inc. Class A\* | 1556 |
| 2679 | Cinemark Holdings, Inc. | 76405 |
| 32770 | CuriosityStream, Inc. | 96999 |
| 6004 | Electronic Arts, Inc. | 1224035 |
| 213 | IMAX Corp.\* | 8096 |
| 6518 | Liberty Media Corp.-Liberty Formula One Class C\* | 554160 |
| 1976 | Liberty Media Corp.-Liberty Formula One Class A\* | 154286 |
| 2590 | Lionsgate Studios Corp.\* | 24838 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Entertainment – (continued)** | **Entertainment – (continued)** |  |
| 4417 | Live Nation Entertainment, Inc.\* | $673637 |
| 2504 | Madison Square Garden Entertainment Corp.\* | 147511 |
| 898 | Madison Square Garden Sports Corp.\* | 288617 |
| 7103 | Marcus Corp. | 121959 |
| 9 | Meridian Holdings, Inc.\* | 65 |
| 189144 | Netflix, Inc.\* | 18186196 |
| 64723 | Playstudios, Inc.\* | 30368 |
| 96 | Playtika Holding Corp. | 267 |
| 14774 | Reservoir Media, Inc.\* | 144637 |
| 17940 | ROBLOX Corp. Class A\* | 1014686 |
| 2756 | Roku, Inc.\* | 260773 |
| 14904 | Skillz, Inc.\* | 38601 |
| 768 | Sphere Entertainment Co.\* | 90163 |
| 4523 | Spotify Technology SA\* | 2193248 |
| 21387 | Starz Entertainment Corp.\* | 245951 |
| 4890 | Take-Two Interactive Software, Inc.\* | 965775 |
| 2172 | TKO Group Holdings, Inc. | 437984 |
| 3672 | Vivid Seats, Inc. Class A\*<sup>(a)</sup> | 21702 |
| 72051 | Walt Disney Co. | 6944275 |
| 56335 | Warner Bros Discovery, Inc.\* | 1546959 |
| 4464 | Warner Music Group Corp. Class A | 114011 |
|  |  | 35897821 |
| **Financial Services – 1.4%** | **Financial Services – 1.4%** |  |
| 21044 | Acacia Research Corp.\* | 101222 |
| 1504 | Affirm Holdings, Inc.\* | 68913 |
| 6358 | Alerus Financial Corp. | 150748 |
| 22434 | Apollo Global Management, Inc. | 2499596 |
| 6217 | Banco Latinoamericano de Comercio Exterior SA | 317564 |
| 51337 | Berkshire Hathaway, Inc. Class B\* | 24600690 |
| 543 | Better Home & Finance Holding Co.\*<sup>(a)</sup> | 19342 |
| 9495 | Block, Inc.\* | 571409 |
| 621 | Burford Capital Ltd. | 2807 |
| 9455 | Cannae Holdings, Inc. | 107503 |
| 16785 | Cantaloupe, Inc.\* | 181446 |
| 5973 | Cass Information Systems, Inc. | 262931 |
| 770 | Chime Financial, Inc. Class A\* | 14422 |
| 7925 | Corebridge Financial, Inc. | 189091 |
| 5217 | Corpay, Inc.\* | 1518095 |
| 4516 | Enact Holdings, Inc. | 184298 |
| 6396 | Equitable Holdings, Inc. | 237356 |
| 5188 | Essent Group Ltd. | 303187 |
| 809 | Euronet Worldwide, Inc.\* | 53693 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Financial Services – (continued)** | **Financial Services – (continued)** |  |
| 3203 | EVERTEC, Inc. | $90389 |
| 578 | Federal Agricultural Mortgage Corp. Class C | 85746 |
| 2418 | Finance of America Cos., Inc. Class A\* | 40139 |
| 8986 | Fiserv, Inc.\* | 501419 |
| 515 | Flywire Corp.\* | 5995 |
| 3311 | Global Payments, Inc. | 222830 |
| 732 | International Money Express, Inc.\* | 11566 |
| 1822 | Jack Henry & Associates, Inc. | 287949 |
| 1535 | Jackson Financial, Inc. Class A | 162280 |
| 214 | loanDepot, Inc. Class A\* | 304 |
| 8827 | Marqeta, Inc. Class A\* | 36014 |
| 35617 | Mastercard, Inc. Class A | 17796390 |
| 928 | Merchants Bancorp | 39820 |
| 10997 | MGIC Investment Corp. | 288671 |
| 2164 | NCR Atleos Corp.\* | 94307 |
| 9229 | NewtekOne, Inc. | 101058 |
| 4004 | NMI Holdings, Inc.\* | 150190 |
| 2318 | Onity Group, Inc.\* | 91028 |
| 539 | Pagseguro Digital Ltd. Class A | 5401 |
| 1352 | Payoneer Global, Inc.\* | 6530 |
| 19646 | PayPal Holdings, Inc. | 888589 |
| 20922 | Paysign, Inc.\* | 123440 |
| 1704 | PennyMac Financial Services, Inc. | 148930 |
| 133 | Priority Technology Holdings, Inc.\* | 628 |
| 6051 | Radian Group, Inc. | 200167 |
| 820 | Remitly Global, Inc.\* | 12849 |
| 10108 | Repay Holdings Corp.\* | 26281 |
| 17217 | Rocket Cos., Inc. Class A\* | 245342 |
| 9219 | Security National Financial Corp. Class A\* | 87396 |
| 72 | Sezzle, Inc.\* | 4557 |
| 346 | Shift4 Payments, Inc. Class A\*<sup>(a)</sup> | 15131 |
| 1220 | StoneCo Ltd. Class A\* | 17226 |
| 5274 | Toast, Inc. Class A\* | 139814 |
| 329518 | Triller Group, Inc.\*<sup>(a)</sup> | 79051 |
| 93 | UWM Holdings Corp. | 337 |
| 10020 | Velocity Financial, Inc.\* | 181262 |
| 74110 | Visa, Inc. Class A | 22399006 |
| 2061 | Voya Financial, Inc. | 140808 |
| 248 | Walker & Dunlop, Inc. | 11006 |
| 12011 | Waterstone Financial, Inc. | 216558 |
| 12236 | Western Union Co. | 106820 |
| 97 | WEX, Inc.\* | 14845 |
|  |  | 76462382 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Food Products – 0.2%** | **Food Products – 0.2%** |  |
| 7322 | Alico, Inc. | $302106 |
| 14879 | Archer-Daniels-Midland Co. | 1081555 |
| 5193 | B&G Foods, Inc.<sup>(a)</sup> | 24978 |
| 156 | Beyond Meat, Inc.\*<sup>(a)</sup> | 109 |
| 46730 | BRC, Inc. Class A\*<sup>(a)</sup> | 36272 |
| 3871 | Bunge Global SA | 492391 |
| 4383 | Calavo Growers, Inc. | 113038 |
| 2767 | Cal-Maine Foods, Inc. | 219008 |
| 4967 | Campbell's Co.<sup>(a)</sup> | 110615 |
| 13766 | Conagra Brands, Inc. | 216402 |
| 4211 | Darling Ingredients, Inc.\* | 260450 |
| 9379 | Dole PLC | 134026 |
| 12639 | Flowers Foods, Inc. | 103008 |
| 25 | Forafric Global PLC\* | 241 |
| 7180 | Fresh Del Monte Produce, Inc. | 289067 |
| 65 | Freshpet, Inc.\* | 3832 |
| 12565 | General Mills, Inc. | 467669 |
| 13238 | Hain Celestial Group, Inc.\* | 9237 |
| 3984 | Hershey Co. | 828234 |
| 6242 | Hormel Foods Corp. | 141381 |
| 2120 | Ingredion, Inc. | 238839 |
| 1531 | J&J Snack Foods Corp. | 121362 |
| 2830 | J.M. Smucker Co. | 272925 |
| 2572 | John B Sanfilippo & Son, Inc. | 204037 |
| 21283 | Kraft Heinz Co. | 478655 |
| 2138 | Lamb Weston Holdings, Inc. | 90352 |
| 8790 | Lifeway Foods, Inc.\* | 169999 |
| 13651 | Limoneira Co. | 183196 |
| 15611 | Mama's Creations, Inc.\* | 239473 |
| 1077 | Marzetti Co. | 148981 |
| 5463 | McCormick & Co., Inc. | 275554 |
| 6731 | Mission Produce, Inc.\* | 92619 |
| 32135 | Mondelez International, Inc. Class A | 1852261 |
| 1660 | Pilgrim's Pride Corp. | 62682 |
| 2369 | Post Holdings, Inc.\* | 234199 |
| 62 | Seaboard Corp. | 350549 |
| 2625 | Seneca Foods Corp. Class A\* | 396690 |
| 4122 | Simply Good Foods Co.\* | 59151 |
| 10144 | Smithfield Foods, Inc. | 283728 |
| 465 | SunOpta, Inc.\* | 3013 |
| 6886 | Tootsie Roll Industries, Inc. | 294170 |
| 3056 | TreeHouse Foods, Inc.\* | 5898 |
| 7365 | Tyson Foods, Inc. Class A | 471876 |
| 8580 | Utz Brands, Inc. | 67954 |
| 2160 | Vital Farms, Inc.\* | 30499 |
| 12225 | Westrock Coffee Co.\*<sup>(a)</sup> | 51956 |
|  |  | 11514237 |
| **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** |  |
| 4806 | Atmos Energy Corp. | 887764 |
| 2091 | Chesapeake Utilities Corp. | 264240 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Gas Utilities – (continued)** | **Gas Utilities – (continued)** |  |
| 10023 | MDU Resources Group, Inc. | $207676 |
| 4735 | National Fuel Gas Co. | 444901 |
| 5042 | New Jersey Resources Corp. | 276907 |
| 6384 | Northwest Natural Holding Co. | 339756 |
| 3744 | ONE Gas, Inc. | 322471 |
| 2 | RGC Resources, Inc. | 44 |
| 3110 | Southwest Gas Holdings, Inc. | 270259 |
| 4291 | Spire, Inc. | 388507 |
| 16378 | Star Group LP | 201122 |
| 10284 | UGI Corp. | 374543 |
|  |  | 3978190 |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |  |
| 188 | ArcBest Corp. | 18492 |
| 392 | Avis Budget Group, Inc.\*<sup>(a)</sup> | 57173 |
| 3920 | Covenant Logistics Group, Inc. | 106428 |
| 44311 | CSX Corp. | 1818967 |
| 2498 | FTAI Infrastructure, Inc. | 12340 |
| 9006 | Heartland Express, Inc. | 93662 |
| 6488 | Hertz Global Holdings, Inc.\*<sup>(a)</sup> | 29910 |
| 1238 | JB Hunt Transport Services, Inc. | 262332 |
| 1166 | Knight-Swift Transportation Holdings, Inc. | 67138 |
| 887 | Landstar System, Inc. | 142195 |
| 9109 | Lyft, Inc. Class A\* | 121150 |
| 13086 | Marten Transport Ltd. | 171819 |
| 6018 | Norfolk Southern Corp. | 1727166 |
| 2214 | Old Dominion Freight Line, Inc. | 432616 |
| 5216 | PAMT Corp.\* | 44075 |
| 47 | RXO, Inc.\* | 687 |
| 643 | Ryder System, Inc. | 131629 |
| 591 | Schneider National, Inc. Class B | 15579 |
| 58842 | Uber Technologies, Inc.\* | 4232505 |
| 1372 | U-Haul Holding Co.\* | 65554 |
| 2107 | U-Haul Holding Co. | 94120 |
| 25600 | Union Pacific Corp. | 6211072 |
| 175 | Universal Logistics Holdings, Inc. | 3699 |
| 1075 | Werner Enterprises, Inc. | 31616 |
| 8397 | XPO, Inc.\* | 1633636 |
|  |  | 17525560 |
| **Health Care Equipment & Supplies – 0.7%** | **Health Care Equipment & Supplies – 0.7%** |  |
| 69672 | Abbott Laboratories | 7153224 |
| 29121 | Accuray, Inc.\* | 11302 |
| 5478 | Align Technology, Inc.\* | 939094 |
| 8272 | Alphatec Holdings, Inc.\* | 89999 |
| 12169 | AngioDynamics, Inc.\* | 138362 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |  |
| 165 | Anteris Technologies Global Corp.\* | $916 |
| 4938 | Artivion, Inc.\* | 180830 |
| 1618 | AtriCure, Inc.\* | 46162 |
| 4331 | Avanos Medical, Inc.\* | 60677 |
| 4761 | Axogen, Inc.\* | 157732 |
| 4579 | Baxter International, Inc. | 76927 |
| 6449 | Becton Dickinson & Co. | 1013976 |
| 399 | Beta Bionics, Inc.\* | 3998 |
| 1569 | Bioventus, Inc. Class A\* | 14325 |
| 38321 | Boston Scientific Corp.\* | 2404643 |
| 951 | Butterfly Network, Inc.\* | 3842 |
| 19 | CapsoVision, Inc.\* | 138 |
| 36514 | Cerus Corp.\* | 66455 |
| 6866 | ClearPoint Neuro, Inc.\* | 62481 |
| 550 | CONMED Corp. | 19448 |
| 2446 | Cooper Cos., Inc.\* | 174889 |
| 8844 | CVRx, Inc.\* | 83664 |
| 6355 | Delcath Systems, Inc.\* | 58974 |
| 1445 | Dentsply Sirona, Inc. | 16762 |
| 6649 | Dexcom, Inc.\* | 417557 |
| 15600 | Edwards Lifesciences Corp.\* | 1249248 |
| 4410 | Electromed, Inc.\* | 103238 |
| 1871 | Embecta Corp. | 16540 |
| 3861 | Envista Holdings Corp.\* | 97954 |
| 14317 | Fractyl Health, Inc.\* | 6554 |
| 9550 | GE HealthCare Technologies, Inc. | 679769 |
| 479 | Glaukos Corp.\* | 51569 |
| 1056 | Globus Medical, Inc. Class A\* | 90985 |
| 594 | Haemonetics Corp.\* | 33478 |
| 6163 | Hologic, Inc.\* | 465861 |
| 191 | ICU Medical, Inc.\* | 24668 |
| 2434 | IDEXX Laboratories, Inc.\* | 1367640 |
| 15487 | Inogen, Inc.\* | 95710 |
| 135 | Inspire Medical Systems, Inc.\* | 6963 |
| 2083 | Insulet Corp.\* | 437097 |
| 710 | Integer Holdings Corp.\* | 62480 |
| 10182 | Intuitive Surgical, Inc.\* | 4693800 |
| 3278 | iRadimed Corp. | 315540 |
| 1644 | IRhythm Holdings, Inc.\* | 194025 |
| 1382 | Kestra Medical Technologies Ltd.\* | 27543 |
| 210 | KORU Medical Systems, Inc.\* | 907 |
| 1389 | Lantheus Holdings, Inc.\* | 105356 |
| 1603 | LeMaitre Vascular, Inc. | 174999 |
| 46 | LENSAR, Inc.\* | 274 |
| 188 | Lucid Diagnostics, Inc.\* | 216 |
| 618 | Masimo Corp.\* | 109924 |
| 62918 | Medtronic PLC | 5451845 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |  |
| 1447 | Merit Medical Systems, Inc.\* | $99742 |
| 172 | Myomo, Inc.\* | 116 |
| 100993 | Neuronetics, Inc.\*<sup>(a)</sup> | 146440 |
| 5653 | NeuroPace, Inc.\* | 74337 |
| 1010 | Novocure Ltd.\* | 11009 |
| 652 | Omnicell, Inc.\* | 21764 |
| 26509 | OraSure Technologies, Inc.\* | 79527 |
| 10303 | Orchestra BioMed Holdings, Inc.\* | 43788 |
| 8915 | Orthofix Medical, Inc.\* | 102255 |
| 5569 | OrthoPediatrics Corp.\* | 88380 |
| 7142 | Outset Medical, Inc.\* | 27425 |
| 4719 | Paragon 28, Inc.\*<sup>(b)</sup> | 425 |
| 703 | Penumbra, Inc.\* | 230844 |
| 16 | Picard Medical, Inc.\* | 17 |
| 565 | PROCEPT BioRobotics Corp.\* | 14131 |
| 10 | Pro-Dex, Inc.\* | 491 |
| 188 | Pulmonx Corp.\* | 243 |
| 1720 | Pulse Biosciences, Inc.\*<sup>(a)</sup> | 37135 |
| 142 | QuidelOrtho Corp.\* | 2333 |
| 3892 | ResMed, Inc. | 873676 |
| 1837 | RxSight, Inc.\* | 11316 |
| 6003 | Sanara Medtech, Inc.\* | 103132 |
| 3842 | SANUWAVE Health, Inc.\*<sup>(a)</sup> | 66428 |
| 10185 | Senseonics Holdings, Inc.\*<sup>(a)</sup> | 67832 |
| 6917 | SI-BONE, Inc.\* | 87362 |
| 13320 | Sight Sciences, Inc.\* | 50216 |
| 2984 | Solventum Corp.\* | 194855 |
| 10588 | SS Innovations International, Inc.\*<sup>(a)</sup> | 52940 |
| 1362 | STAAR Surgical Co.\* | 25469 |
| 63982 | Stereotaxis, Inc.\* | 117727 |
| 7937 | STERIS PLC | 1755109 |
| 11 | Strive, Inc. Class A\* | 110 |
| 8824 | Stryker Corp. | 2899478 |
| 4461 | Tactile Systems Technology, Inc.\* | 116566 |
| 335 | Tandem Diabetes Care, Inc.\* | 6422 |
| 620 | Teleflex, Inc. | 74158 |
| 977 | TransMedics Group, Inc.\* | 97124 |
| 39004 | Treace Medical Concepts, Inc.\* | 52265 |
| 37 | UFP Technologies, Inc.\* | 7163 |
| 4276 | Utah Medical Products, Inc. | 265069 |
| 3888 | Zimmer Biomet Holdings, Inc. | 351553 |
|  |  | 37316932 |
| **Health Care Providers & Services – 0.7%** | **Health Care Providers & Services – 0.7%** |  |
| 29357 | Accendra Health, Inc.\* | 66934 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |  |
| 15966 | AdaptHealth Corp.\* | $189995 |
| 1153 | Addus HomeCare Corp.\* | 107978 |
| 59 | agilon health, Inc.\* | 467 |
| 24308 | AirSculpt Technologies, Inc.\*<sup>(a)</sup> | 68792 |
| 11655 | Alignment Healthcare, Inc.\* | 205361 |
| 1878 | AMN Healthcare Services, Inc.\* | 34443 |
| 10358 | Ardent Health, Inc.\* | 88664 |
| 3971 | Astrana Health, Inc.\* | 97369 |
| 15031 | Aveanna Healthcare Holdings, Inc.\* | 96800 |
| 8487 | BrightSpring Health Services, Inc.\* | 361631 |
| 20381 | Brookdale Senior Living, Inc.\* | 278812 |
| 7848 | Cardinal Health, Inc. | 1658361 |
| 1290 | Castle Biosciences, Inc.\* | 31670 |
| 6045 | Cencora, Inc. | 1898976 |
| 9012 | Centene Corp.\* | 295053 |
| 340 | Chemed Corp. | 128432 |
| 6338 | Cigna Group | 1690662 |
| 9205 | Clover Health Investments Corp.\* | 16201 |
| 10122 | Community Health Systems, Inc.\* | 29759 |
| 4636 | Concentra Group Holdings Parent, Inc. | 99442 |
| 1789 | CorVel Corp.\* | 97769 |
| 24182 | Cross Country Healthcare, Inc.\* | 227311 |
| 34174 | CVS Health Corp. | 2454377 |
| 1251 | DaVita, Inc.\* | 192266 |
| 11347 | Elevance Health, Inc. | 3321834 |
| 3743 | Encompass Health Corp. | 362060 |
| 9665 | Enhabit, Inc.\* | 136180 |
| 2744 | Ensign Group, Inc. | 552916 |
| 3220 | Fulgent Genetics, Inc.\* | 51198 |
| 687 | GeneDx Holdings Corp.\* | 44119 |
| 3529 | Guardant Health, Inc.\* | 325974 |
| 3879 | Guardian Pharmacy Services, Inc. Class A\* | 146083 |
| 7974 | HCA Healthcare, Inc. | 3773616 |
| 1744 | HealthEquity, Inc.\* | 145746 |
| 3682 | Henry Schein, Inc.\* | 271363 |
| 2488 | Hims & Hers Health, Inc.\* | 51651 |
| 43 | Hinge Health, Inc. Class A\* | 1658 |
| 2735 | Humana, Inc. | 474222 |
| 11675 | InfuSystem Holdings, Inc.\* | 107760 |
| 79 | Innovage Holding Corp.\* | 634 |
| 21142 | Joint Corp.\* | 187107 |
| 2617 | Labcorp Holdings, Inc. | 698242 |
| 6674 | LifeStance Health Group, Inc.\* | 42513 |
| 3970 | McKesson Corp. | 3435479 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |  |
| 533 | Molina Healthcare, Inc.\* | $71049 |
| 74 | Nano-X Imaging Ltd.\* | 168 |
| 1077 | National HealthCare Corp. | 171997 |
| 9481 | National Research Corp. | 160987 |
| 60 | NeoGenomics, Inc.\* | 445 |
| 988 | Nutex Health, Inc.\*<sup>(a)</sup> | 93900 |
| 6632 | Omada Health, Inc.\* | 83364 |
| 41378 | Oncology Institute, Inc.\* | 127030 |
| 64894 | OPKO Health, Inc.\* | 73979 |
| 9863 | Option Care Health, Inc.\* | 265512 |
| 3898 | PACS Group, Inc.\* | 125204 |
| 12147 | Pediatrix Medical Group, Inc.\* | 259824 |
| 1780 | Pennant Group, Inc.\* | 54254 |
| 7466 | Privia Health Group, Inc.\* | 153576 |
| 8425 | Progyny, Inc.\* | 143057 |
| 3883 | Quest Diagnostics, Inc. | 760990 |
| 663 | RadNet, Inc.\* | 37055 |
| 3 | SBC Medical Group Holdings, Inc.\* | 13 |
| 5522 | Select Medical Holdings Corp. | 89953 |
| 6336 | Sonida Senior Living, Inc.\* | 204336 |
| 14029 | Strata Critical Medical, Inc.\* | 58641 |
| 6251 | Surgery Partners, Inc.\* | 74512 |
| 35677 | Talkspace, Inc.\* | 184628 |
| 2782 | Tenet Healthcare Corp.\* | 524991 |
| 1223 | U.S. Physical Therapy, Inc. | 91676 |
| 35807 | UnitedHealth Group, Inc. | 9689016 |
| 1794 | Universal Health Services, Inc. Class B | 321072 |
| 31989 | Viemed Healthcare, Inc.\* | 294619 |
|  |  | 38663728 |
| **Health Care REITs – 0.2%** | **Health Care REITs – 0.2%** |  |
| 2449 | Alexandria Real Estate Equities, Inc. | 113682 |
| 7666 | American Healthcare REIT, Inc. | 361528 |
| 10137 | CareTrust REIT, Inc. | 371521 |
| 4462 | Chiron Real Estate, Inc. | 147603 |
| 14108 | Community Healthcare Trust, Inc. | 224176 |
| 33970 | Diversified Healthcare Trust | 225561 |
| 14309 | Healthcare Realty Trust, Inc. | 243110 |
| 14004 | Healthpeak Properties, Inc. | 230086 |
| 6913 | LTC Properties, Inc. | 256887 |
| 13674 | Medical Properties Trust, Inc. | 63311 |
| 3347 | National Health Investors, Inc. | 270638 |
| 9912 | Omega Healthcare Investors, Inc. | 434344 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care REITs – (continued)** | **Health Care REITs – (continued)** |  |
| 11992 | Sabra Health Care REIT, Inc. | $230606 |
| 8445 | Sila Realty Trust, Inc. | 199978 |
| 34 | Strawberry Fields REIT, Inc. | 405 |
| 7626 | Universal Health Realty Income Trust | 308624 |
| 13428 | Ventas, Inc. | 1098142 |
| 17608 | Welltower, Inc. | 3481278 |
|  |  | 8261480 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |  |
| 2920 | Certara, Inc.\* | 16644 |
| 2309 | Claritev Corp.\* | 37729 |
| 2722 | Doximity, Inc. Class A\* | 63423 |
| 349 | Evolent Health, Inc. Class A\* | 796 |
| 11730 | GoodRx Holdings, Inc. Class A\* | 22991 |
| 17012 | Health Catalyst, Inc.\* | 21605 |
| 6662 | HealthStream, Inc. | 137970 |
| 587 | HeartFlow, Inc.\* | 14282 |
| 16953 | LifeMD, Inc.\* | 61200 |
| 8594 | OptimizeRx Corp.\* | 53970 |
| 4257 | Phreesia, Inc.\* | 35674 |
| 836 | Schrodinger, Inc.\* | 9497 |
| 1705 | Simulations Plus, Inc.\* | 20153 |
| 5681 | Teladoc Health, Inc.\* | 30961 |
| 6114 | TruBridge, Inc.\* | 89509 |
| 4625 | Veeva Systems, Inc. Class A\* | 812427 |
| 4696 | Waystar Holding Corp.\* | 113221 |
|  |  | 1542052 |
| **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** |  |
| 5672 | Apple Hospitality REIT, Inc. | 65285 |
| 18426 | Braemar Hotels & Resorts, Inc. | 43485 |
| 17638 | Chatham Lodging Trust | 138811 |
| 7373 | DiamondRock Hospitality Co. | 69085 |
| 15559 | Host Hotels & Resorts, Inc. | 298110 |
| 3045 | Park Hotels & Resorts, Inc. | 32064 |
| 3664 | Pebblebrook Hotel Trust | 46276 |
| 3294 | RLJ Lodging Trust | 24442 |
| 1223 | Ryman Hospitality Properties, Inc. | 112846 |
| 4728 | Sunstone Hotel Investors, Inc. | 42599 |
| 2066 | Xenia Hotels & Resorts, Inc. | 30639 |
|  |  | 903642 |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |  |
| 10966 | Accel Entertainment, Inc.\* | 119639 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |  |
| 10811 | Airbnb, Inc. Class A\* | $1365213 |
| 5745 | Aramark | 232902 |
| 47 | Bally's Corp.\* | 453 |
| 605 | BJ's Restaurants, Inc.\* | 21236 |
| 3721 | Black Rock Coffee Bar, Inc. Class A\* | 48075 |
| 2131 | Bloomin' Brands, Inc. | 11507 |
| 1591 | Booking Holdings, Inc. | 6698619 |
| 2465 | Boyd Gaming Corp. | 202574 |
| 683 | Brinker International, Inc.\* | 97512 |
| 4245 | Caesars Entertainment, Inc.\* | 112195 |
| 23301 | Carnival Corp. | 603030 |
| 490 | Cava Group, Inc.\* | 39641 |
| 13987 | Century Casinos, Inc.\* | 19442 |
| 752 | Cheesecake Factory, Inc. | 41172 |
| 28048 | Chipotle Mexican Grill, Inc.\* | 897816 |
| 1498 | Choice Hotels International, Inc.<sup>(a)</sup> | 155043 |
| 1117 | Churchill Downs, Inc. | 100340 |
| 30 | Cracker Barrel Old Country Store, Inc. | 843 |
| 3663 | Darden Restaurants, Inc. | 718095 |
| 957 | Dine Brands Global, Inc. | 25112 |
| 709 | Domino's Pizza, Inc. | 254382 |
| 9812 | DoorDash, Inc. Class A\* | 1473272 |
| 4899 | DraftKings, Inc. Class A\* | 105916 |
| 575 | Dutch Bros, Inc. Class A\* | 29130 |
| 6930 | El Pollo Loco Holdings, Inc.\* | 96050 |
| 3345 | Expedia Group, Inc. | 772327 |
| 2282 | First Watch Restaurant Group, Inc.\* | 23915 |
| 3740 | Flutter Entertainment PLC\* | 381293 |
| 1062 | Genius Sports Ltd.\* | 4705 |
| 3460 | Global Business Travel Group I\* | 19307 |
| 635 | Golden Entertainment, Inc. | 16948 |
| 1347 | Hilton Grand Vacations, Inc.\* | 52695 |
| 11934 | Hilton Worldwide Holdings, Inc. | 3628891 |
| 355 | Hyatt Hotels Corp. Class A | 51045 |
| 11067 | Inspired Entertainment, Inc.\* | 78908 |
| 72 | Jack in the Box, Inc.\* | 696 |
| 47 | Krispy Kreme, Inc. | 159 |
| 30 | Kura Sushi USA, Inc. Class A\* | 2094 |
| 8359 | Las Vegas Sands Corp. | 450383 |
| 1787 | Life Time Group Holdings, Inc.\* | 48142 |
| 3860 | Lindblad Expeditions Holdings, Inc.\* | 66778 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |  |
| 793 | Lucky Strike Entertainment Corp.<sup>(a)</sup> | $6598 |
| 11035 | Marriott International, Inc. Class A | 3609217 |
| 17897 | McDonald's Corp. | 5562209 |
| 3744 | MGM Resorts International\* | 138565 |
| 1701 | Monarch Casino & Resort, Inc. | 162616 |
| 3155 | Nathan's Famous, Inc. | 317803 |
| 146 | Navan, Inc. Class A\* | 1933 |
| 2976 | Norwegian Cruise Line Holdings Ltd.\* | 55651 |
| 533 | Papa John's International, Inc. | 17275 |
| 1779 | Planet Fitness, Inc. Class A\* | 132322 |
| 7565 | Portillo's, Inc. Class A\* | 40019 |
| 3597 | Pursuit Attractions & Hospitality, Inc.\* | 131758 |
| 1498 | RCI Hospitality Holdings, Inc. | 34169 |
| 18432 | Red Robin Gourmet Burgers, Inc.\* | 54006 |
| 1586 | Red Rock Resorts, Inc. Class A | 84629 |
| 16756 | Restaurant Brands International, Inc. | 1238268 |
| 6736 | Royal Caribbean Cruises Ltd. | 1853612 |
| 1264 | Rush Street Interactive, Inc.\* | 27492 |
| 19725 | Sabre Corp.\* | 28601 |
| 270 | Serve Robotics, Inc.\*<sup>(a)</sup> | 2279 |
| 189 | Shake Shack, Inc. Class A\* | 16721 |
| 1752 | SHARPLINK, Inc.\* | 11300 |
| 372 | Six Flags Entertainment Corp.\* | 6603 |
| 25009 | Starbucks Corp. | 2240556 |
| 773 | Super Group SGHC Ltd. | 8348 |
| 503 | Sweetgreen, Inc. Class A\* | 2611 |
| 1125 | Target Hospitality Corp.\* | 10440 |
| 1479 | Texas Roadhouse, Inc. | 244242 |
| 2136 | Travel & Leisure Co. | 147790 |
| 125 | United Parks & Resorts, Inc.\* | 4083 |
| 790 | Vail Resorts, Inc. | 101373 |
| 3236 | Viking Holdings Ltd.\* | 237781 |
| 4995 | Wendy's Co. | 34715 |
| 235 | Wingstop, Inc. | 36418 |
| 1495 | Wyndham Hotels & Resorts, Inc. | 121439 |
| 2067 | Wynn Resorts Ltd. | 209904 |
| 5550 | Xponential Fitness, Inc. Class A\* | 33411 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |  |
| 7797 | Yum! Brands, Inc. | $1212278 |
|  |  | 37246530 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** |  |
| 222 | Cavco Industries, Inc.\* | 107512 |
| 1118 | Century Communities, Inc. | 64151 |
| 720 | Champion Homes, Inc.\* | 53546 |
| 11590 | Cricut, Inc. Class A | 43347 |
| 5933 | DR Horton, Inc. | 814126 |
| 34 | Dream Finders Homes, Inc. Class A\* | 473 |
| 6562 | Ethan Allen Interiors, Inc. | 146070 |
| 568 | Flexsteel Industries, Inc. | 25526 |
| 49238 | GoPro, Inc. Class A\* | 37913 |
| 730 | Green Brick Partners, Inc.\* | 47049 |
| 3193 | Hamilton Beach Brands Holding Co. Class A | 60507 |
| 157 | Helen of Troy Ltd.\* | 2264 |
| 6955 | Hooker Furnishings Corp.<sup>(a)</sup> | 89580 |
| 365 | Hovnanian Enterprises, Inc. Class A\* | 40482 |
| 516 | Installed Building Products, Inc. | 136817 |
| 1628 | KB Home | 84249 |
| 518 | La-Z-Boy, Inc. | 16649 |
| 6699 | Legacy Housing Corp.\* | 136861 |
| 6540 | Leggett & Platt, Inc. | 64615 |
| 3464 | Lennar Corp. Class A | 300814 |
| 5467 | Lifetime Brands, Inc. | 31381 |
| 3629 | Lovesac Co.\* | 53600 |
| 680 | M/I Homes, Inc.\* | 83266 |
| 444 | Meritage Homes Corp. | 27457 |
| 1188 | Mohawk Industries, Inc.\* | 116970 |
| 57 | NVR, Inc.\* | 375620 |
| 4270 | PulteGroup, Inc. | 502195 |
| 90709 | Purple Innovation, Inc.\* | 59977 |
| 538 | SharkNinja, Inc.\* | 56974 |
| 1418 | Smith Douglas Homes Corp.\* | 18150 |
| 7193 | Somnigroup International, Inc. | 531707 |
| 2898 | Sonos, Inc.\* | 38833 |
| 2450 | Taylor Morrison Home Corp.\* | 142688 |
| 1702 | Toll Brothers, Inc. | 232272 |
| 632 | TopBuild Corp.\* | 222022 |
| 331 | Traeger, Inc.\* | 9599 |
| 2667 | Tri Pointe Homes, Inc.\* | 124629 |
| 93 | Whirlpool Corp. | 5015 |
|  |  | 4904906 |
| **Household Products – 0.2%** | **Household Products – 0.2%** |  |
| 2958 | Central Garden & Pet Co. Class A\* | 95898 |
| 5668 | Church & Dwight Co., Inc. | 528938 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Household Products – (continued)** | **Household Products – (continued)** |  |
| 2705 | Clorox Co. | $280319 |
| 21656 | Colgate-Palmolive Co. | 1845741 |
| 2076 | Energizer Holdings, Inc. | 34088 |
| 7851 | Kimberly-Clark Corp. | 757386 |
| 5042 | Oil-Dri Corp. of America | 328184 |
| 57284 | Procter & Gamble Co. | 8274101 |
| 5093 | Reynolds Consumer Products, Inc. | 107870 |
| 567 | Spectrum Brands Holdings, Inc. | 41788 |
| 1425 | WD-40 Co. | 290614 |
|  |  | 12584927 |
| **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** | **Independent Power and Renewable Electricity Producers – 0.1%** |
| 12025 | AES Corp. | 169432 |
| 5453 | Brookfield Renewable Corp. | 217193 |
| 6546 | Clearway Energy, Inc. Class C | 257192 |
| 6037 | Clearway Energy, Inc. Class A | 236469 |
| 3386 | Hallador Energy Co.\* | 55124 |
| 11551 | Montauk Renewables, Inc.\* | 13284 |
| 3174 | Ormat Technologies, Inc. | 355234 |
| 950 | Talen Energy Corp.\* | 303269 |
| 8703 | Vistra Corp. | 1308322 |
|  |  | 2915519 |
| **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |  |
| 13387 | 3M Co. | 1944194 |
| 40 | Brookfield Business Corp. Class A | 1265 |
| 25493 | Honeywell International, Inc. | 5762183 |
|  |  | 7707642 |
| **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** |  |
| 6969 | Americold Realty Trust, Inc. | 79865 |
| 1581 | EastGroup Properties, Inc. | 292627 |
| 4288 | First Industrial Realty Trust, Inc. | 248061 |
| 24629 | Industrial Logistics Properties Trust | 139893 |
| 389 | Lineage, Inc. | 12744 |
| 4107 | LXP Industrial Trust | 189990 |
| 11784 | One Liberty Properties, Inc. | 252885 |
| 22715 | Prologis, Inc. | 3002469 |
| 5028 | Rexford Industrial Realty, Inc. | 164566 |
| 6793 | STAG Industrial, Inc. | 244955 |
| 2446 | Terreno Realty Corp. | 150233 |
|  |  | 4778288 |
| **Insurance – 0.7%** | **Insurance – 0.7%** |  |
| 1479 | Abacus Global Management, Inc.<sup>(a)</sup> | 11655 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Insurance – (continued)** | **Insurance – (continued)** |  |
| 2829 | Accelerant Holdings Class A\* | $37795 |
| 13403 | Aflac, Inc. | 1470443 |
| 7114 | Allstate Corp. | 1475017 |
| 11366 | American Coastal Insurance Corp. | 127868 |
| 2674 | American Financial Group, Inc. | 341497 |
| 15616 | American International Group, Inc. | 1175104 |
| 6383 | AMERISAFE, Inc. | 212745 |
| 5747 | Aon PLC Class A | 1855017 |
| 9539 | Arch Capital Group Ltd.\* | 915649 |
| 5819 | Arthur J Gallagher & Co. | 1260279 |
| 1666 | Assurant, Inc. | 362871 |
| 1817 | Assured Guaranty Ltd. | 148049 |
| 16671 | Aviva PLC | 133791 |
| 3585 | Axis Capital Holdings Ltd. | 363555 |
| 347 | Baldwin Insurance Group, Inc.\* | 7613 |
| 3499 | Bowhead Specialty Holdings, Inc.\* | 78483 |
| 2979 | Brighthouse Financial, Inc.\* | 178383 |
| 22405 | Brown & Brown, Inc. | 1461030 |
| 4655 | Cincinnati Financial Corp. | 732464 |
| 16318 | Citizens, Inc.\*<sup>(a)</sup> | 82080 |
| 4757 | CNA Financial Corp. | 218441 |
| 5409 | CNO Financial Group, Inc. | 222094 |
| 11450 | Crawford & Co. Class A | 114157 |
| 14737 | Donegal Group, Inc. Class A | 253182 |
| 3285 | eHealth, Inc.\* | 4238 |
| 3505 | Employers Holdings, Inc. | 144196 |
| 338 | Erie Indemnity Co. Class A | 84943 |
| 1011 | Everest Group Ltd. | 330445 |
| 3782 | F&G Annuities & Life, Inc. | 95760 |
| 7013 | Fidelity National Financial, Inc. | 325263 |
| 3042 | First American Financial Corp. | 183402 |
| 23358 | Genworth Financial, Inc.\* | 189667 |
| 3224 | Global Indemnity Group LLC Class A | 87790 |
| 3829 | Globe Life, Inc. | 532882 |
| 196 | Goosehead Insurance, Inc. Class A\* | 8361 |
| 16402 | Greenlight Capital Re Ltd. Class A\* | 283591 |
| 7355 | Hagerty, Inc. Class A\* | 77448 |
| 11327 | Hamilton Insurance Group Ltd. Class B | 337884 |
| 2066 | Hanover Insurance Group, Inc. | 358141 |
| 8411 | Hartford Insurance Group, Inc. | 1137420 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Insurance – (continued)** | **Insurance – (continued)** |  |
| 1745 | HCI Group, Inc. | $269794 |
| 8305 | Heritage Insurance Holdings, Inc.\* | 218006 |
| 3939 | Hippo Holdings, Inc.\* | 102650 |
| 6996 | Horace Mann Educators Corp. | 298589 |
| 605 | Investors Title Co. | 131491 |
| 18411 | James River Group Holdings, Inc. | 115989 |
| 1852 | Kemper Corp. | 56597 |
| 10 | Kestrel Group Ltd.\* | 108 |
| 3816 | Kingstone Cos., Inc. | 55599 |
| 20363 | Kingsway Financial Services, Inc.\* | 212386 |
| 387 | Kinsale Capital Group, Inc. | 132222 |
| 1094 | Lemonade, Inc.\* | 68572 |
| 8190 | Lincoln National Corp. | 290745 |
| 6556 | Loews Corp. | 699787 |
| 426 | Markel Group, Inc.\* | 815394 |
| 12035 | Marsh & McLennan Cos., Inc. | 2087471 |
| 17087 | MBIA, Inc.\* | 100984 |
| 2041 | Mercury General Corp. | 179914 |
| 14193 | MetLife, Inc. | 1003729 |
| 6233 | Neptune Insurance Holdings, Inc. Class A\* | 150776 |
| 12282 | NI Holdings, Inc.\* | 158315 |
| 3593 | Octave Specialty Group, Inc.\* | 16707 |
| 10828 | Old Republic International Corp. | 432037 |
| 960 | Oscar Health, Inc. Class A\* | 11011 |
| 1012 | Palomar Holdings, Inc.\* | 120934 |
| 789 | Primerica, Inc. | 197629 |
| 6253 | Principal Financial Group, Inc. | 563458 |
| 11623 | ProAssurance Corp.\* | 287321 |
| 26312 | Progressive Corp. | 5216091 |
| 8427 | Prudential Financial, Inc. | 823234 |
| 1533 | Reinsurance Group of America, Inc. | 312977 |
| 1556 | RenaissanceRe Holdings Ltd. | 462490 |
| 2576 | RLI Corp. | 146935 |
| 60 | Root, Inc. Class A\* | 2650 |
| 2452 | Ryan Specialty Holdings, Inc. | 82731 |
| 2395 | Safety Insurance Group, Inc. | 173973 |
| 2060 | Selective Insurance Group, Inc. | 155303 |
| 7563 | Selectquote, Inc.\* | 4761 |
| 11380 | SiriusPoint Ltd.\* | 245125 |
| 1208 | Skyward Specialty Insurance Group, Inc.\* | 52765 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Insurance – (continued)** | **Insurance – (continued)** |  |
| 7104 | Slide Insurance Holdings, Inc.\* | $127872 |
| 1077 | Stewart Information Services Corp. | 66322 |
| 1607 | Tiptree, Inc. | 27190 |
| 6141 | Travelers Cos., Inc. | 1791207 |
| 180 | Trupanion, Inc.\* | 4610 |
| 3328 | TWFG, Inc.\* | 61202 |
| 6000 | United Fire Group, Inc. | 222360 |
| 8879 | Universal Insurance Holdings, Inc. | 303307 |
| 5146 | Unum Group | 375812 |
| 11040 | W.R. Berkley Corp. | 731731 |
| 78 | White Mountains Insurance Group Ltd. | 171363 |
| 2766 | Willis Towers Watson PLC | 804076 |
|  |  | 38564995 |
| **Interactive Media & Services – 2.4%** | **Interactive Media & Services – 2.4%** |  |
| 138123 | Alphabet, Inc. Class C | 39621964 |
| 160466 | Alphabet, Inc. Class A | 46143603 |
| 574 | Angi, Inc. | 3932 |
| 26271 | Arena Group Holdings, Inc.\* | 57008 |
| 7305 | Bumble, Inc. Class A\* | 23814 |
| 1539 | Cargurus, Inc.\* | 52403 |
| 3772 | EverQuote, Inc. Class A\* | 58164 |
| 6403 | fuboTV, Inc. Class A\*<sup>(a)</sup> | 60572 |
| 177 | Grindr, Inc.\* | 2140 |
| 1214 | IAC, Inc.\* | 48596 |
| 6011 | Match Group, Inc. | 184598 |
| 4255 | MediaAlpha, Inc. Class A\* | 39572 |
| 86482 | Meta Platforms, Inc. Class A | 49478947 |
| 15326 | Nextdoor Holdings, Inc.\* | 21456 |
| 7537 | Pinterest, Inc. Class A\* | 138229 |
| 322 | QuinStreet, Inc.\* | 3867 |
| 2653 | Reddit, Inc. Class A\* | 357227 |
| 121 | Rumble, Inc.\* | 617 |
| 43 | Shutterstock, Inc. | 714 |
| 4120 | Snap, Inc. Class A\* | 18952 |
| 13201 | Taboola.com Ltd.\* | 40923 |
| 8279 | Travelzoo\* | 49012 |
| 3234 | TripAdvisor, Inc.\* | 34474 |
| 427 | Trump Media & Technology Group Corp.\* | 3963 |
| 3676 | Webtoon Entertainment, Inc.\*<sup>(a)</sup> | 33782 |
| 2542 | Yelp, Inc.\* | 62889 |
| 1431 | Ziff Davis, Inc.\* | 60045 |
| 6341 | ZipRecruiter, Inc. Class A\* | 11667 |
| 4914 | ZoomInfo Technologies, Inc.\* | 29386 |
|  |  | 136642516 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **IT Services – 0.4%** | **IT Services – 0.4%** |  |
| 14463 | Accenture PLC Class A | $2867868 |
| 22180 | Akamai Technologies, Inc.\* | 2547373 |
| 3609 | Amdocs Ltd. | 235523 |
| 2881 | Applied Digital Corp.\* | 68395 |
| 1120 | ASGN, Inc.\* | 43355 |
| 18170 | Backblaze, Inc. Class A\* | 62686 |
| 492 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> | 1732 |
| 8599 | Cloudflare, Inc. Class A\* | 1774318 |
| 11893 | Cognizant Technology Solutions Corp. Class A | 729636 |
| 14077 | Commerce.com, Inc.\* | 37586 |
| 666 | CoreWeave, Inc. Class A\* | 51595 |
| 84 | Crexendo, Inc.\* | 518 |
| 29 | CSP, Inc. | 251 |
| 332 | DigitalOcean Holdings, Inc.\* | 28479 |
| 4635 | DXC Technology Co.\* | 58262 |
| 551 | EPAM Systems, Inc.\* | 74605 |
| 1176 | Gartner, Inc.\* | 186208 |
| 738 | Globant SA\* | 34029 |
| 2392 | GoDaddy, Inc. Class A\* | 197747 |
| 263 | Grid Dynamics Holdings, Inc.\* | 1499 |
| 12417 | Hackett Group, Inc. | 161545 |
| 39808 | Information Services Group, Inc. | 152863 |
| 38352 | International Business Machines Corp. | 9296141 |
| 1728 | Kyndryl Holdings, Inc.\* | 22671 |
| 1301 | MongoDB, Inc.\* | 318446 |
| 3816 | Okta, Inc.\* | 300357 |
| 6943 | Rackspace Technology, Inc.\*<sup>(a)</sup> | 6803 |
| 9150 | Snowflake, Inc.\* | 1380003 |
| 7395 | TSS, Inc.\*<sup>(a)</sup> | 96209 |
| 6548 | Tucows, Inc. Class A\* | 112364 |
| 3023 | Twilio, Inc. Class A\* | 380354 |
| 35536 | Unisys Corp.\* | 73559 |
| 2566 | VeriSign, Inc. | 637292 |
| 273 | VTEX Class A\* | 1092 |
| 2934 | Whitefiber, Inc.\*<sup>(a)</sup> | 34944 |
|  |  | 21976308 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |  |
| 1614 | Acushnet Holdings Corp. | 150877 |
| 1062 | Brunswick Corp. | 77271 |
| 2712 | Callaway Golf Co.\* | 37643 |
| 31052 | Clarus Corp. | 84461 |
| 5271 | Escalade, Inc. | 90503 |
| 9735 | Funko, Inc. Class A\* | 30665 |
| 3667 | Hasbro, Inc. | 343231 |
| 3150 | JAKKS Pacific, Inc. | 62748 |
| 3597 | Johnson Outdoors, Inc. Class A | 167296 |
| 192 | Latham Group, Inc.\* | 1031 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Leisure Products – (continued)** | **Leisure Products – (continued)** |  |
| 15073 | Marine Products Corp. | $109581 |
| 4309 | MasterCraft Boat Holdings, Inc.\* | 88378 |
| 6637 | Mattel, Inc.\* | 96436 |
| 688 | Peloton Interactive, Inc. Class A\* | 2952 |
| 1520 | Polaris, Inc. | 82840 |
| 12989 | Smith & Wesson Brands, Inc. | 186132 |
| 4925 | Sturm Ruger & Co., Inc. | 197443 |
| 103 | YETI Holdings, Inc.\* | 3769 |
|  |  | 1813257 |
| **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |  |
| 140 | 10X Genomics, Inc. Class A\* | 2972 |
| 6717 | Adaptive Biotechnologies Corp.\* | 93232 |
| 17144 | Agilent Technologies, Inc. | 1954073 |
| 10144 | Alpha Teknova, Inc.\*<sup>(a)</sup> | 29316 |
| 15 | Atlantic International Corp.\* | 45 |
| 12335 | Avantor, Inc.\* | 96706 |
| 1798 | BioLife Solutions, Inc.\* | 34306 |
| 269 | Bio-Rad Laboratories, Inc. Class A\* | 74984 |
| 1089 | Bio-Techne Corp. | 56911 |
| 692 | Charles River Laboratories International, Inc.\* | 119370 |
| 46905 | Codexis, Inc.\* | 76455 |
| 2858 | CryoPort, Inc.\* | 23664 |
| 1115 | Cytek Biosciences, Inc.\* | 4873 |
| 25269 | Danaher Corp. | 4791002 |
| 2689 | Ginkgo Bioworks Holdings, Inc.\* | 16484 |
| 1097 | ICON PLC\* | 121394 |
| 2100 | Illumina, Inc.\* | 258846 |
| 3987 | IQVIA Holdings, Inc.\* | 679943 |
| 11890 | Lifecore Biomedical, Inc.\* | 44231 |
| 36872 | MaxCyte, Inc.\* | 25903 |
| 747 | Medpace Holdings, Inc.\* | 358702 |
| 217 | Mesa Laboratories, Inc. | 19187 |
| 506 | Mettler-Toledo International, Inc.\* | 638167 |
| 16822 | Nautilus Biotechnology, Inc.\* | 65269 |
| 23271 | OmniAb, Inc.\* | 36535 |
| 10983 | Pacific Biosciences of California, Inc.\* | 14498 |
| 2606 | Personalis, Inc.\* | 16600 |
| 2860 | Quanterix Corp.\* | 10067 |
| 36210 | Quantum-Si, Inc.\* | 28027 |
| 179 | Repligen Corp.\* | 21090 |
| 1423 | Revvity, Inc. | 124669 |
| 59854 | Seer, Inc.\* | 100555 |
| 5265 | Sotera Health Co.\* | 75500 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** |  |
| 10077 | Standard BioTools, Inc.\* | $9264 |
| 1042 | Tempus AI, Inc. Class A\* | 47119 |
| 15174 | Thermo Fisher Scientific, Inc. | 7458476 |
| 2197 | Waters Corp.\* | 654267 |
| 889 | West Pharmaceutical Services, Inc. | 222819 |
|  |  | 18405521 |
| **Machinery – 0.6%** | **Machinery – 0.6%** |  |
| 22005 | 3D Systems Corp.\* | 41369 |
| 13 | Aebi Schmidt Holding AG | 126 |
| 1874 | AGCO Corp. | 217140 |
| 11961 | AirJoule Technologies Corp.\* | 30022 |
| 651 | Alamo Group, Inc. | 107395 |
| 44 | Albany International Corp. Class A | 2297 |
| 49 | Alliance Laundry Holdings, Inc.\* | 1016 |
| 1178 | Allison Transmission Holdings, Inc. | 137897 |
| 1797 | Astec Industries, Inc. | 96750 |
| 2957 | Atmus Filtration Technologies, Inc. | 167869 |
| 2362 | Blue Bird Corp.\* | 134138 |
| 11796 | Caterpillar, Inc. | 8356994 |
| 1896 | CECO Environmental Corp.\* | 112964 |
| 898 | Chart Industries, Inc.\* | 185661 |
| 18303 | CNH Industrial NV | 201333 |
| 1071 | Crane Co. | 183141 |
| 3374 | Cummins, Inc. | 1815279 |
| 5974 | Deere & Co. | 3365154 |
| 4140 | Donaldson Co., Inc. | 351362 |
| 8612 | Douglas Dynamics, Inc. | 362479 |
| 2566 | Dover Corp. | 534883 |
| 10331 | Energy Recovery, Inc.\* | 104033 |
| 3531 | Enerpac Tool Group Corp. | 128776 |
| 462 | Enpro, Inc. | 115800 |
| 423 | Esab Corp. | 40887 |
| 1137 | ESCO Technologies, Inc. | 319918 |
| 1664 | Federal Signal Corp. | 179945 |
| 2600 | Flowserve Corp. | 191126 |
| 5824 | Fortive Corp. | 321951 |
| 1857 | Franklin Electric Co., Inc. | 171160 |
| 2924 | Gates Industrial Corp. PLC\* | 66112 |
| 6077 | Gencor Industries, Inc.\* | 91155 |
| 3393 | Gorman-Rupp Co. | 210807 |
| 3631 | Graco, Inc. | 307364 |
| 1543 | Graham Corp.\* | 121774 |
| 280 | Greenbrier Cos., Inc. | 14742 |
| 165 | Hillman Solutions Corp.\* | 1373 |
| 510 | Hyster-Yale, Inc. | 16580 |
| 967 | IDEX Corp. | 183295 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Machinery – (continued)** | **Machinery – (continued)** |  |
| 7266 | Illinois Tool Works, Inc. | $1891267 |
| 6322 | Ingersoll Rand, Inc. | 506519 |
| 2053 | ITT, Inc. | 391158 |
| 1313 | JBT Marel Corp. | 167893 |
| 154 | Kadant, Inc. | 45022 |
| 1359 | Kennametal, Inc. | 49101 |
| 3099 | L.B. Foster Co. Class A\* | 86462 |
| 1280 | Lincoln Electric Holdings, Inc. | 318822 |
| 1431 | Lindsay Corp. | 170389 |
| 7924 | Luxfer Holdings PLC | 96514 |
| 3252 | Manitowoc Co., Inc.\* | 37886 |
| 2341 | Mayville Engineering Co., Inc.\* | 42021 |
| 23420 | Microvast Holdings, Inc.\* | 35130 |
| 732 | Middleby Corp.\* | 97049 |
| 2027 | Miller Industries, Inc. | 92330 |
| 3671 | Mueller Industries, Inc. | 406747 |
| 3610 | Mueller Water Products, Inc. Class A | 99239 |
| 805 | Nordson Corp. | 214178 |
| 7041 | Omega Flex, Inc. | 218553 |
| 1907 | Oshkosh Corp. | 280729 |
| 9133 | Otis Worldwide Corp. | 703972 |
| 11546 | PACCAR, Inc. | 1333563 |
| 12141 | Palladyne AI Corp.\*<sup>(a)</sup> | 73696 |
| 5117 | Parker-Hannifin Corp. | 4580943 |
| 3813 | Park-Ohio Holdings Corp. | 91665 |
| 3552 | Pentair PLC | 309415 |
| 1703 | Proto Labs, Inc.\* | 97105 |
| 907 | RBC Bearings, Inc.\* | 492610 |
| 2124 | Richtech Robotics, Inc. Class B\*<sup>(a)</sup> | 4439 |
| 1216 | Snap-on, Inc. | 441675 |
| 1312 | SPX Technologies, Inc.\* | 262321 |
| 486 | Standex International Corp. | 123862 |
| 1141 | Stanley Black & Decker, Inc. | 81079 |
| 3060 | Stratasys Ltd.\* | 23899 |
| 1165 | Symbotic, Inc.\* | 61978 |
| 2303 | Tennant Co. | 152919 |
| 1813 | Terex Corp. | 107148 |
| 1236 | Timken Co. | 124305 |
| 3246 | Titan International, Inc.\* | 22430 |
| 1858 | Toro Co. | 173612 |
| 4014 | Trinity Industries, Inc. | 129171 |
| 293 | Wabash National Corp. | 2526 |
| 1257 | Watts Water Technologies, Inc. Class A | 364895 |
| 3975 | Westinghouse Air Brake Technologies Corp. | 993392 |
| 2459 | Worthington Enterprises, Inc. | 128212 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Machinery – (continued)** | **Machinery – (continued)** |  |
| 6501 | Xylem, Inc. | $776869 |
|  |  | 35896777 |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |  |
| 12232 | Costamare Bulkers Holdings Ltd.\* | 189229 |
| 12015 | Costamare, Inc. | 203053 |
| 8056 | Genco Shipping & Trading Ltd. | 181663 |
| 6155 | Global Ship Lease, Inc. Class A | 229151 |
| 587 | Kirby Corp.\* | 78001 |
| 282 | Matson, Inc. | 46231 |
| 2930 | Pangaea Logistics Solutions Ltd. | 20744 |
| 36837 | Safe Bulkers, Inc. | 233178 |
| 5866 | Star Bulk Carriers Corp. | 134742 |
|  |  | 1315992 |
| **Media – 0.1%** | **Media – 0.1%** |  |
| 2661 | AMC Networks, Inc. Class A\* | 18068 |
| 15304 | Boston Omaha Corp. Class A\* | 178751 |
| 308 | Cable One, Inc.\* | 28093 |
| 38051 | Cardlytics, Inc.\* | 39953 |
| 1441 | Charter Communications, Inc. Class A\* | 311083 |
| 23727 | Clear Channel Outdoor Holdings, Inc.\*<sup>(a)</sup> | 56233 |
| 2304 | DoubleVerify Holdings, Inc.\* | 21888 |
| 2163 | EchoStar Corp. Class A\* | 253222 |
| 7705 | Emerald Holding, Inc. | 34749 |
| 39237 | Entravision Communications Corp. Class A | 116534 |
| 9184 | EW Scripps Co. Class A\* | 34164 |
| 4688 | Fox Corp. Class A | 273779 |
| 4072 | Fox Corp. Class B | 216223 |
| 7556 | Gambling.com Group Ltd.\* | 29317 |
| 10852 | Gray Media, Inc. | 47098 |
| 262 | Ibotta, Inc. Class A\* | 7852 |
| 24066 | iHeartMedia, Inc. Class A | 70273 |
| 2030 | John Wiley & Sons, Inc. Class A | 77343 |
| 552 | Liberty Broadband Corp. Class C\* | 27766 |
| 17 | Liberty Broadband Corp. Class A\* | 854 |
| 1684 | Magnite, Inc.\* | 20006 |
| 4750 | MNTN, Inc. Class A\* | 41800 |
| 9300 | National CineMedia, Inc. | 28365 |
| 5509 | New York Times Co. Class A | 461269 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Media – (continued)** | **Media – (continued)** |  |
| 7817 | News Corp. Class A | $194878 |
| 4024 | News Corp. Class B | 114724 |
| 24807 | Newsmax, Inc.\*<sup>(a)</sup> | 129492 |
| 1368 | Nexstar Media Group, Inc. | 247375 |
| 167 | NIQ Global Intelligence PLC\* | 1899 |
| 5089 | Omnicom Group, Inc. | 383253 |
| 28302 | Paramount Skydance Corp. Class B<sup>(a)</sup> | 255284 |
| 3494 | Scholastic Corp.<sup>(a)</sup> | 136476 |
| 1879 | Sinclair, Inc. | 24314 |
| 6922 | Sirius XM Holdings, Inc. | 159760 |
| 3069 | TechTarget, Inc.\* | 11908 |
| 3894 | Thryv Holdings, Inc.\* | 10670 |
| 4648 | Trade Desk, Inc. Class A\* | 105463 |
| 789 | USA TODAY Co., Inc.\* | 5562 |
| 3380 | Versant Media Group, Inc.\* | 125128 |
|  |  | 4300869 |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |  |
| 2700 | Alcoa Corp. | 179091 |
| 17 | Alpha Metallurgical Resources, Inc.\* | 3490 |
| 10100 | American Battery Technology Co.\* | 28179 |
| 300 | Anglogold Ashanti PLC | 29208 |
| 3158 | Aura Minerals, Inc. | 257693 |
| 256 | Century Aluminum Co.\* | 15025 |
| 520 | Cleveland-Cliffs, Inc.\* | 4394 |
| 18645 | Coeur Mining, Inc.\* | 349967 |
| 1516 | Commercial Metals Co. | 93128 |
| 5281 | Compass Minerals International, Inc.\* | 123311 |
| 246 | Constellium SE\* | 6047 |
| 4600 | Contango Silver & Gold, Inc.\* | 86250 |
| 654 | Critical Metals Corp.\*<sup>(a)</sup> | 5193 |
| 23201 | Dakota Gold Corp.\* | 117165 |
| 7048 | Evraz PLC\*<sup>(b)</sup> |  |
| 29011 | Freeport-McMoRan, Inc. | 1705267 |
| 13499 | Hecla Mining Co. | 251486 |
| 60831 | i-80 Gold Corp.\* | 92463 |
| 3317 | Idaho Strategic Resources, Inc.\* | 106542 |
| 1410 | Ivanhoe Electric, Inc.\* | 16666 |
| 408 | Kaiser Aluminum Corp. | 49168 |
| 135 | Lifezone Metals Ltd.\* | 454 |
| 179 | Materion Corp. | 25892 |
| 5289 | McEwen, Inc.\* | 108001 |
| 3969 | Metallus, Inc.\* | 64853 |
| 2472 | MP Materials Corp.\*<sup>(a)</sup> | 119299 |
| 47844 | Newmont Corp. | 5179113 |
| 8667 | NioCorp Developments Ltd.\* | 38655 |
| 1369 | Novagold Resources, Inc.\* | 12294 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |  |
| 4723 | Nucor Corp. | $798659 |
| 2507 | Perpetua Resources Corp.\* | 70497 |
| 134 | Ramaco Resources, Inc. Class B | 1367 |
| 932 | Ramaco Resources, Inc. Class A\* | 14409 |
| 1183 | Reliance, Inc. | 359537 |
| 2060 | Royal Gold, Inc. | 524249 |
| 3477 | Ryerson Holding Corp. | 78163 |
| 2119 | Southern Copper Corp. | 364595 |
| 3027 | Steel Dynamics, Inc. | 544860 |
| 9146 | SunCoke Energy, Inc. | 59540 |
| 8705 | Tredegar Corp.\* | 69205 |
| 5200 | U.S. Antimony Corp.\*<sup>(a)</sup> | 45396 |
| 58 | U.S. Gold Corp.\* | 881 |
| 11 | U.S. Goldmining, Inc.\* | 128 |
| 4373 | USA Rare Earth, Inc.\* | 66185 |
| 289 | Vox Royalty Corp. | 1514 |
|  |  | 12067479 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** |
| 4 | ACRES Commercial Realty Corp.\* | 77 |
| 26111 | Adamas Trust, Inc. | 192177 |
| 47279 | AGNC Investment Corp. | 474208 |
| 18078 | Angel Oak Mortgage REIT, Inc. | 148601 |
| 27656 | Annaly Capital Management, Inc. | 584924 |
| 24841 | Apollo Commercial Real Estate Finance, Inc. | 262321 |
| 5332 | Arbor Realty Trust, Inc. | 41110 |
| 21240 | ARES Commercial Real Estate Corp. | 101952 |
| 9417 | ARMOUR Residential REIT, Inc. | 157076 |
| 9851 | Blackstone Mortgage Trust, Inc. Class A | 188647 |
| 38053 | BrightSpire Capital, Inc. | 213097 |
| 7109 | Chimera Investment Corp. | 89218 |
| 20995 | Dynex Capital, Inc. | 267896 |
| 21392 | Ellington Financial, Inc. | 253495 |
| 16597 | Franklin BSP Realty Trust, Inc. | 140909 |
| 31045 | Granite Point Mortgage Trust, Inc. | 45015 |
| 25548 | Invesco Mortgage Capital, Inc. | 206428 |
| 19851 | KKR Real Estate Finance Trust, Inc. | 121488 |
| 17671 | Ladder Capital Corp. | 172646 |
| 13023 | MFA Financial, Inc. | 124760 |
| 10041 | Nexpoint Real Estate Finance, Inc. | 135252 |
| 30263 | Orchid Island Capital, Inc. | 212749 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Mortgage Real Estate Investment Trusts (REITs) – (continued)** | **Mortgage Real Estate Investment Trusts (REITs) – (continued)** | **Mortgage Real Estate Investment Trusts (REITs) – (continued)** |
| 14977 | PennyMac Mortgage Investment Trust | $174632 |
| 13782 | Ready Capital Corp. | 22327 |
| 24813 | Redwood Trust, Inc. | 139201 |
| 30754 | Rithm Capital Corp. | 291548 |
| 10676 | Rithm Property Trust, Inc. | 142952 |
| 14237 | Starwood Property Trust, Inc. | 245161 |
| 8267 | Sunrise Realty Trust, Inc.<sup>(a)</sup> | 63408 |
| 24062 | TPG RE Finance Trust, Inc. | 187924 |
| 19401 | Two Harbors Investment Corp. | 221559 |
|  |  | 5622758 |
| **Multi-Utilities – 0.2%** | **Multi-Utilities – 0.2%** |  |
| 7901 | Ameren Corp. | 868478 |
| 7192 | Avista Corp. | 288687 |
| 3889 | Black Hills Corp. | 269935 |
| 20258 | CenterPoint Energy, Inc. | 874335 |
| 8945 | CMS Energy Corp. | 693953 |
| 9966 | Consolidated Edison, Inc. | 1127952 |
| 22113 | Dominion Energy, Inc. | 1367026 |
| 6076 | DTE Energy Co. | 888433 |
| 14566 | NiSource, Inc. | 679650 |
| 4896 | Northwestern Energy Group, Inc. | 322842 |
| 11650 | Public Service Enterprise Group, Inc. | 943067 |
| 15536 | Sempra | 1509633 |
| 5446 | Unitil Corp. | 284499 |
| 9401 | WEC Energy Group, Inc. | 1088354 |
|  |  | 11206844 |
| **Office REITs – 0.0%** | **Office REITs – 0.0%** |  |
| 14657 | Brandywine Realty Trust | 39721 |
| 2460 | BXP, Inc. | 127674 |
| 5216 | COPT Defense Properties | 159610 |
| 4397 | Cousins Properties, Inc. | 99240 |
| 3701 | Douglas Emmett, Inc. | 34863 |
| 3498 | Easterly Government Properties, Inc. | 74962 |
| 4052 | Empire State Realty Trust, Inc. Class A | 21070 |
| 75618 | Franklin Street Properties Corp. | 50248 |
| 4312 | Highwoods Properties, Inc. | 92320 |
| 37 | Hudson Pacific Properties, Inc.\* | 219 |
| 6966 | JBG SMITH Properties | 101773 |
| 4853 | Kilroy Realty Corp. | 136903 |
| 10547 | NET Lease Office Properties | 121502 |
| 13556 | Peakstone Realty Trust | 283185 |
| 5211 | Piedmont Realty Trust, Inc.\* | 34236 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Office REITs – (continued)** | **Office REITs – (continued)** |  |
| 22913 | Postal Realty Trust, Inc. Class A | $425265 |
| 831 | SL Green Realty Corp. | 30697 |
| 2934 | Vornado Realty Trust | 76255 |
|  |  | 1909743 |
| **Oil, Gas & Consumable Fuels – 1.5%** | **Oil, Gas & Consumable Fuels – 1.5%** |  |
| 31557 | Aemetis, Inc.\* | 100667 |
| 4302 | Amplify Energy Corp.\* | 26844 |
| 14682 | Antero Midstream Corp. | 334750 |
| 6642 | Antero Resources Corp.\* | 281886 |
| 9116 | APA Corp. | 386883 |
| 12610 | Ardmore Shipping Corp. | 192303 |
| 2047 | California Resources Corp. | 141693 |
| 39 | Calumet, Inc.\* | 1400 |
| 345 | Centrus Energy Corp. Class A\* | 59889 |
| 5473 | Cheniere Energy, Inc. | 1553018 |
| 72408 | Chevron Corp. | 14981215 |
| 1217 | Chord Energy Corp. | 173033 |
| 1514 | Clean Energy Fuels Corp.\* | 3755 |
| 3192 | CNX Resources Corp.\* | 123052 |
| 3399 | Comstock Resources, Inc.\* | 71651 |
| 49864 | ConocoPhillips | 6582048 |
| 465 | Core Natural Resources, Inc. | 48699 |
| 19063 | Coterra Energy, Inc. | 669874 |
| 4077 | CVR Energy, Inc.\* | 137191 |
| 2589 | Delek U.S. Holdings, Inc. | 116686 |
| 12384 | Devon Energy Corp. | 623163 |
| 18175 | DHT Holdings, Inc. | 332057 |
| 2829 | Diamondback Energy, Inc. | 559548 |
| 4333 | Dorian LPG Ltd. | 148189 |
| 2800 | DT Midstream, Inc. | 377076 |
| 17126 | Empire Petroleum Corp.\*<sup>(a)</sup> | 50693 |
| 4953 | Energy Fuels, Inc.\* | 90392 |
| 25467 | EOG Resources, Inc. | 3681764 |
| 8 | Epsilon Energy Ltd. | 49 |
| 16408 | EQT Corp. | 1044205 |
| 65641 | Evolution Petroleum Corp.<sup>(a)</sup> | 300636 |
| 37 | Excelerate Energy, Inc. Class A | 1237 |
| 5894 | Expand Energy Corp. | 647043 |
| 145552 | Exxon Mobil Corp. | 24694352 |
| 8496 | FLEX LNG Ltd.\*<sup>(a)</sup> | 252416 |
| 10721 | Frontline PLC | 373734 |
| 45997 | FutureFuel Corp. | 177088 |
| 16814 | Gevo, Inc.\* | 45902 |
| 22794 | Granite Ridge Resources, Inc. | 133801 |
| 656 | Gulfport Energy Corp.\* | 138790 |
| 6945 | HF Sinclair Corp. | 433299 |
| 3912 | Infinity Natural Resources, Inc. Class A\* | 68890 |
| 2947 | International Seaways, Inc. | 214777 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |  |
| 98804 | Kinder Morgan, Inc. | $3312898 |
| 323 | Kinetik Holdings, Inc.<sup>(a)</sup> | 15636 |
| 31 | Kolibri Global Energy, Inc.\* | 170 |
| 1909 | Lightbridge Corp.\* | 20350 |
| 2289 | Magnolia Oil & Gas Corp. Class A | 72264 |
| 7881 | Marathon Petroleum Corp. | 1924383 |
| 1855 | Matador Resources Co. | 117199 |
| 2970 | Murphy Oil Corp. | 122513 |
| 7211 | Navigator Holdings Ltd. | 139389 |
| 659 | NextDecade Corp.\* | 5048 |
| 54074 | NextNRG, Inc.\*<sup>(a)</sup> | 21630 |
| 68814 | Nordic American Tankers Ltd. | 403250 |
| 15240 | Occidental Petroleum Corp. | 990600 |
| 11902 | ONEOK, Inc. | 1075822 |
| 4238 | Ovintiv, Inc. | 251568 |
| 6650 | Par Pacific Holdings, Inc.\* | 416556 |
| 252 | PBF Energy, Inc. Class A | 12000 |
| 2726 | Peabody Energy Corp. | 89822 |
| 70146 | Permian Resources Corp. Class A | 1495513 |
| 9586 | Phillips 66 | 1746377 |
| 88 | PrimeEnergy Resources Corp.\* | 20491 |
| 5790 | Range Resources Corp. | 261592 |
| 7586 | REX American Resources Corp.\* | 345694 |
| 2331 | Riley Exploration Permian, Inc. | 84965 |
| 369 | Sable Offshore Corp.\* | 6096 |
| 12489 | SandRidge Energy, Inc. | 203696 |
| 4005 | Scorpio Tankers, Inc. | 299013 |
| 8347 | SFL Corp. Ltd. | 90064 |
| 7202 | Talos Energy, Inc.\* | 113504 |
| 4774 | Tamboran Resources Corp.\* | 238652 |
| 4900 | Targa Resources Corp. | 1228577 |
| 27326 | Teekay Corp. Ltd. | 333650 |
| 2924 | Teekay Tankers Ltd. Class A | 214388 |
| 632 | Texas Pacific Land Corp. | 299922 |
| 5858 | Tsakos Energy Navigation Ltd.<sup>(a)</sup> | 231157 |
| 8658 | Uranium Energy Corp.\* | 116883 |
| 33917 | Ur-Energy, Inc.\* | 50536 |
| 31633 | VAALCO Energy, Inc. | 200553 |
| 7907 | Valero Energy Corp. | 1953662 |
| 10986 | Venture Global, Inc. Class A | 173139 |
| 20 | Verde Clean Fuels, Inc.\* | 34 |
| 2024 | Viper Energy, Inc. Class A | 95108 |
| 6749 | Vitesse Energy, Inc.<sup>(a)</sup> | 122562 |
| 51897 | W&T Offshore, Inc. | 176969 |
| 54289 | Williams Cos., Inc. | 3951153 |
| 4632 | World Kinect Corp. | 106860 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |  |
| 69 | XCF Global, Inc. Class A\* | $25 |
|  |  | 83527571 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |  |
| 3425 | Clearwater Paper Corp.\* | 49251 |
| 642 | Louisiana-Pacific Corp. | 46706 |
| 45 | Sylvamo Corp. | 1901 |
|  |  | 97858 |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |  |
| 655 | Alaska Air Group, Inc.\* | 24091 |
| 12 | Allegiant Travel Co.\* | 972 |
| 8735 | American Airlines Group, Inc.\* | 93814 |
| 1955 | Copa Holdings SA Class A | 222107 |
| 33677 | Delta Air Lines, Inc. | 2238847 |
| 6 | flyExclusive, Inc.\* | 14 |
| 278 | Frontier Group Holdings, Inc.\* | 981 |
| 5818 | Joby Aviation, Inc.\* | 48057 |
| 691 | SkyWest, Inc.\* | 63454 |
| 6716 | Southwest Airlines Co. | 252320 |
| 505 | Sun Country Airlines Holdings, Inc.\* | 8343 |
| 6309 | United Airlines Holdings, Inc.\* | 580870 |
|  |  | 3533870 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** |  |
| 17676 | Beauty Health Co.\* | 15732 |
| 425 | BellRing Brands, Inc.\* | 6838 |
| 26513 | Coty, Inc. Class A\* | 53291 |
| 2001 | Edgewell Personal Care Co. | 42701 |
| 2 | elf Beauty, Inc.\* | 121 |
| 4722 | Estee Lauder Cos., Inc. Class A | 338898 |
| 19 | FitLife Brands, Inc.\* | 270 |
| 9199 | Herbalife Ltd.\* | 135409 |
| 20252 | Honest Co., Inc.\* | 59541 |
| 1202 | Interparfums, Inc. | 109190 |
| 34873 | Kenvue, Inc. | 601211 |
| 6901 | Lifevantage Corp.<sup>(a)</sup> | 29812 |
| 14223 | Medifast, Inc.\* | 144932 |
| 3327 | Nature's Sunshine Products, Inc.\* | 79815 |
| 6839 | Niagen Bioscience, Inc.\* | 30160 |
| 19661 | Nu Skin Enterprises, Inc. Class A | 143132 |
| 12882 | Olaplex Holdings, Inc.\* | 26151 |
| 9173 | Upexi, Inc.\*<sup>(a)</sup> | 9041 |
| 2426 | USANA Health Sciences, Inc.\* | 42382 |
| 9066 | Waldencast PLC Class A\* | 8610 |
|  |  | 1877237 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |  |
| 16207 | Aclaris Therapeutics, Inc.\* | $60776 |
| 8369 | Alto Neuroscience, Inc.\* | 188135 |
| 20093 | Amneal Pharmaceuticals, Inc.\* | 249756 |
| 877 | Amphastar Pharmaceuticals, Inc.\* | 17180 |
| 7532 | Amylyx Pharmaceuticals, Inc.\* | 104695 |
| 3520 | ANI Pharmaceuticals, Inc.\* | 270688 |
| 11977 | Aquestive Therapeutics, Inc.\* | 49705 |
| 32 | Arvinas, Inc.\* | 339 |
| 4900 | Assertio Holdings, Inc.\* | 93394 |
| 56937 | Atea Pharmaceuticals, Inc.\* | 306321 |
| 9781 | Avadel Pharmaceuticals PLC\* | 6260 |
| 1874 | Axsome Therapeutics, Inc.\* | 316743 |
| 42 | Biote Corp. Class A\* | 57 |
| 51912 | Bristol-Myers Squibb Co. | 3148463 |
| 4387 | Collegium Pharmaceutical, Inc.\* | 145078 |
| 3412 | Contineum Therapeutics, Inc. Class A\* | 44561 |
| 2617 | Corcept Therapeutics, Inc.\* | 105491 |
| 6485 | CorMedix, Inc.\* | 44033 |
| 475 | Crinetics Pharmaceuticals, Inc.\* | 17252 |
| 3837 | Definium Therapeutics, Inc.\* | 72519 |
| 328 | Edgewise Therapeutics, Inc.\* | 10332 |
| 17757 | Elanco Animal Health, Inc.\* | 424925 |
| 24679 | Eli Lilly & Co. | 22699004 |
| 191 | Enliven Therapeutics, Inc.\* | 7487 |
| 11990 | Esperion Therapeutics, Inc.\* | 32853 |
| 10731 | Eton Pharmaceuticals, Inc.\* | 264841 |
| 11677 | Evolus, Inc.\* | 47992 |
| 900 | EyePoint, Inc.\* | 11601 |
| 22379 | Filana Therapeutics, Inc.\* | 37820 |
| 11674 | Fulcrum Therapeutics, Inc.\* | 89540 |
| 1379 | Harmony Biosciences Holdings, Inc.\* | 38626 |
| 730 | Harrow, Inc.\* | 25740 |
| 48197 | Ikena Oncology, Inc.\*<sup>(b)</sup> |  |
| 6812 | Indivior Pharmaceuticals, Inc.\* | 207630 |
| 8548 | Innoviva, Inc.\* | 199168 |
| 2199 | Jazz Pharmaceuticals PLC\* | 415721 |
| 60326 | Johnson & Johnson | 14746087 |
| 70 | Journey Medical Corp.\* | 328 |
| 49 | LB Pharmaceuticals, Inc.\* | 1208 |
| 78 | LENZ Therapeutics, Inc.\* | 714 |
| 61875 | Lexicon Pharmaceuticals, Inc.\* | 96525 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |  |
| 1274 | Ligand Pharmaceuticals, Inc.\* | $254354 |
| 3321 | Liquidia Corp.\* | 125335 |
| 266 | Maze Therapeutics, Inc.\* | 7940 |
| 44 | MediWound Ltd.\* | 709 |
| 60740 | Merck & Co., Inc. | 7306415 |
| 324 | Nektar Therapeutics\* | 23312 |
| 3032 | Neumora Therapeutics, Inc.\* | 5912 |
| 7730 | Nuvation Bio, Inc.\* | 33162 |
| 3100 | Ocular Therapeutix, Inc.\* | 26257 |
| 284 | Omeros Corp.\* | 2999 |
| 14851 | Organon & Co. | 88957 |
| 10138 | Pacira BioSciences, Inc.\* | 229119 |
| 6619 | Perrigo Co. PLC | 71088 |
| 142183 | Pfizer, Inc. | 3992499 |
| 7027 | Phathom Pharmaceuticals, Inc.\* | 78070 |
| 3768 | Phibro Animal Health Corp. Class A | 208408 |
| 27883 | Pliant Therapeutics, Inc.\* | 35133 |
| 1818 | Prestige Consumer Healthcare, Inc.\* | 107753 |
| 1182 | Rapport Therapeutics, Inc.\* | 36985 |
| 16695 | Royalty Pharma PLC Class A | 800859 |
| 22737 | scPharmaceuticals, Inc.\*<sup>(a)(b)</sup> | 7276 |
| 259 | Septerna, Inc.\* | 6224 |
| 27433 | SIGA Technologies, Inc. | 146767 |
| 5068 | Supernus Pharmaceuticals, Inc.\* | 261965 |
| 2708 | Tarsus Pharmaceuticals, Inc.\* | 189966 |
| 2717 | Terns Pharmaceuticals, Inc.\* | 143240 |
| 8783 | Theravance Biopharma, Inc.\* | 142548 |
| 7399 | Third Harmonic Bio, Inc.\*<sup>(b)</sup> |  |
| 10265 | Trevi Therapeutics, Inc.\* | 122461 |
| 3 | Tvardi Therapeutics, Inc.\* | 10 |
| 30171 | Viatris, Inc. | 407610 |
| 497 | WaVe Life Sciences Ltd.\* | 3603 |
| 31372 | Xeris Biopharma Holdings, Inc.\* | 181958 |
| 13571 | Zevra Therapeutics, Inc.\* | 126482 |
| 11292 | Zoetis, Inc. | 1334827 |
|  |  | 61109791 |
| **Professional Services – 0.2%** | **Professional Services – 0.2%** |  |
| 7978 | Alight, Inc. Class A | 4649 |
| 5311 | Amentum Holdings, Inc.\* | 138511 |
| 10817 | Asure Software, Inc.\* | 93026 |
| 11483 | Automatic Data Processing, Inc. | 2333116 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Professional Services – (continued)** | **Professional Services – (continued)** |  |
| 6481 | Barrett Business Services, Inc. | $189116 |
| 2487 | BlackSky Technology, Inc.\* | 62573 |
| 2418 | Booz Allen Hamilton Holding Corp. | 188677 |
| 3464 | Broadridge Financial Solutions, Inc. | 562831 |
| 827 | CACI International, Inc. Class A\* | 449780 |
| 539 | CBIZ, Inc.\* | 14472 |
| 20134 | Clarivate PLC\* | 50939 |
| 2991 | Concentrix Corp. | 81834 |
| 26969 | Conduent, Inc.\* | 34520 |
| 961 | CRA International, Inc. | 155567 |
| 4127 | CSG Systems International, Inc. | 329912 |
| 4737 | DLH Holdings Corp.\* | 27569 |
| 1979 | Equifax, Inc. | 356359 |
| 4266 | ExlService Holdings, Inc.\* | 129900 |
| 3048 | Exponent, Inc. | 198882 |
| 54 | Falcon's Beyond Global, Inc. Class A\* | 761 |
| 262 | First Advantage Corp.\* | 3081 |
| 8265 | Forrester Research, Inc.\* | 46780 |
| 4047 | Franklin Covey Co.\* | 63902 |
| 1043 | FTI Consulting, Inc.\* | 184371 |
| 26093 | Genpact Ltd. | 971964 |
| 5284 | HireQuest, Inc. | 52734 |
| 1512 | Huron Consulting Group, Inc.\* | 192765 |
| 5410 | IBEX Holdings Ltd.\* | 145096 |
| 623 | ICF International, Inc. | 40676 |
| 384 | Innodata, Inc.\* | 14830 |
| 647 | Insperity, Inc. | 17495 |
| 3583 | Jacobs Solutions, Inc. | 456044 |
| 2617 | KBR, Inc. | 96463 |
| 7757 | Kelly Services, Inc. Class A | 68649 |
| 1397 | Kforce, Inc. | 40848 |
| 1650 | Korn Ferry | 103867 |
| 12200 | Legalzoom.com, Inc.\* | 69174 |
| 4053 | Leidos Holdings, Inc. | 630323 |
| 595 | ManpowerGroup, Inc. | 17529 |
| 3922 | Maximus, Inc. | 251400 |
| 13865 | Mistras Group, Inc.\* | 204925 |
| 989 | Parsons Corp.\* | 53574 |
| 7137 | Paychex, Inc. | 657460 |
| 622 | Paycom Software, Inc. | 75598 |
| 845 | Paylocity Holding Corp.\* | 91294 |
| 7465 | Planet Labs PBC\* | 208647 |
| 24 | RCM Technologies, Inc.\* | 459 |
| 504 | Resolute Holdings Management, Inc.\* | 81799 |
| 23062 | Resources Connection, Inc. | 86021 |
| 2271 | Robert Half, Inc. | 57683 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Professional Services – (continued)** | **Professional Services – (continued)** |  |
| 1130 | Science Applications International Corp. | $107260 |
| 2888 | Skillsoft Corp.\*<sup>(a)</sup> | 12390 |
| 4285 | Spire Global, Inc.\* | 53905 |
| 6634 | SS&C Technologies Holdings, Inc. | 448259 |
| 1753 | TaskUS, Inc. Class A | 11763 |
| 227 | TIC Solutions, Inc.\* | 1494 |
| 1801 | TransUnion | 124611 |
| 713 | TriNet Group, Inc. | 25975 |
| 15478 | TrueBlue, Inc.\* | 60519 |
| 778 | TTEC Holdings, Inc.\* | 1945 |
| 3458 | UL Solutions, Inc. Class A | 296385 |
| 603 | Upwork, Inc.\* | 6609 |
| 3140 | Verisk Analytics, Inc. | 595815 |
| 6562 | Verra Mobility Corp.\* | 93771 |
| 1521 | Willdan Group, Inc.\* | 116448 |
|  |  | 12345594 |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |  |
| 7530 | CBRE Group, Inc. Class A\* | 1020014 |
| 23982 | Compass, Inc. Class A\* | 175308 |
| 8061 | CoStar Group, Inc.\* | 325181 |
| 33263 | Douglas Elliman, Inc.\* | 54551 |
| 444 | eXp World Holdings, Inc. | 2660 |
| 30493 | Five Point Holdings LLC Class A\* | 147586 |
| 2183 | Forestar Group, Inc.\* | 53353 |
| 9961 | FRP Holdings, Inc.\* | 217947 |
| 683 | Howard Hughes Holdings, Inc.\* | 43207 |
| 5308 | Jones Lang LaSalle, Inc.\* | 1615331 |
| 2590 | Kennedy-Wilson Holdings, Inc. | 28024 |
| 3237 | Marcus & Millichap, Inc. | 86072 |
| 5284 | Maui Land & Pineapple Co., Inc.\* | 81321 |
| 1476 | Newmark Group, Inc. Class A | 22125 |
| 33949 | Opendoor Technologies, Inc.\* | 158881 |
| 3067 | RE/MAX Holdings, Inc. Class A\* | 17666 |
| 8493 | Real Brokerage, Inc.\* | 21232 |
| 9941 | RMR Group, Inc. Class A | 153787 |
| 5944 | Seaport Entertainment Group, Inc.\* | 127677 |
| 40977 | Seritage Growth Properties Class A\* | 115145 |
| 3251 | St. Joe Co. | 204163 |
| 11741 | Star Holdings\* | 88879 |
| 3247 | Stratus Properties, Inc.\* | 99098 |
| 19381 | Tejon Ranch Co.\* | 365138 |
| 3076 | Transcontinental Realty Investors, Inc.\* | 107291 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** |  |
| 1445 | Zillow Group, Inc. Class C\* | $59794 |
| 486 | Zillow Group, Inc. Class A\* | 20116 |
|  |  | 5411547 |
| **Residential REITs – 0.1%** | **Residential REITs – 0.1%** |  |
| 7968 | American Homes 4 Rent Class A | 222467 |
| 47010 | Apartment Investment & Management Co. Class A | 191331 |
| 2839 | AvalonBay Communities, Inc. | 463751 |
| 11326 | BRT Apartments Corp. | 151089 |
| 2200 | Camden Property Trust | 214852 |
| 3768 | Centerspace | 216472 |
| 5 | Clipper Realty, Inc. | 15 |
| 4452 | Equity LifeStyle Properties, Inc. | 277894 |
| 6801 | Equity Residential | 402279 |
| 1265 | Essex Property Trust, Inc. | 306130 |
| 6738 | Independence Realty Trust, Inc. | 100329 |
| 11338 | Invitation Homes, Inc. | 281749 |
| 2186 | Mid-America Apartment Communities, Inc. | 266954 |
| 4581 | NexPoint Residential Trust, Inc. | 114525 |
| 3876 | Sun Communities, Inc. | 488221 |
| 5357 | UDR, Inc. | 180959 |
| 15733 | UMH Properties, Inc. | 227027 |
| 9790 | Veris Residential, Inc. | 184737 |
|  |  | 4290781 |
| **Retail REITs – 0.1%** | **Retail REITs – 0.1%** |  |
| 5611 | Acadia Realty Trust | 107282 |
| 3859 | Agree Realty Corp. | 290892 |
| 1074 | Alexander's, Inc. | 253679 |
| 6705 | Brixmor Property Group, Inc. | 193104 |
| 3116 | CBL & Associates Properties, Inc. | 119748 |
| 7203 | Curbline Properties Corp. | 185765 |
| 1658 | Federal Realty Investment Trust | 176096 |
| 12009 | FrontView REIT, Inc. | 185779 |
| 8320 | Getty Realty Corp. | 264576 |
| 6169 | InvenTrust Properties Corp. | 187908 |
| 12075 | Kimco Realty Corp. | 271325 |
| 4854 | Kite Realty Group Trust | 119166 |
| 16308 | NETSTREIT Corp. | 307080 |
| 6009 | NNN REIT, Inc. | 252558 |
| 4670 | Phillips Edison & Co., Inc. | 174751 |
| 24233 | Realty Income Corp. | 1482575 |
| 4389 | Regency Centers Corp. | 332072 |
| 7476 | Saul Centers, Inc. | 243568 |
| 8217 | Simon Property Group, Inc. | 1532717 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Retail REITs – (continued)** | **Retail REITs – (continued)** |  |
| 34519 | SITE Centers Corp. | $186403 |
| 4809 | Tanger, Inc. | 163410 |
| 7130 | Urban Edge Properties | 142457 |
| 16813 | Whitestone REIT | 271530 |
|  |  | 7444441 |
| **Semiconductors & Semiconductor Equipment – 4.2%** | **Semiconductors & Semiconductor Equipment – 4.2%** | **Semiconductors & Semiconductor Equipment – 4.2%** |
| 944 | ACM Research, Inc. Class A\* | 37146 |
| 43261 | Advanced Micro Devices, Inc.\* | 8800585 |
| 1577 | Aehr Test Systems\* | 58475 |
| 4362 | Aeluma, Inc.\* | 57099 |
| 198 | Ambarella, Inc.\* | 10192 |
| 2752 | Ambiq Micro, Inc.\* | 69928 |
| 2067 | Amkor Technology, Inc. | 93077 |
| 20043 | Analog Devices, Inc. | 6376480 |
| 20246 | Applied Materials, Inc. | 6919880 |
| 1974 | Astera Labs, Inc.\* | 216350 |
| 15306 | Atomera, Inc.\* | 58316 |
| 11 | Axcelis Technologies, Inc.\* | 1024 |
| 3520 | AXT, Inc.\* | 200570 |
| 8010 | Blaize Holdings, Inc.\*<sup>(a)</sup> | 14578 |
| 134826 | Broadcom, Inc. | 41729995 |
| 2217 | CEVA, Inc.\* | 41414 |
| 1077 | Cirrus Logic, Inc.\* | 155756 |
| 676 | Cohu, Inc.\* | 20699 |
| 745 | Credo Technology Group Holding Ltd.\* | 69933 |
| 672 | Diodes, Inc.\* | 45871 |
| 1173 | Enphase Energy, Inc.\* | 44351 |
| 424 | Entegris, Inc. | 49710 |
| 8107 | First Solar, Inc.\* | 1599187 |
| 492 | FormFactor, Inc.\* | 47719 |
| 43804 | GCT Semiconductor Holding, Inc.\*<sup>(a)</sup> | 49937 |
| 1647 | GLOBALFOUNDRIES, Inc.\* | 73259 |
| 13583 | GSI Technology, Inc.\* | 69817 |
| 131 | Impinj, Inc.\* | 13454 |
| 2932 | indie Semiconductor, Inc. Class A\*<sup>(a)</sup> | 9441 |
| 110289 | Intel Corp.\* | 4867054 |
| 5911 | KLA Corp. | 8703415 |
| 25120 | Kopin Corp.\* | 56520 |
| 595 | Kulicke & Soffa Industries, Inc. | 39103 |
| 36395 | Lam Research Corp. | 7776156 |
| 935 | Lattice Semiconductor Corp.\* | 86731 |
| 469 | MACOM Technology Solutions Holdings, Inc.\* | 104151 |
| 16966 | Marvell Technology, Inc. | 1680482 |
| 52 | MaxLinear, Inc.\* | 904 |
| 6790 | Microchip Technology, Inc. | 438702 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| 26634 | Micron Technology, Inc. | $8998030 |
| 726 | MKS, Inc. | 166842 |
| 1207 | Monolithic Power Systems, Inc. | 1319673 |
| 130 | Navitas Semiconductor Corp.\* | 1140 |
| 2907 | NVE Corp. | 190408 |
| 680437 | NVIDIA Corp. | 118668213 |
| 19952 | ON Semiconductor Corp.\* | 1235428 |
| 53 | Onto Innovation, Inc.\* | 10869 |
| 1952 | PDF Solutions, Inc.\* | 63850 |
| 272 | Power Integrations, Inc. | 13926 |
| 2287 | Qorvo, Inc.\* | 177014 |
| 46134 | QUALCOMM, Inc. | 5941136 |
| 1745 | Rambus, Inc.\* | 150122 |
| 3779 | Rigetti Computing, Inc.\* | 53057 |
| 2176 | SEALSQ Corp.\* | 5701 |
| 424 | Semtech Corp.\* | 32601 |
| 324 | Silicon Laboratories, Inc.\* | 67441 |
| 125 | SiTime Corp.\* | 43169 |
| 502 | SkyWater Technology, Inc.\* | 13760 |
| 1555 | Skyworks Solutions, Inc. | 83270 |
| 1424 | SolarEdge Technologies, Inc.\* | 72695 |
| 17 | Synaptics, Inc.\* | 1191 |
| 3208 | Teradyne, Inc. | 951044 |
| 36970 | Texas Instruments, Inc. | 7177356 |
| 15 | Ultra Clean Holdings, Inc.\* | 933 |
| 209 | Universal Display Corp. | 19157 |
| 58 | Veeco Instruments, Inc.\* | 1964 |
|  |  | 236147451 |
| **Software – 3.0%** | **Software – 3.0%** |  |
| 12264 | 8x8, Inc.\* | 20358 |
| 8952 | A10 Networks, Inc. | 206970 |
| 1960 | ACI Worldwide, Inc.\* | 80380 |
| 462 | Adeia, Inc. | 11102 |
| 21115 | Adobe, Inc.\* | 5132634 |
| 159 | Agilysys, Inc.\* | 11311 |
| 88 | Airship AI Holdings, Inc.\* | 199 |
| 2199 | Alarm.com Holdings, Inc.\* | 94975 |
| 960 | Alkami Technology, Inc.\* | 15043 |
| 3365 | Amplitude, Inc. Class A\* | 22949 |
| 348 | Appfolio, Inc. Class A\* | 54921 |
| 197 | Appian Corp. Class A\* | 4750 |
| 7062 | AppLovin Corp. Class A\* | 2810676 |
| 4708 | Arteris, Inc.\* | 77400 |
| 433 | Asana, Inc. Class A\* | 2771 |
| 2324 | Atlassian Corp. Class A\* | 158613 |
| 7150 | AudioEye, Inc.\* | 45545 |
| 6165 | Autodesk, Inc.\* | 1475901 |
| 1501 | AvePoint, Inc.\* | 14275 |
| 4918 | Bentley Systems, Inc. Class B | 172720 |
| 1145 | Bill Holdings, Inc.\* | 43853 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Software – (continued)** | **Software – (continued)** |  |
| 479 | Bitdeer Technologies Group Class A\* | $4143 |
| 2954 | BitMine Immersion Technologies, Inc. | 58430 |
| 1332 | Blackbaud, Inc.\* | 51429 |
| 1311 | BlackLine, Inc.\* | 48507 |
| 15396 | Blend Labs, Inc. Class A\* | 26173 |
| 5158 | Box, Inc. Class A\* | 121935 |
| 416 | Braze, Inc. Class A\* | 9822 |
| 611 | C3.ai, Inc. Class A\* | 5145 |
| 7608 | Cadence Design Systems, Inc.\* | 2114035 |
| 9111 | CCC Intelligent Solutions Holdings, Inc.\* | 54666 |
| 61 | Cerence, Inc.\* | 385 |
| 13 | Chaince Digital Holdings, Inc.\* | 52 |
| 445 | Cipher Digital, Inc.\* | 5727 |
| 386 | Circle Internet Group, Inc.\* | 36828 |
| 5315 | Clear Secure, Inc. Class A | 257299 |
| 3515 | Clearwater Analytics Holdings, Inc. Class A\* | 83130 |
| 336 | Commvault Systems, Inc.\* | 26171 |
| 3976 | Consensus Cloud Solutions, Inc.\* | 94390 |
| 1928 | Core Scientific, Inc.\* | 28843 |
| 7087 | Crowdstrike Holdings, Inc. Class A | 2766836 |
| 23454 | CS Disco, Inc.\* | 89594 |
| 74 | Daily Journal Corp.\* | 35693 |
| 7696 | Datadog, Inc. Class A\* | 908513 |
| 9264 | Digimarc Corp.\*<sup>(a)</sup> | 45486 |
| 5831 | Digital Turbine, Inc.\* | 16793 |
| 2883 | Docusign, Inc.\* | 136683 |
| 2064 | Dolby Laboratories, Inc. Class A | 123964 |
| 9265 | Domo, Inc. Class B\* | 28351 |
| 5089 | Dropbox, Inc. Class A\* | 115622 |
| 4437 | D-Wave Quantum, Inc.\* | 64026 |
| 4933 | Dynatrace, Inc.\* | 182422 |
| 16530 | eGain Corp.\* | 130422 |
| 541 | Elastic NV\* | 27045 |
| 367 | EverCommerce, Inc.\*<sup>(a)</sup> | 4195 |
| 3077 | Exodus Movement, Inc. Class A\* | 20001 |
| 17930 | Expensify, Inc. Class A\* | 15597 |
| 455 | Fair Isaac Corp.\* | 485731 |
| 906 | Figma, Inc. Class A\* | 19153 |
| 376 | Five9, Inc.\* | 5704 |
| 15836 | Fortinet, Inc.\* | 1294118 |
| 2231 | Freshworks, Inc. Class A\* | 17915 |
| 66268 | Gen Digital, Inc. | 1247826 |
| 690 | Gitlab, Inc. Class A\* | 14932 |
| 1897 | Guidewire Software, Inc.\* | 283715 |
| 640 | HubSpot, Inc.\* | 156224 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Software – (continued)** | **Software – (continued)** |  |
| 7057 | I3 Verticals, Inc. Class A\* | $157795 |
| 787 | Intapp, Inc.\* | 20218 |
| 1026 | InterDigital, Inc. | 309852 |
| 14925 | Intuit, Inc. | 6453271 |
| 1994 | JFrog Ltd.\* | 93578 |
| 33236 | Kaltura, Inc.\* | 40548 |
| 7 | Klaviyo, Inc. Class A\* | 136 |
| 1417 | Life360, Inc.\*<sup>(a)</sup> | 57842 |
| 561 | LiveRamp Holdings, Inc.\* | 14878 |
| 698 | Manhattan Associates, Inc.\* | 92918 |
| 274076 | Microsoft Corp. | 101454713 |
| 10118 | Mitek Systems, Inc.\* | 136593 |
| 578 | nCino, Inc.\* | 8658 |
| 3730 | NCR Voyix Corp.\* | 23611 |
| 859 | Netskope, Inc. Class A\* | 7293 |
| 460 | NextNav, Inc.\* | 7369 |
| 3985 | Nutanix, Inc. Class A\* | 151470 |
| 29444 | ON24, Inc.\* | 238496 |
| 3673 | OneSpan, Inc. | 38677 |
| 2 | Onestream, Inc.\* | 48 |
| 16996 | Ooma, Inc.\* | 247292 |
| 48353 | Oracle Corp. | 7113210 |
| 2447 | Pagaya Technologies Ltd. Class A\* | 28508 |
| 434 | PagerDuty, Inc.\* | 2695 |
| 61761 | Palantir Technologies, Inc. Class A\* | 9034399 |
| 19762 | Palo Alto Networks, Inc.\* | 3168244 |
| 113 | PAR Technology Corp.\* | 1506 |
| 1664 | Pegasystems, Inc. | 70820 |
| 6611 | Porch Group, Inc.\* | 47401 |
| 1117 | Procore Technologies, Inc.\* | 63669 |
| 1122 | Progress Software Corp.\* | 28779 |
| 2516 | PTC, Inc.\* | 358505 |
| 608 | Q2 Holdings, Inc.\* | 28758 |
| 873 | Qualys, Inc.\* | 76693 |
| 310 | Rapid7, Inc.\* | 1708 |
| 4127 | Red Violet, Inc.\* | 142794 |
| 58508 | Rekor Systems, Inc.\* | 47977 |
| 15518 | ReposiTrak, Inc.<sup>(a)</sup> | 117937 |
| 871 | Rezolve AI PLC\*<sup>(a)</sup> | 2230 |
| 42450 | Rimini Street, Inc.\* | 139236 |
| 416 | RingCentral, Inc. Class A | 15471 |
| 1264 | Riot Platforms, Inc.\* | 15623 |
| 50279 | Roadzen, Inc.\* | 60335 |
| 2410 | Roper Technologies, Inc. | 852803 |
| 1759 | Rubrik, Inc. Class A\* | 86138 |
| 41830 | Salesforce, Inc. | 7808406 |
| 3048 | Samsara, Inc. Class A\* | 96591 |
| 499 | Sapiens International Corp. NV\*<sup>(b)</sup> | 21682 |
| 264 | SEMrush Holdings, Inc. Class A\* | 3152 |
| 2779 | SentinelOne, Inc. Class A\* | 35794 |
| 54457 | ServiceNow, Inc.\* | 5693479 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Software – (continued)** | **Software – (continued)** |  |
| 368 | ServiceTitan, Inc. Class A\* | $23353 |
| 18661 | Silvaco Group, Inc.\* | 132120 |
| 2073 | SoundHound AI, Inc. Class A\*<sup>(a)</sup> | 14242 |
| 13023 | SoundThinking, Inc.\* | 86212 |
| 3375 | Sprinklr, Inc. Class A\* | 20250 |
| 3732 | Sprout Social, Inc. Class A\* | 21272 |
| 186 | SPS Commerce, Inc.\* | 10355 |
| 3441 | Strategy, Inc.\* | 429437 |
| 4192 | Synopsys, Inc.\* | 1662044 |
| 16030 | Telos Corp.\* | 67166 |
| 3735 | Tenable Holdings, Inc.\* | 63178 |
| 588 | Teradata Corp.\* | 15070 |
| 3461 | Terawulf, Inc.\* | 49942 |
| 4909 | Trimble, Inc.\* | 320214 |
| 811 | Tyler Technologies, Inc.\* | 277670 |
| 445 | UiPath, Inc. Class A\* | 4940 |
| 5038 | Unity Software, Inc.\* | 110534 |
| 565 | Varonis Systems, Inc.\* | 12131 |
| 14673 | Veritone, Inc.\*<sup>(a)</sup> | 28906 |
| 588 | Vertex, Inc. Class A\* | 6991 |
| 138 | Via Transportation, Inc. Class A\* | 2070 |
| 72 | Viant Technology, Inc. Class A\* | 806 |
| 8504 | Weave Communications, Inc.\* | 39288 |
| 64516 | WM Technology, Inc.\* | 42477 |
| 5714 | Workday, Inc. Class A\* | 742363 |
| 348 | Workiva, Inc.\* | 20751 |
| 23896 | Xperi, Inc.\* | 133818 |
| 7304 | Yext, Inc.\* | 28047 |
| 923 | Zeta Global Holdings Corp. Class A\* | 14694 |
| 6524 | Zoom Communications, Inc.\* | 524464 |
| 2877 | Zscaler, Inc.\* | 403614 |
|  |  | 171749235 |
| **Specialized REITs – 0.2%** | **Specialized REITs – 0.2%** |  |
| 13431 | American Tower Corp. | 2317922 |
| 9819 | Crown Castle, Inc. | 798383 |
| 4665 | CubeSmart | 170972 |
| 7695 | Digital Realty Trust, Inc. | 1386716 |
| 4783 | EPR Properties | 238959 |
| 2180 | Equinix, Inc. | 2136923 |
| 4234 | Extra Space Storage, Inc. | 555205 |
| 30963 | Farmland Partners, Inc. | 347715 |
| 9125 | Four Corners Property Trust, Inc. | 215806 |
| 6766 | Gaming & Leisure Properties, Inc. | 300207 |
| 25900 | Gladstone Land Corp. | 264180 |
| 4307 | Iron Mountain, Inc. | 439917 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Specialized REITs – (continued)** | **Specialized REITs – (continued)** |  |
| 2279 | Lamar Advertising Co. Class A | $288658 |
| 1527 | Millrose Properties, Inc. | 42756 |
| 2927 | National Storage Affiliates Trust | 110465 |
| 2996 | Outfront Media, Inc. | 79394 |
| 3662 | Public Storage | 991963 |
| 13806 | Rayonier, Inc. | 284680 |
| 3591 | Safehold, Inc. | 48586 |
| 2393 | SBA Communications Corp. | 411859 |
| 5903 | Smartstop Self Storage REIT, Inc. | 178743 |
| 29144 | VICI Properties, Inc. | 796214 |
| 9461 | Weyerhaeuser Co. | 231132 |
|  |  | 12637355 |
| **Specialty Retail – 0.7%** | **Specialty Retail – 0.7%** |  |
| 16204 | 1-800-Flowers.com, Inc. Class A\*<sup>(a)</sup> | 49260 |
| 1086 | Abercrombie & Fitch Co. Class A\* | 99228 |
| 1493 | Academy Sports & Outdoors, Inc. | 84280 |
| 873 | Advance Auto Parts, Inc. | 46051 |
| 630 | American Eagle Outfitters, Inc. | 10521 |
| 1455 | America's Car-Mart, Inc.\* | 18522 |
| 251 | Arhaus, Inc. | 1702 |
| 45 | Arko Corp. | 250 |
| 526 | Asbury Automotive Group, Inc.\* | 102786 |
| 859 | AutoNation, Inc.\* | 167728 |
| 931 | AutoZone, Inc.\* | 3144713 |
| 131833 | BARK, Inc.\* | 66787 |
| 5086 | Barnes & Noble Education, Inc.\* | 44909 |
| 2749 | Bath & Body Works, Inc. | 51324 |
| 9838 | Bed Bath & Beyond, Inc.\* | 45648 |
| 3638 | Best Buy Co., Inc. | 233560 |
| 603 | Boot Barn Holdings, Inc.\* | 88255 |
| 4116 | Buckle, Inc. | 207282 |
| 2178 | Build-A-Bear Workshop, Inc. | 81566 |
| 1216 | Burlington Stores, Inc.\* | 395662 |
| 1852 | Caleres, Inc. | 19520 |
| 293 | Camping World Holdings, Inc. Class A | 2001 |
| 3779 | CarMax, Inc.\* | 157131 |
| 8942 | Carvana Co.\* | 2811186 |
| 5337 | Chewy, Inc. Class A\* | 144099 |
| 8157 | Children's Place, Inc.\* | 27408 |
| 3226 | Citi Trends, Inc.\* | 139750 |
| 1713 | Designer Brands, Inc. Class A | 9747 |
| 9774 | Destination XL Group, Inc.\* | 4985 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |  |
| 1024 | Dick's Sporting Goods, Inc. | $203049 |
| 17142 | Duluth Holdings, Inc. Class B\* | 54169 |
| 32 | Envela Corp.\* | 533 |
| 95 | EVgo, Inc.\* | 163 |
| 1438 | Five Below, Inc.\* | 328554 |
| 566 | Floor & Decor Holdings, Inc. Class A\* | 28753 |
| 6199 | GameStop Corp. Class A\* | 142825 |
| 4867 | Gap, Inc. | 117781 |
| 995 | Genesco, Inc.\* | 28845 |
| 371 | Group 1 Automotive, Inc. | 122664 |
| 4952 | Haverty Furniture Cos., Inc. | 104883 |
| 27977 | Home Depot, Inc. | 9201356 |
| 3807 | J Jill, Inc. | 43628 |
| 3510 | Lands' End, Inc.\*<sup>(a)</sup> | 39452 |
| 307 | Lithia Motors, Inc. | 76664 |
| 13561 | Lowe's Cos., Inc. | 3204193 |
| 5 | MarineMax, Inc.\* | 135 |
| 378 | Murphy USA, Inc. | 186721 |
| 6425 | National Vision Holdings, Inc.\* | 166407 |
| 1876 | OneWater Marine, Inc. Class A\* | 17728 |
| 25974 | O'Reilly Automotive, Inc.\* | 2397660 |
| 66474 | Outdoor Holding Co.\* | 133613 |
| 996 | Penske Automotive Group, Inc. | 148922 |
| 14573 | Petco Health & Wellness Co., Inc.\* | 40513 |
| 5357 | RealReal, Inc.\* | 48642 |
| 203 | Revolve Group, Inc.\* | 4590 |
| 13 | RH\* | 1818 |
| 1520 | RideNow Group, Inc.\* | 10731 |
| 8569 | Ross Stores, Inc. | 1856302 |
| 5525 | Sally Beauty Holdings, Inc.\* | 76521 |
| 148 | Shoe Carnival, Inc. | 2307 |
| 1897 | Signet Jewelers Ltd. | 160562 |
| 11081 | Sleep Number Corp.\* | 19890 |
| 1065 | Sonic Automotive, Inc. Class A | 73027 |
| 31163 | Sportsman's Warehouse Holdings, Inc.\* | 43940 |
| 6405 | Stitch Fix, Inc. Class A\* | 21201 |
| 18994 | ThredUp, Inc. Class A\* | 62300 |
| 13669 | Tile Shop Holdings, Inc.\*<sup>(a)</sup> | 41376 |
| 50417 | TJX Cos., Inc. | 8051595 |
| 68728 | Torrid Holdings, Inc.\*<sup>(a)</sup> | 122336 |
| 15353 | Tractor Supply Co. | 695491 |
| 1381 | Ulta Beauty, Inc.\* | 721863 |
| 97 | Upbound Group, Inc. | 1751 |
| 3049 | Urban Outfitters, Inc.\* | 193154 |
| 5424 | Valvoline, Inc.\* | 182680 |
| 1460 | Victoria's Secret & Co.\* | 67686 |
| 487 | Warby Parker, Inc. Class A\* | 10261 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |  |
| 2279 | Wayfair, Inc. Class A\* | $171404 |
| 2768 | Williams-Sonoma, Inc. | 504689 |
| 574 | Winmark Corp. | 245414 |
| 2061 | Zumiez, Inc.\* | 45672 |
|  |  | 38482275 |
| **Technology Hardware, Storage & Peripherals – 2.4%** | **Technology Hardware, Storage & Peripherals – 2.4%** |  |
| 506130 | Apple, Inc. | 128450733 |
| 2338 | CPI Card Group, Inc.\* | 33924 |
| 6402 | Dell Technologies, Inc. Class C | 1050760 |
| 2681 | Diebold Nixdorf, Inc.\* | 202255 |
| 6939 | Everpure, Inc. Class A\* | 409679 |
| 6945 | GPGI, Inc. Class A | 118759 |
| 25742 | Hewlett Packard Enterprise Co. | 612917 |
| 12832 | HP, Inc. | 246503 |
| 13719 | Immersion Corp. | 74906 |
| 3918 | IonQ, Inc.\* | 112956 |
| 3990 | NetApp, Inc. | 408536 |
| 979 | Quantum Computing, Inc.\* | 6706 |
| 1729 | Sandisk Corp.\* | 1098503 |
| 4587 | Seagate Technology Holdings PLC | 1797003 |
| 5865 | Super Micro Computer, Inc.\* | 133546 |
| 3603 | Turtle Beach Corp.\* | 36534 |
| 7779 | Western Digital Corp. | 2104142 |
|  |  | 136898362 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |  |
| 680 | Birkenstock Holding PLC\* | 24364 |
| 1 | Capri Holdings Ltd.\* | 18 |
| 2 | Carter's, Inc. | 72 |
| 23 | Columbia Sportswear Co. | 1261 |
| 1076 | Crocs, Inc.\* | 89330 |
| 2071 | Deckers Outdoor Corp.\* | 207286 |
| 7967 | Ermenegildo Zegna NV | 83016 |
| 9321 | Figs, Inc. Class A\* | 137671 |
| 1955 | G-III Apparel Group Ltd. | 54153 |
| 321 | Kontoor Brands, Inc. | 22563 |
| 2053 | Levi Strauss & Co. Class A | 37960 |
| 1469 | Lululemon Athletica, Inc.\* | 224904 |
| 6381 | Movado Group, Inc. | 155824 |
| 24854 | NIKE, Inc. Class B | 1312788 |
| 1095 | On Holding AG Class A\* | 37252 |
| 443 | Oxford Industries, Inc. | 17060 |
| 1413 | PVH Corp. | 98571 |
| 3771 | Ralph Lauren Corp. | 1297186 |
| 4386 | Rocky Brands, Inc. | 169826 |
| 34 | Steven Madden Ltd. | 1153 |
| 11622 | Superior Group of Cos., Inc. | 118079 |
| 15696 | Tapestry, Inc. | 2214863 |
| 16 | Under Armour, Inc. Class A\* | 95 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |  |
| 14 | Under Armour, Inc. Class C\* | $81 |
| 20037 | Unifi, Inc.\* | 71532 |
| 492 | VF Corp. | 8359 |
| 393 | Wolverine World Wide, Inc. | 6414 |
|  |  | 6391681 |
| **Tobacco – 0.2%** | **Tobacco – 0.2%** |  |
| 43960 | Altria Group, Inc. | 2900921 |
| 26083 | Ispire Technology, Inc.\* | 47993 |
| 39188 | Philip Morris International, Inc. | 6479344 |
| 2385 | Turning Point Brands, Inc. | 206994 |
| 4002 | Universal Corp. | 210905 |
|  |  | 9846157 |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |  |
| 5124 | AerCap Holdings NV | 702910 |
| 3829 | Air Lease Corp. | 248655 |
| 20883 | Alta Equipment Group, Inc. | 112142 |
| 605 | Applied Industrial Technologies, Inc. | 160519 |
| 692 | BlueLinx Holdings, Inc.\* | 37493 |
| 502 | Boise Cascade Co. | 38077 |
| 2127 | Core & Main, Inc. Class A\* | 105074 |
| 1126 | Distribution Solutions Group, Inc.\* | 29546 |
| 2380 | DNOW, Inc.\* | 28346 |
| 1085 | DXP Enterprises, Inc.\* | 151607 |
| 4527 | EVI Industries, Inc. | 93166 |
| 33189 | Fastenal Co. | 1539970 |
| 4761 | Ferguson Enterprises, Inc. | 1110551 |
| 1249 | GATX Corp. | 213254 |
| 2561 | Global Industrial Co. | 80723 |
| 159 | Herc Holdings, Inc. | 15828 |
| 18507 | Hudson Technologies, Inc.\* | 108821 |
| 9530 | Karat Packaging, Inc. | 266078 |
| 1766 | McGrath RentCorp | 194754 |
| 2236 | MSC Industrial Direct Co., Inc. Class A | 206316 |
| 12342 | NPK International, Inc.\* | 178836 |
| 5589 | QXO, Inc.\* | 108538 |
| 1959 | Rush Enterprises, Inc. Class A | 129509 |
| 23 | Rush Enterprises, Inc. Class B | 1480 |
| 529 | SiteOne Landscape Supply, Inc.\* | 70415 |
| 2755 | Titan Machinery, Inc.\* | 46064 |
| 500 | Transcat, Inc.\* | 36725 |
| 1350 | United Rentals, Inc. | 983556 |
| 410 | Watsco, Inc. | 149154 |
| 1017 | WESCO International, Inc. | 278271 |
| 134 | Willis Lease Finance Corp. | 22815 |
| 1130 | WW Grainger, Inc. | 1232615 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** |
| 1305 | Xometry, Inc. Class A\* | $53296 |
|  |  | 8735104 |
| **Transportation Infrastructure\*<sup>(a)</sup> – 0.0%** | **Transportation Infrastructure\*<sup>(a)</sup> – 0.0%** |  |
| 13135 | Sky Harbour Group Corp. | 126490 |
| **Water Utilities – 0.1%** | **Water Utilities – 0.1%** |  |
| 3378 | American States Water Co. | 255444 |
| 5289 | American Water Works Co., Inc. | 719780 |
| 7175 | Artesian Resources Corp. Class A | 228524 |
| 14491 | Cadiz, Inc.\* | 71151 |
| 5040 | California Water Service Group | 228514 |
| 9486 | Consolidated Water Co. Ltd. | 314176 |
| 9077 | Essential Utilities, Inc. | 365531 |
| &nbsp;&nbsp;&nbsp;&nbsp;24906 | Global Water Resources, Inc. | 189036 |
| 4346 | H2O America | 254980 |
| 3056 | Middlesex Water Co. | 159065 |
| 15623 | Pure Cycle Corp.\* | 157167 |
| 10333 | York Water Co. | 314640 |
|  |  | 3258008 |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| 2770 | Array Digital Infrastructure, Inc. | 127808 |
| 3526 | Gogo, Inc.\* | 14175 |
| 21713 | Spok Holdings, Inc. | 236672 |
| 4955 | Telephone & Data Systems, Inc. | 208605 |
| 11241 | T-Mobile U.S., Inc. | 2360947 |
|  |  | 2948207 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,772,062,913)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,772,062,913)** | $2057696062 |
| **Units** | **Expiration<br>Date** | **Value** |
| **Rights\* – 0.0%** | **Rights\* – 0.0%** |  |
| M-Tron Industries, Inc. | M-Tron Industries, Inc. |  |
| 12 | 04/15/26 | $25 |
| **(Cost $—)** | **(Cost $—)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(c)</sup> – 2.7%** | **U.S. Treasury Obligations<sup>(c)</sup> – 2.7%** | **U.S. Treasury Obligations<sup>(c)</sup> – 2.7%** | **U.S. Treasury Obligations<sup>(c)</sup> – 2.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $150000000 | 0.000% | 04/23/26 | $149667340 |
| **(Cost $149,666,792)** | **(Cost $149,666,792)** | **(Cost $149,666,792)** | **(Cost $149,666,792)** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Description** | **Value** |
| **Exchange Traded Funds – 32.3%** | **Exchange Traded Funds – 32.3%** |  |
| 1633300 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF<sup>(d)</sup> | $81362840 |
| 658900 | iShares Convertible Bond ETF<sup>(a)</sup> | 67069431 |
| 4484627 | iShares Core MSCI Emerging Markets ETF | 312802733 |
| 33900 | iShares Global Clean Energy ETF<sup>(a)</sup> | 620031 |
| 61000 | iShares JP Morgan USD Emerging Markets Bond ETF<sup>(a)</sup> | 5729730 |
| 1739314 | State Street Blackstone Senior Loan ETF<sup>(a)</sup> | 69816064 |
| 646200 | State Street Energy Select Sector SPDR ETF | 39586212 |
| 59800 | State Street Financial Select Sector SPDR ETF | 2952326 |
| 630400 | State Street Health Care Select Sector SPDR ETF | 92422944 |
| 882800 | State Street Industrial Select Sector SPDR ETF<sup>(a)</sup> | 142775244 |
| 994300 | State Street Materials Select Sector SPDR ETF<sup>(a)</sup> | 49685171 |
| 337922 | State Street SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 30926621 |
| 6129100 | State Street SPDR Portfolio Emerging Markets ETF<sup>(a)</sup> | 287516081 |
| 681200 | State Street Technology Select Sector SPDR ETF | 90531480 |
| 570300 | VanEck Fallen Angel High Yield Bond ETF | 16379016 |
| 236400 | Vanguard Real Estate ETF | 20968680 |
| 10284100 | Vanguard Short-Term Inflation-Protected Securities ETF | 513690795 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $1,709,021,005)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $1,709,021,005)** | $1824835399 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(d)</sup> – 22.6%** | **Investment Company<sup>(d)</sup> – 22.6%** | **Investment Company<sup>(d)</sup> – 22.6%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 1276521653 | 3.553% | $1276521653 |
| **(Cost $1,276,521,653)** | **(Cost $1,276,521,653)** | **(Cost $1,276,521,653)** |
| **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 3.5%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 3.5%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 3.5%** |
|  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;196053340 | 3.553% | $196053340 |
| **(Cost $196,053,340)** | **(Cost $196,053,340)** | **(Cost $196,053,340)** |
| **TOTAL INVESTMENTS – 97.6%**<br> **(Cost $5,103,325,703)** | **TOTAL INVESTMENTS – 97.6%**<br> **(Cost $5,103,325,703)** | $5504773819 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.4%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.4%** | 137727166 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $5642500985 |

---

---

| | |
|:---|:---|
| 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) | All or a portion of security is on loan. |
| (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 ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At March 31, 2026, 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** |
|  JPMorgan Securities, Inc. | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101620000 | USD | 19028145 | 06/17/26 | $253996 |
|  | USD | 33167136 | CAD | 45840000 | 06/17/26 | 102898 |
|  | USD | 73755472 | CHF | 57430000 | 06/17/26 | 1317658 |
|  | USD | 69369080 | GBP | 51790000 | 06/17/26 | 836054 |
|  | USD | 21367005 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362193390000 | 06/17/26 | 79627 |
|  | USD | 29260078 | INR | 2722470000 | 06/17/26 | 578850 |
|  | USD | 37523079 | JPY | 5839230000 | 06/17/26 | 489146 |
|  | USD | 13425755 | KRW | 19565830000 | 06/17/26 | 390067 |
|  | USD | 31565940 | NZD | 53950000 | 06/17/26 | 478675 |
|  | USD | 30208597 | PHP | 1823400000 | 06/17/26 | 275313 |
|  | USD | 32630988 | SEK | 298320000 | 06/17/26 | 994335 |
|  | USD | 17711460 | TWD | 560830000 | 06/17/26 | 260869 |
|  **TOTAL** |  |  |  |  |  | $6057488 |

---

**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** |
|  JPMorgan Securities, Inc. | AUD | 55660000 | USD | 39323701 | 06/17/26 | $(965107) |
|  | CAD | 73610000 | USD | 54225806 | 06/17/26 | (1131161) |
|  | CHF | 27980000 | USD | 36272339 | 06/17/26 | (980505) |
|  | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349100000 | USD | 13806979 | 06/17/26 | (465807) |
|  | CZK | 334410000 | USD | 15986916 | 06/17/26 | (224406) |
|  | EUR | 21550000 | USD | 25197350 | 06/17/26 | (200090) |
|  | GBP | 18540000 | USD | 24774316 | 06/17/26 | (240578) |
|  | HUF | 4491260000 | USD | 13542760 | 06/17/26 | (108791) |
|  | ILS | 56410000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360222 | 06/17/26 | (377554) |
|  | JPY | 7788640000 | USD | 49845181 | 06/17/26 | (447577) |
|  | MXN | 391960000 | USD | 22118525 | 06/17/26 | (396814) |
|  | NOK | 480600000 | USD | 49994894 | 06/17/26 | (393699) |
|  | NZD | 131360000 | USD | 77937154 | 06/17/26 | (2244419) |
|  | PHP | 447420000 | USD | 7600561 | 06/17/26 | (255628) |
|  | PLN | 51940000 | USD | 14158086 | 06/17/26 | (170302) |
|  | SEK | 131430000 | USD | 14416080 | 06/17/26 | (478010) |
|  | USD | 63601742 | EUR | 54940000 | 06/17/26 | (126773) |
|  | ZAR | 234880000 | USD | 14272033 | 06/17/26 | (473057) |
|  **TOTAL** |  |  |  |  |  | $(9680278) |

---

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  Australian 10 Year Government Bonds | 54 | 06/15/26 | $4014616 | $(1604) |
|  Brent Crude | 150 | 04/30/26 | 15595500 | 2420479 |
|  Cattle Feeder | 24 | 05/21/26 | 4397700 | 200319 |
|  CBOE Volatility Index | 27 | 04/15/26 | 675605 | 2036 |
|  Coffee | 13 | 12/18/26 | 1311131 | (53361) |
|  Copper | 26 | 05/27/26 | 3649100 | (125522) |
|  Copper | 28 | 07/29/26 | 3965850 | (177990) |
|  Corn | 127 | 12/14/26 | 3074988 | (38582) |
|  Cotton No.2 | 25 | 12/08/26 | 929250 | 50046 |
|  Dollar Index | 216 | 06/15/26 | 21547944 | 167838 |
|  E-Mini Nasdaq 100 Index | 17 | 06/18/26 | 8131100 | (333273) |
|  E-Mini Russell 2000 Index | 172 | 06/18/26 | 21604920 | 132827 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts (continued):** |  |  |  |  |
|  Euro BTP | 145 | 06/08/26 | $19488328 | $(335241) |
|  Euro Stoxx 50 Index | 4104 | 06/19/26 | 260661331 | (8710178) |
|  French 10 Year Government Bonds | 126 | 06/08/26 | 17285671 | (117139) |
|  FTSE 100 Index | 835 | 06/19/26 | 112719999 | (2361030) |
|  FTSE/JSE Top 40 Index | 49 | 06/18/26 | 3095170 | (72793) |
|  FTSE/MIB Index | 24 | 06/19/26 | 6044080 | (61917) |
|  Gasoline RBOB | 19 | 09/30/26 | 1926452 | 398859 |
|  Gasoline RBOB | 34 | 04/30/26 | 4575169 | 721903 |
|  Gold | 21 | 06/26/26 | 9825060 | (1070788) |
|  Hang Seng Index | 16 | 04/29/26 | 2525634 | (1531) |
|  IBEX 35 Index | 30 | 04/17/26 | 5883220 | (97868) |
|  Lean Hogs | 14 | 06/12/26 | 588280 | (30985) |
|  Lean Hogs | 20 | 07/15/26 | 857800 | (21664) |
|  Live Cattle | 35 | 06/30/26 | 3405850 | 124767 |
|  Live Cattle | 21 | 08/31/26 | 2014320 | 111522 |
|  LME Lead | 28 | 05/18/26 | 1319150 | 665 |
|  LME Lead | 29 | 06/15/26 | 1375238 | (117603) |
|  LME Lead | 16 | 08/17/26 | 769928 | (55348) |
|  LME Lead | 54 | 10/19/26 | 2629800 | (164170) |
|  LME Lead | 307 | 04/13/26 | 14397149 | (437187) |
|  LME Lead | 19 | 01/18/27 | 942875 | (26315) |
|  LME Nickel | 86 | 04/13/26 | 8745276 | (33237) |
|  LME Nickel | 77 | 05/18/26 | 7866451 | (81123) |
|  LME Nickel | 40 | 06/15/26 | 4100638 | 341278 |
|  LME Nickel | 22 | 08/17/26 | 2271699 | 191261 |
|  LME Nickel | 32 | 09/14/26 | 3314688 | 313737 |
|  LME Nickel | 40 | 12/14/26 | 4187520 | (72513) |
|  LME Nickel | 16 | 01/18/27 | 1681248 | (77614) |
|  LME Nickel | 8 | 02/15/27 | 842880 | (33918) |
|  LME Primary Aluminum | 355 | 05/18/26 | 31098355 | 2454499 |
|  LME Primary Aluminum | 80 | 07/13/26 | 6900900 | 1121491 |
|  LME Primary Aluminum | 100 | 12/14/26 | 8164250 | 347624 |
|  LME Primary Aluminum | 199 | 04/13/26 | 17519015 | 1957345 |
|  LME Primary Aluminum | 26 | 01/18/27 | 2094105 | (57626) |
|  LME Zinc | 184 | 05/18/26 | 14908324 | 122754 |
|  LME Zinc | 185 | 04/13/26 | 14930194 | (292687) |
|  LME Zinc | 55 | 11/16/26 | 4428188 | (200269) |
|  LME Zinc | 22 | 12/14/26 | 1768250 | (91758) |
|  LME Zinc | 11 | 01/18/27 | 882819 | (23480) |
|  Low Sulphur Gas Oil | 33 | 05/12/26 | 4089525 | 951159 |
|  Natural Gas | 56 | 02/24/27 | 1958320 | (103005) |
|  NY Harbor ULSD | 20 | 04/30/26 | 3455592 | 680177 |
|  Omxs30 Index | 247 | 04/17/26 | 7618746 | (188550) |
|  S&P 500 E-Mini Index | 1860 | 06/18/26 | 611079750 | (17235899) |
|  S&P Mid 400 Emini | 91 | 06/18/26 | 30908150 | 284726 |
|  S&P Toronto Stock Exchange 60 Index | 36 | 06/18/26 | 9874315 | (51888) |
|  Silver | 9 | 05/27/26 | 3371355 | (426515) |
|  Soybean | 63 | 07/14/26 | 3735900 | 155717 |
|  Soybean | 205 | 05/14/26 | 12002750 | (203311) |
|  Soybean Meal | 60 | 07/14/26 | 1885800 | 40602 |
|  Soybean Oil | 60 | 07/14/26 | 2479680 | 414522 |
|  Sugar 11 | 138 | 02/26/27 | 2579606 | 311048 |
|  TOPIX Futures | 590 | 06/11/26 | 130264327 | (5255960) |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts (continued):** |  |  |  |  |
|  VSTOXX Index | 2007 | 04/15/26 | $6565010 | $309208 |
|  Wheat | 108 | 07/14/26 | 3429825 | 452268 |
|  Wheat | 79 | 05/14/26 | 2434188 | 49802 |
|  WTI Crude | 20 | 04/21/26 | 2027600 | 277145 |
|  WTI Crude | 75 | 05/19/26 | 6987000 | 2274273 |
|  **Total** |  |  |  | $(21459545) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (423) | 06/26/26 | $(49152128) | $80471 |
|  10 Year U.S. Treasury Notes | (130) | 06/18/26 | (14436094) | (12591) |
|  2 Year U.S. Treasury Notes | (794) | 06/30/26 | (164711578) | 352200 |
|  20 Year U.S. Treasury Bonds | (200) | 06/18/26 | (22775000) | (183625) |
|  3 Month SOFR | (1196) | 12/15/26 | (288041650) | 558145 |
|  3 Month SOFR | (953) | 09/15/26 | (229518137) | 229164 |
|  3 Month SOFR | (899) | 06/15/27 | (216625287) | 135263 |
|  3 Month SOFR | (1110) | 03/16/27 | (267412875) | 385868 |
|  3 Month SOFR | (281) | 03/14/28 | (67857987) | (43218) |
|  3 Month SOFR | (486) | 12/14/27 | (117290025) | (55410) |
|  3 Month SOFR | (678) | 09/14/27 | (163474275) | (936) |
|  3 Month SOFR | (143) | 06/20/28 | (34532712) | (28707) |
|  30 Year German Euro-Buxl | (193) | 06/08/26 | (24596701) | (79118) |
|  3M CORRA | (209) | 09/15/26 | (36668149) | (24137) |
|  3M CORRA | (242) | 03/16/27 | (42296941) | (51290) |
|  3M CORRA | (239) | 12/15/26 | (41845617) | (39970) |
|  3M Euribor | (551) | 06/15/26 | (155237909) | 515446 |
|  3M Euribor | (601) | 03/15/27 | (168717000) | 397528 |
|  3M Euribor | (615) | 12/14/26 | (172700494) | 538004 |
|  3M Euribor | (586) | 09/14/26 | (164683892) | 674667 |
|  3M Euribor | (571) | 06/14/27 | (160328186) | 304478 |
|  3M Euribor | (549) | 09/13/27 | (154246102) | 194799 |
|  3M Euribor | (492) | 12/13/27 | (138309673) | 104938 |
|  3M Euribor | (389) | 03/13/28 | (109365840) | 63339 |
|  3M SARON | (144) | 09/15/26 | (45029265) | (5332) |
|  3M SARON | (177) | 12/15/26 | (55279296) | 7308 |
|  3M SARON | (170) | 03/16/27 | (53037300) | 11712 |
|  5 Year German Euro-Bund | (585) | 06/08/26 | (84785255) | 331713 |
|  5 Year U.S. Treasury Notes | (749) | 06/30/26 | (81026586) | (259979) |
|  ASX 90 Day Bank Accepted Bills | (457) | 06/11/26 | (311854621) | 324860 |
|  ASX 90 Day Bank Accepted Bills | (487) | 09/10/26 | (332123984) | 415041 |
|  ASX 90 Day Bank Accepted Bills | (535) | 12/10/26 | (364796759) | 370687 |
|  Brent Crude | (92) | 05/29/26 | (8847640) | (587885) |
|  CAC40 Index | (47) | 04/17/26 | (4250928) | (28058) |
|  Canada 10 Year Government Bonds | (249) | 06/19/26 | (21481195) | (144833) |
|  CBOE Volatility Index | (126) | 05/19/26 | (3075912) | (428829) |
|  CBOE Volatility Index | (96) | 06/17/26 | (2329219) | (35065) |
|  Coffee | (31) | 05/18/26 | (3468319) | (117124) |
|  Corn | (89) | 05/14/26 | (2036988) | (97017) |
|  Cotton No.2 | (69) | 05/06/26 | (2415000) | (202957) |
|  DAX Index | (8) | 06/19/26 | (5279230) | (31835) |
|  Euro-Bobl | (903) | 06/08/26 | (120478071) | 550510 |
|  Euro-Schatz | (1369) | 06/08/26 | (167334459) | 846657 |
|  HSCEI | (45) | 04/29/26 | (2398007) | 5423 |
|  ICE 3M Sonia Bonds | (211) | 09/14/27 | (66814176) | 90109 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts (continued):** |  |  |  |  |
|  ICE 3M Sonia Bonds | (242) | 03/14/28 | $(76762606) | $33919 |
|  ICE 3M Sonia Bonds | (232) | 12/14/27 | (73533021) | 61322 |
|  ICE 3M Sonia Bonds | (232) | 06/20/28 | (73613628) | 28547 |
|  Ice 3M Sonia Index | (318) | 09/15/26 | (100875132) | 357886 |
|  Ice 3M Sonia Index | (212) | 03/16/27 | (67092248) | 139365 |
|  Ice 3M Sonia Index | (253) | 12/15/26 | (80092751) | 248062 |
|  Ice 3M Sonia Index | (208) | 06/15/27 | (65826357) | 111745 |
|  Japan 10 Year Government Bond | (99) | 06/15/26 | (81287231) | 466723 |
|  LME Lead | (407) | 05/18/26 | (19174788) | 603846 |
|  LME Lead | (29) | 06/15/26 | (1375238) | 113699 |
|  LME Lead | (16) | 08/17/26 | (769928) | 66044 |
|  LME Lead | (54) | 10/19/26 | (2629800) | 100779 |
|  LME Lead | (307) | 04/13/26 | (14397149) | 633734 |
|  LME Lead | (19) | 01/18/27 | (942875) | 6190 |
|  LME Nickel | (86) | 04/13/26 | (8745276) | (1504) |
|  LME Nickel | (48) | 05/18/26 | (4903762) | 4504 |
|  LME Nickel | (40) | 06/15/26 | (4100638) | (341633) |
|  LME Nickel | (22) | 08/17/26 | (2271699) | (208497) |
|  LME Nickel | (32) | 09/14/26 | (3314688) | (377901) |
|  LME Nickel | (40) | 12/14/26 | (4187520) | 64597 |
|  LME Nickel | (16) | 01/18/27 | (1681248) | 45972 |
|  LME Primary Aluminum | (236) | 05/18/26 | (20673836) | (2905522) |
|  LME Primary Aluminum | (80) | 07/13/26 | (6900900) | (1084201) |
|  LME Primary Aluminum | (100) | 12/14/26 | (8164250) | (97201) |
|  LME Primary Aluminum | (199) | 04/13/26 | (17519015) | (333695) |
|  LME Zinc | (145) | 05/18/26 | (11748408) | (460783) |
|  LME Zinc | (185) | 04/13/26 | (14930194) | 38337 |
|  LME Zinc | (55) | 11/16/26 | (4428188) | 156140 |
|  LME Zinc | (22) | 12/14/26 | (1768250) | 38775 |
|  Natural Gas | (137) | 04/28/26 | (3951080) | 230411 |
|  Soybean Oil | (141) | 05/14/26 | (5197528) | (546782) |
|  Sugar 11 | (139) | 04/30/26 | (2416154) | (317619) |
|  Wheat | (45) | 05/14/26 | (1429875) | (188586) |
|  **Total** |  |  |  | $1717087 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $(19742458) |

---

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>March 31,<br>2026<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** | **Protection Purchased:** |  |  |  |  |  |
|  CDX.NA.IG Index 46 | (1.000)% | 0.632% | 06/20/31 | $338450 | $(5953482) | $(5920684) | $(32798) |
|  ICE CD ITXEB 45 | (1.000) | 0.714 | 06/20/31 | 148000 | (2405585) | (2694990) | 289405 |
|  **Protection Sold:** | **Protection Sold:** | **Protection Sold:** |  |  |  |  |  |
|  CDX.NA.HY Index 46 | 5.000 | 3.856 | 06/20/31 | $188950 | 9375541 | 7633826 | 1741715 |
|  ICE CD ITXEX 45 | 5.000 | 3.533 | 06/20/31 | 171550 | 12752328 | 14755914 | (2003586) |
|  **TOTAL** |  |  |  |  | $13768802 | $13774066 | $(5264) |

---

(a) Payments made quarterly.

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (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** | **Counterparty** | **Termination**<br> **Date<sup>#</sup>** | **Notional<br>Amount**<br> **(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  Russell 3000 TR Index | 12M SOFR+0.510<sup>(a)</sup> | BofA Securities LLC | 03/09/27 | $521597 | $12644763 |
|  BCOMRS Index | 0.150<sup>(a)</sup> | Citibank NA | 05/29/26 | 14346 | 244415 |
|  BCOMRS Index | 0.000<sup>(a)</sup> | Citibank NA | 08/11/26 | 4885 | 83680 |
|  M1WO Index | 12M SOFR+0.350<sup>(a)</sup> | Citibank NA | 11/12/26 | 46196 | 1205799 |
|  M1WO Index | 12M SOFR+0.320<sup>(a)</sup> | Citibank NA | 12/10/26 | 49299 | 1286180 |
|  Russell 3000 TR Index | 12M SOFR+0.580<sup>(a)</sup> | Citibank NA | 02/17/27 | 764283 | 18550341 |
|  Russell 3000 TR Index | 12M SOFR+0.480<sup>(a)</sup> | Citibank NA | 03/10/27 | 130170 | 3154017 |
|  DBCDSBEF Index | 0.000<sup>(b)</sup> | Deutsche Bank AG (Singapore) | 04/10/26 | EUR 281,802 | (699438) |
|  DBCDSBUF Index | 0.000<sup>(b)</sup> | Deutsche Bank AG (Singapore) | 04/10/26 | 335122 | (598005) |
|  AMZX Index | 12M SOFR+0.350<sup>(b)</sup> | JPMorgan Securities, Inc. | 04/10/26 | 8648 | 23213 |
|  BCOMRS Index | 0.000<sup>(a),(b)</sup> | JPMorgan Securities, Inc. | 04/10/26-12/10/26 | 24748 | 423895 |
|  JCUBIXY1 Index | 0.000<sup>(a)</sup> | JPMorgan Securities, Inc. | 04/10/26 | 12468 | 133950 |
|  JPGSMARB Index | 12M SOFR+0.890<sup>(a)</sup> | JPMorgan Securities, Inc. | 04/09/26-02/10/27 | 55204 | 220426 |
|  JPOSCUVS Index | 0.000<sup>(b)</sup> | JPMorgan Securities, Inc. | 04/10/26 | 35298 | (725196) |
|  JPOSSVHY Index | 0.000<sup>(b)</sup> | JPMorgan Securities, Inc. | 04/10/26 | 19095 | (26824) |
|  JPOSSVV1 Index | 0.000<sup>(b)</sup> | JPMorgan Securities, Inc. | 04/10/26 | 34704 | 1239847 |
|  M1WO Index | 12M SOFR+0.240<sup>(a)</sup> | JPMorgan Securities, Inc. | 03/10/27 | 37996 | 990664 |
|  Russell 3000 TR Index | 12M SOFR+0.685<sup>(a)</sup> | JPMorgan Securities, Inc. | 10/08/26 | 294758 | 7167145 |
|  MSCBVMH3 Index | 0.000<sup>(b)</sup> | MS & Co. Int. PLC | 04/10/26 | 249163 | 1051489 |
|  MSFVWGTT Index | 0.000<sup>(b)</sup> | MS & Co. Int. PLC | 04/10/26 | 516495 | 1447981 |
|  MSVXCS01 Index | 0.000<sup>(b)</sup> | MS & Co. Int. PLC | 04/10/26 | 56375 | 1309366 |
|  Russell 3000 TR Index | 12M SOFR+0.720<sup>(a)</sup> | MS & Co. Int. PLC | 09/09/26 | 64393 | 1566683 |
|  **TOTAL** |  |  |  |  | $50694391 |

---

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

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (MSCBVMH3) of Options** |  | | | |
| **Common Stocks** | **Sector** | **Shares** | **Value** | **Weight** |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Options | (1765) | $(140454) | (0.1)% |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (6478) | (5918) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (3439) | (3215) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (3017) | (2421) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (3666) | (2071) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (6031) | (2051) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (4722) | (2007) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (864) | (1201) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (2536) | (1129) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (3270) | (818) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (4979) | (672) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (1566) | (456) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (355) | (369) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (1216) | (346) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (186) | (343) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (9470) | (237) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (484) | (227) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (2658) | (226) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (270) | (215) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (281) | (195) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (270) | (190) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 05/15/26 | Options | (123) | (181) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (84) | (91) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (186) | (85) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (186) | (82) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (360) | (70) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (84) | (35) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (158) | (16) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 06/18/26 | Options | (56) | (9) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 04/17/26 | Options | (162) | (1) | 0.0 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At March 31, 2026, 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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $23.000 | 04/15/2026 | 1370 | $3151000 | $455525 | $307223 | $148302 |
|  CBOE Volatility Index | 23.000 | 05/19/2026 | 1260 | 2898000 | 526050 | 343035 | 183015 |
|  CBOE Volatility Index | 25.000 | 06/17/2026 | 960 | 2400000 | 367200 | 347760 | 19440 |
|  **Total purchased option contracts** |  |  | 3590 |  | $1348775 | $998018 | $350757 |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 6075.000 | 04/02/2026 | (40) | (24300000) | (46) | (6256) | 6210 |
|  Euro Stoxx 50 Index | 6075.000 | 04/10/2026 | (41) | (24907500) | (474) | (9428) | 8954 |
|  Euro Stoxx 50 Index | 5875.000 | 04/17/2026 | (42) | (24675000) | (12039) | (24353) | 12314 |
|  FTSE 100 Index | 10500.000 | 04/17/2026 | (5) | (5250000) | (4103) | (2445) | (1658) |
|  FTSE 100 Index | 10600.000 | 04/17/2026 | (7) | (7420000) | (3706) | (1625) | (2081) |
|  FTSE 100 Index | 10850.000 | 04/17/2026 | (6) | (6510000) | (953) | (2610) | 1657 |
|  FTSE 100 Index | 10975.000 | 04/17/2026 | (4) | (4390000) | (344) | (1306) | 962 |
|  FTSE 100 Index | 11300.000 | 04/17/2026 | (2) | (2260000) | (53) | (1048) | 995 |
|  FTSE 100 Index | 10675.000 | 05/15/2026 | (3) | (3202500) | (3137) | (1887) | (1250) |
|  Nikkei 225 Index | 57875.000 | 04/10/2026 | (4) | (23150000) | (832) | (2603) | 1771 |
|  Nikkei 225 Index | 60375.000 | 04/10/2026 | (4) | (24150000) | (202) | (4050) | 3848 |
|  Nikkei 225 Index | 60625.000 | 04/10/2026 | (4) | (24250000) | (176) | (10250) | 10074 |
|  Nikkei 225 Index | 63500.000 | 04/10/2026 | (1) | (6350000) | (12) | (1549) | 1537 |
|  Nikkei 225 Index | 65000.000 | 04/10/2026 | (2) | (13000000) | (25) | (3265) | 3240 |
|  Nikkei 225 Index | 60000.000 | 05/08/2026 | (2) | (12000000) | (1689) | (2387) | 698 |
|  Nikkei 225 Index | 60125.000 | 05/08/2026 | (3) | (18037500) | (2420) | (4598) | 2178 |
|  S&P 500 Index | $6770.000 | 04/01/2026 | (21) | $(14217000) | (263) | (43553) | 43290 |
|  S&P 500 Index | 7125.000 | 04/01/2026 | (13) | (9262500) | (33) | (21479) | 21446 |
|  S&P 500 Index | 6695.000 | 04/02/2026 | (21) | (14059500) | (2730) | (13584) | 10854 |
|  S&P 500 Index | 6625.000 | 04/06/2026 | (22) | (14575000) | (51370) | (16503) | (34867) |
|  S&P 500 Index | 7100.000 | 04/08/2026 | (15) | (10650000) | (188) | (17690) | 17502 |
|  S&P 500 Index | 7000.000 | 04/15/2026 | (15) | (10500000) | (1463) | (21585) | 20122 |
|  S&P 500 Index | 6900.000 | 04/22/2026 | (16) | (11040000) | (11760) | (41678) | 29918 |
|  |  |  | (293) |  | $(98018) | $(255732) | $157714 |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5250.000 | 04/02/2026 | (81) | (42525000) | (468) | (46565) | 46097 |
|  Euro Stoxx 50 Index | 5225.000 | 04/10/2026 | (82) | (42845000) | (19050) | (27632) | 8582 |
|  Euro Stoxx 50 Index | 4975.000 | 04/17/2026 | (85) | (42287500) | (17488) | (23946) | 6458 |
|  FTSE 100 Index | 9275.000 | 04/17/2026 | (11) | (10202500) | (3640) | (8873) | 5233 |
|  FTSE 100 Index | 9350.000 | 04/17/2026 | (15) | (14025000) | (5658) | (18008) | 12350 |
|  FTSE 100 Index | 9550.000 | 04/17/2026 | (12) | (11460000) | (6830) | (10458) | 3628 |
|  FTSE 100 Index | 9625.000 | 04/17/2026 | (8) | (7700000) | (5347) | (11719) | 6372 |
|  FTSE 100 Index | 10250.000 | 04/17/2026 | (3) | (3075000) | (8636) | (2016) | (6620) |
|  FTSE 100 Index | 9050.000 | 05/15/2026 | (5) | (4525000) | (3838) | (6097) | 2259 |
|  Nikkei 225 Index | 46500.000 | 04/10/2026 | (7) | (32550000) | (16760) | (24737) | 7977 |
|  Nikkei 225 Index | 48500.000 | 04/10/2026 | (6) | (29100000) | (25897) | (45435) | 19538 |
|  Nikkei 225 Index | 48625.000 | 04/10/2026 | (3) | (14587500) | (13421) | (12389) | (1032) |
|  Nikkei 225 Index | 48750.000 | 04/10/2026 | (9) | (43875000) | (41681) | (45639) | 3958 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** |  |  |  |  |  |  |  |
|  **Puts (continued)** |  |  |  |  |  |  |  |
|  Nikkei 225 Index | 51375.000 | 04/10/2026 | (2) | (10275000) | $(20289) | $(7823) | $(12466) |
|  Nikkei 225 Index | 53000.000 | 04/10/2026 | (3) | (15900000) | (48014) | (11560) | (36454) |
|  Nikkei 225 Index | 46500.000 | 05/08/2026 | (7) | (32550000) | (48077) | (41990) | (6087) |
|  Nikkei 225 Index | 46750.000 | 05/08/2026 | (4) | (18700000) | (28607) | (35865) | 7258 |
|  S&P 500 Index | $6260.000 | 04/01/2026 | (42) | $(26292000) | (1575) | (55211) | 53636 |
|  S&P 500 Index | 6375.000 | 04/01/2026 | (26) | (16575000) | (5720) | (81689) | 75969 |
|  S&P 500 Index | 6210.000 | 04/02/2026 | (43) | (26703000) | (5805) | (98255) | 92450 |
|  S&P 500 Index | 6050.000 | 04/06/2026 | (43) | (26015000) | (10213) | (59223) | 49010 |
|  S&P 500 Index | 6300.000 | 04/08/2026 | (30) | (18900000) | (66600) | (137519) | 70919 |
|  S&P 500 Index | 6275.000 | 04/15/2026 | (31) | (19452500) | (128805) | (146149) | 17344 |
|  S&P 500 Index | 6025.000 | 04/22/2026 | (32) | (19280000) | (84960) | (104639) | 19679 |
|  |  |  | (590) |  | $(617379) | $(1063437) | $446058 |
|  **Total written option contracts** |  |  | (883) |  | $(715397) | $(1319169) | $603772 |
|  **TOTAL** |  |  | 2707 |  | $633378 | $(321151) | $954529 |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| IDR | — Indonesia Rupiah |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PHP | — Philippines Peso |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CVR | — Contingent Value Rights |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| NR | — Not Rated |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REIT | — Real Estate Investment Trust |
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY Ind 46 | — CDX North America High Yield Index 46 |
| ICE | — Inter-Continental Exchange |
| ICE CD ITXEB | — iTraxx Europe Index |
| ICE CD ITXEX | — iTraxx Europe Crossover Index |

---

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

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments
*March 31, 2026 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 6.3%** | **Investment Company<sup>(a)</sup> – 6.3%** | **Investment Company<sup>(a)</sup> – 6.3%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| &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;23281008 | 3.553% | $23281008 |
| **(Cost $23,281,008)** | **(Cost $23,281,008)** | **(Cost $23,281,008)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 86.7%** | **Short-term Investments<sup>(b)</sup> – 86.7%** | **Short-term Investments<sup>(b)</sup> – 86.7%** | **Short-term Investments<sup>(b)</sup> – 86.7%** | **Short-term Investments<sup>(b)</sup> – 86.7%** |
|  **U.S. Treasury Obligations – 86.7%** | **U.S. Treasury Obligations – 86.7%** | **U.S. Treasury Obligations – 86.7%** | **U.S. Treasury Obligations – 86.7%** | **U.S. Treasury Obligations – 86.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 64400000 | 0.000% | 04/16/26 | $64302618 |
|  | 42000000 | 0.000 | 05/28/26 | 41758550 |
|  | 92100000 | 0.000 | 06/25/26 | 91320417 |
|  | 3000000 | 0.000 | 07/09/26 | 2970302 |
|  | 84100000 | 0.000 | 07/16/26 | 83213069 |
|  | 5100000 | 0.000 | 08/27/26 | 5024530 |
|  | 32400000 | 0.000 | 09/17/26 | 31853714 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $320,489,699)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $320,489,699)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $320,489,699)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $320,489,699)** | $320443200 |
| **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $343,770,707)** | **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $343,770,707)** | **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $343,770,707)** | **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $343,770,707)** | $343724208 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 7.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 7.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 7.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 7.0%** | 26054822 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $369779030 |

---

---

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

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments (continued)
*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FUTURES CONTRACTS** — At March 31, 2026, 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:** |  |  |  |  |
|  Brent Crude | 9 | 05/29/26 | $865530 | $45720 |
|  Brent Crude | 52 | 04/30/26 | 5406440 | 141251 |
|  Cattle Feeder | 4 | 08/27/26 | 728850 | 24216 |
|  Cattle Feeder | 3 | 05/21/26 | 549713 | 32321 |
|  Cocoa | 62 | 05/13/26 | 2046000 | (114732) |
|  Cocoa | 40 | 09/15/26 | 1366800 | 49501 |
|  Coffee | 13 | 05/18/26 | 1454456 | 33790 |
|  Coffee | 19 | 09/18/26 | 1981463 | (112505) |
|  Coffee | 20 | 09/24/26 | 668000 | (44226) |
|  Copper | 3 | 05/27/26 | 421050 | 9118 |
|  Copper | 9 | 09/28/26 | 1287000 | (14295) |
|  Corn | 25 | 09/14/26 | 587813 | (1502) |
|  Cotton No.2 | 41 | 12/08/26 | 1523970 | 103238 |
|  Gasoil | 49 | 09/10/26 | 4553325 | 780574 |
|  Gasoline RBOB | 13 | 04/30/26 | 1749329 | 117459 |
|  Gasoline RBOB | 39 | 08/31/26 | 4337096 | 509352 |
|  Gasoline RBOB | 7 | 07/31/26 | 815291 | 126813 |
|  Gold | 4 | 06/26/26 | 1871440 | (200859) |
|  Gold | 8 | 08/27/26 | 3770880 | (97046) |
|  Lean Hogs | 7 | 06/12/26 | 294140 | (2399) |
|  Lean Hogs | 25 | 08/14/26 | 1070750 | (34538) |
|  Live Cattle | 12 | 06/30/26 | 1167720 | 64997 |
|  Live Cattle | 14 | 08/31/26 | 1342880 | 50877 |
|  LME Copper | 8 | 07/13/26 | 2469270 | (131736) |
|  LME Copper | 2 | 04/13/26 | 614159 | (33324) |
|  LME Copper | 7 | 09/14/26 | 2165293 | (122039) |
|  LME Lead | 12 | 05/18/26 | 565350 | (53092) |
|  LME Lead | 51 | 07/13/26 | 2435977 | (197898) |
|  LME Lead | 48 | 09/14/26 | 2322000 | (64245) |
|  LME Nickel | 24 | 05/18/26 | 2451881 | 206374 |
|  LME Nickel | 3 | 06/15/26 | 307548 | (13633) |
|  LME Nickel | 32 | 09/14/26 | 3314688 | (37212) |
|  LME Nickel | 34 | 07/13/26 | 3497343 | (134558) |
|  LME Primary Aluminum | 93 | 05/18/26 | 8146893 | 1424178 |
|  LME Primary Aluminum | 30 | 06/15/26 | 2611605 | 256804 |
|  LME Primary Aluminum | 87 | 07/13/26 | 7504729 | 693745 |
|  LME Primary Aluminum | 59 | 09/14/26 | 4971783 | 212418 |
|  LME Tin | 3 | 07/13/26 | 701505 | (925) |
|  LME Tin | 3 | 09/14/26 | 702105 | (72785) |
|  LME Zinc | 31 | 05/18/26 | 2511729 | 114574 |
|  LME Zinc | 39 | 09/14/26 | 3149767 | (33649) |
|  LME Zinc | 43 | 07/13/26 | 3477657 | 15940 |
|  Low Sulphur Gas Oil | 5 | 05/12/26 | 619625 | 211118 |
|  Natural Gas | 42 | 04/28/26 | 1211280 | (47022) |
|  Natural Gas | 54 | 08/27/26 | 1768500 | (130975) |
|  Natural Gas | 24 | 07/29/26 | 792000 | (54816) |
|  NY Harbor ULSD | 12 | 04/30/26 | 2073355 | 192157 |
|  NY Harbor ULSD | 35 | 08/31/26 | 4654314 | 718598 |
|  NY Harbor ULSD | 6 | 07/31/26 | 825628 | 148919 |
|  Palladium | 12 | 06/26/26 | 1785000 | (40156) |
|  Platinum | 9 | 10/28/26 | 894375 | (69787) |
|  Silver | 8 | 05/27/26 | 2996760 | (117528) |
|  Silver | 8 | 09/28/26 | 3041320 | (254738) |
|  Soybean Oil | 21 | 11/13/26 | 1215375 | 20180 |
|  Soybean Oil | 66 | 12/14/26 | 2280740 | 56331 |
|  Sugar 11 | 67 | 09/30/26 | 1204392 | 68820 |
|  Wheat | 42 | 09/14/26 | 1367351 | 80647 |
|  White Sugar | 33 | 09/15/26 | 751410 | 77195 |
|  WTI Crude | 9 | 04/21/26 | 912420 | 65655 |
|  WTI Crude | 43 | 07/21/26 | 3510090 | 424915 |
|  **Total** |  |  |  | $4845575 |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  Brent Crude | (6) | 07/31/26 | $(515460) | $(18) |
|  Cocoa | (1) | 07/16/26 | (33670) | (2453) |
|  Copper | (1) | 07/29/26 | (141638) | 4923 |
|  Corn | (13) | 05/14/26 | (297538) | (1623) |
|  Corn | (4) | 07/14/26 | (93650) | (1111) |
|  Cotton No.2 | (68) | 05/06/26 | (2380000) | (160890) |
|  Cotton No.2 | (1) | 07/09/26 | (36065) | (3068) |
|  FCOJ-A | (7) | 05/08/26 | (199500) | (16165) |
|  Gasoil | (1) | 07/10/26 | (101200) | (20551) |
|  Gasoline RBOB | (1) | 06/30/26 | (122056) | (17621) |
|  Lean Hogs | (1) | 07/15/26 | (42890) | 1947 |
|  LME Copper | (2) | 04/13/26 | (614159) | 43770 |
|  LME Copper | (2) | 05/18/26 | (615577) | 33598 |
|  LME Copper | (8) | 07/13/26 | (2469270) | 134636 |
|  LME Lead | (19) | 05/18/26 | (895138) | 61075 |
|  LME Lead | (51) | 07/13/26 | (2435977) | 86140 |
|  LME Lead | (9) | 09/14/26 | (435375) | 5768 |
|  LME Nickel | (34) | 05/18/26 | (3473498) | 44148 |
|  LME Nickel | (3) | 06/15/26 | (307548) | (27422) |
|  LME Nickel | (9) | 09/14/26 | (932256) | 16738 |
|  LME Nickel | (34) | 07/13/26 | (3497343) | 50435 |
|  LME Primary Aluminum | (91) | 05/18/26 | (7971691) | (995467) |
|  LME Primary Aluminum | (30) | 06/15/26 | (2611605) | (366455) |
|  LME Primary Aluminum | (88) | 07/13/26 | (7590990) | (530181) |
|  LME Primary Aluminum | (21) | 09/14/26 | (1769618) | (6519) |
|  LME Tin | (3) | 07/13/26 | (701505) | 61660 |
|  LME Zinc | (33) | 05/18/26 | (2673776) | (37898) |
|  LME Zinc | (43) | 07/13/26 | (3477657) | 65162 |
|  LME Zinc | (11) | 09/14/26 | (888396) | (2320) |
|  Natural Gas | (3) | 06/26/26 | (96990) | 5790 |
|  NY Harbor ULSD | (1) | 06/30/26 | (145051) | (25362) |
|  Platinum | (3) | 07/29/26 | (295530) | (10980) |
|  Soybean Oil | (85) | 05/14/26 | (3546222) | (126710) |
|  Soybean Oil | (4) | 07/14/26 | (191358) | (1500) |
|  Sugar 11 | (10) | 04/30/26 | (173824) | 309 |
|  Sugar 11 | (3) | 06/30/26 | (52685) | (6358) |
|  Wheat | (83) | 05/14/26 | (2595938) | (195644) |
|  Wheat | (2) | 07/14/26 | (63763) | (3843) |
|  WTI Crude | (3) | 06/22/26 | (259590) | (40058) |
|  **Total** |  |  |  | $(1984118) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $2861457 |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*March 31, 2026 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At March 31, 2026, the Fund had the following swap contracts:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received) by**<br> **the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.11% | Citibank NA | 10/30/26 | $107020 | $(8) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.24 | Citibank NA | 01/29/27 | 1753 | 4 |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | Merrill Lynch International Bank Ltd. | 10/30/26 | 97191 | (3) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | Merrill Lynch International Bank Ltd. | 01/29/27 | 2907 | (3) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | RBC Dominion Securities, Inc. | 10/30/26 | 34153 | (8) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.29 | RBC Dominion Securities, Inc. | 10/30/26 | 23462 | 48 |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | UBS Switzerland AG | 01/29/27 | 31370 | 59 |
|  **TOTAL** |  |  |  |  | $89 |

---

(a) Payments made monthly.

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

\* There are no upfront payments on the swap contracts March 31, 2026. Therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

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

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

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

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (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 Fund's shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

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

**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 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 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.

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.

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

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

&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.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

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

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

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.

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **ABSOLUTE RETURN TRACKER 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; Asia | $1389440 | $143184 | $21682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 379664 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 6479084 | 140051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2048839142 | 5898 | 35068 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 262849 |  |  |
|  Securities Lending Reinvestment Vehicle | 196053340 |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 149667340 |  |  |
|  Rights |  | 25 |  |
|  Exchange Traded Funds | 1824835399 |  |  |
|  Investment Company | 1276521653 |  |  |
| **Total** | $5504427911 | $289158 | $56750 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $6057488 | $— |
|  Futures Contracts<sup>(b)</sup> | 28420824 |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | 2031120 |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | 52743854 |  |
|  Purchased Option Contracts | 1348775 |  |  |
| **Total** | $29769599 | $&nbsp;&nbsp;&nbsp;&nbsp;60832462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **ABSOLUTE RETURN TRACKER FUND (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(9680278) | $— |
|  Futures Contracts<sup>(b)</sup> | (48163282) |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | (2036384) |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | (2049463) |  |
|  Written Option Contracts | (715397) |  |  |
| **Total** | $(48878679) | $(13766125) | $— |
| **COMMODITY STRATEGY FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Investment Company | $23281008 | $— | $— |
|  Short-term Investments | 320443200 |  |  |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;343724208 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $7693894 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Total Return Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |  |
| **Total** | $7693894 | $111 | $— |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(4832437) | $— | $— |
|  Total Return Swap Contracts |  | (22) |  |
| **Total** | $(4832437) | $(22) | $— |

---

(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.

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

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

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

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

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

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

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

*March 31, 2026 (Unaudited)* 

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

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

**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 the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Market and Credit Risks** — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.Additionally, the Funds 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 the Funds have unsettled or open transactions defaults.

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

**Tax Risk** — The Funds seek to gain exposure to the commodity markets through investments in the Subsidiaries. The tax treatment of the Funds' investments in the Subsidiaries could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds' taxable income or any gains and distributions made by the Funds. If the IRS were to successfully assert that a Fund's income from such investments was not "qualifying income," the Funds may fail to qualify as regulated investment companies ("RIC") under Subchapter M of the Code if over 10% of their gross income was derived from these investments. If the Funds failed to qualify as RICs, they would be subject to federal and state income tax on all of their 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, 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:** 312-655-4600

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

- **a. Name of Series:** Goldman Sachs Commodity Strategy Fund

- **b. EDGAR series identifier (if any):** S000015787

- **c. LEI of Series:** KSLHF8U0UKNUMV03EB51

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $370480920.31

**Total Liabilities:** $470684.88

**Net Assets:** $370010235.43

**Amount of Assets Invested in Other Investment Companies:** $72424253.60

**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 C000043358 | 7.14%                | 1.03%                | 5.35%                |
| Class ID C000043359 | 7.01%                | 1.03%                | 5.34%                |
| Class ID C000043360 | 7.12%                | 1.01%                | 5.46%                |
| Class ID C000058992 | 7.12%                | 0.95%                | 5.41%                |
| Class ID C000058993 | 7.23%                | 1.01%                | 5.45%                |
| Class ID C000161523 | 7.09%                | 1.01%                | 5.44%                |
| Class ID C000201770 | 7.10%                | 1.12%                | 5.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-86243.85                                 |
| Month 2  | $0.00                    | $-11429.68                                 |
| Month 3  | $88.89                   | $-48812.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                                      | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  23187316 | NS      | $23187315.59  | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  59900000 | PA      | $59809422.22  | 16.16%            | 2026-04-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   4500000 | PA      | $4493195.33   | 1.21%             | 2026-04-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2970301.98   | 0.80%             | 2026-07-09      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  42000000 | PA      | $41758549.98  | 11.29%            | 2026-05-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797TE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  92100000 | PA      | $91320416.79  | 24.68%            | 2026-06-25      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  84100000 | PA      | $83213068.79  | 22.49%            | 2026-07-16      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797TY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5100000 | PA      | $5024530.20   | 1.36%             | 2026-08-27      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797UG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  32400000 | PA      | $31853713.97  | 8.61%             | 2026-09-17      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Citibank NA                                    | Long: 227151859 TRS USD R E BCOMF3T RE / Short: 227151859 TRS USD P V 01MTBILL 227151859 PV +11 BPS | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        | 102033643 | OU      | $4986004.33   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                    | Long: 227151860 TRS USD R E BCOMF3T RE / Short: 227151860 TRS USD P V 01MTBILL 227151860 PV +12 BPS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | US        |  92663177 | OU      | $4528101.13   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC Dominion Securities, Inc.                  | Long: 227151861 TRS USD R E BCOMF3T RE / Short: 227151861 TRS USD P V 01MTBILL 227151861 PV +12 BPS | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | N/A              | DCO              |  | US        |  32562282 | OU      | $1591189.50   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                    | Long: 227151881 TRS USD R E CRBFTR RE / Short: 227151881 TRS USD P V 01MTBILL 227151881 PV +24 BPS  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |   1587849 | OU      | $165347.84    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                    | Long: 227151882 TRS USD R E CRBFTR RE / Short: 227151882 TRS USD P V 01MTBILL 227151882 PV +25 BPS  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | US        |   2632894 | OU      | $274180.49    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Switzerland AG                             | Long: 227151883 TRS USD R E CRBFTR RE / Short: 227151883 TRS USD P V 01MTBILL 227151883 PV +25 BPS  | CUSIP: 000000000<br>LEI: 549300WOIFUSNYH0FL22 | N/A              | DCO              |  | US        |  28411253 | OU      | $2958747.27   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC Dominion Securities, Inc.                  | Long: 227151892 TRS USD R E CRBFTR RE / Short: 227151892 TRS USD P V 01MTBILL 227151892 PV +29 BPS  | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | N/A              | DCO              |  | US        |  21248843 | OU      | $2212858.62   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR MAY26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        42 | NC      | $-44082.33    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR JUL26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -3 | NC      | $5640.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR SEP26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        54 | NC      | $-127195.28   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR AUG26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        24 | NC      | $-53135.68    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | COPPER FUTURE MAY26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         3 | NC      | $10580.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JUN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        30 | NC      | $256804.17    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JUN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -30 | NC      | $-366455.21   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | BRENT CRUDE FUTR JUN26                                                                              | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        52 | NC      | $160490.83    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | GOLD 100 OZ FUTR JUN26                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         4 | NC      | $-186778.88   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JUN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         3 | NC      | $-13633.11    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JUN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -3 | NC      | $-27422.27    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | WTI CRUDE FUTURE MAY26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         9 | NC      | $72224.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COFFEE 'C' FUTURE MAY26                                                                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        13 | NC      | $31352.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN FUTURE JUL26                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -2 | NC      | $519.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | CORN FUTURE MAY26                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -13 | NC      | $-2110.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | WHEAT FUTURE(CBT) MAY26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -43 | NC      | $-83468.25    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | SUGAR 11 (WORLD) MAY26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       -10 | NC      | $420.88       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | WTI CRUDE FUTURE JUL26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -3 | NC      | $-42008.33    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE APR26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         2 | NC      | $-33323.96    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE APR26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -2 | NC      | $43769.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NY HARB ULSD FUT MAY26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        12 | NC      | $189183.03    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COTTON NO.2 FUTR MAY26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       -68 | NC      | $-160209.99   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | BRENT CRUDE FUTR JUL26                                                                              | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         9 | NC      | $47969.58     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR MAY26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        93 | NC      | $1424178.31   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR MAY26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -91 | NC      | $-995466.98   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE MAY26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        12 | NC      | $-53092.30    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE MAY26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -19 | NC      | $61075.34     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE MAY26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -2 | NC      | $33597.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE MAY26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        31 | NC      | $114574.03    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE MAY26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -33 | NC      | $-37897.68    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | CORN FUTURE JUL26                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -4 | NC      | $-1261.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | WHEAT FUTURE(CBT) JUL26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -1 | NC      | $-1790.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | SUGAR 11 (WORLD) JUL26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -3 | NC      | $-6324.66     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NY HARB ULSD FUT JUL26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -1 | NC      | $-25794.32    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COFFEE 'C' FUTURE SEP26                                                                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        19 | NC      | $-119986.06   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | KC HRW WHEAT FUT MAY26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -40 | NC      | $-120475.62   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN OIL FUTR MAY26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -19 | NC      | $-88012.25    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COTTON NO.2 FUTR JUL26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -1 | NC      | $-3052.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN MEAL FUTR MAY26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -41 | NC      | $-15842.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN FUTURE MAY26                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -25 | NC      | $-25443.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE MAY26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        24 | NC      | $206374.44    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE MAY26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -34 | NC      | $44147.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        87 | NC      | $693744.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -88 | NC      | $-530180.68   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE JUL26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        43 | NC      | $15939.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE JUL26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -43 | NC      | $65161.77     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         8 | NC      | $-131735.53   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -8 | NC      | $134635.66    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE JUL26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        51 | NC      | $-197897.53   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE JUL26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -51 | NC      | $86140.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | WTI CRUDE FUTURE AUG26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        43 | NC      | $453724.54    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | WHEAT FUTURE(CBT) SEP26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        19 | NC      | $30472.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN FUTURE NOV26                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        21 | NC      | $20442.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | CORN FUTURE SEP26                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        25 | NC      | $-564.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NY HARB ULSD FUT AUG26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         6 | NC      | $148213.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | BRENT CRUDE FUTR SEP26                                                                              | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        -6 | NC      | $-978.28      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | SUGAR 11 (WORLD) OCT26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        67 | NC      | $68069.14     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN OIL FUTR JUL26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -1 | NC      | $-2030.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LIVE CATTLE FUTR JUN26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        12 | NC      | $65117.36     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | SILVER FUTURE MAY26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         8 | NC      | $-93087.76    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | GASOLINE RBOB FUT SEP26                                                                             | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        39 | NC      | $516394.97    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NY HARB ULSD FUT SEP26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        35 | NC      | $711542.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | KC HRW WHEAT FUT JUL26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -1 | NC      | $-2277.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME COPPER FUTURE SEP26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         7 | NC      | $-122038.86   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE SEP26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        48 | NC      | $-64245.04    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE SEP26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -9 | NC      | $5767.93      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR SEP26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        59 | NC      | $212418.18    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR SEP26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -21 | NC      | $-6519.08     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE SEP26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        39 | NC      | $-33648.72    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE SEP26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -11 | NC      | $-2319.53     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COCOA FUTURE MAY26                                                                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        62 | NC      | $-132712.36   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | LOW SU GASOIL G MAY26                                                                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         5 | NC      | $198118.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LEAN HOGS FUTURE JUN26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         7 | NC      | $-2959.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | GASOLINE RBOB FUT MAY26                                                                             | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        13 | NC      | $117404.57    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COTTON NO.2 FUTR DEC26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        41 | NC      | $103237.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN MEAL FUTR JUL26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -1 | NC      | $-172.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        34 | NC      | $-134557.90   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JUL26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -34 | NC      | $50434.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | CATTLE FEEDER FUT MAY26                                                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         3 | NC      | $32246.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COCOA FUTURE JUL26                                                                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -1 | NC      | $-2172.72     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE SEP26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        32 | NC      | $-37212.34    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE SEP26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -9 | NC      | $16738.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LIVE CATTLE FUTR AUG26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        14 | NC      | $50876.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | COPPER FUTURE JUL26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        -1 | NC      | $4410.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | LOW SU GASOIL G JUL26                                                                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        -1 | NC      | $-17801.38    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | GASOLINE RBOB FUT JUL26                                                                             | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -1 | NC      | $-17814.32    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LEAN HOGS FUTURE JUL26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        -1 | NC      | $1977.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | KC HRW WHEAT FUT SEP26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        23 | NC      | $55086.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN OIL FUTR DEC26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        28 | NC      | $57118.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN MEAL FUTR DEC26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        38 | NC      | $52.79        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | GASOLINE RBOB FUT AUG26                                                                             | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         7 | NC      | $127224.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LEAN HOGS FUTURE AUG26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        25 | NC      | $-35788.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | CATTLE FEEDER FUT AUG26                                                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         4 | NC      | $24416.19     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | GOLD 100 OZ FUTR AUG26                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         8 | NC      | $-68886.19    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | PLATINUM FUTURE JUL26                                                                               | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -3 | NC      | $-10574.93    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | PLATINUM FUTURE OCT26                                                                               | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         9 | NC      | $-70507.08    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COCOA FUTURE SEP26                                                                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        40 | NC      | $39501.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | FCOJ-A FUTURE MAY26                                                                                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -7 | NC      | $-16269.47    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | SILVER FUTURE SEP26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         8 | NC      | $-239257.66   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | COPPER FUTURE SEP26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         9 | NC      | $-9682.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | LOW SU GASOIL G SEP26                                                                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        49 | NC      | $639698.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | PALLADIUM FUTURE JUN26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        12 | NC      | $-34756.37    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | WHITE SUGAR (ICE) OCT26                                                                             | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        33 | NC      | $77194.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME TIN FUTURE JUL26                                                                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         3 | NC      | $-924.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME TIN FUTURE JUL26                                                                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -3 | NC      | $61660.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | COFF ROBUSTA 10TN SEP26                                                                             | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        20 | NC      | $-46026.32    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME TIN FUTURE SEP26                                                                                | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         3 | NC      | $-72784.69    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-04

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Allison Fracchiolla

**Name of Signer:** Allison Fracchiolla

**Title:** Vice President