# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-012868
**Filing Date:** 2023-1
**Character Count:** 351335
**Document Hash:** 01b698f61b6dfdafc5469fffa768f210
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012868.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012868

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 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:** 23552384

**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 Tactical Tilt Overlay Fund (Series ID: S000046190)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000144475 | Institutional Shares | TTIFX           |
| C000196984 | Class R6 Shares      | TTRFX           |
| C000201713 | Class P Shares       | GSLPX           |

## Nport-Ex

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 10.2%** | **Common Stocks – 10.2%** | **Common Stocks – 10.2%** |
| **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** | **Aerospace & Defense – 0.1%** |
| 12636 | BAE Systems PLC | $125144 |
| 236 | Dassault Aviation SA | 37514 |
| 87 | Elbit Systems Ltd. | 15274 |
| 1045 | General Dynamics Corp. | 263748 |
| 190 | HEICO Corp. | 30839 |
| 171 | HEICO Corp. Class A | 21679 |
| 511 | Howmet Aerospace, Inc. | 19249 |
| 814 | Huntington Ingalls Industries, Inc. | 188815 |
| 1317 | Kongsberg Gruppen ASA | 54620 |
| 698 | L3Harris Technologies, Inc. | 158502 |
| 566 | Lockheed Martin Corp. | 274617 |
| 452 | Northrop Grumman Corp. | 241047 |
| 2204 | Raytheon Technologies Corp. | 217579 |
| 114 | Rheinmetall AG | 23299 |
| 7753 | Singapore Technologies Engineering Ltd. | 19663 |
| 3850 | Textron, Inc. | 274813 |
| 523 | Thales SA | 66905 |
| 234 | The Boeing Co.\* | 41858 |
| 45 | TransDigm Group, Inc. | 28282 |
|  |  | 2103447 |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| 1608 | C.H. Robinson Worldwide, Inc. | 161154 |
| 10499 | Deutsche Post AG | 419416 |
| 643 | DSV A/S | 102876 |
| 1049 | Expeditors International of Washington, Inc. | 121747 |
| 1160 | FedEx Corp. | 211375 |
| 1410 | United Parcel Service, Inc. Class B | 267519 |
| 1555 | Yamato Holdings Co. Ltd. | 26110 |
|  |  | 1310197 |
| **Airlines\* – 0.0%** | **Airlines\* – 0.0%** | **Airlines\* – 0.0%** |
| 7259 | Deutsche Lufthansa AG | 58522 |
| 5077 | Qantas Airways Ltd. | 21804 |
|  |  | 80326 |
| **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** |
| 255 | Aptiv PLC\* | 27201 |
| 3257 | BorgWarner, Inc. | 138455 |
| 1222 | Bridgestone Corp. | 46094 |
| 1272 | Cie Generale des Etablissements Michelin SCA | 35835 |
| 799 | Denso Corp. | 44089 |
| 127 | Lear Corp. | 18318 |
| 1244 | Magna International, Inc. | 76602 |
| 1887 | Sumitomo Electric Industries Ltd. | 22160 |
| 2143 | Valeo | 40063 |
|  |  | 448817 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Automobiles – 0.1%** | **Automobiles – 0.1%** | **Automobiles – 0.1%** |
| 1035 | Bayerische Motoren Werke AG | $93977 |
| 300 | Ferrari NV | 66961 |
| 24196 | Ford Motor Co. | 336324 |
| 763 | General Motors Co. | 30947 |
| 8004 | Honda Motor Co. Ltd. | 195070 |
| 3020 | Isuzu Motors Ltd. | 39571 |
| 7964 | Mazda Motor Corp. | 63317 |
| 2524 | Mercedes-Benz Group AG | 171489 |
| 1983 | Renault SA\* | 72150 |
| 7565 | Stellantis NV | 119341 |
| 5755 | Subaru Corp. | 98571 |
| 4941 | Tesla, Inc.\* | 962013 |
| 17321 | Toyota Motor Corp. | 254995 |
| 293 | Volkswagen AG | 56563 |
|  |  | 2561289 |
| **Banks – 0.5%** | **Banks – 0.5%** | **Banks – 0.5%** |
| 3306 | ABN AMRO Bank NV<sup>(a)</sup> | 42634 |
| 7704 | Australia & New Zealand Banking Group Ltd. | 130080 |
| 12254 | Banco Bilbao Vizcaya Argentaria SA | 72213 |
| 33107 | Banco Santander SA | 98786 |
| 5538 | Bank Hapoalim BM | 53844 |
| 14802 | Bank Leumi Le-Israel BM | 135690 |
| 19557 | Bank of America Corp. | 740232 |
| 1831 | Bank Of Montreal | 178833 |
| 2913 | Bank of Nova Scotia | 151979 |
| 44042 | Barclays PLC | 86149 |
| 10400 | BNP Paribas SA | 229892 |
| 40706 | BOC Hong Kong Holdings Ltd. | 129933 |
| 8373 | CaixaBank SA | 31129 |
| 3082 | Canadian Imperial Bank of Commerce | 148446 |
| 5847 | Citigroup, Inc. | 283053 |
| 1977 | Citizens Financial Group, Inc. | 83785 |
| 3532 | Commerzbank AG\* | 29584 |
| 3112 | Commonwealth Bank of Australia | 229346 |
| 5383 | Credit Agricole SA | 54445 |
| 3416 | Danske Bank A/S | 61516 |
| 4329 | DBS Group Holdings Ltd. | 112895 |
| 2734 | DNB Bank ASA | 53384 |
| 1994 | Erste Group Bank AG | 62435 |
| 2099 | Fifth Third Bancorp | 76320 |
| 1688 | FinecoBank Banca Fineco SpA | 27416 |
| 264 | First Republic Bank | 33689 |
| 1949 | Hang Seng Bank Ltd. | 30061 |
| 30810 | HSBC Holdings PLC | 188765 |
| 2283 | Huntington Bancshares, Inc. | 35341 |
| 21803 | Intesa Sanpaolo SpA | 48408 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 10673 | Israel Discount Bank Ltd. Class A | $63915 |
| 6666 | Japan Post Bank Co. Ltd. | 50955 |
| 9358 | JPMorgan Chase & Co. | 1293088 |
| 381 | KBC Group NV | 21105 |
| 2689 | KeyCorp. | 50580 |
| 188358 | Lloyds Banking Group PLC | 107479 |
| 439 | M&T Bank Corp. | 74639 |
| 3912 | Mediobanca Banca di Credito Finanziario SpA | 37805 |
| 28900 | Mitsubishi UFJ Financial Group, Inc. | 157607 |
| 2319 | Mizrahi Tefahot Bank Ltd. | 86163 |
| 5851 | Mizuho Financial Group, Inc. | 73025 |
| 6802 | National Australia Bank Ltd. | 146406 |
| 2335 | National Bank of Canada | 166522 |
| 7425 | NatWest Group PLC | 23614 |
| 10017 | Nordea Bank Abp | 105269 |
| 26306 | Oversea-Chinese Banking Corp. Ltd. | 242454 |
| 3381 | Regions Financial Corp. | 78473 |
| 13591 | Resona Holdings, Inc. | 65409 |
| 4048 | Royal Bank of Canada | 402588 |
| 2611 | Shizuoka Financial Group, Inc. | 19131 |
| 282 | Signature Bank | 39339 |
| 5390 | Skandinaviska Enskilda Banken AB Class A | 62151 |
| 2298 | Societe Generale SA | 57838 |
| 6915 | Standard Chartered PLC | 51510 |
| 6587 | Sumitomo Mitsui Financial Group, Inc. | 223568 |
| 1849 | Sumitomo Mitsui Trust Holdings, Inc. | 59299 |
| 36 | SVB Financial Group\* | 8344 |
| 6339 | Svenska Handelsbanken AB Class A | 64391 |
| 3705 | Swedbank AB Class A | 60293 |
| 751 | The PNC Financial Services Group, Inc. | 126363 |
| 5114 | The Toronto-Dominion Bank | 340376 |
| 2171 | Truist Financial Corp. | 101624 |
| 2824 | U.S. Bancorp | 128181 |
| 5366 | United Overseas Bank Ltd. | 123726 |
| 10007 | Wells Fargo & Co. | 479836 |
| 8485 | Westpac Banking Corp. | 137796 |
|  |  | 8971145 |
| **Beverages – 0.2%** | **Beverages – 0.2%** | **Beverages – 0.2%** |
| 2009 | Anheuser-Busch InBev SA | 118482 |
| 2186 | Asahi Group Holdings Ltd. | 70109 |
| 1163 | Brown-Forman Corp. Class B | 84922 |
| 433 | Carlsberg AS Class B | 54738 |
| 2126 | Coca-Cola Europacific Partners PLC | 112869 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Beverages – (continued)** | **Beverages – (continued)** | **Beverages – (continued)** |
| 1097 | Coca-Cola HBC AG\* | $26834 |
| 417 | Constellation Brands, Inc. Class A | 107315 |
| 2020 | Davide Campari-Milano NV | 21289 |
| 4559 | Diageo PLC | 210544 |
| 1900 | Heineken Holding NV | 143845 |
| 440 | Heineken NV | 40750 |
| 3245 | Ito En Ltd. | 125590 |
| 2945 | Keurig Dr Pepper, Inc. | 113883 |
| 2865 | Kirin Holdings Co. Ltd. | 45226 |
| 6953 | Molson Coors Beverage Co. Class B | 383180 |
| 2387 | Monster Beverage Corp.\* | 245527 |
| 4518 | PepsiCo, Inc. | 838134 |
| 426 | Pernod Ricard SA | 84512 |
| 254 | Remy Cointreau SA | 43960 |
| 1619 | Suntory Beverage & Food Ltd. | 55172 |
| 6581 | The Coca-Cola Co. | 418618 |
|  |  | 3345499 |
| **Biotechnology – 0.2%** | **Biotechnology – 0.2%** | **Biotechnology – 0.2%** |
| 5675 | AbbVie, Inc. | 914697 |
| 833 | Amgen, Inc. | 238571 |
| 96 | Argenx SE\* | 38855 |
| 1261 | Biogen, Inc.\* | 384819 |
| 406 | BioMarin Pharmaceutical, Inc.\* | 40998 |
| 440 | CSL Ltd. | 90402 |
| 44 | Genmab A/S\* | 20389 |
| 4868 | Gilead Sciences, Inc. | 427556 |
| 693 | Horizon Therapeutics PLC\* | 69501 |
| 3263 | Incyte Corp.\* | 259963 |
| 1611 | Moderna, Inc.\* | 283391 |
| 379 | Regeneron Pharmaceuticals, Inc.\* | 284894 |
| 830 | Seagen, Inc.\* | 100754 |
| 2602 | Swedish Orphan Biovitrum AB\* | 56292 |
| 1224 | Vertex Pharmaceuticals, Inc.\* | 387274 |
|  |  | 3598356 |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| 1336 | A.O. Smith Corp. | 81149 |
| 978 | AGC, Inc. | 33028 |
| 464 | Allegion PLC | 52734 |
| 1075 | Assa Abloy AB Class B | 24649 |
| 151 | Carlisle Cos., Inc. | 39730 |
| 1565 | Carrier Global Corp. | 69361 |
| 3299 | Cie de Saint-Gobain | 152122 |
| 1121 | Fortune Brands Home & Security, Inc. | 73246 |
| 161 | Geberit AG | 77176 |
| 978 | Johnson Controls International PLC | 64978 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Building Products – (continued)** | **Building Products – (continued)** | **Building Products – (continued)** |
| 365 | Kingspan Group PLC | $20719 |
| 709 | Lennox International, Inc. | 184645 |
| 1685 | Lixil Corp. | 26163 |
| 5174 | Masco Corp. | 262736 |
| 2684 | Owens Corning | 238446 |
| 100 | ROCKWOOL A/S Class B | 21959 |
| 396 | Trane Technologies PLC | 70654 |
| 23243 | Xinyi Glass Holdings Ltd. | 45011 |
|  |  | 1538506 |
| **Capital Markets – 0.3%** | **Capital Markets – 0.3%** | **Capital Markets – 0.3%** |
| 2433 | 3i Group PLC | 39975 |
| 44699 | Abrdn PLC | 105937 |
| 730 | Ameriprise Financial, Inc. | 242323 |
| 938 | ASX Ltd. | 45215 |
| 201 | BlackRock, Inc. | 143916 |
| 1888 | Brookfield Asset Management, Inc. Class A | 89014 |
| 462 | Cboe Global Markets, Inc. | 58600 |
| 526 | CME Group, Inc. | 92839 |
| 7380 | Daiwa Securities Group, Inc. | 32745 |
| 10754 | Deutsche Bank AG | 114297 |
| 505 | Deutsche Boerse AG | 92806 |
| 2099 | EQT AB | 48178 |
| 320 | Euronext NV<sup>(a)</sup> | 24480 |
| 744 | FactSet Research Systems, Inc. | 343200 |
| 1972 | Franklin Resources, Inc. | 52869 |
| 11418 | Hargreaves Lansdown PLC | 117645 |
| 2880 | Hong Kong Exchanges & Clearing Ltd. | 114502 |
| 1471 | IGM Financial, Inc. | 42682 |
| 743 | Intercontinental Exchange, Inc. | 80474 |
| 9387 | Invesco Ltd. | 179386 |
| 1838 | KKR & Co., Inc. | 95429 |
| 447 | London Stock Exchange Group PLC | 44761 |
| 99 | LPL Financial Holdings, Inc. | 23434 |
| 888 | Macquarie Group Ltd. | 109208 |
| 55 | MarketAxess Holdings, Inc. | 14736 |
| 1423 | Moody's Corp. | 424438 |
| 4469 | Morgan Stanley | 415930 |
| 71 | MSCI, Inc. | 36056 |
| 1831 | Nasdaq, Inc. | 125350 |
| 4853 | Nomura Holdings, Inc. | 17711 |
| 594 | Northern Trust Corp. | 55307 |
| 367 | Onex Corp. | 19341 |
| 160 | Partners Group Holding AG | 159419 |
| 842 | Raymond James Financial, Inc. | 98430 |
| 403 | S&P Global, Inc. | 142178 |
| 1726 | SBI Holdings, Inc. | 33112 |
| 3794 | Schroders PLC | 20479 |
| 1766 | SEI Investments Co. | 109986 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 27688 | Singapore Exchange Ltd. | $185327 |
| 1810 | St. James's Place PLC | 25440 |
| 1704 | State Street Corp. | 135758 |
| 1300 | T. Rowe Price Group, Inc. | 162383 |
| 2889 | The Bank of New York Mellon Corp. | 132605 |
| 3114 | The Blackstone Group, Inc. | 285024 |
| 4392 | The Carlyle Group, Inc. | 136899 |
| 2522 | The Charles Schwab Corp. | 208166 |
| 395 | TMX Group Ltd. | 41416 |
| 668 | Tradeweb Markets, Inc. Class A | 41055 |
| 9955 | UBS Group AG | 183696 |
|  |  | 5544157 |
| **Chemicals – 0.2%** | **Chemicals – 0.2%** | **Chemicals – 0.2%** |
| 750 | Air Liquide SA | 109193 |
| 281 | Air Products & Chemicals, Inc. | 87155 |
| 404 | Akzo Nobel NV | 29068 |
| 79 | Albemarle Corp. | 21961 |
| 385 | Arkema SA | 34231 |
| 770 | BASF SE | 39205 |
| 750 | Celanese Corp. | 80475 |
| 578 | CF Industries Holdings, Inc. | 62534 |
| 330 | CHR Hansen Holding A/S | 20367 |
| 2186 | Corteva, Inc. | 146812 |
| 339 | Croda International PLC | 28034 |
| 2388 | Dow, Inc. | 121716 |
| 1181 | DuPont de Nemours, Inc. | 83272 |
| 859 | Eastman Chemical Co. | 74407 |
| 307 | Ecolab, Inc. | 45998 |
| 52 | EMS-Chemie Holding AG | 36231 |
| 838 | Evonik Industries AG | 16519 |
| 268 | FMC Corp. | 35011 |
| 15 | Givaudan SA | 50710 |
| 3909 | ICL Group Ltd. | 32795 |
| 274 | International Flavors & Fragrances, Inc. | 28995 |
| 1991 | Johnson Matthey PLC | 50542 |
| 1243 | JSR Corp. | 26381 |
| 271 | Koninklijke DSM NV | 35150 |
| 758 | Linde PLC | 255052 |
| 698 | LyondellBasell Industries NV Class A | 59337 |
| 8381 | Mitsubishi Chemical Holdings Corp. | 44751 |
| 2221 | Nippon Sanso Holdings Corp. | 37121 |
| 264 | Nitto Denko Corp. | 16680 |
| 898 | Novozymes A/S Class B | 52217 |
| 1506 | Nutrien Ltd. | 121037 |
| 1504 | OCI NV | 63670 |
| 309 | PPG Industries, Inc. | 41783 |
| 831 | RPM International, Inc. | 86108 |
| 271 | Shin-Etsu Chemical Co. Ltd. | 35069 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 123 | Sika AG | $31434 |
| 926 | Solvay SA | 91854 |
| 26278 | Sumitomo Chemical Co. Ltd. | 95805 |
| 435 | Symrise AG | 49890 |
| 3590 | The Mosaic Co. | 184167 |
| 921 | The Sherwin-Williams Co. | 229495 |
| 5643 | Tosoh Corp. | 67000 |
| 680 | Umicore SA | 24541 |
| 439 | Westlake Chemical Corp. | 47258 |
| 693 | Yara International ASA | 32004 |
|  |  | 2963035 |
| **Commerical Services & Supplies – 0.1%** | **Commerical Services & Supplies – 0.1%** | **Commerical Services & Supplies – 0.1%** |
| 3315 | Brambles Ltd. | 27421 |
| 573 | Cintas Corp. | 264600 |
| 612 | Copart, Inc.\* | 40735 |
| 1156 | Dai Nippon Printing Co. Ltd. | 23943 |
| 7952 | Rentokil Initial PLC | 52386 |
| 1120 | Republic Services, Inc. | 156005 |
| 8494 | Rollins, Inc. | 343497 |
| 649 | Secom Co. Ltd. | 40124 |
| 8056 | Securitas AB Class B | 66082 |
| 1511 | Toppan, Inc. | 23536 |
| 1057 | Waste Connections, Inc. | 152736 |
| 1164 | Waste Management, Inc. | 195226 |
|  |  | 1386291 |
| **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** | **Communications Equipment – 0.1%** |
| 952 | Arista Networks, Inc.\* | 132614 |
| 11477 | Cisco Systems, Inc. | 570636 |
| 707 | F5, Inc.\* | 109309 |
| 3543 | Juniper Networks, Inc. | 117769 |
| 645 | Motorola Solutions, Inc. | 175569 |
| 14930 | Nokia Oyj | 73559 |
| 6541 | Telefonaktiebolaget LM Ericsson Class B | 41285 |
|  |  | 1220741 |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |
| 3201 | ACS Actividades de Construccion y Servicios SA | 90852 |
| 878 | Bouygues SA | 27153 |
| 1712 | Eiffage SA | 168570 |
| 1864 | Ferrovial SA | 50127 |
| 2133 | Kajima Corp. | 24136 |
| 4949 | Obayashi Corp. | 36999 |
| 130 | Quanta Services, Inc. | 19484 |
| 3125 | Shimizu Corp. | 16849 |
| 1301 | Skanska AB Class B | 21180 |
| 2676 | Taisei Corp. | 81348 |
| 1724 | Vinci SA | 174065 |
| 3004 | WSP Global, Inc. | 360328 |
|  |  | 1071091 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |
| 1432 | CRH PLC | $57569 |
| 1364 | HeidelbergCement AG | 74786 |
| 3249 | Holcim Ltd.\* | 169727 |
| 2086 | James Hardie Industries PLC | 41876 |
| 139 | Martin Marietta Materials, Inc. | 50941 |
| 244 | Vulcan Materials Co. | 44733 |
|  |  | 439632 |
| **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |
| 4672 | Ally Financial, Inc. | 126191 |
| 1675 | American Express Co. | 263963 |
| 2011 | Capital One Financial Corp. | 207616 |
| 1855 | Discover Financial Services | 201008 |
| 1 | Isracard Ltd. | 3 |
| 5706 | Synchrony Financial | 214431 |
|  |  | 1013212 |
| **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** | **Containers & Packaging – 0.0%** |
| 3871 | Amcor PLC | 47807 |
| 199 | Avery Dennison Corp. | 38473 |
| 268 | Ball Corp. | 15029 |
| 591 | CCL Industries, Inc. Class B | 28092 |
| 567 | Crown Holdings, Inc. | 46613 |
| 2711 | International Paper Co. | 100632 |
| 296 | Packaging Corp. of America | 40224 |
| 672 | Sealed Air Corp. | 35771 |
| 923 | Smurfit Kappa Group PLC | 33531 |
| 3985 | Westrock Co. | 151111 |
|  |  | 537283 |
| **Distributors – 0.1%** | **Distributors – 0.1%** | **Distributors – 0.1%** |
| 331 | D'ieteren Group | 63040 |
| 2228 | Genuine Parts Co. | 408459 |
| 6659 | LKQ Corp. | 361783 |
| 683 | Pool Corp. | 224987 |
|  |  | 1058269 |
| **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** | **Diversified Consumer Services – 0.0%** |
| 1216 | IDP Education Ltd. | 25036 |
| **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** | **Diversified Financial Services – 0.1%** |
| 455 | Apollo Global Management, Inc. | 31572 |
| 2591 | Berkshire Hathaway, Inc. Class B\* | 825492 |
| 3720 | Equitable Holdings, Inc. | 118073 |
| 1445 | Eurazeo SE | 91202 |
| 730 | EXOR NV\* | 57305 |
| 342 | Groupe Bruxelles Lambert SA | 27604 |
| 1495 | Industrivarden AB Class A | 38583 |
| 1446 | Industrivarden AB Class C | 37042 |
| 2027 | Investor AB Class A | 39029 |
| 3878 | Investor AB Class B | 72173 |
| 696 | L E Lundbergforetagen AB Class B | 30408 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| 7443 | Mitsubishi HC Capital, Inc. | $35511 |
| 4094 | ORIX Corp. | 66332 |
| 352 | Sofina SA | 76621 |
| 719 | Wendel SE | 66949 |
|  |  | 1613896 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 19367 | AT&T, Inc. | 373396 |
| 1043 | BCE, Inc. | 49671 |
| 15514 | Bezeq The Israeli Telecommunication Corp. Ltd. | 28855 |
| 7991 | BT Group PLC | 11759 |
| 427 | Cellnex Telecom SA<sup>(a)</sup> | 14684 |
| 11214 | Deutsche Telekom AG\* | 228123 |
| 1376 | Elisa Oyj | 71576 |
| 37703 | HKT Trust & HKT Ltd. | 45972 |
| 3075 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 30669 |
| 24369 | Koninklijke KPN NV | 74966 |
| 8485 | Liberty Global PLC Class C\* | 175470 |
| 8376 | Liberty Global PLC Class A\* | 168190 |
| 17204 | Lumen Technologies, Inc. | 94106 |
| 10490 | Nippon Telegraph & Telephone Corp. | 290877 |
| 5570 | Orange SA | 56598 |
| 1116 | Proximus SADP | 11674 |
| 31550 | Singapore Telecommunications Ltd. | 63408 |
| 14275 | Spark New Zealand Ltd. | 46538 |
| 153 | Swisscom AG | 82507 |
| 204710 | Telecom Italia SpA\* | 44662 |
| 12734 | Telefonica Deutschland Holding AG | 30457 |
| 23685 | Telefonica SA | 88408 |
| 3393 | Telenor ASA | 32920 |
| 19695 | Telia Co. AB | 53821 |
| 25333 | Telstra Corp. Ltd. | 68734 |
| 3004 | TELUS Corp. | 63959 |
| 3547 | United Internet AG | 75408 |
| 8704 | Verizon Communications, Inc. | 339282 |
|  |  | 2716690 |
| **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** | **Electric Utilities – 0.1%** |
| 186 | Acciona SA | 36383 |
| 986 | Alliant Energy Corp. | 55512 |
| 1017 | American Electric Power Co., Inc. | 98446 |
| 4683 | Chubu Electric Power Co., Inc. | 43904 |
| 3877 | CK Infrastructure Holdings Ltd. | 19593 |
| 3420 | CLP Holdings Ltd. | 24817 |
| 822 | Constellation Energy Corp. | 79011 |
| 1760 | Duke Energy Corp. | 175877 |
| 1053 | Edison International | 70193 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |
| 444 | Elia Group SA | $63265 |
| 1295 | Emera, Inc. | 50417 |
| 1399 | Endesa SA | 25888 |
| 5906 | Enel SpA | 31862 |
| 523 | Entergy Corp. | 60809 |
| 1289 | Evergy, Inc. | 76322 |
| 578 | Eversource Energy | 47893 |
| 3192 | Exelon Corp. | 132053 |
| 2378 | FirstEnergy Corp. | 98069 |
| 1339 | Fortis, Inc. | 53892 |
| 32706 | HK Electric Investments & HK Electric Investments Ltd. | 24174 |
| 2391 | Hydro One Ltd.<sup>(a)</sup> | 66869 |
| 8869 | Iberdrola SA | 100197 |
| 2482 | NextEra Energy, Inc. | 210225 |
| 10616 | NRG Energy, Inc. | 450649 |
| 6876 | Origin Energy Ltd. | 36983 |
| 1501 | PG&E Corp.\* | 23566 |
| 9797 | Power Assets Holdings Ltd. | 50539 |
| 1945 | PPL Corp. | 57416 |
| 3207 | Red Electrica Corp. SA | 56150 |
| 3917 | SSE PLC | 81241 |
| 6654 | Terna - Rete Elettrica Nazionale | 50969 |
| 5127 | The Kansai Electric Power Co., Inc. | 43518 |
| 2090 | The Southern Co. | 141368 |
| 4669 | Tokyo Electric Power Co. Holdings, Inc.\* | 17033 |
| 619 | Verbund AG | 56034 |
| 945 | Xcel Energy, Inc. | 66358 |
|  |  | 2777495 |
| **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** | **Electrical Equipment – 0.0%** |
| 1873 | ABB Ltd. | 58865 |
| 580 | AMETEK, Inc. | 82604 |
| 824 | Eaton Corp. PLC | 134683 |
| 899 | Emerson Electric Co. | 86097 |
| 614 | Legrand SA | 50029 |
| 2971 | Mitsubishi Electric Corp. | 29775 |
| 246 | Nidec Corp. | 15491 |
| 806 | Prysmian SpA | 28404 |
| 136 | Rockwell Automation, Inc. | 35934 |
| 587 | Schneider Electric SE | 86685 |
| 2661 | Sensata Technologies Holding PLC | 120011 |
| 2165 | Siemens Energy AG\* | 36363 |
|  |  | 764941 |
| **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** | **Electronic Equipment, Instruments & Components – 0.1%** |
| 1540 | Amphenol Corp. Class A | 123862 |
| 1425 | Arrow Electronics, Inc.\* | 154955 |
| 496 | Azbil Corp. | 15264 |
| 537 | CDW Corp. | 101300 |
| 601 | Cognex Corp. | 29918 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 2163 | Corning, Inc. | $73823 |
| 1216 | Halma PLC | 32256 |
| 1560 | Hexagon AB Class B | 17839 |
| 200 | Hirose Electric Co. Ltd. | 26768 |
| 1577 | Ibiden Co. Ltd. | 64715 |
| 63 | Keyence Corp. | 26657 |
| 1440 | Keysight Technologies, Inc.\* | 260482 |
| 801 | Kyocera Corp. | 40917 |
| 738 | Murata Manufacturing Co. Ltd. | 40482 |
| 626 | Omron Corp. | 32559 |
| 579 | TE Connectivity Ltd. | 73023 |
| 144 | Teledyne Technologies, Inc.\* | 60494 |
| 665 | Trimble, Inc.\* | 39734 |
| 1037 | Yokogawa Electric Corp. | 19557 |
| 391 | Zebra Technologies Corp. Class A\* | 105679 |
|  |  | 1340284 |
| **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** | **Energy Equipment & Services – 0.0%** |
| 3643 | Baker Hughes Co. | 105720 |
| 2273 | Halliburton Co. | 86124 |
| 2574 | Schlumberger Ltd. | 132690 |
| 4196 | Tenaris SA | 72839 |
|  |  | 397373 |
| **Entertainment – 0.1%** | **Entertainment – 0.1%** | **Entertainment – 0.1%** |
| 608 | Activision Blizzard, Inc. | 44962 |
| 32886 | Bollore SA | 185011 |
| 3070 | Capcom Co. Ltd. | 93548 |
| 630 | Electronic Arts, Inc. | 82391 |
| 479 | Konami Group Corp. | 22556 |
| 1313 | Liberty Media Corp.-Liberty Formula One Class C\* | 80014 |
| 295 | Live Nation Entertainment, Inc.\* | 21464 |
| 322 | Netflix, Inc.\* | 98381 |
| 1576 | Nexon Co. Ltd. | 33399 |
| 1500 | Nintendo Co. Ltd. | 64316 |
| 1496 | Square Enix Holdings Co. Ltd. | 67551 |
| 253 | Take-Two Interactive Software, Inc.\* | 26739 |
| 1380 | The Walt Disney Co.\* | 135061 |
| 397 | Toho Co. Ltd. | 15385 |
| 1312 | Ubisoft Entertainment SA\* | 36497 |
| 1211 | Universal Music Group NV | 28798 |
| 9887 | Warner Bros Discovery, Inc.\* | 112712 |
|  |  | 1148785 |
| **Equity Real Estate Investment Trusts (REITs) – 0.2%** | **Equity Real Estate Investment Trusts (REITs) – 0.2%** | **Equity Real Estate Investment Trusts (REITs) – 0.2%** |
| 325 | Alexandria Real Estate Equities, Inc. | 50573 |
| 978 | American Homes 4 Rent Class A | 32343 |
| 586 | American Tower Corp. | 129653 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 321 | AvalonBay Communities, Inc. | $56143 |
| 629 | Boston Properties, Inc. | 45338 |
| 961 | Camden Property Trust | 115637 |
| 814 | Canadian Apartment Properties REIT | 26445 |
| 23645 | CapitaLand Integrated Commercial Trust | 36268 |
| 645 | Crown Castle, Inc. | 91222 |
| 15 | Daiwa House REIT Investment Corp. | 33508 |
| 6711 | Dexus | 36844 |
| 415 | Digital Realty Trust, Inc. | 46671 |
| 73 | Equinix, Inc. | 50417 |
| 705 | Equity LifeStyle Properties, Inc. | 46826 |
| 1001 | Equity Residential | 64925 |
| 227 | Essex Property Trust, Inc. | 50026 |
| 669 | Extra Space Storage, Inc. | 107502 |
| 820 | Gaming & Leisure Properties, Inc. | 43140 |
| 192 | Gecina SA | 18783 |
| 21 | GLP J-REIT | 23598 |
| 1410 | Goodman Group | 18654 |
| 1441 | Healthcare Realty Trust, Inc. | 29584 |
| 1184 | Healthpeak Properties, Inc. | 31092 |
| 4826 | Host Hotels & Resorts, Inc. | 91404 |
| 2688 | Invitation Homes, Inc. | 87709 |
| 2073 | Iron Mountain, Inc. | 112626 |
| 24 | Japan Metropolitan Fund Investment Corp. | 19252 |
| 6 | Japan Real Estate Investment Corp. | 26584 |
| 820 | Kimco Realty Corp. | 18794 |
| 2258 | Klepierre SA\* | 52323 |
| 4158 | Land Securities Group PLC | 31024 |
| 3020 | Link REIT | 20400 |
| 1154 | Medical Properties Trust, Inc. | 15141 |
| 506 | Mid-America Apartment Communities, Inc. | 83429 |
| 6 | Nippon Building Fund, Inc. | 27987 |
| 13 | Nippon Prologis REIT, Inc. | 31975 |
| 35 | Nomura Real Estate Master Fund, Inc. | 43887 |
| 2692 | Prologis, Inc. | 317091 |
| 557 | Public Storage | 165964 |
| 1237 | Realty Income Corp. | 78018 |
| 1116 | Regency Centers Corp. | 74136 |
| 222 | SBA Communications Corp. | 66445 |
| 16689 | Scentre Group | 34040 |
| 2959 | Segro PLC | 28635 |
| 362 | Simon Property Group, Inc. | 43237 |
| 5994 | Stockland | 15650 |
| 764 | Sun Communities, Inc. | 112232 |
| 2846 | The British Land Co. PLC | 13648 |
| 9861 | The GPT Group | 30401 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** | **Equity Real Estate Investment Trusts (REITs) – (continued)** |
| 1168 | UDR, Inc. | $48437 |
| 835 | Unibail-Rodamco-Westfield\* | 45007 |
| 852 | Ventas, Inc. | 39644 |
| 2055 | VICI Properties, Inc. | 70281 |
| 24768 | Vicinity Ltd. | 34484 |
| 3006 | Vornado Realty Trust | 76022 |
| 563 | Warehouses De Pauw CVA | 15043 |
| 815 | Welltower, Inc. | 57889 |
| 6329 | Weyerhaeuser Co. | 207022 |
| 594 | WP Carey, Inc. | 46807 |
|  |  | 3467860 |
| **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** | **Food & Staples Retailing – 0.3%** |
| 1451 | Aeon Co. Ltd. | 29945 |
| 3664 | Alimentation Couche-Tard, Inc. | 166918 |
| 9282 | Carrefour SA | 158894 |
| 17628 | Coles Group Ltd. | 203595 |
| 1393 | Costco Wholesale Corp. | 751175 |
| 11664 | Empire Co. Ltd. Class A | 317624 |
| 9350 | Endeavour Group Ltd. | 44400 |
| 1837 | George Weston Ltd. | 230043 |
| 3143 | HelloFresh SE\* | 77836 |
| 75786 | J Sainsbury PLC | 204415 |
| 12449 | Jeronimo Martins SGPS SA | 277756 |
| 2127 | Kesko Oyj Class B | 45721 |
| 14743 | Koninklijke Ahold Delhaize NV | 429642 |
| 3797 | Loblaw Cos. Ltd. | 342680 |
| 1273 | Metro, Inc. | 73211 |
| 3685 | Seven & i Holdings Co. Ltd. | 149939 |
| 3184 | Sysco Corp. | 275448 |
| 50357 | Tesco PLC | 138746 |
| 13204 | The Kroger Co. | 649505 |
| 4897 | Walgreens Boots Alliance, Inc. | 203226 |
| 6062 | Walmart, Inc. | 923970 |
| 6870 | Welcia Holdings Co. Ltd. | 151534 |
| 10486 | Woolworths Group Ltd. | 246661 |
|  |  | 6092884 |
| **Food Products – 0.2%** | **Food Products – 0.2%** | **Food Products – 0.2%** |
| 3853 | Ajinomoto Co., Inc. | 121997 |
| 3717 | Archer-Daniels-Midland Co. | 362408 |
| 4097 | Associated British Foods PLC | 78575 |
| 16 | Barry Callebaut AG\* | 32678 |
| 1164 | Bunge Ltd. | 122034 |
| 1425 | Campbell Soup Co. | 76480 |
| 6 | Chocoladefabriken Lindt & Spruengli AG | 155586 |
| 2452 | Conagra Brands, Inc. | 93127 |
| 1828 | Danone SA | 96075 |
| 3865 | General Mills, Inc. | 329685 |
| 1685 | Hormel Foods Corp. | 79195 |
| 3735 | JDE Peet's NV | 115700 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 1263 | Kellogg Co. | $92136 |
| 253 | Kerry Group PLC Class A | 24050 |
| 531 | Kikkoman Corp. | 30075 |
| 957 | McCormick & Co., Inc. | 81517 |
| 646 | MEIJI Holdings Co. Ltd. | 31008 |
| 2812 | Mondelez International, Inc. Class A | 190119 |
| 2164 | Mowi ASA | 33912 |
| 6190 | Nestle SA | 736756 |
| 3633 | Nisshin Seifun Group, Inc. | 42826 |
| 538 | Nissin Foods Holdings Co. Ltd. | 40998 |
| 3767 | Orkla ASA | 26860 |
| 523 | Salmar ASA | 18435 |
| 1103 | Saputo, Inc. | 27387 |
| 1246 | The Hershey Co. | 293022 |
| 1415 | The J.M. Smucker Co. | 217924 |
| 6058 | The Kraft Heinz Co. | 238382 |
| 4132 | Tyson Foods, Inc. Class A | 273869 |
| 199213 | WH Group Ltd.<sup>(a)</sup> | 116722 |
| 986 | Yakult Honsha Co. Ltd. | 62927 |
|  |  | 4242465 |
| **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** | **Gas Utilities – 0.0%** |
| 2615 | AltaGas Ltd. | 43877 |
| 8739 | APA Group | 66675 |
| 516 | Atmos Energy Corp. | 62023 |
| 1419 | Enagas SA | 25631 |
| 22723 | Hong Kong & China Gas Co. Ltd. | 19387 |
| 2240 | Naturgy Energy Group SA | 62980 |
| 2851 | Osaka Gas Co. Ltd. | 44066 |
| 8515 | Snam SpA | 43467 |
| 2732 | Tokyo Gas Co. Ltd. | 50255 |
| 8248 | UGI Corp. | 318785 |
|  |  | 737146 |
| **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** |
| 3607 | Abbott Laboratories | 388041 |
| 580 | ABIOMED, Inc.\* | 219118 |
| 456 | Alcon, Inc. | 31446 |
| 377 | Align Technology, Inc.\* | 74141 |
| 1170 | Asahi Intecc Co. Ltd. | 20944 |
| 1106 | Baxter International, Inc. | 62522 |
| 445 | Becton Dickinson & Co. | 110956 |
| 1057 | BioMerieux | 106653 |
| 2004 | Boston Scientific Corp.\* | 90721 |
| 311 | Carl Zeiss Meditec AG | 42400 |
| 1054 | Cochlear Ltd. | 155021 |
| 904 | Coloplast A/S Class B | 106868 |
| 884 | DENTSPLY SIRONA, Inc. | 26750 |
| 824 | Dexcom, Inc.\* | 95815 |
| 3151 | Edwards Lifesciences Corp.\* | 243415 |
| 626 | EssilorLuxottica SA | 116897 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 6593 | Fisher & Paykel Healthcare Corp. Ltd. | $98741 |
| 1145 | Getinge AB Class B | 26761 |
| 1754 | Hologic, Inc.\* | 133585 |
| 2216 | Hoya Corp. | 229312 |
| 861 | IDEXX Laboratories, Inc.\* | 366674 |
| 412 | Intuitive Surgical, Inc.\* | 111401 |
| 6851 | Koninklijke Philips NV | 102659 |
| 445 | Masimo Corp.\* | 64498 |
| 1250 | Medtronic PLC | 98800 |
| 573 | Novocure Ltd.\* | 44029 |
| 6374 | Olympus Corp. | 131679 |
| 963 | ResMed, Inc. | 221683 |
| 461 | Siemens Healthineers AG<sup>(a)</sup> | 24571 |
| 2611 | Smith & Nephew PLC | 34416 |
| 221 | Sonova Holding AG | 57385 |
| 351 | STERIS PLC | 65195 |
| 1190 | Straumann Holding AG | 138886 |
| 394 | Stryker Corp. | 92153 |
| 669 | Sysmex Corp. | 41101 |
| 107 | Teleflex, Inc. | 25051 |
| 705 | Terumo Corp. | 20952 |
| 180 | The Cooper Cos., Inc. | 56943 |
| 332 | Zimmer Biomet Holdings, Inc. | 39873 |
|  |  | 4118056 |
| **Health Care Providers & Services – 0.3%** | **Health Care Providers & Services – 0.3%** | **Health Care Providers & Services – 0.3%** |
| 1678 | AmerisourceBergen Corp. | 286418 |
| 1671 | Cardinal Health, Inc. | 133964 |
| 4218 | Centene Corp.\* | 367177 |
| 1735 | Cigna Corp. | 570624 |
| 6251 | CVS Health Corp. | 636852 |
| 1599 | DaVita, Inc.\* | 117894 |
| 889 | Elevance Health, Inc. | 473766 |
| 3434 | Fresenius Medical Care AG & Co. KGaA | 107404 |
| 5486 | Fresenius SE & Co. KGaA | 152855 |
| 746 | HCA Healthcare, Inc. | 179204 |
| 3162 | Henry Schein, Inc.\* | 255869 |
| 432 | Humana, Inc. | 237557 |
| 1293 | Laboratory Corp. of America Holdings | 311225 |
| 1256 | McKesson Corp. | 479390 |
| 489 | Molina Healthcare, Inc.\* | 164681 |
| 1559 | Quest Diagnostics, Inc. | 236703 |
| 191 | Ramsay Health Care Ltd. | 8596 |
| 3450 | Sonic Healthcare Ltd. | 76207 |
| 2930 | UnitedHealth Group, Inc. | 1604937 |
| 355 | Universal Health Services, Inc. Class B | 46452 |
|  |  | 6447775 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |
| 524 | M3, Inc. | 16434 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Technology – (continued)** | **Health Care Technology – (continued)** | **Health Care Technology – (continued)** |
| 313 | Veeva Systems, Inc. Class A\* | $59583 |
|  |  | 76017 |
| **Hotels, Restaurants & Leisure – 0.1%** | **Hotels, Restaurants & Leisure – 0.1%** | **Hotels, Restaurants & Leisure – 0.1%** |
| 915 | Aramark | 38064 |
| 1836 | Aristocrat Leisure Ltd. | 44120 |
| 84 | Booking Holdings, Inc.\* | 174674 |
| 224 | Caesars Entertainment, Inc.\* | 11381 |
| 29 | Chipotle Mexican Grill, Inc.\* | 47182 |
| 8731 | Compass Group PLC | 199049 |
| 515 | Darden Restaurants, Inc. | 75700 |
| 854 | Domino's Pizza, Inc. | 331975 |
| 935 | Entain PLC | 16007 |
| 2005 | Expedia Group, Inc.\* | 214214 |
| 392 | Hilton Worldwide Holdings, Inc. | 55907 |
| 637 | InterContinental Hotels Group PLC | 37075 |
| 6142 | La Francaise des Jeux SAEM<sup>(a)</sup> | 246271 |
| 365 | Marriott International, Inc. Class A | 60353 |
| 1314 | McDonald's Corp. | 358446 |
| 1329 | McDonald's Holdings Co. Japan Ltd. | 49223 |
| 2098 | MGM Resorts International | 77332 |
| 445 | Oriental Land Co. Ltd. | 64325 |
| 1318 | Starbucks Corp. | 134700 |
| 28591 | The Lottery Corp. Ltd.\* | 90339 |
| 119 | Vail Resorts, Inc. | 30647 |
| 2750 | Yum! Brands, Inc. | 353815 |
|  |  | 2710799 |
| **Household Durables – 0.1%** | **Household Durables – 0.1%** | **Household Durables – 0.1%** |
| 2034 | Barratt Developments PLC | 9836 |
| 356 | Berkeley Group Holdings PLC | 16509 |
| 346 | D.R. Horton, Inc. | 29756 |
| 833 | Electrolux AB Class B | 11913 |
| 553 | Garmin Ltd. | 51424 |
| 2088 | Lennar Corp. Class A | 183389 |
| 1402 | Mohawk Industries, Inc.\* | 142065 |
| 735 | Newell Brands, Inc. | 9533 |
| 25 | NVR, Inc.\* | 115975 |
| 2743 | Panasonic Corp. | 25613 |
| 937 | Persimmon PLC | 14513 |
| 2135 | PulteGroup, Inc. | 95605 |
| 1278 | SEB SA | 100919 |
| 3473 | Sekisui Chemical Co. Ltd. | 49120 |
| 3242 | Sekisui House Ltd. | 60702 |
| 3206 | Sharp Corp. | 22831 |
| 2234 | Sony Group Corp. | 185065 |
| 14371 | Taylor Wimpey PLC | 18114 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Durables – (continued)** | **Household Durables – (continued)** | **Household Durables – (continued)** |
| 688 | Whirlpool Corp. | $100813 |
|  |  | 1243695 |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| 1266 | Church & Dwight Co., Inc. | 103648 |
| 5593 | Colgate-Palmolive Co. | 433346 |
| 1335 | Essity AB Class B | 32690 |
| 565 | Henkel AG & Co. KGaA | 37589 |
| 1445 | Kimberly-Clark Corp. | 195985 |
| 1342 | Reckitt Benckiser Group PLC | 96307 |
| 1099 | The Clorox Co. | 163366 |
| 5715 | The Procter & Gamble Co. | 852449 |
| 1362 | Unicharm Corp. | 50659 |
|  |  | 1966039 |
| **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** |
| 717 | Northland Power, Inc. | 20308 |
| 4627 | RWE AG | 203685 |
| 954 | The AES Corp. | 27590 |
| 3583 | Uniper SE | 16461 |
| 4953 | Vistra Corp. | 120506 |
|  |  | 388550 |
| **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |
| 1089 | 3M Co. | 137181 |
| 26389 | CK Hutchison Holdings Ltd. | 153405 |
| 1153 | DCC PLC | 61400 |
| 2480 | General Electric Co. | 213206 |
| 3116 | Hitachi Ltd. | 166642 |
| 590 | Honeywell International, Inc. | 129534 |
| 3006 | Jardine Matheson Holdings Ltd. | 145698 |
| 6791 | Keppel Corp. Ltd. | 37904 |
| 25432 | Melrose Industries PLC | 41143 |
| 924 | Siemens AG\* | 128145 |
| 1923 | Smiths Group PLC | 37011 |
|  |  | 1251269 |
| **Insurance – 0.4%** | **Insurance – 0.4%** | **Insurance – 0.4%** |
| 6908 | Admiral Group PLC | 168887 |
| 6927 | Aegon NV | 33959 |
| 2561 | Aflac, Inc. | 184213 |
| 1622 | Ageas SA | 65678 |
| 6239 | AIA Group Ltd. | 63355 |
| 1201 | Allianz SE | 256367 |
| 447 | American Financial Group, Inc. | 63572 |
| 3361 | American International Group, Inc. | 212113 |
| 1395 | Aon PLC Class A | 430051 |
| 3046 | Arch Capital Group Ltd.\* | 182486 |
| 1091 | Arthur J. Gallagher & Co. | 217229 |
| 9384 | Assicurazioni Generali SpA | 166467 |
| 525 | Assurant, Inc. | 67316 |
| 18616 | Aviva PLC | 100513 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 6037 | AXA SA | $170657 |
| 657 | Baloise Holding AG | 99366 |
| 1605 | Brown & Brown, Inc. | 95642 |
| 1136 | Chubb Ltd. | 249454 |
| 429 | Cincinnati Financial Corp. | 47602 |
| 2532 | Dai-ichi Life Holdings, Inc. | 46964 |
| 260 | Erie Indemnity Co. Class A | 73421 |
| 412 | Everest Re Group Ltd. | 139231 |
| 311 | Fairfax Financial Holdings Ltd. | 178436 |
| 3807 | Fidelity National Financial, Inc. | 153651 |
| 4181 | Gjensidige Forsikring ASA | 80709 |
| 520 | Globe Life, Inc. | 62379 |
| 4402 | Great-West Lifeco, Inc. | 104982 |
| 548 | Hannover Rueck SE | 104027 |
| 3425 | iA Financial Corp., Inc. | 193230 |
| 7993 | Insurance Australia Group Ltd. | 26040 |
| 739 | Intact Financial Corp. | 110568 |
| 11326 | Japan Post Holdings Co. Ltd. | 88775 |
| 3696 | Japan Post Insurance Co. Ltd. | 61467 |
| 34153 | Legal & General Group PLC | 104768 |
| 3092 | Lincoln National Corp. | 120403 |
| 2278 | Loews Corp. | 132466 |
| 7202 | Manulife Financial Corp. | 129729 |
| 64 | Markel Corp.\* | 84790 |
| 1749 | Marsh & McLennan Cos., Inc. | 302892 |
| 17262 | Medibank Pvt. Ltd. | 34441 |
| 3382 | MetLife, Inc. | 259399 |
| 1693 | MS&AD Insurance Group Holdings, Inc. | 50250 |
| 371 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 117183 |
| 2761 | NN Group NV | 117995 |
| 5366 | Phoenix Group Holdings PLC | 38454 |
| 8327 | Poste Italiane SpA<sup>(a)</sup> | 81951 |
| 8464 | Power Corp. of Canada | 212929 |
| 2024 | Principal Financial Group, Inc. | 181512 |
| 1211 | Prudential Financial, Inc. | 130824 |
| 2604 | QBE Insurance Group Ltd. | 22874 |
| 1254 | Sampo Oyj Class A | 63507 |
| 1102 | Sompo Holdings, Inc. | 48608 |
| 2152 | Sun Life Financial, Inc. | 101973 |
| 11150 | Suncorp Group Ltd. | 90738 |
| 237 | Swiss Life Holding AG | 126696 |
| 554 | Swiss Re AG | 49653 |
| 676 | The Allstate Corp. | 90516 |
| 2198 | The Hartford Financial Services Group, Inc. | 167861 |
| 1774 | The Progressive Corp. | 234434 |
| 878 | The Travelers Cos., Inc. | 166653 |
| 4749 | Tokio Marine Holdings, Inc. | 97966 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 1794 | Tryg A/S | $41739 |
| 876 | W.R. Berkley Corp. | 66821 |
| 288 | Willis Towers Watson PLC | 70894 |
| 358 | Zurich Insurance Group AG | 171996 |
|  |  | 8011722 |
| **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** | **Interactive Media & Services – 0.3%** |
| 17540 | Alphabet, Inc. Class C\* | 1779433 |
| 17480 | Alphabet, Inc. Class A\* | 1765305 |
| 35790 | Auto Trader Group PLC<sup>(a)</sup> | 247069 |
| 163 | IAC, Inc.\* | 8458 |
| 3086 | Kakaku.com, Inc. | 55468 |
| 706 | Match Group, Inc.\* | 35695 |
| 7425 | Meta Platforms, Inc. Class A\* | 876893 |
| 4556 | Pinterest, Inc. Class A\* | 115814 |
| 1110 | REA Group Ltd. | 94575 |
| 184 | Scout24 SE<sup>(a)</sup> | 10099 |
|  |  | 4988809 |
| **Internet & Direct Marketing Retail – 0.2%** | **Internet & Direct Marketing Retail – 0.2%** | **Internet & Direct Marketing Retail – 0.2%** |
| 26260 | Amazon.com, Inc.\* | 2535140 |
| 1289 | Chewy, Inc. Class A\* | 55595 |
| 4036 | eBay, Inc. | 183396 |
| 1240 | Etsy, Inc.\* | 163792 |
| 36 | MercadoLibre, Inc.\* | 33515 |
| 2629 | Wayfair, Inc. Class A\* | 96327 |
| 3397 | Zalando SE\* | 106845 |
| 8637 | ZOZO, Inc. | 218055 |
|  |  | 3392665 |
| **IT Services – 0.4%** | **IT Services – 0.4%** | **IT Services – 0.4%** |
| 2441 | Accenture PLC Class A | 734570 |
| 1580 | Akamai Technologies, Inc.\* | 149879 |
| 1106 | Automatic Data Processing, Inc. | 292139 |
| 507 | Bechtle AG | 18489 |
| 222 | Block, Inc.\* | 15045 |
| 619 | Broadridge Financial Solutions, Inc. | 92299 |
| 1025 | Capgemini SE | 185317 |
| 1896 | CGI, Inc.\* | 165533 |
| 255 | Cloudflare, Inc. Class A\* | 12531 |
| 4900 | Cognizant Technology Solutions Corp. Class A | 304829 |
| 3517 | Computershare Ltd. | 66671 |
| 654 | Edenred | 35930 |
| 217 | EPAM Systems, Inc.\* | 79982 |
| 3800 | Fidelity National Information Services, Inc. | 275804 |
| 2927 | Fiserv, Inc.\* | 305462 |
| 663 | FleetCor Technologies, Inc.\* | 130081 |
| 682 | Fujitsu Ltd. | 92543 |
| 1166 | Gartner, Inc.\* | 408531 |
| 2396 | Global Payments, Inc. | 248657 |
| 2618 | GoDaddy, Inc. Class A\* | 207162 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| 4574 | International Business Machines Corp. | $681069 |
| 725 | Itochu Techno Solutions Corp. | 17848 |
| 493 | Jack Henry & Associates, Inc. | 93349 |
| 1317 | Mastercard, Inc. Class A | 469379 |
| 2845 | NEC Corp. | 101283 |
| 1492 | Nomura Research Institute Ltd. | 33061 |
| 2940 | NTT Data Corp. | 45483 |
| 141 | Okta, Inc.\* | 7518 |
| 522 | Otsuka Corp. | 17569 |
| 1624 | Paychex, Inc. | 201425 |
| 1632 | PayPal Holdings, Inc.\* | 127965 |
| 1214 | SCSK Corp. | 19661 |
| 138 | Snowflake, Inc. Class A\* | 19720 |
| 5108 | SS&C Technologies Holdings, Inc. | 274606 |
| 13710 | The Western Union Co. | 200989 |
| 1185 | TIS, Inc. | 33898 |
| 135 | Twilio, Inc. Class A\* | 6618 |
| 1099 | VeriSign, Inc.\* | 219591 |
| 2745 | Visa, Inc. Class A | 595665 |
|  |  | 6988151 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 1101 | Bandai Namco Holdings, Inc. | 72953 |
| 410 | Hasbro, Inc. | 25756 |
| 170 | Shimano, Inc. | 29365 |
|  |  | 128074 |
| **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** |
| 1029 | Agilent Technologies, Inc. | 159474 |
| 1217 | Avantor, Inc.\* | 27115 |
| 191 | Bio-Rad Laboratories, Inc. Class A\* | 79210 |
| 296 | Bio-Techne Corp. | 25157 |
| 340 | Charles River Laboratories International, Inc.\* | 77714 |
| 1433 | Danaher Corp. | 391797 |
| 828 | Eurofins Scientific SE | 57476 |
| 79 | Illumina, Inc.\* | 17228 |
| 647 | IQVIA Holdings, Inc.\* | 141059 |
| 70 | Lonza Group AG | 36827 |
| 295 | Mettler-Toledo International, Inc.\* | 433520 |
| 982 | PerkinElmer, Inc. | 137215 |
| 1504 | QIAGEN NV\* | 75088 |
| 222 | Sartorius Stedim Biotech | 75769 |
| 915 | Thermo Fisher Scientific, Inc. | 512601 |
| 844 | Waters Corp.\* | 292530 |
| 317 | West Pharmaceutical Services, Inc. | 74387 |
|  |  | 2614167 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – 0.2%** | **Machinery – 0.2%** | **Machinery – 0.2%** |
| 5204 | Atlas Copco AB Class A | $64867 |
| 2470 | Atlas Copco AB Class B | 28042 |
| 551 | Caterpillar, Inc. | 130262 |
| 8166 | CNH Industrial NV | 131610 |
| 676 | Cummins, Inc. | 169784 |
| 2123 | Daimler Truck Holding AG\* | 69980 |
| 320 | Deere & Co. | 141120 |
| 779 | Dover Corp. | 110579 |
| 1651 | Epiroc AB Class A | 31792 |
| 1494 | Epiroc AB Class B | 24960 |
| 1014 | Fortive Corp. | 68496 |
| 1223 | GEA Group AG | 50010 |
| 616 | Hoshizaki Corp. | 20906 |
| 339 | IDEX Corp. | 80509 |
| 874 | Illinois Tool Works, Inc. | 198809 |
| 868 | Ingersoll Rand, Inc. | 46846 |
| 992 | Knorr-Bremse AG | 56548 |
| 537 | Komatsu Ltd. | 12476 |
| 444 | Kone Oyj Class B | 22205 |
| 1258 | Kubota Corp. | 18705 |
| 3451 | MISUMI Group, Inc. | 85783 |
| 2072 | Mitsubishi Heavy Industries Ltd. | 82471 |
| 1679 | NGK Insulators Ltd. | 22285 |
| 224 | Nordson Corp. | 52974 |
| 1409 | Otis Worldwide Corp. | 110029 |
| 648 | PACCAR, Inc. | 68630 |
| 522 | Parker-Hannifin Corp. | 156047 |
| 1267 | Pentair PLC | 57991 |
| 84 | Rational AG | 52777 |
| 1093 | Sandvik AB | 20080 |
| 325 | Schindler Holding AG | 60136 |
| 23 | SMC Corp. | 10495 |
| 1366 | Snap-on, Inc. | 328660 |
| 193 | Spirax-Sarco Engineering PLC | 26358 |
| 137 | Stanley Black & Decker, Inc. | 11196 |
| 10758 | Techtronic Industries Co. Ltd. | 131142 |
| 262 | Toyota Industries Corp. | 15030 |
| 98 | VAT Group AG<sup>(a)</sup> | 27467 |
| 969 | Volvo AB Class B | 17802 |
| 1860 | Westinghouse Air Brake Technologies Corp. | 188027 |
| 324 | Xylem, Inc. | 36401 |
|  |  | 3040287 |
| **Marine – 0.0%** | **Marine – 0.0%** | **Marine – 0.0%** |
| 77 | AP Moller - Maersk A/S Class B | 166933 |
| 79 | AP Moller - Maersk A/S Class A | 167722 |
| 1000 | Kuehne & Nagel International AG | 242939 |
| 3620 | Mitsui OSK Lines Ltd. | 89661 |
| 5622 | Nippon Yusen KK | 125143 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Marine – (continued)** | **Marine – (continued)** | **Marine – (continued)** |
| 24849 | SITC International Holdings Co. Ltd. | $55124 |
| 2954 | ZIM Integrated Shipping Services Ltd. | 62093 |
|  |  | 909615 |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 36 | Cable One, Inc. | 26075 |
| 366 | Charter Communications, Inc. Class A\* | 143212 |
| 11597 | Comcast Corp. Class A | 424914 |
| 13388 | CyberAgent, Inc. | 121863 |
| 2322 | Dentsu Group, Inc. | 75193 |
| 5971 | Fox Corp. Class A | 193759 |
| 6058 | Fox Corp. Class B | 184890 |
| 7044 | Hakuhodo DY Holdings, Inc. | 68924 |
| 519 | Liberty Broadband Corp. Class C\* | 47156 |
| 4541 | Liberty Media Corp.-Liberty Formula One Class A\* | 198987 |
| 4473 | Liberty Media Corp.-Liberty Formula One Class C\* | 196052 |
| 11049 | News Corp. Class A | 211588 |
| 1436 | Omnicom Group, Inc. | 114535 |
| 1838 | Pearson PLC | 22180 |
| 2256 | Publicis Groupe SA | 148482 |
| 1596 | Quebecor, Inc. Class B | 34396 |
| 686 | Shaw Communications, Inc. Class B | 18721 |
| 11214 | Sirius XM Holdings, Inc. | 72779 |
| 6456 | The Interpublic Group of Cos., Inc. | 221828 |
| 349 | The Trade Desk, Inc. Class A\* | 18197 |
| 579 | ViacomCBS, Inc. Class B | 11626 |
| 7223 | Vivendi SE | 65010 |
| 9200 | WPP PLC | 96689 |
|  |  | 2717056 |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |
| 1222 | Alcoa Corp. | 61259 |
| 3462 | Anglo American PLC | 143933 |
| 7927 | ArcelorMittal SA | 217351 |
| 4303 | Barrick Gold Corp. | 70216 |
| 8946 | BHP Group Ltd. | 277821 |
| 14919 | BlueScope Steel Ltd. | 179818 |
| 904 | Boliden AB | 34147 |
| 3692 | Cleveland-Cliffs, Inc.\* | 57152 |
| 4556 | First Quantum Minerals Ltd. | 108316 |
| 11709 | Fortescue Metals Group Ltd. | 155843 |
| 2874 | Freeport-McMoRan, Inc. | 114385 |
| 35448 | Glencore PLC | 241901 |
| 881 | JFE Holdings, Inc. | 9829 |
| 10225 | Lundin Mining Corp. | 62939 |
| 661 | Mineral Resources Ltd. | 39814 |
| 1092 | Newmont Corp. | 51837 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |
| 2511 | Nippon Steel Corp. | $40229 |
| 11668 | Norsk Hydro ASA | 87861 |
| 2290 | Nucor Corp. | 343386 |
| 1501 | Rio Tinto Ltd. | 112057 |
| 3225 | Rio Tinto PLC | 217103 |
| 55641 | South32 Ltd. | 154545 |
| 1884 | Steel Dynamics, Inc. | 195804 |
| 1615 | Teck Resources Ltd. Class B | 59862 |
|  |  | 3037408 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** |
| 4795 | Annaly Capital Management, Inc. | 103908 |
| **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** | **Multiline Retail – 0.1%** |
| 522 | Canadian Tire Corp. Ltd. Class A | 59117 |
| 1125 | Dollar General Corp. | 287640 |
| 2163 | Dollar Tree, Inc.\* | 325077 |
| 3134 | Dollarama, Inc. | 191817 |
| 2049 | Next PLC | 146436 |
| 2489 | Target Corp. | 415837 |
| 7446 | Wesfarmers Ltd. | 248027 |
|  |  | 1673951 |
| **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** |
| 674 | Ameren Corp. | 60202 |
| 1892 | Canadian Utilities Ltd. Class A | 51747 |
| 2163 | CenterPoint Energy, Inc. | 67291 |
| 890 | CMS Energy Corp. | 54352 |
| 982 | Consolidated Edison, Inc. | 96275 |
| 1300 | Dominion Energy, Inc. | 79443 |
| 533 | DTE Energy Co. | 61833 |
| 4056 | E.ON SE | 38887 |
| 8901 | Engie SA | 135311 |
| 10243 | National Grid PLC | 126000 |
| 1901 | NiSource, Inc. | 53114 |
| 1180 | Public Service Enterprise Group, Inc. | 71449 |
| 602 | Sempra Energy | 100046 |
| 2467 | Veolia Environnement SA | 63851 |
| 648 | WEC Energy Group, Inc. | 64243 |
|  |  | 1124044 |
| **Oil, Gas & Consumable Fuels – 0.4%** | **Oil, Gas & Consumable Fuels – 0.4%** | **Oil, Gas & Consumable Fuels – 0.4%** |
| 1678 | Aker BP ASA | 58378 |
| 1738 | Ampol Ltd. | 33882 |
| 1233 | Apa Corp. | 57766 |
| 3076 | ARC Resources Ltd. | 45689 |
| 55692 | BP PLC | 332578 |
| 1132 | Cabot Oil & Gas Corp. | 31594 |
| 1322 | Cameco Corp. | 32206 |
| 2591 | Canadian Natural Resources Ltd. | 154691 |
| 9639 | Cenovus Energy, Inc. | 191684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 936 | Cheniere Energy, Inc. | $164137 |
| 3928 | Chevron Corp. | 720042 |
| 3217 | ConocoPhillips | 397332 |
| 1718 | Devon Energy Corp. | 117717 |
| 520 | Diamondback Energy, Inc. | 76970 |
| 3996 | Enbridge, Inc. | 165021 |
| 13815 | ENEOS Holdings, Inc. | 46623 |
| 13967 | Eni SpA | 208248 |
| 1054 | EOG Resources, Inc. | 149594 |
| 1643 | EQT Corp. | 69680 |
| 3134 | Equinor ASA | 120693 |
| 9248 | Exxon Mobil Corp. | 1029672 |
| 467 | Hess Corp. | 67206 |
| 2107 | Idemitsu Kosan Co. Ltd. | 49480 |
| 3549 | Imperial Oil Ltd. | 201914 |
| 14166 | Inpex Corp. | 156104 |
| 11859 | Kinder Morgan, Inc. | 226744 |
| 2118 | Marathon Oil Corp. | 64874 |
| 2424 | Marathon Petroleum Corp. | 295267 |
| 6010 | Occidental Petroleum Corp. | 417635 |
| 2862 | OMV AG | 151891 |
| 1413 | ONEOK, Inc. | 94558 |
| 790 | Parkland Corp. | 16832 |
| 1264 | Pembina Pipeline Corp. | 46147 |
| 1022 | Phillips 66 | 110826 |
| 391 | Pioneer Natural Resources Co. | 92272 |
| 12720 | Repsol SA | 196401 |
| 9701 | Santos Ltd. | 48390 |
| 21800 | Shell PLC | 637994 |
| 1766 | Suncor Energy, Inc. | 58068 |
| 1136 | Targa Resources Corp. | 84507 |
| 2174 | TC Energy Corp. | 96324 |
| 14 | Texas Pacific Land Corp. | 36296 |
| 3261 | The Williams Cos., Inc. | 113157 |
| 4690 | TotalEnergies SE | 293125 |
| 975 | Tourmaline Oil Corp. | 59342 |
| 1090 | Valero Energy Corp. | 145646 |
| 1743 | Woodside Energy Group Ltd. | 44019 |
|  |  | 8009216 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 475 | Holmen AB Class B | 19636 |
| 2470 | Mondi PLC | 46668 |
| 18379 | Oji Holdings Corp. | 70832 |
| 4516 | Stora Enso Oyj Class R | 66435 |
| 1908 | Svenska Cellulosa AB SCA Class B | 25942 |
| 1299 | UPM-Kymmene Oyj | 47688 |
| 2474 | West Fraser Timber Co. Ltd. | 193521 |
|  |  | 470722 |
| **Personal Products – 0.1%** | **Personal Products – 0.1%** | **Personal Products – 0.1%** |
| 619 | Beiersdorf AG | 67318 |
| 27566 | Haleon PLC\* | 95804 |
| 688 | Kao Corp. | 27535 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Personal Products – (continued)** | **Personal Products – (continued)** | **Personal Products – (continued)** |
| 323 | Kobayashi Pharmaceutical Co. Ltd. | $20096 |
| 386 | Kose Corp. | 41225 |
| 1303 | L'Oreal SA | 489349 |
| 3704 | Shiseido Co. Ltd. | 158198 |
| 1685 | The Estee Lauder Cos., Inc. Class A | 397306 |
| 2745 | Unilever PLC | 137253 |
|  |  | 1434084 |
| **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** |
| 9414 | Astellas Pharma, Inc. | 146008 |
| 2815 | AstraZeneca PLC | 380984 |
| 5674 | Bausch Health Cos., Inc.\* | 39777 |
| 2193 | Bayer AG | 127275 |
| 8268 | Bristol-Myers Squibb Co. | 663755 |
| 318 | Catalent, Inc.\* | 15941 |
| 2849 | Chugai Pharmaceutical Co. Ltd. | 75871 |
| 1927 | Daiichi Sankyo Co. Ltd. | 63823 |
| 1477 | Eisai Co. Ltd. | 100906 |
| 5777 | Elanco Animal Health, Inc.\* | 74350 |
| 2536 | Eli Lilly & Co. | 941059 |
| 10909 | GSK PLC | 185497 |
| 5885 | Hikma Pharmaceuticals PLC | 107850 |
| 5020 | Ipsen SA | 561162 |
| 2106 | Jazz Pharmaceuticals PLC\* | 330452 |
| 7456 | Johnson & Johnson | 1327168 |
| 494 | Kyowa Kirin Co. Ltd. | 11476 |
| 6364 | Merck & Co., Inc. | 700804 |
| 378 | Merck KGaA | 69255 |
| 313 | Nippon Shinyaku Co. Ltd. | 18568 |
| 4432 | Novartis AG | 394247 |
| 5249 | Novo Nordisk A/S Class B | 658424 |
| 3015 | Ono Pharmaceutical Co. Ltd. | 77269 |
| 3855 | Orion Oyj Class B | 203533 |
| 1698 | Otsuka Holdings Co. Ltd. | 58189 |
| 16252 | Pfizer, Inc. | 814713 |
| 1763 | Recordati Industria Chimica e Farmaceutica SpA | 75440 |
| 2376 | Roche Holding AG | 788373 |
| 1668 | Royalty Pharma PLC Class A | 73342 |
| 2942 | Sanofi | 265749 |
| 774 | Shionogi & Co. Ltd. | 38933 |
| 6635 | Takeda Pharmaceutical Co. Ltd. | 195090 |
| 22590 | Teva Pharmaceutical Industries Ltd. ADR\* | 198114 |
| 1681 | UCB SA | 135685 |
| 28638 | Viatris, Inc. | 315877 |
| 1332 | Zoetis, Inc. | 205314 |
|  |  | 10440273 |
| **Professional Services – 0.1%** | **Professional Services – 0.1%** | **Professional Services – 0.1%** |
| 441 | Adecco Group AG | 14993 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Professional Services – (continued)** | **Professional Services – (continued)** | **Professional Services – (continued)** |
| 1223 | Booz Allen Hamilton Holding Corp. | $130127 |
| 2245 | Bureau Veritas SA | 58877 |
| 169 | Equifax, Inc. | 33356 |
| 2493 | Experian PLC | 88205 |
| 642 | Intertek Group PLC | 31477 |
| 1271 | Jacobs Solutions, Inc. | 160832 |
| 2349 | Leidos Holdings, Inc. | 256816 |
| 1476 | Nihon M&A Center Holdings, Inc. | 20207 |
| 6918 | Persol Holdings Co. Ltd. | 160810 |
| 2462 | Randstad NV | 142607 |
| 6162 | Recruit Holdings Co. Ltd. | 199373 |
| 6359 | RELX PLC | 178312 |
| 4252 | Robert Half International, Inc. | 334973 |
| 130 | SGS SA | 305431 |
| 112 | Teleperformance | 25568 |
| 460 | Thomson Reuters Corp. | 54165 |
| 312 | TransUnion | 19681 |
| 398 | Verisk Analytics, Inc. | 73117 |
| 1605 | Wolters Kluwer NV | 176888 |
|  |  | 2465815 |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| 15552 | Aroundtown SA | 37698 |
| 390 | Azrieli Group Ltd. | 27979 |
| 4455 | CBRE Group, Inc. Class A\* | 354618 |
| 24271 | CK Asset Holdings Ltd. | 145274 |
| 972 | Daito Trust Construction Co. Ltd. | 108460 |
| 705 | Daiwa House Industry Co. Ltd. | 16235 |
| 398 | FirstService Corp. | 51563 |
| 4334 | Henderson Land Development Co. Ltd. | 14287 |
| 3931 | Hongkong Land Holdings Ltd. | 15861 |
| 2516 | Hulic Co. Ltd. | 21246 |
| 299 | LEG Immobilien SE | 19185 |
| 2583 | Mitsubishi Estate Co. Ltd. | 36473 |
| 1762 | Mitsui Fudosan Co. Ltd. | 35721 |
| 18922 | New World Development Co. Ltd. | 45022 |
| 32599 | Sino Land Co. Ltd. | 40772 |
| 2323 | Sun Hung Kai Properties Ltd. | 28023 |
| 8133 | Swire Pacific Ltd. Class A | 63920 |
| 474 | Swiss Prime Site AG | 39544 |
| 7078 | UOL Group Ltd. | 34905 |
| 2057 | Vonovia SE | 51094 |
| 1801 | Zillow Group, Inc. Class C\* | 68402 |
|  |  | 1256282 |
| **Road & Rail – 0.1%** | **Road & Rail – 0.1%** | **Road & Rail – 0.1%** |
| 558 | AMERCO\* | 35249 |
| 11973 | Aurizon Holdings Ltd. | 31119 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Road & Rail – (continued)** | **Road & Rail – (continued)** | **Road & Rail – (continued)** |
| 843 | Canadian National Railway Co. | $108224 |
| 1016 | Canadian Pacific Railway Ltd. | 83182 |
| 152 | Central Japan Railway Co. | 18423 |
| 3357 | CSX Corp. | 109740 |
| 362 | East Japan Railway Co. | 20524 |
| 1245 | Hankyu Hanshin Holdings, Inc. | 38985 |
| 264 | J.B. Hunt Transport Services, Inc. | 48547 |
| 1249 | Kintetsu Group Holdings Co. Ltd. | 44641 |
| 5699 | Knight-Swift Transportation Holdings, Inc. | 315896 |
| 4647 | MTR Corp. Ltd. | 22404 |
| 516 | Norfolk Southern Corp. | 132354 |
| 413 | Old Dominion Freight Line, Inc. | 124978 |
| 1528 | Tobu Railway Co. Ltd. | 36888 |
| 2549 | Tokyu Corp. | 32553 |
| 898 | Union Pacific Corp. | 195252 |
|  |  | 1398959 |
| **Semiconductors & Semiconductor Equipment – 0.4%** | **Semiconductors & Semiconductor Equipment – 0.4%** | **Semiconductors & Semiconductor Equipment – 0.4%** |
| 4535 | Advanced Micro Devices, Inc.\* | 352052 |
| 1211 | Advantest Corp. | 82424 |
| 820 | Analog Devices, Inc. | 140966 |
| 3310 | Applied Materials, Inc. | 362776 |
| 149 | ASM International NV | 41316 |
| 770 | ASML Holding NV | 470100 |
| 1065 | Broadcom, Inc. | 586847 |
| 129 | Enphase Energy, Inc.\* | 41356 |
| 9523 | Intel Corp. | 286357 |
| 436 | KLA Corp. | 171413 |
| 447 | Lam Research Corp. | 211154 |
| 1348 | Marvell Technology, Inc. | 62709 |
| 2172 | Microchip Technology, Inc. | 172001 |
| 4696 | Micron Technology, Inc. | 270725 |
| 243 | Monolithic Power Systems, Inc. | 92816 |
| 6115 | NVIDIA Corp. | 1034842 |
| 1145 | NXP Semiconductors NV | 201337 |
| 6209 | ON Semiconductor Corp.\* | 466917 |
| 1955 | Qorvo, Inc.\* | 194034 |
| 3510 | QUALCOMM, Inc. | 443980 |
| 7939 | Renesas Electronics Corp.\* | 77863 |
| 968 | Skyworks Solutions, Inc. | 92560 |
| 1657 | STMicroelectronics NV | 64137 |
| 3036 | Sumco Corp. | 45423 |
| 2163 | Teradyne, Inc. | 202132 |
| 3481 | Texas Instruments, Inc. | 628181 |
| 377 | Tokyo Electron Ltd. | 127943 |
|  |  | 6924361 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – 0.6%** | **Software – 0.6%** | **Software – 0.6%** |
| 1518 | Adobe, Inc.\* | $523604 |
| 108 | ANSYS, Inc.\* | 27464 |
| 855 | AppLovin Corp. Class A\* | 12321 |
| 870 | Autodesk, Inc.\* | 175697 |
| 2114 | Black Knight, Inc.\* | 131047 |
| 2856 | Cadence Design Systems, Inc.\* | 491346 |
| 336 | Ceridian HCM Holding, Inc.\* | 22996 |
| 504 | Check Point Software Technologies Ltd.\* | 66946 |
| 264 | Constellation Software, Inc. | 425595 |
| 126 | Crowdstrike Holdings, Inc. Class A\* | 14824 |
| 1730 | Dassault Systemes SE | 64507 |
| 475 | Datadog, Inc. Class A\* | 35996 |
| 1830 | DocuSign, Inc.\* | 86138 |
| 10926 | Dropbox, Inc. Class A\* | 257417 |
| 426 | Fair Isaac Corp.\* | 264001 |
| 4095 | Fortinet, Inc.\* | 217690 |
| 504 | Guidewire Software, Inc.\* | 29892 |
| 247 | HubSpot, Inc.\* | 74848 |
| 984 | Intuit, Inc. | 401069 |
| 21879 | Microsoft Corp. | 5582208 |
| 1826 | Nemetschek SE | 91259 |
| 7611 | NortonLifeLock, Inc. | 174749 |
| 797 | Open Text Corp. | 23404 |
| 3966 | Oracle Corp. | 315322 |
| 1143 | Palo Alto Networks, Inc.\* | 194196 |
| 68 | Paycom Software, Inc.\* | 23059 |
| 621 | PTC, Inc.\* | 78997 |
| 947 | RingCentral, Inc. Class A\* | 35096 |
| 226 | Roper Technologies, Inc. | 99189 |
| 2108 | Salesforce, Inc.\* | 337807 |
| 1352 | SAP SE | 150013 |
| 603 | ServiceNow, Inc.\* | 251029 |
| 180 | Splunk, Inc.\* | 13982 |
| 439 | Synopsys, Inc.\* | 149058 |
| 20634 | The Sage Group PLC | 200139 |
| 696 | Trend Micro, Inc. | 34925 |
| 95 | Tyler Technologies, Inc.\* | 32560 |
| 1670 | VMware, Inc. Class A\* | 202888 |
| 1138 | WiseTech Global Ltd. | 45504 |
| 326 | Workday, Inc. Class A\* | 54735 |
| 478 | Xero Ltd.\* | 23754 |
| 822 | Zoom Video Communications, Inc. Class A\* | 62003 |
| 104 | Zscaler, Inc.\* | 13879 |
|  |  | 11513153 |
| **Specialty Retail – 0.3%** | **Specialty Retail – 0.3%** | **Specialty Retail – 0.3%** |
| 1267 | Advance Auto Parts, Inc. | 191304 |
| 291 | AutoZone, Inc.\* | 750489 |
| 6002 | Bath & Body Works, Inc. | 255085 |
| 4587 | Best Buy Co., Inc. | 391271 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |
| 622 | Burlington Stores, Inc.\* | $121713 |
| 227 | CarMax, Inc.\* | 15745 |
| 52 | Fast Retailing Co. Ltd. | 30921 |
| 9638 | Hennes & Mauritz AB Class B | 108065 |
| 1851 | Industria de Diseno Textil SA | 48318 |
| 85865 | JD Sports Fashion PLC | 132345 |
| 25178 | Kingfisher PLC | 73631 |
| 3804 | Lowe's Cos., Inc. | 808540 |
| 396 | Nitori Holdings Co. Ltd. | 45365 |
| 686 | O'Reilly Automotive, Inc.\* | 593075 |
| 1030 | Ross Stores, Inc. | 121200 |
| 3803 | The Home Depot, Inc. | 1232134 |
| 4661 | The TJX Cos., Inc. | 373113 |
| 1795 | Tractor Supply Co. | 406227 |
| 855 | Ulta Beauty, Inc.\* | 397438 |
| 2855 | USS Co. Ltd. | 47983 |
|  |  | 6143962 |
| **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** | **Technology Hardware, Storage & Peripherals – 0.5%** |
| 49864 | Apple, Inc. | 7381368 |
| 4598 | Brother Industries Ltd. | 74677 |
| 3108 | Canon, Inc. | 72649 |
| 3318 | Dell Technologies, Inc. Class C | 148613 |
| 940 | FUJIFILM Holdings Corp. | 50565 |
| 17300 | Hewlett Packard Enterprise Co. | 290294 |
| 7174 | HP, Inc. | 215507 |
| 1860 | Logitech International SA | 112767 |
| 2434 | NetApp, Inc. | 164563 |
| 10223 | Ricoh Co. Ltd. | 81206 |
| 1472 | Seagate Technology Holdings PLC | 77972 |
| 3609 | Seiko Epson Corp. | 56792 |
| 1750 | Western Digital Corp.\* | 64312 |
|  |  | 8791285 |
| **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** | **Textiles, Apparel & Luxury Goods – 0.2%** |
| 905 | adidas AG | 116662 |
| 9321 | Burberry Group PLC | 246352 |
| 677 | Cie Financiere Richemont SA Class A | 89748 |
| 623 | Gildan Activewear, Inc. | 18039 |
| 242 | Hermes International | 393317 |
| 231 | Kering SA | 138793 |
| 1034 | Lululemon Athletica, Inc.\* | 393241 |
| 741 | LVMH Moet Hennessy Louis Vuitton SE | 575037 |
| 1919 | Moncler SpA | 100026 |
| 3376 | NIKE, Inc. Class B | 370313 |
| 956 | Pandora A/S | 72781 |
| 2198 | Puma SE | 113755 |
| 2227 | The Swatch Group AG | 181134 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |
| 2346 | VF Corp. | $76996 |
|  |  | 2886194 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 3433 | Altria Group, Inc. | 159909 |
| 6703 | British American Tobacco PLC | 274837 |
| 4561 | Imperial Brands PLC | 117314 |
| 4309 | Japan Tobacco, Inc. | 88159 |
| 6099 | Philip Morris International, Inc. | 607887 |
| 25280 | Swedish Match AB | 277580 |
|  |  | 1525686 |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |
| 1537 | AerCap Holdings NV\* | 94372 |
| 386 | Ashtead Group PLC | 23559 |
| 795 | Brenntag SE | 50547 |
| 3034 | Bunzl PLC | 112207 |
| 7976 | Fastenal Co. | 410844 |
| 2572 | Ferguson PLC | 291590 |
| 328 | IMCD NV | 48513 |
| 5486 | ITOCHU Corp. | 172299 |
| 23901 | Marubeni Corp. | 270377 |
| 5199 | Mitsubishi Corp. | 175098 |
| 6990 | Mitsui & Co. Ltd. | 202876 |
| 9386 | MonotaRO Co. Ltd. | 162380 |
| 1749 | Reece Ltd. | 18486 |
| 6369 | Sumitomo Corp. | 104415 |
| 744 | Toromont Industries Ltd. | 56626 |
| 213 | United Rentals, Inc.\* | 75195 |
| 848 | W.W. Grainger, Inc. | 511395 |
|  |  | 2780779 |
| **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** | **Transportation Infrastructure – 0.0%** |
| 2440 | Getlink SE | 40322 |
| 6722 | Transurban Group | 65719 |
|  |  | 106041 |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| 420 | American Water Works Co., Inc. | 63739 |
| 880 | Essential Utilities, Inc. | 42451 |
| 2366 | Severn Trent PLC | 77871 |
| 5863 | United Utilities Group PLC | 72724 |
|  |  | 256785 |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |
| 6240 | KDDI Corp. | 185606 |
| 799 | Rogers Communications, Inc. Class B | 36756 |
| 9217 | SoftBank Corp. | 100278 |
| 2317 | SoftBank Group Corp. | 101527 |
| 5009 | Tele2 AB Class B | 44496 |
| 818 | T-Mobile US, Inc.\* | 123894 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Wireless Telecommunication Services – (continued)** | **Wireless Telecommunication Services – (continued)** | **Wireless Telecommunication Services – (continued)** |
| 112135 | Vodafone Group PLC | $124208 |
|  |  | 716765 |
| **TOTAL COMMON STOCKS<br>(Cost $132,542,704)** | **TOTAL COMMON STOCKS<br>(Cost $132,542,704)** | $188568567 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** | **Preferred Stocks – 0.0%** |
| **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** | **Auto Manufacturers – 0.0%** |
| Bayerische Motoren Werke AG | Bayerische Motoren Werke AG | Bayerische Motoren Werke AG |
| 1035 | 2.847% | $89811 |
| Volkswagen AG | Volkswagen AG | Volkswagen AG |
| 541 | 2.476 | 79911 |
|  |  | 169722 |
| **Electronics – 0.0%** | **Electronics – 0.0%** | **Electronics – 0.0%** |
| Sartorius AG | Sartorius AG | Sartorius AG |
| 112 | 0.126 | 42107 |
| **Entertainment<sup>\*(b)</sup> –0.0%** | **Entertainment<sup>\*(b)</sup> –0.0%** | **Entertainment<sup>\*(b)</sup> –0.0%** |
| AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
| 3522 | 0.000 | 3423 |
| **Household Products – 0.0%** | **Household Products – 0.0%** | **Household Products – 0.0%** |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |
| 615 | 2.342 | 43989 |
| **TOTAL PREFERRED STOCKS<br>(Cost $288,049)** | **TOTAL PREFERRED STOCKS<br>(Cost $288,049)** | $259241 |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 74.4%** | **Exchange Traded Funds – 74.4%** | **Exchange Traded Funds – 74.4%** |
| 749848 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(c)</sup> | $21865568 |
| 4838079 | Goldman Sachs MarketBeta International Equity ETF<sup>(c)</sup> | 232226340 |
| 5851106 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(c)</sup> | 324092761 |
| 4135306 | iShares Core MSCI Emerging Markets ETF | 200810459 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |
| 1235 | iShares MSCI Canada ETF | $43460 |
| 1856999 | iShares MSCI EAFE ETF | 124641773 |
| 1224233 | iShares MSCI EAFE Small-Cap ETF | 69781281 |
| 1086098 | Vanguard S&P 500 ETF | 406732840 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $1,153,381,998)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $1,153,381,998)** | $1380194482 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(c)</sup> – 10.2%** | **Investment Company<sup>(c)</sup> – 10.2%** |  |
| 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 |
| 188601086 | 3.727% | $188601086 |
| **(Cost $188,601,086)** | **(Cost $188,601,086)** |  |
| **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 0.1%** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 1254600 | 3.727% | $1254600 |
| **(Cost $1,254,600)** | **(Cost $1,254,600)** |  |
| **TOTAL INVESTMENTS – 94.9%<br>(Cost $1,476,068,437)** | **TOTAL INVESTMENTS – 94.9%<br>(Cost $1,476,068,437)** | $1758877976 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 5.1%** | 95460379 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1854338355 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (c) | Represents an affiliated fund. |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 4560000 | USD | 2879996 | 12/21/22 | $218067 |
|  | CHF | 3780000 | USD | 3829956 | 12/21/22 | 176756 |
|  | DKK | 8980000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195232 | 12/21/22 | 63694 |
|  | EUR | 11110000 | USD | 11000533 | 12/21/22 | 582585 |
|  | GBP | 5790000 | USD | 6567176 | 12/21/22 | 417066 |
|  | HKD | 14920000 | USD | 1902722 | 12/21/22 | 6912 |
|  | ILS | 840000 | USD | 240465 | 12/21/22 | 5976 |
|  | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296000000 | USD | 8755910 | 12/21/22 | 657368 |
|  | NOK | 5400000 | USD | 514143 | 12/21/22 | 34649 |
|  | NZD | 140000 | USD | 79545 | 12/21/22 | 8701 |
|  | SEK | 11475000 | USD | 1037848 | 12/21/22 | 56624 |
|  | SGD | 800000 | USD | 563196 | 12/21/22 | 24753 |
|  | USD | 238307 | HKD | 1860000 | 12/21/22 | 243 |
|  **TOTAL** |  |  |  |  |  | $2253394 |
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | CAD | 21960000 | USD | 16645071 | 12/21/22 | $(313613) |
|  | USD | 26794236 | AUD | 39800000 | 12/21/22 | (245875) |
|  | USD | 33658545 | CHF | 32750000 | 12/21/22 | (1055692) |
|  | USD | 8945070 | DKK | 66360000 | 12/21/22 | (358089) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103955195 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103630000 | 12/21/22 | (4087876) |
|  | USD | 50542461 | GBP | 43985000 | 12/21/22 | (2514859) |
|  | USD | 9615917 | HKD | 75350000 | 12/21/22 | (28247) |
|  | USD | 1818316 | ILS | 6200000 | 12/21/22 | (655) |
|  | USD | 72296315 | JPY | 10343000000 | 12/21/22 | (2828329) |
|  | USD | 2802414 | NOK | 28100000 | 12/21/22 | (53343) |
|  | USD | 609118 | NZD | 1010000 | 12/21/22 | (27520) |
|  | USD | 11318525 | SEK | 121125000 | 12/21/22 | (234242) |
|  | USD | 4439715 | SGD | 6240000 | 12/21/22 | (146290) |
|  **TOTAL** |  |  |  |  |  | $(11894630) |

---

**FUTURES CONTRACTS** — At November 30, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 1237 | 12/16/22 | $116741875 | $1656007 |
|  S&P 500 E-Mini Index | 729 | 12/16/22 | 148761562 | 2500111 |
|  S&P Toronto Stock Exchange 60 Index | 316 | 12/15/22 | 58273769 | 3082286 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $7238404 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At November 30, 2022, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 12.548% | 11/22/2023 | 11050000 | $11050000 | $134188 | $206827 | $(72639) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.122 | 10/16/2023 | 25640000 | 25640000 | 209997 | 484833 | (274836) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.390 | 11/20/2023 | 1012141000 | 1012141000 | 111483 | 130776 | (19293) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.456 | 11/17/2023 | 23392000 | 23392000 | 241780 | 249359 | (7579) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1508.000 | 11/21/2023 | 8474000 | 8474000 | 88172 | 126686 | (38514) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 23.942 | 11/20/2023 | 15110000 | 15110000 | 199543 | 244873 | (45330) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.785 | 11/20/2023 | 7004000 | 7004000 | 89273 | 122920 | (33647) |
|  **Total Calls** | **Total Calls** | **Total Calls** | **Total Calls** | 1102811000 | $1102811000 | $1074436 | $1566274 | $(491838) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 77.470 | 10/16/2023 | 27634000 | 27634000 | 239859 | 398359 | (158500) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 89.940 | 11/20/2023 | 15915000 | 15915000 | 217094 | 173511 | 43583 |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.546 | 11/23/2023 | 34709000 | 34709000 | 273223 | 392456 | (119233) |
|  **Total Puts** | **Total Puts** | **Total Puts** | **Total Puts** | 78258000 | $78258000 | $730176 | $964326 | $(234150) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 1181069000 | $1181069000 | $1804612 | $2530600 | $(725988) |

---

**EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Euro Stoxx 50 Index | $3475.000 | 12/16/2022 | (16) | $(5560000) | $(82016) | $(12641) | $(69375) |
|  Euro Stoxx 50 Index | 3525.000 | 12/16/2022 | (36) | (12690000) | (166067) | (32252) | (133816) |
|  Euro Stoxx 50 Index | 3600.000 | 12/16/2022 | (25) | (9000000) | (96203) | (17460) | (78743) |
|  Euro Stoxx 50 Index | 3625.000 | 12/16/2022 | (6) | (2175000) | (21572) | (3151) | (18421) |
|  Euro Stoxx 50 Index | 3650.000 | 12/16/2022 | (33) | (12045000) | (110402) | (20493) | (89909) |
|  Euro Stoxx 50 Index | 3725.000 | 12/16/2022 | (20) | (7450000) | (52176) | (18470) | (33706) |
|  Euro Stoxx 50 Index | 3750.000 | 12/16/2022 | (28) | (10500000) | (66374) | (15250) | (51124) |
|  Euro Stoxx 50 Index | 3975.000 | 12/16/2022 | (11) | (4372500) | (6410) | (4975) | (1435) |
|  Euro Stoxx 50 Index | 4000.000 | 12/16/2022 | (3) | (1200000) | (1361) | (1253) | (108) |
|  Euro Stoxx 50 Index | 3700.000 | 01/20/2023 | (5) | (1850000) | (15807) | (3569) | (12238) |
|  Euro Stoxx 50 Index | 3775.000 | 01/20/2023 | (20) | (7550000) | (50365) | (20897) | (29468) |
|  Euro Stoxx 50 Index | 3800.000 | 01/20/2023 | (11) | (4180000) | (25446) | (7374) | (18072) |
|  Euro Stoxx 50 Index | 4025.000 | 01/20/2023 | (26) | (10465000) | (20887) | (16377) | (4509) |
|  Euro Stoxx 50 Index | 4050.000 | 01/20/2023 | (33) | (13365000) | (22630) | (20635) | (1995) |
|  Euro Stoxx 50 Index | 4125.000 | 01/20/2023 | (30) | (12375000) | (11988) | (11311) | (677) |
|  Euro Stoxx 50 Index | 4175.000 | 02/17/2023 | (5) | (2087500) | (2492) | (2324) | (169) |
|  FTSE 100 Index | 7150.000 | 12/16/2022 | (8) | (5720000) | (44160) | (10730) | (33430) |
|  FTSE 100 Index | 7200.000 | 12/16/2022 | (7) | (5040000) | (34591) | (8322) | (26269) |
|  FTSE 100 Index | 7250.000 | 12/16/2022 | (3) | (2175000) | (13107) | (3932) | (9175) |
|  FTSE 100 Index | 7300.000 | 12/16/2022 | (12) | (8760000) | (45703) | (12561) | (33142) |
|  FTSE 100 Index | 7375.000 | 12/16/2022 | (5) | (3687500) | (15005) | (8182) | (6823) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |
|  **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** | **Calls (continued)** |
|  FTSE 100 Index | $7500.000 | 12/16/2022 | (1) | $(750000) | $(1778) | $(836) | $(942) |
|  FTSE 100 Index | 7525.000 | 12/16/2022 | (1) | (752500) | (1561) | (594) | (966) |
|  FTSE 100 Index | 7575.000 | 12/16/2022 | (3) | (2272500) | (3507) | (1435) | (2072) |
|  FTSE 100 Index | 7275.000 | 01/20/2023 | (1) | (727500) | (4785) | (1485) | (3300) |
|  FTSE 100 Index | 7375.000 | 01/20/2023 | (2) | (1475000) | (7617) | (1983) | (5634) |
|  FTSE 100 Index | 7475.000 | 01/20/2023 | (4) | (2990000) | (11619) | (7032) | (4586) |
|  FTSE 100 Index | 7625.000 | 01/20/2023 | (7) | (5337500) | (12191) | (5854) | (6337) |
|  FTSE 100 Index | 7650.000 | 01/20/2023 | (6) | (4590000) | (9473) | (4575) | (4898) |
|  FTSE 100 Index | 7700.000 | 01/20/2023 | (7) | (5390000) | (8943) | (5157) | (3786) |
|  FTSE 100 Index | 7775.000 | 02/17/2023 | (1) | (777500) | (1446) | (918) | (529) |
|  Nikkei 225 Index | 27250.000 | 12/09/2022 | (3) | (8175000) | (18683) | (9946) | (8737) |
|  Nikkei 225 Index | 27625.000 | 12/09/2022 | (5) | (13812500) | (19915) | (21628) | 1714 |
|  Nikkei 225 Index | 28375.000 | 12/09/2022 | (8) | (22700000) | (7821) | (17692) | 9871 |
|  Nikkei 225 Index | 28500.000 | 12/09/2022 | (3) | (8550000) | (2281) | (5690) | 3409 |
|  Nikkei 225 Index | 28625.000 | 12/09/2022 | (1) | (2862500) | (536) | (1191) | 656 |
|  Nikkei 225 Index | 28875.000 | 12/09/2022 | (2) | (5775000) | (565) | (3593) | 3028 |
|  Nikkei 225 Index | 29125.000 | 12/09/2022 | (1) | (2912500) | (145) | (2155) | 2011 |
|  Nikkei 225 Index | 28000.000 | 01/13/2023 | (1) | (2800000) | (4816) | (4661) | (155) |
|  Nikkei 225 Index | 28750.000 | 01/13/2023 | (2) | (5750000) | (4490) | (4963) | 473 |
|  Nikkei 225 Index | 28875.000 | 01/13/2023 | (8) | (23100000) | (16511) | (23757) | 7246 |
|  Nikkei 225 Index | 29000.000 | 01/13/2023 | (7) | (20300000) | (12419) | (14029) | 1609 |
|  Nikkei 225 Index | 29125.000 | 01/13/2023 | (4) | (11650000) | (6228) | (6606) | 378 |
|  Nikkei 225 Index | 29375.000 | 02/10/2023 | (2) | (5875000) | (4635) | (5039) | 404 |
|  Nikkei 225 Index | 29500.000 | 02/10/2023 | (1) | (2950000) | (2100) | (2109) | 9 |
|  S&P 500 Index | 4130.000 | 11/30/2022 | (2) | (826000) | (5) | (17078) | 17074 |
|  S&P 500 Index | 4155.000 | 11/30/2022 | (4) | (1662000) | (10) | (23777) | 23767 |
|  S&P 500 Index | 3950.000 | 12/07/2022 | (25) | (9875000) | (330875) | (95992) | (234883) |
|  S&P 500 Index | 4100.000 | 12/14/2022 | (24) | (9840000) | (139080) | (104584) | (34496) |
|  S&P 500 Index | 4100.000 | 12/21/2022 | (24) | (9840000) | (164040) | (118476) | (45564) |
|  S&P 500 Index | 4080.000 | 12/28/2022 | (24) | (9792000) | (85133) | (85133) |  |
|  S&P 500 Index | 3815.000 | 12/30/2022 | (3) | (1144500) | (87270) | (27808) | (59462) |
|  S&P 500 Index | 3940.000 | 12/30/2022 | (5) | (1970000) | (93725) | (37070) | (56655) |
|  S&P 500 Index | 4010.000 | 12/30/2022 | (6) | (2406000) | (82110) | (32570) | (49540) |
|  S&P 500 Index | 4015.000 | 12/30/2022 | (1) | (401500) | (13345) | (7149) | (6196) |
|  S&P 500 Index | 4055.000 | 12/30/2022 | (7) | (2838500) | (75530) | (44001) | (31529) |
|  S&P 500 Index | 4075.000 | 12/30/2022 | (20) | (8150000) | (84612) | (84612) |  |
|  S&P 500 Index | 4080.000 | 12/30/2022 | (26) | (10608000) | (242450) | (125220) | (117230) |
|  S&P 500 Index | 4085.000 | 12/30/2022 | (20) | (8170000) | (78020) | (78020) |  |
|  S&P 500 Index | 4090.000 | 12/30/2022 | (20) | (8180000) | (74608) | (74608) |  |
|  S&P 500 Index | 4095.000 | 12/30/2022 | (20) | (8190000) | (70716) | (70716) |  |
|  S&P 500 Index | 4145.000 | 12/30/2022 | (2) | (829000) | (12140) | (8998) | (3141) |
|  S&P 500 Index | 4160.000 | 12/30/2022 | (4) | (1664000) | (21760) | (18261) | (3499) |
|  S&P 500 Index | 4070.000 | 01/31/2023 | (2) | (814000) | (29810) | (13778) | (16031) |
|  S&P 500 Index | 4155.000 | 01/31/2023 | (8) | (3324000) | (43925) | (43925) |  |
|  S&P 500 Index | 4210.000 | 01/31/2023 | (5) | (2105000) | (38725) | (31076) | (7649) |
|  S&P 500 Index | 4225.000 | 01/31/2023 | (4) | (1690000) | (28540) | (24069) | (4471) |
|  |  |  | (680) | $(408842000) | $(2865256) | $(1572008) | $(1293243) |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 3025.000 | 12/16/2022 | (16) | (4840000) | (100) | (12079) | 11979 |
|  Euro Stoxx 50 Index | 3125.000 | 12/16/2022 | (36) | (11250000) | (337) | (22379) | 22042 |
|  Euro Stoxx 50 Index | 3175.000 | 12/16/2022 | (6) | (1905000) | (69) | (6262) | 6193 |
|  Euro Stoxx 50 Index | 3200.000 | 12/16/2022 | (25) | (8000000) | (312) | (21616) | 21303 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |
|  Euro Stoxx 50 Index | $3300.000 | 12/16/2022 | (33) | $(10890000) | $(549) | $(23073) | $22523 |
|  Euro Stoxx 50 Index | 3425.000 | 12/16/2022 | (28) | (9590000) | (699) | (16917) | 16218 |
|  Euro Stoxx 50 Index | 3450.000 | 12/16/2022 | (20) | (6900000) | (541) | (6187) | 5646 |
|  Euro Stoxx 50 Index | 3725.000 | 12/16/2022 | (11) | (4097500) | (1236) | (4941) | 3705 |
|  Euro Stoxx 50 Index | 3775.000 | 12/16/2022 | (3) | (1132500) | (481) | (1120) | 639 |
|  Euro Stoxx 50 Index | 3250.000 | 01/20/2023 | (5) | (1625000) | (395) | (4491) | 4095 |
|  Euro Stoxx 50 Index | 3400.000 | 01/20/2023 | (32) | (10880000) | (4129) | (19859) | 15730 |
|  Euro Stoxx 50 Index | 3675.000 | 01/20/2023 | (26) | (9555000) | (9361) | (17712) | 8350 |
|  Euro Stoxx 50 Index | 3725.000 | 01/20/2023 | (33) | (12292500) | (14423) | (21384) | 6961 |
|  Euro Stoxx 50 Index | 3850.000 | 01/20/2023 | (30) | (11550000) | (21478) | (22284) | 806 |
|  Euro Stoxx 50 Index | 3800.000 | 02/17/2023 | (5) | (1900000) | (4464) | (4493) | 29 |
|  FTSE 100 Index | 6500.000 | 12/16/2022 | (11) | (7150000) | (331) | (16078) | 15747 |
|  FTSE 100 Index | 6650.000 | 12/16/2022 | (13) | (8645000) | (470) | (16273) | 15803 |
|  FTSE 100 Index | 6825.000 | 12/16/2022 | (7) | (4777500) | (337) | (8901) | 8563 |
|  FTSE 100 Index | 6975.000 | 12/16/2022 | (5) | (3487500) | (362) | (2538) | 2177 |
|  FTSE 100 Index | 7200.000 | 12/16/2022 | (1) | (720000) | (139) | (622) | 484 |
|  FTSE 100 Index | 7225.000 | 12/16/2022 | (3) | (2167500) | (452) | (2892) | 2440 |
|  FTSE 100 Index | 6550.000 | 01/20/2023 | (1) | (655000) | (139) | (1406) | 1267 |
|  FTSE 100 Index | 6775.000 | 01/20/2023 | (2) | (1355000) | (422) | (2959) | 2537 |
|  FTSE 100 Index | 6925.000 | 01/20/2023 | (4) | (2770000) | (1181) | (3316) | 2135 |
|  FTSE 100 Index | 7150.000 | 01/20/2023 | (7) | (5005000) | (3543) | (7559) | 4015 |
|  FTSE 100 Index | 7175.000 | 01/20/2023 | (6) | (4305000) | (3218) | (8164) | 4946 |
|  FTSE 100 Index | 7325.000 | 01/20/2023 | (7) | (5127500) | (5610) | (7719) | 2109 |
|  FTSE 100 Index | 7275.000 | 02/17/2023 | (1) | (727500) | (1145) | (1426) | 281 |
|  Nikkei 225 Index | 24500.000 | 12/09/2022 | (3) | (7350000) | (109) | (11916) | 11807 |
|  Nikkei 225 Index | 25000.000 | 12/09/2022 | (5) | (12500000) | (181) | (11228) | 11047 |
|  Nikkei 225 Index | 25750.000 | 12/09/2022 | (5) | (12875000) | (398) | (18675) | 18277 |
|  Nikkei 225 Index | 26125.000 | 12/09/2022 | (3) | (7837500) | (326) | (11572) | 11247 |
|  Nikkei 225 Index | 26250.000 | 12/09/2022 | (2) | (5250000) | (246) | (10787) | 10541 |
|  Nikkei 225 Index | 26375.000 | 12/09/2022 | (3) | (7912500) | (434) | (11199) | 10764 |
|  Nikkei 225 Index | 26750.000 | 12/09/2022 | (1) | (2675000) | (217) | (2556) | 2338 |
|  Nikkei 225 Index | 24750.000 | 01/13/2023 | (1) | (2475000) | (565) | (3219) | 2654 |
|  Nikkei 225 Index | 25750.000 | 01/13/2023 | (2) | (5150000) | (2100) | (9863) | 7763 |
|  Nikkei 225 Index | 26000.000 | 01/13/2023 | (3) | (7800000) | (3802) | (12502) | 8700 |
|  Nikkei 225 Index | 26375.000 | 01/13/2023 | (4) | (10550000) | (6517) | (15134) | 8617 |
|  Nikkei 225 Index | 26625.000 | 01/13/2023 | (5) | (13312500) | (9233) | (14120) | 4887 |
|  Nikkei 225 Index | 27000.000 | 01/13/2023 | (4) | (10800000) | (10138) | (11673) | 1535 |
|  Nikkei 225 Index | 27250.000 | 01/13/2023 | (3) | (8175000) | (9016) | (7666) | (1350) |
|  Nikkei 225 Index | 26875.000 | 02/10/2023 | (1) | (2687500) | (3729) | (4115) | 385 |
|  Nikkei 225 Index | 27000.000 | 02/10/2023 | (2) | (5400000) | (7893) | (6984) | (909) |
|  S&P 500 Index | 3360.000 | 11/30/2022 | (5) | (1680000) | (13) | (35046) | 35034 |
|  S&P 500 Index | 3400.000 | 11/30/2022 | (7) | (2380000) | (18) | (50490) | 50472 |
|  S&P 500 Index | 3515.000 | 11/30/2022 | (3) | (1054500) | (8) | (22423) | 22415 |
|  S&P 500 Index | 3565.000 | 11/30/2022 | (7) | (2495500) | (18) | (53863) | 53845 |
|  S&P 500 Index | 3625.000 | 11/30/2022 | (5) | (1812500) | (13) | (38376) | 38363 |
|  S&P 500 Index | 3665.000 | 11/30/2022 | (2) | (733000) | (5) | (17118) | 17114 |
|  S&P 500 Index | 3685.000 | 11/30/2022 | (1) | (368500) | (3) | (5892) | 5889 |
|  S&P 500 Index | 3705.000 | 11/30/2022 | (4) | (1482000) | (10) | (33337) | 33327 |
|  S&P 500 Index | 3715.000 | 11/30/2022 | (24) | (8916000) | (60) | (139841) | 139781 |
|  S&P 500 Index | 3735.000 | 11/30/2022 | (19) | (7096500) | (47) | (109046) | 108998 |
|  S&P 500 Index | 3740.000 | 11/30/2022 | (19) | (7106000) | (48) | (111290) | 111242 |
|  S&P 500 Index | 3745.000 | 11/30/2022 | (19) | (7115500) | (48) | (114083) | 114036 |
|  S&P 500 Index | 3750.000 | 11/30/2022 | (19) | (7125000) | (47) | (116977) | 116929 |
|  S&P 500 Index | 3755.000 | 11/30/2022 | (19) | (7134500) | (48) | (120374) | 120326 |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |
|  **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** | **Puts (continued)** |
|  S&P 500 Index | $3690.000 | 12/07/2022 | (25) | $(9225000) | $(1437) | $(147992) | $146554 |
|  S&P 500 Index | 3860.000 | 12/14/2022 | (24) | (9264000) | (27480) | (130339) | 102859 |
|  S&P 500 Index | 3890.000 | 12/21/2022 | (24) | (9336000) | (52200) | (99938) | 47738 |
|  S&P 500 Index | 3850.000 | 12/28/2022 | (24) | (9240000) | (121087) | (121087) |  |
|  S&P 500 Index | 3315.000 | 12/30/2022 | (3) | (994500) | (607) | (26848) | 26240 |
|  S&P 500 Index | 3470.000 | 12/30/2022 | (5) | (1735000) | (1575) | (48546) | 46971 |
|  S&P 500 Index | 3525.000 | 12/30/2022 | (1) | (352500) | (395) | (10519) | 10124 |
|  S&P 500 Index | 3640.000 | 12/30/2022 | (7) | (2548000) | (4655) | (52860) | 48205 |
|  S&P 500 Index | 3645.000 | 12/30/2022 | (6) | (2187000) | (4080) | (47671) | 43591 |
|  S&P 500 Index | 3665.000 | 12/30/2022 | (7) | (2565500) | (5285) | (58038) | 52753 |
|  S&P 500 Index | 3835.000 | 12/30/2022 | (20) | (7670000) | (97612) | (97612) |  |
|  S&P 500 Index | 3840.000 | 12/30/2022 | (23) | (8832000) | (49910) | (121704) | 71794 |
|  S&P 500 Index | 3845.000 | 12/30/2022 | (20) | (7690000) | (103228) | (103228) |  |
|  S&P 500 Index | 3850.000 | 12/30/2022 | (20) | (7700000) | (106201) | (106201) |  |
|  S&P 500 Index | 3855.000 | 12/30/2022 | (20) | (7710000) | (108969) | (108969) |  |
|  S&P 500 Index | 3885.000 | 12/30/2022 | (2) | (777000) | (5720) | (9818) | 4099 |
|  S&P 500 Index | 3610.000 | 01/31/2023 | (2) | (722000) | (4360) | (19798) | 15439 |
|  S&P 500 Index | 3800.000 | 01/31/2023 | (8) | (3040000) | (61583) | (61583) |  |
|  S&P 500 Index | 3805.000 | 01/31/2023 | (4) | (1522000) | (18840) | (36493) | 17653 |
|  S&P 500 Index | 3845.000 | 01/31/2023 | (5) | (1922500) | (27375) | (37076) | 9701 |
|  |  |  | (827) | $(427582500) | $(933812) | $(2862335) | $1928518 |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1507) | $(836424500) | $(3799068) | $(4434343) | $635275 |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |
|  **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** | **Calls** |
|  Eurodollar Futures | $97.750 | 06/20/2023 | 899 | $2247500 | $44950 | $3666244 | $(3621294) |
|  Eurodollar Futures | 97.750 | 03/13/2023 | 1597 | 3992500 | 19963 | 5721839 | (5701877) |
|  Eurodollar Futures | 99.000 | 12/19/2022 | 4447 | 11117500 | 27794 | 6332617 | (6304823) |
|  Eurodollar Futures | 98.750 | 12/19/2022 | 1168 | 2920000 | 7300 | 1083110 | (1075810) |
|  Eurodollar Futures | 98.000 | 12/19/2022 | 423 | 1057500 | 2644 | 1053194 | (1050550) |
|  Eurodollar Futures | 97.500 | 06/17/2024 | 2036 | 5090000 | 1348850 | 2704473 | (1355623) |
|  Eurodollar Futures | 95.875 | 06/20/2023 | 624 | 1560000 | 117000 | 1456148 | (1339148) |
|  Eurodollar Futures | 95.875 | 09/18/2023 | 586 | 1465000 | 263700 | 1518784 | (1255084) |
|  Eurodollar Futures | 97.250 | 12/18/2023 | 897 | 2242500 | 213037 | 1029567 | (816529) |
|  Eurodollar Futures | 97.500 | 03/18/2024 | 2323 | 5807500 | 900162 | 2739964 | (1839802) |
|  Eurodollar Futures | 95.875 | 03/13/2023 | 393 | 982500 | 19650 | 898212 | (878562) |
|  Eurodollar Futures | 97.000 | 06/17/2024 | 572 | 1430000 | 518973 | 518974 | (1) |
|  Eurodollar Futures | 94.750 | 03/18/2024 | 555 | 1387500 | 1545826 | 1545827 | (1) |
|  Eurodollar Futures | 97.000 | 12/16/2024 | 1471 | 3677500 | 2273537 | 2273537 |  |
|  Eurodollar Futures | 97.000 | 09/16/2024 | 870 | 2175000 | 1111268 | 1111268 |  |
|  Eurodollar Futures | 97.000 | 03/17/2025 | 1315 | 3287500 | 2331916 | 2331916 |  |
|  Eurodollar Futures | 95.000 | 09/16/2024 | 275 | 687500 | 1052513 | 1052513 |  |
|  Eurodollar Futures | 94.875 | 06/17/2024 | 306 | 765000 | 1033460 | 1033460 |  |
|  Eurodollar Futures | 94.750 | 12/18/2023 | 532 | 1330000 | 1018684 | 1018684 |  |
|  **TOTAL** | **TOTAL** | **TOTAL** | 21289 | $53222500 | $13851227 | $39090331 | $(25239104) |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Denmark Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| ILS | — Israeli Shekel |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| AGC | — Assured Guaranty Corp. |
| ETF | — Exchange Traded Fund |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| **Abbreviations:** | **Abbreviations:** |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 76.4%** | **Investment Company<sup>(a)</sup> – 76.4%** | **Investment Company<sup>(a)</sup> – 76.4%** |
| 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 |
| 1376364802 | 3.727% | $1376364802 |
| **(Cost $1,376,364,802)** | **(Cost $1,376,364,802)** |  |
| **TOTAL INVESTMENTS – 76.4%<br>(Cost $1,376,364,802)** | **TOTAL INVESTMENTS – 76.4%<br>(Cost $1,376,364,802)** | $1376364802 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 23.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 23.6%** | 425400802 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1801765604 |

---

---

| | |
|:---|:---|
| 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 fund. |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | AUD | 2800000 | USD | 1881941 | 12/23/22 | $20582 |
|  | CHF | 5610000 | USD | 5868900 | 12/23/22 | 79489 |
|  | EUR | 5420000 | USD | 5580963 | 12/23/22 | 71009 |
|  | GBP | 76150000 | USD | 91131165 | 12/23/22 | 734188 |
|  | JPY | 826870000 | USD | 5836378 | 12/23/22 | 171366 |
|  | NZD | 29790000 | USD | 18572844 | 12/23/22 | 205634 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $1282268 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 34147336 | CAD | 46240000 | 12/23/22 | $(242639) |
|  | USD | 4045642 | CHF | 3830000 | 12/23/22 | (15380) |
|  | USD | 86381821 | GBP | 73030000 | 12/23/22 | (1719646) |
|  | USD | 5951274 | JPY | 826870000 | 12/23/22 | (56470) |
|  | USD | 51632585 | NZD | 84620000 | 12/23/22 | (1708629) |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | $(3742764) |

---

**FUTURES CONTRACTS** — At November 30, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 8198 | 03/22/23 | $930473000 | $1602201 |
|  S&P 500 E-Mini Index | 4756 | 12/16/22 | 970521250 | 50342194 |
|  **Total** | **Total** | **Total** | **Total** | $51944395 |
|  **Short position contracts:** |  |  |  |  |
|  20 Year U.S. Treasury Bonds | (188) | 03/22/23 | (23876000) | 87768 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $52032163 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At November 30, 2022, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITIES 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** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $2800.000 | 12/01/2022 | 430 | $120400000 | $1075 | $48255 | $(47180) |
|  S&P 500 Index | 3620.000 | 12/01/2022 | 328 | 118736000 | 1640 | 13630 | (11990) |
|  S&P 500 Index | 3975.000 | 12/01/2022 | 30 | 11925000 | 2775 | 37441 | (34666) |
|  S&P 500 Index | 2800.000 | 12/02/2022 | 439 | 122920000 | 2195 | 49601 | (47406) |
|  S&P 500 Index | 3930.000 | 12/02/2022 | 28 | 11004000 | 3990 | 52028 | (48038) |
|  S&P 500 Index | 3880.000 | 12/05/2022 | 27 | 10476000 | 3780 | 47999 | (44219) |
|  S&P 500 Index | 2800.000 | 12/06/2022 | 435 | 121800000 | 3263 | 36506 | (33244) |
|  S&P 500 Index | 3875.000 | 12/06/2022 | 27 | 10462500 | 47594 | 47594 |  |
|  S&P 500 Index | 2900.000 | 12/07/2022 | 427 | 123830000 | 1068 | 60818 | (59751) |
|  S&P 500 Index | 2700.000 | 12/09/2022 | 860 | 232200000 | 6450 | 99012 | (92562) |
|  S&P 500 Index | 3000.000 | 12/09/2022 | 423 | 126900000 | 4230 | 44235 | (40005) |
|  S&P 500 Index | 3100.000 | 12/12/2022 | 411 | 127410000 | 5137 | 45836 | (40698) |
|  S&P 500 Index | 3100.000 | 12/13/2022 | 407 | 126170000 | 10175 | 46754 | (36578) |
|  S&P 500 Index | 3000.000 | 12/14/2022 | 407 | 122100000 | 8140 | 59416 | (51275) |
|  S&P 500 Index | 2900.000 | 12/15/2022 | 406 | 117740000 | 8120 | 38941 | (30821) |
|  S&P 500 Index | 2925.000 | 12/16/2022 | 36 | 10530000 | 720 | 3878 | (3158) |
|  S&P 500 Index | 3100.000 | 12/21/2022 | 64 | 19840000 | 3520 | 6782 | (3262) |
|  S&P 500 Index | 3000.000 | 12/22/2022 | 53 | 15900000 | 2518 | 5500 | (2983) |
|  S&P 500 Index | 3150.000 | 12/22/2022 | 80 | 25200000 | 6000 | 9919 | (3919) |
|  S&P 500 Index | 2850.000 | 12/23/2022 | 44 | 12540000 | 1430 | 4449 | (3019) |
|  S&P 500 Index | 3150.000 | 12/23/2022 | 98 | 30870000 | 8085 | 13018 | (4933) |
|  S&P 500 Index | 3000.000 | 12/29/2022 | 148 | 44400000 | 12611 | 12611 |  |
|  S&P 500 Index | 2930.000 | 12/30/2022 | 133 | 38969000 | 9310 | 14902 | (5592) |
|  S&P 500 Index | 3000.000 | 12/30/2022 | 116 | 34800000 | 10150 | 15168 | (5018) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 5857 | $1737122500 | $163976 | $814293 | $(650317) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3725.000 | 12/02/2022 | (1600) | (596000000) | (36000) | (172800) | 136800 |
|  S&P 500 Index | 3780.000 | 12/02/2022 | (1603) | (605934000) | (52098) | (205184) | 153086 |
|  S&P 500 Index | 3730.000 | 12/05/2022 | (1627) | (606871000) | (69148) | (191987) | 122839 |
|  S&P 500 Index | 3680.000 | 12/07/2022 | (1653) | (608304000) | (178524) | (178524) |  |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (6483) | $(2417109000) | $(335770) | $(748495) | $412725 |
|  **TOTAL** | **TOTAL** | **TOTAL** | (626) | $(679986500) | $(171794) | $65798 | $(237592) |

---

**EXCHANGE TRADED OPTIONS ON FUTURES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  U.S. Treasury Bonds | $116.000 | 12/23/2022 | (971) | $(971000) | $(45516) | $(1090521) | $1045005 |
|  U.S. Treasury Bonds | 122.000 | 12/23/2022 | (915) | (915000) | (285937) | (498643) | 212705 |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Portfolio** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** | **Written option contracts (continued)** |
|  **Puts (continued)** |  |  |  |  |  |  |  |
|  U.S. Treasury Bonds | $122.000 | 01/27/2023 | (908) | $(908000) | $(948828) | $(948828) | $— |
|  **TOTAL** |  |  | $(2794) | $(2794000) | $(1280281) | $(2537992) | $1257710 |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 80.5%** | **Investment Company<sup>(a)</sup> – 80.5%** | **Investment Company<sup>(a)</sup> – 80.5%** |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 378868956 | 3.727% | $378868956 |
| **(Cost $378,868,956)** | **(Cost $378,868,956)** |  |
| **TOTAL INVESTMENTS – 80.5% <br>(Cost $378,868,956)** | **TOTAL INVESTMENTS – 80.5% <br>(Cost $378,868,956)** | $378868956 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 19.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 19.5%** | 91684955 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $470553911 |

---

---

| | |
|:---|:---|
| 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 fund. |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 1503 | 03/31/23 | $308655142 | $631169 |
|  5 Year U.S. Treasury Notes | 1249 | 03/31/23 | 135604321 | 417404 |
|  S&P 500 E-Mini Index | 17 | 12/16/22 | 3469063 | 186968 |
|  **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | $1235541 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At November 30, 2022, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | $2800.000 | 12/01/2022 | 121 | $33880000 | $302 | $13579 | $(13276) |
|  S&P 500 Index | 2800.000 | 12/02/2022 | 123 | 34440000 | 615 | 13897 | (13282) |
|  S&P 500 Index | 2800.000 | 12/06/2022 | 122 | 34160000 | 915 | 10238 | (9324) |
|  S&P 500 Index | 2900.000 | 12/07/2022 | 121 | 35090000 | 303 | 17234 | (16932) |
|  S&P 500 Index | 2700.000 | 12/09/2022 | 240 | 64800000 | 1800 | 27630 | (25830) |
|  S&P 500 Index | 3000.000 | 12/09/2022 | 122 | 36600000 | 1220 | 12758 | (11538) |
|  S&P 500 Index | 3100.000 | 12/12/2022 | 116 | 35960000 | 1450 | 12937 | (11487) |
|  S&P 500 Index | 3100.000 | 12/13/2022 | 114 | 35340000 | 2850 | 13096 | (10246) |
|  S&P 500 Index | 3000.000 | 12/14/2022 | 115 | 34500000 | 2300 | 16788 | (14488) |
|  S&P 500 Index | 2900.000 | 12/15/2022 | 114 | 33060000 | 2280 | 10934 | (8654) |
|  S&P 500 Index | 2925.000 | 12/16/2022 | 118 | 34515000 | 2360 | 12711 | (10351) |
|  S&P 500 Index | 3100.000 | 12/21/2022 | 118 | 36580000 | 6490 | 12505 | (6015) |
|  S&P 500 Index | 3000.000 | 12/22/2022 | 118 | 35400000 | 5605 | 12245 | (6640) |
|  S&P 500 Index | 3150.000 | 12/22/2022 | 117 | 36855000 | 8775 | 14506 | (5731) |
|  S&P 500 Index | 2850.000 | 12/23/2022 | 118 | 33630000 | 3835 | 11931 | (8096) |
|  S&P 500 Index | 3150.000 | 12/23/2022 | 117 | 36855000 | 9652 | 15542 | (5890) |
|  S&P 500 Index | 3000.000 | 12/29/2022 | 118 | 35400000 | 10055 | 10055 |  |
|  S&P 500 Index | 2930.000 | 12/30/2022 | 119 | 34867000 | 8330 | 13334 | (5004) |
|  S&P 500 Index | 3000.000 | 12/30/2022 | 117 | 35100000 | 10238 | 15298 | (5060) |
|  **Total purchased option contracts** | **Total purchased option contracts** | **Total purchased option contracts** | 2368 | $697032000 | $79375 | $267218 | $(187844) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 3725.000 | 12/02/2022 | (469) | (174702500) | (10552) | (50652) | 40100 |
|  S&P 500 Index | 3780.000 | 12/02/2022 | (470) | (177660000) | (15275) | (60160) | 44885 |
|  S&P 500 Index | 3730.000 | 12/05/2022 | (478) | (178294000) | (20315) | (56404) | 36089 |
|  S&P 500 Index | 3680.000 | 12/07/2022 | (472) | (173696000) | (50976) | (50976) |  |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (1889) | $(704352500) | $(97118) | $(218192) | $121074 |
|  **TOTAL** | **TOTAL** | **TOTAL** | 479 | $(7320500) | $(17743) | $49026 | $(66770) |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

## Consolidated Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Agency Debentures – 1.0%** | **Agency Debentures – 1.0%** | **Agency Debentures – 1.0%** | **Agency Debentures – 1.0%** |
| **Sovereign – 1.0%** | **Sovereign – 1.0%** | **Sovereign – 1.0%** | **Sovereign – 1.0%** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 21610000 | 3.375% | 09/01/23 | $21371642 |
| 6020000 | 0.000 <sup>(a)</sup> | 11/14/23 | 6010488 |
| 2700000 | 0.000 <sup>(a)</sup> | 11/15/23 | 2695923 |
| 2700000 | 0.000 <sup>(a)</sup> | 11/17/23 | 2695545 |
| 2000000 | 0.000 <sup>(a)</sup> | 11/24/23 | 1996920 |
| 2300000 | 0.000 <sup>(a)</sup> | 11/29/23 | 2296251 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 5732000 | 0.250 | 09/08/23 | 5534475 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 3592000 | 2.875 | 09/12/23 | 3538300 |
| **TOTAL AGENCY DEBENTURES**<br> **(Cost $46,402,448)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $46,402,448)** | **TOTAL AGENCY DEBENTURES**<br> **(Cost $46,402,448)** | $46139544 |
| **U.S. Treasury Obligations – 2.9%** | **U.S. Treasury Obligations – 2.9%** | **U.S. Treasury Obligations – 2.9%** | **U.S. Treasury Obligations – 2.9%** |
| United States Treasury Bill | United States Treasury Bill | United States Treasury Bill | United States Treasury Bill |
| 20000000 | 0.000 %<sup>(a)</sup> | 01/26/23 | $19873844 |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
| 2730000 | 0.375 | 10/31/23 | 2623146 |
| (3M Treasury money market yield + 0.035%) | (3M Treasury money market yield + 0.035%) | (3M Treasury money market yield + 0.035%) | (3M Treasury money market yield + 0.035%) |
| 66600000 | 4.367 <sup>(b)</sup> | 10/31/23 | 66648701 |
| (3M Treasury money market yield - 0.015%) | (3M Treasury money market yield - 0.015%) | (3M Treasury money market yield - 0.015%) | (3M Treasury money market yield - 0.015%) |
| 41600000 | 4.317 <sup>(b)</sup> | 01/31/24 | 41583492 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $130,744,356)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $130,744,356)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $130,744,356)** | $130729183 |
| **Shares** | **Description** | **Description** | **Value** |
| **Exchange Traded Funds – 4.5%** | **Exchange Traded Funds – 4.5%** | **Exchange Traded Funds – 4.5%** | **Exchange Traded Funds – 4.5%** |
| 116749 | Alerian MLP ETF<sup>(c)</sup> | Alerian MLP ETF<sup>(c)</sup> | $4675797 |
| 1037003 | Health Care Select Sector<br>SPDR Fund | Health Care Select Sector<br>SPDR Fund | 144164157 |
| 14739 | iShares Core S&P 500 ETF | iShares Core S&P 500 ETF | 6032968 |
| 81512 | iShares iBoxx $ Investment | iShares iBoxx $ Investment |  |
|  | Grade Corporate Bond ETF | Grade Corporate Bond ETF | 8783733 |
| 102166 | iShares iBoxx High Yield<br>Corporate Bond ETF<sup>(c)</sup> | iShares iBoxx High Yield<br>Corporate Bond ETF<sup>(c)</sup> | 7729880 |
| 2901853 | Sprott Physical Uranium Trust\* | Sprott Physical Uranium Trust\* | 32682655 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $184,795,654)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $184,795,654)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $184,795,654)** | $204069190 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(d)</sup> – 30.7%** | **Investment Companies<sup>(d)</sup> – 30.7%** | **Investment Companies<sup>(d)</sup> – 30.7%** | **Investment Companies<sup>(d)</sup> – 30.7%** |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 1326542173 | 3.727% | 3.727% | $1326542173 |
| Goldman Sachs High Yield Floating Rate Fund - Class R6 | Goldman Sachs High Yield Floating Rate Fund - Class R6 | Goldman Sachs High Yield Floating Rate Fund - Class R6 | Goldman Sachs High Yield Floating Rate Fund - Class R6 |
| 14881 | 4.337 | 4.337 | 129915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(d)</sup> – (continued)** | **Investment Companies<sup>(d)</sup> – (continued)** | **Investment Companies<sup>(d)</sup> – (continued)** | **Investment Companies<sup>(d)</sup> – (continued)** |
| Goldman Sachs MLP & Energy Fund - Class R6 | Goldman Sachs MLP & Energy Fund - Class R6 | Goldman Sachs MLP & Energy Fund - Class R6 | Goldman Sachs MLP & Energy Fund - Class R6 |
| 6630116 | 3.574% | 3.574% | $76843043 |
| **TOTAL INVESTMENT COMPANIES**<br> **(Cost $1,360,881,113)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $1,360,881,113)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $1,360,881,113)** | $1403515131 |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 38.1%**<br> **(Cost $1,676,421,123)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 38.1%**<br> **(Cost $1,676,421,123)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT – 38.1%**<br> **(Cost $1,676,421,123)** | $1738313504 |
| **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.1%** |
| Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 4862975 | 3.727% | 3.727% | $4862975 |
| **(Cost $4,862,975)** | **(Cost $4,862,975)** | **(Cost $4,862,975)** | **(Cost $4,862,975)** |
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – 57.9%** | **Short-term Investments – 57.9%** | **Short-term Investments – 57.9%** | **Short-term Investments – 57.9%** |
| **Certificates of Deposit – 17.1%** | **Certificates of Deposit – 17.1%** | **Certificates of Deposit – 17.1%** | **Certificates of Deposit – 17.1%** |
| Banco Santander SA (SOFR + 0.800%) | Banco Santander SA (SOFR + 0.800%) | Banco Santander SA (SOFR + 0.800%) | Banco Santander SA (SOFR + 0.800%) |
| 23400000 | 4.575 %<sup>(b)</sup> | 05/02/23 | $23416109 |
| Bank of America N.A. | Bank of America N.A. | Bank of America N.A. | Bank of America N.A. |
| 7652000 | 5.080 | 03/13/23 | 7652960 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 4500000 | 5.000 | 10/06/23 | 4480977 |
| Bank of Nova Scotia<sup>(b)</sup>  | Bank of Nova Scotia<sup>(b)</sup>  | Bank of Nova Scotia<sup>(b)</sup>  | Bank of Nova Scotia<sup>(b)</sup>  |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 2101000 | 4.310 | 03/09/23 | 2101568 |
| (FEDL01 + 0.380%) | (FEDL01 + 0.380%) | (FEDL01 + 0.380%) | (FEDL01 + 0.380%) |
| 7608000 | 4.210 | 12/20/22 | 7608092 |
| Barclays Bank PLC (SOFR + 0.290%) | Barclays Bank PLC (SOFR + 0.290%) | Barclays Bank PLC (SOFR + 0.290%) | Barclays Bank PLC (SOFR + 0.290%) |
| 2100000 | 4.090 <sup>(b)</sup> | 02/16/23 | 2099406 |
| Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank |
| 9897000 | 0.900 | 06/27/23 | 9651860 |
| BNZ International Funding Ltd. (SOFR + 0.350%) | BNZ International Funding Ltd. (SOFR + 0.350%) | BNZ International Funding Ltd. (SOFR + 0.350%) | BNZ International Funding Ltd. (SOFR + 0.350%) |
| 4216000 | 3.874 <sup>(b)(e)</sup> | 01/06/23 | 4216009 |
| Board of Regents of the University of Texas System | Board of Regents of the University of Texas System | Board of Regents of the University of Texas System | Board of Regents of the University of Texas System |
| 25000000 | 4.230 | 01/23/23 | 25005360 |
| Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
| 5055000 | 5.540 | 10/20/23 | 5054438 |
| (SOFR + 0.250%) | (SOFR + 0.250%) | (SOFR + 0.250%) | (SOFR + 0.250%) |
| 5000000 | 4.060 <sup>(b)</sup> | 12/23/22 | 5000338 |
| (SOFR + 0.250%) | (SOFR + 0.250%) | (SOFR + 0.250%) | (SOFR + 0.250%) |
| 7000000 | 4.060 <sup>(b)</sup> | 02/13/23 | 6998603 |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 2062000 | 4.310 <sup>(b)</sup> | 05/05/23 | 2062190 |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |
| 15300000 | 4.510 <sup>(b)</sup> | 07/12/23 | 15314670 |
| CDP Financial, Inc. (SOFR + 0.800%) | CDP Financial, Inc. (SOFR + 0.800%) | CDP Financial, Inc. (SOFR + 0.800%) | CDP Financial, Inc. (SOFR + 0.800%) |
| 7466000 | 4.600 <sup>(b)(e)</sup> | 11/01/23 | 7468516 |
| Citibank N.A. | Citibank N.A. | Citibank N.A. | Citibank N.A. |
| 2000000 | 3.600 | 02/13/23 | 1995204 |
| 8100000 | 4.060 | 08/01/23 | 8024056 |
| 7700000 | 5.550 | 08/08/23 | 7704623 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

## Consolidated Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) | Citigroup Global Markets, Inc. (SOFR + 0.650%) |
| 3368000 | 4.450 %<sup>(b)(e)</sup> | 09/21/23 | $3362988 |
| Collateralized Commercial Paper FLEX Co. LLC<sup>(b)(e)</sup>  | Collateralized Commercial Paper FLEX Co. LLC<sup>(b)(e)</sup>  | Collateralized Commercial Paper FLEX Co. LLC<sup>(b)(e)</sup>  | Collateralized Commercial Paper FLEX Co. LLC<sup>(b)(e)</sup>  |
| (SOFR + 0.300%) | (SOFR + 0.300%) | (SOFR + 0.300%) | (SOFR + 0.300%) |
| 12290000 | 4.110 | 12/01/22 | 12290000 |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 10513000 | 4.310 | 12/14/22 | 10514530 |
| Cooperatieve Centrale | Cooperatieve Centrale | Cooperatieve Centrale | Cooperatieve Centrale |
| 8006000 | 5.530 | 11/17/23 | 7994071 |
| Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  | Cooperatieve Rabobank UA<sup>(b)</sup>  |
| (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) |
| 1461000 | 4.340 | 02/06/23 | 1461429 |
| (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) |
| 9284000 | 4.440 | 05/24/23 | 9286746 |
| Credit Agricole | Credit Agricole | Credit Agricole | Credit Agricole |
| 8768000 | 5.530 | 11/03/23 | 8775432 |
| 7884000 | 5.510 | 11/21/23 | 7888760 |
| Credit Industriel ET Commercial (SOFR + 0.230%) | Credit Industriel ET Commercial (SOFR + 0.230%) | Credit Industriel ET Commercial (SOFR + 0.230%) | Credit Industriel ET Commercial (SOFR + 0.230%) |
| 200000 | 1.000 <sup>(b)</sup> | 01/06/23 | 200005 |
| DNB Bank ASA<sup>(b)(e)</sup>  | DNB Bank ASA<sup>(b)(e)</sup>  | DNB Bank ASA<sup>(b)(e)</sup>  | DNB Bank ASA<sup>(b)(e)</sup>  |
| (SOFR + 0.480%) | (SOFR + 0.480%) | (SOFR + 0.480%) | (SOFR + 0.480%) |
| 1000000 | 2.770 | 06/01/23 | 999247 |
| (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) |
| 8323000 | 4.330 | 02/06/23 | 8325532 |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |
| 1100000 | 3.570 | 03/23/23 | 1100655 |
| Fairway Finance Co. LLC<sup>(b)(e)</sup>  | Fairway Finance Co. LLC<sup>(b)(e)</sup>  | Fairway Finance Co. LLC<sup>(b)(e)</sup>  | Fairway Finance Co. LLC<sup>(b)(e)</sup>  |
| (SOFR + 0.540%) | (SOFR + 0.540%) | (SOFR + 0.540%) | (SOFR + 0.540%) |
| 14994000 | 4.350 | 01/23/23 | 14996894 |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |
| 14409000 | 4.390 | 02/02/23 | 14413906 |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |
| 5249000 | 4.500 | 05/08/23 | 5250109 |
| Federation des Caisses Desjardins du Quebec (SOFR + 0.600%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.600%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.600%) | Federation des Caisses Desjardins du Quebec (SOFR + 0.600%) |
| 18719000 | 4.410 <sup>(b)(e)</sup> | 06/23/23 | 18715781 |
| HSBC Bank PLC (SOFR + 0.600%) | HSBC Bank PLC (SOFR + 0.600%) | HSBC Bank PLC (SOFR + 0.600%) | HSBC Bank PLC (SOFR + 0.600%) |
| 4163000 | 1.380 <sup>(b)(e)</sup> | 06/06/23 | 4158738 |
| HSBC Bank USA NA<sup>(b)</sup>  | HSBC Bank USA NA<sup>(b)</sup>  | HSBC Bank USA NA<sup>(b)</sup>  | HSBC Bank USA NA<sup>(b)</sup>  |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 5000000 | 4.310 | 12/21/22 | 5000963 |
| (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) |
| 13013000 | 4.470 | 06/08/23 | 13013439 |
| ING US Funding LLC<sup>(b)(e)</sup>  | ING US Funding LLC<sup>(b)(e)</sup>  | ING US Funding LLC<sup>(b)(e)</sup>  | ING US Funding LLC<sup>(b)(e)</sup>  |
| (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) |
| 400000 | 3.530 | 02/24/23 | 400111 |
| (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) | (SOFR + 0.520%) |
| 30000000 | 4.330 | 03/02/23 | 30020613 |
| La Fayette Asset Securitization LLC (SOFR + 0.440%) | La Fayette Asset Securitization LLC (SOFR + 0.440%) | La Fayette Asset Securitization LLC (SOFR + 0.440%) | La Fayette Asset Securitization LLC (SOFR + 0.440%) |
| 10000000 | 4.250 <sup>(b)(e)</sup> | 02/02/23 | 9999692 |
| Landesbank Hessen-Thuringen | Landesbank Hessen-Thuringen | Landesbank Hessen-Thuringen | Landesbank Hessen-Thuringen |
| 4328000 | 4.120 | 01/11/23 | 4327885 |
| Lloyds Bank Corporate Markets PLC<sup>(b)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(b)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(b)</sup>  | Lloyds Bank Corporate Markets PLC<sup>(b)</sup>  |
| (SOFR + 0.270%) | (SOFR + 0.270%) | (SOFR + 0.270%) | (SOFR + 0.270%) |
| 12000000 | 4.080 | 01/20/23 | 11999117 |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 2748000 | 4.300 | 04/03/23 | 2747202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Macquarie Bank Ltd.<sup>(b)(e)</sup>  | Macquarie Bank Ltd.<sup>(b)(e)</sup>  | Macquarie Bank Ltd.<sup>(b)(e)</sup>  | Macquarie Bank Ltd.<sup>(b)(e)</sup>  |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |
| 17000000 | 3.770% | 04/25/23 | $17006793 |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |
| 5200000 | 4.560 | 06/27/23 | 5203920 |
| Matchpoint Finance PLC (SOFR + 0.700%) | Matchpoint Finance PLC (SOFR + 0.700%) | Matchpoint Finance PLC (SOFR + 0.700%) | Matchpoint Finance PLC (SOFR + 0.700%) |
| 7000000 | 4.500 <sup>(b)(e)</sup> | 05/08/23 | 7004263 |
| Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  | Mizuho Bank Ltd.<sup>(b)</sup>  |
| (SOFR + 0.280%) | (SOFR + 0.280%) | (SOFR + 0.280%) | (SOFR + 0.280%) |
| 5952000 | 4.080 | 02/10/23 | 5951795 |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 23250000 | 4.550 | 05/04/23 | 23271447 |
| MUFG Bank Ltd. (SOFR + 0.280%) | MUFG Bank Ltd. (SOFR + 0.280%) | MUFG Bank Ltd. (SOFR + 0.280%) | MUFG Bank Ltd. (SOFR + 0.280%) |
| 2740000 | 4.090 <sup>(b)</sup> | 01/23/23 | 2739626 |
| National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) | National Australia Bank Ltd. (SOFR + 0.500%) |
| 3122000 | 4.310 <sup>(b)(e)</sup> | 03/08/23 | 3122591 |
| National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP | National Bank Of Kuwait SAKP |
| 9966000 | 4.600 | 01/17/23 | 9966725 |
| 5000000 | 5.030 | 02/17/23 | 5000905 |
| Natixis SA | Natixis SA | Natixis SA | Natixis SA |
| 8404000 | 4.450 | 01/31/23 | 8406231 |
| 1218000 | 4.290 | 09/08/23 | 1206544 |
| (SOFR + 0.600%) | (SOFR + 0.600%) | (SOFR + 0.600%) | (SOFR + 0.600%) |
| 100000 | 4.410 <sup>(b)</sup> | 03/24/23 | 100086 |
| Nordea Bank Abp<sup>(b)</sup>  | Nordea Bank Abp<sup>(b)</sup>  | Nordea Bank Abp<sup>(b)</sup>  | Nordea Bank Abp<sup>(b)</sup>  |
| (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) |
| 12000000 | 4.340 | 12/23/22 | 12002747 |
| (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) | (SOFR + 0.530%) |
| 5000000 | 4.340 | 09/11/23 | 4997632 |
| (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) | (SOFR + 0.770%) |
| 10256000 | 4.580 | 10/23/23 | 10266768 |
| Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup>  | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup>  | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup>  | Oversea-Chinese Banking Corp. Ltd.<sup>(b)</sup>  |
| (SOFR + 0.240%) | (SOFR + 0.240%) | (SOFR + 0.240%) | (SOFR + 0.240%) |
| 9208000 | 4.050 | 01/06/23 | 9208149 |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 9411000 | 4.310 | 02/17/23 | 9414400 |
| Ridgefield Funding Co. LLC (SOFR + 0.410%) | Ridgefield Funding Co. LLC (SOFR + 0.410%) | Ridgefield Funding Co. LLC (SOFR + 0.410%) | Ridgefield Funding Co. LLC (SOFR + 0.410%) |
| 20000000 | 4.220 <sup>(b)(e)</sup> | 03/07/23 | 19997655 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 3510000 | 4.290 | 09/13/23 | 3477828 |
| (SOFR + 0.430%) | (SOFR + 0.430%) | (SOFR + 0.430%) | (SOFR + 0.430%) |
| 2000000 | 4.240 <sup>(b)(e)</sup> | 03/01/23 | 1999898 |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 10000000 | 3.070 <sup>(b)(e)</sup> | 08/08/23 | 10003107 |
| (FEDL01 + 0.430%) | (FEDL01 + 0.430%) | (FEDL01 + 0.430%) | (FEDL01 + 0.430%) |
| 4599000 | 4.260 <sup>(b)(e)</sup> | 12/23/22 | 4599131 |
| Salisbury Receivables Co. LLC (SOFR + 0.340%) | Salisbury Receivables Co. LLC (SOFR + 0.340%) | Salisbury Receivables Co. LLC (SOFR + 0.340%) | Salisbury Receivables Co. LLC (SOFR + 0.340%) |
| 10000000 | 4.150 <sup>(b)(e)</sup> | 02/01/23 | 9998882 |
| Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| 500000 | 2.820 | 12/15/22 | 499764 |
| (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) |
| 8000000 | 4.370 <sup>(b)</sup> | 09/13/23 | 7991656 |
| (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) | (SOFR + 0.680%) |
| 30000000 | 4.480 <sup>(b)(e)</sup> | 08/18/23 | 29993550 |
| Standard Chartered Bank (SOFR + 0.420%) | Standard Chartered Bank (SOFR + 0.420%) | Standard Chartered Bank (SOFR + 0.420%) | Standard Chartered Bank (SOFR + 0.420%) |
| 486000 | 3.440 <sup>(b)</sup> | 07/28/23 | 485048 |
| Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
| 1562000 | 4.020 | 08/11/23 | 1545316 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** | **Certificates of Deposit – (continued)** |
| Starbird Funding Corp.<sup>(b)(e)</sup>  | Starbird Funding Corp.<sup>(b)(e)</sup>  | Starbird Funding Corp.<sup>(b)(e)</sup>  | Starbird Funding Corp.<sup>(b)(e)</sup>  |
| (SOFR + 0.550%) | (SOFR + 0.550%) | (SOFR + 0.550%) | (SOFR + 0.550%) |
| 18930000 | 3.600% | 04/12/23 | $18935899 |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |
| 4000000 | 4.510 | 05/08/23 | 4001564 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 12650000 | 5.000 | 10/06/23 | 12593809 |
| 20910000 | 4.730 | 11/30/23 | 20910000 |
| (SOFR + 0.600%) | (SOFR + 0.600%) | (SOFR + 0.600%) | (SOFR + 0.600%) |
| 6244000 | 4.410 <sup>(b)</sup> | 06/07/23 | 6244858 |
| Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
| 10154000 | 3.200 | 12/28/22 | 10146978 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 21647000 | 2.795 | 05/25/23 | 21399549 |
| (SOFR + 0.510%) | (SOFR + 0.510%) | (SOFR + 0.510%) | (SOFR + 0.510%) |
| 5532000 | 4.310 <sup>(b)</sup> | 03/28/23 | 5531942 |
| (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) | (SOFR + 0.560%) |
| 7000000 | 4.370 <sup>(b)</sup> | 09/08/23 | 6990460 |
| Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  | Swedbank AB<sup>(b)</sup>  |
| (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) | (SOFR + 0.500%) |
| 2082000 | 4.310 | 12/15/22 | 2082332 |
| (SOFR + 0.610%) | (SOFR + 0.610%) | (SOFR + 0.610%) | (SOFR + 0.610%) |
| 2684000 | 4.410 | 04/19/23 | 2684952 |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |
| 21200000 | 4.510 | 06/05/23 | 21209008 |
| The Norinchukin Bank (SOFR + 0.450%) | The Norinchukin Bank (SOFR + 0.450%) | The Norinchukin Bank (SOFR + 0.450%) | The Norinchukin Bank (SOFR + 0.450%) |
| 24077000 | 4.230 <sup>(b)</sup> | 02/10/23 | 24080847 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 13500000 | 2.690 | 04/28/23 | 13373392 |
| 2040000 | 4.350 | 09/13/23 | 2020964 |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 3000000 | 4.530 <sup>(b)(e)</sup> | 08/08/23 | 3000911 |
| Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) | Thunder Bay Funding LLC (SOFR + 0.600%) |
| 26143000 | 4.400 <sup>(b)(e)</sup> | 04/25/23 | 26146413 |
|  |  |  | 779915159 |
| **Commercial Paper<sup>(a)</sup> – 40.8%** | **Commercial Paper<sup>(a)</sup> – 40.8%** | **Commercial Paper<sup>(a)</sup> – 40.8%** | **Commercial Paper<sup>(a)</sup> – 40.8%** |
| Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
| 7909000 | 0.000 | 12/15/22 | 7896059 |
| Albion Capital Corp. | Albion Capital Corp. | Albion Capital Corp. | Albion Capital Corp. |
| 8478000 | 0.000 | 12/20/22 | 8459108 |
| 12714000 | 0.000 | 02/21/23 | 12582356 |
| Alimentation Couchetard, Inc. | Alimentation Couchetard, Inc. | Alimentation Couchetard, Inc. | Alimentation Couchetard, Inc. |
| 14163000 | 0.000 | 12/12/22 | 14142780 |
| 7450000 | 0.000 | 01/09/23 | 7411839 |
| 14500000 | 0.000 | 01/13/23 | 14417592 |
| 6166000 | 0.000 | 01/17/23 | 6127442 |
| 12214000 | 0.000 | 01/17/23 | 12137622 |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 1000000 | 0.000 | 03/31/23 | 984673 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 12147000 | 0.000 | 12/08/22 | 12135817 |
| 15000000 | 0.000 | 02/07/23 | 14860879 |
| 26588000 | 0.000 | 02/14/23 | 26312064 |
| Antalis S.A | Antalis S.A | Antalis S.A | Antalis S.A |
| 4471000 | 0.000 | 01/09/23 | 4450135 |
| 1862000 | 0.000 | 01/18/23 | 1851165 |
| 2942000 | 0.000 | 01/19/23 | 2924483 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** |
| Antalis S.A – (continued) | Antalis S.A – (continued) | Antalis S.A – (continued) | Antalis S.A – (continued) |
| 9846000 | 0.000% | 02/02/23 | $9768195 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4787000 | 0.000 | 12/16/22 | 4777949 |
| 8653400 | 0.000 | 12/28/22 | 8623753 |
| 7402000 | 0.000 | 12/28/22 | 7376640 |
| Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC | Atlantic Asset Securitization LLC |
| 5322000 | 0.000 | 03/02/23 | 5258294 |
| 8303000 | 0.000 | 03/02/23 | 8203611 |
| 12322000 | 0.000 | 05/08/23 | 12048746 |
| 7262000 | 0.000 | 11/02/23 | 6897081 |
| Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
| 832000 | 0.000 | 05/15/23 | 813957 |
| AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| 5000000 | 0.000 | 12/07/22 | 4996101 |
| Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC |
| 24094000 | 0.000 | 12/08/22 | 24072899 |
| BASF SE | BASF SE | BASF SE | BASF SE |
| 18000000 | 0.000 | 12/15/22 | 17970398 |
| BNG Bank NV | BNG Bank NV | BNG Bank NV | BNG Bank NV |
| 10000000 | 0.000 | 12/07/22 | 9992572 |
| Brighthouse Financial Short Term Funding LLC | Brighthouse Financial Short Term Funding LLC | Brighthouse Financial Short Term Funding LLC | Brighthouse Financial Short Term Funding LLC |
| 3472000 | 0.000 | 12/06/22 | 3469774 |
| Caisse d'Amortissement de la Dette Sociale | Caisse d'Amortissement de la Dette Sociale | Caisse d'Amortissement de la Dette Sociale | Caisse d'Amortissement de la Dette Sociale |
| 23776000 | 0.000 | 01/05/23 | 23677330 |
| CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. | CDP Financial, Inc. |
| 2580000 | 0.000 | 04/17/23 | 2532449 |
| 13102000 | 0.000 | 06/16/23 | 12737515 |
| 9500000 | 0.000 | 06/27/23 | 9219438 |
| CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| 5000000 | 0.000 | 01/05/23 | 4977500 |
| 7000000 | 0.000 | 01/12/23 | 6961790 |
| Charlotte Mecklenb | Charlotte Mecklenb | Charlotte Mecklenb | Charlotte Mecklenb |
| 21000000 | 0.000 | 12/08/22 | 20985010 |
| Charta LLC | Charta LLC | Charta LLC | Charta LLC |
| 2000000 | 0.000 | 05/11/23 | 1954154 |
| Ciesco LLC | Ciesco LLC | Ciesco LLC | Ciesco LLC |
| 19293000 | 0.000 | 02/07/23 | 19128336 |
| Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| 6024000 | 0.000 | 04/21/23 | 5904528 |
| 8000000 | 0.000 | 06/06/23 | 7778954 |
| Coca Cola Co. | Coca Cola Co. | Coca Cola Co. | Coca Cola Co. |
| 17600000 | 0.000 | 02/14/23 | 17439228 |
| Collateralized Commercial Paper FLEX Co. LLC | Collateralized Commercial Paper FLEX Co. LLC | Collateralized Commercial Paper FLEX Co. LLC | Collateralized Commercial Paper FLEX Co. LLC |
| 7637000 | 0.000 | 12/02/22 | 7635377 |
| Columbia Funding Co. LLC | Columbia Funding Co. LLC | Columbia Funding Co. LLC | Columbia Funding Co. LLC |
| 12500000 | 0.000 | 01/20/23 | 12423819 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 8842000 | 0.000 | 01/18/23 | 8786278 |
| Dexia Credit Local SA | Dexia Credit Local SA | Dexia Credit Local SA | Dexia Credit Local SA |
| 10000000 | 0.000 | 01/05/23 | 9958800 |
| 15000000 | 0.000 | 02/21/23 | 14845620 |
| 23000000 | 0.000 | 05/11/23 | 22487261 |
| DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
| 12343000 | 0.000 | 11/22/23 | 11729034 |
| Dowdupont, Inc. | Dowdupont, Inc. | Dowdupont, Inc. | Dowdupont, Inc. |
| 7200000 | 0.000 | 12/05/22 | 7195811 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 15000000 | 0.000 | 12/14/22 | 14975372 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** |
| Duke Energy Corp. – (continued) | Duke Energy Corp. – (continued) | Duke Energy Corp. – (continued) | Duke Energy Corp. – (continued) |
| 20000000 | 0.000% | 01/04/23 | $19912694 |
| 4500000 | 0.000 | 01/10/23 | 4476681 |
| DZ Bank AG | DZ Bank AG | DZ Bank AG | DZ Bank AG |
| 23842000 | 0.000 | 03/23/23 | 23492809 |
| EI du Pont de Nemours & Co. | EI du Pont de Nemours & Co. | EI du Pont de Nemours & Co. | EI du Pont de Nemours & Co. |
| 3550000 | 0.000 | 12/12/22 | 3544830 |
| Enbridge U.S., Inc | Enbridge U.S., Inc | Enbridge U.S., Inc | Enbridge U.S., Inc |
| 12500000 | 0.000 | 01/19/23 | 12417483 |
| Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
| 5500000 | 0.000 | 02/06/23 | 5448617 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 7889000 | 0.000 | 12/05/22 | 7884561 |
| 5000000 | 0.000 | 01/05/23 | 4977500 |
| 6514000 | 0.000 | 01/09/23 | 6481141 |
| 2278000 | 0.000 | 02/16/23 | 2254269 |
| EssilorLuxottica SA | EssilorLuxottica SA | EssilorLuxottica SA | EssilorLuxottica SA |
| 15600000 | 0.000 | 12/08/22 | 15586730 |
| Export Develmt Corp. | Export Develmt Corp. | Export Develmt Corp. | Export Develmt Corp. |
| 9587000 | 0.000 | 01/06/23 | 9546355 |
| 9277000 | 0.000 | 01/09/23 | 9234192 |
| 3650000 | 0.000 | 04/10/23 | 3588319 |
| FMS Wertmanagement | FMS Wertmanagement | FMS Wertmanagement | FMS Wertmanagement |
| 20000000 | 0.000 | 12/16/22 | 19964969 |
| Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. | Gotham Funding Corp. |
| 16787000 | 0.000 | 01/17/23 | 16691157 |
| 10857000 | 0.000 | 02/01/23 | 10771805 |
| 1945000 | 0.000 | 02/07/23 | 1928031 |
| 5450000 | 0.000 | 02/08/23 | 5401645 |
| 1945000 | 0.000 | 03/02/23 | 1921126 |
| GTA Funding LLC | GTA Funding LLC | GTA Funding LLC | GTA Funding LLC |
| 4158000 | 0.000 | 01/12/23 | 4137076 |
| 18308000 | 0.000 | 01/12/23 | 18215871 |
| 5278000 | 0.000 | 01/25/23 | 5242491 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 13000000 | 0.000 | 04/25/23 | 12747039 |
| 15464000 | 0.000 | 05/01/23 | 15148376 |
| Ionic Capital III Trust | Ionic Capital III Trust | Ionic Capital III Trust | Ionic Capital III Trust |
| 8000000 | 0.000 | 12/06/22 | 7994884 |
| John Deere Ltd. | John Deere Ltd. | John Deere Ltd. | John Deere Ltd. |
| 15000000 | 0.000 | 01/17/23 | 14916440 |
| JP Morgan Securities LLC | JP Morgan Securities LLC | JP Morgan Securities LLC | JP Morgan Securities LLC |
| 7000000 | 0.000 | 02/15/23 | 6933643 |
| Jupiter Securitization Co. LLC | Jupiter Securitization Co. LLC | Jupiter Securitization Co. LLC | Jupiter Securitization Co. LLC |
| 23545000 | 0.000 | 05/08/23 | 23022864 |
| Kaiser Foundation | Kaiser Foundation | Kaiser Foundation | Kaiser Foundation |
| 23422000 | 0.000 | 01/03/23 | 23330044 |
| 14730000 | 0.000 | 01/12/23 | 14655805 |
| Kellogg Co. | Kellogg Co. | Kellogg Co. | Kellogg Co. |
| 14700000 | 0.000 | 01/09/23 | 14625847 |
| Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
| 11333000 | 0.000 | 01/03/23 | 11291364 |
| La Fayette Asset Securitization LLC | La Fayette Asset Securitization LLC | La Fayette Asset Securitization LLC | La Fayette Asset Securitization LLC |
| 15000000 | 0.000 | 03/10/23 | 14802500 |
| Liberty Funding LLC | Liberty Funding LLC | Liberty Funding LLC | Liberty Funding LLC |
| 25000000 | 0.000 | 12/12/22 | 24967533 |
| Lime Funding LLC | Lime Funding LLC | Lime Funding LLC | Lime Funding LLC |
| 40834000 | 0.000 | 12/02/22 | 40825320 |
| 5292000 | 0.000 | 01/05/23 | 5269985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** |
| LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC | LMA-Americas LLC |
| 3783000 | 0.000% | 12/08/22 | $3779772 |
| 14747000 | 0.000 | 01/12/23 | 14672121 |
| 3084000 | 0.000 | 04/13/23 | 3025869 |
| 4369000 | 0.000 | 04/17/23 | 4284122 |
| 9312000 | 0.000 | 04/17/23 | 9131093 |
| 6858000 | 0.000 | 04/17/23 | 6724767 |
| LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE | LVMH Moet Hennessy Louis Vuitton SE |
| 21415000 | 0.000 | 04/03/23 | 21073183 |
| MetLife Short Term Funding LLC | MetLife Short Term Funding LLC | MetLife Short Term Funding LLC | MetLife Short Term Funding LLC |
| 13674000 | 0.000 | 05/26/23 | 13336974 |
| 13338000 | 0.000 | 09/01/23 | 12799830 |
| Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. | Mitsubishi UFJ Trust & Banking Corp. |
| 2118000 | 0.000 | 01/06/23 | 2109251 |
| 2118000 | 0.000 | 01/09/23 | 2108460 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 11346000 | 0.000 | 12/05/22 | 11339506 |
| 7200000 | 0.000 | 12/09/22 | 7192544 |
| 7000000 | 0.000 | 12/13/22 | 6989469 |
| 5000000 | 0.000 | 12/19/22 | 4988832 |
| National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| 7000000 | 0.000 | 02/15/23 | 6932296 |
| Natixis SA | Natixis SA | Natixis SA | Natixis SA |
| 13564000 | 0.000 | 07/25/23 | 13101534 |
| Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV | Nederlandse Waterschapsbank NV |
| 15000000 | 0.000 | 03/02/23 | 14829647 |
| 1000000 | 0.000 | 03/02/23 | 988643 |
| 29547000 | 0.000 | 03/15/23 | 29161522 |
| New York Power Authority | New York Power Authority | New York Power Authority | New York Power Authority |
| 4327000 | 0.000 | 12/19/22 | 4317501 |
| Nieuw Amsterdam Receivables Corp. BV | Nieuw Amsterdam Receivables Corp. BV | Nieuw Amsterdam Receivables Corp. BV | Nieuw Amsterdam Receivables Corp. BV |
| 11555000 | 0.000 | 01/09/23 | 11501115 |
| 4100000 | 0.000 | 01/17/23 | 4076789 |
| NRW Bank | NRW Bank | NRW Bank | NRW Bank |
| 29556000 | 0.000 | 03/17/23 | 29172284 |
| Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. | Nutrien Ltd. |
| 8000000 | 0.000 | 12/14/22 | 7986722 |
| 4600000 | 0.000 | 12/23/22 | 4587122 |
| 8000000 | 0.000 | 12/28/22 | 7972342 |
| 5000000 | 0.000 | 12/30/22 | 4981375 |
| 2000000 | 0.000 | 01/13/23 | 1988731 |
| Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC | Old Line Funding LLC |
| 21319000 | 0.000 | 03/15/23 | 21020223 |
| 7233000 | 0.000 | 04/25/23 | 7085040 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 22350000 | 0.000 | 03/13/23 | 22031486 |
| Pacific Life Short Term Funding LLC | Pacific Life Short Term Funding LLC | Pacific Life Short Term Funding LLC | Pacific Life Short Term Funding LLC |
| 15834000 | 0.000 | 05/19/23 | 15456627 |
| 3300000 | 0.000 | 06/20/23 | 3204713 |
| PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. | PSP Capital, Inc. |
| 31486000 | 0.000 | 03/01/23 | 31127290 |
| Pure Grove Funding | Pure Grove Funding | Pure Grove Funding | Pure Grove Funding |
| 20648000 | 0.000 | 03/14/23 | 20363590 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 5000000 | 0.000 | 12/01/22 | 4999430 |
| 4000000 | 0.000 | 02/06/23 | 3962766 |
| Salisbury Receivables Co. LLC | Salisbury Receivables Co. LLC | Salisbury Receivables Co. LLC | Salisbury Receivables Co. LLC |
| 10564000 | 0.000 | 12/14/22 | 10547953 |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** |
| Salisbury Receivables Co. LLC – (continued) | Salisbury Receivables Co. LLC – (continued) | Salisbury Receivables Co. LLC – (continued) | Salisbury Receivables Co. LLC – (continued) |
| 10700000 | 0.000% | 12/16/22 | $10681320 |
| Societe Generale | Societe Generale | Societe Generale | Societe Generale |
| 14028000 | 0.000 | 11/15/23 | 13305168 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 10843000 | 0.000 | 12/02/22 | 10840525 |
| 5000000 | 0.000 | 01/05/23 | 4977500 |
| 5000000 | 0.000 | 01/05/23 | 4977500 |
| 15000000 | 0.000 | 01/11/23 | 14920200 |
| 3000000 | 0.000 | 01/11/23 | 2984040 |
| Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| 8000000 | 0.000 | 12/13/22 | 7988517 |
| 21997000 | 0.000 | 01/17/23 | 21869007 |
| 5000000 | 0.000 | 01/23/23 | 4966460 |
| Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. | Starbird Funding Corp. |
| 7178000 | 0.000 | 01/05/23 | 7148197 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 9034000 | 0.000 | 07/14/23 | 8745442 |
| Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
| 10000000 | 0.000 | 12/01/22 | 9998860 |
| 5000000 | 0.000 | 12/16/22 | 4990551 |
| 8075000 | 0.000 | 12/22/22 | 8053623 |
| 250000 | 0.000 | 01/26/23 | 248136 |
| 5000000 | 0.000 | 01/27/23 | 4961978 |
| 9700000 | 0.000 | 02/17/23 | 9594655 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 3400000 | 0.000 | 08/01/23 | 3280192 |
| TELUS Corp. | TELUS Corp. | TELUS Corp. | TELUS Corp. |
| 10000000 | 0.000 | 02/02/23 | 9914951 |
| 5000000 | 0.000 | 02/06/23 | 4954402 |
| 15000000 | 0.000 | 02/06/23 | 14863207 |
| The Procter & Gamble Co. | The Procter & Gamble Co. | The Procter & Gamble Co. | The Procter & Gamble Co. |
| 17805000 | 0.000 | 01/20/23 | 17699413 |
| 17600000 | 0.000 | 02/09/23 | 17450534 |
| The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank | The Toronto-Dominion Bank |
| 10000000 | 0.000 | 06/02/23 | 9744700 |
| The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. | The Walt Disney Co. |
| 5986000 | 0.000 | 02/03/23 | 5938391 |
| 15000000 | 0.000 | 02/03/23 | 14880698 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 6194000 | 0.000 | 04/25/23 | 6068801 |
| 27831000 | 0.000 | 05/17/23 | 27176155 |
| Transcanada Pipelines Ltd. | Transcanada Pipelines Ltd. | Transcanada Pipelines Ltd. | Transcanada Pipelines Ltd. |
| 5236000 | 0.000 | 12/15/22 | 5226754 |
| 3700000 | 0.000 | 02/02/23 | 3668532 |
| 13818000 | 0.000 | 02/07/23 | 13689842 |
| 7000000 | 0.000 | 02/10/23 | 6931792 |
| Trinity Health Corp. | Trinity Health Corp. | Trinity Health Corp. | Trinity Health Corp. |
| 50000000 | 0.000 | 12/09/22 | 49952100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** | **Short-term Investments – (continued)** |
| **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** | **Commercial Paper<sup>(a)</sup> – (continued)** |
| UDR, Inc. | UDR, Inc. | UDR, Inc. | UDR, Inc. |
| 500000 | 0.000% | 12/16/22 | $499055 |
| Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC | Versailles Commercial Paper LLC |
| 15000000 | 0.000 | 12/05/22 | 14991992 |
| 4100000 | 0.000 | 01/10/23 | 4080360 |
| 1605000 | 0.000 | 02/13/23 | 1589803 |
| 22323000 | 0.000 | 03/08/23 | 22035445 |
| Victory Receivables Corp. | Victory Receivables Corp. | Victory Receivables Corp. | Victory Receivables Corp. |
| 6340000 | 0.000 | 01/06/23 | 6312665 |
| 4100000 | 0.000 | 01/09/23 | 4080744 |
| 8942000 | 0.000 | 01/18/23 | 8889287 |
| VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
| 19750000 | 0.000 | 01/06/23 | 19658453 |
| 5000000 | 0.000 | 01/18/23 | 4968490 |
| 3000000 | 0.000 | 01/18/23 | 2981094 |
| 7339000 | 0.000 | 01/18/23 | 7292750 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 25000000 | 0.000 | 01/17/23 | 24846333 |
| 8728000 | 0.000 | 01/27/23 | 8661769 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 6962000 | 0.000 | 04/11/23 | 6843885 |
|  |  |  | 1863326386 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $2,645,222,422)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $2,645,222,422)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $2,645,222,422)** | $2643241545 |
| **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $4,372,908,968)** | **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $4,372,908,968)** | **TOTAL INVESTMENTS – 97.1%**<br> **(Cost $4,372,908,968)** | $4432557568 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.9%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.9%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.9%** | 130398538 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $4562956106 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2022. |
| (c) | All or a portion of security is on loan. |
| (d) | Represents an affiliated fund. |
| (e) | Exempt from registration under Rule 144A of the Securities Act of 1933. |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 5321 | 03/22/23 | $603933500 | $3245991 |
|  2 Year U.S. Treasury Notes | 5715 | 03/31/23 | 1173628834 | 3031659 |
|  5 Year U.S. Treasury Notes | 2648 | 03/31/23 | 287494189 | 1635312 |
|  Natural Gas Index | 1637 | 03/29/23 | 85893390 | (211763) |
|  Stoxx Europe 600 Index | 315 | 12/16/22 | 7221192 | 428963 |
|  **Total** |  |  |  | $8130162 |
|  **Short position contracts:** |  |  |  |  |
|  Natural Gas Index | (1637) | 02/24/23 | (101133860) | 2639368 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $10769530 |

---

**SWAP CONTRACTS** — At November 30, 2022, the Fund had the following swap contracts:

**OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount**<br> **(000s)** | **Notional<br>Amount**<br> **(000s)** | **Unrealized<br>Application/<br>(Depreciation)\*** |
|  EURIBOR | 3M EURIBOR–0.670 | BofA Securities LLC | 04/04/23 | EUR | 68508043 | $(30031) |
|  EURIBOR | 3M EURIBOR | BofA Securities LLC | 04/04/23 | EUR | 11098886 | (199387) |
|  SX7T Index | 3M EURIBOR–0.670 | BofA Securities LLC | 04/04/23 | EUR | 207298825 | 15613110 |
|  SX7T Index | 3M EURIBOR | BofA Securities LLC | 04/04/23 |  | 9675426 | 2154399 |
|  **TOTAL** |  |  |  |  |  | $17538091 |

---

\* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

# 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).

(a) Payments made quarterly.

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At November 30, 2022, the Fund had the following purchased and written options:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise**<br> **Rate** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** | **Purchased option contract** |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M | IRS MS & Co. Int. PLC | 2.430% | 01/26/2023 | 84010000 | $84010000 | $186141 | $991318 | $(805177) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  6M | IRS MS & Co. Int. PLC | 1.930 | 01/26/2023 | (84010000) | (84010000) | (8468) |  | (8468) |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **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)** |
|  **Puts** |  |  |  |  |  |  |  |  |
|  6M IRS | MS & Co. Int. PLC | 2.830% | 01/26/2023 | (84010000) | $(84010000) | $(4721648) | $— | $(4721648) |
|  **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | **Total written option contracts** | (168020000) | $(168020000) | $(4730116) | $— | $(4730116) |
|  **TOTAL** |  |  |  | (84010000) | $(84010000) | $(4543975) | $991318 | $(5535293) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Excercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid**<br> **(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contract** | **Purchased option contract** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  KWEB Index | JPMorgan Securities, Inc. | $39.728 | 12/30/2022 | 1766189 | $7016715659 | $303188 | $4771359 | $(4468172) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX Index | Citibank NA | 3877.570 | 12/30/2022 | (61820) | (23971137740) | (1545748) | (13311082) | 11765334 |
|  SPX Index | MS & Co. Int. PLC | 3983.470 | 12/30/2022 | (31143) | (12405720621) | (1484380) | (9204242) | 7719862 |
|  SPX Index | MS & Co. Int. PLC | 3645.000 | 01/20/2023 | (35507) | (12942301500) | (643586) | (6071697) | 5428111 |
|  SPX Index | MS & Co. Int. PLC | 3688.770 | 12/30/2022 | (67409) | (24865629693) | (516222) | (5190493) | 4674272 |
|  **Calls** |  |  |  |  |  |  |  |  |
|  KWEB Index | JPMorgan Securities, Inc. | 44.496 | 12/30/2022 | (1766189) | (7858834574) | (130852) | (2947063) | 2816211 |
|  **Total written option contracts** | **Total written option contracts** |  |  | (1962068) | $(82043624128) | $(4320788) | $(36724577) | $32403790 |
|  **TOTAL** |  |  |  | (195879) | $(75026908469) | $(4017600) | $(31953218) | $27935618 |
| **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** | **OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call CHF | BofA Securities LLC | 0.980% | 12/21/2022 | 68300000 | $68300000 | $378535 | $1249014 | $(870479) |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.192 | 03/07/2023 | 36490000 | 36490000 | 5195488 | 1405395 | 3790093 |
|  **Total purchased option contracts** | **Total purchased option contracts** |  |  | 104790000 | $104790000 | $5574023 | $2654409 | $2919614 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put EUR/Call CHF | BofA Securities LLC | 0.940 | 12/21/2022 | (68300000) | (68300000) | (12793) | (507390) | 494597 |
|  Put EUR/Call USD | MS & Co. Int. PLC | 1.192 | 03/07/2023 | (36490000) | (36490000) | (5195488) | (1750717) | (3444771) |
|  **Total written option contracts** | **Total written option contracts** |  |  | (104790000) | $(104790000) | $(5208281) | $(2258107) | $(2950174) |
|  **TOTAL** |  |  |  |  | $— | $365742 | $396302 | $(30560) |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | — Euro |
| USD | — U.S. Dollar |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| MLP | — Master Limited Partnership |
| PLC | — Public Limited Company |
| SOFR | — Secured Overnight Funding Rate |
| SPDR | — Standard and Poor's Depository Receipt |
| **Abbreviations:** |  |
| 6M IRS | — 6 Months Interest Rate Swaptions |
| BofA Securities LLC | — Bank of America Securities LLC |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SX7T Index | — EURO STOXX Banks Net Return Index EUR |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

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

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

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund's portfolio 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, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

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

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

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

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

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

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

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

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

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

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

A *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.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

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, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

A *total return swap* is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, basket of investments or indices, index 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 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 investment are classified as Level 3 investments.

**Fair Value Hierarchy** — The following is a summary of the Fund's investments and derivatives classified in the fair value hierarchy as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $1380194482 | $— | $— |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 517154 | 10669517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 482137 | 3678598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 13989440 | 37306442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 121879307 | 45972 |  |
|  Securities Lending Reinvestment Vehicle | 1254600 |  |  |
|  Preferred Stocks |  | 259241 |  |
|  Investment Company | 188601086 |  |  |
| **Total** | $1706918206 | $51959770 | $— |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $2253394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures Contracts<sup>(b)</sup>  | 7238404 |  |  |
|  Purchased Option Contracts | 13851227 | 1804612 |  |
| **Total** | $21089631 | $4058006 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $(11894630) | $— |
|  Written Option Contracts | (3799068) |  |  |
| **Total** | $(3799068) | $(11894630) | $— |
| **STRATEGIC FACTOR ALLOCATION** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Investment Company | $1376364802 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $1282268 | $— |
|  Futures Contracts<sup>(a)</sup>  | 52032163 |  |  |
|  Purchased Option Contracts | 163976 |  |  |
| **Total** | $52196139 | $1282268 | $— |
| **Liabilities** |  |  |  |
|  Exchange Traded Options On Futures | $(1280281) | $— | $— |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  |  | (3742764) |  |
|  Written Option Contracts | (335770) |  |  |
| **Total** | $(1616051) | $(3742764) | $— |
| **STRATEGIC VOLATILITY PREMIUM** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Investment Company | $378868956 | $— | $— |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC VOLATILITY PREMIUM (continued)**<br>**Derivative Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Futures Contracts<sup>(a)</sup>  | $1235541 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Purchased Option Contracts | 79375 |  |  |
| **Total** | $1314916 | $— | $— |
| **Liabilities** |  |  |  |
|  Written Option Contracts | $(97118) | $— | $— |
| **TACTICAL TILT OVERLAY** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | **Assets** | **Assets** | **Assets** |
|  Exchange Traded Funds | $204069190 | $— | $— |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 130729183 |  |  |
|  Agency Debentures |  | 46139544 |  |
|  Securities Lending Reinvestment Vehicle | 4862975 |  |  |
|  Investment Companies | 1403515131 |  |  |
|  Short-term Investments |  | 2643241545 |  |
| **Total** | $1743176479 | $2689381089 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Over-The-Counter Options On Equities Contracts | $— | $303188 | $— |
|  Futures Contracts<sup>(a)</sup>  | 10981293 |  |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | 33187357 |  |
|  Purchased Option Contracts |  | 5760164 |  |
| **Total** | $10981293 | $39250709 | $— |
|  Liabilities |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(211763) | $— | $— |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (15649266) |  |
|  Written Option Contracts |  | (14259185) |  |
| **Total** | $(211763) | $(29908451) | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on
which they are traded, which may differ from country of domicile. The Funds utilize 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 Schedules of Investments.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

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

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

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (together, referred to in this paragraph as "derivatives") may result in loss. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Funds. 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. 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. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. 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.

**Dividend-Paying Investments Risk** — The Fund's investments in dividend-paying securities could cause Funds to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Funds' investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Funds to produce current income.

**Floating and Variable Rate Obligations Risk** — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect a Fund's performance and/or NAV.

**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,

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GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

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

------

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 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.

**Foreign Custody Risk** — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy.

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

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. 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 the 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, 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.

**Investments in the Underlying Funds Risk** — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. A Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (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 the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**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, 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 Fund's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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

**Sector Risk** — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

**Short Position Risk** — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

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

------

GOLDMAN SACHS ALLOCATION FUNDS

*November 30, 2022 (Unaudited)* 

------

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

------

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Goldman Sachs Tactical Tilt Overlay Fund

- **b. EDGAR series identifier (if any):** S000046190

- **c. LEI of Series:** 549300Y7D0XH3BSLUI66

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4629191932.02

**Total Liabilities:** $64742003.29

**Net Assets:** $4564449928.73

**Amount of Assets Invested in Other Investment Companies:** $510553980.71

**Cash Not Reported:** $128383445.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 31181.08000000 | **1-Year:** 26175.75000000 | **5-Year:** 2331.16000000 | **10-Year:** 2748.03000000 | **30-Year:** 3270.06000000

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

- **3-Month:** 17035.60000000 | **1-Year:** 4733.62000000 | **5-Year:** 1795.34000000 | **10-Year:** 821.47000000 | **30-Year:** 78.78000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144475 | -2.38%               | 2.24%                | 1.81%                |
| Class ID C000196984 | -2.36%               | 2.22%                | 1.87%                |
| Class ID C000201713 | -2.36%               | 2.11%                | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7408275.49             | $-16626293.20                              |
| Month 2  | $60876938.03             | $-20545176.63                              |
| Month 3  | $64574.51                | $5020120.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Australia & New Zealand Banking Group Ltd                         | Australia & New Zealand Banking Group Ltd                                                       | CUSIP: 05253CSF4<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | STIV             | CORP              | AU        |     832000 | PA      | $813957.20     | 0.02%             | 2023-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                 | STOXX EUROPE 600 DEC22                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        315 | NC      | $428963.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Antalis SA                                                        | Antalis SA                                                                                      | CUSIP: 03664BNK8<br>LEI: 549300G2LM2ZKZ0X4Y50 | Long             | STIV             | CORP              | FR        |    2942000 | PA      | $2924482.83    | 0.06%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp                                 | CenterPoint Energy Resources Corp                                                               | CUSIP: 15200LNC9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | STIV             | CORP              | US        |    7000000 | PA      | $6961789.73    | 0.15%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUS                                          | Bank of Nova Scotia/Houston                                                                     | CUSIP: 06417MZE8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | STIV             | CORP              | CA        |    2101000 | PA      | $2101567.96    | 0.05%             | 2023-03-09      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| NRW Bank                                                          | NRW Bank                                                                                        | CUSIP: 62939MQH3<br>LEI: 52990002O5KK6XOGJ020 | Long             | STIV             | CORP              | US        |   29556000 | PA      | $29172284.21   | 0.64%             | 2023-03-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nieuw Amsterdam Receivables Corp BV                               | Nieuw Amsterdam Receivables Corp BV                                                             | CUSIP: 65409SNH7<br>LEI: 724500BM7HQ28ZIB2058 | Long             | STIV             | CORP              | US        |    4100000 | PA      | $4076788.55    | 0.09%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FAIRWAY FINANCE CO LLC                                            | Fairway Finance Co LLC                                                                          | CUSIP: 30601YL94<br>LEI: 549300GKD6SUOVFV4H89 | Long             | STIV             | CORP              | US        |   14409000 | PA      | $14413905.54   | 0.32%             | 2023-02-02      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                                           | Procter & Gamble Co/The                                                                         | CUSIP: 74271UP95<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | STIV             | CORP              | US        |   17600000 | PA      | $17450533.94   | 0.38%             | 2023-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                                        | Stanley Black & Decker Inc                                                                      | CUSIP: 85462DMD2<br>LEI: 549300DJ09SMTO561131 | Long             | STIV             | CORP              | US        |    8000000 | PA      | $7988516.64    | 0.18%             | 2022-12-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNG Bank NV                                                       | BNG Bank NV                                                                                     | CUSIP: 09657SM77<br>LEI: 529900GGYMNGRQTDOO93 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9992572.20    | 0.22%             | 2022-12-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd                                         | TransCanada PipeLines Ltd                                                                       | CUSIP: 89355QMF0<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | STIV             | CORP              | CA        |    5236000 | PA      | $5226754.11    | 0.11%             | 2022-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | OPS05149A SWAPTION SOFRRATE                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |   84010000 | NC      | $186140.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TELUS Corp                                                        | TELUS Corp                                                                                      | CUSIP: 87974WP69<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | STIV             | CORP              | CA        |   20000000 | PA      | $19817608.80   | 0.43%             | 2023-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ING (US) FUNDING LLC                                              | ING US Funding LLC                                                                              | CUSIP: 44988GCJ5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   30000000 | PA      | $30020612.70   | 0.66%             | 2023-03-02      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                                         | Export Development Canada                                                                       | CUSIP: 30215HRA0<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | STIV             | CORP              | CA        |    3650000 | PA      | $3588318.65    | 0.08%             | 2023-04-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALI BANK L                                          | National Australia Bank Ltd                                                                     | CUSIP: 63254GUK9<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | STIV             | CORP              | AU        |    3122000 | PA      | $3122591.24    | 0.07%             | 2023-03-08      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI BKG CORP                                          | SUMITOMO MITSUI BKG CORP                                                                        | CUSIP: 86565FUE0<br>LEI: N/A                  | Long             | STIV             | CORP              | JP        |   12650000 | PA      | $12593808.57   | 0.28%             | 2023-10-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRWAY FINANCE CO LLC                                            | Fairway Finance Co LLC                                                                          | CUSIP: 30601YR49<br>LEI: 549300GKD6SUOVFV4H89 | Long             | STIV             | CORP              | US        |    5249000 | PA      | $5250109.32    | 0.12%             | 2023-05-08      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Waste Management Inc                                              | Waste Management Inc                                                                            | CUSIP: 94107NNH3<br>LEI: 549300YX8JIID70NFS41 | Long             | STIV             | CORP              | US        |   25000000 | PA      | $24846333.25   | 0.54%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Inc                                      | Citigroup Global Markets Inc                                                                    | CUSIP: 17327BRM9<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |    6024000 | PA      | $5904528.00    | 0.13%             | 2023-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlantic Asset Securitization LLC                                 | Atlantic Asset Securitization LLC                                                               | CUSIP: 04821UY22<br>LEI: 549300BUNY5BIX4CVW20 | Long             | STIV             | CORP              | US        |    7262000 | PA      | $6897081.30    | 0.15%             | 2023-11-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                                                | Walt Disney Co/The                                                                              | CUSIP: 2546R3P32<br>LEI: 549300GZKULIZ0WOW665 | Long             | STIV             | CORP              | US        |   20986000 | PA      | $20819088.48   | 0.46%             | 2023-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIXIS NY                                                        | NATIXIS NY                                                                                      | CUSIP: 63873QWD2<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |    1218000 | PA      | $1206544.45    | 0.03%             | 2023-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                         | Spire Inc                                                                                       | CUSIP: 84858PN56<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9955000.00    | 0.22%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                       | Federal Home Loan Mortgage Corp                                                                 | CUSIP: 3137EAEW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    5732000 | PA      | $5534475.28    | 0.12%             | 2023-09-08      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                                        | Mondelez International Inc                                                                      | CUSIP: 60920WMD9<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    7000000 | PA      | $6989469.27    | 0.15%             | 2022-12-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                                     | IOP010393 EQO. SPX USD                                                                          | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |     -61820 | NC      | $-1545748.02   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CDP Financial Inc                                                 | CDP Financial Inc                                                                               | CUSIP: 12509TRH2<br>LEI: 549300OXMGVYFCBFV096 | Long             | STIV             | CORP              | CA        |    2580000 | PA      | $2532448.87    | 0.06%             | 2023-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sprott Physical Uranium Trust                                     | Sprott Physical Uranium Trust                                                                   | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |    2901853 | NS      | $32682654.69   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                       | Nutrien Ltd                                                                                     | CUSIP: 67077VND6<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    2000000 | PA      | $1988731.12    | 0.04%             | 2023-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kreditanstalt fuer Wiederaufbau                                   | Kreditanstalt fuer Wiederaufbau                                                                 | CUSIP: 48246UN36<br>LEI: 549300GDPG70E3MBBU98 | Long             | STIV             | CORP              | ZA        |   11333000 | PA      | $11291363.80   | 0.25%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB/New York NY                      | Skandinaviska Enskilda Banken AB/New York NY                                                    | CUSIP: 83050PF38<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | STIV             | CORP              | SE        |     500000 | PA      | $499764.12     | 0.01%             | 2022-12-15      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE MECKLENB                                                | CHARLOTTE MECKLENB                                                                              | CUSIP: 16085PM88<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   21000000 | PA      | $20985010.20   | 0.46%             | 2022-12-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Versailles Commercial Paper LLC                                   | Versailles Commercial Paper LLC                                                                 | CUSIP: 92512MPD5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    1605000 | PA      | $1589802.66    | 0.03%             | 2023-02-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                            | United States Treasury Note/Bond                                                                | CUSIP: 91282CDD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2730000 | PA      | $2623146.11    | 0.06%             | 2023-10-31      | Fixed         | 0.38%                 | No            |                  1 | On Loan: No      |
| Atlantic Asset Securitization LLC                                 | Atlantic Asset Securitization LLC                                                               | CUSIP: 04821UQ21<br>LEI: 549300BUNY5BIX4CVW20 | Long             | STIV             | CORP              | US        |   13625000 | PA      | $13461905.75   | 0.29%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SALISBURY RECEIVABLES CO                                          | Salisbury Receivables Co LLC                                                                    | CUSIP: 79539QAK2<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9998882.30    | 0.22%             | 2023-02-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| GTA Funding LLC                                                   | GTA Funding LLC                                                                                 | CUSIP: 40060XNC0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   22466000 | PA      | $22352946.82   | 0.49%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                         | Spire Inc                                                                                       | CUSIP: 84858PM24<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   10843000 | PA      | $10840524.76   | 0.24%             | 2022-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FMS Wertmanagement                                                | FMS Wertmanagement                                                                              | CUSIP: 34411HMG6<br>LEI: HZFDOR6TCRSIQLKQTX32 | Long             | STIV             | CORP              | US        |   20000000 | PA      | $19964968.80   | 0.44%             | 2022-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co/The                                                  | Coca-Cola Co/The                                                                                | CUSIP: 19121BPE3<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | STIV             | CORP              | US        |   17600000 | PA      | $17439227.87   | 0.38%             | 2023-02-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                                      | Alimentation Couche-Tard Inc                                                                    | CUSIP: 01626VMC4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   14163000 | PA      | $14142779.91   | 0.31%             | 2022-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nederlandse Waterschapsbank NV                                    | Nederlandse Waterschapsbank NV                                                                  | CUSIP: 63975VQF0<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | STIV             | CORP              | US        |   29547000 | PA      | $29161522.45   | 0.64%             | 2023-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STARBIRD FUNDING CORP                                             | Starbird Funding Corp                                                                           | CUSIP: 85520PEU6<br>LEI: 549300A8DDPP6QJBB522 | Long             | STIV             | CORP              | US        |   18930000 | PA      | $18935898.78   | 0.41%             | 2023-04-12      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                            | United States Treasury Floating Rate Note                                                       | CUSIP: 91282CDE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   66600000 | PA      | $66648701.25   | 1.46%             | 2023-10-31      | Floating      | 4.37%                 | No            |                  1 | On Loan: No      |
| Kellogg Co                                                        | Kellogg Co                                                                                      | CUSIP: 48783DN90<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | STIV             | CORP              | US        |   14700000 | PA      | $14625846.73   | 0.32%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dexia Credit Local SA                                             | Dexia Credit Local SA                                                                           | CUSIP: 25215WN52<br>LEI: F4G136OIPBYND1F41110 | Long             | STIV             | CORP              | FR        |   10000000 | PA      | $9958800.00    | 0.22%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                       | Oracle Corp                                                                                     | CUSIP: 6840C3QD8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | STIV             | CORP              | US        |   22350000 | PA      | $22031485.90   | 0.48%             | 2023-03-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TRUST NY                                          | SUMITOMO MITSUI TRUST NY                                                                        | CUSIP: 86564MPZ5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | STIV             | CORP              | JP        |   10154000 | PA      | $10146977.80   | 0.22%             | 2022-12-28      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA HOUS                                          | Bank of Nova Scotia/Houston                                                                     | CUSIP: 06417MYK5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | STIV             | CORP              | CA        |    7608000 | PA      | $7608091.60    | 0.17%             | 2022-12-20      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Ionic Capital III Trust                                           | Ionic Capital III Trust                                                                         | CUSIP: 46220XM68<br>LEI: 254900X889N3JUSUDE39 | Long             | STIV             | CORP              | US        |    8000000 | PA      | $7994884.00    | 0.18%             | 2022-12-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE CENTRALE                                             | COOPERATIEVE CENTRALE                                                                           | CUSIP: 21684XZR0<br>LEI: N/A                  | Long             | STIV             | CORP              | NL        |    8006000 | PA      | $7994071.06    | 0.18%             | 2023-11-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Ciesco LLC                                                        | Ciesco LLC                                                                                      | CUSIP: 17177MP71<br>LEI: 54930035TDNZ0GF2U023 | Long             | STIV             | CORP              | US        |   19293000 | PA      | $19128335.79   | 0.42%             | 2023-02-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BASF SE                                                           | BASF SE                                                                                         | CUSIP: 05526MMF9<br>LEI: 529900PM64WH8AF1E917 | Long             | STIV             | CORP              | DE        |   18000000 | PA      | $17970397.56   | 0.39%             | 2022-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT INDUST ET COMM NY                                          | Credit Industriel et Commercial/New York                                                        | CUSIP: 22536U2S8<br>LEI: N4JDFKKH2FTD8RKFXO39 | Long             | STIV             | CORP              | FR        |     200000 | PA      | $200004.56     | 0.00%             | 2023-01-06      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP NEW YORK                                          | Nordea Bank Abp/New York NY                                                                     | CUSIP: 65558UWU2<br>LEI: 529900ODI3047E2LIV03 | Long             | STIV             | CORP              | FI        |    5000000 | PA      | $4997632.40    | 0.11%             | 2023-09-11      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                                      | Alimentation Couche-Tard Inc                                                                    | CUSIP: 01626VN90<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |    7450000 | PA      | $7411839.46    | 0.16%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORINCHUKIN BANK                                                  | Norinchukin Bank/The                                                                            | CUSIP: 65602Y3B4<br>LEI: 5493007VSMFZCPV1NB83 | Long             | STIV             | CORP              | JP        |   24077000 | PA      | $24080847.02   | 0.53%             | 2023-02-10      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Pacific Life Short Term Funding LLC                               | Pacific Life Short Term Funding LLC                                                             | CUSIP: 69448XTL6<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    3300000 | PA      | $3204713.23    | 0.07%             | 2023-06-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp/Singapore                     | Mitsubishi UFJ Trust & Banking Corp/Singapore                                                   | CUSIP: 60683CN64<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |    2118000 | PA      | $2109251.30    | 0.05%             | 2023-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp                                        | Raytheon Technologies Corp                                                                      | CUSIP: 75513GP67<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | STIV             | CORP              | US        |    4000000 | PA      | $3962766.24    | 0.09%             | 2023-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                       | Nutrien Ltd                                                                                     | CUSIP: 67077VMP0<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    4600000 | PA      | $4587121.79    | 0.10%             | 2022-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION                                                  | TORONTO-DOMINION                                                                                | CUSIP: 89114WVZ5<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   13500000 | PA      | $13373391.74   | 0.29%             | 2023-04-28      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                  | Duke Energy Corp                                                                                | CUSIP: 26244JN47<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   20000000 | PA      | $19912694.40   | 0.44%             | 2023-01-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx High Yield Corporate Bond ETF                       | iShares iBoxx High Yield Corporate Bond ETF                                                     | CUSIP: 464288513<br>LEI: 549300WY6QQ9HGWLNX87 | Long             | EC               | RF                | US        |     102166 | NS      | $7729879.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Albion Capital Corp SA / Albion Capital LLC                       | Albion Capital Corp SA / Albion Capital LLC                                                     | CUSIP: 01329XML0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    8478000 | PA      | $8459108.22    | 0.19%             | 2022-12-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | Citigroup Global Markets Inc                                                                    | CUSIP: 1730QPAD9<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |    3368000 | PA      | $3362988.52    | 0.07%             | 2023-09-21      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Antalis SA                                                        | Antalis SA                                                                                      | CUSIP: 03664BP26<br>LEI: 549300G2LM2ZKZ0X4Y50 | Long             | STIV             | CORP              | FR        |    9846000 | PA      | $9768194.74    | 0.21%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANK CORP MKTS/NY                                          | Lloyds Bank Corporate Markets PLC/New York NY                                                   | CUSIP: 53947BF54<br>LEI: 213800MBWEIJDM5CU638 | Long             | STIV             | CORP              | GB        |   12000000 | PA      | $11999117.04   | 0.26%             | 2023-01-20      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| EI du Pont de Nemours and Co                                      | EI du Pont de Nemours and Co                                                                    | CUSIP: 2635J5MC0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | STIV             | CORP              | US        |    3550000 | PA      | $3544830.03    | 0.08%             | 2022-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNZ INTL FUNDING/LONDON                                           | BNZ International Funding Ltd/London                                                            | CUSIP: 0556X4HL3<br>LEI: 549300HVMZ89HDMELW08 | Long             | STIV             | CORP              | NZ        |    4216000 | PA      | $4216008.56    | 0.09%             | 2023-01-06      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| Liberty Street Funding LLC                                        | Liberty Street Funding LLC                                                                      | CUSIP: 53127UMC1<br>LEI: 549300F33VRHM10B9391 | Long             | STIV             | CORP              | US        |   25000000 | PA      | $24967533.25   | 0.55%             | 2022-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | OPS05160A SWAPTION SOFRRATE                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |  -84010000 | NC      | $-4721647.63   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Starbird Funding Corp                                             | Starbird Funding Corp                                                                           | CUSIP: 85520MN58<br>LEI: 549300A8DDPP6QJBB522 | Long             | STIV             | CORP              | US        |    7178000 | PA      | $7148196.94    | 0.16%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Short Term Funding LLC                      | Brighthouse Financial Short Term Funding LLC                                                    | CUSIP: 10924JM64<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    3472000 | PA      | $3469773.86    | 0.08%             | 2022-12-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                                        | Mondelez International Inc                                                                      | CUSIP: 60920WMK3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4988832.20    | 0.11%             | 2022-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMP BK COMM NY                                           | Canadian Imperial Bank of Commerce/New York NY                                                  | CUSIP: 13606CZR8<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |    5000000 | PA      | $5000338.45    | 0.11%             | 2022-12-23      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Gotham Funding Corp                                               | Gotham Funding Corp                                                                             | CUSIP: 38346MP16<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |   10857000 | PA      | $10771805.12   | 0.24%             | 2023-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Antalis SA                                                        | Antalis SA                                                                                      | CUSIP: 03664BNJ1<br>LEI: 549300G2LM2ZKZ0X4Y50 | Long             | STIV             | CORP              | FR        |    1862000 | PA      | $1851165.49    | 0.04%             | 2023-01-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | IOP010760 EQO. SPX USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     -31143 | NC      | $-1484379.83   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Old Line Funding LLC                                              | Old Line Funding LLC                                                                            | CUSIP: 67983URR6<br>LEI: 5493004QSN8OZAIU2J90 | Long             | STIV             | CORP              | US        |    7233000 | PA      | $7085040.16    | 0.16%             | 2023-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main | DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main                               | CUSIP: 23343WQP5<br>LEI: 529900HNOAA1KXQJUQ27 | Long             | STIV             | CORP              | DE        |   23842000 | PA      | $23492808.64   | 0.51%             | 2023-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                                      | Alimentation Couche-Tard Inc                                                                    | CUSIP: 01626VNH2<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   18380000 | PA      | $18265063.80   | 0.40%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pure Grove Funding                                                | Pure Grove Funding                                                                              | CUSIP: 74625UQE6<br>LEI: 5493001D6K5CFMBUWV36 | Long             | STIV             | CORP              | US        |   20648000 | PA      | $20363589.91   | 0.45%             | 2023-03-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Collateralized Commercial Paper FLEX Co LLC                       | Collateralized Commercial Paper FLEX Co LLC                                                     | CUSIP: 19423KM27<br>LEI: 549300QFFTZ0K7V16U14 | Long             | STIV             | CORP              | US        |    7637000 | PA      | $7635376.68    | 0.17%             | 2022-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                          | IOP011115 EQO KWEB. USD                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    1766189 | NC      | $303187.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                                      | DNB Bank ASA                                                                                    | CUSIP: 2332K4ND2<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |    1000000 | PA      | $999247.00     | 0.02%             | 2023-06-01      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                  | BANK OF MONTREAL                                                                                | CUSIP: 06367CYD3<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    4500000 | PA      | $4480977.20    | 0.10%             | 2023-10-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                              | Long: ES107861  TRS EUR R V 03MESTRO EUR003M -67 BPS / Short: ES107861  TRS EUR P E SX7T INDEX  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | DE        |   68508043 | OU      | $-15449015.49  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd                                         | TransCanada PipeLines Ltd                                                                       | CUSIP: 89355QP26<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | STIV             | CORP              | CA        |    3700000 | PA      | $3668531.91    | 0.08%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CDP FINANCIAL INC                                                 | CDP Financial Inc                                                                               | CUSIP: 12509QAY9<br>LEI: 549300OXMGVYFCBFV096 | Long             | STIV             | CORP              | CA        |    7466000 | PA      | $7468515.89    | 0.16%             | 2023-11-01      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Health Care Select Sector SPDR Fund                               | Health Care Select Sector SPDR Fund                                                             | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |    1037003 | NS      | $144164157.06  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lime Funding LLC                                                  | Lime Funding LLC                                                                                | CUSIP: 53262RN57<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    5292000 | PA      | $5269985.28    | 0.12%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                                      | Entergy Corp                                                                                    | CUSIP: 29366GN98<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |    6514000 | PA      | $6481140.52    | 0.14%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAYERISCHE LANDESBANK NY                                          | Bayerische Landesbank/New York                                                                  | CUSIP: 0727MCQW0<br>LEI: 549300DJ6F1V4GISFC11 | Long             | STIV             | CORP              | DE        |    9897000 | PA      | $9651860.32    | 0.21%             | 2023-06-27      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Albion Capital Corp SA / Albion Capital LLC                       | Albion Capital Corp SA / Albion Capital LLC                                                     | CUSIP: 01329XPM5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   12714000 | PA      | $12582356.07   | 0.28%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Waste Management Inc                                              | Waste Management Inc                                                                            | CUSIP: 94107NNT7<br>LEI: 549300YX8JIID70NFS41 | Long             | STIV             | CORP              | US        |    8728000 | PA      | $8661769.06    | 0.19%             | 2023-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GTA Funding LLC                                                   | GTA Funding LLC                                                                                 | CUSIP: 40060XNR7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    5278000 | PA      | $5242490.78    | 0.11%             | 2023-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE                                                   | CREDIT AGRICOLE                                                                                 | CUSIP: 22536A4F8<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |    7884000 | PA      | $7888760.20    | 0.17%             | 2023-11-21      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Inc                                      | Citigroup Global Markets Inc                                                                    | CUSIP: 17327BT62<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |    8000000 | PA      | $7778953.76    | 0.17%             | 2023-06-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                                        | Stanley Black & Decker Inc                                                                      | CUSIP: 85462DNH2<br>LEI: 549300DJ09SMTO561131 | Long             | STIV             | CORP              | US        |   21997000 | PA      | $21869006.72   | 0.48%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                                      | NATURAL GAS FUTR MAR23                                                                          | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |      -1637 | NC      | $2688477.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Export Development Canada                                         | Export Development Canada                                                                       | CUSIP: 30215HN63<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | STIV             | CORP              | CA        |    9587000 | PA      | $9546355.15    | 0.21%             | 2023-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FAIRWAY FINANCE CO LLC                                            | Fairway Finance Co LLC                                                                          | CUSIP: 30601YL52<br>LEI: 549300GKD6SUOVFV4H89 | Long             | STIV             | CORP              | US        |   14994000 | PA      | $14996893.84   | 0.33%             | 2023-01-23      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                            | US 10YR NOTE (CBT)MAR23                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       5321 | NC      | $4908803.41    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                                  | Duke Energy Corp                                                                                | CUSIP: 26244JNA3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |    4500000 | PA      | $4476681.27    | 0.10%             | 2023-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| La Fayette Asset Securitization LLC                               | La Fayette Asset Securitization LLC                                                             | CUSIP: 50286MQA2<br>LEI: 549300WQLPP9XYITNS62 | Long             | STIV             | CORP              | US        |   15000000 | PA      | $14802499.95   | 0.32%             | 2023-03-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gotham Funding Corp                                               | Gotham Funding Corp                                                                             | CUSIP: 38346MQ23<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |    1945000 | PA      | $1921126.43    | 0.04%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                | Board of Regents of the University of Texas System                                              | CUSIP: 91510P3S3<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | STIV             | MUN               | US        |   25000000 | PA      | $25005360.00   | 0.55%             | 2023-01-23      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                                           | Procter & Gamble Co/The                                                                         | CUSIP: 74271UNL0<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | STIV             | CORP              | US        |   17805000 | PA      | $17699413.32   | 0.39%             | 2023-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VW Credit Inc                                                     | VW Credit Inc                                                                                   | CUSIP: 91842KN69<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   19750000 | PA      | $19658453.22   | 0.43%             | 2023-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                       | Nutrien Ltd                                                                                     | CUSIP: 67077VMU9<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    8000000 | PA      | $7972342.24    | 0.17%             | 2022-12-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Adventist Health System/West                                      | Adventist Health System/West                                                                    | CUSIP: 00777PMF9<br>LEI: 5493008YM33UCY5QPW83 | Long             | STIV             | CORP              | US        |    7909000 | PA      | $7896058.90    | 0.17%             | 2022-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                                   | Enbridge US Inc                                                                                 | CUSIP: 29251VP67<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |    5500000 | PA      | $5448616.58    | 0.12%             | 2023-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA/NY                                             | Banco Santander SA/New York                                                                     | CUSIP: 05966DV33<br>LEI: 5493006QMFDDMYWIAM13 | Long             | STIV             | CORP              | ES        |   23400000 | PA      | $23416109.50   | 0.51%             | 2023-05-02      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| NATIXIS NY                                                        | NATIXIS NY                                                                                      | CUSIP: 63873QXA7<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |    8404000 | PA      | $8406231.26    | 0.18%             | 2023-01-31      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130AT5B9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   21610000 | PA      | $21371641.70   | 0.47%             | 2023-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ING (US) FUNDING LLC                                              | ING US Funding LLC                                                                              | CUSIP: 44988GCD8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     400000 | PA      | $400110.58     | 0.01%             | 2023-02-24      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                                      | DNB Bank ASA                                                                                    | CUSIP: 2332K4MN1<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |    1100000 | PA      | $1100655.00    | 0.02%             | 2023-03-23      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDLSBNKN A                                              | SVENSKA HANDLSBNKN A                                                                            | CUSIP: 86959RZP8<br>LEI: N/A                  | Long             | STIV             | CORP              | SE        |   21647000 | PA      | $21399549.25   | 0.47%             | 2023-05-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ Investment Grade Corporate Bond ETF               | iShares iBoxx $ Investment Grade Corporate Bond ETF                                             | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |      81512 | NS      | $8783733.12    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexia Credit Local SA                                             | Dexia Credit Local SA                                                                           | CUSIP: 25215WPM3<br>LEI: F4G136OIPBYND1F41110 | Long             | STIV             | CORP              | FR        |   15000000 | PA      | $14845620.00   | 0.33%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | IOP011284 EQO. SPX USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     -67409 | NC      | $-516221.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Caisse d'Amortissement de la Dette Sociale                        | Caisse d'Amortissement de la Dette Sociale                                                      | CUSIP: 12802WN59<br>LEI: 969500P04DQJS4BPM574 | Long             | STIV             | CORP              | FR        |   23776000 | PA      | $23677329.60   | 0.52%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                                            | Macquarie Bank Ltd                                                                              | CUSIP: 55607NPK0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | AU        |   17000000 | PA      | $17006793.20   | 0.37%             | 2023-04-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| PSP Capital Inc                                                   | PSP Capital Inc                                                                                 | CUSIP: 69370BQ13<br>LEI: 549300B456N0WEIC5249 | Long             | STIV             | CORP              | CA        |   31486000 | PA      | $31127289.76   | 0.68%             | 2023-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                                      | Entergy Corp                                                                                    | CUSIP: 29366GN56<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4977500.00    | 0.11%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                                        | Intel Corp                                                                                      | CUSIP: 45826FRR6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | STIV             | CORP              | US        |   13000000 | PA      | $12747038.72   | 0.28%             | 2023-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BNT3<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4961977.80    | 0.11%             | 2023-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                              | FXO001892 PUT EUR CALL CHF                                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | DE        |   68300000 | OU      | $378534.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co LLC                                      | Salisbury Receivables Co LLC                                                                    | CUSIP: 79490BME3<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   10564000 | PA      | $10547953.28   | 0.23%             | 2022-12-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MUFG BANK LTD/NY                                                  | MUFG Bank Ltd/New York NY                                                                       | CUSIP: 55380TG53<br>LEI: C3GTMMZIHMY46P4OIX74 | Long             | STIV             | CORP              | JP        |    2740000 | PA      | $2739625.78    | 0.06%             | 2023-01-23      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                       | Kaiser Foundation Hospitals                                                                     | CUSIP: 48306BN35<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | STIV             | CORP              | US        |   23422000 | PA      | $23330043.82   | 0.51%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BM15<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9998860.00    | 0.22%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Versailles Commercial Paper LLC                                   | Versailles Commercial Paper LLC                                                                 | CUSIP: 92512MM55<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   15000000 | PA      | $14991991.65   | 0.33%             | 2022-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Versailles Commercial Paper LLC                                   | Versailles Commercial Paper LLC                                                                 | CUSIP: 92512MQ85<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   22323000 | PA      | $22035444.94   | 0.48%             | 2023-03-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                                        | Intel Corp                                                                                      | CUSIP: 45826FS12<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | STIV             | CORP              | US        |   15464000 | PA      | $15148376.36   | 0.33%             | 2023-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130ATPK7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    2700000 | PA      | $2695923.00    | 0.06%             | 2023-11-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Nederlandse Waterschapsbank NV                                    | Nederlandse Waterschapsbank NV                                                                  | CUSIP: 63975VQ29<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | STIV             | CORP              | US        |   16000000 | PA      | $15818289.76   | 0.35%             | 2023-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                                              | Westpac Banking Corp                                                                            | CUSIP: 9612C1RB5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | STIV             | CORP              | AU        |    6962000 | PA      | $6843885.01    | 0.15%             | 2023-04-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | OPS05159A SWAPTION SOFRRATE                                                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DIR              |  | US        |  -84010000 | NC      | $-8468.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                                      | DNB Bank ASA                                                                                    | CUSIP: 2332K4MV3<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |    8323000 | PA      | $8325531.69    | 0.18%             | 2023-02-06      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMP BK COMM NY                                           | Canadian Imperial Bank of Commerce/New York NY                                                  | CUSIP: 13606KFW1<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |    2062000 | PA      | $2062189.72    | 0.05%             | 2023-05-05      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Old Line Funding LLC                                              | Old Line Funding LLC                                                                            | CUSIP: 67983UQF3<br>LEI: 5493004QSN8OZAIU2J90 | Long             | STIV             | CORP              | US        |   21319000 | PA      | $21020223.17   | 0.46%             | 2023-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                               | EssilorLuxottica SA                                                                             | CUSIP: 29728YM85<br>LEI: 549300M3VH1A3ER1TB49 | Long             | STIV             | CORP              | FR        |   15600000 | PA      | $15586729.55   | 0.34%             | 2022-12-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Salisbury Receivables Co LLC                                      | Salisbury Receivables Co LLC                                                                    | CUSIP: 79490BMG8<br>LEI: 549300HB2PGDP0V6U989 | Long             | STIV             | CORP              | US        |   10700000 | PA      | $10681320.15   | 0.23%             | 2022-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dexia Credit Local SA                                             | Dexia Credit Local SA                                                                           | CUSIP: 25215WSB4<br>LEI: F4G136OIPBYND1F41110 | Long             | STIV             | CORP              | FR        |   23000000 | PA      | $22487261.00   | 0.49%             | 2023-05-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMP BK COMM NY                                           | Canadian Imperial Bank of Commerce/New York NY                                                  | CUSIP: 13606KKK1<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |   15300000 | PA      | $15314670.25   | 0.34%             | 2023-07-12      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund                    | Goldman Sachs Financial Square Government Fund                                                  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        | 1321724075 | NS      | $1321724075.11 | 28.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                                      | Entergy Corp                                                                                    | CUSIP: 29366GM57<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |    7889000 | PA      | $7884561.33    | 0.17%             | 2022-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC BANK USA NA                                                  | HSBC Bank USA NA                                                                                | CUSIP: 40435RNL1<br>LEI: 1IE8VN30JCEQV1H4R804 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $5000962.90    | 0.11%             | 2022-12-21      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                            | US 5YR NOTE (CBT) MAR23                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       2648 | NC      | $2255937.12    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SKANDINAV ENSKILDA BANK                                           | Skandinaviska Enskilda Banken AB                                                                | CUSIP: 83050WET7<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | STIV             | CORP              | SE        |   30000000 | PA      | $29993550.00   | 0.66%             | 2023-08-18      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| RIDGEFIELD FUNDNG CO LLC                                          | Ridgefield Funding Co LLC                                                                       | CUSIP: 76582EGD1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   20000000 | PA      | $19997655.40   | 0.44%             | 2023-03-07      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                         | Spire Inc                                                                                       | CUSIP: 84858PNB3<br>LEI: 549300NXSY15DRY2R511 | Long             | STIV             | CORP              | US        |   18000000 | PA      | $17904240.00   | 0.39%             | 2023-01-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                                      | AutoZone Inc                                                                                    | CUSIP: 05333UM72<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4996101.40    | 0.11%             | 2022-12-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                              | Royal Bank of Canada                                                                            | CUSIP: 78014XJC2<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | STIV             | CORP              | US        |    4599000 | PA      | $4599130.98    | 0.10%             | 2022-12-23      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton Inc                              | LVMH Moet Hennessy Louis Vuitton Inc                                                            | CUSIP: 55078UR30<br>LEI: 529900YISWVEKZT7CN18 | Long             | STIV             | CORP              | US        |   21415000 | PA      | $21073183.19   | 0.46%             | 2023-04-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLLAT CP FLEX CO LLC                                             | Collateralized Commercial Paper FLEX Co LLC                                                     | CUSIP: 19423MDQ0<br>LEI: 549300QFFTZ0K7V16U14 | Long             | STIV             | CORP              | US        |   10513000 | PA      | $10514529.96   | 0.23%             | 2022-12-14      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Stanley Black & Decker Inc                                        | Stanley Black & Decker Inc                                                                      | CUSIP: 85462DNP4<br>LEI: 549300DJ09SMTO561131 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4966460.00    | 0.11%             | 2023-01-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA NY                                           | Royal Bank of Canada/New York NY                                                                | CUSIP: 78015M6J4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $10003106.80   | 0.22%             | 2023-08-08      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| CDP Financial Inc                                                 | CDP Financial Inc                                                                               | CUSIP: 12509TTG2<br>LEI: 549300OXMGVYFCBFV096 | Long             | STIV             | CORP              | CA        |   13102000 | PA      | $12737515.46   | 0.28%             | 2023-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Export Development Canada                                         | Export Development Canada                                                                       | CUSIP: 30215HN97<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | STIV             | CORP              | CA        |    9277000 | PA      | $9234191.84    | 0.20%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LMA-Americas LLC                                                  | LMA-Americas LLC                                                                                | CUSIP: 53944RRH3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   20539000 | PA      | $20139982.07   | 0.44%             | 2023-04-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                            | United States Treasury Bill                                                                     | CUSIP: 912796S34<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   20000000 | PA      | $19873844.40   | 0.44%             | 2023-01-26      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Bank of America N.A.                                              | Long: ES110548  TRS EUR R V 03MESTRO EUR003M 0 BPS / Short: ES110548  TRS EUR P E SX7T INDEX    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | DE        |   11098886 | OU      | $-199386.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | FXO001875 PUT EUR CALL USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |  -36490000 | OU      | $-5195487.90   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Gotham Funding Corp                                               | Gotham Funding Corp                                                                             | CUSIP: 38346MP73<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |    1945000 | PA      | $1928030.52    | 0.04%             | 2023-02-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Charta LLC                                                        | Charta LLC                                                                                      | CUSIP: 16115WSB4<br>LEI: 5493000FNFK79LCM6M65 | Long             | STIV             | CORP              | US        |    2000000 | PA      | $1954154.00    | 0.04%             | 2023-05-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                                      | Alimentation Couche-Tard Inc                                                                    | CUSIP: 01626VND1<br>LEI: 549300OSW32RVX8CCZ87 | Long             | STIV             | CORP              | CA        |   14500000 | PA      | $14417591.72   | 0.32%             | 2023-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130ATPU5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    2700000 | PA      | $2695545.00    | 0.06%             | 2023-11-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd                                         | TransCanada PipeLines Ltd                                                                       | CUSIP: 89355QP75<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | STIV             | CORP              | CA        |   13818000 | PA      | $13689841.50   | 0.30%             | 2023-02-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BNS5<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |     250000 | PA      | $248135.63     | 0.01%             | 2023-01-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                            | United States Treasury Floating Rate Note                                                       | CUSIP: 91282CDU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   41600000 | PA      | $41583491.46   | 0.91%             | 2024-01-31      | Floating      | 4.32%                 | No            |                  1 | On Loan: No      |
| LA FAYETTE ASSET SECURIT                                          | La Fayette Asset Securitization LLC                                                             | CUSIP: 50286PBB9<br>LEI: 549300WQLPP9XYITNS62 | Long             | STIV             | CORP              | US        |   10000000 | PA      | $9999691.70    | 0.22%             | 2023-02-02      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA NY                                           | Royal Bank of Canada/New York NY                                                                | CUSIP: 78015M5M8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | STIV             | CORP              | US        |    2000000 | PA      | $1999898.00    | 0.04%             | 2023-03-01      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Gotham Funding Corp                                               | Gotham Funding Corp                                                                             | CUSIP: 38346MP81<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |    5450000 | PA      | $5401644.88    | 0.12%             | 2023-02-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                        | Federal National Mortgage Association                                                           | CUSIP: 3135G0U43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    3592000 | PA      | $3538299.60    | 0.08%             | 2023-09-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours Inc                                             | DuPont de Nemours Inc                                                                           | CUSIP: 26082NM51<br>LEI: 5493004JF0SDFLM8GD76 | Long             | STIV             | CORP              | US        |    7200000 | PA      | $7195810.97    | 0.16%             | 2022-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                              | Long: ES104418  TRS EUR R E SX7T INDEX / Short: ES104418  TRS EUR P V 03MEURIB EUR003M - 11 BPS | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | DE        |    9627408 | OU      | $2171044.11    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| VW Credit Inc                                                     | VW Credit Inc                                                                                   | CUSIP: 91842KNJ1<br>LEI: 549300UUPJ2NXDB68M19 | Long             | STIV             | CORP              | US        |   15339000 | PA      | $15242334.54   | 0.33%             | 2023-01-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                       | Nutrien Ltd                                                                                     | CUSIP: 67077VME5<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    8000000 | PA      | $7986721.76    | 0.17%             | 2022-12-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130ATPB7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    6020000 | PA      | $6010488.40    | 0.13%             | 2023-11-14      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| JP Morgan Securities LLC                                          | JP Morgan Securities LLC                                                                        | CUSIP: 46640QPF2<br>LEI: ZBUT11V806EZRVTWT807 | Long             | STIV             | CORP              | US        |    7000000 | PA      | $6933643.08    | 0.15%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Natixis SA/New York NY                                            | Natixis SA/New York NY                                                                          | CUSIP: 63873KUR6<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |   13564000 | PA      | $13101534.33   | 0.29%             | 2023-07-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA N Y BRH INSTL                                         | CITIBANK NA N Y BRH INSTL                                                                       | CUSIP: 17330QBU0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    7700000 | PA      | $7704622.93    | 0.17%             | 2023-08-08      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                    | American Electric Power Co Inc                                                                  | CUSIP: 0255E3P77<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | STIV             | CORP              | US        |   15000000 | PA      | $14860878.75   | 0.33%             | 2023-02-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BMN7<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |    8075000 | PA      | $8053622.81    | 0.18%             | 2022-12-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIXIS NY BRANCH                                                 | Natixis SA/New York NY                                                                          | CUSIP: 63873QTE4<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | STIV             | CORP              | FR        |     100000 | PA      | $100085.89     | 0.00%             | 2023-03-24      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                     | CITIBANK N.A.                                                                                   | CUSIP: 17305T6L1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | STIV             | CORP              | US        |    2000000 | PA      | $1995204.22    | 0.04%             | 2023-02-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                                           | Cooperatieve Rabobank UA/NY                                                                     | CUSIP: 21684LF72<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |    9284000 | PA      | $9286746.39    | 0.20%             | 2023-05-24      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                    | American Electric Power Co Inc                                                                  | CUSIP: 0255E3PE2<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | STIV             | CORP              | US        |   26588000 | PA      | $26312063.89   | 0.58%             | 2023-02-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                                      | NATURAL GAS FUTR APR23                                                                          | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       1637 | NC      | $164747.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                           | UDR Inc                                                                                         | CUSIP: 90352QMG9<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | STIV             | CORP              | US        |     500000 | PA      | $499055.11     | 0.01%             | 2022-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LMA-Americas LLC                                                  | LMA-Americas LLC                                                                                | CUSIP: 53944RM88<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    3783000 | PA      | $3779771.85    | 0.08%             | 2022-12-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CDP Financial Inc                                                 | CDP Financial Inc                                                                               | CUSIP: 12509TTT4<br>LEI: 549300OXMGVYFCBFV096 | Long             | STIV             | CORP              | CA        |    9500000 | PA      | $9219437.83    | 0.20%             | 2023-06-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gotham Funding Corp                                               | Gotham Funding Corp                                                                             | CUSIP: 38346MNH3<br>LEI: 549300Z2ZR7VTUMRPR17 | Long             | STIV             | CORP              | US        |   16787000 | PA      | $16691157.48   | 0.37%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Enbridge US Inc                                                   | Enbridge US Inc                                                                                 | CUSIP: 29251VNK8<br>LEI: 5493003FRODSVHJWFS32 | Long             | STIV             | CORP              | US        |   12500000 | PA      | $12417482.63   | 0.27%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund                    | Goldman Sachs Financial Square Government Fund                                                  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    4863018 | NS      | $4863018.21    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LMA-Americas LLC                                                  | LMA-Americas LLC                                                                                | CUSIP: 53944RNC8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   14747000 | PA      | $14672120.93   | 0.32%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Columbia Funding Co LLC                                           | Columbia Funding Co LLC                                                                         | CUSIP: 19767DNL4<br>LEI: 549300O1V8MCLCRCFD82 | Long             | STIV             | CORP              | US        |   12500000 | PA      | $12423818.75   | 0.27%             | 2023-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                       | Kaiser Foundation Hospitals                                                                     | CUSIP: 48306BNC5<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | STIV             | CORP              | US        |   14730000 | PA      | $14655805.43   | 0.32%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY                                           | Cooperatieve Rabobank UA/NY                                                                     | CUSIP: 21684LER9<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | STIV             | CORP              | NL        |    1461000 | PA      | $1461428.69    | 0.03%             | 2023-02-06      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Lime Funding LLC                                                  | Lime Funding LLC                                                                                | CUSIP: 53262RM25<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   40834000 | PA      | $40825320.32   | 0.89%             | 2022-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LMA-Americas LLC                                                  | LMA-Americas LLC                                                                                | CUSIP: 53944RRD2<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    3084000 | PA      | $3025868.67    | 0.07%             | 2023-04-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BK/NY                                          | Standard Chartered Bank/New York                                                                | CUSIP: 85325VW89<br>LEI: RILFO74KP1CM8P6PCT96 | Long             | DBT              | CORP              | GB        |     486000 | PA      | $485048.07     | 0.01%             | 2023-07-28      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BK CO NY                                          | Oversea-Chinese Banking Corp Ltd/New York                                                       | CUSIP: 69033MT80<br>LEI: 5493007O3QFXCPOGWK22 | Long             | STIV             | CORP              | SG        |    9208000 | PA      | $9208148.89    | 0.20%             | 2023-01-06      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| Alerian MLP ETF                                                   | Alerian MLP ETF                                                                                 | CUSIP: 00162Q452<br>LEI: 549300WPBLCQJSVVVV61 | Long             | EC               | RF                | US        |     116749 | NS      | $4675797.45    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Jupiter Securitization Co LLC                                     | Jupiter Securitization Co LLC                                                                   | CUSIP: 4820P3S87<br>LEI: 549300764HIS4GLK4733 | Long             | STIV             | CORP              | US        |   23545000 | PA      | $23022864.20   | 0.50%             | 2023-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, N.A.                                             | BANK OF AMERICA, N.A.                                                                           | CUSIP: 06054R4V1<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    7652000 | PA      | $7652959.71    | 0.17%             | 2023-03-13      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| COLLAT CP FLEX CO LLC                                             | Collateralized Commercial Paper FLEX Co LLC                                                     | CUSIP: 19421MBQ4<br>LEI: 549300QFFTZ0K7V16U14 | Long             | STIV             | CORP              | US        |   12290000 | PA      | $12290000.00   | 0.27%             | 2022-12-01      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BK                                              | CANADIAN IMPERIAL BK                                                                            | CUSIP: 13606KPF7<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    5055000 | PA      | $5054437.73    | 0.11%             | 2023-10-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BK                                               | TORONTO DOMINION BK                                                                             | CUSIP: 89115BSW1<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    2040000 | PA      | $2020963.52    | 0.04%             | 2023-09-13      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC NY                                              | Barclays Bank PLC/NY                                                                            | CUSIP: 06742TH41<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |    2100000 | PA      | $2099405.89    | 0.05%             | 2023-02-16      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LTD/NY                                                | Mizuho Bank Ltd/New York NY                                                                     | CUSIP: 60710RTX3<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |    5952000 | PA      | $5951795.25    | 0.13%             | 2023-02-10      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| Raytheon Technologies Corp                                        | Raytheon Technologies Corp                                                                      | CUSIP: 75513GM11<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4999430.00    | 0.11%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nutrien Ltd                                                       | Nutrien Ltd                                                                                     | CUSIP: 67077VMW5<br>LEI: 5493002QQ7GD21OWF963 | Long             | STIV             | CORP              | CA        |    5000000 | PA      | $4981375.00    | 0.11%             | 2022-12-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI BANK NY                                           | Sumitomo Mitsui Banking Corp/New York                                                           | CUSIP: 86565FGB2<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | STIV             | CORP              | JP        |    2885000 | PA      | $2884027.52    | 0.06%             | 2023-03-01      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | FXO001655 PUT EUR CALL USD                                                                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | DE        |   36490000 | OU      | $5195487.90    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                          | Svenska Handelsbanken AB                                                                        | CUSIP: 86960KV17<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |    3400000 | PA      | $3280191.92    | 0.07%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Victory Receivables Corp                                          | Victory Receivables Corp                                                                        | CUSIP: 92646LN97<br>LEI: 549300D0F37QF0LP7F94 | Long             | STIV             | CORP              | US        |    4100000 | PA      | $4080743.65    | 0.09%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Versailles Commercial Paper LLC                                   | Versailles Commercial Paper LLC                                                                 | CUSIP: 92512MNA3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    4100000 | PA      | $4080360.30    | 0.09%             | 2023-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Thunder Bay Funding LLC                                           | Thunder Bay Funding LLC                                                                         | CUSIP: 88602USH4<br>LEI: 549300D7DHGDB5EMW139 | Long             | STIV             | CORP              | US        |   27831000 | PA      | $27176155.22   | 0.60%             | 2023-05-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE                                                   | CREDIT AGRICOLE                                                                                 | CUSIP: 22536A2N3<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |    8768000 | PA      | $8775431.58    | 0.19%             | 2023-11-03      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF KUWAIT SAKP                                      | NATIONAL BANK OF KUWAIT SAKP                                                                    | CUSIP: 63376F4X5<br>LEI: N/A                  | Long             | STIV             | CORP              | KW        |    9966000 | PA      | $9966724.73    | 0.22%             | 2023-01-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| STANDARD CHRTRD BNKN                                              | STANDARD CHRTRD BNKN                                                                            | CUSIP: 85325VBS8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    1562000 | PA      | $1545316.17    | 0.03%             | 2023-08-11      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                            | US 2YR NOTE (CBT) MAR23                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       5715 | NC      | $4237158.15    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SKANDINAV ENSKILDA BK NY                                          | Skandinaviska Enskilda Banken AB/New York NY                                                    | CUSIP: 83050PM30<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | STIV             | CORP              | SE        |    8000000 | PA      | $7991656.48    | 0.18%             | 2023-09-13      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP NEW YORK                                          | Nordea Bank Abp/New York NY                                                                     | CUSIP: 65558UQY1<br>LEI: 529900ODI3047E2LIV03 | Long             | STIV             | CORP              | FI        |   12000000 | PA      | $12002747.52   | 0.26%             | 2022-12-23      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd                                       | National Australia Bank Ltd                                                                     | CUSIP: 63254FPF8<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | STIV             | CORP              | AU        |    7000000 | PA      | $6932295.58    | 0.15%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                                    | American Electric Power Co Inc                                                                  | CUSIP: 0255E3M88<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | STIV             | CORP              | US        |   12147000 | PA      | $12135816.62   | 0.27%             | 2022-12-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN NY                                          | Svenska Handelsbanken/New York NY                                                               | CUSIP: 86959RG79<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |    7000000 | PA      | $6990460.33    | 0.15%             | 2023-09-08      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| TransCanada PipeLines Ltd                                         | TransCanada PipeLines Ltd                                                                       | CUSIP: 89355QPA8<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | STIV             | CORP              | CA        |    7000000 | PA      | $6931792.00    | 0.15%             | 2023-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI BANK NY                                           | Sumitomo Mitsui Banking Corp/New York                                                           | CUSIP: 86565FMS8<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | STIV             | CORP              | JP        |    6244000 | PA      | $6244858.49    | 0.14%             | 2023-06-07      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| MATCHPOINT FINANCE PLC                                            | Matchpoint Finance PLC                                                                          | CUSIP: 57666DCD6<br>LEI: 635400YCKMVA7GIA6Q33 | Long             | STIV             | CORP              | IE        |    7000000 | PA      | $7004263.00    | 0.15%             | 2023-05-08      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                              | Long: ES103403  TRS EUR R E SX7T INDEX / Short: ES103403  TRS EUR P V 03MEURIB EUR003M - 67 BPS | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | DE        |  138101994 | OU      | $31142910.40   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANK CORP MKTS/NY                                          | Lloyds Bank Corporate Markets PLC/New York NY                                                   | CUSIP: 53947BH29<br>LEI: 213800MBWEIJDM5CU638 | Long             | STIV             | CORP              | GB        |    2748000 | PA      | $2747201.84    | 0.06%             | 2023-04-03      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| TELUS Corp                                                        | TELUS Corp                                                                                      | CUSIP: 87974WP28<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | STIV             | CORP              | CA        |   10000000 | PA      | $9914951.10    | 0.22%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK                                             | Toronto-Dominion Bank/The                                                                       | CUSIP: 89120DVF3<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |    3000000 | PA      | $3000911.52    | 0.07%             | 2023-08-08      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                          | New York Power Authority                                                                        | CUSIP: 64989UMK7<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | STIV             | MUN               | US        |    4327000 | PA      | $4317500.50    | 0.09%             | 2022-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BK CO NY                                          | Oversea-Chinese Banking Corp Ltd/New York                                                       | CUSIP: 69033MU96<br>LEI: 5493007O3QFXCPOGWK22 | Long             | STIV             | CORP              | SG        |    9411000 | PA      | $9414399.72    | 0.21%             | 2023-02-17      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | AT&T Inc                                                                                        | CUSIP: 0020A3MU1<br>LEI: 549300Z40J86GGSTL398 | Long             | STIV             | CORP              | US        |   16055400 | PA      | $16000392.43   | 0.35%             | 2022-12-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC BANK USA NA                                                  | HSBC Bank USA NA                                                                                | CUSIP: 40435RPK1<br>LEI: 1IE8VN30JCEQV1H4R804 | Long             | STIV             | CORP              | US        |   13013000 | PA      | $13013438.80   | 0.29%             | 2023-06-08      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| MIZUHO BANK LTD/NY                                                | Mizuho Bank Ltd/New York NY                                                                     | CUSIP: 60710RT88<br>LEI: RB0PEZSDGCO3JS6CEU02 | Long             | STIV             | CORP              | JP        |   23250000 | PA      | $23271447.43   | 0.51%             | 2023-05-04      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| THUNDER BAY FUNDING LLC                                           | Thunder Bay Funding LLC                                                                         | CUSIP: 88603AFB4<br>LEI: 549300D7DHGDB5EMW139 | Long             | STIV             | CORP              | US        |   26143000 | PA      | $26146413.49   | 0.57%             | 2023-04-25      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN NY                                          | Svenska Handelsbanken/New York NY                                                               | CUSIP: 86959RYM6<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | STIV             | CORP              | SE        |    5532000 | PA      | $5531941.64    | 0.12%             | 2023-03-28      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP NEW YORK                                          | Nordea Bank Abp/New York NY                                                                     | CUSIP: 65558UXZ0<br>LEI: 529900ODI3047E2LIV03 | Long             | STIV             | CORP              | FI        |   10256000 | PA      | $10266767.67   | 0.22%             | 2023-10-23      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| LANDESBK HESSEN THUR                                              | LANDESBK HESSEN THUR                                                                            | CUSIP: 51500V4D8<br>LEI: N/A                  | Long             | STIV             | CORP              | DE        |    4328000 | PA      | $4327885.18    | 0.09%             | 2023-01-11      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp                                 | CenterPoint Energy Resources Corp                                                               | CUSIP: 15200LN54<br>LEI: 2JADVB0458J06WCD4N56 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4977500.00    | 0.11%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                                         | Toronto-Dominion Bank/The                                                                       | CUSIP: 89119BT22<br>LEI: PT3QB789TSUIDF371261 | Long             | STIV             | CORP              | CA        |   10000000 | PA      | $9744700.00    | 0.21%             | 2023-06-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                      | Comcast Corp                                                                                    | CUSIP: 2003A3NJ9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | STIV             | CORP              | US        |    8842000 | PA      | $8786278.25    | 0.19%             | 2023-01-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                                        | Mondelez International Inc                                                                      | CUSIP: 60920WM98<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |    7200000 | PA      | $7192544.40    | 0.16%             | 2022-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Entergy Corp                                                      | Entergy Corp                                                                                    | CUSIP: 29366GPG0<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | STIV             | CORP              | US        |    2278000 | PA      | $2254269.32    | 0.05%             | 2023-02-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Banking Corp                                      | Sumitomo Mitsui Banking Corp                                                                    | CUSIP: 86562LUE0<br>LEI: 5U0XI89JRFVHWIBS4F54 | Long             | STIV             | CORP              | JP        |    9034000 | PA      | $8745442.02    | 0.19%             | 2023-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Thunder Bay Funding LLC                                           | Thunder Bay Funding LLC                                                                         | CUSIP: 88602URR3<br>LEI: 549300D7DHGDB5EMW139 | Long             | STIV             | CORP              | US        |    6194000 | PA      | $6068801.36    | 0.13%             | 2023-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com Inc                                                    | Amazon.com Inc                                                                                  | CUSIP: 02314QQX0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | STIV             | CORP              | US        |    1000000 | PA      | $984673.33     | 0.02%             | 2023-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                          | IOP011116 EQO KWEB. USD                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |   -1766189 | NC      | $-130851.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core S&P 500 ETF                                          | iShares Core S&P 500 ETF                                                                        | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |      14739 | NS      | $6032967.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| John Deere Canada ULC                                             | John Deere Canada ULC                                                                           | CUSIP: 24423JNH6<br>LEI: 54930034SQM5911PYS66 | Long             | STIV             | CORP              | CA        |   15000000 | PA      | $14916439.95   | 0.33%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Atlantic Asset Securitization LLC                                 | Atlantic Asset Securitization LLC                                                               | CUSIP: 04821US86<br>LEI: 549300BUNY5BIX4CVW20 | Long             | STIV             | CORP              | US        |   12322000 | PA      | $12048746.34   | 0.26%             | 2023-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                  | Duke Energy Corp                                                                                | CUSIP: 26244JME6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | STIV             | CORP              | US        |   15000000 | PA      | $14975371.65   | 0.33%             | 2022-12-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                                                     | HSBC Bank PLC                                                                                   | CUSIP: 40433FTC3<br>LEI: MP6I5ZYZBEU3UXPYFY54 | Long             | STIV             | CORP              | GB        |    4163000 | PA      | $4158738.50    | 0.09%             | 2023-06-06      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| FED CAISSES DESJARDINS                                            | Federation des Caisses Desjardins du Quebec                                                     | CUSIP: 31428HBQ3<br>LEI: 549300B2Q47IR0CR5B54 | Long             | STIV             | CORP              | US        |   18719000 | PA      | $18715780.71   | 0.41%             | 2023-06-23      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| MetLife Short Term Funding LLC                                    | MetLife Short Term Funding LLC                                                                  | CUSIP: 59157UW14<br>LEI: 54930024MDLTV1K1YL10 | Long             | STIV             | CORP              | US        |   13338000 | PA      | $12799830.24   | 0.28%             | 2023-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BPH7<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |    9700000 | PA      | $9594654.99    | 0.21%             | 2023-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SWEDBANK                                                          | Swedbank AB                                                                                     | CUSIP: 87019YBL4<br>LEI: M312WZV08Y7LYUC71685 | Long             | STIV             | CORP              | SE        |    2082000 | PA      | $2082331.68    | 0.05%             | 2022-12-15      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMP BK COMM NY                                           | Canadian Imperial Bank of Commerce/New York NY                                                  | CUSIP: 13606KBZ8<br>LEI: 549300H8L46OOZOFHU82 | Long             | STIV             | CORP              | CA        |    7000000 | PA      | $6998602.73    | 0.15%             | 2023-02-13      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Suncor Energy Inc                                                 | Suncor Energy Inc                                                                               | CUSIP: 86723BMG2<br>LEI: 549300W70ZOQDVLCHY06 | Long             | STIV             | CORP              | US        |    5000000 | PA      | $4990551.10    | 0.11%             | 2022-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130ATTR8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    2300000 | PA      | $2296251.00    | 0.05%             | 2023-11-29      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                          | AT&T Inc                                                                                        | CUSIP: 0020A3MG2<br>LEI: 549300Z40J86GGSTL398 | Long             | STIV             | CORP              | US        |    4787000 | PA      | $4777949.36    | 0.10%             | 2022-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                               | Societe Generale SA                                                                             | CUSIP: 83369CYF5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | STIV             | CORP              | US        |   14028000 | PA      | $13305168.30   | 0.29%             | 2023-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                          | IOP011007 EQO. SPX USD                                                                          | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |     -35507 | NC      | $-643586.03    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STARBIRD FUNDING CORP                                             | Starbird Funding Corp                                                                           | CUSIP: 85520PFF8<br>LEI: 549300A8DDPP6QJBB522 | Long             | STIV             | CORP              | US        |    4000000 | PA      | $4001564.00    | 0.09%             | 2023-05-08      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Pacific Life Short Term Funding LLC                               | Pacific Life Short Term Funding LLC                                                             | CUSIP: 69448XSK9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   15834000 | PA      | $15456627.33   | 0.34%             | 2023-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                              | FXO001905 PUT EUR CALL CHF                                                                      | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | DE        |  -68300000 | OU      | $-12793.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Antalis SA                                                        | Antalis SA                                                                                      | CUSIP: 03664BN93<br>LEI: 549300G2LM2ZKZ0X4Y50 | Long             | STIV             | CORP              | FR        |    4471000 | PA      | $4450135.32    | 0.10%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Victory Receivables Corp                                          | Victory Receivables Corp                                                                        | CUSIP: 92646LN63<br>LEI: 549300D0F37QF0LP7F94 | Long             | STIV             | CORP              | US        |    6340000 | PA      | $6312664.90    | 0.14%             | 2023-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                                      | DNB Bank ASA                                                                                    | CUSIP: 2332K1YN4<br>LEI: 549300GKFG0RYRRQ1414 | Long             | STIV             | CORP              | NO        |   12343000 | PA      | $11729034.49   | 0.26%             | 2023-11-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI BANK NY                                           | Sumitomo Mitsui Banking Corp/New York                                                           | CUSIP: 86565FHY1<br>LEI: 549300MS3WYYVQ4HXM15 | Long             | STIV             | CORP              | JP        |   19800000 | PA      | $19798606.87   | 0.43%             | 2023-03-31      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Energy Infrastructure Fund                          | Goldman Sachs Energy Infrastructure Fund                                                        | CUSIP: 38148U239<br>LEI: 5493004HQKOKO2ODA746 | Long             | EC               | RF                | US        |    6514741 | NS      | $75505850.18   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SWEDBANK (NEW YORK)                                               | Swedbank AB/New York                                                                            | CUSIP: 87019WEY7<br>LEI: M312WZV08Y7LYUC71685 | Long             | STIV             | CORP              | SE        |    2684000 | PA      | $2684951.96    | 0.06%             | 2023-04-19      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| ROYAL BK OF CANADA                                                | ROYAL BK OF CANADA                                                                              | CUSIP: 78015JDE4<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    3510000 | PA      | $3477828.43    | 0.08%             | 2023-09-13      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                                            | Macquarie Bank Ltd                                                                              | CUSIP: 55607NMN7<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | STIV             | CORP              | US        |    5200000 | PA      | $5203920.49    | 0.11%             | 2023-06-27      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust & Banking Corp/Singapore                     | Mitsubishi UFJ Trust & Banking Corp/Singapore                                                   | CUSIP: 60683CN98<br>LEI: JBONEPAGQXF4QP29B387 | Long             | STIV             | CORP              | JP        |    2118000 | PA      | $2108459.60    | 0.05%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC                                         | Baker Hughes Holdings LLC                                                                       | CUSIP: 05722HM88<br>LEI: 549300XU3XH6F05YEQ93 | Long             | STIV             | CORP              | US        |   24094000 | PA      | $24072898.96   | 0.53%             | 2022-12-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc                                        | Mondelez International Inc                                                                      | CUSIP: 60920WM56<br>LEI: 549300DV9GIB88LZ5P30 | Long             | STIV             | CORP              | US        |   11346000 | PA      | $11339506.00   | 0.25%             | 2022-12-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SWEDBANK (NEW YORK)                                               | Swedbank AB/New York                                                                            | CUSIP: 87019WFN0<br>LEI: M312WZV08Y7LYUC71685 | Long             | STIV             | CORP              | SE        |   21200000 | PA      | $21209007.67   | 0.46%             | 2023-06-05      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF KUWAIT SAKP                                      | NATIONAL BANK OF KUWAIT SAKP                                                                    | CUSIP: 63376F5V8<br>LEI: N/A                  | Long             | STIV             | CORP              | KW        |    5000000 | PA      | $5000904.65    | 0.11%             | 2023-02-17      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs High Yield Floating Rate Fund                       | Goldman Sachs High Yield Floating Rate Fund                                                     | CUSIP: 38145L166<br>LEI: 20OHG0KU8S4HBIU77D72 | Long             | EC               | RF                | US        |      14792 | NS      | $129132.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK N.A.                                                     | CITIBANK N.A.                                                                                   | CUSIP: 17305T6C1<br>LEI: MBNUM2BPBDO7JBLYG310 | Long             | STIV             | CORP              | US        |    8100000 | PA      | $8024055.78    | 0.18%             | 2023-08-01      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Trinity Health Corp                                               | Trinity Health Corp                                                                             | CUSIP: 89651KM98<br>LEI: TWSRHFGEDJDX0GKMGJ67 | Long             | STIV             | CORP              | US        |   50000000 | PA      | $49952100.00   | 1.09%             | 2022-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MetLife Short Term Funding LLC                                    | MetLife Short Term Funding LLC                                                                  | CUSIP: 59157USS0<br>LEI: 54930024MDLTV1K1YL10 | Long             | STIV             | CORP              | US        |   13674000 | PA      | $13336973.50   | 0.29%             | 2023-05-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                            | Federal Home Loan Banks                                                                         | CUSIP: 3130ATSU2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    2000000 | PA      | $1996920.00    | 0.04%             | 2023-11-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Victory Receivables Corp                                          | Victory Receivables Corp                                                                        | CUSIP: 92646LNJ5<br>LEI: 549300D0F37QF0LP7F94 | Long             | STIV             | CORP              | US        |    8942000 | PA      | $8889287.18    | 0.19%             | 2023-01-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nieuw Amsterdam Receivables Corp BV                               | Nieuw Amsterdam Receivables Corp BV                                                             | CUSIP: 65409SN95<br>LEI: 724500BM7HQ28ZIB2058 | Long             | STIV             | CORP              | US        |   11555000 | PA      | $11501115.22   | 0.25%             | 2023-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-29

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President