# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0000940400-26-002633
**Filing Date:** 2026-1
**Character Count:** 79079
**Document Hash:** 4ac878fbf6df99a3b3fa3293393f6379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002633.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002633

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26565092

**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 Tax-Advantaged Global Equity Portfolio (Series ID: S000018302)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050455 | Institutional   | TIGGX           |
| C000050456 | Class A         | TAGGX           |
| C000196982 | Class R6 Shares | TRGGX           |
| C000201702 | Class P Shares  | GSKPX           |

## Nport-Ex

GOLDMAN

SACHS

ENHANCED

DIVIDEND

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

November

30,

2025

(Unaudited)

#### Additional

#### Investment

#### Information

#### Shares

#### Description

#### Value
a

a

#### Underlying

#### Funds

#### (Class

#### R6

#### Shares)
(a) #### –

#### 85.2%

#### Equity

#### –

#### 85.2%
15,568,127

Goldman

Sachs U.S.

Equity

Dividend

and

Premium

Fund

$

297,195,543

8,901,527

Goldman

Sachs

International

Equity

Dividend

and

Premium

Fund

74,327,752

766,411

Goldman

Sachs

Small

Cap

Equity

Insights

Fund

24,678,445

693,961

Goldman

Sachs

International

Small

Cap

Insights

Fund

11,825,096

776,385

Goldman

Sachs

Emerging

Markets

Equity

Insights

Fund

8,586,817

41,451

Goldman

Sachs

Energy

Infrastructure

Fund

572,852

#### TOTAL

#### UNDERLYING

#### FUNDS

#### (CLASS

#### R6

#### SHARES)

#### (Cost

#### $226,172,969)
417,186,505

#### a

#### Exchange-Traded

#### Funds

#### –

#### 5.7%
360,213

iShares

Core

S&P

Mid-Cap

ETF

23,896,531

14,058

Health

Care

Select

Sector

SPDR

Fund

2,216,244

8,246

iShares

MSCI

Mexico

ETF

564,191

30,700

Sprott

Physical

Uranium

Trust\*

549,333

4,690

Sprott

Physical

Gold

Trust\*

151,346

1,974

iShares

Core

MSCI

Emerging

Markets

ETF

132,455

1,288

Vanguard

Russell

2000

ETF

129,547

iShares

Core

S&P

500

ETF

124,325

Invesco

Nasdaq

ETF

121,842

iShares

7-10

Year

Treasury

Bond

ETF

9,555

#### TOTAL

#### EXCHANGE-TRADED

#### FUNDS

#### (Cost

#### $24,687,086)
27,895,369

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 7.3%
(a) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

35,992,969

3.928%

$

35,992,969

(Cost

$35,992,969)

#### TOTAL

#### INVESTMENTS

#### –

#### 98.2%

#### (Cost

#### $286,853,024)
$

481,074,843

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 1.8%
8,672,203

#### NET

#### ASSETS

#### –

#### 100.0%
$

489,747,046

&nbsp;&nbsp;&nbsp;&nbsp;a

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) Represents

an

affiliated

issuer.

Currency

Abbreviations:

AUD

Australian

Dollar

BRL

Brazilian

Real

CHF

Swiss

Franc

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

SGD

Singapore

Dollar

USD

United

States

Dollar

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
—

At

November

30,

2025,

the

Portfolio

had

the

following

forward

foreign

currency

exchange

contracts:

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### WITH

#### UNREALIZED

#### GAIN

#### Counterparty

#### Currency

#### Purchased

#### Currency

#### Sold

#### Settlement

#### Date

#### Unrealized

#### Gain
Morgan

Stanley

Co.,

Inc.

USD

264,036

AUD

400,000

12/17/2025

$

2,000

USD

4,197,267

CHF

3,340,844

12/17/2025

29,771

USD

983,723

DKK

6,260,000

12/17/2025

10,375

USD

15,045,423

EUR

12,834,225

12/17/2025

144,877

USD

6,265,510

GBP

4,659,415

12/17/2025

94,076

USD

833,711

HKD

6,480,000

12/17/2025

1,042

USD

9,765,696

JPY

1,433,272,100

12/17/2025

570,100

USD

257,843

NOK

2,600,000

12/17/2025

975

USD

82,294

NZD

140,000

12/17/2025

1,904

USD

1,324,835

SEK

12,450,000

12/17/2025

4,830

USD

594,361

SGD

760,000

12/17/2025

7,178

#### TOTAL
$

867,128

GOLDMAN

SACHS

ENHANCED

DIVIDEND

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### WITH

#### UNREALIZED

#### LOSS

#### Counterparty

#### Currency

#### Purchased

#### Currency

#### Sold

#### Settlement

#### Date

#### Unrealized

#### Loss
Morgan

Stanley

Co.,

Inc.

CHF

160,000

USD

203,355

12/17/2025

$

(3,765)

DKK

630,000

USD

99,831

12/17/2025

(1,874)

NOK

50,000

USD

5,036

12/17/2025

(96) USD

2,604,708

AUD

3,989,962

12/17/2025

(9,079)

USD

262,308

ILS

880,000

12/17/2025

(7,506)

USD

428,440

MXN

8,125,000

12/17/2025

(14,771)

#### TOTAL
$

(37,091)

#### FUTURES

#### CONTRACTS
—

At

November

30,

2025,

the

Portfolio

had

the

following

futures

contracts:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Notional

#### Amount

#### Unrealized

#### Appreciation/
(Depreciation)

Long

position

contracts:

FTSE/JSE

Top

Index

12/18/25

$

302,811

$

16,476

IFSC

NIFTY

12/30/25

897,158

(67) Long

Gilt

Future

03/27/26

485,562

4,673

Mini

MDAX

Index

12/19/25

417,182

(8,716)

U.S.

Treasury

Year

Note

03/20/26

8,727,469

(8,979)

U.S.

Treasury

Year

Note

12/31/25

6,463,500

961

U.S.

Treasury

Year

Note

03/31/26

11,278,828

13,771

U.S.

Treasury

Year

Note

03/31/26

4,939,805

707

#### Total

#### Futures

#### Contracts
$

18,826

#### SWAP

#### CONTRACTS
—

At

November

30,

2025,

the

Fund

had

the

following

swap

contracts:

#### CENTRALLY

#### CLEARED

#### INTEREST

#### RATE

#### SWAP

#### CONTRACTS

#### Payments

#### Made

#### by

#### the

#### Fund
(a) #### Payments

#### Received

#### by

#### the

#### Fund

#### Termination

#### Date

#### Notional

#### Amounts

#### (000's)

#### Value

#### Upfront

#### Premium
(Received)

#### Paid

#### Unrealized

#### Appreciation/
(Depreciation)

0.000 %

(b) 1

Day

BZDIO

1/2/2030

BRL

5,597

$

12,571

$

–

$

12,571

3.815 (b) 1

Day

SONIO

4/10/2030

GBP

1,070

12,111

–

12,111

3.815 (b) 1

Day

SONIO

4/14/2030

GBP

750

8,494

–

8,494

TOTAL

$

33,176

$

–

$

33,176

(a) Represents

forward

starting

interest

rate

swaps

whose

effective

dates

of

commencement

of

accruals

and

cash

flows

occur

subsequent

to

November

30,

2025. (b) Payments

made

annually.

#### OVER

#### THE

#### COUNTER

#### TOTAL

#### RETURN

#### SWAP

#### CONTRACTS

#### Reference

#### Obligation/Index

#### Financing

#### Rate

#### Received
(Paid)

#### by

#### the

#### Fund

#### Counterparty

#### Termination

#### Date
(a) #### Notional

#### Amount

#### (000's)

#### Upfront

#### Premium
(Received)

#### Paid

#### Unrealized

#### Appreciation/

#### (Depreciation)\*
SXDR

2.792%

(b) JPMorgan

Chase

02/04/2026

$

1,059

$

(2,402)

$

122,164

SXDR

1.278%

(b) Morgan

Stanley

Co.,

Inc.

02/04/2026

534

2,593

57,790

SXDR

–%

(b) JPMorgan

Chase

02/04/2026

(946) 47,790

TOTAL

$

227,744

\*

There

are

no

upfront

payments

on

the

swap

contracts,

therefore

the

unrealized

gain

(loss)

on

the

swap

contracts

is

equal

to

their

market

value.

(a) The

Fund

pays/receives

annual

coupon

payments

in

accordance

with

the

swap

contract.

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).

(b) Payments

made

quarterly.

#### Additional

#### Investment

#### Information

#### (#### continued

####)
GOLDMAN

SACHS

ENHANCED

DIVIDEND

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

#### PURCHASED

#### &

#### WRITTEN

#### OPTIONS

#### CONTRACTS
—

At

November

30,

2025,

the

Fund

had

the

following

purchased

and

written

option

contracts:

#### OVER-THE-COUNTER

#### OPTIONS

#### ON

#### EQUITIES

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Purchased

Option

Contracts:

Calls

Health

Care

Select

Sector

SPDR

Fund

Morgan

Stanley

Co.,

Inc.

$

135.00 06/19/2026

6,281

$

6,281

$

164,442

$

64,887

$

99,554

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Written

Option

Contracts:

Calls

Health

Care

Select

Sector

SPDR

Fund

Morgan

Stanley

Co.,

Inc.

$

146.00 06/19/2026

(12,561)

$

(12,561)

$

(213,069)

$

(64,244)

$

(148,825)

Puts

TOPX

JPY

19DEC25

P2503.36

JPMorgan

Chase

JPY

503.36 12/22/2025

(90,178)

$

(90,178)

$

(391) $

(54,909)

$

54,518

Total

written

option

contracts

(102,739)

$

(102,739)

$

(213,460)

$

(119,153)

$

(94,307)

#### OVER-THE-COUNTER

#### OPTIONS

#### ON

#### FOREIGN

#### CURRENCY

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Purchased

Option

Contracts:

Calls

CALL

EUR/

GBP

0.8743 11/12/25

Morgan

Stanley

Co.,

Inc.

EUR

0.87 12/12/2025

750,000

$

750,000

$

4,177

$

12,819

$

(8,642)

Puts

PUT

USD/INR

88.65 Morgan

Stanley

Co.,

Inc.

$

88.65 01/05/2026

1,450,000

$

1,450,000

$

2,148

$

6,829

$

(4,681)

Total

purchased

option

contracts

2,200,000

$

2,200,000

$

6,325

$

19,648

$

(13,323)

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Written

Option

Contracts:

Calls

CALL

EUR/

GBP

0.905 11/12/25

Morgan

Stanley

Co.,

Inc.

EUR

0.91 12/12/2025

(750,000)

$

(750,000)

$

(5) $

(4,046)

$

4,041

Investment

Abbreviations:

BZDIO

—

Brazil

Interbank

Rate

SONIO

—

Sterling

Overnight

Index

Average

#### Additional

#### Investment

#### Information

#### (#### continued

####)

#### \*\*End

#### swaps

#### header\*\*
(continued)

GOLDMAN

SACHS

TAX

-

ADVANTAGED

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

November

30,

2025

(Unaudited)

#### Additional

#### Investment

#### Information

#### Shares

#### Description

#### Value
a

a

#### Underlying

#### Funds

#### (Class

#### R6

#### Shares)
(a) #### –

#### 87.8%

#### Equity

#### –

#### 87.8%
69,181,947

Goldman

Sachs

U.S.

Tax-

Managed

Equity

Fund

$

3,759,347,026

47,320,406

Goldman

Sachs

International

Tax-Managed

Equity

Fund

785,991,946

7,521,265

Goldman

Sachs

International

Small

Cap

Insights

Fund

128,162,352

8,826,888

Goldman

Sachs

Emerging

Markets

Equity

Insights

Fund

97,625,384

339,213

Goldman

Sachs

Energy

Infrastructure

Fund

4,687,926

#### TOTAL

#### UNDERLYING

#### FUNDS

#### (CLASS

#### R6

#### SHARES)

#### (Cost

#### $1,933,724,929)
4,775,814,634

#### a

#### Exchange-Traded

#### Funds

#### –

#### 1.8%
607,602

iShares

Core

MSCI

EAFE

ETF

53,979,362

147,535

Health

Care

Select

Sector

SPDR

Fund

23,258,893

307,200

Sprott

Physical

Uranium

Trust\*

5,496,904

79,716

iShares

MSCI

Mexico

ETF

5,454,169

51,152

Sprott

Physical

Gold

Trust\*

1,650,675

21,533

iShares

Core

MSCI

Emerging

Markets

ETF

1,444,864

2,059

iShares

Core

S&P

500

ETF

1,414,286

14,055

Vanguard

Russell

2000

ETF

1,413,652

5,218

Invesco

Nasdaq

ETF

1,330,068

1,097

iShares

7-10

Year

Treasury

Bond

ETF

106,957

#### TOTAL

#### EXCHANGE-TRADED

#### FUNDS

#### (Cost

#### $90,755,854)
95,549,830

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 8.6%
(a) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

469,349,981

3.928%

$

469,349,981

(Cost

$469,349,981)

#### TOTAL

#### INVESTMENTS

#### –

#### 98.2%

#### (Cost

#### $2,493,830,764)
$

5,340,714,445

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 1.8%
97,374,424

#### NET

#### ASSETS

#### –

#### 100.0%
$

5,438,088,869

&nbsp;&nbsp;&nbsp;&nbsp;a

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) Represents

an

affiliated

issuer.

Currency

Abbreviations:

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

ILS

Israeli

New

Shekel

JPY

Japanese

Yen

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

SGD

Singapore

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
—

At

November

30,

2025,

the

Portfolio

had

the

following

forward

foreign

currency

exchange

contracts:

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### WITH

#### UNREALIZED

#### GAIN

#### Counterparty

#### Currency

#### Purchased

#### Currency

#### Sold

#### Settlement

#### Date

#### Unrealized

#### Gain
Morgan

Stanley

Co.,

Inc.

USD

4,081,647

AUD

6,160,000

12/17/2025

$

46,289

USD

44,465,950

CHF

35,392,984

12/17/2025

315,399

USD

10,428,097

DKK

66,360,000

12/17/2025

109,984

USD

164,829,055

EUR

140,603,958

12/17/2025

1,587,749

USD

68,634,359

GBP

51,051,169

12/17/2025

1,016,648

USD

9,033,358

HKD

70,220,000

12/17/2025

10,208

USD

104,905,947

JPY

15,399,154,282

12/17/2025

6,107,960

USD

2,807,413

NOK

28,300,000

12/17/2025

11,510

USD

857,509

NZD

1,460,000

12/17/2025

19,154

USD

14,374,063

SEK

135,075,000

12/17/2025

52,806

GOLDMAN

SACHS

TAX

-

ADVANTAGED

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### WITH

#### UNREALIZED

#### GAIN
(continued)

#### Counterparty

#### Currency

#### Purchased

#### Currency

#### Sold

#### Settlement

#### Date

#### Unrealized

#### Gain
Morgan

Stanley

Co.,

Inc.

(continued)

USD

6,401,926

SGD

8,190,000

12/17/2025

$

74,248

#### TOTAL
$

9,351,955

#### FORWARD

#### FOREIGN

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### WITH

#### UNREALIZED

#### LOSS

#### Counterparty

#### Currency

#### Purchased

#### Currency

#### Sold

#### Settlement

#### Date

#### Unrealized

#### Loss
Morgan

Stanley

Co.,

Inc.

CHF

990,000

USD

1,252,621

12/17/2025

(17,657)

DKK

8,850,000

USD

1,397,816

12/17/2025

(21,757)

USD

27,564,974

AUD

42,224,774

12/17/2025

(96,077)

USD

2,940,564

ILS

9,840,000

12/17/2025

(76,453)

USD

4,416,225

MXN

83,750,000

12/17/2025

(152,251)

#### TOTAL
$

(364,195)

#### FUTURES

#### CONTRACTS
—

At

November

30,

2025,

the

Portfolio

had

the

following

futures

contracts:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Notional

#### Amount

#### Unrealized

#### Appreciation/
(Depreciation)

Long

position

contracts:

FTSE/JSE

Top

Index

12/18/25

$

3,573,168

$

194,417

IFSC

NIFTY

12/30/25

10,554,800

(786) Mini

MDAX

Index

12/19/25

4,449,948

(92,975)

TOPIX

Index

12/11/25

1,298,642

56,873

U.S.

Treasury

Year

Note

856

03/20/26

97,022,250

(100,802)

U.S.

Treasury

Year

Note

12/31/25

71,932,500

56,748

U.S.

Treasury

Year

Note

616

03/31/26

128,662,187

157,096

U.S.

Treasury

Year

Note

505

03/31/26

55,435,586

7,930

#### Total

#### Futures

#### Contracts
$

278,501

#### CENTRALLY

#### CLEARED

#### INTEREST

#### RATE

#### SWAP

#### CONTRACTS

#### Payments

#### Made

#### by

#### the

#### Fund
(a) #### Payments

#### Received

#### by

#### the

#### Fund

#### Termination

#### Date

#### Notional

#### Amounts

#### (000's)

#### Value

#### Upfront

#### Premium
(Received)

#### Paid

#### Unrealized

#### Appreciation/
(Depreciation)

0.000 %

(b) 1Day

BZDIO

1/2/2030

BRL

60,127

$

160,937

$

17,574

$

143,363

3.815 (b) 1

Day

SONIO

4/10/2030

GBP

13,200

149,408

–

149,408

3.815 (b) 1

Day

SONIO

4/14/2030

GBP

6,909

78,247

–

78,247

TOTAL

$

388,592

$

17,574

$

371,018

(a) Represents

forward

starting

interest

rate

swaps

whose

effective

dates

of

commencement

of

accruals

and

cash

flows

occur

subsequent

to

November

30,

2025. (b) Payments

made

annually.

#### OVER

#### THE

#### COUNTER

#### TOTAL

#### RETURN

#### SWAP

#### CONTRACTS

#### Reference

#### Obligation/Index

#### Financing

#### Rate

#### Received
(Paid)

#### by

#### the

#### Fund

#### Counterparty

#### Termination

#### Date
(a) #### Notional

#### Amount

#### (000's)

#### Upfront

#### Premium
(Received)

#### Paid

#### Unrealized

#### Appreciation/

#### (Depreciation)\*
SXDR

0.855%

(b) JPMorgan

Chase

02/04/2026

$

11,342

$

(25,715)

$

1,307,938

SXDR

0.855%

(b) Morgan

Stanley

Co.,

Inc.

02/04/2026

6,137

29,794

664,021

SXDR

–%

(b) JPMorgan

Chase

02/04/2026

4,468

(10,199)

515,305

TOTAL

$

2,487,264

\*

There

are

no

upfront

payments

on

the

swap

contracts,

therefore

the

unrealized

gain

(loss)

on

the

swap

contracts

is

equal

to

their

market

value.

#### Additional

#### Investment

#### Information

#### (#### continued

####)
GOLDMAN

SACHS

TAX

-

ADVANTAGED

GLOBAL

EQUITY

PORTFOLIO

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

(a) The

Fund

pays/receives

annual

coupon

payments

in

accordance

with

the

swap

contract.

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).

(b) Payments

made

annually.

#### PURCHASED

#### &

#### WRITTEN

#### OPTIONS

#### CONTRACTS
—

At

November

30,

2025,

the

Fund

had

the

following

purchased

and

written

option

contracts:

#### OVER-THE-COUNTER

#### OPTIONS

#### ON

#### EQUITIES

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Purchased

Option

Contracts:

Calls

Health

Care

Select

Sector

SPDR

Fund

Morgan

Stanley

Co.,

Inc.

$

135.00 06/19/2026

67,328

$

67,328

$

1,762,699

$

695,545

$

1,067,154

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Written

Option

Contracts:

Calls

Health

Care

Select

Sector

SPDR

Fund

Morgan

Stanley

Co.,

Inc.

$

146.00 06/19/2026

(134,655)

$

(134,655)

$

(2,284,120)

$

(688,706)

$

(1,595,414)

Puts

TOPX

JPY

19DEC25

P503.35

JPMorgan

Chase

JPY

503.36 12/19/2025

(949,258)

$

(949,258)

$

(4,113)

$

(610,591)

$

606,478

Total

written

option

contracts

(1,083,913)

$

(1,083,913)

$

(2,288,233)

$

(1,299,297)

$

(988,936)

#### OVER-THE-COUNTER

#### OPTIONS

#### ON

#### FOREIGN

#### CURRENCY

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Purchased

Option

Contracts:

Calls

CALL

EUR/

GBP

0.8743 11/12/25

Morgan

Stanley

Co.,

Inc.

EUR

0.87 11/12/2025

8,010,000

$

8,010,000

$

44,613

$

137,957

$

(93,344)

Puts

PUT

USD/INR

88.65 Morgan

Stanley

Co.,

Inc.

$

88.65 01/05/2026

16,500,000

$

16,500,000

$

24,445

$

77,715

$

(53,270)

Total

purchased

option

contracts

24,510,000

$

24,510,000

$

69,058

$

215,672

$

(146,614)

#### Description

#### Counterparty

#### Exercise

#### Rate

#### Expiration

#### Date

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Market

#### Value

#### Premiums

#### Paid
(Received)

#### by

#### the

#### Fund

#### Unrealized

#### Appreciation/
(Depreciation)

Written

Option

Contracts:

Calls

CALL

EUR/

GBP

0.905 11/12/25

Morgan

Stanley

Co.,

Inc.

EUR

0.91 11/12/2025

(8,010,000)

$

(8,010,000)

$

(49) $

(43,536)

$

43,487

Investment

Abbreviations:

BZDIO

—

Brazil

Interbank

Rate

SONIO

—

Sterling

Overnight

Index

Average

#### Additional

#### Investment

#### Information

#### (#### continued

####)

#### \*\*End

#### swaps

#### header\*\*
(continued)

Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

November

30,

2025

(Unaudited)

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
Investment

Valuation

—

The

Funds'

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Portfolios'

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

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

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

—

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

—

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

Portfolios,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Portfolios'

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

"Valuation

Designee")

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Portfolios'

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.

A. Level

and

Level

Fair

Value

Investments—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

and

Level

are

as

follows:

Equity

Securities—

Equity

securities

traded

on

a

United

States

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

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2. Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2. Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2. Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

("Underlying

Funds")

include

exchange-traded

funds

("ETFs")

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Portfolios

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Portfolios'

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

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.

Derivative

Contracts—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Portfolio

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

Portfolio

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Portfolio,

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

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

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i. Forward

Contracts

—

A

forward

contract

is

a

contract

between

two

parties

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

A

forward

contract

settlement

can

occur

on

a

cash

or

delivery

basis.

Forward

contracts

are

marked-to-market

daily

using

independent

vendor

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Cash

and

certain

investments

may

be

used

to

collateralize

forward

contracts.

A

forward

foreign

currency

exchange

contract

is

a

forward

contract

in

which

a

Portfolio

agrees

to

receive

or

deliver

a

fixed

quantity

of

one

currency

for

another,

at

a

pre-determined

price

at

a

future

date.

All

forward

foreign

currency

exchange

contracts

are

marked

to

market

daily

by

using

the

outright

forward

rates

or

interpolating

based

upon

maturity

dates,

where

available.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

ii. Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Portfolio

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

Portfolio

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

iii. Options

—

When

the

Portfolio

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.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

Upon

the

purchase

of

a

call

option

or

a

put

option

by

the

Portfolio,

the

premium

paid

is

recorded

as

an

investment

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option.

Certain

options

may

be

purchased

with

premiums

to

be

determined

on

a

future

date.

The

premiums

for

these

options

are

based

upon

implied

volatility

parameters

at

specified

terms.

iv. Swap

Contracts

—

Bilateral

swap

contracts

are

agreements

in

which

a

Portfolio

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

Portfolio

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

Portfolio

is

required

to

satisfy

an

initial

margin

requirement

by

delivering

cash

or

securities

to

the

counterparty

(or

in

some

cases,

segregated

in

a

triparty

account

on

behalf

of

the

counterparty),

which

can

be

adjusted

by

any

mark-to-market

gains

or

losses

pursuant

to

bilateral

or

centrally

cleared

arrangements.

For

centrally

cleared

swaps

the

daily

change

in

valuation,

if

any,

is

recorded

as

a

receivable

or

payable

for

variation

margin.

An

interest

rate

swap

is

an

agreement

that

obligates

two

parties

to

exchange

a

series

of

cash

flows

at

specified

intervals,

based

upon

or

calculated

by

reference

to

changes

in

interest

rates

on

a

specified

notional

principal

amount.

The

payment

flows

are

usually

netted

against

each

other,

with

the

difference

being

paid

by

one

party

to

the

other.

A

total

return

swap

is

an

agreement

that

gives

a

Portfolio

the

right

to

receive

or

pay

the

appreciation

or

depreciation,

as

applicable,

in

the

value

of

a

specified

security,

an

index,

a

basket

of

securities

or

indices

or

other

instrument

in

return

for

a

fee

paid

to

the

counterparty,

which

will

typically

be

an

agreed

upon

interest

rate.

If

the

underlying

asset

declines

in

value

over

the

term

of

the

swap,

a

Portfolio

may

also

be

required

to

pay

the

dollar

value

of

that

decline

to

the

counterparty.

Level

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

Portfolio's

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Portfolio's

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

investments.

Fair

Value

Hierarchy—

The

following

is

a

summary

of

the

Portfolios'

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2025:

#### Enhanced

#### Dividend

#### Global

#### Equity

#### Portfolio

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Underlying

Funds

$

417,186,505

$

—

$

—

Exchange-Traded

Funds

27,895,369

—

—

Investment

Companies

35,992,969

—

—

#### Total
$

481,074,843

$

—

$

—

€

1.00 €

1.00 €

1.00 #### Derivative

#### Type

#### Assets
Forward

Foreign

Currency

Exchange

Contracts

(a) $

—

$

867,128

$

—

Futures

Contracts

(a) 36,588

—

—

Interest

Rate

Swap

Contracts

(a) —

33,176

—

Purchased

Options

Contracts

—

170,767

—

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

The

Portfolios'

and

Underlying

Funds'

risks

include,

but

are

not

limited

to,

the

following:

Counterparty

Risk

—

Many

of

the

protections

afforded

to

cleared

transactions,

such

as

the

security

afforded

by

transacting

through

a

clearing

house,

might

not

be

available

in

connection

with

OTC

transactions.

Therefore,

in

those

instances

in

which

the

Fund

enters

into

uncleared

OTC

transactions,

the

Fund

will

be

subject

to

the

risk

that

its

direct

counterparty

will

not

perform

its

obligations

under

the

transactions

and

that

the

Fund

will

sustain

losses.

Derivatives

Risk

—

The

Portfolios'

use

of

derivatives

and

other

similar

instruments

(collectively

referred

to

in

this

paragraph

as

"derivatives")

may

result

in

loss,

including

due

to

adverse

market

movements.

Derivatives,

which

may

pose

risks

in

addition

to

and

greater

than

those

associated

with

investing

directly

in

securities,

currencies

or

other

assets

and

instruments,

may

increase

market

exposure

and

be

illiquid

or

less

liquid,

volatile,

difficult

to

price

and

leveraged

so

that

small

changes

in

the

value

of

the

underlying

assets

or

instruments

may

produce

disproportionate

losses

to

the

Portfolios.

Certain

derivatives

are

also

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not,

or

lacks

the

capacity

or

authority

to,

fulfill

its

contractual

obligations,

Total

Return

Swap

Contracts

(a) $

—

$

227,744

$

—

#### Total
$

36,588

$

1,298,815

$

—

€

1.00 €

1.00 €

1.00 #### Liabilities
Forward

Foreign

Currency

Exchange

Contracts

(a) $

—

$

(37,091)

$

—

Futures

Contracts

(a) (17,762)

—

—

Written

Options

Contracts

—

(213,465)

—

#### Total
$

(17,762)

$

(250,556)

$

—

€

1.00 €

1.00 €

1.00 #### Tax-Advantaged

#### Global

#### Equity

#### Portfolio

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Underlying

Funds

$

4,775,814,634

$

—

$

—

Exchange-Traded

Funds

95,549,830

—

—

Investment

Companies

469,349,981

—

—

#### Total
$

5,340,714,445

$

—

$

—

€

1.00 €

1.00 €

1.00 #### Derivative

#### Type

#### Assets
Forward

Foreign

Currency

Exchange

Contracts

(a) $

—

$

9,351,955

$

—

Futures

Contracts

(a) 473,064

—

—

Interest

Rate

Swap

Contracts

(a) —

371,018

—

Purchased

Options

Contracts

—

1,831,757

—

Total

Return

Swap

Contracts

(a) —

2,487,264

—

#### Total
$

473,064

$

14,041,994

$

—

€

1.00 €

1.00 €

1.00 #### Liabilities
Forward

Foreign

Currency

Exchange

Contracts

(a) $

—

$

(364,195)

$

—

Futures

Contracts

(a) (194,563)

—

—

Written

Options

Contracts

—

(2,288,282)

—

#### Total
$

(194,563)

$

(2,652,477)

$

—

€

1.00 €

1.00 €

1.00 (a) Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

liquidity

risk,

which

includes

the

risk

that

the

Portfolios

will

not

be

able

to

exit

the

derivative

when

it

is

advantageous

to

do

so,

and

risks

arising

from

margin

requirements,

which

include

the

risk

that

the

Portfolios

will

be

required

to

pay

additional

margin

or

set

aside

additional

collateral

to

maintain

open

derivative

positions.

The

use

of

derivatives

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

investments

in

more

traditional

securities

and

instruments.

Losses

from

derivatives

can

also

result

from

a

lack

of

correlation

between

changes

in

the

value

of

derivative

instruments

and

the

portfolio

assets

(if

any)

being

hedged.

Dividend-Paying

Investments

Risk

—

A

Portfolio's

investments

in

dividend-paying

securities

could

cause

a

Portfolio

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

a

Portfolio's

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.

This

may

limit

the

ability

of

a

Portfolio

to

produce

current

income.

Expenses

Risk

—

By

investing

in

the

Underlying

Funds

indirectly

through

the

Portfolio,

the

investor

will

incur

not

only

a

proportionate

share

of

the

expenses

of

the

Underlying

Funds

held

by

the

Portfolio

(including

operating

costs

and

investment

management

fees),

but

also

the

expenses

of

the

Portfolio.

Investments

in

the

Underlying

Funds

Risk

—

The

Portfolios

invest

primarily

in

a

combination

of

Underlying

Funds,

and

are

subject

to

the

risk

factors

associated

with

the

investments

of

those

Underlying

Funds

in

direct

proportion

to

the

amount

of

assets

allocated

to

each.

A

strategy

used

by

the

Underlying

Funds

may

fail

to

produce

the

intended

results.

As

of

November

30,

2025,

the

Enhanced

Dividend

Global

Equity

Portfolio

invested

60.7%

and

15.2%

of

its

net

assets

in

the

Goldman

Sachs

U.S.

Equity

Dividend

and

Premium

Fund

(the

"U.S.

Equity

Dividend

and

Premium

Fund")

and

the

Goldman

Sachs

International

Equity

Dividend

and

Premium

Fund

(the

"International

Equity

Dividend

and

Premium

Fund"),

respectively.

Because

of

the

high

concentration

of

its

assets

in

these

Underlying

Funds,

the

Enhanced

Dividend

Global

Equity

Portfolio

has

greater

exposure

to

the

risks

associated

with

these

Underlying

Funds

than

it

does

to

the

risks

associated

with

the

other

Underlying

Funds

in

which

it

invests.

The

U.S.

Equity

Dividend

and

Premium

Fund

invests

primarily

in

dividend

paying

equity

investments

in

large

capitalization

U.S.

issuers,

with

public

stock

market

capitalizations

within

the

range

of

the

market

capitalization

of

the

S&P

500®

Index

at

the

time

of

investment.

This

Underlying

Fund

expects

that,

under

normal

circumstances,

it

will

write

(sell)

call

options

on

the

S&P

500®

Index

or

related

exchange-traded

funds

in

an

amount

that

is

between

20%

and

75%

of

the

value

of

its

portfolio.

The

International

Equity

Dividend

and

Premium

Fund

invests

primarily

in

dividend-paying

equity

investments

in

non-U.S.

issuers

with

public

stock

market

capitalizations

within

the

range

of

capitalization

of

the

Morgan

Stanley

Capital

International

("MSCI")

Europe,

Australasia,

Far

East

("EAFE")

Index

("MSCI

EAFE

Index")

at

the

time

of

investment.

This

Underlying

Fund

expects

that,

under

normal

circumstances,

it

will

write

(sell)

call

options

on

the

MSCI

EAFE

Index,

other

national

or

regional

stock

market

indices

or

related

exchange-traded

funds

in

an

amount

that

is

between

20%

and

75%

of

the

value

of

its

portfolio.

As

of

November

30,

2025,

the

Tax-Advantaged

Global

Equity

Portfolio

invested

69.1%

and

14.5%

of

its

net

assets

in

the

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

(the

"U.S.

Tax-Managed

Equity

Fund")

and

the

Goldman

Sachs

International

Tax-Managed

Equity

Fund

(the

"International

Tax-Managed

Equity

Fund"),

respectively.

Because

of

the

high

concentration

of

its

assets

in

these

Underlying

Funds,

the

Tax-Advantaged

Global

Equity

Portfolio

has

greater

exposure

to

the

risks

associated

with

these

Underlying

Funds

than

it

does

to

the

risks

associated

with

the

other

Underlying

Funds

in

which

it

invests.

The

U.S.

Tax-

Managed

Equity

Fund

invests

primarily

in

equity

investments

in

U.S.

issuers.

This

Underlying

Fund

will

seek

to

maintain

risk,

style,

capitalization

and

industry

characteristics

similar

to

the

Russell

3000

Index.

The

International

Tax-Managed

Equity

Fund

invests

primarily

in

equity

investments

in

non-U.S.

issuers.

This

Underlying

Fund

will

seek

to

maintain

risk,

style,

capitalization

and

industry

characteristics

similar

to

the

MSCI

EAFE

Index.

The

investment

adviser

may

seek

tax-efficiency

by

offsetting

gains

and

losses,

limiting

portfolio

turnover

or

selling

high

tax

basis

securities

for

both

Underlying

Funds.

The

Portfolios

do

not

invest

in

the

Underlying

Funds

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

Portfolios

within

their

principal

investment

strategies

may

represent

a

significant

portion

of

an

Underlying

Fund's

net

assets.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Global

Tax-Aware

Equity

Portfolios

Schedule

of

Investments

(continued)

November

30,

2025

(Unaudited)

Large

Shareholder

Transactions

Risk

—

A

Portfolio

or

an

Underlying

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

Portfolio

or

an

Underlying

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Portfolio

or

an

Underlying

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Portfolio

or

an

Underlying

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Portfolio's

or

an

Underlying

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

Portfolio's

or

an

Underlying

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Portfolio's

or

the

Underlying

Fund's

expense

ratio.

Similarly,

large

Portfolio

or

Underlying

Fund

share

purchases

may

adversely

affect

a

Portfolio's

or

an

Underlying

Fund's

performance

to

the

extent

that

the

Portfolio

or

the

underlying

fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Leverage

Risk

—

Leverage

creates

exposure

to

potential

gains

and

losses

in

excess

of

the

initial

amount

invested.

Borrowing

and

the

use

of

derivatives

may

result

in

leverage

and

may

make

the

Portfolio

more

volatile.

When

the

Portfolio

uses

leverage,

the

sum

of

that

Portfolio's

investment

exposure

may

significantly

exceed

the

amount

of

assets

invested

in

the

Portfolio,

although

these

exposures

may

vary

over

time.

Relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

a

leveraged

investment.

The

use

of

leverage

may

cause

the

Portfolio

to

liquidate

portfolio

positions

to

satisfy

its

obligations

when

it

may

not

be

advantageous

to

do

so.

The

use

of

leverage

by

the

Portfolio

can

substantially

increase

the

adverse

impact

to

which

the

Portfolio's

investment

portfolio

may

be

subject.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Portfolio

and

an

Underlying

Fund

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

securities

in

which

a

Portfolio

and/or

an

Underlying

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Portfolio

and/or

an

Underlying

Fund

and

their

investments.

Additionally,

a

Portfolio

and/or

an

Underlying

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

Portfolio

and

the

Underlying

Fund

have

unsettled

or

open

transactions

defaults.

Tax-Managed

Investment

Risk

—

Because

the

investment

adviser

balances

investment

considerations

and

tax

considerations,

the

pre-

tax

performance

of

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

may

be

lower

than

the

performance

of

similar

funds

that

are

not

tax-managed.

This

is

because

the

Investment

Adviser

may

choose

not

to

make

certain

investments

that

may

result

in

taxable

distributions

to

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio.

Even

though

tax-managed

strategies

are

being

used,

they

may

not

reduce

the

amount

of

taxable

income

and

capital

gains

distributed

by

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

to

shareholders.

A

high

percentage

of

an

Underlying

Fund's

NAV

may

consist

of

unrealized

capital

gains,

which

represent

a

potential

future

tax

liability

to

shareholders.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

## 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 Tax-Advantaged Global Equity Portfolio

- **b. EDGAR series identifier (if any):** S000018302

- **c. LEI of Series:** 8X1BHGDQA0LB7ANZ3X51

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $5604242641.21

**Total Liabilities:** $166737992.11

**Net Assets:** $5437504649.10

**Cash Not Reported:** $88087565.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050455 | 3.34%                | 1.89%                | 0.74%                |
| Class ID C000050456 | 3.30%                | 1.88%                | 0.68%                |
| Class ID C000196982 | 3.32%                | 1.92%                | 0.72%                |
| Class ID C000201702 | 3.32%                | 1.92%                | 0.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $173038211.31                              |
| Month 2  | $51426563.45             | $38718119.71                               |
| Month 3  | $539.84                  | $36178803.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.         | US 10YR NOTE (CBT)                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       856 | NC      | $-100802.35    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                 | INR CALL VERSUS USD PUT                             | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              | CORP              | US        |  16500000 | NC      | $24445.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                            | EUR CALL VERSUS GBP PUT                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |  -8010000 | NC      | $-49.24        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                            | EUR CALL VERSUS GBP PUT                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |   8010000 | NC      | $44612.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.         | US 5YR NOTE (CBT)                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       505 | NC      | $7930.27       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH AFRICAN FUTURES EXCHANGE                      | FTSE/JSE TOP 40                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ZA        |        59 | NC      | $194416.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $734420.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5527.38       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1194.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2839.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $922.86        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.         | US 2YR NOTE (CBT)                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       345 | NC      | $56747.89      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2998.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10109.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $194213.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $89826.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $46288.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank Securities Inc.                       | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-152250.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BANK                             | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7368.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                    | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              | CORP              | US        |         1 | NC      | $109983.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                    | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |         1 | NC      | $10315.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                       | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-66342.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.         | US 2YR NOTE (CBT)                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       616 | NC      | $157096.38     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank Securities Inc.                       | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1393536.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET GLOBAL MARKETS, LLC                    | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: 549300FDEDF5ORXCMQ56 | N/A              | DFE              | CORP              | US        |         1 | NC      | $315398.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, National Association               | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-96077.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BANK                             | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $926821.01     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                            | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18231.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                  | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $68720.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                        | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $49808.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED BANK                             | CURRENCY CONTRACT - USD                             | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5373539.70    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - DKK                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-21756.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                               | CURRENCY CONTRACT - CHF                             | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-17657.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                  | TOPIX INDX                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |         6 | NC      | $56872.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC                 | TRS SXDR INDEX                                      | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DE               | CORP              | US        |         1 | NC      | $693815.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION           | TRS SXDR INDEX                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $505105.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION           | TRS SXDR INDEX                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |         1 | NC      | $1282222.78    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                    | IRS BRL                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $160937.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                           | IRS GBP                                             | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $57688.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                           | IRS GBP                                             | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $108638.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs U.S. Tax-Managed Equity Fund          | Goldman Sachs U.S. Tax-Managed Equity Fund          | CUSIP: 38150C705<br>LEI: 549300HEKU61E0SQOE76 | Long             | EC               | RF                | US        |  69181947 | NS      | $3759347025.95 | 69.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | CUSIP: 38150C606<br>LEI: 3EPW4EQLX6NR7L382R49 | Long             | EC               | RF                | US        |  47320406 | NS      | $785991945.77  | 14.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust                       | Sprott Physical Uranium Trust                       | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |    307200 | NS      | $5496904.41    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | CUSIP: 38147X234<br>LEI: 549300VMLASEOM8ZWE07 | Long             | EC               | RF                | US        |   7521265 | NS      | $128162352.29  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                   | MINI MDAX                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |       128 | NC      | $-92974.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | CUSIP: 38147X259<br>LEI: 549300UHNMO4HOGWYU58 | Long             | EC               | RF                | US        |   8826888 | NS      | $97625384.23   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund      | Goldman Sachs Financial Square Government Fund      | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        | 467860806 | NS      | $467860806.40  | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF              | iShares Core MSCI Emerging Markets ETF              | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |     21533 | NS      | $1444864.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Mexico ETF                             | iShares MSCI Mexico ETF                             | CUSIP: 464286822<br>LEI: 549300SQ92O6OZ19G545 | Long             | EC               | RF                | US        |     79716 | NS      | $5454168.72    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF                          | iShares Core MSCI EAFE ETF                          | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |    607602 | NS      | $53979361.68   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Gold Trust                          | Sprott Physical Gold Trust                          | CUSIP: 85207H104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |     51152 | NS      | $1650675.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                            | iShares Core S&P 500 ETF                            | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |      2059 | NS      | $1414285.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                 | iShares 7-10 Year Treasury Bond ETF                 | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |      1097 | NS      | $106957.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Nasdaq 100 ETF                              | Invesco Nasdaq 100 ETF                              | CUSIP: 46138G649<br>LEI: 549300TKJ3EA6QHM7D23 | Long             | EC               | RF                | US        |      5218 | NS      | $1330068.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Health Care Select Sector SPDR ETF     | State Street Health Care Select Sector SPDR ETF     | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |    147535 | NS      | $23258892.75   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STOCK EXCHANGE OF INDIA LIMITED            | IFSC NIFTY 50                                       | CUSIP: 000000000<br>LEI: 335800NLY5HYW9I7YE03 | N/A              | DE               | CORP              | IN        |       200 | NC      | $-786.36       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Energy Infrastructure Fund            | Goldman Sachs Energy Infrastructure Fund            | CUSIP: 38148U239<br>LEI: 5493004HQKOKO2ODA746 | Long             | EC               | RF                | US        |    332970 | NS      | $4601640.62    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Russell 2000 ETF                           | Vanguard Russell 2000 ETF                           | CUSIP: 92206C664<br>LEI: N/A                  | Long             | EC               | RF                | US        |     14055 | NS      | $1413651.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC              | HEALTH CARE SELECT SECTOR SPDR FUND                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               | CORP              | GB        |   -134655 | NC      | $-2284120.22   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC              | HEALTH CARE SELECT SECTOR SPDR FUND                 | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               | CORP              | GB        |     67328 | NC      | $1762699.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION           | TOKYO STOCK EXCHANGE TOPIX INDEX                    | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               | CORP              | US        |   -949258 | NC      | $-4112.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Allison Frachiolla

**Name of Signer:** Allison Frachiolla

**Title:** Vice President Assistant Treasurer