# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001410368-25-027895
**Filing Date:** 2025-11
**Character Count:** 228432
**Document Hash:** 6cfa41a031074b04a17d9be3b378f9e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027895.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001410368-25-027895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20251231

**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:** 251505264

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

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

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

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

## Series and Classes Contracts Data

### Goldman Sachs Commodity Strategy Fund (Series ID: S000015787)

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

## Nport-Ex

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 39.2%** | **Common Stocks – 39.2%** |  |
| **Aerospace & Defense – 1.2%** | **Aerospace & Defense – 1.2%** |  |
| 155 | AAR Corp.\* | $13899 |
| 361 | AeroVironment, Inc.\* | 113675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14242 | AerSale Corp.\* | 116642 |
| 8782 | Archer Aviation, Inc. Class A\* | 84132 |
| 1412 | Astronics Corp.\* | 64401 |
| 461 | ATI, Inc.\* | 37498 |
| 1748 | Axon Enterprise, Inc.\* | 1254435 |
| 10379 | Boeing Co.\* | 2240100 |
| 789 | BWX Technologies, Inc. | 145468 |
| 2717 | Byrna Technologies, Inc.\* | 60209 |
| 2199 | Cadre Holdings, Inc. | 80285 |
| 382 | Curtiss-Wright Corp. | 207403 |
| 1063 | Ducommun, Inc.\* | 102186 |
| 577 | Eve Holding, Inc.\*<sup>(a)</sup> | 2198 |
| 15354 | General Dynamics Corp. | 5235714 |
| 61436 | General Electric Co. | 18481178 |
| 11009 | HEICO Corp. | 3553925 |
| 1550 | HEICO Corp. Class A | 393840 |
| 260 | Hexcel Corp. | 16302 |
| 9702 | Howmet Aerospace, Inc. | 1903823 |
| 233 | Huntington Ingalls Industries, Inc. | 67083 |
| 125 | Intuitive Machines, Inc.\* | 1315 |
| 546 | Karman Holdings, Inc.\* | 39421 |
| 2836 | Kratos Defense & Security Solutions, Inc.\* | 259125 |
| 19395 | L3Harris Technologies, Inc. | 5923427 |
| 1247 | Leonardo DRS, Inc. | 56614 |
| 748 | Loar Holdings, Inc.\* | 59840 |
| 3825 | Lockheed Martin Corp. | 1909478 |
| 1540 | Mercury Systems, Inc.\* | 119196 |
| 398 | Moog, Inc. Class A | 82653 |
| 1732 | National Presto Industries, Inc. | 194244 |
| 1924 | Northrop Grumman Corp. | 1172332 |
| 12495 | Park Aerospace Corp. | 254148 |
| 380 | Redwire Corp.\*<sup>(a)</sup> | 3416 |
| 6105 | Rocket Lab Corp.\* | 292491 |
| 64955 | RTX Corp. | 10868920 |
| 15869 | Satellogic, Inc. Class A\*<sup>(a)</sup> | 52050 |
| 1876 | Spirit AeroSystems Holdings, Inc. Class A\* | 72414 |
| 401 | StandardAero, Inc.\* | 10943 |
| 1656 | Textron, Inc. | 139915 |
| 4181 | TransDigm Group, Inc. | 5510642 |
| 1404 | V2X, Inc.\* | 81558 |
| 12187 | Virgin Galactic Holdings, Inc.\*<sup>(a)</sup> | 47042 |
| 377 | VSE Corp. | 62672 |
| 10698 | Woodward, Inc. | 2703492 |
|  |  | 64091744 |
| **Air Freight & Logistics – 0.0%** | **Air Freight & Logistics – 0.0%** |  |
| 1478 | CH Robinson Worldwide, Inc. | 195687 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Air Freight & Logistics – (continued)** | **Air Freight & Logistics – (continued)** |  |
| 1405 | Expeditors International of Washington, Inc. | $172239 |
| 2939 | FedEx Corp. | 693045 |
| 95 | Forward Air Corp.\* | 2436 |
| 1475 | GXO Logistics, Inc.\* | 78013 |
| 235 | Hub Group, Inc. Class A | 8093 |
| 31806 | International Distribution Services PLC<sup>(b)</sup> | 158271 |
| 21044 | Radiant Logistics, Inc.\* | 124160 |
| 8949 | United Parcel Service, Inc. Class B | 747510 |
|  |  | 2179454 |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |  |
| 2428 | Adient PLC\* | 58466 |
| 3015 | Aptiv PLC\* | 259953 |
| 377 | Autoliv, Inc. | 46559 |
| 3656 | BorgWarner, Inc. | 160718 |
| 1976 | Cooper-Standard Holdings, Inc.\* | 72974 |
| 2477 | Dana, Inc. | 49639 |
| 1110 | Dorman Products, Inc.\* | 173027 |
| 334 | Fox Factory Holding Corp.\* | 8113 |
| 5105 | Garrett Motion, Inc. | 69530 |
| 1701 | Gentex Corp. | 48138 |
| 1646 | Gentherm, Inc.\* | 56063 |
| 96 | Goodyear Tire & Rubber Co.\* | 718 |
| 19670 | Holley, Inc.\* | 61764 |
| 624 | LCI Industries | 58126 |
| 995 | Lear Corp. | 100107 |
| 11843 | Luminar Technologies, Inc.\*<sup>(a)</sup> | 22620 |
| 593 | Modine Manufacturing Co.\* | 84301 |
| 7281 | Motorcar Parts of America, Inc.\* | 120428 |
| 888 | Patrick Industries, Inc. | 91846 |
| 1132 | Phinia, Inc. | 65067 |
| 30115 | Solid Power, Inc.\* | 104499 |
| 2498 | Standard Motor Products, Inc. | 101968 |
| 3443 | Stoneridge, Inc.\* | 26236 |
| 575 | Visteon Corp. | 68919 |
| 328 | XPEL, Inc.\* | 10847 |
|  |  | 1920626 |
| **Automobiles – 0.7%** | **Automobiles – 0.7%** |  |
| 55908 | Ford Motor Co. | 668660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101120 | General Motors Co. | 6165286 |
| 3654 | Harley-Davidson, Inc. | 101947 |
| 415 | Livewire Group, Inc.\* | 1971 |
| 3587 | Rivian Automotive, Inc. Class A\* | 52657 |
| 70898 | Tesla, Inc.\* | 31529759 |
| 1239 | Thor Industries, Inc. | 128472 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## Consolidated Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Automobiles – (continued)** | **Automobiles – (continued)** |  |
| 167 | Winnebago Industries, Inc. | $5584 |
|  |  | 38654336 |
| **Banks – 1.9%** | **Banks – 1.9%** |  |
| 1203 | 1st Source Corp. | 74057 |
| 2388 | ACNB Corp. | 105168 |
| 2142 | Amalgamated Financial Corp. | 58155 |
| 2641 | Amerant Bancorp, Inc. | 50892 |
| 1642 | Ameris Bancorp | 120375 |
| 3916 | Arrow Financial Corp. | 110823 |
| 1481 | Associated Banc-Corp. | 38077 |
| 130 | Atlantic Union Bankshares Corp. | 4588 |
| 1642 | Axos Financial, Inc.\* | 138995 |
| 3705 | Banc of California, Inc. | 61318 |
| 738 | BancFirst Corp. | 93320 |
| 1331 | Bancorp, Inc.\* | 99679 |
| 992 | Bank First Corp. | 120340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328360 | Bank of America Corp. | 16940092 |
| 1320 | Bank of Hawaii Corp. | 86645 |
| 5233 | Bank of Marin Bancorp | 127057 |
| 2484 | Bank of NT Butterfield & Son Ltd. | 106613 |
| 2691 | Bank OZK | 137187 |
| 2952 | Bank7 Corp. | 136589 |
| 2657 | BankUnited, Inc. | 101391 |
| 3350 | Bankwell Financial Group, Inc. | 148237 |
| 1405 | Banner Corp. | 92028 |
| 2862 | Bar Harbor Bankshares | 87177 |
| 5150 | BayCom Corp. | 148062 |
| 14771 | BCB Bancorp, Inc. | 128212 |
| 7182 | Beacon Financial Corp. | 170285 |
| 19109 | Blue Foundry Bancorp\* | 173701 |
| 34764 | Blue Ridge Bankshares, Inc.\* | 147052 |
| 744 | BOK Financial Corp. | 82911 |
| 8307 | Bridgewater Bancshares, Inc.\* | 146203 |
| 1088 | Burke & Herbert Financial Services Corp. | 67119 |
| 2953 | Business First Bancshares, Inc. | 69720 |
| 2629 | Byline Bancorp, Inc. | 72902 |
| 1482 | C&F Financial Corp. | 99590 |
| 3438 | Cadence Bank | 129063 |
| 8052 | California BanCorp\* | 134307 |
| 2296 | Camden National Corp. | 88603 |
| 4337 | Capital Bancorp, Inc. | 138350 |
| 3270 | Capital City Bank Group, Inc. | 136653 |
| 12788 | Capitol Federal Financial, Inc. | 81204 |
| 6752 | Carter Bankshares, Inc.\* | 131056 |
| 1921 | Cathay General Bancorp | 92227 |
| 3643 | Central Pacific Financial Corp. | 110529 |
| 3157 | ChoiceOne Financial Services, Inc. | 91427 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29601 | Citigroup, Inc. | $3004501 |
| 6762 | Citizens & Northern Corp. | 133955 |
| 6689 | Citizens Financial Group, Inc. | 355587 |
| 1285 | Citizens Financial Services, Inc. | 77460 |
| 917 | City Holding Co. | 113589 |
| 5802 | Civista Bancshares, Inc. | 117839 |
| 4256 | CNB Financial Corp. | 102995 |
| 1064 | Coastal Financial Corp.\* | 115093 |
| 8438 | Colony Bankcorp, Inc. | 143530 |
| 7469 | Columbia Banking System, Inc. | 192252 |
| 4205 | Columbia Financial, Inc.\* | 63117 |
| 2666 | Comerica, Inc. | 182674 |
| 1947 | Commerce Bancshares, Inc. | 116353 |
| 1375 | Community Financial System, Inc. | 80630 |
| 1757 | Community Trust Bancorp, Inc. | 98304 |
| 7609 | Community West Bancshares | 158572 |
| 2900 | ConnectOne Bancorp, Inc. | 71949 |
| 969 | Cullen/Frost Bankers, Inc. | 122840 |
| 1377 | Customers Bancorp, Inc.\* | 90014 |
| 3307 | CVB Financial Corp. | 62535 |
| 2287 | Dime Community Bancshares, Inc. | 68221 |
| 3539 | Eagle Bancorp, Inc. | 71559 |
| 3 | Eagle Financial Services, Inc. | 113 |
| 2130 | East West Bancorp, Inc. | 226738 |
| 2348 | Eastern Bankshares, Inc. | 42616 |
| 2149 | Enterprise Financial Services Corp. | 124599 |
| 2546 | Equity Bancshares, Inc. Class A | 103622 |
| 1646 | Esquire Financial Holdings, Inc. | 167983 |
| 3458 | Farmers & Merchants Bancorp, Inc. | 86485 |
| 7588 | Farmers National Banc Corp. | 109343 |
| 13999 | FB Bancorp, Inc.\* | 168268 |
| 3496 | FB Financial Corp. | 194867 |
| 2042 | Fidelity D&D Bancorp, Inc. | 89501 |
| 9542 | Fifth Third Bancorp | 425096 |
| 4129 | Financial Institutions, Inc. | 112309 |
| 8470 | Finwise Bancorp\* | 164233 |
| 4500 | First BanCorp | 99225 |
| 4705 | First Bancorp, Inc. | 123553 |
| 1453 | First Bancorp/Southern Pines NC | 76849 |
| 8926 | First Bank | 145405 |
| 1772 | First Busey Corp. | 41022 |
| 2561 | First Business Financial Services, Inc. | 131277 |
| 145 | First Citizens BancShares, Inc. Class A | 259428 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| 4967 | First Commonwealth Financial Corp. | $84687 |
| 2456 | First Community Bankshares, Inc. | 85469 |
| 20 | First Community Corp. | 564 |
| 3374 | First Financial Bancorp | 85194 |
| 3069 | First Financial Bankshares, Inc. | 103272 |
| 2051 | First Financial Corp. | 115758 |
| 5458 | First Foundation, Inc.\* | 30401 |
| 3372 | First Hawaiian, Inc. | 83727 |
| 8178 | First Horizon Corp. | 184905 |
| 1705 | First Internet Bancorp | 38243 |
| 1685 | First Interstate BancSystem, Inc. Class A | 53701 |
| 2406 | First Merchants Corp. | 90706 |
| 2210 | First Mid Bancshares, Inc. | 83715 |
| 5 | First National Corp. | 113 |
| 33 | First Western Financial, Inc.\* | 760 |
| 2201 | Firstsun Capital Bancorp\* | 85377 |
| 4429 | Five Star Bancorp | 142614 |
| 4868 | Flagstar Financial, Inc. | 56225 |
| 6315 | Flushing Financial Corp. | 87210 |
| 6587 | FNB Corp. | 106117 |
| 3058 | FS Bancorp, Inc. | 122075 |
| 3780 | Fulton Financial Corp. | 70421 |
| 2528 | GBank Financial Holdings, Inc.\*<sup>(a)</sup> | 99275 |
| 2362 | German American Bancorp, Inc. | 92756 |
| 1158 | Glacier Bancorp, Inc. | 56360 |
| 1461 | Great Southern Bancorp, Inc. | 89486 |
| 3456 | Greene County Bancorp, Inc. | 78106 |
| 2883 | Guaranty Bancshares, Inc. | 140546 |
| 1941 | Hancock Whitney Corp. | 121526 |
| 4494 | Hanmi Financial Corp. | 110957 |
| 3 | Hanover Bancorp, Inc. | 67 |
| 5944 | HarborOne Bancorp, Inc. | 80838 |
| 3714 | HBT Financial, Inc. | 93593 |
| 10629 | Heritage Commerce Corp. | 105546 |
| 3830 | Heritage Financial Corp. | 92648 |
| 2006 | Hilltop Holdings, Inc. | 67041 |
| 392 | Hingham Institution For Savings | 103402 |
| 2208 | Home Bancorp, Inc. | 119950 |
| 3821 | Home BancShares, Inc. | 108134 |
| 2839 | HomeTrust Bancshares, Inc. | 116229 |
| 4672 | Hope Bancorp, Inc. | 50317 |
| 5506 | Horizon Bancorp, Inc. | 88151 |
| 21586 | Huntington Bancshares, Inc. | 372790 |
| 5937 | Independent Bank Corp. | 283817 |
| 1224 | International Bancshares Corp. | 84150 |
| 4966 | John Marshall Bancorp, Inc. | 98426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110792 | JPMorgan Chase & Co. | 34947121 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15932 | Kearny Financial Corp. | $104673 |
| 8294 | KeyCorp | 155015 |
| 1330 | Lakeland Financial Corp. | 85386 |
| 17279 | LINKBANCORP, Inc. | 123199 |
| 174 | Live Oak Bancshares, Inc. | 6128 |
| 2496 | M&T Bank Corp. | 493260 |
| 4 | MainStreet Bancshares, Inc. | 83 |
| 5714 | Mechanics Bancorp Class A\* | 76053 |
| 1635 | Mercantile Bank Corp. | 73575 |
| 18 | Meridian Corp. | 284 |
| 3529 | Metrocity Bankshares, Inc. | 97718 |
| 1335 | Metropolitan Bank Holding Corp. | 99885 |
| 4074 | Mid Penn Bancorp, Inc. | 116679 |
| 4177 | Middlefield Banc Corp. | 125352 |
| 5694 | Midland States Bancorp, Inc. | 97595 |
| 3994 | MidWestOne Financial Group, Inc. | 112990 |
| 3875 | MVB Financial Corp. | 97107 |
| 1273 | National Bank Holdings Corp. Class A | 49189 |
| 5797 | NB Bancorp, Inc. | 102317 |
| 1509 | NBT Bancorp, Inc. | 63016 |
| 801 | Nicolet Bankshares, Inc. | 107734 |
| 1323 | Northeast Bank | 132512 |
| 6219 | Northeast Community Bancorp, Inc. | 127925 |
| 6710 | Northfield Bancorp, Inc. | 79178 |
| 7484 | Northpointe Bancshares, Inc. | 127827 |
| 5316 | Northrim BanCorp, Inc. | 115145 |
| 19706 | Northwest Bancshares, Inc. | 244157 |
| 4454 | Norwood Financial Corp. | 113221 |
| 36506 | NU Holdings Ltd. Class A\* | 584461 |
| 4319 | OceanFirst Financial Corp. | 75885 |
| 1636 | OFG Bancorp | 71150 |
| 6758 | Old National Bancorp | 148338 |
| 5850 | Old Second Bancorp, Inc. | 101117 |
| 12 | OP Bancorp | 167 |
| 2546 | Orange County Bancorp, Inc. | 64185 |
| 1578 | Origin Bancorp, Inc. | 54473 |
| 3723 | Orrstown Financial Services, Inc. | 126508 |
| 246 | Park National Corp. | 39982 |
| 7797 | Parke Bancorp, Inc. | 168025 |
| 1501 | Pathward Financial, Inc. | 111089 |
| 66995 | Patriot National Bancorp, Inc.\* | 87094 |
| 7070 | PCB Bancorp | 148470 |
| 2793 | Peapack-Gladstone Financial Corp. | 77087 |
| 2529 | Peoples Bancorp, Inc. | 75845 |
| 1764 | Peoples Financial Services Corp. | 85748 |
| 1270 | Pinnacle Financial Partners, Inc. | 119113 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14152 | Pioneer Bancorp, Inc.\* | $184825 |
| 3090 | Plumas Bancorp | 133303 |
| 5646 | PNC Financial Services Group, Inc. | 1134451 |
| 11749 | Ponce Financial Group, Inc.\* | 172710 |
| 37585 | Popular, Inc. | 4773671 |
| 894 | Preferred Bank | 80809 |
| 11115 | Primis Financial Corp. | 116819 |
| 7 | Princeton Bancorp, Inc. | 223 |
| 1831 | Prosperity Bancshares, Inc. | 121487 |
| 13446 | Provident Bancorp, Inc.\* | 168478 |
| 4881 | Provident Financial Services, Inc. | 94106 |
| 1230 | QCR Holdings, Inc. | 93037 |
| 6410 | RBB Bancorp | 120252 |
| 2305 | Red River Bancshares, Inc. | 149410 |
| 14110 | Regions Financial Corp. | 372081 |
| 1134 | Renasant Corp. | 41833 |
| 1260 | Republic Bancorp, Inc. Class A | 91035 |
| 9 | Richmond Mutual BanCorp, Inc. | 128 |
| 2235 | S&T Bancorp, Inc. | 84014 |
| 1100 | Seacoast Banking Corp. of Florida | 33473 |
| 1227 | ServisFirst Bancshares, Inc. | 98810 |
| 7233 | Shore Bancshares, Inc. | 118694 |
| 3479 | Sierra Bancorp | 100578 |
| 4042 | Simmons First National Corp. Class A | 77485 |
| 3620 | SmartFinancial, Inc. | 129343 |
| 3074 | South Plains Financial, Inc. | 118810 |
| 3159 | Southern First Bancshares, Inc.\* | 139375 |
| 1701 | Southern Missouri Bancorp, Inc. | 89405 |
| 2935 | Southside Bancshares, Inc. | 82914 |
| 1327 | Southstate Bank Corp. | 131200 |
| 2407 | Stellar Bancorp, Inc. | 73028 |
| 23246 | Sterling Bancorp, Inc.\*<sup>(b)</sup> |  |
| 1433 | Stock Yards Bancorp, Inc. | 100296 |
| 2599 | Synovus Financial Corp. | 127559 |
| 416 | Texas Capital Bancshares, Inc.\* | 35164 |
| 4059 | TFS Financial Corp. | 53477 |
| 3440 | Third Coast Bancshares, Inc.\* | 130617 |
| 4178 | Timberland Bancorp, Inc. | 139044 |
| 1335 | Tompkins Financial Corp. | 88390 |
| 2763 | Towne Bank | 95517 |
| 1373 | TriCo Bancshares | 60975 |
| 242 | Triumph Financial, Inc.\* | 12110 |
| 16596 | Truist Financial Corp. | 758769 |
| 3081 | TrustCo Bank Corp. | 111840 |
| 1629 | Trustmark Corp. | 64508 |
| 21810 | U.S. Bancorp | 1054077 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Banks – (continued)** | **Banks – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | UMB Financial Corp. | $130658 |
| 39 | Union Bankshares, Inc. | 966 |
| 2539 | United Bankshares, Inc. | 94476 |
| 2152 | United Community Banks, Inc. | 67465 |
| 2857 | Unity Bancorp, Inc. | 139622 |
| 3561 | Univest Financial Corp. | 106901 |
| 6509 | USCB Financial Holdings, Inc. | 113582 |
| 18407 | Valley National Bancorp | 195114 |
| 2362 | Veritex Holdings, Inc. | 79198 |
| 2404 | WaFd, Inc. | 72817 |
| 3327 | Washington Trust Bancorp, Inc. | 96150 |
| 3291 | Webster Financial Corp. | 195617 |
| 173223 | Wells Fargo & Co. | 14519552 |
| 1443 | WesBanco, Inc. | 46075 |
| 6115 | West BanCorp, Inc. | 124257 |
| 1706 | Westamerica BanCorp | 85283 |
| 2590 | Western Alliance Bancorp | 224605 |
| 1135 | Wintrust Financial Corp. | 150319 |
| 1694 | WSFS Financial Corp. | 91357 |
| 3041 | Zions Bancorp NA | 172060 |
|  |  | 103156710 |
| **Beverages – 0.2%** | **Beverages – 0.2%** |  |
| 304 | Boston Beer Co., Inc. Class A\* | 64272 |
| 556 | Brown-Forman Corp. Class B | 15057 |
| 29 | Brown-Forman Corp. Class A | 780 |
| 1907 | Celsius Holdings, Inc.\* | 109634 |
| 75411 | Coca-Cola Co. | 5001258 |
| 1388 | Coca-Cola Consolidated, Inc. | 162618 |
| 1831 | Constellation Brands, Inc. Class A | 246581 |
| 16186 | Keurig Dr. Pepper, Inc. | 412905 |
| 721 | MGP Ingredients, Inc. | 17441 |
| 4117 | Molson Coors Beverage Co. Class B | 186294 |
| 17620 | Monster Beverage Corp.\* | 1186002 |
| 2095 | National Beverage Corp.\* | 77347 |
| 20785 | PepsiCo, Inc. | 2919045 |
| 3331 | Primo Brands Corp. | 73615 |
| 2500 | Vita Coco Co., Inc.\* | 106175 |
| 357 | Zevia PBC Class A\* | 971 |
|  |  | 10579995 |
| **Biotechnology – 0.7%** | **Biotechnology – 0.7%** |  |
| 483 | 89bio, Inc.\* | 7100 |
| 44802 | AbbVie, Inc. | 10373455 |
| 14409 | Abeona Therapeutics, Inc.\* | 76080 |
| 6119 | Absci Corp.\*<sup>(a)</sup> | 18602 |
| 1941 | ACADIA Pharmaceuticals, Inc.\* | 41421 |
| 67 | Actuate Therapeutics, Inc.\* | 448 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60152 | Acumen Pharmaceuticals, Inc.\* | $102860 |
| 819 | ADC Therapeutics SA\* | 3276 |
| 4601 | ADMA Biologics, Inc.\* | 67451 |
| 29628 | Adverum Biotechnologies, Inc.\*<sup>(a)</sup> | 134215 |
| 7565 | Agenus, Inc.\* | 29125 |
| 1 | Agios Pharmaceuticals, Inc.\* | 40 |
| 19241 | Akebia Therapeutics, Inc.\* | 52528 |
| 1591 | Akero Therapeutics, Inc.\* | 75541 |
| 19682 | Aldeyra Therapeutics, Inc.\* | 102740 |
| 25588 | Alector, Inc.\* | 75740 |
| 5725 | Alkermes PLC\* | 171750 |
| 14608 | Allogene Therapeutics, Inc.\* | 18114 |
| 3071 | Alnylam Pharmaceuticals, Inc.\* | 1400376 |
| 4711 | Altimmune, Inc.\*<sup>(a)</sup> | 17760 |
| 11841 | Amgen, Inc. | 3341530 |
| 12076 | Amicus Therapeutics, Inc.\* | 95159 |
| 584 | AnaptysBio, Inc.\* | 17882 |
| 7530 | Anavex Life Sciences Corp.\* | 67017 |
| 6652 | Anika Therapeutics, Inc.\* | 62529 |
| 14361 | Annexon, Inc.\* | 43801 |
| 1233 | Apellis Pharmaceuticals, Inc.\* | 27903 |
| 361 | Apogee Therapeutics, Inc.\* | 14343 |
| 121566 | Applied Therapeutics, Inc.\*<sup>(a)</sup> | 73535 |
| 22551 | Arbutus Biopharma Corp.\* | 102382 |
| 414 | Arcellx, Inc.\* | 33989 |
| 1694 | Arcturus Therapeutics Holdings, Inc.\* | 31220 |
| 574 | Arcus Biosciences, Inc.\* | 7806 |
| 5028 | Arcutis Biotherapeutics, Inc.\* | 94778 |
| 2669 | Ardelyx, Inc.\* | 14706 |
| 2206 | ArriVent Biopharma, Inc.\* | 40701 |
| 1364 | Arrowhead Pharmaceuticals, Inc.\* | 47044 |
| 2008 | ARS Pharmaceuticals, Inc.\* | 20180 |
| 22298 | Artiva Biotherapeutics, Inc.\* | 63995 |
| 9077 | Astria Therapeutics, Inc.\* | 66081 |
| 12218 | aTyr Pharma, Inc.\*<sup>(a)</sup> | 8814 |
| 8606 | Aura Biosciences, Inc.\* | 53185 |
| 1332 | Aurinia Pharmaceuticals, Inc.\* | 14719 |
| 1189 | Avidity Biosciences, Inc.\* | 51805 |
| 22711 | Avita Medical, Inc.\*<sup>(a)</sup> | 116053 |
| 1081 | Beam Therapeutics, Inc.\* | 26236 |
| 5597 | Benitec Biopharma, Inc.\* | 78526 |
| 1414 | Bicara Therapeutics, Inc.\* | 22327 |
| 8613 | BioCryst Pharmaceuticals, Inc.\* | 65373 |
| 1881 | Biogen, Inc.\* | 263490 |
| 1023 | Biohaven Ltd.\* | 15355 |
| 1870 | BioMarin Pharmaceutical, Inc.\* | 101279 |
| 19956 | Biomea Fusion, Inc.\*<sup>(a)</sup> | 40311 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 | Black Diamond Therapeutics, Inc.\* | $27523 |
| 835 | Blueprint Medicines Corp.\*<sup>(b)</sup> | 384 |
| 2540 | Bridgebio Pharma, Inc.\* | 131928 |
| 52 | Bright Minds Biosciences, Inc.\* | 3154 |
| 25711 | C4 Therapeutics, Inc.\* | 57078 |
| 18794 | Cabaletta Bio, Inc.\* | 43978 |
| 4516 | Candel Therapeutics, Inc.\*<sup>(a)</sup> | 23032 |
| 1015 | Capricor Therapeutics, Inc.\*<sup>(a)</sup> | 7318 |
| 11755 | Cardiff Oncology, Inc.\*<sup>(a)</sup> | 24215 |
| 1647 | CareDx, Inc.\* | 23947 |
| 7231 | Cargo Therapeutics, Inc.\*<sup>(b)</sup> |  |
| 42701 | Caribou Biosciences, Inc.\* | 99493 |
| 4301 | Cartesian Therapeutics, Inc.\*<sup>(a)</sup> | 43956 |
| 4404 | Catalyst Pharmaceuticals, Inc.\* | 86759 |
| 5231 | Celcuity, Inc.\* | 258411 |
| 56454 | Century Therapeutics, Inc.\* | 28114 |
| 632 | CG oncology, Inc.\* | 25457 |
| 27251 | Cibus, Inc.\*<sup>(a)</sup> | 35154 |
| 3099 | Cidara Therapeutics, Inc.\* | 296760 |
| 43416 | Climb Bio, Inc.\* | 87266 |
| 3139 | Cogent Biosciences, Inc.\* | 45076 |
| 76297 | Coherus Oncology, Inc.\*<sup>(a)</sup> | 125127 |
| 20239 | Compass Therapeutics, Inc.\* | 70837 |
| 5286 | Corbus Pharmaceuticals Holdings, Inc.\* | 66868 |
| 17345 | Corvus Pharmaceuticals, Inc.\*<sup>(a)</sup> | 127833 |
| 3506 | Cullinan Therapeutics, Inc.\* | 20791 |
| 150 | Cytokinetics, Inc.\* | 8244 |
| 16387 | CytomX Therapeutics, Inc.\* | 52275 |
| 2061 | Day One Biopharmaceuticals, Inc.\* | 14530 |
| 87 | Denali Therapeutics, Inc.\* | 1263 |
| 11521 | Design Therapeutics, Inc.\* | 86753 |
| 22644 | DiaMedica Therapeutics, Inc.\* | 155564 |
| 1068 | Dianthus Therapeutics, Inc.\* | 42026 |
| 343 | Disc Medicine, Inc.\* | 22665 |
| 5848 | Dynavax Technologies Corp.\* | 58071 |
| 339 | Dyne Therapeutics, Inc.\* | 4288 |
| 18491 | Editas Medicine, Inc.\* | 64164 |
| 29259 | Eledon Pharmaceuticals, Inc.\* | 75781 |
| 2737 | Emergent BioSolutions, Inc.\* | 24140 |
| 7931 | Enanta Pharmaceuticals, Inc.\* | 94934 |
| 4792 | Entrada Therapeutics, Inc.\* | 27794 |
| 6959 | Erasca, Inc.\* | 15171 |
| 2607 | Exact Sciences Corp.\* | 142629 |
| 7405 | Exelixis, Inc.\* | 305827 |
| 24866 | Fate Therapeutics, Inc.\* | 31331 |
| 71 | Fennec Pharmaceuticals, Inc.\* | 665 |
| 12562 | Foghorn Therapeutics, Inc.\* | 61428 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25780 | Genelux Corp.\*<sup>(a)</sup> | $108276 |
| 6866 | Geron Corp.\* | 9406 |
| 21761 | Gilead Sciences, Inc. | 2415471 |
| 42945 | Gossamer Bio, Inc.\* | 112945 |
| 370 | GRAIL, Inc.\* | 21878 |
| 10543 | Greenwich Lifesciences, Inc.\*<sup>(a)</sup> | 104903 |
| 3686 | Gyre Therapeutics, Inc.\* | 27498 |
| 4150 | Halozyme Therapeutics, Inc.\* | 304361 |
| 32905 | Heron Therapeutics, Inc.\* | 41460 |
| 23907 | HilleVax, Inc.\* | 3347 |
| 3093 | Humacyte, Inc.\*<sup>(a)</sup> | 5382 |
| 2 | Ideaya Biosciences, Inc.\* | 54 |
| 5097 | Immatics NV\* | 43426 |
| 2145 | ImmunityBio, Inc.\*<sup>(a)</sup> | 5277 |
| 833 | Immunome, Inc.\* | 9754 |
| 774 | Immunovant, Inc.\* | 12477 |
| 2288 | Incyte Corp.\* | 194045 |
| 59 | Inhibikase Therapeutics, Inc.\* | 96 |
| 189 | Inmune Bio, Inc.\* | 391 |
| 30725 | Inovio Pharmaceuticals, Inc.\*<sup>(a)</sup> | 71897 |
| 2983 | Insmed, Inc.\* | 429582 |
| 35218 | Invivyd, Inc.\*<sup>(a)</sup> | 38740 |
| 1658 | Ionis Pharmaceuticals, Inc.\* | 108466 |
| 24706 | Ironwood Pharmaceuticals, Inc.\* | 32365 |
| 2729 | iTeos Therapeutics, Inc.\* | 281 |
| 5284 | Jade Biosciences, Inc.<sup>(a)</sup> | 45601 |
| 143 | Janux Therapeutics, Inc.\* | 3495 |
| 9892 | Jasper Therapeutics, Inc.\* | 23543 |
| 20054 | Kalaris Therapeutics, Inc.\*<sup>(a)</sup> | 115912 |
| 3128 | KalVista Pharmaceuticals, Inc.\* | 38099 |
| 24885 | Karyopharm Therapeutics, Inc.\*<sup>(a)</sup> | 162748 |
| 1244 | Keros Therapeutics, Inc.\* | 19680 |
| 18450 | Kodiak Sciences, Inc.\* | 302027 |
| 2672 | Korro Bio, Inc.\* | 127962 |
| 282 | Krystal Biotech, Inc.\* | 49781 |
| 529 | Kymera Therapeutics, Inc.\* | 29941 |
| 15047 | Kyverna Therapeutics, Inc.\* | 90282 |
| 19151 | Larimar Therapeutics, Inc.\* | 61858 |
| 10638 | Lexeo Therapeutics, Inc.\* | 70636 |
| 23955 | Lexicon Pharmaceuticals, Inc.\*<sup>(a)</sup> | 32339 |
| 90007 | Lineage Cell Therapeutics, Inc.\*<sup>(a)</sup> | 152112 |
| 11501 | Lunai Bioworks, Inc.\* | 16331 |
| 2351 | Lyell Immunopharma, Inc.\* | 38180 |
| 26195 | MacroGenics, Inc.\* | 44008 |
| 268 | Madrigal Pharmaceuticals, Inc.\* | 122921 |
| 20002 | MannKind Corp.\* | 107411 |
| 8933 | MeiraGTx Holdings PLC\* | 73519 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | Metsera, Inc.\* | $5913 |
| 8873 | MiMedx Group, Inc.\* | 61934 |
| 443 | Mineralys Therapeutics, Inc.\* | 16799 |
| 1978 | Mirum Pharmaceuticals, Inc.\* | 145007 |
| 4 | Moderna, Inc.\* | 103 |
| 1917 | Monopar Therapeutics, Inc.\*<sup>(a)</sup> | 156561 |
| 936 | Monte Rosa Therapeutics, Inc.\* | 6936 |
| 5085 | Myriad Genetics, Inc.\* | 36765 |
| 21938 | Natera, Inc.\* | 3531360 |
| 1766 | Neurocrine Biosciences, Inc.\* | 247911 |
| 24963 | Nkarta, Inc.\* | 51673 |
| 1407 | Novavax, Inc.\* | 12199 |
| 486 | Nuvalent, Inc. Class A\* | 42029 |
| 146 | Nuvectis Pharma, Inc.\* | 879 |
| 49980 | Ocugen, Inc.\*<sup>(a)</sup> | 81467 |
| 7846 | Olema Pharmaceuticals, Inc.\* | 76812 |
| 23017 | Organogenesis Holdings, Inc.\* | 97132 |
| 144 | ORIC Pharmaceuticals, Inc.\* | 1728 |
| 718 | Oruka Therapeutics, Inc.\* | 13807 |
| 30412 | Outlook Therapeutics, Inc.\*<sup>(a)</sup> | 32237 |
| 3630 | Palvella Therapeutics, Inc.\*<sup>(a)</sup> | 227565 |
| 8100 | Perspective Therapeutics, Inc.\* | 27783 |
| 128467 | PMV Pharmaceuticals, Inc.\* | 179854 |
| 16 | Praxis Precision Medicines, Inc.\* | 848 |
| 22989 | Precigen, Inc.\* | 75634 |
| 31218 | Prime Medicine, Inc.\*<sup>(a)</sup> | 172948 |
| 43522 | ProKidney Corp.\*<sup>(a)</sup> | 105323 |
| 3162 | Protagonist Therapeutics, Inc.\* | 210052 |
| 88269 | Protalix BioTherapeutics, Inc.\*<sup>(a)</sup> | 195957 |
| 3618 | Prothena Corp. PLC\* | 35312 |
| 2231 | PTC Therapeutics, Inc.\* | 136916 |
| 13482 | Puma Biotechnology, Inc.\* | 71589 |
| 4042 | RAPT Therapeutics, Inc.\* | 104243 |
| 3840 | Recursion Pharmaceuticals, Inc.<br>Class A\*<sup>(a)</sup> | 18739 |
| 1284 | Regeneron Pharmaceuticals, Inc. | 721955 |
| 463 | REGENXBIO, Inc.\* | 4468 |
| 92 | Regulus Therapeutics, Inc.\*<sup>(b)</sup> | 107 |
| 3111 | Replimune Group, Inc.\* | 13035 |
| 48 | Revolution Medicines, Inc.\* | 2242 |
| 9692 | Rezolute, Inc.\* | 91105 |
| 1459 | Rhythm Pharmaceuticals, Inc.\* | 147344 |
| 2766 | Rigel Pharmaceuticals, Inc.\* | 78361 |
| 7460 | Rocket Pharmaceuticals, Inc.\* | 24320 |
| 3738 | Sage Therapeutics, Inc.\*<sup>(b)</sup> | 673 |
| 170 | Sana Biotechnology, Inc.\* | 604 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128697 | Sangamo Therapeutics, Inc.\* | $86665 |
| 907 | Sarepta Therapeutics, Inc.\* | 17478 |
| 18329 | Savara, Inc.\* | 65435 |
| 1910 | Scholar Rock Holding Corp.\* | 71128 |
| 1079 | SELLAS Life Sciences Group, Inc.\*<sup>(a)</sup> | 1737 |
| 38065 | Sera Prognostics, Inc. Class A\* | 116479 |
| 6774 | Seres Therapeutics, Inc.\*<sup>(a)</sup> | 130332 |
| 745 | Sionna Therapeutics, Inc.\* | 21910 |
| 21777 | Skye Bioscience, Inc.\*<sup>(a)</sup> | 85584 |
| 965 | Soleno Therapeutics, Inc.\* | 65234 |
| 2879 | Solid Biosciences, Inc.\* | 17763 |
| 378 | Spyre Therapeutics, Inc.\* | 6335 |
| 464 | Stoke Therapeutics, Inc.\* | 10904 |
| 3089 | Summit Therapeutics, Inc.\*<sup>(a)</sup> | 63819 |
| 54535 | Sutro Biopharma, Inc.\* | 47358 |
| 899 | Syndax Pharmaceuticals, Inc.\* | 13831 |
| 720 | Tango Therapeutics, Inc.\* | 6048 |
| 1874 | Taysha Gene Therapies, Inc.\* | 6128 |
| 747 | Tectonic Therapeutic, Inc.\* | 11720 |
| 75308 | Tenaya Therapeutics, Inc.\*<sup>(a)</sup> | 121999 |
| 38220 | Tevogen Bio Holdings, Inc.\*<sup>(a)</sup> | 30014 |
| 2869 | TG Therapeutics, Inc.\* | 103643 |
| 2332 | Tourmaline Bio, Inc.\* | 111540 |
| 5899 | Travere Therapeutics, Inc.\* | 140986 |
| 24162 | TriSalus Life Sciences, Inc.\* | 112353 |
| 31933 | TScan Therapeutics, Inc.\* | 58118 |
| 290 | TuHURA Biosciences, Inc.\* | 719 |
| 669 | Twist Bioscience Corp.\* | 18826 |
| 1812 | Tyra Biosciences, Inc.\* | 25350 |
| 1031 | Ultragenyx Pharmaceutical, Inc.\* | 31012 |
| 675 | United Therapeutics Corp.\* | 282967 |
| 16886 | UroGen Pharma Ltd.\* | 336876 |
| 23189 | Vanda Pharmaceuticals, Inc.\* | 115713 |
| 582 | Vera Therapeutics, Inc.\* | 16913 |
| 2571 | Veracyte, Inc.\* | 88262 |
| 10566 | Verastem, Inc.\* | 93298 |
| 1602 | Vericel Corp.\* | 50415 |
| 6281 | Vertex Pharmaceuticals, Inc.\* | 2459891 |
| 2973 | Vigil Neuroscience, Inc.\*<sup>(b)</sup> | 149 |
| 98 | Viking Therapeutics, Inc.\* | 2575 |
| 623 | Viridian Therapeutics, Inc.\* | 13444 |
| 10091 | Vor BioPharma, Inc.\*<sup>(a)</sup> | 491634 |
| 13881 | Voyager Therapeutics, Inc.\* | 64824 |
| 20470 | XBiotech, Inc.\* | 54450 |
| 160 | Xencor, Inc.\* | 1877 |
| 859 | Xenon Pharmaceuticals, Inc.\* | 34489 |
| 3299 | XOMA Royalty Corp.\* | 127143 |
| 3716 | Zenas Biopharma, Inc.\*<sup>(a)</sup> | 82495 |
| 19534 | Zentalis Pharmaceuticals, Inc.\* | 29496 |
| 48820 | Zura Bio Ltd.\* | 211391 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6988 | Zymeworks, Inc.\* | $119355 |
|  |  | 40317176 |
| **Broadline Retail – 1.9%** | **Broadline Retail – 1.9%** |  |
| 47285 | 1stdibs.com, Inc.\* | 122468 |
| 448312 | Amazon.com, Inc.\* | 98435866 |
| 28876 | Coupang, Inc.\* | 929807 |
| 95 | Dillard's, Inc. Class A | 58376 |
| 6767 | eBay, Inc. | 615459 |
| 1290 | Etsy, Inc.\* | 85643 |
| 297 | Groupon, Inc.\* | 6935 |
| 15 | Kohl's Corp. | 230 |
| 7500 | Macy's, Inc. | 134475 |
| 557 | Ollie's Bargain Outlet Holdings, Inc.\* | 71519 |
| 6233 | QVC Group, Inc.\*<sup>(a)</sup> | 84083 |
| 313 | Savers Value Village, Inc.\* | 4147 |
|  |  | 100549008 |
| **Building Products – 0.3%** | **Building Products – 0.3%** |  |
| 887 | A.O. Smith Corp. | 65115 |
| 969 | AAON, Inc. | 90543 |
| 32 | Advanced Drainage Systems, Inc. | 4438 |
| 1134 | Allegion PLC | 201115 |
| 237 | American Woodmark Corp.\* | 15822 |
| 198 | Apogee Enterprises, Inc. | 8627 |
| 830 | Armstrong World Industries, Inc. | 162688 |
| 508 | AZZ, Inc. | 55438 |
| 1308 | Builders FirstSource, Inc.\* | 158595 |
| 433 | Carlisle Cos., Inc. | 142440 |
| 62904 | Carrier Global Corp. | 3755369 |
| 310 | CSW Industrials, Inc. | 75252 |
| 1027 | Fortune Brands Innovations, Inc. | 54831 |
| 133 | Gibraltar Industries, Inc.\* | 8352 |
| 726 | Griffon Corp. | 55285 |
| 1096 | Hayward Holdings, Inc.\* | 16571 |
| 1944 | Insteel Industries, Inc. | 74533 |
| 3860 | Janus International Group, Inc.\* | 38098 |
| 8069 | JELD-WEN Holding, Inc.\* | 39619 |
| 8727 | Johnson Controls International PLC | 959534 |
| 705 | Lennox International, Inc. | 373199 |
| 1840 | Masco Corp. | 129518 |
| 3730 | Masterbrand, Inc.\* | 49124 |
| 818 | Owens Corning | 115714 |
| 3389 | Resideo Technologies, Inc.\* | 146337 |
| 384 | Simpson Manufacturing Co., Inc. | 64305 |
| 445 | Tecnoglass, Inc. | 29775 |
| 15908 | Trane Technologies PLC | 6712540 |
| 7 | Trex Co., Inc.\* | 362 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Building Products – (continued)** | **Building Products – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | UFP Industries, Inc. | $53383 |
| 3063 | Zurn Elkay Water Solutions Corp. | 144053 |
|  |  | 13800575 |
| **Capital Markets – 1.2%** | **Capital Markets – 1.2%** |  |
| 3720 | Acadian Asset Management, Inc. | 179155 |
| 361 | Affiliated Managers Group, Inc. | 86073 |
| 6963 | AlTi Global, Inc.\* | 24788 |
| 2252 | Ameriprise Financial, Inc. | 1106295 |
| 20168 | ARES Management Corp. Class A | 3224662 |
| 1605 | Artisan Partners Asset Management, Inc. Class A | 69657 |
| 28680 | B Riley Financial, Inc.\*<sup>(a)</sup> | 171363 |
| 12 | Bakkt Holdings, Inc.\* | 404 |
| 11350 | Bank of New York Mellon Corp. | 1236696 |
| 6232 | BGC Group, Inc. Class A | 58955 |
| 2109 | Blackrock, Inc. | 2458820 |
| 17529 | Blackstone, Inc. | 2994830 |
| 5760 | Blue Owl Capital, Inc. | 97517 |
| 1509 | Brookfield Asset Management Ltd. Class A | 85922 |
| 1588 | Carlyle Group, Inc. | 99568 |
| 1517 | Cboe Global Markets, Inc. | 372044 |
| 92412 | Charles Schwab Corp. | 8822574 |
| 5097 | CME Group, Inc. | 1377158 |
| 1241 | Cohen & Steers, Inc. | 81422 |
| 1986 | Coinbase Global, Inc. Class A\* | 670255 |
| 1140 | Diamond Hill Investment Group, Inc. | 159611 |
| 791 | Donnelley Financial Solutions, Inc.\* | 40681 |
| 39 | Evercore, Inc. Class A | 13156 |
| 403 | FactSet Research Systems, Inc. | 115455 |
| 2481 | Federated Hermes, Inc. | 128838 |
| 1972 | Forge Global Holdings, Inc.\* | 33327 |
| 3344 | Franklin Resources, Inc. | 77347 |
| 338 | Freedom Holding Corp.\*<sup>(a)</sup> | 58180 |
| 7685 | GCM Grosvenor, Inc. Class A | 92758 |
| 579 | Hamilton Lane, Inc. Class A | 78043 |
| 750 | Houlihan Lokey, Inc. | 153990 |
| 27871 | Innventure, Inc.\*<sup>(a)</sup> | 161373 |
| 3491 | Interactive Brokers Group, Inc. Class A | 240216 |
| 7805 | Intercontinental Exchange, Inc. | 1314986 |
| 7287 | Invesco Ltd. | 167164 |
| 1257 | Janus Henderson Group PLC | 55949 |
| 3040 | Jefferies Financial Group, Inc. | 198877 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10208 | KKR & Co., Inc. | $1326530 |
| 281 | Lazard, Inc. | 14831 |
| 1823 | LPL Financial Holdings, Inc. | 606494 |
| 247 | Marex Group PLC | 8304 |
| 440 | MarketAxess Holdings, Inc. | 76670 |
| 1195 | Moelis & Co. Class A | 85227 |
| 11716 | Moody's Corp. | 5582440 |
| 62966 | Morgan Stanley | 10009075 |
| 408 | Morningstar, Inc. | 94660 |
| 1264 | MSCI, Inc. | 717206 |
| 39513 | Nasdaq, Inc. | 3494925 |
| 3194 | Northern Trust Corp. | 429912 |
| 19608 | Open Lending Corp.\* | 41373 |
| 1532 | Oppenheimer Holdings, Inc. Class A | 113230 |
| 8479 | P10, Inc. Class A | 92252 |
| 5411 | Patria Investments Ltd. Class A | 79001 |
| 2065 | Perella Weinberg Partners | 44026 |
| 288 | Piper Sandler Cos. | 99933 |
| 621 | PJT Partners, Inc. Class A | 110370 |
| 2739 | Raymond James Financial, Inc. | 472751 |
| 9003 | Robinhood Markets, Inc. Class A\* | 1289050 |
| 16451 | S&P Global, Inc. | 8006866 |
| 1046 | SEI Investments Co. | 88753 |
| 17 | Siebert Financial Corp.\* | 50 |
| 4648 | State Street Corp. | 539215 |
| 754 | StepStone Group, Inc. Class A | 49244 |
| 1166 | Stifel Financial Corp. | 132306 |
| 2057 | StoneX Group, Inc.\* | 207592 |
| 3290 | T. Rowe Price Group, Inc. | 337686 |
| 1509 | TPG, Inc. | 86692 |
| 22283 | Tradeweb Markets, Inc. Class A | 2472967 |
| 2749 | Value Line, Inc. | 107431 |
| 733 | Victory Capital Holdings, Inc. Class A | 47469 |
| 1867 | Virtu Financial, Inc. Class A | 66279 |
| 236 | Virtus Investment Partners, Inc. | 44847 |
| 8307 | WisdomTree, Inc. | 115467 |
| 410 | XP, Inc. Class A | 7704 |
|  |  | 63406937 |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** |  |
| 1486 | AdvanSix, Inc. | 28799 |
| 2547 | Air Products & Chemicals, Inc. | 694618 |
| 23 | Albemarle Corp. | 1865 |
| 47913 | Alto Ingredients, Inc.\* | 51746 |
| 10346 | American Vanguard Corp.\* | 59386 |
| 11773 | Arq, Inc.\* | 84295 |
| 55 | Ashland, Inc. | 2635 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Chemicals – (continued)** | **Chemicals – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | ASP Isotopes, Inc.\* | $13891 |
| 949 | Aspen Aerogels, Inc.\* | 6605 |
| 4 | Avient Corp. | 132 |
| 1807 | Axalta Coating Systems Ltd.\* | 51716 |
| 813 | Balchem Corp. | 121999 |
| 907 | Cabot Corp. | 68977 |
| 1797 | Celanese Corp. | 75618 |
| 2226 | CF Industries Holdings, Inc. | 199672 |
| 1704 | Chemours Co. | 26991 |
| 64539 | Corteva, Inc. | 4364773 |
| 4010 | Dow, Inc. | 91949 |
| 4123 | DuPont de Nemours, Inc. | 321182 |
| 629 | Eastman Chemical Co. | 39658 |
| 3934 | Ecolab, Inc. | 1077365 |
| 495 | Element Solutions, Inc. | 12459 |
| 3747 | Flotek Industries, Inc.\* | 54706 |
| 467 | FMC Corp. | 15705 |
| 643 | Hawkins, Inc. | 117489 |
| 645 | HB Fuller Co. | 38236 |
| 11 | Huntsman Corp. | 99 |
| 413 | Ingevity Corp.\* | 22793 |
| 492 | Innospec, Inc. | 37963 |
| 2426 | International Flavors & Fragrances, Inc. | 149296 |
| 1733 | Intrepid Potash, Inc.\* | 52995 |
| 925 | Koppers Holdings, Inc. | 25900 |
| 4414 | Kronos Worldwide, Inc. | 25336 |
| 25576 | Linde PLC | 12148600 |
| 3310 | LSB Industries, Inc.\* | 26083 |
| 1410 | LyondellBasell Industries NV Class A | 69146 |
| 311 | Minerals Technologies, Inc. | 19319 |
| 3126 | Mosaic Co. | 108410 |
| 151 | NewMarket Corp. | 125060 |
| 94523 | Origin Materials, Inc.\* | 49020 |
| 3124 | Orion SA | 23680 |
| 5944 | Perimeter Solutions, Inc.\* | 133086 |
| 2181 | PPG Industries, Inc. | 229245 |
| 1469 | PureCycle Technologies, Inc.\* | 19317 |
| 1 | Quaker Chemical Corp. | 132 |
| 161 | Rayonier Advanced Materials, Inc.\* | 1162 |
| 2200 | Resonac Holdings Corp. | 74506 |
| 1231 | RPM International, Inc. | 145110 |
| 391 | Scotts Miracle-Gro Co. | 22267 |
| 1428 | Sensient Technologies Corp. | 134018 |
| 18579 | Sherwin-Williams Co. | 6433165 |
| 213 | Solesence, Inc.\* | 686 |
| 781 | Stepan Co. | 37254 |
| 28659 | Trinseo PLC<sup>(a)</sup> | 67349 |
| 3 | Westlake Corp. | 231 |
|  |  | 27803695 |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |  |
| 835 | ABM Industries, Inc. | 38510 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Commercial Services & Supplies – (continued)** | **Commercial Services & Supplies – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12919 | ACCO Brands Corp. | $51547 |
| 1901 | ACV Auctions, Inc. Class A\* | 18839 |
| 1122 | Brady Corp. Class A | 87550 |
| 2483 | BrightView Holdings, Inc.\* | 33272 |
| 1142 | Brink's Co. | 133454 |
| 1511 | Casella Waste Systems, Inc. Class A\* | 143364 |
| 1756 | CECO Environmental Corp.\* | 89907 |
| 423 | Cimpress PLC\* | 26666 |
| 27138 | Cintas Corp. | 5570346 |
| 3857 | Civeo Corp. | 88711 |
| 462 | Clean Harbors, Inc.\* | 107286 |
| 3467 | CompX International, Inc. | 81128 |
| 20181 | Copart, Inc.\* | 907540 |
| 6065 | CoreCivic, Inc.\* | 123423 |
| 3356 | Deluxe Corp. | 64972 |
| 9589 | Ennis, Inc. | 175287 |
| 1668 | Enviri Corp.\* | 21167 |
| 5275 | GEO Group, Inc.\* | 108085 |
| 7140 | Healthcare Services Group, Inc.\* | 120166 |
| 1641 | HNI Corp. | 76881 |
| 4491 | Interface, Inc. | 129970 |
| 2248 | LanzaTech Global, Inc.\*<sup>(a)</sup> | 55098 |
| 3194 | Liquidity Services, Inc.\* | 87611 |
| 1781 | MillerKnoll, Inc. | 31595 |
| 450 | MSA Safety, Inc. | 77432 |
| 13085 | NL Industries, Inc. | 80473 |
| 2640 | OPENLANE, Inc.\* | 75979 |
| 30 | Perma-Fix Environmental Services, Inc.\* | 303 |
| 5420 | Pitney Bowes, Inc. | 61842 |
| 11441 | Quad/Graphics, Inc. | 71621 |
| 129 | RB Global, Inc. | 13978 |
| 20853 | Republic Services, Inc. | 4785346 |
| 6705 | Rollins, Inc. | 393852 |
| 4162 | Steelcase, Inc. Class A | 71586 |
| 1664 | Tetra Tech, Inc. | 55544 |
| 371 | UniFirst Corp. | 62027 |
| 3736 | Veralto Corp. | 398295 |
| 4343 | Vestis Corp. | 19674 |
| 7092 | Virco Mfg. Corp. | 54963 |
| 31951 | Waste Management, Inc. | 7055739 |
|  |  | 21651029 |
| **Communications Equipment – 0.4%** | **Communications Equipment – 0.4%** |  |
| 5338 | ADTRAN Holdings, Inc.\* | 50070 |
| 483 | Applied Optoelectronics, Inc.\* | 12524 |
| 71226 | Arista Networks, Inc.\* | 10378341 |
| 1881 | Aviat Networks, Inc.\* | 43131 |
| 31 | BK Technologies Corp.\* | 2619 |
| 1337 | Calix, Inc.\* | 82052 |
| 1362 | Ciena Corp.\* | 198403 |
| 55286 | Cisco Systems, Inc. | 3782668 |
| 1293 | Clearfield, Inc.\* | 44453 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599 | CommScope Holding Co., Inc.\* | $133113 |
| 647 | Digi International, Inc.\* | 23590 |
| 798 | F5, Inc.\* | 257906 |
| 1050 | Harmonic, Inc.\* | 10689 |
| 26 | Inseego Corp.\* | 389 |
| 268 | Lumentum Holdings, Inc.\* | 43606 |
| 12972 | Motorola Solutions, Inc. | 5931966 |
| 2454 | NETGEAR, Inc.\* | 79485 |
| 2406 | NetScout Systems, Inc.\* | 62147 |
| 11519 | Ribbon Communications, Inc.\* | 43772 |
| 48 | Ubiquiti, Inc. | 31708 |
| 5786 | Viavi Solutions, Inc.\* | 73424 |
|  |  | 21286056 |
| **Construction & Engineering – 0.1%** | **Construction & Engineering – 0.1%** |  |
| 1877 | AECOM | 244892 |
| 3183 | API Group Corp.\* | 109400 |
| 498 | Arcosa, Inc. | 46668 |
| 287 | Argan, Inc. | 77504 |
| 1794 | Bowman Consulting Group Ltd.\* | 75994 |
| 668 | Centuri Holdings, Inc.\* | 14142 |
| 704 | Comfort Systems USA, Inc. | 580927 |
| 3448 | Concrete Pumping Holdings, Inc. | 24308 |
| 785 | Construction Partners, Inc. Class A\* | 99695 |
| 323 | Dycom Industries, Inc.\* | 94238 |
| 712 | EMCOR Group, Inc. | 462472 |
| 2546 | Fluor Corp.\* | 107110 |
| 1511 | Granite Construction, Inc. | 165681 |
| 4441 | Great Lakes Dredge & Dock Corp.\* | 53248 |
| 299 | IES Holdings, Inc.\* | 118897 |
| 414 | Limbach Holdings, Inc.\* | 40208 |
| 1255 | MasTec, Inc.\* | 267077 |
| 2069 | Matrix Service Co.\* | 27063 |
| 184 | MYR Group, Inc.\* | 38277 |
| 1963 | NWPX Infrastructure, Inc.\* | 103902 |
| 1593 | Orion Group Holdings, Inc.\* | 13254 |
| 2097 | Primoris Services Corp. | 287981 |
| 3130 | Quanta Services, Inc. | 1297135 |
| 761 | Sterling Infrastructure, Inc.\* | 258496 |
| 2272 | Tutor Perini Corp.\* | 149020 |
| 317 | Valmont Industries, Inc. | 122910 |
| 519 | WillScot Holdings Corp. | 10956 |
|  |  | 4891455 |
| **Construction Materials – 0.0%** | **Construction Materials – 0.0%** |  |
| 128 | Eagle Materials, Inc. | 29829 |
| 1066 | James Hardie Industries PLC\* | 20478 |
| 886 | Knife River Corp.\* | 68107 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Construction Materials – (continued)** | **Construction Materials – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | Martin Marietta Materials, Inc. | $397076 |
| 2591 | Smith-Midland Corp.\* | 95608 |
| 275 | Titan America SA\*<sup>(a)</sup> | 4109 |
| 400 | U.S. Lime & Minerals, Inc. | 52620 |
| 1500 | Vulcan Materials Co. | 461430 |
|  |  | 1129257 |
| **Consumer Finance – 0.3%** | **Consumer Finance – 0.3%** |  |
| 2830 | Ally Financial, Inc. | 110936 |
| 30925 | American Express Co. | 10272048 |
| 1319 | Atlanticus Holdings Corp.\* | 77267 |
| 1940 | Bread Financial Holdings, Inc. | 108194 |
| 8709 | Capital One Financial Corp. | 1851359 |
| 9095 | Consumer Portfolio Services, Inc.\* | 68667 |
| 9 | Credit Acceptance Corp.\* | 4202 |
| 138 | Dave, Inc.\* | 27510 |
| 61 | Encore Capital Group, Inc.\* | 2546 |
| 1029 | Enova International, Inc.\* | 118428 |
| 10589 | EZCORP, Inc. Class A\* | 201615 |
| 1208 | FirstCash Holdings, Inc. | 191371 |
| 480 | Green Dot Corp. Class A\* | 6446 |
| 195 | LendingClub Corp.\* | 2962 |
| 470 | LendingTree, Inc.\* | 30423 |
| 4719 | Moneylion, Inc.\*<sup>(b)</sup> | 425 |
| 375 | Navient Corp. | 4931 |
| 233 | Nelnet, Inc. Class A | 29214 |
| 468 | NerdWallet, Inc. Class A\* | 5036 |
| 1753 | OneMain Holdings, Inc. | 98974 |
| 7131 | Oportun Financial Corp.\* | 43998 |
| 901 | OppFi, Inc. | 10208 |
| 599 | PRA Group, Inc.\* | 9249 |
| 1363 | PROG Holdings, Inc. | 44107 |
| 2353 | Regional Management Corp. | 91673 |
| 3794 | SLM Corp. | 105018 |
| 9963 | SoFi Technologies, Inc.\* | 263223 |
| 5844 | Synchrony Financial | 415216 |
| 1234 | Upstart Holdings, Inc.\* | 62687 |
| 1 | Vroom, Inc.\* | 27 |
| 179 | World Acceptance Corp.\* | 30276 |
|  |  | 14288236 |
| **Consumer Staples Distribution & Retail – 0.7%** | **Consumer Staples Distribution & Retail – 0.7%** |  |
| 9145 | Albertsons Cos., Inc. Class A | 160129 |
| 233 | Andersons, Inc. | 9276 |
| 2545 | BJ's Wholesale Club Holdings, Inc.\* | 237321 |
| 704 | Casey's General Stores, Inc. | 397985 |
| 2177 | Chefs' Warehouse, Inc.\* | 126984 |
| 25474 | Costco Wholesale Corp. | 23579499 |
| 3150 | Dollar General Corp. | 325553 |
| 2549 | Dollar Tree, Inc.\* | 240549 |
| 53 | Grocery Outlet Holding Corp.\* | 851 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** |
| 5258 | Guardian Pharmacy Services, Inc. Class A\* | $137917 |
| 11742 | HF Foods Group, Inc.\* | 32408 |
| 1601 | Ingles Markets, Inc. Class A | 111366 |
| 9830 | Kroger Co. | 662640 |
| 3516 | Maplebear, Inc.\* | 129248 |
| 1511 | Natural Grocers by Vitamin Cottage, Inc. | 60440 |
| 2936 | Performance Food Group Co.\* | 305461 |
| 1175 | PriceSmart, Inc. | 142398 |
| 2621 | Sprouts Farmers Market, Inc.\* | 285165 |
| 10007 | Sysco Corp. | 823976 |
| 5871 | Target Corp. | 526629 |
| 4085 | U.S. Foods Holding Corp.\* | 312993 |
| 6376 | United Natural Foods, Inc.\* | 239865 |
| 3707 | Village Super Market, Inc. Class A | 138494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12948 | Walgreens Boots Alliance, Inc.\*<sup>(b)</sup> | 6862 |
| 66140 | Walmart, Inc. | 6816388 |
| 1541 | Weis Markets, Inc. | 110752 |
|  |  | 35921149 |
| **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** | **Containers & Packaging – 0.1%** |
| 22289 | Amcor PLC | 182324 |
| 586 | AptarGroup, Inc. | 78325 |
| 403 | Ardagh Metal Packaging SA | 1608 |
| 624 | Avery Dennison Corp. | 101194 |
| 1913 | Ball Corp. | 96453 |
| 22989 | Crown Holdings, Inc. | 2220508 |
| 1663 | Graphic Packaging Holding Co. | 32545 |
| 174 | Greif, Inc. Class A | 10398 |
| 5562 | International Paper Co. | 258077 |
| 2445 | Myers Industries, Inc. | 41418 |
| 1508 | O-I Glass, Inc.\* | 19559 |
| 825 | Packaging Corp. of America | 179792 |
| 680 | Sealed Air Corp. | 24038 |
| 1618 | Silgan Holdings, Inc. | 69590 |
| 4122 | Smurfit WestRock PLC | 175474 |
| 732 | Sonoco Products Co. | 31542 |
| 2342 | TriMas Corp. | 90495 |
|  |  | 3613340 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 1225 | A-Mark Precious Metals, Inc. | 31691 |
| 1156 | Genuine Parts Co. | 160221 |
| 3218 | LKQ Corp. | 98278 |
| 317 | Pool Corp. | 98292 |
| 3011 | Weyco Group, Inc. | 90601 |
|  |  | 479083 |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| 17448 | ADT, Inc. | 151972 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Consumer Services – (continued)** | **Diversified Consumer Services – (continued)** | **Diversified Consumer Services – (continued)** |
| 1256 | Adtalem Global Education, Inc.\* | $193989 |
| 2977 | American Public Education, Inc.\* | 117502 |
| 634 | Bright Horizons Family Solutions, Inc.\* | 68833 |
| 3012 | Carriage Services, Inc. | 134154 |
| 15651 | Chegg, Inc.\* | 23633 |
| 6215 | Coursera, Inc.\* | 72778 |
| 4219 | Driven Brands Holdings, Inc.\* | 67968 |
| 771 | Duolingo, Inc.\* | 248139 |
| 310 | European Wax Center, Inc. Class A\* | 1237 |
| 2410 | Frontdoor, Inc.\* | 162169 |
| 134 | Graham Holdings Co. Class B | 157760 |
| 620 | Grand Canyon Education, Inc.\* | 136102 |
| 2629 | H&R Block, Inc. | 132949 |
| 3000 | KinderCare Learning Cos., Inc.\* | 19920 |
| 4508 | Laureate Education, Inc.\* | 142182 |
| 5475 | Lincoln Educational Services Corp.\* | 128662 |
| 2059 | Matthews International Corp. Class A | 49993 |
| 5696 | Mister Car Wash, Inc.\* | 30360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48207 | Nerdy, Inc.\* | 60741 |
| 2529 | OneSpaWorld Holdings Ltd. | 53463 |
| 2509 | Perdoceo Education Corp. | 94489 |
| 1613 | Service Corp. International | 134234 |
| 349 | Strategic Education, Inc. | 30017 |
| 1451 | Stride, Inc.\* | 216112 |
| 2026 | Udemy, Inc.\* | 14202 |
| 2148 | Universal Technical Institute, Inc.\* | 69917 |
| 238 | WW International, Inc.\* | 6512 |
| 25 | Zspace, Inc.\* | 25 |
|  |  | 2720014 |
| **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** |
| 5312 | Alexander & Baldwin, Inc. | 96625 |
| 10498 | Alpine Income Property Trust, Inc. | 148757 |
| 2520 | American Assets Trust, Inc. | 51206 |
| 12765 | Armada Hoffler Properties, Inc. | 89483 |
| 4527 | Broadstone Net Lease, Inc. | 80898 |
| 6237 | CTO Realty Growth, Inc. | 101663 |
| 2515 | Essential Properties Realty Trust, Inc. | 74846 |
| 8142 | Gladstone Commercial Corp. | 100309 |
| 9517 | Global Net Lease, Inc. | 77373 |
| 18682 | NexPoint Diversified Real Estate Trust | 68937 |
| 6061 | One Liberty Properties, Inc. | 134069 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified REITs – (continued)** | **Diversified REITs – (continued)** | **Diversified REITs – (continued)** |
| 2659 | WP Carey, Inc. | $179669 |
|  |  | 1203835 |
| **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** | **Diversified Telecommunication Services – 0.1%** |
| 2471 | Anterix, Inc.\* | 53052 |
| 3209 | AST SpaceMobile, Inc.\* | 157498 |
| 104943 | AT&T, Inc. | 2963590 |
| 2609 | ATN International, Inc. | 39057 |
| 609 | Bandwidth, Inc. Class A\* | 10152 |
| 1505 | Cogent Communications Holdings, Inc. | 57717 |
| 3735 | Frontier Communications Parent, Inc.\* | 139502 |
| 120 | GCI Liberty, Inc. Class A\* | 4507 |
| 302 | GCI Liberty, Inc. Class C\* | 11256 |
| 1272 | Globalstar, Inc.\* | 46288 |
| 1692 | IDT Corp. Class B | 88509 |
| 392 | Iridium Communications, Inc. | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10919 | Liberty Latin America Ltd. Class A\* | 90518 |
| 11373 | Liberty Latin America Ltd. Class C\* | 95988 |
| 63287 | Lumen Technologies, Inc.\* | 387316 |
| 2012 | Shenandoah Telecommunications Co. | 27001 |
| 8973 | Uniti Group, Inc. | 54915 |
| 60752 | Verizon Communications, Inc. | 2670050 |
|  |  | 6903760 |
| **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** | **Electric Utilities – 0.2%** |
| 1303 | ALLETE, Inc. | 86519 |
| 2824 | Alliant Energy Corp. | 190366 |
| 7299 | American Electric Power Co., Inc. | 821137 |
| 3833 | Constellation Energy Corp. | 1261325 |
| 10789 | Duke Energy Corp. | 1335139 |
| 3260 | Edison International | 180213 |
| 5747 | Entergy Corp. | 535563 |
| 3111 | Evergy, Inc. | 236498 |
| 4217 | Eversource Energy | 299997 |
| 14249 | Exelon Corp. | 641347 |
| 6895 | FirstEnergy Corp. | 315929 |
| 3730 | Genie Energy Ltd. Class B | 55763 |
| 12114 | Hawaiian Electric Industries, Inc.\* | 133739 |
| 942 | IDACORP, Inc. | 124485 |
| 1279 | MGE Energy, Inc. | 107666 |
| 27353 | NextEra Energy, Inc. | 2064878 |
| 5004 | NRG Energy, Inc. | 810398 |
| 2730 | OGE Energy Corp. | 126317 |
| 827 | Oklo, Inc.\* | 92318 |
| 667 | Otter Tail Corp. | 54674 |
| 26397 | PG&E Corp. | 398067 |
| 1434 | Pinnacle West Capital Corp. | 128572 |
| 1653 | Portland General Electric Co. | 72732 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electric Utilities – (continued)** | **Electric Utilities – (continued)** | **Electric Utilities – (continued)** |
| 9997 | PPL Corp. | $371489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14963 | Southern Co. | 1418044 |
| 1972 | TXNM Energy, Inc. | 111517 |
| 7718 | Xcel Energy, Inc. | 622457 |
|  |  | 12597149 |
| **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** | **Electrical Equipment – 0.4%** |
| 225 | Acuity, Inc. | 77488 |
| 864 | Allient, Inc. | 38664 |
| 432 | American Superconductor Corp.\* | 25656 |
| 2755 | AMETEK, Inc. | 517940 |
| 18046 | Amprius Technologies, Inc.\* | 189844 |
| 372 | Array Technologies, Inc.\* | 3032 |
| 651 | Atkore, Inc. | 40844 |
| 78299 | Blink Charging Co.\*<sup>(a)</sup> | 128410 |
| 2317 | Bloom Energy Corp. Class A\* | 195949 |
| 1563 | ChargePoint Holdings, Inc.\*<sup>(a)</sup> | 17068 |
| 159 | Complete Solaria, Inc.\* | 280 |
| 23936 | Eaton Corp. PLC | 8958048 |
| 37485 | Emerson Electric Co. | 4917282 |
| 40933 | Energy Vault Holdings, Inc.\* | 121571 |
| 164 | EnerSys | 18525 |
| 1864 | Enovix Corp.\*<sup>(a)</sup> | 18584 |
| 4998 | Eos Energy Enterprises, Inc.\*<sup>(a)</sup> | 56927 |
| 696 | Fluence Energy, Inc.\* | 7517 |
| 4099 | FuelCell Energy, Inc.\*<sup>(a)</sup> | 31972 |
| 6735 | GE Vernova, Inc. | 4141352 |
| 525 | Generac Holdings, Inc.\* | 87885 |
| 2278 | GrafTech International Ltd.\* | 29204 |
| 406 | Hubbell, Inc. | 174706 |
| 31613 | Hyliion Holdings Corp.\* | 62278 |
| 5667 | KULR Technology Group, Inc.\* | 23575 |
| 4111 | LSI Industries, Inc. | 97061 |
| 284 | NANO Nuclear Energy, Inc.\* | 10951 |
| 2553 | NEXTracker, Inc. Class A\* | 188896 |
| 2028 | NuScale Power Corp.\*<sup>(a)</sup> | 73008 |
| 491 | nVent Electric PLC | 48432 |
| 108 | Powell Industries, Inc. | 32919 |
| 131 | Power Solutions International, Inc.\* | 12867 |
| 384 | Preformed Line Products Co. | 75322 |
| 737 | Regal Rexnord Corp. | 105715 |
| 1331 | Rockwell Automation, Inc. | 465224 |
| 1979 | Sensata Technologies Holding PLC | 60458 |
| 4946 | SES AI Corp.\* | 8260 |
| 1709 | Shoals Technologies Group, Inc. Class A\* | 12664 |
| 93074 | SKYX Platforms Corp.\*<sup>(a)</sup> | 104243 |
| 4829 | Stem, Inc.\*<sup>(a)</sup> | 84604 |
| 25689 | T1 Energy, Inc.\* | 56002 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |
| 2024 | Thermon Group Holdings, Inc.\* | $54081 |
| 7325 | Vertiv Holdings Co. Class A | 1105050 |
| 264 | Vicor Corp.\* | 13126 |
|  |  | 22493484 |
| **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |
| 6441 | 908Devices,Inc.\* | 56423 |
| 427 | Advanced Energy Industries, Inc. | 72650 |
| 347 | Aeva Technologies, Inc.\* | 5032 |
| 29197 | Amphenol Corp. Class A | 3613129 |
| 1147 | Arlo Technologies, Inc.\* | 19442 |
| 888 | Arrow Electronics, Inc.\* | 107448 |
| 1604 | Avnet, Inc. | 83857 |
| 678 | Badger Meter, Inc. | 121077 |
| 258 | Bel Fuse, Inc. Class B | 36383 |
| 653 | Belden, Inc. | 78536 |
| 710 | Benchmark Electronics, Inc. | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | CDW Corp. | 208657 |
| 811 | Climb Global Solutions, Inc. | 109355 |
| 10 | Cognex Corp. | 453 |
| 439 | Coherent Corp.\* | 47289 |
| 8973 | Corning, Inc. | 736055 |
| 434 | Crane NXT Co. | 29108 |
| 1085 | CTS Corp. | 43335 |
| 1949 | Daktronics, Inc.\* | 40773 |
| 450 | ePlus, Inc. | 31954 |
| 8143 | Evolv Technologies Holdings, Inc.\* | 61480 |
| 409 | Fabrinet\* | 149130 |
| 4948 | Flex Ltd.\* | 286836 |
| 74 | Frequency Electronics, Inc.\* | 2509 |
| 33391 | Identiv, Inc.\* | 115199 |
| 457 | Insight Enterprises, Inc.\* | 51828 |
| 390 | Itron, Inc.\* | 48578 |
| 2168 | Jabil, Inc. | 470825 |
| 1913 | Keysight Technologies, Inc.\* | 334622 |
| 808 | Kimball Electronics, Inc.\* | 24127 |
| 1793 | Knowles Corp.\* | 41795 |
| 44211 | Lightwave Logic, Inc.\*<sup>(a)</sup> | 164023 |
| 4 | Littelfuse, Inc. | 1036 |
| 1262 | Methode Electronics, Inc. | 9528 |
| 43670 | MicroVision, Inc.\*<sup>(a)</sup> | 54151 |
| 3521 | Mirion Technologies, Inc.\* | 81898 |
| 28 | M-Tron Industries, Inc.\* | 1553 |
| 1370 | Napco Security Technologies, Inc. | 58841 |
| 104 | Neonode, Inc.\* | 363 |
| 35 | nLight, Inc.\* | 1037 |
| 444 | Novanta, Inc.\* | 44467 |
| 432 | OSI Systems, Inc.\* | 107672 |
| 575 | Ouster, Inc.\* | 15554 |
| 748 | PAR Technology Corp.\* | 29606 |
| 992 | PC Connection, Inc. | 61494 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| 855 | Plexus Corp.\* | $123710 |
| 2697 | Powerfleet, Inc. NJ\* | 14132 |
| 1283 | Ralliant Corp. | 56106 |
| 2930 | Red Cat Holdings, Inc.\*<sup>(a)</sup> | 30325 |
| 47 | Rogers Corp.\* | 3782 |
| 1302 | Sanmina Corp.\* | 149873 |
| 355 | ScanSource, Inc.\* | 15616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50015 | SmartRent, Inc.\* | 70521 |
| 14250 | TD SYNNEX Corp. | 2333437 |
| 3712 | TE Connectivity PLC | 814895 |
| 630 | Teledyne Technologies, Inc.\* | 369205 |
| 2252 | Trimble, Inc.\* | 183876 |
| 488 | TTM Technologies, Inc.\* | 28109 |
| 1211 | Vishay Precision Group, Inc.\* | 38813 |
| 55774 | Vontier Corp. | 2340835 |
| 22819 | Vuzix Corp.\*<sup>(a)</sup> | 71423 |
| 304 | Zebra Technologies Corp. Class A\* | 90337 |
|  |  | 14421474 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 2763 | Archrock, Inc. | 72695 |
| 525 | Aris Water Solutions, Inc. Class A | 12947 |
| 631 | Atlas Energy Solutions, Inc.<sup>(a)</sup> | 7174 |
| 13015 | Baker Hughes Co. | 634091 |
| 1419 | Bristow Group, Inc.\* | 51198 |
| 776 | Cactus, Inc. Class A | 30629 |
| 158 | Core Laboratories, Inc. | 1953 |
| 5377 | DMC Global, Inc.\* | 45436 |
| 134 | Energy Services of America Corp. | 1387 |
| 912 | Flowco Holdings, Inc. Class A | 13543 |
| 3879 | Forum Energy Technologies, Inc.\* | 103608 |
| 9033 | Halliburton Co. | 222212 |
| 2081 | Helix Energy Solutions Group, Inc.\* | 13651 |
| 845 | Kodiak Gas Services, Inc. | 31240 |
| 2285 | Liberty Energy, Inc. | 28197 |
| 253 | Nabors Industries Ltd.\* | 10340 |
| 367 | National Energy Services Reunited Corp.\* | 3765 |
| 2360 | Natural Gas Services Group, Inc. | 66056 |
| 1 | Noble Corp. PLC | 28 |
| 7822 | NOV, Inc. | 103641 |
| 940 | Oceaneering International, Inc.\* | 23293 |
| 3318 | Oil States International, Inc.\* | 20107 |
| 7558 | Patterson-UTI Energy, Inc. | 39150 |
| 6311 | Ranger Energy Services, Inc. Class A | 88606 |
| 3114 | RPC, Inc. | 14823 |
| 18582 | Schlumberger NV | 638663 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Energy Equipment & Services – (continued)** | **Energy Equipment & Services – (continued)** | **Energy Equipment & Services – (continued)** |
| 8437 | SEACOR Marine Holdings, Inc.\* | $54756 |
| 260 | Seadrill Ltd.\* | 7855 |
| 772 | Select Water Solutions, Inc. | 8253 |
| 781 | Solaris Energy Infrastructure, Inc. | 31217 |
| 5179 | TechnipFMC PLC | 204312 |
| 15185 | TETRA Technologies, Inc.\* | 87314 |
| 1077 | Tidewater, Inc.\* | 57436 |
| 838 | Weatherford International PLC | 57344 |
|  |  | 2786920 |
| **Entertainment – 0.8%** | **Entertainment – 0.8%** | **Entertainment – 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | Atlanta Braves Holdings, Inc. Class C\* | 116993 |
| 76 | Atlanta Braves Holdings, Inc. Class A\* | 3456 |
| 4726 | Cinemark Holdings, Inc. | 132423 |
| 16239 | CuriosityStream, Inc. | 86067 |
| 3215 | Electronic Arts, Inc. | 648465 |
| 7754 | Eventbrite, Inc. Class A\* | 19540 |
| 12835 | Golden Matrix Group, Inc.\* | 14504 |
| 488 | IMAX Corp.\* | 15982 |
| 3430 | Liberty Media Corp.-Liberty Formula One Class C\* | 358263 |
| 415 | Liberty Media Corp.-Liberty Formula One Class A\* | 39516 |
| 701 | Liberty Media Corp.-Liberty Live Class C\* | 67976 |
| 457 | Liberty Media Corp.-Liberty Live Class A\* | 43095 |
| 5046 | Lionsgate Studios Corp.\* | 34817 |
| 23899 | Live Nation Entertainment, Inc.\* | 3905097 |
| 1741 | Madison Square Garden Entertainment Corp.\* | 78763 |
| 376 | Madison Square Garden Sports Corp.\* | 85352 |
| 6860 | Marcus Corp. | 106399 |
| 10631 | Netflix, Inc.\* | 12745719 |
| 31032 | Playstudios, Inc.\* | 29871 |
| 270 | Playtika Holding Corp. | 1050 |
| 8398 | Reservoir Media, Inc.\* | 68360 |
| 13548 | ROBLOX Corp. Class A\* | 1876669 |
| 750 | Roku, Inc.\* | 75097 |
| 14624 | Skillz, Inc.\*<sup>(a)</sup> | 116992 |
| 3840 | Spotify Technology SA\* | 2680320 |
| 18662 | Take-Two Interactive Software, Inc.\* | 4821514 |
| 1054 | TKO Group Holdings, Inc. | 212866 |
| 585 | Vivid Seats, Inc. Class A\* | 9723 |
| 89458 | Walt Disney Co. | 10242941 |
| 327480 | Warner Bros Discovery, Inc.\* | 6395684 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** |
| 435 | Warner Music Group Corp. Class A | $14816 |
|  |  | 45048330 |
| **Financial Services – 1.6%** | **Financial Services – 1.6%** | **Financial Services – 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21715 | Acacia Research Corp.\* | 70574 |
| 2794 | Affirm Holdings, Inc.\* | 204186 |
| 4042 | Alerus Financial Corp. | 89490 |
| 8413 | Apollo Global Management, Inc. | 1121200 |
| 1933 | AvidXchange Holdings, Inc.\* | 19233 |
| 2906 | Banco Latinoamericano de Comercio Exterior SA | 133589 |
| 18898 | Berkshire Hathaway, Inc. Class B\* | 9500780 |
| 63535 | Block, Inc.\* | 4591674 |
| 1379 | Burford Capital Ltd. | 16493 |
| 4342 | Cannae Holdings, Inc. | 79502 |
| 8045 | Cantaloupe, Inc.\* | 85036 |
| 3018 | Cass Information Systems, Inc. | 118698 |
| 4335 | Corebridge Financial, Inc. | 138937 |
| 1561 | Corpay, Inc.\* | 449662 |
| 2541 | Enact Holdings, Inc. | 97422 |
| 7776 | Equitable Holdings, Inc. | 394865 |
| 1875 | Essent Group Ltd. | 119175 |
| 327 | Euronet Worldwide, Inc.\* | 28714 |
| 2488 | EVERTEC, Inc. | 84045 |
| 453 | Federal Agricultural Mortgage Corp. Class C | 76095 |
| 5551 | Finance of America Cos., Inc. Class A\* | 124509 |
| 9258 | Fiserv, Inc.\* | 1193634 |
| 1200 | Flywire Corp.\* | 16248 |
| 2836 | Global Payments, Inc. | 235615 |
| 5790 | International Money Express, Inc.\* | 80886 |
| 744 | Jack Henry & Associates, Inc. | 110804 |
| 1003 | Jackson Financial, Inc. Class A | 101534 |
| 1990 | Marqeta, Inc. Class A\* | 10507 |
| 44998 | Mastercard, Inc. Class A | 25595312 |
| 1317 | Merchants Bancorp | 41881 |
| 5491 | MGIC Investment Corp. | 155780 |
| 1197 | Mr. Cooper Group, Inc. | 252316 |
| 1851 | NCR Atleos Corp.\* | 72763 |
| 2201 | NMI Holdings, Inc.\* | 84386 |
| 1948 | Onity Group, Inc.\* | 77842 |
| 1244 | Pagseguro Digital Ltd. Class A | 12440 |
| 599 | Paymentus Holdings, Inc. Class A\* | 18329 |
| 3151 | Payoneer Global, Inc.\* | 19064 |
| 77373 | PayPal Holdings, Inc.\* | 5188633 |
| 16093 | Paysign, Inc.\* | 101225 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Financial Services – (continued)** | **Financial Services – (continued)** | **Financial Services – (continued)** |
| 683 | PennyMac Financial Services, Inc. | $84610 |
| 776 | Priority Technology Holdings, Inc.\* | 5331 |
| 3138 | Radian Group, Inc. | 113658 |
| 3593 | Remitly Global, Inc.\* | 58566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | Repay Holdings Corp.\* | 27274 |
| 1 | Rocket Cos., Inc. Class A | 19 |
| 12481 | Security National Financial Corp. Class A\* | 108210 |
| 205 | Sezzle, Inc.\* | 16304 |
| 878 | Shift4 Payments, Inc. Class A\* | 67957 |
| 2743 | StoneCo Ltd. Class A\* | 51870 |
| 70623 | Toast, Inc. Class A\* | 2578446 |
| 333305 | Triller Group, Inc.\*<sup>(a)</sup> | 276676 |
| 210 | UWM Holdings Corp. | 1279 |
| 7135 | Velocity Financial, Inc.\* | 129429 |
| 94750 | Visa, Inc. Class A | 32345755 |
| 1377 | Voya Financial, Inc. | 103000 |
| 323 | Walker & Dunlop, Inc. | 27009 |
| 9428 | Waterstone Financial, Inc. | 147077 |
| 9212 | Western Union Co. | 73604 |
| 38 | WEX, Inc.\* | 5986 |
|  |  | 87135138 |
| **Food Products – 0.1%** | **Food Products – 0.1%** | **Food Products – 0.1%** |
| 4650 | Alico, Inc. | 161169 |
| 5834 | Archer-Daniels-Midland Co. | 348523 |
| 14254 | B&G Foods, Inc.<sup>(a)</sup> | 63145 |
| 21037 | Beyond Meat, Inc.\*<sup>(a)</sup> | 39760 |
| 38589 | BRC, Inc. Class A\* | 60199 |
| 999 | Bunge Global SA | 81169 |
| 3676 | Calavo Growers, Inc. | 94620 |
| 2484 | Cal-Maine Foods, Inc. | 233744 |
| 2489 | Campbell's Co. | 78603 |
| 8714 | Conagra Brands, Inc. | 159553 |
| 4868 | Darling Ingredients, Inc.\* | 150275 |
| 9620 | Dole PLC | 129293 |
| 4898 | Flowers Foods, Inc. | 63919 |
| 54 | Forafric Global PLC\* | 469 |
| 5614 | Fresh Del Monte Produce, Inc. | 194918 |
| 156 | Freshpet, Inc.\* | 8597 |
| 7748 | General Mills, Inc. | 390654 |
| 17263 | Hain Celestial Group, Inc.\* | 27276 |
| 1972 | Hershey Co. | 368863 |
| 3726 | Hormel Foods Corp. | 92181 |
| 1660 | Ingredion, Inc. | 202703 |
| 825 | J&J Snack Foods Corp. | 79274 |
| 1743 | J.M. Smucker Co. | 189290 |
| 2099 | John B Sanfilippo & Son, Inc. | 134924 |
| 4522 | Kellanova | 370894 |
| 13021 | Kraft Heinz Co. | 339067 |
| 372 | Lamb Weston Holdings, Inc. | 21606 |
| 4504 | Lifeway Foods, Inc.\* | 125031 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 7347 | Limoneira Co. | $109103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15460 | Mama's Creations, Inc.\* | 162485 |
| 522 | Marzetti Co. | 90196 |
| 3216 | McCormick & Co., Inc. | 215183 |
| 4280 | Mission Produce, Inc.\* | 51446 |
| 17788 | Mondelez International, Inc. Class A | 1111216 |
| 4562 | Pilgrim's Pride Corp. | 185765 |
| 1521 | Post Holdings, Inc.\* | 163477 |
| 6 | Seaboard Corp. | 21882 |
| 1753 | Seneca Foods Corp. Class A\* | 189219 |
| 2457 | Simply Good Foods Co.\* | 60983 |
| 1083 | SunOpta, Inc.\* | 6346 |
| 2336 | Tootsie Roll Industries, Inc. | 97925 |
| 2319 | TreeHouse Foods, Inc.\* | 46867 |
| 4914 | Tyson Foods, Inc. Class A | 266830 |
| 2823 | Utz Brands, Inc. | 34299 |
| 1663 | Vital Farms, Inc.\* | 68432 |
| 4269 | Westrock Coffee Co.\*<sup>(a)</sup> | 20747 |
|  |  | 7112120 |
| **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** |
| 2077 | Atmos Energy Corp. | 354648 |
| 994 | Chesapeake Utilities Corp. | 133882 |
| 5538 | MDU Resources Group, Inc. | 98632 |
| 1486 | National Fuel Gas Co. | 137262 |
| 1995 | New Jersey Resources Corp. | 96059 |
| 2856 | Northwest Natural Holding Co. | 128320 |
| 1380 | ONE Gas, Inc. | 111697 |
| 5 | RGC Resources, Inc. | 112 |
| 428 | Southwest Gas Holdings, Inc. | 33530 |
| 1350 | Spire, Inc. | 110052 |
| 12247 | Star Group LP | 144882 |
| 73959 | UGI Corp. | 2459876 |
|  |  | 3808952 |
| **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** | **Ground Transportation – 0.3%** |
| 700 | Avis Budget Group, Inc.\* | 112403 |
| 2936 | Covenant Logistics Group, Inc. | 63594 |
| 131080 | CSX Corp. | 4654651 |
| 2800 | FTAI Infrastructure, Inc. | 12208 |
| 7436 | Heartland Express, Inc. | 62314 |
| 4492 | Hertz Global Holdings, Inc.\*<sup>(a)</sup> | 30546 |
| 438 | JB Hunt Transport Services, Inc. | 58766 |
| 758 | Knight-Swift Transportation Holdings, Inc. | 29949 |
| 420 | Landstar System, Inc. | 51475 |
| 5904 | Lyft, Inc. Class A\* | 129947 |
| 6491 | Marten Transport Ltd. | 69194 |
| 2687 | Norfolk Southern Corp. | 807202 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Ground Transportation – (continued)** | **Ground Transportation – (continued)** | **Ground Transportation – (continued)** |
| 1790 | Old Dominion Freight Line, Inc. | $251996 |
| 4756 | PAMT Corp.\* | 54218 |
| 2190 | Proficient Auto Logistics, Inc.\* | 15089 |
| 109 | RXO, Inc.\* | 1676 |
| 332 | Ryder System, Inc. | 62628 |
| 8 | Schneider National, Inc. Class B | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50797 | Uber Technologies, Inc.\* | 4976582 |
| 38 | U-Haul Holding Co.\* | 2169 |
| 584 | U-Haul Holding Co. | 29726 |
| 8382 | Union Pacific Corp. | 1981253 |
| 638 | Universal Logistics Holdings, Inc. | 14955 |
| 1571 | Werner Enterprises, Inc. | 41349 |
| 724 | XPO, Inc.\* | 93591 |
|  |  | 13607650 |
| **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** |
| 84845 | Abbott Laboratories | 11364139 |
| 16688 | Accuray, Inc.\* | 27869 |
| 384 | Align Technology, Inc.\* | 48084 |
| 3623 | Alphatec Holdings, Inc.\* | 52678 |
| 7593 | AngioDynamics, Inc.\* | 84814 |
| 243 | Anteris Technologies Global Corp.\* | 1094 |
| 4276 | Artivion, Inc.\* | 181046 |
| 2258 | AtriCure, Inc.\* | 79595 |
| 4046 | Avanos Medical, Inc.\* | 46772 |
| 9828 | Axogen, Inc.\* | 175332 |
| 4489 | Baxter International, Inc. | 102215 |
| 3621 | Becton Dickinson & Co. | 677743 |
| 1868 | Beta Bionics, Inc.\*<sup>(a)</sup> | 37117 |
| 4875 | Bioventus, Inc. Class A\* | 32614 |
| 85569 | Boston Scientific Corp.\* | 8354101 |
| 19551 | Butterfly Network, Inc.\* | 37733 |
| 47224 | Cerus Corp.\* | 75086 |
| 8263 | ClearPoint Neuro, Inc.\*<sup>(a)</sup> | 180051 |
| 503 | CONMED Corp. | 23656 |
| 1788 | Cooper Cos., Inc.\* | 122585 |
| 14164 | CVRx, Inc.\* | 114303 |
| 5760 | Delcath Systems, Inc.\* | 61920 |
| 3079 | Dentsply Sirona, Inc. | 39073 |
| 44747 | Dexcom, Inc.\* | 3011026 |
| 6585 | Edwards Lifesciences Corp.\* | 512115 |
| 6617 | Electromed, Inc.\* | 162447 |
| 6253 | Embecta Corp. | 88230 |
| 318 | Enovis Corp.\* | 9648 |
| 3858 | Envista Holdings Corp.\* | 78587 |
| 26758 | Fractyl Health, Inc.\* | 42545 |
| 5445 | GE HealthCare Technologies, Inc. | 408919 |
| 644 | Glaukos Corp.\* | 52518 |
| 1612 | Globus Medical, Inc. Class A\* | 92319 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| 834 | Haemonetics Corp.\* | $40649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41391 | Hologic, Inc.\* | 2793479 |
| 908 | ICU Medical, Inc.\* | 108924 |
| 7808 | IDEXX Laboratories, Inc.\* | 4988453 |
| 13921 | Inogen, Inc.\* | 113735 |
| 338 | Inspire Medical Systems, Inc.\* | 25080 |
| 1624 | Insulet Corp.\* | 501378 |
| 677 | Integer Holdings Corp.\* | 69954 |
| 24075 | Intuitive Surgical, Inc.\* | 10767062 |
| 2622 | iRadimed Corp. | 186582 |
| 665 | iRhythm Technologies, Inc.\* | 114373 |
| 1832 | Kestra Medical Technologies Ltd.\*<sup>(a)</sup> | 43528 |
| 480 | KORU Medical Systems, Inc.\* | 1838 |
| 2205 | Lantheus Holdings, Inc.\* | 113094 |
| 1104 | LeMaitre Vascular, Inc. | 96611 |
| 106 | LENSAR, Inc.\* | 1309 |
| 336 | Lucid Diagnostics, Inc.\* | 339 |
| 703 | Masimo Corp.\* | 103728 |
| 82416 | Medtronic PLC | 7849300 |
| 1378 | Merit Medical Systems, Inc.\* | 114691 |
| 368 | Myomo, Inc.\* | 328 |
| 26160 | Neuronetics, Inc.\* | 71417 |
| 7537 | NeuroPace, Inc.\* | 77706 |
| 1167 | Novocure Ltd.\* | 15078 |
| 2553 | Omnicell, Inc.\* | 77739 |
| 21594 | OraSure Technologies, Inc.\* | 69317 |
| 19462 | Orchestra BioMed Holdings, Inc.\* | 48266 |
| 9374 | Orthofix Medical, Inc.\* | 137235 |
| 3397 | OrthoPediatrics Corp.\* | 62946 |
| 78 | Outset Medical, Inc.\* | 1101 |
| 825 | Penumbra, Inc.\* | 208989 |
| 595 | PROCEPT BioRobotics Corp.\* | 21236 |
| 24 | Pro-Dex, Inc.\* | 812 |
| 29663 | Pulmonx Corp.\* | 48054 |
| 200 | Pulse Biosciences, Inc.\*<sup>(a)</sup> | 3540 |
| 332 | QuidelOrtho Corp.\* | 9777 |
| 2320 | ResMed, Inc. | 635054 |
| 2500 | RxSight, Inc.\* | 22475 |
| 4592 | Sanara Medtech, Inc.\* | 145704 |
| 4270 | SANUWAVE Health, Inc.\* | 160040 |
| 16 | Semler Scientific, Inc.\* | 480 |
| 78090 | Senseonics Holdings, Inc.\* | 34032 |
| 4699 | SI-BONE, Inc.\* | 69169 |
| 20983 | Sight Sciences, Inc.\* | 72182 |
| 1865 | Solventum Corp.\* | 136145 |
| 2342 | STAAR Surgical Co.\* | 62930 |
| 56424 | Stereotaxis, Inc.\* | 175479 |
| 13163 | STERIS PLC | 3257053 |
| 19126 | Stryker Corp. | 7070308 |
| 6340 | Surmodics, Inc.\* | 189503 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** | **Health Care Equipment & Supplies – (continued)** |
| 6960 | Tactile Systems Technology, Inc.\* | $96326 |
| 787 | Tandem Diabetes Care, Inc.\* | 9554 |
| 690 | Teleflex, Inc. | 84428 |
| 379 | TransMedics Group, Inc.\* | 42524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17619 | Treace Medical Concepts, Inc.\* | 118223 |
| 85 | UFP Technologies, Inc.\* | 16966 |
| 3237 | Utah Medical Products, Inc. | 203834 |
| 2635 | Zimmer Biomet Holdings, Inc. | 259548 |
| 8370 | Zimvie, Inc.\* | 158528 |
| 34337 | Zynex, Inc.\*<sup>(a)</sup> | 49789 |
|  |  | 68335896 |
| **Health Care Providers & Services – 0.6%** | **Health Care Providers & Services – 0.6%** | **Health Care Providers & Services – 0.6%** |
| 10163 | AdaptHealth Corp.\* | 90959 |
| 610 | Addus HomeCare Corp.\* | 71974 |
| 3491 | agilon health, Inc.\* | 3596 |
| 11251 | AirSculpt Technologies, Inc.\*<sup>(a)</sup> | 90233 |
| 4747 | Alignment Healthcare, Inc.\* | 82835 |
| 2155 | AMN Healthcare Services, Inc.\* | 41721 |
| 4559 | Ardent Health, Inc.\* | 60407 |
| 1462 | Astrana Health, Inc.\* | 41448 |
| 4086 | Aveanna Healthcare Holdings, Inc.\* | 36243 |
| 5697 | BrightSpring Health Services, Inc.\* | 168403 |
| 4678 | Brookdale Senior Living, Inc.\* | 39623 |
| 5282 | Cardinal Health, Inc. | 829063 |
| 1614 | Castle Biosciences, Inc.\* | 36751 |
| 4844 | Cencora, Inc. | 1513895 |
| 7862 | Centene Corp.\* | 280516 |
| 194 | Chemed Corp. | 86862 |
| 4079 | Cigna Group | 1175772 |
| 18212 | Clover Health Investments Corp.\* | 55729 |
| 1673 | Community Health Systems, Inc.\* | 5370 |
| 4205 | Concentra Group Holdings Parent, Inc. | 88011 |
| 1040 | CorVel Corp.\* | 80517 |
| 7401 | Cross Country Healthcare, Inc.\* | 105094 |
| 18756 | CVS Health Corp. | 1414015 |
| 1234 | DaVita, Inc.\* | 163962 |
| 28849 | DocGo, Inc.\* | 39235 |
| 21996 | Elevance Health, Inc. | 7107347 |
| 1559 | Encompass Health Corp. | 198024 |
| 6329 | Enhabit, Inc.\* | 50695 |
| 1327 | Ensign Group, Inc. | 229266 |
| 1890 | Fulgent Genetics, Inc.\* | 42714 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |
| 515 | GeneDx Holdings Corp.\* | $55486 |
| 1923 | Guardant Health, Inc.\* | 120149 |
| 13222 | HCA Healthcare, Inc. | 5635216 |
| 1538 | HealthEquity, Inc.\* | 145756 |
| 1919 | Henry Schein, Inc.\* | 127364 |
| 2957 | Hims & Hers Health, Inc.\* | 167721 |
| 1636 | Humana, Inc. | 425638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16757 | InfuSystem Holdings, Inc.\* | 173603 |
| 7425 | Innovage Holding Corp.\* | 38313 |
| 11704 | Joint Corp.\* | 111656 |
| 1431 | Labcorp Holdings, Inc. | 410783 |
| 6803 | LifeStance Health Group, Inc.\* | 37416 |
| 3187 | McKesson Corp. | 2462085 |
| 1189 | Molina Healthcare, Inc.\* | 227527 |
| 173 | Nano-X Imaging Ltd.\* | 640 |
| 317 | National HealthCare Corp. | 38519 |
| 7921 | National Research Corp. | 101230 |
| 139 | NeoGenomics, Inc.\* | 1073 |
| 264 | Nutex Health, Inc.\* | 27276 |
| 668 | Oncology Institute, Inc.\* | 2331 |
| 23385 | OPKO Health, Inc.\* | 36247 |
| 5836 | Option Care Health, Inc.\* | 162007 |
| 689 | Owens & Minor, Inc.\* | 3307 |
| 2696 | PACS Group, Inc.\* | 37016 |
| 11229 | Pediatrix Medical Group, Inc.\* | 188086 |
| 2504 | Pennant Group, Inc.\* | 63151 |
| 20415 | Performant Healthcare, Inc.\* | 157808 |
| 6447 | Premier, Inc. Class A | 179227 |
| 4105 | Privia Health Group, Inc.\* | 102214 |
| 3622 | Progyny, Inc.\* | 77945 |
| 1931 | Quest Diagnostics, Inc. | 368010 |
| 625 | RadNet, Inc.\* | 47631 |
| 4 | SBC Medical Group Holdings, Inc.\* | 17 |
| 5427 | Select Medical Holdings Corp. | 69683 |
| 2406 | Sonida Senior Living, Inc.\* | 66694 |
| 3564 | Surgery Partners, Inc.\* | 77125 |
| 22589 | Talkspace, Inc.\* | 62346 |
| 1459 | Tenet Healthcare Corp.\* | 296235 |
| 766 | U.S. Physical Therapy, Inc. | 65072 |
| 12718 | UnitedHealth Group, Inc. | 4391525 |
| 1052 | Universal Health Services, Inc. Class B | 215071 |
| 25434 | Viemed Healthcare, Inc.\* | 172697 |
|  |  | 31379176 |
| **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** |
| 1173 | Alexandria Real Estate Equities, Inc. | 97758 |
| 3062 | American Healthcare REIT, Inc. | 128635 |
| 2987 | CareTrust REIT, Inc. | 103589 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care REITs – (continued)** | **Health Care REITs – (continued)** | **Health Care REITs – (continued)** |
| 4475 | Community Healthcare Trust, Inc. | $68468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32518 | Diversified Healthcare Trust | 143404 |
| 4021 | Global Medical REIT, Inc. | 135548 |
| 4213 | Healthcare Realty Trust, Inc. | 75960 |
| 6893 | Healthpeak Properties, Inc. | 132001 |
| 2937 | LTC Properties, Inc. | 108258 |
| 1420 | National Health Investors, Inc. | 112890 |
| 2911 | Omega Healthcare Investors, Inc. | 122902 |
| 4917 | Sabra Health Care REIT, Inc. | 91653 |
| 3383 | Sila Realty Trust, Inc. | 84913 |
| 74 | Strawberry Fields REIT, Inc. | 910 |
| 4022 | Universal Health Realty Income Trust | 157542 |
| 6319 | Ventas, Inc. | 442267 |
| 8991 | Welltower, Inc. | 1601657 |
|  |  | 3608355 |
| **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** | **Health Care Technology – 0.1%** |
| 8069 | American Well Corp. Class A\* | 49624 |
| 87 | Claritev Corp.\* | 4618 |
| 3056 | Doximity, Inc. Class A\* | 223546 |
| 432 | Evolent Health, Inc. Class A\* | 3655 |
| 3042 | GoodRx Holdings, Inc. Class A\* | 12868 |
| 6279 | Health Catalyst, Inc.\* | 17895 |
| 3597 | HealthStream, Inc. | 101579 |
| 3721 | LifeMD, Inc.\* | 25266 |
| 3087 | OptimizeRx Corp.\* | 63284 |
| 2646 | Phreesia, Inc.\* | 62234 |
| 637 | Schrodinger, Inc.\* | 12778 |
| 1641 | Simulations Plus, Inc.\* | 24730 |
| 6382 | Teladoc Health, Inc.\* | 49333 |
| 5314 | TruBridge, Inc.\* | 107183 |
| 14626 | Veeva Systems, Inc. Class A\* | 4357232 |
| 1962 | Waystar Holding Corp.\* | 74399 |
|  |  | 5190224 |
| **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** |
| 2196 | Apple Hospitality REIT, Inc. | 26374 |
| 19474 | Braemar Hotels & Resorts, Inc. | 53164 |
| 10729 | Chatham Lodging Trust | 71992 |
| 6174 | DiamondRock Hospitality Co. | 49145 |
| 7052 | Host Hotels & Resorts, Inc. | 120025 |
| 3168 | Park Hotels & Resorts, Inc. | 35101 |
| 1972 | Pebblebrook Hotel Trust | 22461 |
| 3062 | RLJ Lodging Trust | 22046 |
| 842 | Ryman Hospitality Properties, Inc. | 75435 |
| 2841 | Summit Hotel Properties, Inc. | 15597 |
| 2480 | Sunstone Hotel Investors, Inc. | 23238 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotel & Resort REITs – (continued)** | **Hotel & Resort REITs – (continued)** | **Hotel & Resort REITs – (continued)** |
| 1225 | Xenia Hotels & Resorts, Inc. | $16807 |
|  |  | 531385 |
| **Hotels, Restaurants & Leisure – 0.6%** | **Hotels, Restaurants & Leisure – 0.6%** | **Hotels, Restaurants & Leisure – 0.6%** |
| 8845 | Accel Entertainment, Inc.\* | 97914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691 | Airbnb, Inc. Class A\* | 1176681 |
| 3371 | Aramark | 129446 |
| 7253 | Bally's Corp.\*<sup>(a)</sup> | 80508 |
| 234 | Biglari Holdings, Inc. Class B\* | 75734 |
| 863 | BJ's Restaurants, Inc.\* | 26347 |
| 594 | Bloomin' Brands, Inc. | 4259 |
| 2315 | Booking Holdings, Inc. | 12499310 |
| 1260 | Boyd Gaming Corp. | 108927 |
| 1278 | Brinker International, Inc.\* | 161897 |
| 284 | Caesars Entertainment, Inc.\* | 7675 |
| 16378 | Carnival Corp.\* | 473488 |
| 1157 | Cava Group, Inc.\* | 69894 |
| 43768 | Century Casinos, Inc.\* | 114235 |
| 1097 | Cheesecake Factory, Inc. | 59940 |
| 31284 | Chipotle Mexican Grill, Inc.\* | 1226020 |
| 579 | Choice Hotels International, Inc.<sup>(a)</sup> | 61901 |
| 738 | Churchill Downs, Inc. | 71593 |
| 69 | Cracker Barrel Old Country Store, Inc. | 3040 |
| 2747 | Darden Restaurants, Inc. | 522919 |
| 18714 | Denny's Corp.\* | 97874 |
| 1308 | Dine Brands Global, Inc. | 32334 |
| 348 | Domino's Pizza, Inc. | 150235 |
| 8499 | DoorDash, Inc. Class A\* | 2311643 |
| 4899 | DraftKings, Inc. Class A\* | 183223 |
| 1824 | Dutch Bros, Inc. Class A\* | 95468 |
| 8445 | El Pollo Loco Holdings, Inc.\* | 81917 |
| 3150 | Expedia Group, Inc. | 673313 |
| 2285 | First Watch Restaurant Group, Inc.\* | 35737 |
| 3986 | Flutter Entertainment PLC\* | 1012444 |
| 5568 | Genius Sports Ltd.\* | 68932 |
| 3154 | Global Business Travel Group I\* | 25484 |
| 3073 | Golden Entertainment, Inc. | 72461 |
| 2178 | Hilton Grand Vacations, Inc.\* | 91062 |
| 5642 | Hilton Worldwide Holdings, Inc. | 1463761 |
| 80 | Hyatt Hotels Corp. Class A | 11354 |
| 11842 | Inspired Entertainment, Inc.\* | 111078 |
| 2993 | Jack in the Box, Inc. | 59172 |
| 109 | Krispy Kreme, Inc. | 422 |
| 71 | Kura Sushi USA, Inc. Class A\* | 4218 |
| 5414 | Las Vegas Sands Corp. | 291219 |
| 3678 | Life Time Group Holdings, Inc.\* | 101513 |
| 655 | Light & Wonder, Inc.\* | 54981 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 2720 | Lindblad Expeditions Holdings, Inc.\* | $34816 |
| 4912 | Marriott International, Inc. Class A | 1279281 |
| 31 | Marriott Vacations Worldwide Corp. | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10302 | McDonald's Corp. | 3130675 |
| 3590 | MGM Resorts International\* | 124429 |
| 1346 | Monarch Casino & Resort, Inc. | 142461 |
| 1677 | Nathan's Famous, Inc. | 185711 |
| 98318 | Noodles & Co.\* | 62491 |
| 4569 | Norwegian Cruise Line Holdings Ltd.\* | 112535 |
| 498 | Papa John's International, Inc. | 23979 |
| 1936 | Planet Fitness, Inc. Class A\* | 200957 |
| 3600 | Portillo's, Inc. Class A\* | 23220 |
| 7867 | Potbelly Corp.\* | 134054 |
| 2944 | Pursuit Attractions & Hospitality, Inc.\* | 106514 |
| 1719 | RCI Hospitality Holdings, Inc. | 52447 |
| 10659 | Red Robin Gourmet Burgers, Inc.\* | 73121 |
| 309 | Red Rock Resorts, Inc. Class A | 18868 |
| 2358 | Restaurant Brands International, Inc. | 151242 |
| 6104 | Royal Caribbean Cruises Ltd. | 1975132 |
| 2490 | Rush Street Interactive, Inc.\* | 50995 |
| 3416 | Sabre Corp.\* | 6251 |
| 814 | Serve Robotics, Inc.\*<sup>(a)</sup> | 9467 |
| 453 | Shake Shack, Inc. Class A\* | 42405 |
| 867 | Six Flags Entertainment Corp.\* | 19698 |
| 15678 | Starbucks Corp. | 1326359 |
| 1802 | Super Group SGHC Ltd. | 23786 |
| 1171 | Sweetgreen, Inc. Class A\* | 9345 |
| 2 | Target Hospitality Corp.\* | 17 |
| 1224 | Texas Roadhouse, Inc. | 203368 |
| 783 | Travel & Leisure Co. | 46581 |
| 293 | United Parks & Resorts, Inc.\* | 15148 |
| 472 | Vail Resorts, Inc. | 70597 |
| 3562 | Viking Holdings Ltd.\* | 221414 |
| 5813 | Wendy's Co. | 53247 |
| 352 | Wingstop, Inc. | 88591 |
| 1490 | Wyndham Hotels & Resorts, Inc. | 119051 |
| 719 | Wynn Resorts Ltd. | 92226 |
| 4876 | Xponential Fitness, Inc. Class A\* | 37984 |
| 4458 | Yum! Brands, Inc. | 677616 |
|  |  | 34949715 |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| 691 | Beazer Homes USA, Inc.\* | 16964 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Durables – (continued)** | **Household Durables – (continued)** | **Household Durables – (continued)** |
| 300 | Cavco Industries, Inc.\* | $174219 |
| 74 | Century Communities, Inc. | 4689 |
| 1883 | Champion Homes, Inc.\* | 143805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049 | Cricut, Inc. Class A | 25468 |
| 3848 | DR Horton, Inc. | 652121 |
| 82 | Dream Finders Homes, Inc. Class A\* | 2125 |
| 4058 | Ethan Allen Interiors, Inc. | 119549 |
| 1467 | Flexsteel Industries, Inc. | 67995 |
| 119038 | GoPro, Inc. Class A\* | 252361 |
| 719 | Green Brick Partners, Inc.\* | 53105 |
| 1705 | Hamilton Beach Brands Holding Co. Class A | 24501 |
| 1266 | Helen of Troy Ltd.\* | 31903 |
| 8720 | Hooker Furnishings Corp. | 88508 |
| 65 | Hovnanian Enterprises, Inc. Class A\* | 8352 |
| 319 | Installed Building Products, Inc. | 78685 |
| 19317 | iRobot Corp.\* | 69348 |
| 21 | KB Home | 1336 |
| 1520 | La-Z-Boy, Inc. | 52166 |
| 4360 | Legacy Housing Corp.\* | 119944 |
| 6820 | Leggett & Platt, Inc. | 60562 |
| 30936 | Lennar Corp. Class A | 3899173 |
| 1 | LGI Homes, Inc.\* | 52 |
| 15771 | Lifetime Brands, Inc. | 61034 |
| 1395 | Lovesac Co.\* | 23617 |
| 583 | M/I Homes, Inc.\* | 84209 |
| 4 | Meritage Homes Corp. | 290 |
| 1384 | Mohawk Industries, Inc.\* | 178425 |
| 39 | NVR, Inc.\* | 313352 |
| 2784 | PulteGroup, Inc. | 367850 |
| 131971 | Purple Innovation, Inc.\* | 123287 |
| 162 | SharkNinja, Inc.\* | 16710 |
| 2191 | Smith Douglas Homes Corp.\* | 38693 |
| 4653 | Somnigroup International, Inc. | 392388 |
| 2273 | Sonos, Inc.\* | 35913 |
| 2314 | Taylor Morrison Home Corp.\* | 152747 |
| 1487 | Toll Brothers, Inc. | 205414 |
| 326 | TopBuild Corp.\* | 127420 |
| 23117 | Traeger, Inc.\* | 28203 |
| 2707 | Tri Pointe Homes, Inc.\* | 91957 |
| 6269 | Universal Electronics, Inc.\* | 29214 |
| 1527 | Whirlpool Corp. | 120022 |
|  |  | 8337676 |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
| 2658 | Central Garden & Pet Co. Class A\* | 78491 |
| 1822 | Central Garden & Pet Co.\* | 59488 |
| 3022 | Church & Dwight Co., Inc. | 264818 |
| 1502 | Clorox Co. | 185196 |
| 15349 | Colgate-Palmolive Co. | 1226999 |
| 3319 | Energizer Holdings, Inc. | 82610 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Household Products – (continued)** | **Household Products – (continued)** | **Household Products – (continued)** |
| 5788 | Kimberly-Clark Corp. | $719680 |
| 1759 | Oil-Dri Corp. of America | 107369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32583 | Procter & Gamble Co. | 5006378 |
| 1136 | Reynolds Consumer Products, Inc. | 27798 |
| 949 | Spectrum Brands Holdings, Inc. | 49851 |
| 646 | WD-40 Co. | 127650 |
|  |  | 7936328 |
| **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** |
| 23 | AES Corp. | 303 |
| 8 | Brookfield Renewable Corp. | 275 |
| 179 | Clearway Energy, Inc. Class C | 5057 |
| 196 | Clearway Energy, Inc. Class A | 5278 |
| 1351 | Hallador Energy Co.\* | 26439 |
| 13575 | Montauk Renewables, Inc.\* | 27286 |
| 780 | Ormat Technologies, Inc. | 75075 |
| 249 | Talen Energy Corp.\* | 105920 |
| 7887 | Vistra Corp. | 1545221 |
|  |  | 1790854 |
| **Industrial Conglomerates – 0.2%** | **Industrial Conglomerates – 0.2%** | **Industrial Conglomerates – 0.2%** |
| 7883 | 3M Co. | 1223284 |
| 95 | Brookfield Business Corp. Class A | 3185 |
| 36061 | Honeywell International, Inc. | 7590841 |
|  |  | 8817310 |
| **Industrial REITs – 0.0%** | **Industrial REITs – 0.0%** | **Industrial REITs – 0.0%** |
| 3402 | Americold Realty Trust, Inc. | 41640 |
| 383 | EastGroup Properties, Inc. | 64827 |
| 1046 | First Industrial Realty Trust, Inc. | 53838 |
| 14334 | Industrial Logistics Properties Trust | 83567 |
| 2 | Innovative Industrial Properties, Inc. | 107 |
| 5 | Lineage, Inc. | 193 |
| 6791 | LXP Industrial Trust | 60847 |
| 4733 | Plymouth Industrial REIT, Inc. | 105688 |
| 11976 | Prologis, Inc. | 1371492 |
| 367 | Rexford Industrial Realty, Inc. | 15087 |
| 1177 | STAG Industrial, Inc. | 41536 |
| 725 | Terreno Realty Corp. | 41144 |
|  |  | 1879966 |
| **Insurance – 0.7%** | **Insurance – 0.7%** | **Insurance – 0.7%** |
| 4422 | Abacus Global Management, Inc.\* | 25338 |
| 7386 | Aflac, Inc. | 825016 |
| 4050 | Allstate Corp. | 869332 |
| 3905 | Ambac Financial Group, Inc.\* | 32568 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 5609 | American Coastal Insurance Corp. | $63887 |
| 1195 | American Financial Group, Inc. | 174135 |
| 8279 | American International Group, Inc. | 650233 |
| 3149 | AMERISAFE, Inc. | 138052 |
| 4904 | Aon PLC Class A | 1748668 |
| 5305 | Arch Capital Group Ltd. | 481323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20037 | Arthur J Gallagher & Co. | 6206260 |
| 909 | Assurant, Inc. | 196889 |
| 1248 | Assured Guaranty Ltd. | 105643 |
| 16671 | Aviva PLC | 154220 |
| 2035 | Axis Capital Holdings Ltd. | 194953 |
| 797 | Baldwin Insurance Group, Inc.\* | 22483 |
| 2979 | Bowhead Specialty Holdings, Inc.\* | 80552 |
| 2489 | Brighthouse Financial, Inc.\* | 132116 |
| 45526 | Brown & Brown, Inc. | 4269884 |
| 2494 | Cincinnati Financial Corp. | 394301 |
| 12521 | Citizens, Inc.\*<sup>(a)</sup> | 65735 |
| 2332 | CNA Financial Corp. | 108345 |
| 3446 | CNO Financial Group, Inc. | 136289 |
| 10672 | Crawford & Co. Class A | 114190 |
| 7582 | Donegal Group, Inc. Class A | 147015 |
| 8894 | eHealth, Inc.\* | 38333 |
| 2252 | Employers Holdings, Inc. | 95665 |
| 140 | Erie Indemnity Co. Class A | 44542 |
| 670 | Everest Group Ltd. | 234654 |
| 3334 | F&G Annuities & Life, Inc. | 104254 |
| 5050 | Fidelity National Financial, Inc. | 305475 |
| 1608 | First American Financial Corp. | 103298 |
| 11805 | Genworth Financial, Inc.\* | 105065 |
| 2864 | Global Indemnity Group LLC Class A | 83199 |
| 1984 | Globe Life, Inc. | 283652 |
| 487 | Goosehead Insurance, Inc. Class A | 36243 |
| 7159 | Greenlight Capital Re Ltd. Class A\* | 90919 |
| 5998 | Hagerty, Inc. Class A\* | 72216 |
| 4230 | Hamilton Insurance Group Ltd. Class B\* | 104904 |
| 971 | Hanover Insurance Group, Inc. | 176363 |
| 4586 | Hartford Insurance Group, Inc. | 611727 |
| 607 | HCI Group, Inc. | 116502 |
| 3976 | Heritage Insurance Holdings, Inc.\* | 100116 |
| 1411 | Hippo Holdings, Inc.\* | 51022 |
| 2515 | Horace Mann Educators Corp. | 113603 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | Investors Title Co. | $175161 |
| 6469 | James River Group Holdings Ltd. | 35903 |
| 1450 | Kemper Corp. | 74748 |
| 15 | Kestrel Group Ltd.\* | 410 |
| 5482 | Kingstone Cos., Inc. | 80585 |
| 11749 | Kingsway Financial Services, Inc.\* | 171770 |
| 466 | Kinsale Capital Group, Inc. | 198171 |
| 1200 | Lemonade, Inc.\* | 64236 |
| 4402 | Lincoln National Corp. | 177533 |
| 3195 | Loews Corp. | 320746 |
| 234 | Markel Group, Inc.\* | 447258 |
| 7431 | Marsh & McLennan Cos., Inc. | 1497569 |
| 26528 | MBIA, Inc.\* | 197634 |
| 1108 | Mercury General Corp. | 93936 |
| 8336 | MetLife, Inc. | 686636 |
| 10766 | NI Holdings, Inc.\* | 145987 |
| 5799 | Old Republic International Corp. | 246284 |
| 6156 | Oscar Health, Inc. Class A\* | 116533 |
| 795 | Palomar Holdings, Inc.\* | 92816 |
| 564 | Primerica, Inc. | 156561 |
| 3047 | Principal Financial Group, Inc. | 252627 |
| 4467 | ProAssurance Corp.\* | 107163 |
| 32387 | Progressive Corp. | 7997970 |
| 4818 | Prudential Financial, Inc. | 499819 |
| 909 | Reinsurance Group of America, Inc. | 174646 |
| 988 | RenaissanceRe Holdings Ltd. | 250883 |
| 1114 | RLI Corp. | 72655 |
| 295 | Root, Inc. Class A\* | 26405 |
| 2270 | Ryan Specialty Holdings, Inc. | 127937 |
| 1080 | Safety Insurance Group, Inc. | 76345 |
| 1311 | Selective Insurance Group, Inc. | 106283 |
| 1114 | Selectquote, Inc.\* | 2183 |
| 6342 | SiriusPoint Ltd.\* | 114727 |
| 1455 | Skyward Specialty Insurance Group, Inc.\* | 69200 |
| 884 | Stewart Information Services Corp. | 64815 |
| 3630 | Tiptree, Inc. | 69587 |
| 3445 | Travelers Cos., Inc. | 961913 |
| 896 | Trupanion, Inc.\* | 38779 |
| 2147 | TWFG, Inc.\* | 58914 |
| 3434 | United Fire Group, Inc. | 104462 |
| 4308 | Universal Insurance Holdings, Inc. | 113300 |
| 3538 | Unum Group | 275186 |
| 5212 | W.R. Berkley Corp. | 399343 |
| 30 | White Mountains Insurance Group Ltd. | 50146 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | Willis Towers Watson PLC | $429049 |
|  |  | 37633993 |
| **Interactive Media & Services – 3.7%** | **Interactive Media & Services – 3.7%** |  |
| 105623 | Alphabet, Inc. Class C | 25724482 |
| 376928 | Alphabet, Inc. Class A | 91631197 |
| 2063 | Angi, Inc.\* | 33545 |
| 21858 | Arena Group Holdings, Inc.\* | 119563 |
| 5851 | Bumble, Inc. Class A\* | 35633 |
| 1492 | Cargurus, Inc.\* | 55547 |
| 1920 | Cars.com, Inc.\* | 23463 |
| 578 | EverQuote, Inc. Class A\* | 13219 |
| 42427 | fuboTV, Inc.\* | 176072 |
| 2310 | Grindr, Inc.\* | 34696 |
| 1617 | IAC, Inc.\* | 55091 |
| 72191 | Match Group, Inc. | 2549786 |
| 427 | MediaAlpha, Inc. Class A\* | 4859 |
| 106774 | Meta Platforms, Inc. Class A | 78412690 |
| 26707 | Nextdoor Holdings, Inc.\* | 55818 |
| 6816 | Pinterest, Inc. Class A\* | 219271 |
| 1654 | QuinStreet, Inc.\* | 25587 |
| 1946 | Reddit, Inc. Class A\* | 447561 |
| 568 | Rumble, Inc.\*<sup>(a)</sup> | 4112 |
| 2407 | Shutterstock, Inc. | 50186 |
| 398 | Snap, Inc. Class A\* | 3069 |
| 8352 | Taboola.com Ltd.\* | 28480 |
| 9469 | Teads Holding Co.\* | 15624 |
| 7739 | Travelzoo\* | 76074 |
| 638 | TripAdvisor, Inc.\* | 10374 |
| 65448 | TrueCar, Inc.\* | 120424 |
| 643 | Trump Media & Technology Group Corp.\* | 10558 |
| 7627 | Vimeo, Inc.\* | 59109 |
| 2265 | Yelp, Inc.\* | 70668 |
| 1057 | Ziff Davis, Inc.\* | 40272 |
| 5047 | ZipRecruiter, Inc. Class A\* | 21298 |
| 2930 | ZoomInfo Technologies, Inc.\* | 31966 |
|  |  | 200160294 |
| **IT Services – 0.5%** | **IT Services – 0.5%** |  |
| 8619 | Accenture PLC Class A | 2125445 |
| 1417 | Akamai Technologies, Inc.\* | 107352 |
| 1747 | Amdocs Ltd. | 143341 |
| 1519 | Applied Digital Corp.\* | 34846 |
| 926 | ASGN, Inc.\* | 43846 |
| 10923 | Backblaze, Inc. Class A\* | 101366 |
| 765 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> | 4988 |
| 7097 | Cloudflare, Inc. Class A\* | 1522945 |
| 7016 | Cognizant Technology Solutions Corp. Class A | 470563 |
| 13804 | Commerce.com, Inc.\* | 68882 |
| 3251 | CoreWeave, Inc. Class A\* | 444899 |
| 164 | Crexendo, Inc.\* | 1066 |
| 67 | CSP, Inc. | 774 |
| 732 | DigitalOcean Holdings, Inc.\* | 25005 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **IT Services – (continued)** | **IT Services – (continued)** | **IT Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | DXC Technology Co.\* | $79736 |
| 12114 | EPAM Systems, Inc.\* | 1826670 |
| 1737 | Gartner, Inc.\* | 456605 |
| 448 | Globant SA\* | 25706 |
| 3364 | GoDaddy, Inc. Class A\* | 460296 |
| 5209 | Grid Dynamics Holdings, Inc.\* | 40161 |
| 5748 | Hackett Group, Inc. | 109270 |
| 31234 | Information Services Group, Inc. | 179596 |
| 44716 | International Business Machines Corp. | 12617067 |
| 2797 | Kyndryl Holdings, Inc.\* | 83994 |
| 168 | MongoDB, Inc.\* | 52144 |
| 2579 | Okta, Inc.\* | 236494 |
| 14180 | Rackspace Technology, Inc.\* | 19994 |
| 7324 | Snowflake, Inc.\* | 1651928 |
| 1946 | TSS, Inc.\*<sup>(a)</sup> | 35242 |
| 4525 | Tucows, Inc. Class A\* | 83961 |
| 30423 | Twilio, Inc. Class A\* | 3045038 |
| 7637 | Unisys Corp.\* | 29784 |
| 1110 | VeriSign, Inc. | 310323 |
| 653 | VTEX Class A\* | 2860 |
|  |  | 26442187 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |  |
| 702 | Acushnet Holdings Corp. | 55100 |
| 953 | Brunswick Corp. | 60268 |
| 29718 | Clarus Corp. | 104013 |
| 5200 | Escalade, Inc. | 65364 |
| 2292 | Funko, Inc. Class A\* | 7885 |
| 1246 | Hasbro, Inc. | 94509 |
| 3286 | JAKKS Pacific, Inc. | 61547 |
| 2918 | Johnson Outdoors, Inc. Class A | 117858 |
| 3524 | Latham Group, Inc.\* | 26818 |
| 543 | Malibu Boats, Inc. Class A\* | 17620 |
| 17966 | Marine Products Corp. | 159358 |
| 4144 | MasterCraft Boat Holdings, Inc.\* | 88930 |
| 5694 | Mattel, Inc.\* | 95830 |
| 13603 | Outdoor Holding Co.\* | 20132 |
| 9280 | Peloton Interactive, Inc. Class A\* | 83520 |
| 322 | Polaris, Inc. | 18718 |
| 9328 | Smith & Wesson Brands, Inc. | 91694 |
| 2996 | Sturm Ruger & Co., Inc. | 130236 |
| 5542 | Topgolf Callaway Brands Corp.\* | 52649 |
| 456 | YETI Holdings, Inc.\* | 15130 |
|  |  | 1367179 |
| **Life Sciences Tools & Services – 0.1%** | **Life Sciences Tools & Services – 0.1%** |  |
| 327 | 10X Genomics, Inc. Class A\* | 3823 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863 | Adaptive Biotechnologies Corp.\* | $72750 |
| 3040 | Agilent Technologies, Inc. | 390184 |
| 11201 | Alpha Teknova, Inc.\*<sup>(a)</sup> | 69334 |
| 68 | Atlantic International Corp.\* | 207 |
| 9752 | Avantor, Inc.\* | 121705 |
| 1251 | BioLife Solutions, Inc.\* | 31913 |
| 361 | Bio-Rad Laboratories, Inc. Class A\* | 101221 |
| 32 | Bio-Techne Corp. | 1780 |
| 10 | Bruker Corp. | 325 |
| 784 | Charles River Laboratories International, Inc.\* | 122665 |
| 37337 | Codexis, Inc.\* | 91102 |
| 598 | CryoPort, Inc.\* | 5669 |
| 8334 | Danaher Corp. | 1652299 |
| 372 | Fortrea Holdings, Inc.\* | 3132 |
| 28 | Ginkgo Bioworks Holdings, Inc.\* | 408 |
| 1174 | ICON PLC\* | 205450 |
| 1131 | Illumina, Inc.\* | 107411 |
| 1900 | IQVIA Holdings, Inc.\* | 360886 |
| 12468 | Lifecore Biomedical, Inc.\* | 91765 |
| 32832 | MaxCyte, Inc.\* | 51875 |
| 354 | Medpace Holdings, Inc.\* | 182013 |
| 611 | Mesa Laboratories, Inc. | 40943 |
| 173 | Mettler-Toledo International, Inc.\* | 212377 |
| 78420 | Nautilus Biotechnology, Inc.\* | 66257 |
| 4797 | Niagen Bioscience, Inc.\* | 44756 |
| 57282 | OmniAb, Inc.\* | 91651 |
| 25677 | Pacific Biosciences of California,<br>Inc.\*<sup>(a)</sup> | 32867 |
| 9084 | Personalis, Inc.\* | 59228 |
| 21313 | Quanterix Corp.\* | 115730 |
| 10285 | Quantum-Si, Inc.\* | 14502 |
| 75 | Repligen Corp.\* | 10025 |
| 1033 | Revvity, Inc. | 90542 |
| 53902 | Seer, Inc.\* | 116967 |
| 1132 | Sotera Health Co.\* | 17806 |
| 10383 | Standard BioTools, Inc.\* | 13498 |
| 1210 | Tempus AI, Inc.\* | 97659 |
| 5052 | Thermo Fisher Scientific, Inc. | 2450321 |
| 1009 | Waters Corp.\* | 302508 |
| 279 | West Pharmaceutical Services, Inc. | 73190 |
|  |  | 7518744 |
| **Machinery – 0.4%** | **Machinery – 0.4%** |  |
| 24829 | 3D Systems Corp.\* | 72004 |
| 1836 | Aebi Schmidt Holding AG | 22895 |
| 602 | AGCO Corp. | 64456 |
| 5316 | AirJoule Technologies Corp.\*<sup>(a)</sup> | 24932 |
| 188 | Alamo Group, Inc. | 35889 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | Albany International Corp. Class A | $19455 |
| 1301 | Allison Transmission Holdings, Inc. | 110429 |
| 1333 | Astec Industries, Inc. | 64157 |
| 2752 | Atmus Filtration Technologies, Inc. | 124088 |
| 689 | Blue Bird Corp.\* | 39652 |
| 6956 | Caterpillar, Inc. | 3319055 |
| 993 | Chart Industries, Inc.\* | 198749 |
| 16217 | CNH Industrial NV | 175954 |
| 274 | Crane Co. | 50454 |
| 1630 | Cummins, Inc. | 688463 |
| 3378 | Deere & Co. | 1544624 |
|  | Desktop Metal, Inc. Class A\*<sup>(a)</sup> |  |
| 1160 | Donaldson Co., Inc. | 94946 |
| 3382 | Douglas Dynamics, Inc. | 105721 |
| 1216 | Dover Corp. | 202865 |
| 5615 | Energy Recovery, Inc.\* | 86583 |
| 2450 | Enerpac Tool Group Corp. | 100450 |
| 57 | Enpro, Inc. | 12882 |
| 506 | Esab Corp. | 56540 |
| 613 | ESCO Technologies, Inc. | 129410 |
| 947 | Federal Signal Corp. | 112684 |
| 32 | Flowserve Corp. | 1700 |
| 3849 | Fortive Corp. | 188563 |
| 1040 | Franklin Electric Co., Inc. | 99008 |
| 3814 | Gates Industrial Corp. PLC\* | 94663 |
| 3450 | Gencor Industries, Inc.\* | 50474 |
| 2532 | Gorman-Rupp Co. | 117510 |
| 1460 | Graco, Inc. | 124042 |
| 1486 | Graham Corp.\* | 81581 |
| 312 | Greenbrier Cos., Inc. | 14405 |
| 790 | Hillenbrand, Inc. | 21362 |
| 2523 | Hillman Solutions Corp.\* | 23161 |
| 414 | Hyster-Yale, Inc. | 15260 |
| 444 | IDEX Corp. | 72265 |
| 4754 | Illinois Tool Works, Inc. | 1239653 |
| 4240 | Ingersoll Rand, Inc. | 350309 |
| 559 | ITT, Inc. | 99927 |
| 846 | JBT Marel Corp. | 118821 |
| 203 | Kadant, Inc. | 60409 |
| 1023 | Kennametal, Inc. | 21411 |
| 3308 | L.B. Foster Co. Class A\* | 89151 |
| 282 | Lincoln Electric Holdings, Inc. | 66504 |
| 569 | Lindsay Corp. | 79979 |
| 6334 | Luxfer Holdings PLC | 88043 |
| 635 | Manitowoc Co., Inc.\* | 6356 |
| 3238 | Mayville Engineering Co., Inc.\* | 44555 |
| 8464 | Microvast Holdings, Inc.\*<sup>(a)</sup> | 32586 |
| 697 | Middleby Corp.\* | 92652 |
| 1772 | Miller Industries, Inc. | 71624 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | Mueller Industries, Inc. | $160462 |
| 3762 | Mueller Water Products, Inc. Class A | 96006 |
| 245 | Nordson Corp. | 55603 |
| 4570 | Omega Flex, Inc. | 142515 |
| 469 | Oshkosh Corp. | 60829 |
| 4667 | Otis Worldwide Corp. | 426704 |
| 6012 | PACCAR, Inc. | 591100 |
| 6923 | Palladyne AI Corp.\*<sup>(a)</sup> | 59469 |
| 1661 | Parker-Hannifin Corp. | 1259287 |
| 5308 | Park-Ohio Holdings Corp. | 112742 |
| 1735 | Pentair PLC | 192169 |
| 858 | Proto Labs, Inc.\* | 42926 |
| 309 | RBC Bearings, Inc.\* | 120600 |
| 1671 | REV Group, Inc. | 94696 |
| 782 | Richtech Robotics, Inc. Class B\* | 3355 |
| 685 | Snap-on, Inc. | 237373 |
| 600 | SPX Technologies, Inc.\* | 112068 |
| 417 | Standex International Corp. | 88362 |
| 1448 | Stanley Black & Decker, Inc. | 107630 |
| 2165 | Stratasys Ltd.\* | 24248 |
| 1070 | Tennant Co. | 86734 |
| 583 | Terex Corp. | 29908 |
| 453 | Timken Co. | 34057 |
| 182 | Titan International, Inc.\* | 1376 |
| 641 | Toro Co. | 48844 |
| 1202 | Trinity Industries, Inc. | 33704 |
| 551 | Watts Water Technologies, Inc. Class A | 153883 |
| 2120 | Westinghouse Air Brake Technologies Corp. | 424996 |
| 114 | Worthington Enterprises, Inc. | 6326 |
| 22741 | Xylem, Inc. | 3354298 |
|  |  | 18985581 |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |  |
| 7 | Costamare Bulkers Holdings Ltd.\* | 101 |
| 2767 | Costamare, Inc. | 32955 |
| 6040 | Genco Shipping & Trading Ltd. | 107512 |
| 1632 | Global Ship Lease, Inc. Class A | 50102 |
| 22060 | Kirby Corp.\* | 1840907 |
| 710 | Matson, Inc. | 69999 |
| 14837 | Pangaea Logistics Solutions Ltd. | 75372 |
| 24175 | Safe Bulkers, Inc. | 107337 |
| 1478 | Star Bulk Carriers Corp. | 27476 |
|  |  | 2311761 |
| **Media – 0.2%** | **Media – 0.2%** |  |
| 916 | AMC Networks, Inc. Class A\* | 7548 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Media – (continued)** | **Media – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051 | Boston Omaha Corp. Class A\* | $131467 |
| 414 | Cable One, Inc. | 73299 |
| 17019 | Cardlytics, Inc.\*<sup>(a)</sup> | 41356 |
| 1403 | Charter Communications, Inc.<br>Class A\* | 385972 |
| 45355 | Clear Channel Outdoor Holdings, Inc. | 71661 |
| 212527 | Comcast Corp. Class A | 6677598 |
| 781 | DoubleVerify Holdings, Inc.\* | 9356 |
| 5590 | EchoStar Corp. Class A\* | 426852 |
| 157 | Emerald Holding, Inc. | 799 |
| 42074 | Entravision Communications Corp. Class A | 98033 |
| 277 | EW Scripps Co. Class A\* | 681 |
| 4496 | Fox Corp. Class A | 283518 |
| 3583 | Fox Corp. Class B | 205270 |
| 7434 | Gambling.com Group Ltd.\* | 60810 |
| 3431 | Gannett Co., Inc.\* | 14170 |
| 4182 | Gray Media, Inc. | 24172 |
| 158 | Ibotta, Inc. Class A\* | 4400 |
| 56487 | iHeartMedia, Inc. Class A | 162118 |
| 888 | Integral Ad Science Holding Corp.\* | 9031 |
| 3842 | Interpublic Group of Cos., Inc. | 107230 |
| 2453 | John Wiley & Sons, Inc. Class A | 99273 |
| 1512 | Liberty Broadband Corp. Class C\* | 96073 |
| 599 | Liberty Broadband Corp. Class A\* | 37935 |
| 1899 | Magnite, Inc.\* | 41360 |
| 6444 | National CineMedia, Inc. | 29063 |
| 1632 | New York Times Co. Class A | 93677 |
| 4717 | News Corp. Class A | 144859 |
| 1846 | News Corp. Class B | 63779 |
| 5046 | Newsmax, Inc.\*<sup>(a)</sup> | 62570 |
| 612 | Nexstar Media Group, Inc. | 121017 |
| 2219 | Omnicom Group, Inc. | 180915 |
| 11439 | Paramount Skydance Corp. Class B<sup>(a)</sup> | 216426 |
| 934 | PubMatic, Inc. Class A\* | 7734 |
| 1803 | Scholastic Corp. | 49366 |
| 4682 | Sinclair, Inc. | 70698 |
| 7122 | Sirius XM Holdings, Inc. | 165765 |
| 29 | TechTarget, Inc.\* | 169 |
| 5935 | TEGNA, Inc. | 120659 |
| 2703 | Thryv Holdings, Inc.\* | 32598 |
| 7835 | Trade Desk, Inc. Class A\* | 383993 |
| 25465 | WideOpenWest, Inc.\* | 131399 |
|  |  | 10944669 |
| **Metals & Mining – 0.2%** | **Metals & Mining – 0.2%** |  |
| 2880 | Alcoa Corp. | 94723 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | Alpha Metallurgical Resources, Inc.\* | $78599 |
| 484 | American Battery Technology Co.\* | 2352 |
| 698 | Anglogold Ashanti PLC | 49090 |
| 411 | Carpenter Technology Corp. | 100917 |
| 591 | Century Aluminum Co.\* | 17352 |
| 4186 | Coeur Mining, Inc.\* | 78529 |
| 1643 | Commercial Metals Co. | 94111 |
| 2347 | Compass Minerals International, Inc.\* | 45062 |
| 594 | Constellium SE\* | 8839 |
| 97 | Contango ORE, Inc.\* | 2418 |
| 26654 | Critical Metals Corp.\*<sup>(a)</sup> | 165788 |
| 16674 | Dakota Gold Corp.\* | 75867 |
| 1805 | Elevra Lithium Ltd. ADR\* | 43338 |
| 7048 | Evraz PLC\*<sup>(b)</sup> |  |
| 107160 | Freeport-McMoRan, Inc. | 4202815 |
| 1608 | Hecla Mining Co. | 19457 |
| 142 | Idaho Strategic Resources, Inc.\* | 4798 |
| 829 | Ivanhoe Electric, Inc.\* | 10404 |
| 268 | Kaiser Aluminum Corp. | 20679 |
| 314 | Lifezone Metals Ltd.\* | 1721 |
| 69 | Materion Corp. | 8336 |
| 4005 | McEwen, Inc.\* | 68486 |
| 1998 | Metallus, Inc.\* | 33027 |
| 947 | MP Materials Corp.\* | 63515 |
| 82075 | Newmont Corp. | 6919743 |
| 586 | NioCorp Developments Ltd.\* | 3915 |
| 2625 | Novagold Resources, Inc.\* | 23100 |
| 2106 | Nucor Corp. | 285216 |
| 1672 | Olympic Steel, Inc. | 50913 |
| 1328 | Perpetua Resources Corp.\* | 26866 |
| 2360 | Ramaco Resources, Inc. Class B | 39766 |
| 402 | Ramaco Resources, Inc. Class A\* | 13342 |
| 716 | Reliance, Inc. | 201074 |
| 786 | Royal Gold, Inc. | 157656 |
| 2233 | Ryerson Holding Corp. | 51046 |
| 75 | Southern Copper Corp. | 9201 |
| 1328 | Steel Dynamics, Inc. | 185163 |
| 5186 | SunCoke Energy, Inc. | 42318 |
| 11169 | Tredegar Corp.\* | 89687 |
| 18595 | U.S. Antimony Corp.\* | 115289 |
| 125 | U.S. Gold Corp.\* | 2060 |
| 18 | U.S. Goldmining, Inc.\* | 231 |
| 454 | Vox Royalty Corp. | 1952 |
| 1 | Warrior Met Coal, Inc. | 64 |
| 260 | Worthington Steel, Inc. | 7901 |
|  |  | 13516726 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** |
| 9 | ACRES Commercial Realty Corp.\* | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11258 | Adamas Trust, Inc. | 78468 |
| 13139 | AGNC Investment Corp. | 128631 |
| 14815 | Angel Oak Mortgage REIT, Inc. | 138817 |
| 9486 | Annaly Capital Management, Inc. | 191712 |
| 8519 | Apollo Commercial Real Estate Finance, Inc. | 86297 |
| 5393 | Arbor Realty Trust, Inc. | 65849 |
| 20611 | ARES Commercial Real Estate Corp. | 92956 |
| 5524 | ARMOUR Residential REIT, Inc. | 82529 |
| 3389 | Blackstone Mortgage Trust, Inc. Class A | 62392 |
| 15923 | BrightSpire Capital, Inc. | 86462 |
| 5877 | Chimera Investment Corp. | 77694 |
| 8285 | Dynex Capital, Inc. | 101823 |
| 7894 | Ellington Financial, Inc. | 102464 |
| 7863 | Franklin BSP Realty Trust, Inc. | 85392 |
| 28446 | Granite Point Mortgage Trust, Inc. | 85338 |
| 14186 | Invesco Mortgage Capital, Inc. | 107246 |
| 8075 | KKR Real Estate Finance Trust, Inc. | 72675 |
| 7976 | Ladder Capital Corp. | 87018 |
| 7791 | MFA Financial, Inc. | 71599 |
| 9317 | Nexpoint Real Estate Finance, Inc. | 132115 |
| 14965 | Orchid Island Capital, Inc. | 104905 |
| 7592 | PennyMac Mortgage Investment Trust | 93078 |
| 7898 | Ready Capital Corp. | 30565 |
| 12346 | Redwood Trust, Inc. | 71483 |
| 12863 | Rithm Capital Corp. | 146510 |
| 48216 | Rithm Property Trust, Inc. | 121504 |
| 4308 | Starwood Property Trust, Inc. | 83446 |
| 12056 | TPG RE Finance Trust, Inc. | 103199 |
| 8705 | Two Harbors Investment Corp. | 85918 |
|  |  | 2778275 |
| **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** |  |
| 3529 | Ameren Corp. | 368357 |
| 2360 | Avista Corp. | 89232 |
| 1412 | Black Hills Corp. | 86965 |
| 8252 | CenterPoint Energy, Inc. | 320178 |
| 3697 | CMS Energy Corp. | 270842 |
| 5000 | Consolidated Edison, Inc. | 502600 |
| 10481 | Dominion Energy, Inc. | 641123 |
| 2726 | DTE Energy Co. | 385538 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | NiSource, Inc. | $260709 |
| 1724 | Northwestern Energy Group, Inc. | 101044 |
| 6033 | Public Service Enterprise Group, Inc. | 503514 |
| 7593 | Sempra | 683218 |
| 2401 | Unitil Corp. | 114912 |
| 4429 | WEC Energy Group, Inc. | 507519 |
|  |  | 4835751 |
| **Office REITs – 0.0%** | **Office REITs – 0.0%** |  |
| 6479 | Brandywine Realty Trust | 27018 |
| 1579 | BXP, Inc. | 117383 |
| 14749 | City Office REIT, Inc. | 102653 |
| 2367 | COPT Defense Properties | 68785 |
| 3031 | Cousins Properties, Inc. | 87717 |
| 3616 | Douglas Emmett, Inc. | 56301 |
| 2609 | Easterly Government Properties, Inc. | 59824 |
| 3775 | Empire State Realty Trust, Inc. Class A | 28917 |
| 28764 | Franklin Street Properties Corp. | 46022 |
| 1926 | Highwoods Properties, Inc. | 61285 |
| 2802 | JBG SMITH Properties | 62345 |
| 1354 | Kilroy Realty Corp. | 57207 |
| 3402 | NET Lease Office Properties | 100903 |
| 9241 | Orion Properties, Inc. | 24951 |
| 6523 | Paramount Group, Inc.\* | 42660 |
| 5910 | Peakstone Realty Trust | 77539 |
| 4526 | Piedmont Realty Trust, Inc. | 40734 |
| 12522 | Postal Realty Trust, Inc. Class A | 196470 |
| 150 | SL Green Realty Corp. | 8972 |
| 2959 | Vornado Realty Trust | 119928 |
|  |  | 1387614 |
| **Oil, Gas & Consumable Fuels – 0.7%** | **Oil, Gas & Consumable Fuels – 0.7%** |  |
| 33191 | Aemetis, Inc.\*<sup>(a)</sup> | 74680 |
| 17283 | Amplify Energy Corp.\* | 90736 |
| 3895 | Antero Midstream Corp. | 75719 |
| 3072 | Antero Resources Corp.\* | 103096 |
| 6436 | APA Corp. | 156266 |
| 4864 | Ardmore Shipping Corp. | 57736 |
| 7251 | Berry Corp. | 27409 |
| 1715 | California Resources Corp. | 91204 |
| 90 | Calumet, Inc.\* | 1642 |
| 256 | Centrus Energy Corp. Class A\* | 79378 |
| 4223 | Cheniere Energy, Inc. | 992321 |
| 25383 | Chevron Corp. | 3941726 |
| 3 | Chord Energy Corp. | 298 |
| 2174 | Civitas Resources, Inc. | 70655 |
| 3034 | CNX Resources Corp.\* | 97452 |
| 1741 | Comstock Resources, Inc.\* | 34524 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17001 | ConocoPhillips | $1608125 |
| 412 | Core Natural Resources, Inc. | 34394 |
| 7394 | Coterra Energy, Inc. | 174868 |
| 350 | CVR Energy, Inc.\* | 12768 |
| 688 | Delek U.S. Holdings, Inc. | 22202 |
| 3220 | Devon Energy Corp. | 112893 |
| 3623 | DHT Holdings, Inc. | 43295 |
| 1243 | Diamondback Energy, Inc. | 177873 |
| 363 | Dorian LPG Ltd. | 10817 |
| 1068 | DT Midstream, Inc. | 120748 |
| 14159 | Empire Petroleum Corp.\*<sup>(a)</sup> | 63999 |
| 629 | Energy Fuels, Inc.\* | 9655 |
| 7404 | EOG Resources, Inc. | 830136 |
| 18 | Epsilon Energy Ltd. | 91 |
| 7348 | EQT Corp. | 399952 |
| 26348 | Evolution Petroleum Corp. | 126997 |
| 730 | Excelerate Energy, Inc. Class A | 18389 |
| 2490 | Expand Energy Corp. | 264538 |
| 176101 | Exxon Mobil Corp. | 19855388 |
| 2712 | FLEX LNG Ltd.\*<sup>(a)</sup> | 68342 |
| 3289 | Frontline PLC<sup>(a)</sup> | 74956 |
| 29037 | FutureFuel Corp. | 112664 |
| 48608 | Gevo, Inc.\*<sup>(a)</sup> | 95272 |
| 809 | Golar LNG Ltd. | 32692 |
| 13344 | Granite Ridge Resources, Inc. | 72191 |
| 3766 | Green Plains, Inc.\* | 33103 |
| 262 | Gulfport Energy Corp.\* | 47417 |
| 1119 | HF Sinclair Corp. | 58568 |
| 3919 | Infinity Natural Resources, Inc. Class A\* | 51378 |
| 344 | International Seaways, Inc. | 15851 |
| 26143 | Kinder Morgan, Inc. | 740108 |
| 362 | Kinetik Holdings, Inc. | 15472 |
| 84 | Kolibri Global Energy, Inc.\* | 466 |
| 212 | Lightbridge Corp.\* | 4497 |
| 1178 | Magnolia Oil & Gas Corp. Class A | 28119 |
| 4002 | Marathon Petroleum Corp. | 771345 |
| 1857 | Matador Resources Co. | 83435 |
| 3395 | Murphy Oil Corp. | 96452 |
| 2821 | Navigator Holdings Ltd. | 43697 |
| 1513 | NextDecade Corp.\* | 10273 |
| 9655 | NextNRG, Inc.\* | 17669 |
| 34484 | Nordic American Tankers Ltd. | 108280 |
| 2 | Northern Oil & Gas, Inc. | 50 |
| 8727 | Occidental Petroleum Corp. | 412351 |
| 7674 | ONEOK, Inc. | 559972 |
| 3941 | Ovintiv, Inc. | 159138 |
| 173 | Par Pacific Holdings, Inc.\* | 6128 |
| 3991 | Peabody Energy Corp. | 105841 |
| 2729 | Permian Resources Corp. | 34931 |
| 5210 | Phillips 66 | 708664 |
| 585 | PrimeEnergy Resources Corp.\* | 97713 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | Range Resources Corp. | $30940 |
| 3662 | REX American Resources Corp.\* | 112130 |
| 935 | Riley Exploration Permian, Inc. | 25348 |
| 35082 | Ring Energy, Inc.\* | 38239 |
| 1042 | Sable Offshore Corp.\* | 18193 |
| 11569 | SandRidge Energy, Inc. | 130498 |
| 1396 | Scorpio Tankers, Inc. | 78246 |
| 7133 | SFL Corp. Ltd. | 53711 |
| 1 | SM Energy Co. | 25 |
| 2554 | Summit Midstream Corp.\* | 52459 |
| 5879 | Talos Energy, Inc.\* | 56380 |
| 2890 | Tamboran Resources Corp.\* | 79128 |
| 4929 | Targa Resources Corp. | 825805 |
| 6691 | Teekay Corp. Ltd. | 54732 |
| 1051 | Teekay Tankers Ltd. Class A | 53128 |
| 386 | Texas Pacific Land Corp. | 360385 |
| 2806 | Tsakos Energy Navigation Ltd. | 62349 |
| 4816 | Uranium Energy Corp.\* | 64245 |
| 51516 | Ur-Energy, Inc.\* | 92214 |
| 23156 | VAALCO Energy, Inc. | 93087 |
| 4022 | Valero Energy Corp. | 684786 |
| 2128 | Venture Global, Inc. Class A<sup>(a)</sup> | 30196 |
| 47 | Verde Clean Fuels, Inc.\* | 143 |
| 180 | Viper Energy, Inc. Class A | 6880 |
| 4170 | Vitesse Energy, Inc. | 96869 |
| 42706 | W&T Offshore, Inc.<sup>(a)</sup> | 77725 |
| 16748 | Williams Cos., Inc. | 1060986 |
| 2602 | World Kinect Corp. | 67522 |
|  |  | 38755354 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |  |
| 699 | Clearwater Paper Corp.\* | 14511 |
| 410 | Louisiana-Pacific Corp. | 36424 |
| 1034 | Magnera Corp.\* | 12119 |
| 772 | Sylvamo Corp. | 34138 |
|  |  | 97192 |
| **Passenger Airlines – 0.0%** | **Passenger Airlines – 0.0%** |  |
| 2680 | Alaska Air Group, Inc.\* | 133410 |
| 660 | Allegiant Travel Co.\* | 40108 |
| 10892 | American Airlines Group, Inc.\* | 122426 |
| 190 | Copa Holdings SA Class A | 22576 |
| 7896 | Delta Air Lines, Inc. | 448098 |
| 647 | Frontier Group Holdings, Inc.\* | 2857 |
| 6947 | Joby Aviation, Inc.\* | 112125 |
| 1018 | SkyWest, Inc.\* | 102431 |
| 5043 | Southwest Airlines Co. | 160922 |
| 16162 | Strata Critical Medical, Inc.\* | 81780 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Passenger Airlines – (continued)** | **Passenger Airlines – (continued)** | **Passenger Airlines – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | Sun Country Airlines Holdings, Inc.\* | $24293 |
| 4858 | United Airlines Holdings, Inc.\* | 468797 |
|  |  | 1719823 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** |  |
| 5838 | Beauty Health Co.\* | 11618 |
| 885 | BellRing Brands, Inc.\* | 32170 |
| 14178 | Coty, Inc. Class A\* | 57279 |
| 2488 | Edgewell Personal Care Co. | 50656 |
| 10 | elf Beauty, Inc.\* | 1325 |
| 752 | Estee Lauder Cos., Inc. Class A | 66266 |
| 44 | FitLife Brands, Inc.\* | 875 |
| 3164 | Herbalife Ltd.\* | 26704 |
| 14444 | Honest Co., Inc.\* | 53154 |
| 504 | Interparfums, Inc. | 49583 |
| 26129 | Kenvue, Inc. | 424074 |
| 7610 | Lifevantage Corp.<sup>(a)</sup> | 74045 |
| 7577 | Medifast, Inc.\* | 103577 |
| 6031 | Nature's Sunshine Products, Inc.\* | 93601 |
| 2136 | Nu Skin Enterprises, Inc. Class A | 26038 |
| 35040 | Olaplex Holdings, Inc.\* | 45902 |
| 1992 | USANA Health Sciences, Inc.\* | 54880 |
| 12408 | Waldencast PLC Class A\*<sup>(a)</sup> | 24568 |
|  |  | 1196315 |
| **Pharmaceuticals – 0.8%** | **Pharmaceuticals – 0.8%** |  |
| 39316 | Aclaris Therapeutics, Inc.\* | 74700 |
| 19653 | Alto Neuroscience, Inc.\* | 79005 |
| 4464 | Alumis, Inc.\*<sup>(a)</sup> | 17811 |
| 7053 | Amneal Pharmaceuticals, Inc.\* | 70601 |
| 976 | Amphastar Pharmaceuticals, Inc.\* | 26010 |
| 13817 | Amylyx Pharmaceuticals, Inc.\* | 187773 |
| 927 | ANI Pharmaceuticals, Inc.\* | 84913 |
| 20693 | Aquestive Therapeutics, Inc.\* | 115674 |
| 75 | Arvinas, Inc.\* | 639 |
| 65696 | Assertio Holdings, Inc.\* | 57865 |
| 6536 | ATAI Life Sciences NV\*<sup>(a)</sup> | 34575 |
| 28685 | Atea Pharmaceuticals, Inc.\* | 83187 |
| 6434 | Avadel Pharmaceuticals PLC\* | 98247 |
| 1090 | Axsome Therapeutics, Inc.\* | 132381 |
| 98 | Biote Corp. Class A\* | 294 |
| 34550 | Bristol-Myers Squibb Co. | 1558205 |
| 18235 | Cassava Sciences, Inc.\*<sup>(a)</sup> | 53064 |
| 2060 | Collegium Pharmaceutical, Inc.\* | 72079 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869 | Contineum Therapeutics, Inc. Class A\* | $151211 |
| 2331 | Corcept Therapeutics, Inc.\* | 193729 |
| 6047 | CorMedix, Inc.\*<sup>(a)</sup> | 70327 |
| 1025 | Crinetics Pharmaceuticals, Inc.\* | 42691 |
| 825 | Edgewise Therapeutics, Inc.\* | 13382 |
| 9033 | Elanco Animal Health, Inc.\* | 181925 |
| 20873 | Eli Lilly & Co. | 15926099 |
| 630 | Enliven Therapeutics, Inc.\* | 12896 |
| 37838 | Esperion Therapeutics, Inc.\* | 100271 |
| 6623 | Eton Pharmaceuticals, Inc.\* | 143918 |
| 8212 | Evolus, Inc.\* | 50422 |
| 1785 | EyePoint Pharmaceuticals, Inc.\* | 25418 |
| 47 | Fulcrum Therapeutics, Inc.\* | 432 |
| 1967 | Harmony Biosciences Holdings, Inc.\* | 54211 |
| 1697 | Harrow, Inc.\* | 81761 |
| 48197 | Ikena Oncology, Inc.\*<sup>(b)</sup> |  |
| 1947 | Indivior PLC\* | 46942 |
| 5965 | Innoviva, Inc.\* | 108861 |
| 1200 | Jazz Pharmaceuticals PLC\* | 158160 |
| 33842 | Johnson & Johnson | 6274984 |
| 137 | Journey Medical Corp.\* | 975 |
| 1425 | LENZ Therapeutics, Inc.\* | 66377 |
| 537 | Ligand Pharmaceuticals, Inc.\* | 95124 |
| 726 | Liquidia Corp.\* | 16509 |
| 1837 | Maze Therapeutics, Inc.\*<sup>(a)</sup> | 47633 |
| 4341 | MBX Biosciences, Inc.\* | 75968 |
| 81 | MediWound Ltd.\* | 1460 |
| 34531 | Merck & Co., Inc. | 2898187 |
| 2224 | Mind Medicine MindMed, Inc.\* | 26221 |
| 5906 | Nektar Therapeutics\* | 336051 |
| 47379 | Neumora Therapeutics, Inc.\* | 86230 |
| 224 | Nuvation Bio, Inc.\* | 829 |
| 4875 | Ocular Therapeutix, Inc.\* | 56989 |
| 25058 | Omeros Corp.\*<sup>(a)</sup> | 102738 |
| 8640 | Organon & Co. | 92275 |
| 3022 | Pacira BioSciences, Inc.\* | 77877 |
| 2198 | Perrigo Co. PLC | 48949 |
| 323486 | Pfizer, Inc. | 8242423 |
| 9038 | Phathom Pharmaceuticals, Inc.\*<sup>(a)</sup> | 106377 |
| 1673 | Phibro Animal Health Corp. Class A | 67690 |
| 24542 | Pliant Therapeutics, Inc.\* | 36322 |
| 1445 | Prestige Consumer Healthcare, Inc.\* | 90168 |
| 7156 | Royalty Pharma PLC Class A | 252464 |
| 22737 | scPharmaceuticals, Inc.\* | 128919 |
| 4022 | Septerna, Inc.\*<sup>(a)</sup> | 75654 |
| 5522 | SIGA Technologies, Inc. | 50526 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | Supernus Pharmaceuticals, Inc.\* | $129845 |
| 1934 | Tarsus Pharmaceuticals, Inc.\* | 114938 |
| 7637 | Terns Pharmaceuticals, Inc.\* | 57354 |
| 4425 | Theravance Biopharma, Inc.\* | 64605 |
| 7399 | Third Harmonic Bio, Inc.\*<sup>(b)</sup> |  |
| 7942 | Trevi Therapeutics, Inc.\* | 72669 |
| 2230 | Tvardi Therapeutics, Inc.\*<sup>(a)</sup> | 86903 |
| 17145 | Ventyx Biosciences, Inc.\* | 53321 |
| 11466 | Veru, Inc.\*<sup>(a)</sup> | 43571 |
| 23303 | Viatris, Inc. | 230700 |
| 1122 | WaVe Life Sciences Ltd.\* | 8213 |
| 25830 | Xeris Biopharma Holdings, Inc.\* | 210256 |
| 12041 | Zevra Therapeutics, Inc.\* | 114510 |
| 9835 | Zoetis, Inc. | 1439057 |
|  |  | 42091540 |
| **Professional Services – 0.2%** | **Professional Services – 0.2%** |  |
| 5692 | Acuren Corp.\* | 75761 |
| 119 | Alight, Inc. Class A | 388 |
| 578 | Amentum Holdings, Inc.\* | 13843 |
| 10550 | Asure Software, Inc.\* | 86510 |
| 9849 | Automatic Data Processing, Inc. | 2890681 |
| 3855 | Barrett Business Services, Inc. | 170854 |
| 2331 | BlackSky Technology, Inc.\* | 46970 |
| 2712 | Booz Allen Hamilton Holding Corp. | 271064 |
| 2713 | Broadridge Financial Solutions, Inc. | 646155 |
| 374 | CACI International, Inc. Class A\* | 186544 |
| 623 | CBIZ, Inc.\* | 32994 |
| 24982 | Clarivate PLC\* | 95681 |
| 2221 | Concentrix Corp. | 102499 |
| 17256 | Conduent, Inc.\* | 48317 |
| 516 | CRA International, Inc. | 107601 |
| 2021 | CSG Systems International, Inc. | 130112 |
| 485 | Dayforce, Inc.\* | 33412 |
| 8417 | DLH Holdings Corp.\* | 47556 |
| 1635 | Equifax, Inc. | 419427 |
| 4255 | ExlService Holdings, Inc.\* | 187348 |
| 1532 | Exponent, Inc. | 106443 |
| 615 | First Advantage Corp.\* | 9465 |
| 7817 | FiscalNote Holdings, Inc.\*<sup>(a)</sup> | 36193 |
| 9017 | Forrester Research, Inc.\* | 95580 |
| 3630 | Franklin Covey Co.\* | 70458 |
| 278 | FTI Consulting, Inc.\* | 44939 |
| 1807 | Heidrick & Struggles International, Inc. | 89934 |
| 7676 | HireQuest, Inc. | 73843 |
| 975 | Huron Consulting Group, Inc.\* | 143101 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Professional Services – (continued)** | **Professional Services – (continued)** | **Professional Services – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | IBEX Holdings Ltd.\* | $177680 |
| 509 | ICF International, Inc. | 47235 |
| 477 | Innodata, Inc.\* | 36762 |
| 900 | Insperity, Inc. | 44280 |
| 1368 | Jacobs Solutions, Inc. | 205008 |
| 1005 | KBR, Inc. | 47526 |
| 4820 | Kelly Services, Inc. Class A | 63238 |
| 2469 | Kforce, Inc. | 74021 |
| 991 | Korn Ferry | 69350 |
| 1324 | Legalzoom.com, Inc.\* | 13743 |
| 1835 | Leidos Holdings, Inc. | 346742 |
| 463 | ManpowerGroup, Inc. | 17548 |
| 1404 | Maximus, Inc. | 128283 |
| 10403 | Mistras Group, Inc.\* | 102365 |
| 1133 | Parsons Corp.\* | 93948 |
| 5290 | Paychex, Inc. | 670560 |
| 855 | Paycom Software, Inc. | 177960 |
| 910 | Paylocity Holding Corp.\* | 144936 |
| 4239 | Planet Labs PBC\* | 55022 |
| 56 | RCM Technologies, Inc.\* | 1487 |
| 3001 | Resolute Holdings Management, Inc.\* | 216522 |
| 24259 | Resources Connection, Inc. | 122508 |
| 803 | Robert Half, Inc. | 27286 |
| 1010 | Science Applications International Corp. | 100364 |
| 3604 | Skillsoft Corp.\* | 46924 |
| 5614 | Spire Global, Inc.\*<sup>(a)</sup> | 61698 |
| 3210 | SS&C Technologies Holdings, Inc. | 284920 |
| 8 | TaskUS, Inc. Class A\* | 143 |
| 1692 | TransUnion | 141756 |
| 631 | TriNet Group, Inc. | 42208 |
| 12143 | TrueBlue, Inc.\* | 74437 |
| 5174 | TTEC Holdings, Inc.\* | 17385 |
| 1133 | UL Solutions, Inc. Class A | 80284 |
| 5874 | Upwork, Inc.\* | 109080 |
| 2768 | Verisk Analytics, Inc. | 696180 |
| 3330 | Verra Mobility Corp.\* | 82251 |
| 1392 | Willdan Group, Inc.\* | 134592 |
| 1141 | WNS Holdings Ltd.\* | 87024 |
|  |  | 11106929 |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |  |
| 4548 | Anywhere Real Estate, Inc.\* | 48163 |
| 4649 | CBRE Group, Inc. Class A\* | 732496 |
| 23050 | Compass, Inc. Class A\* | 185091 |
| 4716 | CoStar Group, Inc.\* | 397889 |
| 31752 | Douglas Elliman, Inc.\* | 90811 |
| 1913 | eXp World Holdings, Inc. | 20393 |
| 27421 | Five Point Holdings LLC Class A\* | 168091 |
| 1701 | Forestar Group, Inc.\* | 45230 |
| 5396 | FRP Holdings, Inc.\* | 131447 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | Howard Hughes Holdings, Inc.\* | $27198 |
| 914 | Jones Lang LaSalle, Inc.\* | 272628 |
| 8046 | Kennedy-Wilson Holdings, Inc. | 66943 |
| 359 | Landbridge Co. LLC Class A | 19153 |
| 3172 | Marcus & Millichap, Inc. | 93098 |
| 5246 | Maui Land & Pineapple Co., Inc.\* | 97785 |
| 488 | Newmark Group, Inc. Class A | 9101 |
| 4296 | RE/MAX Holdings, Inc. Class A\* | 40511 |
| 10970 | Real Brokerage, Inc.\* | 45855 |
| 6818 | RMR Group, Inc. Class A | 107247 |
| 2631 | Seaport Entertainment Group, Inc.\* | 60303 |
| 35946 | Seritage Growth Properties Class A\* | 152770 |
| 1791 | St. Joe Co. | 88619 |
| 15554 | Star Holdings\* | 128009 |
| 3836 | Stratus Properties, Inc.\* | 81170 |
| 9254 | Tejon Ranch Co.\* | 147879 |
| 2918 | Transcontinental Realty Investors,<br>Inc.\*<sup>(a)</sup> | 134607 |
| 1536 | Zillow Group, Inc. Class C\* | 118349 |
| 553 | Zillow Group, Inc. Class A\* | 41165 |
|  |  | 3552001 |
| **Residential REITs – 0.0%** | **Residential REITs – 0.0%** |  |
| 3947 | American Homes 4 Rent Class A | 131238 |
| 15571 | Apartment Investment & Management Co. Class A | 123478 |
| 1676 | AvalonBay Communities, Inc. | 323753 |
| 8581 | BRT Apartments Corp. | 134379 |
| 1459 | Camden Property Trust | 155792 |
| 1655 | Centerspace | 97480 |
| 11 | Clipper Realty, Inc. | 42 |
| 5499 | Elme Communities | 92713 |
| 1526 | Equity LifeStyle Properties, Inc. | 92628 |
| 3955 | Equity Residential | 256007 |
| 641 | Essex Property Trust, Inc. | 171570 |
| 3185 | Independence Realty Trust, Inc. | 52202 |
| 5009 | Invitation Homes, Inc. | 146914 |
| 1470 | Mid-America Apartment Communities, Inc. | 205403 |
| 2710 | NexPoint Residential Trust, Inc. | 87316 |
| 1990 | Sun Communities, Inc. | 256710 |
| 2707 | UDR, Inc. | 100863 |
| 7838 | UMH Properties, Inc. | 116394 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Residential REITs – (continued)** | **Residential REITs – (continued)** | **Residential REITs – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 | Veris Residential, Inc. | $74966 |
|  |  | 2619848 |
| **Retail REITs – 0.1%** | **Retail REITs – 0.1%** |  |
| 3027 | Acadia Realty Trust | 60994 |
| 1549 | Agree Realty Corp. | 110041 |
| 538 | Alexander's, Inc. | 126156 |
| 4534 | Brixmor Property Group, Inc. | 125501 |
| 3393 | CBL & Associates Properties, Inc. | 103758 |
| 3001 | Curbline Properties Corp. | 66922 |
| 430 | Federal Realty Investment Trust | 43563 |
| 17133 | FrontView REIT, Inc. | 234894 |
| 3498 | Getty Realty Corp. | 93851 |
| 2803 | InvenTrust Properties Corp. | 80222 |
| 7659 | Kimco Realty Corp. | 167349 |
| 1807 | Kite Realty Group Trust | 40296 |
| 5285 | NETSTREIT Corp. | 95447 |
| 1827 | NNN REIT, Inc. | 77775 |
| 2075 | Phillips Edison & Co., Inc. | 71235 |
| 12160 | Realty Income Corp. | 739206 |
| 1981 | Regency Centers Corp. | 144415 |
| 3284 | Saul Centers, Inc. | 104661 |
| 4723 | Simon Property Group, Inc. | 886365 |
| 4718 | SITE Centers Corp. | 42509 |
| 3016 | Tanger, Inc. | 102062 |
| 3267 | Urban Edge Properties | 66876 |
| 9374 | Whitestone REIT | 115113 |
|  |  | 3699211 |
| **Semiconductors & Semiconductor Equipment – 3.8%** | **Semiconductors & Semiconductor Equipment – 3.8%** |  |
| 31091 | Advanced Micro Devices, Inc.\* | 5030213 |
| 2960 | Aehr Test Systems\*<sup>(a)</sup> | 89126 |
| 14 | Aeluma, Inc.\* | 225 |
| 461 | Ambarella, Inc.\* | 38042 |
| 6045 | Analog Devices, Inc. | 1485256 |
| 12892 | Applied Materials, Inc. | 2639508 |
| 1811 | Astera Labs, Inc.\* | 354594 |
| 11315 | Atomera, Inc.\*<sup>(a)</sup> | 50012 |
| 27 | Axcelis Technologies, Inc.\* | 2636 |
| 14643 | AXT, Inc.\* | 65747 |
| 116846 | Broadcom, Inc. | 38548664 |
| 2964 | CEVA, Inc.\* | 78279 |
| 278 | Cirrus Logic, Inc.\* | 34831 |
| 560 | Cohu, Inc.\* | 11385 |
| 1658 | Credo Technology Group Holding Ltd.\* | 241421 |
| 2626 | Enphase Energy, Inc.\* | 92934 |
| 282 | Entegris, Inc. | 26074 |
| 17413 | First Solar, Inc.\* | 3840089 |
| 659 | FormFactor, Inc.\* | 24001 |
| 79839 | GCT Semiconductor Holding, Inc.\*<sup>(a)</sup> | 121355 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** | **Semiconductors & Semiconductor Equipment – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | GLOBALFOUNDRIES, Inc.\* | $31217 |
| 294 | Impinj, Inc.\* | 53141 |
| 842 | indie Semiconductor, Inc. Class A\* | 3427 |
| 48998 | Intel Corp.\* | 1643883 |
| 9481 | KLA Corp. | 10226207 |
| 54801 | Kopin Corp.\* | 133166 |
| 345 | Kulicke & Soffa Industries, Inc. | 14021 |
| 89653 | Lam Research Corp. | 12004537 |
| 1326 | Lattice Semiconductor Corp.\* | 97222 |
| 231 | MACOM Technology Solutions Holdings, Inc.\* | 28757 |
| 8908 | Marvell Technology, Inc. | 748896 |
| 119 | MaxLinear, Inc.\* | 1914 |
| 2706 | Microchip Technology, Inc. | 173779 |
| 13068 | Micron Technology, Inc. | 2186538 |
| 335 | MKS, Inc. | 41463 |
| 834 | Monolithic Power Systems, Inc. | 767814 |
| 254 | Navitas Semiconductor Corp.\*<sup>(a)</sup> | 1834 |
| 1929 | NVE Corp. | 125906 |
| 595071 | NVIDIA Corp. | 111028347 |
| 2908 | ON Semiconductor Corp.\* | 143393 |
| 124 | Onto Innovation, Inc.\* | 16023 |
| 2931 | PDF Solutions, Inc.\* | 75678 |
| 404 | Penguin Solutions, Inc.\* | 10617 |
| 97 | Photronics, Inc.\* | 2226 |
| 831 | Power Integrations, Inc. | 33415 |
| 898 | Qorvo, Inc.\* | 81790 |
| 17265 | QUALCOMM, Inc. | 2872205 |
| 1222 | Rambus, Inc.\* | 127332 |
| 4018 | Rigetti Computing, Inc.\* | 119696 |
| 987 | Semtech Corp.\* | 70521 |
| 365 | Silicon Laboratories, Inc.\* | 47862 |
| 265 | SiTime Corp.\* | 79847 |
| 297 | SkyWater Technology, Inc.\* | 5542 |
| 1563 | Skyworks Solutions, Inc. | 120320 |
| 39 | Synaptics, Inc.\* | 2665 |
| 398 | Teradyne, Inc. | 54781 |
| 54478 | Texas Instruments, Inc. | 10009243 |
| 35 | Ultra Clean Holdings, Inc.\* | 954 |
| 1 | Universal Display Corp. | 144 |
|  |  | 205960715 |
| **Software – 5.1%** | **Software – 5.1%** |  |
| 15974 | 8x8, Inc.\* | 33865 |
| 6261 | A10 Networks, Inc. | 113637 |
| 3121 | ACI Worldwide, Inc.\* | 164695 |
| 1078 | Adeia, Inc. | 18110 |
| 29960 | Adobe, Inc.\* | 10568390 |
| 318 | Agilysys, Inc.\* | 33470 |
| 178 | Airship AI Holdings, Inc.\* | 920 |
| 1288 | Alarm.com Holdings, Inc.\* | 68367 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | Alkami Technology, Inc.\* | $36142 |
| 3358 | Amplitude, Inc. Class A\* | 35998 |
| 307 | Appfolio, Inc. Class A\* | 84628 |
| 1407 | Appian Corp. Class A\* | 43012 |
| 5876 | AppLovin Corp. Class A\* | 4222141 |
| 12507 | Arteris, Inc.\* | 126321 |
| 1080 | Asana, Inc. Class A\* | 14429 |
| 3626 | Atlassian Corp. Class A\* | 579072 |
| 6738 | AudioEye, Inc.\* | 93389 |
| 5761 | Aurora Innovation, Inc.\* | 31052 |
| 5243 | Autodesk, Inc.\* | 1665544 |
| 4500 | AvePoint, Inc.\* | 67545 |
| 2718 | Bentley Systems, Inc. Class B | 139923 |
| 1489 | Bill Holdings, Inc.\* | 78872 |
| 1107 | Bitdeer Technologies Group Class A\* | 18919 |
| 1055 | Blackbaud, Inc.\* | 67847 |
| 991 | BlackLine, Inc.\* | 52622 |
| 15115 | Blend Labs, Inc. Class A\* | 55170 |
| 3036 | Box, Inc. Class A\* | 97972 |
| 967 | Braze, Inc. Class A\* | 27501 |
| 1370 | C3.ai, Inc. Class A\* | 23756 |
| 20089 | Cadence Design Systems, Inc.\* | 7056462 |
| 2605 | CCC Intelligent Solutions Holdings, Inc.\* | 23732 |
| 1328 | Cerence, Inc.\* | 16547 |
| 2981 | Clear Secure, Inc. Class A | 99506 |
| 4043 | Clearwater Analytics Holdings, Inc. Class A\* | 72855 |
| 749 | Commvault Systems, Inc.\* | 141396 |
| 3165 | Confluent, Inc. Class A\* | 62667 |
| 3328 | Consensus Cloud Solutions, Inc.\* | 97743 |
| 2780 | Core Scientific, Inc.\*<sup>(a)</sup> | 49873 |
| 4868 | CoreCard Corp.\* | 131047 |
| 5896 | Crowdstrike Holdings, Inc. Class A\* | 2891281 |
| 31440 | CS Disco, Inc.\* | 203102 |
| 177 | Daily Journal Corp.\* | 82330 |
| 6486 | Datadog, Inc. Class A\* | 923606 |
| 5550 | Digimarc Corp.\* | 54224 |
| 5621 | Digital Turbine, Inc.\* | 35974 |
| 4181 | Docusign, Inc.\* | 301408 |
| 431 | Dolby Laboratories, Inc. Class A | 31191 |
| 6111 | Domo, Inc. Class B\* | 96798 |
| 4001 | Dropbox, Inc. Class A\* | 120870 |
| 4318 | D-Wave Quantum, Inc.\* | 106698 |
| 5434 | Dynatrace, Inc.\* | 263277 |
| 17995 | eGain Corp.\* | 156736 |
| 1044 | Elastic NV\* | 88208 |
| 2982 | EverCommerce, Inc.\* | 33190 |
| 2910 | Exodus Movement, Inc. Class A\* | 80840 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28712 | Expensify, Inc. Class A\* | $53117 |
| 516 | Fair Isaac Corp.\* | 772209 |
| 865 | Five9, Inc.\* | 20933 |
| 15409 | Fortinet, Inc.\* | 1295589 |
| 2322 | Freshworks, Inc. Class A\* | 27330 |
| 115273 | Gen Digital, Inc. | 3272600 |
| 1517 | Gitlab, Inc. Class A\* | 68386 |
| 1782 | Guidewire Software, Inc.\* | 409611 |
| 1040 | HubSpot, Inc.\* | 486512 |
| 4465 | I3 Verticals, Inc. Class A\* | 144934 |
| 629 | Informatica, Inc. Class A\* | 15624 |
| 1335 | Intapp, Inc.\* | 54602 |
| 679 | InterDigital, Inc. | 234411 |
| 17743 | Intuit, Inc. | 12116872 |
| 3576 | Jamf Holding Corp.\* | 38263 |
| 44 | JFrog Ltd.\* | 2083 |
| 562 | Klaviyo, Inc. Class A\* | 15562 |
| 625 | Life360, Inc.\* | 66438 |
| 741 | LiveRamp Holdings, Inc.\* | 20111 |
| 794 | Manhattan Associates, Inc.\* | 162754 |
| 23 | Mercurity Fintech Holding, Inc.\* | 565 |
| 2938 | Meridianlink, Inc.\* | 58554 |
| 295712 | Microsoft Corp. | 153164030 |
| 3263 | MicroStrategy, Inc.\* | 1051371 |
| 4395 | Mitek Systems, Inc.\* | 42939 |
| 12 | N-able, Inc.\* | 94 |
| 177 | nCino, Inc.\* | 4798 |
| 147 | NCR Voyix Corp.\* | 1845 |
| 2426 | NextNav, Inc.\* | 34692 |
| 3156 | Nutanix, Inc. Class A\* | 234775 |
| 27335 | ON24, Inc.\* | 156356 |
| 5412 | OneSpan, Inc. | 85997 |
| 5 | Onestream, Inc.\* | 92 |
| 9252 | Ooma, Inc.\* | 110931 |
| 41140 | Oracle Corp. | 11570214 |
| 475 | Pagaya Technologies Ltd. Class A\* | 14103 |
| 2392 | PagerDuty, Inc.\* | 39516 |
| 53131 | Palantir Technologies, Inc. Class A\* | 9692157 |
| 48134 | Palo Alto Networks, Inc.\* | 9801045 |
| 1245 | Pegasystems, Inc. | 71588 |
| 2005 | Porch Group, Inc.\* | 33644 |
| 1322 | Procore Technologies, Inc.\* | 96400 |
| 1505 | Progress Software Corp.\* | 66115 |
| 2629 | PROS Holdings, Inc.\* | 60230 |
| 1249 | PTC, Inc.\* | 253572 |
| 1095 | Q2 Holdings, Inc.\* | 79267 |
| 574 | Qualys, Inc.\* | 75957 |
| 1462 | Rapid7, Inc.\* | 27413 |
| 2449 | Red Violet, Inc. | 127960 |
| 43613 | Rekor Systems, Inc.\* | 68472 |
| 7189 | ReposiTrak, Inc.<sup>(a)</sup> | 106541 |
| 1028 | Rezolve AI PLC\*<sup>(a)</sup> | 5119 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31434 | Rimini Street, Inc.\* | $147111 |
| 948 | RingCentral, Inc. Class A\* | 26866 |
| 88766 | Roadzen, Inc.\* | 76685 |
| 1399 | Roper Technologies, Inc. | 697667 |
| 1038 | Rubrik, Inc. Class A\* | 85376 |
| 54563 | Salesforce, Inc. | 12931431 |
| 4050 | Samsara, Inc. Class A\* | 150863 |
| 1761 | Sapiens International Corp. NV | 75723 |
| 1979 | SEMrush Holdings, Inc. Class A\* | 14011 |
| 2424 | SentinelOne, Inc. Class A\* | 42687 |
| 14402 | ServiceNow, Inc.\* | 13253873 |
| 4 | ServiceTitan, Inc. Class A\* | 403 |
| 16674 | Silvaco Group, Inc.\* | 90206 |
| 5209 | SoundHound AI, Inc. Class A\*<sup>(a)</sup> | 83761 |
| 5280 | SoundThinking, Inc.\* | 63677 |
| 1299 | Sprinklr, Inc. Class A\* | 10028 |
| 2425 | Sprout Social, Inc. Class A\* | 31331 |
| 641 | SPS Commerce, Inc.\* | 66754 |
| 122 | Synchronoss Technologies, Inc.\* | 742 |
| 11883 | Synopsys, Inc.\* | 5862953 |
| 20423 | Telos Corp.\* | 139693 |
| 2352 | Tenable Holdings, Inc.\* | 68584 |
| 371 | Teradata Corp.\* | 7980 |
| 2846 | Terawulf, Inc.\* | 32501 |
| 896 | Tyler Technologies, Inc.\* | 468751 |
| 372 | UiPath, Inc. Class A\* | 4977 |
| 2161 | Unity Software, Inc.\* | 86526 |
| 28723 | Upland Software, Inc.\* | 68074 |
| 2105 | Varonis Systems, Inc.\* | 120974 |
| 293 | Verint Systems, Inc.\* | 5933 |
| 53025 | Veritone, Inc.\*<sup>(a)</sup> | 255581 |
| 950 | Vertex, Inc. Class A\* | 23551 |
| 2207 | Viant Technology, Inc. Class A\* | 19046 |
| 8383 | Weave Communications, Inc.\* | 55998 |
| 66410 | WM Technology, Inc.\* | 77036 |
| 5213 | Workday, Inc. Class A\* | 1254926 |
| 1108 | Workiva, Inc.\* | 95377 |
| 14001 | Xperi, Inc.\* | 90726 |
| 7963 | Yext, Inc.\* | 67845 |
| 2157 | Zeta Global Holdings Corp. Class A\* | 42860 |
| 3896 | Zoom Communications, Inc.\* | 321420 |
| 2073 | Zscaler, Inc.\* | 621195 |
|  |  | 275840865 |
| **Specialized REITs – 0.1%** | **Specialized REITs – 0.1%** |  |
| 11596 | American Tower Corp. | 2230143 |
| 5112 | Crown Castle, Inc. | 493257 |
| 1674 | CubeSmart | 68065 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialized REITs – (continued)** | **Specialized REITs – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | Digital Realty Trust, Inc. | $736123 |
| 1537 | EPR Properties | 89161 |
| 1251 | Equinix, Inc. | 979833 |
| 2415 | Extra Space Storage, Inc. | 340370 |
| 12913 | Farmland Partners, Inc. | 140493 |
| 3576 | Four Corners Property Trust, Inc. | 87254 |
| 2507 | Gaming & Leisure Properties, Inc. | 116851 |
| 14282 | Gladstone Land Corp. | 130823 |
| 2977 | Iron Mountain, Inc. | 303475 |
| 1685 | Lamar Advertising Co. Class A | 206278 |
| 2440 | Millrose Properties, Inc. | 82008 |
| 757 | National Storage Affiliates Trust | 22877 |
| 3724 | Outfront Media, Inc. | 68224 |
| 1288 | PotlatchDeltic Corp. | 52486 |
| 2197 | Public Storage | 634604 |
| 3074 | Rayonier, Inc. | 81584 |
| 2446 | Safehold, Inc. | 37889 |
| 1367 | SBA Communications Corp. | 264310 |
| 2783 | Smartstop Self Storage REIT, Inc. | 104752 |
| 14359 | VICI Properties, Inc. | 468247 |
| 6113 | Weyerhaeuser Co. | 151541 |
|  |  | 7890648 |
| **Specialty Retail – 0.9%** | **Specialty Retail – 0.9%** |  |
| 14945 | 1-800-Flowers.com, Inc. Class A\*<sup>(a)</sup> | 68747 |
| 1327 | Abercrombie & Fitch Co. Class A\* | 113525 |
| 1460 | Academy Sports & Outdoors, Inc. | 73029 |
| 8 | Advance Auto Parts, Inc. | 491 |
| 3712 | American Eagle Outfitters, Inc. | 63512 |
| 948 | America's Car-Mart, Inc.\* | 27691 |
| 596 | Arhaus, Inc.\* | 6335 |
| 4737 | Arko Corp. | 21648 |
| 453 | Asbury Automotive Group, Inc.\* | 110736 |
| 136 | AutoNation, Inc.\* | 29753 |
| 266 | AutoZone, Inc.\* | 1141204 |
| 87871 | BARK, Inc.\* | 73003 |
| 210 | Barnes & Noble Education, Inc.\* | 2089 |
| 1849 | Bath & Body Works, Inc. | 47630 |
| 5343 | Bed Bath & Beyond, Inc.\* | 52308 |
| 1652 | Best Buy Co., Inc. | 124924 |
| 350 | Boot Barn Holdings, Inc.\* | 58002 |
| 2176 | Buckle, Inc. | 127644 |
| 1576 | Build-A-Bear Workshop, Inc. | 102771 |
| 1161 | Burlington Stores, Inc.\* | 295474 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605 | Caleres, Inc. | $33969 |
| 682 | Camping World Holdings, Inc. Class A | 10769 |
| 1671 | CarMax, Inc.\* | 74978 |
| 2813 | Carvana Co.\* | 1061176 |
| 4883 | Chewy, Inc. Class A\* | 197517 |
| 11132 | Children's Place, Inc.\* | 69130 |
| 2528 | Citi Trends, Inc.\* | 78444 |
| 6667 | Designer Brands, Inc. Class A | 23601 |
| 53705 | Destination XL Group, Inc.\* | 70354 |
| 467 | Dick's Sporting Goods, Inc. | 103777 |
| 50658 | Duluth Holdings, Inc. Class B\* | 198073 |
| 75 | Envela Corp.\* | 586 |
| 6436 | EVgo, Inc.\* | 30442 |
| 380 | Five Below, Inc.\* | 58786 |
| 561 | Floor & Decor Holdings, Inc. Class A\* | 41346 |
| 4242 | GameStop Corp. Class A\* | 115722 |
| 5407 | Gap, Inc. | 115656 |
| 1448 | Genesco, Inc.\* | 41978 |
| 417 | Group 1 Automotive, Inc. | 182442 |
| 2281 | Guess?, Inc. | 38116 |
| 4576 | Haverty Furniture Cos., Inc. | 100352 |
| 50434 | Home Depot, Inc. | 20435352 |
| 3833 | J Jill, Inc. | 65736 |
| 4142 | Lands' End, Inc.\* | 58402 |
| 1676 | Leslie's, Inc.\* | 9218 |
| 377 | Lithia Motors, Inc. | 119132 |
| 7717 | Lowe's Cos., Inc. | 1939359 |
| 1087 | MarineMax, Inc.\* | 27534 |
| 1726 | Monro, Inc. | 31016 |
| 547 | Murphy USA, Inc. | 212378 |
| 327 | National Vision Holdings, Inc.\* | 9545 |
| 1848 | ODP Corp.\* | 51467 |
| 316 | OneWater Marine, Inc. Class A\* | 5005 |
| 20991 | O'Reilly Automotive, Inc.\* | 2263040 |
| 446 | Penske Automotive Group, Inc. | 77564 |
| 11938 | Petco Health & Wellness Co., Inc.\* | 46200 |
| 18526 | PetMed Express, Inc.\* | 46500 |
| 11143 | RealReal, Inc.\* | 118450 |
| 477 | Revolve Group, Inc.\* | 10160 |
| 30 | RH\* | 6095 |
| 15785 | RideNow Group, Inc.\* | 69454 |
| 4887 | Ross Stores, Inc. | 744730 |
| 4001 | Sally Beauty Holdings, Inc.\* | 65136 |
| 1259 | Shoe Carnival, Inc. | 26175 |
| 1071 | Signet Jewelers Ltd. | 102730 |
| 7289 | Sleep Number Corp.\* | 51169 |
| 485 | Sonic Automotive, Inc. Class A | 36904 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14082 | Sportsman's Warehouse Holdings, Inc.\* | $39007 |
| 3693 | Stitch Fix, Inc. Class A\* | 16065 |
| 4453 | ThredUp, Inc. Class A\* | 42081 |
| 22901 | Tile Shop Holdings, Inc.\* | 138551 |
| 65117 | TJX Cos., Inc. | 9412011 |
| 796 | Torrid Holdings, Inc.\* | 1393 |
| 58999 | Tractor Supply Co. | 3355273 |
| 661 | Ulta Beauty, Inc.\* | 361402 |
| 812 | Upbound Group, Inc. | 19188 |
| 1920 | Urban Outfitters, Inc.\* | 137146 |
| 2885 | Valvoline, Inc.\* | 103600 |
| 3081 | Victoria's Secret & Co.\* | 83618 |
| 1137 | Warby Parker, Inc. Class A\* | 31358 |
| 211 | Wayfair, Inc. Class A\* | 18849 |
| 1505 | Williams-Sonoma, Inc. | 294152 |
| 320 | Winmark Corp. | 159286 |
| 4857 | Zumiez, Inc.\* | 95246 |
|  |  | 46124407 |
| **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** |  |
| 614228 | Apple, Inc. | 156400876 |
| 5076 | CompoSecure, Inc. Class A\* | 105682 |
| 2611 | CPI Card Group, Inc.\* | 39530 |
| 31306 | Dell Technologies, Inc. Class C | 4438252 |
| 1253 | Diebold Nixdorf, Inc.\* | 71459 |
| 5575 | Eastman Kodak Co.\* | 35736 |
| 11303 | Hewlett Packard Enterprise Co. | 277602 |
| 9640 | HP, Inc. | 262497 |
| 11870 | Immersion Corp. | 87126 |
| 3438 | IonQ, Inc.\* | 211437 |
| 2400 | NetApp, Inc. | 284304 |
| 44198 | Pure Storage, Inc. Class A\* | 3704234 |
| 1657 | Quantum Computing, Inc.\*<sup>(a)</sup> | 30505 |
| 1517 | Seagate Technology Holdings PLC | 358103 |
| 4530 | Super Micro Computer, Inc.\* | 217168 |
| 4165 | Turtle Beach Corp.\* | 66223 |
| 2164 | Western Digital Corp. | 259810 |
|  |  | 166850544 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |  |
| 1284 | Amer Sports, Inc.\* | 44619 |
| 183 | Birkenstock Holding PLC\* | 8281 |
| 797 | Capri Holdings Ltd.\* | 15876 |
| 826 | Carter's, Inc. | 23310 |
| 413 | Columbia Sportswear Co. | 21600 |
| 918 | Crocs, Inc.\* | 76699 |
| 2653 | Deckers Outdoor Corp.\* | 268935 |
| 2893 | Ermenegildo Zegna NV | 27339 |
| 2310 | Figs, Inc. Class A\* | 15454 |
| 1935 | G-III Apparel Group Ltd.\* | 51490 |
| 3982 | Hanesbrands, Inc.\* | 26241 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | Kontoor Brands, Inc. | $60625 |
| 715 | Levi Strauss & Co. Class A | 16660 |
| 1853 | Lululemon Athletica, Inc.\* | 329704 |
| 6672 | Movado Group, Inc. | 126568 |
| 14454 | NIKE, Inc. Class B | 1007877 |
| 2519 | On Holding AG Class A\* | 106680 |
| 559 | Oxford Industries, Inc. | 22662 |
| 1312 | PVH Corp. | 109906 |
| 538 | Ralph Lauren Corp. | 168695 |
| 744 | Rocky Brands, Inc. | 22164 |
| 95 | Steven Madden Ltd. | 3181 |
| 7325 | Superior Group of Cos., Inc. | 78524 |
| 4919 | Tapestry, Inc. | 556929 |
| 88 | Under Armour, Inc. Class A\* | 439 |
| 87 | Under Armour, Inc. Class C\* | 420 |
| 15757 | Unifi, Inc.\* | 75003 |
| 39981 | Vera Bradley, Inc.\* | 80362 |
| 5345 | VF Corp. | 77128 |
| 1586 | Wolverine World Wide, Inc. | 43520 |
|  |  | 3466891 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** |  |
| 23853 | Altria Group, Inc. | 1575729 |
| 34309 | Ispire Technology, Inc.\* | 87831 |
| 21870 | Philip Morris International, Inc. | 3547314 |
| 1505 | Turning Point Brands, Inc. | 148784 |
| 2717 | Universal Corp. | 151799 |
|  |  | 5511457 |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |  |
| 1686 | AerCap Holdings NV | 204006 |
| 354 | Air Lease Corp. | 22532 |
| 12667 | Alta Equipment Group, Inc. | 91709 |
| 370 | Applied Industrial Technologies, Inc. | 96588 |
| 205 | BlueLinx Holdings, Inc.\* | 14981 |
| 113 | Boise Cascade Co. | 8737 |
| 2529 | Core & Main, Inc. Class A\* | 136136 |
| 1315 | Distribution Solutions Group, Inc.\* | 39555 |
| 3512 | DNOW, Inc.\* | 53558 |
| 761 | DXP Enterprises, Inc.\* | 90612 |
| 2830 | EVI Industries, Inc. | 89456 |
| 25340 | Fastenal Co. | 1242674 |
| 17713 | Ferguson Enterprises, Inc. | 3977986 |
| 1460 | FTAI Aviation Ltd. | 243616 |
| 434 | GATX Corp. | 75863 |
| 2822 | Global Industrial Co. | 103483 |
| 370 | Herc Holdings, Inc. | 43164 |
| 4926 | Hudson Technologies, Inc.\* | 48915 |
| 3542 | Karat Packaging, Inc. | 89294 |
| 676 | McGrath RentCorp | 79295 |
| 2667 | MRC Global, Inc.\* | 38458 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | MSC Industrial Direct Co., Inc. Class A | $45701 |
| 6443 | NPK International, Inc.\* | 72870 |
| 581 | QXO, Inc.\* | 11074 |
| 2042 | Rush Enterprises, Inc. Class A | 109186 |
| 56 | Rush Enterprises, Inc. Class B | 3216 |
| 365 | SiteOne Landscape Supply, Inc.\* | 47012 |
| 900 | Titan Machinery, Inc.\* | 15066 |
| 346 | Transcat, Inc.\* | 25327 |
| 710 | United Rentals, Inc. | 677809 |
| 276 | Watsco, Inc. | 111587 |
| 363 | WESCO International, Inc. | 76775 |
| 247 | Willis Lease Finance Corp. | 33861 |
| 1006 | WW Grainger, Inc. | 958678 |
| 866 | Xometry, Inc. Class A\* | 47171 |
|  |  | 9025951 |
| **Transportation Infrastructure\*<sup>(a)</sup> – 0.0%** | **Transportation Infrastructure\*<sup>(a)</sup> – 0.0%** |  |
| 5840 | Sky Harbour Group Corp. | 57641 |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |  |
| 1577 | American States Water Co. | 115626 |
| 2449 | American Water Works Co., Inc. | 340876 |
| 4887 | Artesian Resources Corp. Class A | 159292 |
| 23708 | Cadiz, Inc.\* | 111902 |
| 1810 | California Water Service Group | 83061 |
| 4057 | Consolidated Water Co. Ltd. | 143131 |
| 2594 | Essential Utilities, Inc. | 103500 |
| 17753 | Global Water Resources, Inc. | 182856 |
| 1693 | H2O America | 82449 |
| 1706 | Middlesex Water Co. | 92329 |
| 15147 | Pure Cycle Corp.\* | 167677 |
| 5303 | York Water Co. | 161317 |
|  |  | 1744016 |
| **Wireless Telecommunication Services – 0.0%** | **Wireless Telecommunication Services – 0.0%** |  |
| 1496 | Array Digital Infrastructure, Inc. | 74815 |
| 775 | Gogo, Inc.\* | 6658 |
| 11676 | Spok Holdings, Inc. | 201411 |
| 4805 | Telephone & Data Systems, Inc. | 188548 |
| 6840 | T-Mobile U.S., Inc. | 1637359 |
|  |  | 2108791 |
| **TOTAL COMMON STOCKS<br>(Cost $1,697,860,952)** | **TOTAL COMMON STOCKS<br>(Cost $1,697,860,952)** | $2119618485 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(c)</sup> – 5.5%** | **U.S. Treasury Obligations<sup>(c)</sup> – 5.5%** | **U.S. Treasury Obligations<sup>(c)</sup> – 5.5%** | **U.S. Treasury Obligations<sup>(c)</sup> – 5.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $300000000 | 0.000% | 10/28/25 | $299090415 |
| **(Cost $299,058,375)** | **(Cost $299,058,375)** | **(Cost $299,058,375)** |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 33.8%** | **Exchange Traded Funds – 33.8%** | **Exchange Traded Funds – 33.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211800 | Energy Select Sector SPDR Fund | $18922212 |
| 1668900 | Financial Select Sector SPDR Fund | 89903643 |
| 1998800 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF | 102843257 |
| 1570900 | Industrial Select Sector SPDR Fund | 242279907 |
| 1010500 | iShares Convertible Bond ETF | 101100525 |
| 7527327 | iShares Core MSCI Emerging Markets ETF | 496201396 |
| 376700 | iShares Global Clean Energy ETF | 5831316 |
| 61000 | iShares JP Morgan USD Emerging Markets Bond ETF | 5806590 |
| 204100 | Materials Select Sector SPDR Fund | 18291442 |
| 4217614 | SPDR Blackstone Senior Loan ETF | 175368390 |
| 550622 | SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 49831291 |
| 489800 | Technology Select Sector SPDR Fund | 138055028 |
| 459700 | VanEck Fallen Angel High Yield Bond ETF | 13666881 |
| 110300 | Vanguard Real Estate ETF<sup>(a)</sup> | 10083626 |
| 7085000 | Vanguard Short-Term Inflation-Protected Securities ETF | 358713550 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $1,587,531,033)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $1,587,531,033)** | $1826899054 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(d)</sup> – 16.9%** | **Investment Company<sup>(d)</sup> – 16.9%** | **Investment Company<sup>(d)</sup> – 16.9%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 911261770 | 4.042% | $911261770 |
| **(Cost $911,261,770)** | **(Cost $911,261,770)** | **(Cost $911,261,770)** |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 1.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 1.1%** | **Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 1.1%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 59465083 | 4.042% | $59465083 |
| **(Cost $59,465,083)** | **(Cost $59,465,083)** | **(Cost $59,465,083)** |
| **TOTAL INVESTMENTS – 96.5%<br>(Cost $4,555,177,213)** | **TOTAL INVESTMENTS – 96.5%<br>(Cost $4,555,177,213)** | $5216334807 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.5%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 3.5%** | 190182969 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $5406517776 |

---

---

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

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At September 30, 2025, the Fund had the following forward foreign currency exchange contracts:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  JPMorgan Securities, Inc. | AUD | 8980000 | USD | 5896130 | 12/17/25 | $51415 |
|  | BRL | 45120000 | USD | 8071692 | 12/17/25 | 250643 |
|  | CHF | 10060000 | USD | 12679562 | 12/17/25 | 76706 |
|  | CZK | 177040000 | USD | 8484584 | 12/17/25 | 70185 |
|  | EUR | 17040000 | USD | 20018330 | 12/17/25 | 78102 |
|  | HUF | 2580030000 | USD | 7613086 | 12/17/25 | 116480 |
|  | ILS | 30350000 | USD | 9030604 | 12/17/25 | 134653 |
|  | MXN | 157920000 | USD | 8364983 | 12/17/25 | 186340 |
|  | NOK | 51410000 | USD | 5128488 | 12/17/25 | 24151 |
|  | PLN | 26810000 | USD | 7348088 | 12/17/25 | 18392 |
|  | USD | 17716821 | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568270000 | 12/17/25 | 148646 |
|  | USD | 7825696 | JPY | 1145670000 | 12/17/25 | 15754 |
|  | USD | 5157037 | NZD | 8740000 | 12/17/25 | 74396 |
|  | ZAR | 119950000 | USD | 6745240 | 12/17/25 | 161392 |
|  **TOTAL** |  |  |  |  |  | $1407255 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  JPMorgan Securities, Inc. | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10160000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668872 | 12/17/25 | $(3447) |
|  | SEK | 83370000 | USD | 8905194 | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;(6040) |
|  **TOTAL** |  |  |  |  |  | $(9487) |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS** — At September 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 523 | 12/31/25 | $108992383 | $(125869) |
|  20 Year U.S. Treasury Bonds | 241 | 12/19/25 | 28099094 | 47545 |
|  3 Month SOFR | 85 | 12/15/26 | 20580625 | (27681) |
|  3 Month SOFR | 15 | 09/15/26 | 3626813 | (4847) |
|  3 Month SOFR | 125 | 03/16/27 | 30282812 | (41403) |
|  3 Month SOFR | 148 | 06/15/27 | 35858550 | (41216) |
|  3 Month SOFR | 162 | 09/14/27 | 39244500 | (29334) |
|  3 Month SOFR | 154 | 12/14/27 | 37293025 | (19147) |
|  3M CORRA | 87 | 03/17/26 | 15266571 | 7159 |
|  3M CORRA | 106 | 06/16/26 | 18615883 | 20013 |
|  3M CORRA | 102 | 09/15/26 | 17914313 | 21987 |
|  3M Euribor | 5 | 12/14/26 | 1437845 | (1255) |
|  3M Euribor | 8 | 03/15/27 | 2299143 | (2419) |
|  3M Euribor | 7 | 06/14/27 | 2010518 | (1792) |
|  3M Euribor | 9 | 09/13/27 | 2583366 | (2566) |
|  5 Year German Euro-Bund | 82 | 12/08/25 | 12377711 | 95 |
|  5 Year U.S. Treasury Notes | 829 | 12/31/25 | 90522914 | (245608) |
|  ASX 90 Day Bank Accepted Bills | 9 | 06/11/26 | 5906221 | (2807) |
|  Australian 10 Year Government Bonds | 2210 | 12/15/25 | 165760566 | 154599 |
|  Brent Crude | 114 | 10/31/25 | 7527420 | (110680) |
|  CAC40 Index | 88 | 10/17/25 | 8156834 | 109200 |
|  Cocoa | 12 | 12/15/25 | 809880 | (58478) |
|  Coffee | 27 | 12/18/26 | 3205575 | 295777 |
|  Copper | 54 | 05/27/26 | 6687900 | 265563 |
|  Corn | 263 | 03/13/26 | 5680800 | 206225 |
|  Cotton No.2 | 71 | 03/09/26 | 2398735 | (25689) |
|  DAX Index | 16 | 12/19/25 | 11276052 | 246745 |
|  Dollar Index | 294 | 12/15/25 | 28650594 | 29137 |
|  E-Mini Nasdaq 100 Index | 102 | 12/19/25 | 50799570 | 702145 |
|  E-Mini Russell 2000 Index | 58 | 12/19/25 | 7120950 | 113829 |
|  Euro Stoxx 50 Index | 4179 | 12/19/25 | 271861281 | 7943403 |
|  French 10 Year Government Bonds | 993 | 12/08/25 | 141473751 | (506504) |
|  FTSE 100 Index | 1015 | 12/19/25 | 128419239 | 2067269 |
|  FTSE/JSE Top 40 Index | 73 | 12/18/25 | 4318117 | 154394 |
|  FTSE/MIB Index | 31 | 12/19/25 | 7732967 | 148708 |
|  Gasoil | 44 | 12/11/25 | 2963400 | 169148 |
|  Gasoline RBOB | 26 | 11/28/25 | 2047172 | (34701) |
|  Gold | 41 | 12/29/25 | 15880120 | 1422543 |
|  Hang Seng Index | 61 | 10/30/25 | 10547690 | 131908 |
|  HSCEI | 129 | 10/30/25 | 7936982 | 104212 |
|  IBEX 35 Index | 46 | 10/17/25 | 8375356 | 186392 |
|  ICE 3M Sonia Bonds | 10 | 03/16/27 | 3241040 | (1895) |
|  Ice 3M Sonia Index | 1 | 12/15/26 | 324054 | (79) |
|  Ice 3M Sonia Index | 12 | 06/15/27 | 3888642 | (2596) |
|  Ice 3M Sonia Index | 12 | 09/14/27 | 3887432 | (3291) |
|  Ice 3M Sonia Index | 8 | 12/14/27 | 2590680 | (2152) |
|  Lean Hogs | 46 | 02/13/26 | 1661520 | (4238) |
|  Live Cattle | 48 | 02/27/26 | 4553760 | 32325 |
|  LME Lead | 31 | 11/17/25 | 1527672 | (90152) |
|  LME Lead | 26 | 01/19/26 | 1297127 | 51392 |
|  LME Lead | 122 | 10/13/25 | 5956284 | (52795) |
|  LME Lead | 29 | 06/15/26 | 1477246 | (15595) |
|  LME Lead | 16 | 08/17/26 | 819832 | (5444) |
|  LME Nickel | 155 | 10/13/25 | 14029478 | (736242) |
|  LME Nickel | 61 | 11/17/25 | 5546540 | (468121) |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts: (continued)** |  |  |  |  |
|  LME Nickel | 86 | 01/19/26 | $7885785 | $(139580) |
|  LME Nickel | 36 | 02/16/26 | 3312474 | 145501 |
|  LME Nickel | 19 | 04/13/26 | 1760448 | (84285) |
|  LME Nickel | 10 | 05/18/26 | 930452 | (7920) |
|  LME Nickel | 40 | 06/15/26 | 3735463 | (23896) |
|  LME Nickel | 22 | 08/17/26 | 2069817 | (10622) |
|  LME Primary Aluminum | 309 | 10/13/25 | 20724630 | 630439 |
|  LME Primary Aluminum | 90 | 01/19/26 | 6037920 | 594258 |
|  LME Primary Aluminum | 96 | 11/17/25 | 6434808 | 87136 |
|  LME Primary Aluminum | 69 | 12/15/25 | 4624535 | (524) |
|  LME Primary Aluminum | 100 | 05/18/26 | 6750975 | 174435 |
|  LME Zinc | 145 | 10/13/25 | 10854483 | 259223 |
|  LME Zinc | 73 | 12/15/25 | 5418681 | 81708 |
|  LME Zinc | 26 | 01/19/26 | 1924566 | 96307 |
|  LME Zinc | 40 | 11/17/25 | 2976310 | 54132 |
|  LME Zinc | 28 | 05/18/26 | 2057573 | 129341 |
|  LME Zinc | 48 | 03/16/26 | 3538644 | 155113 |
|  MSCI Emerging Markets Index | 41 | 12/19/25 | 2787385 | 15110 |
|  Natural Gas | 55 | 03/27/26 | 1919500 | 28994 |
|  NY Harbor ULSD | 27 | 02/27/26 | 2544583 | 64190 |
|  Omxs30 Index | 299 | 10/17/25 | 8464002 | 157628 |
|  S&P 500 E-Mini Index | 299 | 12/19/25 | 100744312 | 856462 |
|  S&P Toronto Stock Exchange 60 Index | 45 | 12/18/25 | 11464540 | 241997 |
|  Silver | 33 | 12/29/25 | 7695600 | 1067329 |
|  Soybean Oil | 392 | 07/14/26 | 14654334 | (474227) |
|  Sugar 11 | 116 | 04/30/26 | 2096909 | (15284) |
|  TOPIX Futures | 542 | 12/11/25 | 115117963 | 1479600 |
|  VSTOXX Index | 988 | 10/22/25 | 2058933 | (43438) |
|  Wheat | 191 | 07/14/26 | 5256213 | (180337) |
|  WTI Crude | 20 | 10/21/25 | 1247400 | (57698) |
|  **Total** |  |  |  | $17248209 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (792) | 12/29/25 | (96759169) | (263299) |
|  10 Year U.S. Treasury Notes | (387) | 12/19/25 | (43537500) | 241886 |
|  3 Month SOFR | (45) | 06/16/26 | (10856813) | (2852) |
|  3 Month SOFR | (56) | 03/17/26 | (13484100) | (6217) |
|  30 Year German Euro-Buxl | (45) | 12/08/25 | (6048239) | (67583) |
|  3M Euribor | (128) | 12/15/25 | (36808836) | 32418 |
|  3M Euribor | (66) | 03/16/26 | (18986336) | 11624 |
|  3M Euribor | (31) | 06/15/26 | (8919644) | 1009 |
|  3M Euribor | (10) | 09/14/26 | (2876864) | (114) |
|  3M SARON | (18) | 03/17/26 | (5656303) | 2616 |
|  3M SARON | (12) | 06/16/26 | (3771999) | 1598 |
|  3M SARON | (3) | 09/15/26 | (943094) | 89 |
|  5 Year German Euro-Bobl | (110) | 12/08/25 | (15214640) | (13839) |
|  ASX 90 Day Bank Accepted Bills | (189) | 12/11/25 | (123988198) | 57258 |
|  ASX 90 Day Bank Accepted Bills | (33) | 03/12/26 | (21654026) | 416 |
|  Brent Crude | (105) | 11/28/25 | (6890100) | 102229 |
|  Canada 10 Year Government Bonds | (1053) | 12/18/25 | (92656736) | (1663366) |
|  Cattle Feeder | (9) | 11/20/25 | (1617075) | (49866) |
|  CBOE Volatility Index | (664) | 10/22/25 | (11678432) | 499033 |
|  CBOE Volatility Index | (587) | 11/19/25 | (11299280) | 237459 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts: (continued)** |  |  |  |  |
|  CBOE Volatility Index | (154) | 12/17/25 | $(3049200) | $(46) |
|  Coffee | (11) | 12/18/25 | (1546256) | (55657) |
|  Copper | (77) | 12/29/25 | (9348763) | (430635) |
|  Corn | (344) | 12/12/25 | (7146600) | (255023) |
|  Cotton No.2 | (35) | 12/08/25 | (1150975) | 11440 |
|  Euro BTP | (374) | 12/08/25 | (52621139) | (297286) |
|  Euro-Schatz | (306) | 12/08/25 | (38433582) | 17449 |
|  Gasoline RBOB | (40) | 10/31/25 | (3229464) | (67252) |
|  Ice 3M Sonia Index | (79) | 03/17/26 | (25531168) | 17024 |
|  Ice 3M Sonia Index | (32) | 06/16/26 | (10355726) | 3983 |
|  Ice 3M Sonia Index | (9) | 09/15/26 | (2915120) | 587 |
|  Japan 10 Year Government Bond | (117) | 12/15/25 | (107430977) | 831215 |
|  Lean Hogs | (90) | 12/12/25 | (3194100) | 6047 |
|  Live Cattle | (32) | 12/31/25 | (3005120) | (9704) |
|  LME Lead | (149) | 11/17/25 | (7342683) | 96837 |
|  LME Lead | (26) | 01/19/26 | (1297127) | 17590 |
|  LME Lead | (122) | 10/13/25 | (5956284) | 134279 |
|  LME Lead | (29) | 06/15/26 | (1477246) | 11691 |
|  LME Nickel | (155) | 10/13/25 | (14029478) | 637386 |
|  LME Nickel | (131) | 11/17/25 | (11911421) | 423213 |
|  LME Nickel | (86) | 01/19/26 | (7885785) | 291816 |
|  LME Nickel | (36) | 02/16/26 | (3312474) | 86808 |
|  LME Nickel | (19) | 04/13/26 | (1760448) | 16690 |
|  LME Nickel | (10) | 05/18/26 | (930452) | 3477 |
|  LME Nickel | (40) | 06/15/26 | (3735463) | 23541 |
|  LME Primary Aluminum | (309) | 10/13/25 | (20724630) | (406348) |
|  LME Primary Aluminum | (90) | 01/19/26 | (6037920) | (472074) |
|  LME Primary Aluminum | (96) | 11/17/25 | (6434808) | (168935) |
|  LME Primary Aluminum | (100) | 05/18/26 | (6750975) | (165541) |
|  LME Zinc | (145) | 10/13/25 | (10854483) | (695314) |
|  LME Zinc | (46) | 12/15/25 | (3414511) | (87856) |
|  LME Zinc | (26) | 01/19/26 | (1924566) | (105516) |
|  LME Zinc | (46) | 11/17/25 | (3422757) | (182498) |
|  LME Zinc | (28) | 05/18/26 | (2057573) | (70967) |
|  LME Zinc | (48) | 03/16/26 | (3538644) | (6935) |
|  MSCI EAFE Index | (217) | 12/19/25 | (30220505) | 25109 |
|  Natural Gas | (119) | 10/29/25 | (3930570) | 55825 |
|  NY Harbor ULSD | (14) | 10/31/25 | (1366571) | (58380) |
|  S&P Mid 400 Emini | (27) | 12/19/25 | (8872740) | 62262 |
|  Soybean Oil | (244) | 11/14/25 | (12221350) | 18842 |
|  Soybean Oil | (204) | 12/12/25 | (5771532) | 214181 |
|  Sugar 11 | (124) | 02/27/26 | (2305408) | 2451 |
|  Wheat | (425) | 12/12/25 | (10709413) | 400098 |
|  **Total** |  |  |  | $(1005627) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $16242582 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At September 30, 2025, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>September 30,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 45 | (1.000)% | 0.519% | 12/20/30 | $469100 | $(10797510) | $(10740382) | $(57128) |
|  ICE CD ITXEB 44 | (1.000) | 0.561 | 12/20/30 | 139100 | (3544653) | (3581834) | 37181 |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | 5.000 | 2.998 | 06/20/30 | $211250 | 17230199 | 11136352 | 6093847 |
|  ICE CD ITXEX 44 | 5.000 | 2.628 | 12/20/30 | 194700 | 24580603 | 24364057 | 216546 |
|  **TOTAL** |  |  |  |  | $27468639 | $21178193 | $6290446 |

---

(a) Payments made quarterly.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index<sup>(a)</sup>** | **Financing Rate<br>Paid/(Received) by<br>the Fund** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  M1WO Index | 12M SOFR+0.410% | BofA Securities LLC | 11/12/25 | $32101 | $(206816) |
|  Russell 1000 TR Index | 12M SOFR+0.720 | Chicago Mercantile Exchange | 09/09/26 | 63361 | (498215) |
|  CIEQDUV5 Index | 12M SOFR | Citibank NA | 09/10/26 | 5506 | 1495 |
|  BCOMRS Index | 0.000 | JPMorgan Securities, Inc. | 05/29/26-08/11/26 | 11601 | 17526 |
|  CIEQDUV5 Index | 0.000 | JPMorgan Securities, Inc. | 03/11/26 | 20027 | 43316 |
|  CIEQDUV5 Index | 12M SOFR | JPMorgan Securities, Inc. | 06/10/26-07/10/26 | 13033 | 28188 |
|  JPGSMARB Index | 12M SOFR+0.890 | JPMorgan Securities, Inc. | 04/09/26-09/10/26 | 48042 | (155038) |
|  JPOSSVHY Index | 0.000 | JPMorgan Securities, Inc. | 10/09/25 | 53025 | 239264 |
|  JPOSSVTY Index | 0.000 | JPMorgan Securities, Inc. | 10/09/25 | 22051 | 36248 |
|  JPOSSVUA Index | 0.000 | JPMorgan Securities, Inc. | 10/09/25 | 5316 | 55480 |
|  M1WO Index | 12M SOFR+0.600 | JPMorgan Securities, Inc. | 12/10/25 | 95920 | (609965) |
|  M1WO Index | 12M SOFR+0.160 | JPMorgan Securities, Inc. | 04/09/26 | 10313 | (67600) |
|  M1WO Index | 12M SOFR+0.230 | JPMorgan Securities, Inc. | 05/11/26 | 11898 | (77616) |
|  M1WO Index | 12M SOFR+0.310 | JPMorgan Securities, Inc. | 08/11/26 | 6953 | (45110) |
|  Russell 1000 TR Index | 12M SOFR+0.700 | JPMorgan Securities, Inc. | 02/17/26 | 751546 | (5916179) |
|  Russell 1000 TR Index | 12M SOFR+0.680 | JPMorgan Securities, Inc. | 03/10/26 | 238905 | (1882784) |
|  Russell 1000 TR Index | 12M SOFR+0.660 | JPMorgan Securities, Inc. | 07/29/26 | 14275 | (112630) |
|  Russell 1000 TR Index | 12M SOFR+0.640 | JPMorgan Securities, Inc. | 08/17/26 | 283729 | (2241088) |
|  **TOTAL** |  |  |  |  | $(11391524) |

---

(a) Payments made monthly.

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

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

**A basket (JPOSSVHY) of Options** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security<br>Type** | **Shares** | **Value** | **Weight** |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (2669) | $(1695) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 10/17/25 | Options | (5457) | (1446) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (1531) | (758) | 0.0 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**A basket (JPOSSVHY) of Options (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security<br>Type** | **Shares** | **Value** | **Weight** |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 10/17/25 | Options | (5457) | $(682) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (1531) | (589) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (2670) | (320) | 0.0 |

---

**PURCHASED AND WRITTEN OPTIONS CONTRACTS** — At September 30, 2025, the Fund had the following purchased and written options:

**EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $23.000 | 10/22/2025 | 1400 | $3220000 | $93800 | $316937 | $(223137) |
|  CBOE Volatility Index | 23.000 | 11/19/2025 | 1470 | 3381000 | 232260 | 364415 | (132155) |
|  CBOE Volatility Index | 22.000 | 12/17/2025 | 1540 | 3388000 | 346500 | 380765 | (34265) |
|  **Total purchased option contracts** |  |  | 4410 | $9989000 | $672560 | $1062117 | $(389557) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5525.000 | 10/03/2025 | (33) | (18232500) | (10267) | (5330) | (4937) |
|  Euro Stoxx 50 Index | 5575.000 | 10/10/2025 | (33) | (18397500) | (9376) | (7099) | (2277) |
|  Euro Stoxx 50 Index | 5675.000 | 10/17/2025 | (32) | (18160000) | (4396) | (2688) | (1708) |
|  Euro Stoxx 50 Index | 5725.000 | 10/24/2025 | (32) | (18320000) | (3945) | (3455) | (490) |
|  FTSE 100 Index | 9450.000 | 10/17/2025 | (5) | (4725000) | (2522) | (1276) | (1246) |
|  FTSE 100 Index | 9500.000 | 10/17/2025 | (6) | (5700000) | (1856) | (879) | (977) |
|  FTSE 100 Index | 9550.000 | 10/17/2025 | (4) | (3820000) | (753) | (805) | 52 |
|  FTSE 100 Index | 9600.000 | 10/17/2025 | (7) | (6720000) | (753) | (1380) | 627 |
|  FTSE 100 Index | 9650.000 | 11/21/2025 | (2) | (1930000) | (955) | (627) | (328) |
|  Nikkei 225 Index | 44625.000 | 10/10/2025 | (3) | (13387500) | (16939) | (7861) | (9078) |
|  Nikkei 225 Index | 45500.000 | 10/10/2025 | (2) | (9100000) | (5410) | (3481) | (1929) |
|  Nikkei 225 Index | 47000.000 | 10/10/2025 | (8) | (37600000) | (4436) | (10531) | 6095 |
|  Nikkei 225 Index | 48000.000 | 10/10/2025 | (2) | (9600000) | (379) | (665) | 286 |
|  Nikkei 225 Index | 49000.000 | 11/14/2025 | (1) | (4900000) | (1048) | (1789) | 741 |
|  Nikkei 225 Index | 50000.000 | 11/14/2025 | (2) | (10000000) | (1149) | (1601) | 452 |
|  S&P 500 Index | 6650.000 | 10/01/2025 | (9) | (5985000) | (36810) | (13379) | (23431) |
|  S&P 500 Index | 6785.000 | 10/01/2025 | (17) | (11534500) | (127) | (6045) | 5918 |
|  S&P 500 Index | 6735.000 | 10/03/2025 | (18) | (12123000) | (13320) | (10161) | (3159) |
|  S&P 500 Index | 6760.000 | 10/06/2025 | (18) | (12168000) | (9540) | (11349) | 1809 |
|  S&P 500 Index | 6750.000 | 10/08/2025 | (13) | (8775000) | (17940) | (17103) | (837) |
|  S&P 500 Index | 6875.000 | 10/15/2025 | (13) | (8937500) | (5720) | (13357) | 7637 |
|  S&P 500 Index | 6950.000 | 10/22/2025 | (13) | (9035000) | (5265) | (11656) | 6391 |
|  |  |  | (273) | $(249150500) | $(152906) | $(132517) | $(20389) |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5075.000 | 10/03/2025 | (66) | (33495000) | (155) | (13409) | 13254 |
|  Euro Stoxx 50 Index | 5175.000 | 10/10/2025 | (65) | (33637500) | (1831) | (10930) | 9099 |
|  Euro Stoxx 50 Index | 5250.000 | 10/17/2025 | (64) | (33600000) | (7514) | (19479) | 11965 |
|  Euro Stoxx 50 Index | 5275.000 | 10/24/2025 | (65) | (34287500) | (13355) | (14295) | 940 |
|  FTSE 100 Index | 8875.000 | 10/17/2025 | (3) | (2662500) | (323) | (1658) | 1335 |
|  FTSE 100 Index | 8900.000 | 10/17/2025 | (7) | (6230000) | (800) | (2830) | 2030 |
|  FTSE 100 Index | 8975.000 | 10/17/2025 | (23) | (20642500) | (3093) | (6465) | 3372 |
|  FTSE 100 Index | 9025.000 | 10/17/2025 | (10) | (9025000) | (1547) | (4221) | 2674 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts (continued)** |  |  |  |  |  |  |  |
|  **Puts (continued)** |  |  |  |  |  |  |  |
|  FTSE 100 Index | $8825.000 | 11/21/2025 | (4) | $(3530000) | $(1506) | $(2077) | $571 |
|  Nikkei 225 Index | 39000.000 | 10/10/2025 | (7) | (27300000) | (1373) | (7653) | 6280 |
|  Nikkei 225 Index | 39500.000 | 10/10/2025 | (6) | (23700000) | (1379) | (11207) | 9828 |
|  Nikkei 225 Index | 41125.000 | 10/10/2025 | (8) | (32900000) | (3462) | (11907) | 8445 |
|  Nikkei 225 Index | 42250.000 | 10/10/2025 | (6) | (25350000) | (4666) | (6730) | 2064 |
|  Nikkei 225 Index | 43375.000 | 10/10/2025 | (4) | (17350000) | (5950) | (5928) | (22) |
|  Nikkei 225 Index | 41000.000 | 11/14/2025 | (2) | (8200000) | (4328) | (4456) | 128 |
|  Nikkei 225 Index | 42000.000 | 11/14/2025 | (3) | (12600000) | (9129) | (8749) | (380) |
|  S&P 500 Index | 6150.000 | 10/01/2025 | (18) | (11070000) | (315) | (49308) | 48993 |
|  S&P 500 Index | 6540.000 | 10/01/2025 | (35) | (22890000) | (3850) | (43552) | 39702 |
|  S&P 500 Index | 6485.000 | 10/03/2025 | (35) | (22697500) | (10500) | (45350) | 34850 |
|  S&P 500 Index | 6535.000 | 10/06/2025 | (35) | (22872500) | (22575) | (25646) | 3071 |
|  S&P 500 Index | 6275.000 | 10/08/2025 | (26) | (16315000) | (6500) | (62540) | 56040 |
|  S&P 500 Index | 6350.000 | 10/15/2025 | (26) | (16510000) | (24830) | (84224) | 59394 |
|  S&P 500 Index | 6400.000 | 10/22/2025 | (26) | (16640000) | (52390) | (84552) | 32162 |
|  |  |  | (544) | $(453505000) | $(181371) | $(527166) | $345795 |
|  **Total written option contracts** |  |  | (817) | $(702655500) | $(334277) | $(659683) | $325406 |
|  **TOTAL** |  |  | 3593 | $(692666500) | $338283 | $402434 | $(64151) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CHF | — Swiss Franc |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| MSCI | — Morgan Stanley Capital International |
| PLC | — Public Limited Company |
| RB | — Revenue Bond |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** |  |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| CDX.NA.IG Ind 45 | — CDX North America Investment Grade Index 45 |
| ICE | — Inter-Continental Exchange |
| ICE CD ITXEB | — iTraxx Europe Index |
| ICE CD ITXEX | — iTraxx Europe Crossover Index |
| SOFR | — Secured Overnight Financing Rate |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments
*September 30, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 7.8%** | **Investment Company<sup>(a)</sup> – 7.8%** | **Investment Company<sup>(a)</sup> – 7.8%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26423208 | 4.042% | $26423208 |
| **(Cost $26,423,208)** | **(Cost $26,423,208)** | **(Cost $26,423,208)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Short-term Investments<sup>(b)</sup> – 91.3%** | **Short-term Investments<sup>(b)</sup> – 91.3%** | **Short-term Investments<sup>(b)</sup> – 91.3%** | **Short-term Investments<sup>(b)</sup> – 91.3%** | **Short-term Investments<sup>(b)</sup> – 91.3%** |
|  **U.S. Treasury Obligations – 91.3%** | **U.S. Treasury Obligations – 91.3%** | **U.S. Treasury Obligations – 91.3%** | **U.S. Treasury Obligations – 91.3%** | **U.S. Treasury Obligations – 91.3%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 2400000 | 0.000% | 11/20/25 | $2386786 |
|  | 25400000 | 0.000 | 11/25/25 | 25244990 |
|  | 78600000 | 0.000 | 11/28/25 | 78093622 |
|  | 32000000 | 0.000 | 12/04/25 | 31778461 |
|  | 105100000 | 0.000 | 12/30/25 | 104089973 |
|  | 67300000 | 0.000 | 01/15/26 | 66550165 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,997,850)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,997,850)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,997,850)** | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $307,997,850)** | $308143997 |
| **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $334,421,058)** | **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $334,421,058)** | **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $334,421,058)** | **TOTAL INVESTMENTS – 99.1%**<br> **(Cost $334,421,058)** | $334567205 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.9%** |  | 3140521 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $337707726 |

---

---

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

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## Consolidated Schedule of Investments (continued)
*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FUTURES CONTRACTS** — At September 30, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Brent Crude | 140 | 01/30/26 | $9119600 | $(156289) |
|  Coffee | 16 | 03/19/26 | 2153700 | 473247 |
|  Copper | 48 | 03/27/26 | 5904000 | 466058 |
|  Corn | 245 | 03/13/26 | 5292000 | 70863 |
|  Cotton No.2 | 46 | 03/09/26 | 1554110 | (11962) |
|  FCOJ-A | 1 | 11/07/25 | 36533 | 20 |
|  FCOJ-A | 2 | 01/09/26 | 73965 | 1905 |
|  Gasoline RBOB | 27 | 02/27/26 | 2124209 | (17181) |
|  Gold | 61 | 12/29/25 | 23626520 | 3568670 |
|  KC HRW Wheat | 40 | 03/13/26 | 1037500 | (74201) |
|  Lean Hogs | 44 | 02/13/26 | 1589280 | 73702 |
|  Live Cattle | 30 | 02/27/26 | 2846100 | 111092 |
|  LME Lead | 11 | 11/17/25 | 542077 | 4580 |
|  LME Lead | 11 | 01/19/26 | 548784 | (25253) |
|  LME Lead | 11 | 03/16/26 | 554834 | (1031) |
|  LME Nickel | 20 | 11/17/25 | 1818538 | (78991) |
|  LME Nickel | 20 | 01/19/26 | 1833904 | (26155) |
|  LME Nickel | 20 | 03/16/26 | 1846864 | (8566) |
|  LME Primary Aluminum | 89 | 01/19/26 | 5970832 | 152845 |
|  LME Primary Aluminum | 89 | 11/17/25 | 5965603 | 502057 |
|  LME Primary Aluminum | 89 | 03/16/26 | 5986941 | 150136 |
|  LME Zinc | 27 | 01/19/26 | 1998587 | 132800 |
|  LME Zinc | 27 | 11/17/25 | 2009009 | 226450 |
|  LME Zinc | 27 | 03/16/26 | 1990487 | 62226 |
|  Low Sulphur Gas Oil | 24 | 11/12/25 | 1648800 | 44532 |
|  Low Sulphur Gas Oil | 39 | 03/12/26 | 2546700 | 23272 |
|  Natural Gas | 309 | 10/29/25 | 10206270 | 33752 |
|  NY Harbor ULSD | 21 | 02/27/26 | 1979120 | (6668) |
|  Robusta Coffee 10-T | 39 | 03/25/26 | 1615770 | (207484) |
|  Silver | 26 | 03/27/26 | 6136000 | 1137097 |
|  Soybean | 278 | 03/13/26 | 10906800 | (388962) |
|  Soybean Oil | 56 | 12/12/25 | 1662864 | (8129) |
|  Soybean Oil | 81 | 03/13/26 | 2442150 | (120987) |
|  Sugar 11 | 236 | 02/27/26 | 4387712 | (130363) |
|  Wheat | 64 | 03/13/26 | 1686400 | (90870) |
|  WTI Crude | 125 | 10/21/25 | 7796250 | 36855 |
|  **Total** |  |  |  | $5919067 |
|  **Short position contracts:** |  |  |  |  |
|  Cocoa | (2) | 03/16/26 | (135920) | 12025 |
|  Corn | (78) | 12/12/25 | (1620450) | 18764 |
|  LME Lead | (11) | 11/17/25 | (542077) | 27859 |
|  LME Lead | (11) | 01/19/26 | (548785) | 2257 |
|  LME Nickel | (20) | 11/17/25 | (1818538) | 25416 |
|  LME Nickel | (20) | 01/19/26 | (1833904) | 8410 |
|  LME Primary Aluminum | (89) | 01/19/26 | (5970832) | (156150) |
|  LME Primary Aluminum | (89) | 11/17/25 | (5965603) | (160199) |
|  LME Zinc | (27) | 01/19/26 | (1998587) | (70368) |
|  LME Zinc | (27) | 11/17/25 | (2009009) | (150425) |
|  Natural Gas | (35) | 02/25/26 | (1268050) | (14180) |
|  WTI Crude | (100) | 02/20/26 | (6136000) | 111841 |
|  **Total** |  |  |  | $(344750) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $5574317 |

---

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

*September 30, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**SWAP CONTRACTS** — At September 30, 2025, the Fund had the following swap contracts:

**OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS<sup>#</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received) by**<br> **the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.24% | Citibank NA | 01/30/26 | $3488 | $(9) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | Merrill Lynch International Bank Ltd. | 10/31/25 | 68397 | (2) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | Merrill Lynch International Bank Ltd. | 01/30/26 | 2895 | (11) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | RBC Dominion Securities, Inc. | 10/31/25 | 27894 | (6) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | UBS Switzerland AG | 01/30/26 | 27297 | (67) |
|  **TOTAL** |  |  |  |  | $(95) |

---

(a) Payments made monthly.

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

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

## 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 Commodity Strategy Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $344748921.44

**Total Liabilities:** $474359.85

**Net Assets:** $344274561.59

**Amount of Assets Invested in Other Investment Companies:** $69657541.12

**Cash Not Reported:** $1307563.32

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161523 | -0.57%               | 2.08%                | 2.04%                |
| Class ID C000201770 | -0.57%               | 2.08%                | 2.04%                |
| Class ID C000043360 | -0.58%               | 2.08%                | 2.04%                |
| Class ID C000058993 | -0.57%               | 2.08%                | 2.04%                |
| Class ID C000043359 | -0.77%               | 2.08%                | 1.91%                |
| Class ID C000058992 | -0.72%               | 2.06%                | 2.02%                |
| Class ID C000043358 | -0.59%               | 2.00%                | 2.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-26361.46                                 |
| Month 2  | $0.00                    | $178890.23                                 |
| Month 3  | $0.00                    | $11642.67                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2400000 | PA      | $2386786.15   | 0.69%             | 2025-11-20      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| UBS Switzerland AG                             | Long: 829153423 TRS USD R E CRBFTR RE / Short: 829153423 TRS USD P V 01MTBILL 829153423 PV +25 BPS  | CUSIP: 000000000<br>LEI: 549300WOIFUSNYH0FL22 | N/A              | DCO              |  | US        |  27351214 | OU      | $-54009.03    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE JAN26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        11 | NC      | $-25252.65    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| RBC Dominion Securities, Inc.                  | Long: 829153407 TRS USD R E BCOMF3T RE / Short: 829153407 TRS USD P V 01MTBILL 829153407 PV +12 BPS | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | N/A              | DCO              |  | US        |  27337506 | OU      | $556582.47    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Merrill Lynch International                    | Long: 829153422 TRS USD R E CRBFTR RE / Short: 829153422 TRS USD P V 01MTBILL 829153422 PV +25 BPS  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | US        |   2900483 | OU      | $-5730.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                    | GOLD 100 OZ FUTR DEC25                                                                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        61 | NC      | $3644920.30   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN OIL FUTR DEC25                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        56 | NC      | $-9809.41     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | LOW SU GASOIL G NOV25                                                                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        24 | NC      | $46331.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN MEAL FUTR MAR26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       150 | NC      | $-147223.06   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE JAN26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -27 | NC      | $-70368.30    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                    | Long: 829153406 TRS USD R E BCOMF3T RE / Short: 829153406 TRS USD P V 01MTBILL 829153406 PV +12 BPS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | US        |  67032580 | OU      | $1364774.44   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                    | COPPER FUTURE MAR26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        48 | NC      | $488857.92    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  78600000 | PA      | $78093621.86  | 22.68%            | 2025-11-28      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JAN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        89 | NC      | $152845.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LEAN HOGS FUTURE FEB26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        44 | NC      | $75901.63     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | KC HRW WHEAT FUT MAR26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        40 | NC      | $-75201.53    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE NOV25                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -20 | NC      | $25416.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                    | Long: 829153421 TRS USD R E CRBFTR RE / Short: 829153421 TRS USD P V 01MTBILL 829153421 PV +24 BPS  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |   3494564 | OU      | $-6901.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COTTON NO.2 FUTR MAR26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        46 | NC      | $-13112.35    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | WTI CRUDE FUTURE MAR26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |      -100 | NC      | $99841.01     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | SUGAR 11 (WORLD) MAR26                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       236 | NC      | $-130362.61   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COFFEE 'C' FUTURE MAR26                                                                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        16 | NC      | $469346.93    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | CORN FUTURE DEC25                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |      -157 | NC      | $33844.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | COFF ROBUSTA 10TN MAR26                                                                             | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        39 | NC      | $-209044.52   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE MAR26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        11 | NC      | $-1031.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                    | SILVER FUTURE MAR26                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        26 | NC      | $1162447.11   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                                      | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  26317352 | NS      | $26317352.31  | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR MAR26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       -35 | NC      | $-23980.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | LOW SU GASOIL G MAR26                                                                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        39 | NC      | $22297.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797RZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        | 105100000 | PA      | $104089973.24 | 30.23%            | 2025-12-30      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | WHEAT FUTURE(CBT) MAR26                                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        64 | NC      | $-91669.60    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR NOV25                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        89 | NC      | $502057.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | CORN FUTURE MAR26                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       245 | NC      | $67800.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  32000000 | PA      | $31778460.80  | 9.23%             | 2025-12-04      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN FUTURE MAR26                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       128 | NC      | $-254339.20   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR JAN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -89 | NC      | $-156149.85   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE MAR26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        20 | NC      | $-8565.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE NOV25                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -11 | NC      | $27859.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | COCOA FUTURE MAR26                                                                                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -2 | NC      | $12465.43     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                    | LIVE CATTLE FUTR FEB26                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        30 | NC      | $112892.17    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NATURAL GAS FUTR NOV25                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       309 | NC      | $117181.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JAN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        20 | NC      | $-26155.08    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | NY HARB ULSD FUT MAR26                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        21 | NC      | $-1022.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | SOYBEAN OIL FUTR MAR26                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        81 | NC      | $-122445.05   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                             | BRENT CRUDE FUTR MAR26                                                                              | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |       140 | NC      | $-138089.30   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | FCOJ-A FUTURE JAN26                                                                                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         2 | NC      | $2580.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE MAR26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        27 | NC      | $62226.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | GASOLINE RBOB FUT MAR26                                                                             | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        27 | NC      | $-14119.22    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  25400000 | PA      | $25244990.66  | 7.33%             | 2025-11-25      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE NOV25                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        11 | NC      | $4580.35      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE NOV25                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        27 | NC      | $226450.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE JAN26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        27 | NC      | $132799.95    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR MAR26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        89 | NC      | $150135.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                   | WTI CRUDE FUTURE NOV25                                                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       125 | NC      | $56854.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME PRI ALUM FUTR NOV25                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -89 | NC      | $-160198.60   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME ZINC FUTURE NOV25                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -27 | NC      | $-150425.55   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE JAN26                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -20 | NC      | $8409.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                 | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  67300000 | PA      | $66550164.94  | 19.33%            | 2026-01-15      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Citibank NA                                    | Long: 829153405 TRS USD R E BCOMF3T RE / Short: 829153405 TRS USD P V 01MTBILL 829153405 PV +11 BPS | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  95191590 | OU      | $1938091.30   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                          | LME LEAD FUTURE JAN26                                                                               | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -11 | NC      | $2256.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                         | FCOJ-A FUTURE NOV25                                                                                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         1 | NC      | $267.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                          | LME NICKEL FUTURE NOV25                                                                             | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        20 | NC      | $-78991.14    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** GOLDMAN SACHS TRUST

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President