GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 11.0%
 

Aerospace & Defense – 0.2%

  597      Airbus SE   $      109,803
  283      Axon Enterprise, Inc.*   212,352
  18,616      BAE Systems PLC   477,312
  482      Dassault Aviation SA   175,312
  213      Elbit Systems Ltd.   85,589
  1,334      General Dynamics Corp.   371,506
  4,039      General Electric Co.   993,230
  508      HEICO Corp.   152,217
  648      HEICO Corp. Class A   152,824
  1,975      Howmet Aerospace, Inc.   335,533
  1,621      Kongsberg Gruppen ASA*   285,491
  1,435      L3Harris Technologies, Inc.   350,628
  5,720      Leonardo SpA   353,838
  969      Lockheed Martin Corp.   467,426
  168      MTU Aero Engines AG   67,195
  607      Northrop Grumman Corp.   294,255
  287      Rheinmetall AG   615,117
  34,744      Rolls-Royce Holdings PLC   404,315
  5,647      RTX Corp.   770,703
  836      Saab AB Class B   42,248
  1,299      Safran SA   384,188
  38,420      Singapore Technologies Engineering Ltd.   232,277
  5,668      Textron, Inc.   419,602
  550      Thales SA   168,449
  158      TransDigm Group, Inc.   232,012
    

 

     8,153,422

 

 

 

Air Freight & Logistics – 0.0%

  4,609      CH Robinson Worldwide, Inc.   442,326
  14,957      Deutsche Post AG   671,163
  1,321      Expeditors International of Washington, Inc.   148,916
  700      FedEx Corp.   152,670
  16,507      InPost SA*   271,304
  5,765      SG Holdings Co. Ltd.   56,111
    

 

     1,742,490

 

 

 

Automobile Components – 0.0%

  20,793      Aisin Corp.   264,577
  3,783      Aptiv PLC*   252,742
  3,126      Bridgestone Corp.   134,215
  11,356      Cie Generale des Etablissements Michelin SCA   434,469
  3,429      Continental AG   300,728
  6,632      Denso Corp.   89,538
  2,716      Magna International, Inc.   98,598
  11,113      Sumitomo Electric Industries Ltd.   233,103
    

 

     1,807,970

 

 

 

Automobiles – 0.1%

  560      Ferrari NV   268,036
  30,255      Ford Motor Co.   314,047
  9,868      Isuzu Motors Ltd.   133,384
  6,488      Mercedes-Benz Group AG   387,968

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Automobiles – (continued)

  14,360      Subaru Corp.   $      263,607
  3,431      Suzuki Motor Corp.   43,543
  8,574      Tesla, Inc.*   2,970,548
  4,317      Toyota Motor Corp.   82,188
    

 

     4,463,321

 

 

 

Banks – 0.7%

  7,686      ABN AMRO Bank NV(a)   198,679
  13,897      AIB Group PLC   109,644
  22,203      ANZ Group Holdings Ltd.   415,490
  29,264      Banco Bilbao Vizcaya Argentaria SA   439,310
  21,777      Banco BPM SpA   250,322
  78,567      Banco Santander SA   626,780
  5,538      Bank Hapoalim BM   92,908
  14,802      Bank Leumi Le-Israel BM   238,879
  31,046      Bank of America Corp.   1,370,060
  7,896      Bank of Ireland Group PLC   108,403
  2,951      Bank of Montreal   316,894
  7,377      Bank of Nova Scotia   394,719
  984      Banque Cantonale Vaudoise   114,003
  64,672      Barclays PLC   286,397
  3,274      BNP Paribas SA   286,719
  118,342      BOC Hong Kong Holdings Ltd.   497,689
  6,798      BPER Banca SpA   60,384
  23,129      CaixaBank SA   196,195
  7,323      Canadian Imperial Bank of Commerce   498,552
  5,690      Chiba Bank Ltd.   51,712
  11,751      Citigroup, Inc.   885,085
  8,988      Citizens Financial Group, Inc.   362,666
  4,901      Commerzbank AG   149,280
  5,421      Commonwealth Bank of Australia   615,115
  10,021      Concordia Financial Group Ltd.   64,241
  11,764      Credit Agricole SA   215,389
  4,322      Danske Bank AS   165,618
  11,831      DBS Group Holdings Ltd.   408,199
  6,135      DNB Bank ASA   164,085
  3,892      Erste Group Bank AG   313,421
  5,945      Fifth Third Bancorp   227,040
  3,628      FinecoBank Banca Fineco SpA   78,459
  290      First Citizens BancShares, Inc. Class A   536,175
  15,921      Hang Seng Bank Ltd.   222,270
  77,541      HSBC Holdings PLC   913,512
  17,810      Huntington Bancshares, Inc.   278,370
  21,963      ING Groep NV   466,541
  73,328      Intesa Sanpaolo SpA   409,370
  10,673      Israel Discount Bank Ltd. Class A   90,895
  11,206      Japan Post Bank Co. Ltd.   120,852
  15,157      JPMorgan Chase & Co.   4,001,448
  1,403      KBC Group NV   138,705
  249,627      Lloyds Banking Group PLC   260,013
  1,837      M&T Bank Corp.   335,510

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  14,386      Mediobanca Banca di Credito Finanziario SpA   $      342,224
  36,683      Mitsubishi UFJ Financial Group, Inc.   513,133
  2,319      Mizrahi Tefahot Bank Ltd.   132,909
  11,845      Mizuho Financial Group, Inc.   329,389
  13,915      National Australia Bank Ltd.   340,529
  2,969      National Bank of Canada   292,216
  33,678      NatWest Group PLC   239,142
  8,481      Nordea Bank Abp   122,958
  39,874      Oversea-Chinese Banking Corp. Ltd.   500,823
  2,071      PNC Financial Services Group, Inc.   359,960
  13,678      Regions Financial Corp.   293,256
  13,591      Resona Holdings, Inc.   120,458
  5,774      Royal Bank of Canada   731,832
  12,393      Skandinaviska Enskilda Banken AB Class A   206,780
  3,420      Societe Generale SA   185,698
  14,703      Standard Chartered PLC   229,385
  19,761      Sumitomo Mitsui Financial Group, Inc.   507,678
  3,698      Sumitomo Mitsui Trust Group, Inc.   100,067
  17,014      Svenska Handelsbanken AB Class A   227,319
  5,691      Swedbank AB Class A   154,097
  6,417      Toronto-Dominion Bank   443,137
  1,673      Truist Financial Corp.   66,083
  7,911      U.S. Bancorp   344,840
  7,682      UniCredit SpA   494,002
  15,806      United Overseas Bank Ltd.   434,187
  16,384      Wells Fargo & Co.   1,225,195
  22,079      Westpac Banking Corp.   463,237
    

 

     27,376,532

 

 

 

Beverages – 0.1%

  4,478      Anheuser-Busch InBev SA   316,205
  22,407      Asahi Group Holdings Ltd.   295,325
  596      Carlsberg AS Class B   85,313
  14,455      Coca-Cola Co.   1,042,205
  2,126      Coca-Cola Europacific Partners PLC   195,145
  3,373      Coca-Cola HBC AG   175,776
  897      Diageo PLC   24,346
  4,744      Heineken Holding NV   369,763
  1,417      Heineken NV   126,414
  5,894      Keurig Dr. Pepper, Inc.   198,451
  8,234      Kirin Holdings Co. Ltd.   118,127
  8,269      Molson Coors Beverage Co. Class B   443,136
  4,774      Monster Beverage Corp.*   305,297
  6,708      PepsiCo, Inc.   881,767

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Beverages – (continued)

  2,954      Suntory Beverage & Food Ltd.   $       95,919
    

 

     4,673,189

 

 

 

Biotechnology – 0.2%

  7,681      AbbVie, Inc.   1,429,511
  474      Alnylam Pharmaceuticals, Inc.*   144,361
  1,235      Amgen, Inc.   355,902
  72      Argenx SE*   41,312
  2,928      Biogen, Inc.*   380,025
  1,393      CSL Ltd.   222,281
  423      Genmab AS*   89,236
  8,750      Gilead Sciences, Inc.   963,200
  31,658      Grifols SA*   340,687
  11,198      Incyte Corp.*   728,542
  648      Natera, Inc.*   102,209
  1,240      Neurocrine Biosciences, Inc.*   152,545
  541      Regeneron Pharmaceuticals, Inc.   265,242
  7,474      Swedish Orphan Biovitrum AB*   228,463
  1,607      United Therapeutics Corp.*   512,392
  1,224      Vertex Pharmaceuticals, Inc.*   541,069
    

 

     6,496,977

 

 

 

Broadline Retail – 0.3%

  54,031      Amazon.com, Inc.*   11,076,895
  3,729      Canadian Tire Corp. Ltd. Class A   473,859
  3,999      Dollarama, Inc.   514,318
  5,390      eBay, Inc.   394,386
  148      MercadoLibre, Inc.*   379,367
  4,391      Next PLC   762,045
  2,352      Pan Pacific International Holdings Corp.   77,022
  27,044      Rakuten Group, Inc.*   148,847
  11,877      Wesfarmers Ltd.   635,495
    

 

     14,462,234

 

 

 

Building Products – 0.1%

  3,999      A.O. Smith Corp.   257,176
  1,105      Allegion PLC   157,683
  5,179      Assa Abloy AB Class B   164,384
  4,969      Builders FirstSource, Inc.*   535,062
  543      Carlisle Cos., Inc.   206,438
  675      Carrier Global Corp.   48,060
  4,718      Cie de Saint-Gobain SA   531,171
  4,161      Fortune Brands Innovations, Inc.   209,714
  467      Geberit AG   348,817
  1,370      Johnson Controls International PLC   138,877
  365      Kingspan Group PLC   31,350
  989      Lennox International, Inc.   558,241
  7,051      Masco Corp.   440,123
  2,939      Owens Corning   393,679
  11,480      Rockwool AS Class B   544,752
  864      Trane Technologies PLC   371,753
    

 

     4,937,280

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Capital Markets – 0.4%

  8,970      3i Group PLC   $      492,678
  1,678      Ameriprise Financial, Inc.   854,505
  518      Amundi SA(a)   42,291
  1,222      ARES Management Corp. Class A   202,241
  1,493      ASX Ltd.   68,598
  10,767      Bank of New York Mellon Corp.   954,064
  388      Blackrock, Inc.   380,197
  3,292      Blackstone, Inc.   456,798
  771      Brookfield Asset Management Ltd. Class A   43,377
  1,832      Brookfield Corp.   105,794
  796      Carlyle Group, Inc.   35,979
  1,509      Cboe Global Markets, Inc.   345,742
  2,511      Charles Schwab Corp.   221,822
  1,872      CME Group, Inc.   541,008
  650      Coinbase Global, Inc. Class A*   160,303
  9,579      CVC Capital Partners PLC(a)   178,252
  12,889      Daiwa Securities Group, Inc.   87,186
  24,203      Deutsche Bank AG   670,305
  1,117      Deutsche Boerse AG   359,840
  1,149      Euronext NV(a)   187,263
  580      FactSet Research Systems, Inc.   265,791
  16,336      Franklin Resources, Inc.   353,511
  1,541      Hong Kong Exchanges & Clearing Ltd.   77,088
  4,394      IGM Financial, Inc.   140,271
  270      Interactive Brokers Group, Inc. Class A   56,614
  3,022      Intercontinental Exchange, Inc.   543,356
  5,432      Japan Exchange Group, Inc.   59,499
  1,956      KKR & Co., Inc.   237,576
  2,181      London Stock Exchange Group PLC   331,854
  1,958      LPL Financial Holdings, Inc.   758,059
  1,162      Macquarie Group Ltd.   160,298
  1,831      Moody’s Corp.   877,635
  4,866      Morgan Stanley   622,994
  2,217      Nasdaq, Inc.   185,208
  15,674      Nomura Holdings, Inc.   95,782
  4,238      Northern Trust Corp.   452,364
  1,599      Onex Corp.   118,694
  231      Partners Group Holding AG   310,087
  2,242      Raymond James Financial, Inc.   329,529
  5,138      Robinhood Markets, Inc. Class A*   339,879
  1,055      S&P Global, Inc.   541,067
  2,908      SBI Holdings, Inc.   88,070
  23,478      Schroders PLC   112,574
  2,386      SEI Investments Co.   203,430
  40,508      Singapore Exchange Ltd.   439,941
  6,305      State Street Corp.   607,045
  2,441      T. Rowe Price Group, Inc.   228,453
  5,779      TMX Group Ltd.   233,586
  1,382      Tradeweb Markets, Inc. Class A   199,630

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Capital Markets – (continued)

  2,721      UBS Group AG   $       86,801
    

 

     15,444,929

 

 

 

Chemicals – 0.1%

  1,226      Air Liquide SA   254,038
  498      Air Products & Chemicals, Inc.   138,897
  1,797      Akzo Nobel NV   122,637
  1,936      Arkema SA   138,338
  13,158      Asahi Kasei Corp.   92,460
  2,240      CF Industries Holdings, Inc.   203,190
  742      Corteva, Inc.   52,534
  3,266      Dow, Inc.   90,599
  1,038      DuPont de Nemours, Inc.   69,338
  1,162      Eastman Chemical Co.   91,066
  1,439      Ecolab, Inc.   382,227
  184      EMS-Chemie Holding AG   139,823
  17,016      Evonik Industries AG   368,779
  31      Givaudan SA   155,902
  49,376      ICL Group Ltd.   325,922
  855      International Flavors & Fragrances, Inc.   65,459
  1,428      Linde PLC   667,704
  5,322      LyondellBasell Industries NV Class A   300,640
  33,126      Mitsubishi Chemical Group Corp.   176,331
  2,221      Nippon Sanso Holdings Corp.   79,375
  3,025      Nitto Denko Corp.   55,026
  1,061      Nutrien Ltd.   62,685
  1,464      PPG Industries, Inc.   162,211
  2,737      RPM International, Inc.   311,580
  1,722      Sherwin-Williams Co.   617,871
  789      Symrise AG   94,339
  14,579      Toray Industries, Inc.   100,577
  412      Westlake Corp.   29,264
  2,789      Yara International ASA   100,059
    

 

     5,448,871

 

 

 

Commercial Services & Supplies – 0.1%

  6,786      Brambles Ltd.   101,507
  4,164      Cintas Corp.   943,146
  1,904      Copart, Inc.*   98,018
  4,061      Element Fleet Management Corp.   96,765
  893      RB Global, Inc.   94,086
  2,144      Republic Services, Inc.   551,630
  11,517      Rollins, Inc.   659,348
  2,814      Secom Co. Ltd.   102,469
  20,398      Securitas AB Class B   301,657
  4,673      TOPPAN Holdings, Inc.   124,086
  4,335      Veralto Corp.   437,965
  1,724      Waste Connections, Inc.   339,783
  2,062      Waste Management, Inc.   496,880
    

 

     4,347,340

 

 

 

Communications Equipment – 0.1%

  3,732      Arista Networks, Inc.*   323,340

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Communications Equipment – (continued)

  14,317      Cisco Systems, Inc.   $      902,544
  1,981      F5, Inc.*   565,338
  12,071      Juniper Networks, Inc.   433,711
  1,292      Motorola Solutions, Inc.   536,671
  90,770      Nokia OYJ   472,394
  33,763      Telefonaktiebolaget LM Ericsson Class B   287,410
    

 

     3,521,408

 

 

 

Construction & Engineering – 0.1%

  9,433      ACS Actividades de Construccion y Servicios SA   619,618
  4,741      AECOM   520,799
  11,735      Bouygues SA   511,688
  3,982      Eiffage SA   547,707
  817      EMCOR Group, Inc.   385,510
  3,631      Ferrovial SE   184,980
  6,029      Obayashi Corp.   90,968
  827      Quanta Services, Inc.   283,297
  3,358      Skanska AB Class B   79,888
  1,813      Stantec, Inc.   186,498
  1,579      Taisei Corp.   88,012
  3,204      Vinci SA   457,806
  3,483      WSP Global, Inc.   713,706
    

 

     4,670,477

 

 

 

Construction Materials – 0.0%

  738      CRH PLC   67,276
  3,026      Heidelberg Materials AG   593,130
  4,860      Holcim AG   538,537
  3,577      James Hardie Industries PLC CDI*   82,296
  159      Martin Marietta Materials, Inc.   87,060
  294      Vulcan Materials Co.   77,931
    

 

     1,446,230

 

 

 

Consumer Finance – 0.1%

  16,881      Ally Financial, Inc.   590,835
  2,965      American Express Co.   871,858
  8,335      Capital One Financial Corp.   1,576,565
  1      Isracard Ltd.   4
  11,997      Synchrony Financial   691,627
    

 

     3,730,889

 

 

 

Consumer Staples Distribution & Retail – 0.4%

  2,575      Aeon Co. Ltd.   79,164
  35,938      Albertsons Cos., Inc. Class A   798,902
  3,664      Alimentation Couche-Tard, Inc.   189,961
  18,509      Carrefour SA   276,790
  37,421      Coles Group Ltd.   521,166
  2,132      Costco Wholesale Corp.   2,217,664
  5,225      Dollar General Corp.   508,131
  4,419      Dollar Tree, Inc.*   398,859
  18,826      Empire Co. Ltd. Class A   726,646
  1,837      George Weston Ltd.   369,850
  111,034      J Sainsbury PLC   427,037

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Consumer Staples Distribution & Retail – (continued)

  12,449      Jeronimo Martins SGPS SA   $      313,792
  22,137      Koninklijke Ahold Delhaize NV   934,270
  18,677      Kroger Co.   1,274,332
  4,369      Loblaw Cos. Ltd.   737,097
  15,773      Marks & Spencer Group PLC   79,618
  18,004      MatsukiyoCocokara & Co.   363,102
  2,181      Metro, Inc.   170,113
  17,575      Seven & i Holdings Co. Ltd.   264,339
  9,472      Sysco Corp.   691,456
  3,375      Target Corp.   317,284
  115,276      Tesco PLC   603,196
  4,090      Walgreens Boots Alliance, Inc.   46,012
  31,098      Walmart, Inc.   3,069,994
  17,356      Woolworths Group Ltd.   356,430
    

 

     15,735,205

 

 

 

Containers & Packaging – 0.0%

  12,116      Amcor PLC   110,377
  952      Avery Dennison Corp.   169,199
  1,536      Ball Corp.   82,299
  3,301      Crown Holdings, Inc.   325,149
  2,142      International Paper Co.   102,409
  1,367      Packaging Corp. of America   264,063
    

 

     1,053,496

 

 

 

Distributors – 0.0%

  580      D’ieteren Group   119,102
  2,228      Genuine Parts Co.   281,886
  16,042      LKQ Corp.   649,220
  644      Pool Corp.   193,580
    

 

     1,243,788

 

 

 

Diversified Consumer Services – 0.0%

  10,078      Pearson PLC   158,283

 

 

 

Diversified REITs – 0.0%

  5,695      WP Carey, Inc.   357,418

 

 

 

Diversified Telecommunication Services – 0.1%

  41,600      AT&T, Inc.   1,156,480
  20,451      Deutsche Telekom AG   774,447
  2,714      Elisa OYJ   143,086
  133,904      HKT Trust & HKT Ltd.   192,860
  10,865      Infrastrutture Wireless Italiane SpA(a)   127,555
  51,059      Koninklijke KPN NV   240,052
  344,021      Nippon Telegraph & Telephone Corp.   383,031
  25,666      Orange SA   383,076
  5,561      Quebecor, Inc. Class B   156,454
  35,169      Singapore Telecommunications Ltd.   103,831
  249      Swisscom AG   171,274
  114,229      Telefonica SA   611,830
  8,339      Telenor ASA   128,037
  38,857      Telia Co. AB   150,261

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Diversified Telecommunication Services – (continued)

  38,670      Telstra Group Ltd.   $      119,192
  5,061      TELUS Corp.   82,903
  20,633      Verizon Communications, Inc.   907,027
    

 

     5,831,396

 

 

 

Electric Utilities – 0.2%

  3,422      Alliant Energy Corp.   212,951
  2,004      American Electric Power Co., Inc.   207,394
  10,053      CK Infrastructure Holdings Ltd.   64,963
  16,300      CLP Holdings Ltd.   138,035
  1,093      Constellation Energy Corp.   334,622
  3,478      Duke Energy Corp.   409,430
  1,638      Edison International   91,155
  688      Emera, Inc.   31,539
  8,193      Endesa SA   250,369
  26,910      Enel SpA   247,357
  3,040      Entergy Corp.   253,171
  3,005      Evergy, Inc.   199,562
  713      Eversource Energy   46,209
  3,629      Exelon Corp.   159,023
  5,140      FirstEnergy Corp.   215,572
  2,175      Fortis, Inc.   106,266
  4,022      Fortum OYJ   69,505
  3,350      Hydro One Ltd.(a)   123,347
  21,687      Iberdrola SA   397,517
  11,575      Kansai Electric Power Co., Inc.   131,331
  3,748      NextEra Energy, Inc.   264,759
  6,760      NRG Energy, Inc.   1,053,884
  20,421      Origin Energy Ltd.   142,482
  5,979      PG&E Corp.   100,925
  11,380      Power Assets Holdings Ltd.   71,963
  6,945      PPL Corp.   241,339
  6,523      Redeia Corp. SA   134,945
  4,443      Southern Co.   399,870
  2,360      SSE PLC   56,182
  8,117      Terna - Rete Elettrica Nazionale   82,770
  2,538      Xcel Energy, Inc.   177,914
    

 

     6,416,351

 

 

 

Electrical Equipment – 0.1%

  5,713      ABB Ltd.   323,628
  1,484      AMETEK, Inc.   265,250
  632      Eaton Corp. PLC   202,367
  472      Emerson Electric Co.   56,347
  950      GE Vernova, Inc.   449,331
  161      Hubbell, Inc.   62,722
  7,512      Mitsubishi Electric Corp.   149,917
  2,300      Prysmian SpA   147,918
  1,150      Schneider Electric SE   290,158
  5,824      Siemens Energy AG*   569,153
  2,036      Vertiv Holdings Co. Class A   219,746
    

 

     2,736,537

 

 

 

Electronic Equipment, Instruments & Components – 0.1%

  5,547      Amphenol Corp. Class A   498,842

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electronic Equipment, Instruments & Components – (continued)

  1,588      CDW Corp.   $      286,412
  5,453      Corning, Inc.   270,414
  3,820      Halma PLC   149,759
  12,813      Hexagon AB Class B   129,174
  3,507      Jabil, Inc.   589,211
  113      Keyence Corp.   47,298
  1,440      Keysight Technologies, Inc.*   226,138
  7,054      Kyocera Corp.   85,767
  6,553      Shimadzu Corp.   158,223
  11,740      TDK Corp.   128,556
  2,763      TE Connectivity PLC   442,273
  820      Teledyne Technologies, Inc.*   409,065
  1,656      Trimble, Inc.*   118,023
  4,298      Yokogawa Electric Corp.   105,370
  449      Zebra Technologies Corp. Class A*   130,107
    

 

     3,774,632

 

 

 

Energy Equipment & Services – 0.0%

  
  3,089      Baker Hughes Co.   114,448
  5,528      Halliburton Co.   108,294
  3,228      Schlumberger NV   106,685
  16,771      Tenaris SA   280,872
    

 

     610,299

 

 

 

Entertainment – 0.1%

  
  32,487      Bollore SE   206,640
  4,061      Capcom Co. Ltd.   120,476
  2,734      Electronic Arts, Inc.   393,094
  471      Konami Group Corp.   63,935
  870      Liberty Media Corp.-Liberty Formula One Class C*   83,981
  303      Live Nation Entertainment, Inc.*   41,568
  1,273      Netflix, Inc.*   1,536,804
  2,411      Nintendo Co. Ltd.   196,705
  1,701      ROBLOX Corp. Class A*   147,953
  617      Sea Ltd. ADR*   98,948
  247      Spotify Technology SA*   164,290
  268      Take-Two Interactive Software, Inc.*   60,643
  4,040      Universal Music Group NV   129,270
  6,314      Walt Disney Co.   713,734
  71,161      Warner Bros Discovery, Inc.*   709,475
    

 

     4,667,516

 

 

 

Financial Services – 0.4%

  
  5,367      Apollo Global Management, Inc.   701,413
  8,012      Berkshire Hathaway, Inc. Class B*   4,037,728
  1,527      Block, Inc.*   94,292
  7,886      Corebridge Financial, Inc.   257,163
  919      Corpay, Inc.*   298,776
  6,111      Equitable Holdings, Inc.   323,089
  4,685      EXOR NV   451,065
  2,761      Fiserv, Inc.*   449,463
  1,424      Global Payments, Inc.   107,669

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Financial Services – (continued)

  1,632      Groupe Bruxelles Lambert NV   $      133,532
  5,206      Industrivarden AB Class A   188,734
  5,406      Industrivarden AB Class C   195,393
  9,145      Infratil Ltd.   57,546
  12,910      Investor AB Class B   380,172
  973      Jack Henry & Associates, Inc.   176,278
  1,724      L E Lundbergforetagen AB Class B   88,051
  78,143      M&G PLC   249,656
  4,587      Mastercard, Inc. Class A   2,686,147
  22,699      Mitsubishi HC Capital, Inc.   166,676
  4,094      ORIX Corp.   86,759
  1,324      PayPal Holdings, Inc.*   93,051
  8,367      Visa, Inc. Class A   3,055,545
  3,813      Washington H Soul Pattinson & Co. Ltd.   90,740
  26,842      Wise PLC Class A*   398,241
    

 

     14,767,179

 

 

 

Food Products – 0.1%

  
  3,548      Ajinomoto Co., Inc.   88,700
  6,226      Archer-Daniels-Midland Co.   300,529
  13,181      Associated British Foods PLC   370,545
  4,514      Bunge Global SA   352,769
  2,534      Campbell’s Co.   86,257
  13,526      Conagra Brands, Inc.   309,610
  2,872      Danone SA   245,548
  2,657      General Mills, Inc.   144,169
  1,086      Hershey Co.   174,509
  711      J.M. Smucker Co.   80,066
  14,970      JDE Peet’s NV   411,964
  1,913      Kellanova   158,071
  253      Kerry Group PLC Class A   27,657
  2,655      Kikkoman Corp.   24,222
  8,501      Kraft Heinz Co.   227,232
  941      McCormick & Co., Inc.   68,439
  5,694      MEIJI Holdings Co. Ltd.   127,317
  2,966      Mondelez International, Inc. Class A   200,175
  5,662      Nestle SA   603,213
  2,685      Nissin Foods Holdings Co. Ltd.   56,929
  8,253      Orkla ASA   93,581
  2,991      Saputo, Inc.   57,625
  3,506      Tyson Foods, Inc. Class A   196,897
  609,109      WH Group Ltd.(a)   560,232
  18,229      Wilmar International Ltd.   43,055
  1,972      Yakult Honsha Co. Ltd.   39,934
    

 

     5,049,245

 

 

 

Gas Utilities – 0.0%

  
  4,754      AltaGas Ltd.   132,815
  1,941      Atmos Energy Corp.   300,234
  13,345      Snam SpA   79,843

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Gas Utilities – (continued)

  8,789      Tokyo Gas Co. Ltd.   $      294,718
    

 

     807,610

 

 

 

Ground Transportation – 0.0%

  
  964      Canadian National Railway Co.   101,335
  1,077      Canadian Pacific Kansas City Ltd.   87,967
  11,267      Central Japan Railway Co.   246,136
  4,175      CSX Corp.   131,888
  3,666      East Japan Railway Co.   76,831
  4,887      Hankyu Hanshin Holdings, Inc.   131,459
  274      JB Hunt Transport Services, Inc.   38,045
  746      Old Dominion Freight Line, Inc.   119,487
  773      TFI International, Inc.   66,741
  3,801      Tokyo Metro Co. Ltd.   48,012
  12,824      Tokyu Corp.   155,704
  3,687      Uber Technologies, Inc.*   310,298
  706      U-Haul Holding Co.   40,270
  1,248      Union Pacific Corp.   276,632
  4,266      West Japan Railway Co.   91,933
    

 

     1,922,738

 

 

 

Health Care Equipment & Supplies – 0.2%

  
  5,598      Abbott Laboratories   747,781
  946      Alcon AG   81,467
  697      Align Technology, Inc.*   126,115
  1,360      Baxter International, Inc.   41,480
  984      Becton Dickinson & Co.   169,829
  1,057      BioMerieux   141,739
  6,703      Boston Scientific Corp.*   705,558
  2,258      Cochlear Ltd.   394,819
  624      Coloplast AS Class B   60,666
  562      Cooper Cos., Inc.*   38,373
  4,327      Demant AS*   169,937
  719      Dexcom, Inc.*   61,690
  2,491      Edwards Lifesciences Corp.*   194,846
  880      EssilorLuxottica SA   244,511
  16,006      Fisher & Paykel Healthcare Corp. Ltd.   348,331
  3,208      Hologic, Inc.*   199,441
  3,305      Hoya Corp.   390,215
  1,124      IDEXX Laboratories, Inc.*   577,017
  1,121      Insulet Corp.*   364,359
  889      Intuitive Surgical, Inc.*   491,030
  13,211      Koninklijke Philips NV   304,640
  4,654      Medtronic PLC   386,189
  13,938      Olympus Corp.   178,587
  461      Siemens Healthineers AG(a)   24,399
  16,455      Smith & Nephew PLC   238,781
  535      Sonova Holding AG   168,045
  700      STERIS PLC   171,647
  1,633      Straumann Holding AG   210,050
  1,146      Stryker Corp.   438,505
  11,943      Sysmex Corp.   200,406
  1,410      Terumo Corp.   25,883

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – (continued)

  1,963      Zimmer Biomet Holdings, Inc.   $      180,930
    

 

     8,077,266

 

 

 

Health Care Providers & Services – 0.2%

  
  3,024      Cardinal Health, Inc.   467,027
  1,738      Cencora, Inc.   506,175
  1,641      Centene Corp.*   92,618
  2,186      Cigna Group   692,175
  7,459      CVS Health Corp.   477,674
  1,814      DaVita, Inc.*   247,176
  941      Elevance Health, Inc.   361,193
  7,740      Fresenius Medical Care AG   439,668
  10,756      Fresenius SE & Co. KGaA   527,141
  882      HCA Healthcare, Inc.   336,386
  793      Humana, Inc.   184,872
  678      Labcorp Holdings, Inc.   168,802
  761      McKesson Corp.   547,547
  356      Molina Healthcare, Inc.*   108,594
  1,822      Quest Diagnostics, Inc.   315,825
  4,558      Sonic Healthcare Ltd.   78,399
  3,686      UnitedHealth Group, Inc.   1,112,840
  2,382      Universal Health Services, Inc. Class B   453,414
    

 

     7,117,526

 

 

 

Health Care REITs – 0.0%

  
  1,142      Alexandria Real Estate Equities, Inc.   80,157
  3,247      Healthpeak Properties, Inc.   56,530
  2,168      Ventas, Inc.   139,359
  2,632      Welltower, Inc.   406,065
    

 

     682,111

 

 

 

Health Care Technology – 0.0%

  
  580      ABIOMED, Inc.*(b)   592
  2,253      Pro Medicus Ltd.   408,464
    

 

     409,056

 

 

 

Hotel & Resort REITs – 0.0%

  
  20,941      Host Hotels & Resorts, Inc.   324,376

 

 

 

Hotels, Restaurants & Leisure – 0.2%

  
  1,922      Accor SA   102,110
  2,029      Amadeus IT Group SA   168,752
  3,089      Aristocrat Leisure Ltd.   124,124
  280      Booking Holdings, Inc.   1,545,300
  13,811      Carnival Corp.*   320,691
  4,885      Chipotle Mexican Grill, Inc.*   244,641
  10,511      Compass Group PLC   369,596
  208      Darden Restaurants, Inc.   44,556
  779      Domino’s Pizza, Inc.   369,106
  1,125      DoorDash, Inc. Class A*   234,731
  3,490      Entain PLC   35,386
  493      Evolution AB(a)   33,816
  2,849      Expedia Group, Inc.   475,071
  8,716      FDJ United(a)   319,869

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hotels, Restaurants & Leisure – (continued)

  110,405      Genting Singapore Ltd.   $       58,895
  1,616      Hilton Worldwide Holdings, Inc.   401,479
  471      Hyatt Hotels Corp. Class A   62,186
  2,167      InterContinental Hotels Group PLC   248,312
  156,831      Lottery Corp. Ltd.   515,356
  681      Marriott International, Inc. Class A   179,668
  2,063      McDonald’s Corp.   647,473
  10,337      MGM Resorts International*   327,166
  957      Restaurant Brands International, Inc.   68,326
  1,194      Royal Caribbean Cruises Ltd.   306,822
  1,520      Sodexo SA   104,975
  725      Starbucks Corp.   60,864
  2,936      Whitbread PLC   114,702
  1,102      Wynn Resorts Ltd.   99,775
  4,984      Yum! Brands, Inc.   717,397
  9,465      Zensho Holdings Co. Ltd.   517,088
    

 

     8,818,233

 

 

 

Household Durables – 0.1%

  
  5,421      Barratt Redrow PLC   33,694
  2,885      DR Horton, Inc.   340,603
  1,657      Garmin Ltd.   336,321
  3,537      Lennar Corp. Class A   375,205
  38      NVR, Inc.*   270,406
  19,755      Panasonic Holdings Corp.   226,421
  4,138      PulteGroup, Inc.   405,648
  5,086      Sekisui House Ltd.   115,336
  8,753      Sony Group Corp.   234,282
    

 

     2,337,916

 

 

 

Household Products – 0.1%

  
  2,228      Church & Dwight Co., Inc.   219,035
  3,087      Clorox Co.   407,114
  10,328      Colgate-Palmolive Co.   959,884
  4,218      Essity AB Class B   123,394
  2,469      Henkel AG & Co. KGaA   181,286
  3,079      Kimberly-Clark Corp.   442,637
  9,426      Procter & Gamble Co.   1,601,383
  1,741      Reckitt Benckiser Group PLC   118,349
  3,438      Unicharm Corp.   27,348
    

 

     4,080,430

 

 

 

Independent Power and Renewable Electricity Producers – 0.0%

  5,770      Vistra Corp.   926,489

 

 

 

Industrial Conglomerates – 0.1%

  
  1,701      3M Co.   252,343
  101,119      CK Hutchison Holdings Ltd.   565,429
  4,636      DCC PLC   289,824
  390      Hikari Tsushin, Inc.   106,163
  15,580      Hitachi Ltd.   434,064
  1,747      Honeywell International, Inc.   395,992
  12,823      Jardine Matheson Holdings Ltd.   571,988
  14,893      Keppel Ltd.   78,202

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Industrial Conglomerates – (continued)

  10,313      Sekisui Chemical Co. Ltd.   $      179,156
  1,938      Siemens AG   466,134
  2,985      Smiths Group PLC   86,767
  5,242      Swire Pacific Ltd. Class A   44,654
    

 

     3,470,716

 

 

 

Industrial REITs – 0.0%

  
  20,356      CapitaLand Ascendas REIT   41,775
  7,979      Goodman Group   169,236
  415      Prologis, Inc.   45,069
    

 

     256,080

 

 

 

Insurance – 0.6%

  
  7,632      Admiral Group PLC   344,745
  24,150      Aegon Ltd.   172,907
  4,913      Aflac, Inc.   508,692
  5,366      Ageas SA   350,393
  1,925      Allianz SE   763,481
  1,908      Allstate Corp.   400,432
  1,896      American Financial Group, Inc.   235,066
  6,651      American International Group, Inc.   562,941
  1,034      Aon PLC Class A   384,731
  4,360      Arch Capital Group Ltd.   414,374
  1,356      Arthur J Gallagher & Co.   471,129
  3,655      ASR Nederland NV   234,370
  1,723      Assurant, Inc.   349,735
  49,707      Aviva PLC   409,556
  10,778      AXA SA   508,027
  920      Baloise Holding AG   218,337
  3,029      Brown & Brown, Inc.   341,974
  2,404      Chubb Ltd.   714,469
  3,130      Cincinnati Financial Corp.   472,067
  15,032      Dai-ichi Life Holdings, Inc.   117,332
  630      Erie Indemnity Co. Class A   225,861
  1,149      Everest Group Ltd.   398,921
  320      Fairfax Financial Holdings Ltd.   544,486
  3,596      Fidelity National Financial, Inc.   196,953
  19,457      Generali   708,240
  5,441      Gjensidige Forsikring ASA   137,754
  4,402      Great-West Lifeco, Inc.   167,086
  706      Hannover Rueck SE   223,242
  4,770      Hartford Insurance Group, Inc.   619,337
  994      Helvetia Holding AG   235,617
  2,804      iA Financial Corp., Inc.   285,477
  30,938      Insurance Australia Group Ltd.   172,316
  732      Intact Financial Corp.   166,072
  16,408      Japan Post Holdings Co. Ltd.   160,773
  7,878      Japan Post Insurance Co. Ltd.   173,286
  16,049      Legal & General Group PLC   53,847
  7,243      Loews Corp.   646,727
  11,871      Manulife Financial Corp.   378,011
  272      Markel Group, Inc.*   528,142
  3,816      Marsh & McLennan Cos., Inc.   891,647
  38,138      Medibank Pvt Ltd.   117,205
  3,233      MetLife, Inc.   254,049

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Insurance – (continued)

  6,429      MS&AD Insurance Group Holdings, Inc.   $      153,129
  839      Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen   543,565
  7,674      NN Group NV   482,860
  5,366      Phoenix Group Holdings PLC   45,917
  25,471      Poste Italiane SpA(a)   553,030
  9,050      Power Corp. of Canada   350,235
  3,237      Principal Financial Group, Inc.   252,130
  2,380      Progressive Corp.   678,133
  3,520      Prudential Financial, Inc.   365,693
  25,576      QBE Insurance Group Ltd.   382,058
  12,395      Sampo OYJ Class A   132,282
  7,908      Sompo Holdings, Inc.   239,307
  2,695      Sun Life Financial, Inc.   173,599
  27,615      Suncorp Group Ltd.   367,907
  301      Swiss Life Holding AG   300,620
  2,917      Swiss Re AG   515,416
  3,106      T&D Holdings, Inc.   71,058
  3,338      Talanx AG   433,041
  4,749      Tokio Marine Holdings, Inc.   200,846
  1,827      Travelers Cos., Inc.   503,704
  5,405      Tryg AS   138,868
  6,946      Unipol Assicurazioni SpA   135,945
  5,583      W.R. Berkley Corp.   416,994
  675      Willis Towers Watson PLC   213,671
  646      Zurich Insurance Group AG   453,129
    

 

     23,362,944

 

 

 

Interactive Media & Services – 0.5%

  
  26,338      Alphabet, Inc. Class C   4,552,523
  30,530      Alphabet, Inc. Class A   5,243,222
  60,619      Auto Trader Group PLC(a)   649,205
  5,480      CAR Group Ltd.   125,586
  12,096      Meta Platforms, Inc. Class A   7,832,039
  14,343      Pinterest, Inc. Class A*   446,211
  1,605      REA Group Ltd.   247,917
  1,677      Scout24 SE(a)   228,499
  5,944      Snap, Inc. Class A*   49,038
    

 

     19,374,240

 

 

 

IT Services – 0.3%

  
  3,278      Accenture PLC Class A   1,038,536
  5,873      Akamai Technologies, Inc.*   445,937
  1,118      Capgemini SE   185,659
  2,427      CGI, Inc.   260,907
  879      Cloudflare, Inc. Class A*   145,817
  10,239      Cognizant Technology Solutions Corp. Class A   829,257
  1,987      EPAM Systems, Inc.*   346,712
  6,820      Fujitsu Ltd.   156,194
  1,231      Gartner, Inc.*   537,233
  4,399      GoDaddy, Inc. Class A*   801,278
  6,091      International Business Machines Corp.   1,577,934

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

IT Services – (continued)

  293      MongoDB, Inc.*   $      55,327
  13,130      NEC Corp.   342,737
  1,499      Nomura Research Institute Ltd.   57,783
  7,689      Obic Co. Ltd.   280,614
  3,000      Okta, Inc.*   309,510
  11,392      Otsuka Corp.   234,164
  10,270      SCSK Corp.   311,718
  1,360      Shopify, Inc. Class A*   145,320
  6,656      TIS, Inc.   218,296
  9,470      Twilio, Inc. Class A*   1,114,619
  4,542      VeriSign, Inc.   1,237,559
  2,263      Wix.com Ltd.*   337,074
    

 

     10,970,185

 

 

 

Leisure Products – 0.0%

  
  3,303      Bandai Namco Holdings, Inc.   104,941
  170      Shimano, Inc.   24,085
    

 

     129,026

 

 

 

Life Sciences Tools & Services – 0.1%

  
  1,029      Agilent Technologies, Inc.   115,166
  17,622      Avantor, Inc.*   227,500
  1,150      Bio-Rad Laboratories, Inc. Class A*   260,970
  1,747      Danaher Corp.   331,755
  3,132      Eurofins Scientific SE   208,901
  1,540      IQVIA Holdings, Inc.*   216,108
  399      Mettler-Toledo International, Inc.*   461,052
  3,224      Qiagen NV*   145,528
  1,284      Revvity, Inc.   116,099
  1,197      Thermo Fisher Scientific, Inc.   482,176
  761      Waters Corp.*   265,772
  141      West Pharmaceutical Services, Inc.   29,730
    

 

     2,860,757

 

 

 

Machinery – 0.2%

  
  1,239      Alfa Laval AB   52,713
  8,068      Atlas Copco AB Class A   129,595
  5,508      Atlas Copco AB Class B   78,411
  1,787      Caterpillar, Inc.   621,930
  806      Cummins, Inc.   259,113
  796      Deere & Co.   402,983
  774      Dover Corp.   137,578
  1,651      Epiroc AB Class A   36,900
  1,494      Epiroc AB Class B   29,207
  4,152      Fortive Corp.   291,429
  1,741      GEA Group AG   116,606
  1,998      Graco, Inc.   169,151
  772      IDEX Corp.   139,663
  1,960      Illinois Tool Works, Inc.   480,357
  2,410      Ingersoll Rand, Inc.   196,752
  2,698      Knorr-Bremse AG   272,998
  2,241      Komatsu Ltd.   68,107
  980      Kone OYJ Class B   61,149
  12,160      Mitsubishi Heavy Industries Ltd.   280,001

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – (continued)

  486      Nordson Corp.   $      103,027
  3,950      Otis Worldwide Corp.   376,632
  616      PACCAR, Inc.   57,812
  256      Parker-Hannifin Corp.   170,163
  1,571      Pentair PLC   155,812
  531      Rational AG   436,605
  2,893      Sandvik AB   63,147
  920      Schindler Holding AG   321,962
  1,438      Snap-on, Inc.   461,238
  1,680      Stanley Black & Decker, Inc.   109,922
  14,880      Techtronic Industries Co. Ltd.   165,738
  763      Trelleborg AB Class B   27,922
  343      VAT Group AG(a)   130,858
  3,271      Wartsila OYJ Abp   65,583
  2,787      Westinghouse Air Brake Technologies Corp.   563,866
  1,176      Xylem, Inc.   148,223
  33,472      Yangzijiang Shipbuilding Holdings Ltd.   54,838
    

 

     7,237,991

 

 

 

Marine Transportation – 0.0%

  
  86      AP Moller - Maersk AS Class B   155,801
  94      AP Moller - Maersk AS Class A   167,893
  9,339      Kawasaki Kisen Kaisha Ltd.   140,445
  1,387      Kuehne & Nagel International AG   312,098
  20,300      SITC International Holdings Co. Ltd.   64,852
    

 

     841,089

 

 

 

Media – 0.1%

  
  950      Charter Communications, Inc. Class A*   376,457
  21,401      Comcast Corp. Class A   739,833
  2,322      Dentsu Group, Inc.   50,154
  12,725      Fox Corp. Class A   699,111
  13,519      Fox Corp. Class B   679,735
  12,824      Informa PLC   135,974
  7,272      Interpublic Group of Cos., Inc.   174,237
  11,049      News Corp. Class A   312,024
  3,676      Omnicom Group, Inc.   269,965
  1,842      Publicis Groupe SA   200,790
  814      Trade Desk, Inc. Class A*   61,229
  21,846      WPP PLC   176,429
    

 

     3,875,938

 

 

 

Metals & Mining – 0.0%

  
  1,200      Agnico Eagle Mines Ltd.   141,454
  2,333      ArcelorMittal SA   70,731
  5,927      BHP Group Ltd.   145,597
  63,091      Glencore PLC*   240,057
  6,974      JFE Holdings, Inc.   82,695
  7,423      Kinross Gold Corp.   109,586
  1,804      Newmont Corp.   95,107
  8,691      Nippon Steel Corp.   174,821

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Metals & Mining – (continued)

  8,515      Northern Star Resources Ltd.   $      115,793
  296      Nucor Corp.   32,371
  839      Reliance, Inc.   245,676
  1,382      Rio Tinto PLC   81,789
  1,545      Wheaton Precious Metals Corp.   133,870
    

 

  1,669,547

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.0%

  9,804      Annaly Capital Management, Inc.   185,786

 

 

 

Multi-Utilities – 0.1%

  2,103      Ameren Corp.   203,739
  2,249      Canadian Utilities Ltd. Class A   62,897
  4,221      CenterPoint Energy, Inc.   157,190
  225,261      Centrica PLC   481,677
  2,627      CMS Energy Corp.   184,494
  2,268      Consolidated Edison, Inc.   236,983
  1,854      Dominion Energy, Inc.   105,066
  1,501      DTE Energy Co.   205,112
  5,607      E.ON SE   98,269
  10,385      Engie SA   224,139
  10,266      National Grid PLC   145,374
  6,024      NiSource, Inc.   238,189
  2,989      Public Service Enterprise Group, Inc.   242,199
  2,326      Sempra   182,800
  2,117      Veolia Environnement SA   72,860
  2,381      WEC Energy Group, Inc.   255,815
    

 

  3,096,803

 

 

 

Office REITs – 0.0%

  3,737      BXP, Inc.   251,612
  170      Nippon Building Fund, Inc.   155,362
    

 

  406,974

 

 

 

Oil, Gas & Consumable Fuels – 0.3%

  84,383      BP PLC   410,278
  4,978      Canadian Natural Resources Ltd.   151,152
  20,765      Cenovus Energy, Inc.   273,568
  1,541      Cheniere Energy, Inc.   365,202
  6,694      Chevron Corp.   915,070
  5,759      ConocoPhillips   491,531
  3,519      Coterra Energy, Inc.   85,547
  9,699      Enbridge, Inc.   451,397
  38,472      ENEOS Holdings, Inc.   182,284
  26,898      Eni SpA   396,666
  2,700      EOG Resources, Inc.   293,139
  6,187      Equinor ASA   144,843
  636      Expand Energy Corp.   73,859
  16,987      Exxon Mobil Corp.   1,737,770
  6,773      Galp Energia SGPS SA   108,431
  474      Hess Corp.   62,658
  20,609      Idemitsu Kosan Co. Ltd.   125,530
  3,057      Imperial Oil Ltd.   218,257
  15,883      Inpex Corp.   212,384
  4,355      Keyera Corp.   132,743

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Oil, Gas & Consumable Fuels – (continued)

  13,996      Kinder Morgan, Inc.   $      392,448
  3,111      Marathon Petroleum Corp.   500,062
  5,872      Occidental Petroleum Corp.   239,460
  2,561      OMV AG   136,984
  3,307      ONEOK, Inc.   267,338
  5,582      Ovintiv, Inc.   199,947
  4,774      Pembina Pipeline Corp.   178,910
  1,275      Phillips 66   144,687
  10,588      Repsol SA   142,651
  22,726      Shell PLC   749,842
  8,755      Suncor Energy, Inc.   311,259
  1,686      Targa Resources Corp.   266,270
  4,895      TC Energy Corp.   248,040
  52      Texas Pacific Land Corp.   57,930
  10,018      TotalEnergies SE   589,741
  3,601      Valero Energy Corp.   464,421
  8,726      Williams Cos., Inc.   528,010
    

 

  12,250,309

 

 

 

Paper & Forest Products – 0.0%

  2,344      Holmen AB Class B   96,779

 

 

 

Passenger Airlines – 0.1%

  19,296      Air Canada*   269,963
  20,352      ANA Holdings, Inc.   402,991
  4,264      Delta Air Lines, Inc.   206,335
  24,310      Deutsche Lufthansa AG   194,548
  19,418      Japan Airlines Co. Ltd.   392,862
  7,826      Qantas Airways Ltd.   53,484
  92,590      Singapore Airlines Ltd.   510,870
    

 

  2,031,053

 

 

 

Personal Products – 0.0%

  1,238      Beiersdorf AG   169,811
  2,065      Estee Lauder Cos., Inc. Class A   138,231
  1,419      Kao Corp.   64,779
  11,755      Kenvue, Inc.   280,592
  1,415      L’Oreal SA   598,921
  13,489      Shiseido Co. Ltd.   217,102
  7,040      Unilever PLC   448,035
    

 

  1,917,471

 

 

 

Pharmaceuticals – 0.4%

  10,554      Astellas Pharma, Inc.   104,248
  5,115      AstraZeneca PLC   749,265
  16,170      Bayer AG   455,242
  17,381      Bristol-Myers Squibb Co.   839,155
  2,849      Chugai Pharmaceutical Co. Ltd.   148,950
  2,565      Daiichi Sankyo Co. Ltd.   68,265
  6,045      Eisai Co. Ltd.   173,080
  3,511      Eli Lilly & Co.   2,589,959
  31,779      GSK PLC   645,557
  32,828      Haleon PLC   183,256
  9,213      Hikma Pharmaceuticals PLC   265,937
  4,866      Ipsen SA*   572,923
  9,952      Johnson & Johnson   1,544,650

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Pharmaceuticals – (continued)

  3,275      Kyowa Kirin Co. Ltd.   $       53,524
  12,161      Merck & Co., Inc.   934,451
  7,943      Novartis AG   916,853
  11,897      Novo Nordisk AS Class B   845,256
  15,153      Ono Pharmaceutical Co. Ltd.   164,990
  6,750      Orion OYJ Class B   457,966
  4,870      Otsuka Holdings Co. Ltd.   247,591
  7,200      Pfizer, Inc.   169,128
  2,146      Recordati Industria Chimica e Farmaceutica SpA   128,783
  3,362      Roche Holding AG   1,099,404
  19,276      Royalty Pharma PLC Class A   633,795
  3,856      Sanofi SA   381,902
  9,444      Shionogi & Co. Ltd.   157,691
  9,315      Takeda Pharmaceutical Co. Ltd.   279,684
  29,209      Teva Pharmaceutical Industries Ltd. ADR*   490,127
  1,061      UCB SA   193,017
  78,978      Viatris, Inc.   694,217
  2,126      Zoetis, Inc.   358,507
    

 

  16,547,373

 

 

 

Professional Services – 0.2%

  81      Amentum Holdings, Inc.*   1,682
  1,786      Automatic Data Processing, Inc.   581,397
  1,337      Booz Allen Hamilton Holding Corp.   142,056
  1,105      Broadridge Financial Solutions, Inc.   268,327
  1,794      Bureau Veritas SA   61,305
  6,818      Computershare Ltd.   176,523
  1,949      Experian PLC   97,071
  2,048      Intertek Group PLC   132,236
  1,338      Jacobs Solutions, Inc.   168,989
  2,492      Leidos Holdings, Inc.   370,112
  1,788      Paychex, Inc.   282,343
  9,725      Randstad NV   407,668
  14,085      Recruit Holdings Co. Ltd.   838,905
  13,974      RELX PLC   751,999
  4,372      SGS SA   456,626
  3,721      SS&C Technologies Holdings, Inc.   300,694
  2,984      Teleperformance SE   301,599
  460      Thomson Reuters Corp.   91,393
  1,342      Verisk Analytics, Inc.   421,576
  3,240      Wolters Kluwer NV   574,548
    

 

  6,427,049

 

 

 

Real Estate Management & Development – 0.0%

  763      Azrieli Group Ltd.   58,340
  333      CBRE Group, Inc. Class A*   41,632
  1,258      Daito Trust Construction Co. Ltd.   141,706
  398      FirstService Corp.   69,763
  15,209      Hongkong Land Holdings Ltd.   78,565
  8,996      Hulic Co. Ltd.   91,086
  74,575      Sino Land Co. Ltd.   75,182

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Real Estate Management & Development – (continued)

  1,264      Swiss Prime Site AG   $      179,757
  1,753      Vonovia SE   57,436
    

 

  793,467

 

 

 

Residential REITs – 0.0%

  4,083      American Homes 4 Rent Class A   154,542
  802      AvalonBay Communities, Inc.   165,830
  1,446      Camden Property Trust   169,890
  2,009      Equity LifeStyle Properties, Inc.   127,712
  2,523      Equity Residential   176,963
  514      Essex Property Trust, Inc.   145,925
  3,571      Invitation Homes, Inc.   120,343
  943      Mid-America Apartment  
   Communities, Inc.   147,721
  1,098      Sun Communities, Inc.   135,537
  4,129      UDR, Inc.   171,064
    

 

  1,515,527

 

 

 

Retail REITs – 0.0%

  32,721      CapitaLand Integrated Commercial  
   Trust   53,001
  4,648      Kimco Realty Corp.   98,816
  3,597      Klepierre SA   140,814
  3,530      Realty Income Corp.   199,869
  2,049      Regency Centers Corp.   147,835
  16,689      Scentre Group   39,515
  1,388      Simon Property Group, Inc.   226,341
  574      Unibail-Rodamco-Westfield*   54,438
    

 

  960,629

 

 

 

Semiconductors & Semiconductor Equipment – 0.8%

  2,086      Advanced Micro Devices, Inc.*   230,983
  8,856      Advantest Corp.   447,903
  609      Analog Devices, Inc.   130,314
  5,725      Applied Materials, Inc.   897,394
  1,053      ASML Holding NV   775,787
  470      BE Semiconductor Industries NV   56,797
  16,828      Broadcom, Inc.   4,073,554
  404      Disco Corp.   90,501
  9,431      Intel Corp.   184,376
  823      KLA Corp.   622,912
  7,990      Lam Research Corp.   645,512
  285      Marvell Technology, Inc.   17,154
  563      Micron Technology, Inc.   53,181
  279      Monolithic Power Systems, Inc.   184,670
  147,493      NVIDIA Corp.   19,930,729
  1,326      NXP Semiconductors NV   253,438
  8,637      ON Semiconductor Corp.*   362,927
  6,756      QUALCOMM, Inc.   980,971
  377      SCREEN Holdings Co. Ltd.   26,822
  10,416      Skyworks Solutions, Inc.   719,017
  3,195      STMicroelectronics NV   80,209
  2,353      Teradyne, Inc.   184,946
  2,653      Texas Instruments, Inc.   485,101

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Semiconductors & Semiconductor Equipment – (continued)

  1,460      Tokyo Electron Ltd.   $      229,753
    

 

  31,664,951

 

 

 

Software – 1.0%

  2,536      Adobe, Inc.*   1,052,668
  693      ANSYS, Inc.*   229,258
  3,360      AppLovin Corp. Class A*   1,320,480
  2,796      Atlassian Corp. Class A*   580,534
  1,887      Autodesk, Inc.*   558,779
  2,190      Bentley Systems, Inc. Class B   104,529
  1,925      Cadence Design Systems, Inc.*   552,610
  1,320      Check Point Software Technologies Ltd.*   302,122
  291      Constellation Software, Inc.   1,055,085
  606      Crowdstrike Holdings, Inc. Class A*   285,650
  421      CyberArk Software Ltd.*   161,150
  2,377      Dassault Systemes SE   89,134
  1,605      Datadog, Inc. Class A*   189,197
  1,693      Descartes Systems Group, Inc.*   196,298
  14,081      Docusign, Inc.*   1,247,717
  1,986      Dynatrace, Inc.*   107,264
  525      Fair Isaac Corp.*   906,297
  7,620      Fortinet, Inc.*   775,564
  17,521      Gen Digital, Inc.   498,998
  786      HubSpot, Inc.*   463,661
  1,236      Intuit, Inc.   931,289
  3,121      Manhattan Associates, Inc.*   589,182
  40,486      Microsoft Corp.   18,638,135
  753      MicroStrategy, Inc. Class A*   277,902
  978      Monday.com Ltd.*   290,945
  3,722      Nemetschek SE   517,436
  289      Nice Ltd.*   48,947
  4,576      Nutanix, Inc. Class A*   350,933
  4,456      Open Text Corp.   126,178
  4,430      Oracle Corp.   733,298
  1,553      Oracle Corp. Japan   181,929
  9,079      Palantir Technologies, Inc. Class A*   1,196,431
  2,286      Palo Alto Networks, Inc.*   439,872
  1,955      PTC, Inc.*   329,066
  904      Roper Technologies, Inc.   515,524
  36,735      Sage Group PLC   604,153
  4,232      Salesforce, Inc.   1,123,046
  3,600      SAP SE   1,089,072
  951      ServiceNow, Inc.*   961,547
  943      Synopsys, Inc.*   437,533
  3,204      Trend Micro, Inc.   239,955
  426      Tyler Technologies, Inc.*   245,798
  2,590      WiseTech Global Ltd.   178,951
  520      Workday, Inc. Class A*   128,809
  3,803      Xero Ltd.*   451,752
  9,038      Zoom Communications, Inc.*   734,338

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software – (continued)

  385      Zscaler, Inc.*   $      106,145
    

 

  42,145,161

 

 

 

Specialized REITs – 0.0%

  692      American Tower Corp.   148,538
  419      Crown Castle, Inc.   42,047
  211      Digital Realty Trust, Inc.   36,191
  48      Equinix, Inc.   42,663
  4,111      Gaming & Leisure Properties, Inc.   191,984
  2,073      Iron Mountain, Inc.   204,626
  379      Public Storage   116,887
  5,927      VICI Properties, Inc.   187,945
  2,277      Weyerhaeuser Co.   58,997
    

 

  1,029,878

 

 

 

Specialty Retail – 0.4%

  291      AutoZone, Inc.*   1,086,315
  6,120      Avolta AG   328,221
  8,630      Best Buy Co., Inc.   571,996
  1,696      Burlington Stores, Inc.*   387,146
  3,620      CarMax, Inc.*   233,345
  338      Carvana Co.*   110,580
  3,184      Dick’s Sporting Goods, Inc.   571,019
  685      Fast Retailing Co. Ltd.   228,166
  25,496      H & M Hennes & Mauritz AB Class B   364,913
  5,435      Home Depot, Inc.   2,001,656
  10,875      Industria de Diseno Textil SA   589,156
  435,827      JD Sports Fashion PLC   494,285
  125,382      Kingfisher PLC   469,356
  4,257      Lowe’s Cos., Inc.   960,933
  613      Nitori Holdings Co. Ltd.   61,090
  759      O’Reilly Automotive, Inc.*   1,037,933
  2,704      Ross Stores, Inc.   378,803
  10,157      TJX Cos., Inc.   1,288,923
  9,160      Tractor Supply Co.   443,344
  1,871      Ulta Beauty, Inc.*   882,102
  4,466      Williams-Sonoma, Inc.   722,420
  14,300      Zalando SE*(a)   510,934
  71,112      ZOZO, Inc.   770,514
    

 

  14,493,150

 

 

 

Technology Hardware, Storage & Peripherals – 0.5%

  87,874      Apple, Inc.   17,649,493
  5,694      Canon, Inc.   173,946
  388      Dell Technologies, Inc. Class C   43,173
  1,837      FUJIFILM Holdings Corp.   41,466
  31,495      Hewlett Packard Enterprise Co.   544,234
  11,908      HP, Inc.   296,509
  3,335      Logitech International SA   277,891
  2,911      NetApp, Inc.   288,655
  2,933      Pure Storage, Inc. Class A*   157,179
  40,760      Ricoh Co. Ltd.   380,054
  1,016      Seagate Technology Holdings PLC   119,827

 

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Technology Hardware, Storage & Peripherals – (continued)

  20,823      Seiko Epson Corp.   $      269,419
    

 

  20,241,846

 

 

 

Textiles, Apparel & Luxury Goods – 0.1%

  2,024      adidas AG   504,812
  12,390      Asics Corp.   298,613
  649      Cie Financiere Richemont SA Class A   122,471
  5,316      Deckers Outdoor Corp.*   560,944
  953      Gildan Activewear, Inc.   44,374
  212      Hermes International SCA   584,593
  1,744      Lululemon Athletica, Inc.*   552,273
  741      LVMH Moet Hennessy Louis Vuitton SE   401,923
  5,214      Moncler SpA   326,402
  6,694      NIKE, Inc. Class B   405,589
  3,342      Pandora AS   610,895
  11,197      Puma SE   290,513
  335      Swatch Group AG   56,517
    

 

  4,759,919

 

 

 

Tobacco – 0.1%

  7,735      Altria Group, Inc.   468,818
  10,771      British American Tobacco PLC   484,893
  9,372      Imperial Brands PLC   355,430
  7,232      Japan Tobacco, Inc.   221,839
  5,376      Philip Morris International, Inc.   970,852
    

 

  2,501,832

 

 

 

Trading Companies & Distributors – 0.2%

  1,283      AerCap Holdings NV   148,482
  3,160      Brenntag SE   214,162
  4,683      Bunzl PLC   150,095
  23,262      Fastenal Co.   961,651
  3,250      Ferguson Enterprises, Inc.   592,605
  252      IMCD NV   34,252
  5,486      ITOCHU Corp.   291,176
  23,125      Marubeni Corp.   468,727
  7,357      Mitsubishi Corp.   148,821
  14,740      Mitsui & Co. Ltd.   307,788
  31,199      MonotaRO Co. Ltd.   643,594
  4,061      Reece Ltd.   40,979
  8,359      Rexel SA   234,793
  4,679      SGH Ltd.   153,009
  11,090      Sumitomo Corp.   282,424
  981      Toromont Industries Ltd.   85,072
  12,729      Toyota Tsusho Corp.   269,007
  67      United Rentals, Inc.   47,461
  609      Watsco, Inc.   270,134
  887      WW Grainger, Inc.   964,666
    

 

  6,308,898

 

 

 

Transportation Infrastructure – 0.0%

  750      Aena SME SA(a)   201,777
  5,223      Getlink SE*   99,904

 

 

Shares    Description   Value
Common Stocks – (continued)

Transportation Infrastructure – (continued)

14,350    Transurban Group   $      131,146
    

 

  432,827

 

Water Utilities – 0.0%

521    American Water Works Co., Inc.   74,488
1,536    Essential Utilities, Inc.   59,182
1,516    Severn Trent PLC   55,365
    

 

  189,035

 

Wireless Telecommunication Services – 0.0%

12,564    KDDI Corp.   217,489
1,757    Rogers Communications, Inc. Class B   47,166
171,704    SoftBank Corp.   263,833
1,250    SoftBank Group Corp.   65,298
10,991    Tele2 AB Class B   164,449
2,476    T-Mobile U.S., Inc.   599,687
     474,865    Vodafone Group PLC   492,465
    

 

  1,850,387

 

TOTAL COMMON STOCKS
(Cost $291,713,446)		   $  456,524,272

 

Shares   

Dividend

Rate

   Value
Preferred Stocks – 0.0%

Auto Manufacturers – 0.0%

Porsche Automobil Holding SE

5,074    5.449%   $      202,857

 

Household Products – 0.0%

Henkel AG & Co. KGaA

2,622    2.893    210,088

 

TOTAL PREFERRED STOCKS
(Cost $438,296)		   $      412,945

 

Units   

Expiration

Date

   Value
Warrants*(b) – 0.0%

Constellation Software, Inc.

264    03/31/40   $           —
(Cost $—)

 

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
U.S. Treasury Obligations(c) – 1.3%    

U.S. Treasury Bills

$

     5,000,000       0.000 %    08/21/25   $    4,952,953
    5,400,000       0.000     08/26/25   5,346,014
    5,800,000       0.000     09/09/25   5,732,741
    5,000,000       0.000     09/18/25   4,936,960

 

 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
U.S. Treasury Obligations(c) – (continued)

U.S. Treasury Bills – (continued)

$

     5,400,000       0.000 %    10/02/25   $    5,323,189
    3,800,000       0.000     10/16/25   3,739,971
    5,000,000       0.000     10/30/25   4,912,865
    5,000,000       0.000     11/13/25   4,905,109
    5,400,000       0.000     11/20/25   5,293,029
    5,400,000       0.000     11/28/25   5,288,122
    3,800,000       0.000     12/26/25   3,710,648

 

TOTAL U.S. TREASURY OBLIGATIONS

(Cost $54,140,522)

   $   54,141,601

 

Shares      Description   Value
  Exchange Traded Funds – 78.7%
  1,537,577      Goldman Sachs ActiveBeta Emerging Markets Equity ETF(d)   $   53,507,680
  8,757,018      Goldman Sachs MarketBeta International Equity ETF(d)   552,830,546
  3,539,144      Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF(d)   193,753,270
  6,737,609      Goldman Sachs MarketBeta Russell 1000 Value Equity ETF(d)   326,862,973
  12,946,517      Goldman Sachs MarketBeta U.S. Equity ETF(d)   1,055,400,066
  3,124,689      iShares Core MSCI EAFE ETF   257,974,324
  7,549,478      iShares Core MSCI Emerging Markets ETF   427,979,908
  2,881      iShares MSCI Canada ETF   129,530
  15,366      iShares MSCI EAFE ETF   1,364,654
  2,600,668      iShares MSCI EAFE Small-Cap ETF   183,685,181
         81,240      iShares U.S. Technology ETF   12,856,230
  2,184,976      SPDR Portfolio S&P 500 Growth ETF   195,970,497

 

 

Shares      Description   Value
  Exchange Traded Funds – (continued)
  4,000      Vanguard S&P 500 ETF   $    2,167,040

 

 

 
 TOTAL EXCHANGE TRADED FUNDS
(Cost $2,574,052,443)		   $3,264,481,899

 

 

Shares     

Dividend

Rate

   Value
  Investment Company(d) – 6.7%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  277,380,850      4.216%   $  277,380,850
  (Cost $277,380,850)

 

 

 
 TOTAL INVESTMENTS – 97.7%
(Cost $3,197,725,557)		   $4,052,941,567

 

 

 

 OTHER ASSETS IN EXCESS OF

 LIABILITIES – 2.3%

   96,692,278

 

 

  NET ASSETS – 100.0%   $4,149,633,845

 

 

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty      Currency
Purchased		       

Currency

Sold

        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

        AUD          2,800,000          USD          1,776,230          06/18/25        $ 29,112  
       CAD          65,980,000          USD          46,153,577          06/18/25          1,967,802  
       DKK          36,080,000          USD          5,346,329          06/18/25          152,286  
       EUR          15,450,000          USD          17,438,559          06/18/25          124,120  
       GBP          5,055,000          USD          6,738,573          06/18/25          72,848  
       ILS          160,000          USD          44,084          06/18/25          1,461  
       JPY          1,368,000,000          USD          9,364,129          06/18/25          162,090  
       NOK          3,400,000          USD          326,869          06/18/25          6,217  
       NZD          100,000          USD          59,488          06/18/25          306  
       SEK          39,600,000          USD          4,024,243          06/18/25          110,819  
       SGD          1,140,000          USD          875,345          06/18/25          9,539  
       USD          13,919,369          HKD          108,000,000          06/18/25          120,604  

 

  

TOTAL

                               $ 2,757,204  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

        CHF          6,130,000          USD          7,466,932          06/18/25        $ (2,107 ) 
       HKD          8,270,000          USD          1,067,110          06/18/25          (10,482 ) 
       JPY          1,864,000,000          USD          13,106,390          06/18/25          (126,219 ) 
       USD          51,468,030          AUD          81,170,000          06/18/25          (867,557 ) 
       USD          76,256,169          CHF          66,720,000          06/18/25          (4,992,296 ) 
       USD          21,355,233          DKK          146,600,000          06/18/25          (986,700 ) 
       USD          265,127,002          EUR          244,070,000          06/18/25          (12,317,858 ) 
       USD          113,326,627          GBP          87,890,000          06/18/25          (5,101,820 ) 
       USD          3,905,986          ILS          14,080,000          06/18/25          (101,959 ) 
       USD          180,721,894          JPY          26,412,000,000          06/18/25          (3,201,000 ) 
       USD          4,718,834          NOK          51,100,000          06/18/25          (287,242 ) 
       USD          1,442,719          NZD          2,510,000          06/18/25          (58,102 ) 
       USD          26,104,420          SEK          262,200,000          06/18/25          (1,274,714 ) 
       USD          10,498,074          SGD          13,920,000          06/18/25          (306,826 ) 

 

  

TOTAL

                               $ (29,634,882 ) 

 

  

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

 

Description      Number of
Contracts		      Expiration
Date		        Notional
Amount		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                  

E-Mini Russell 2000 Index

      2,434        06/20/25        $ 251,712,110      $ 2,924,618  

S&P 500 E-Mini Index

      1,094        06/20/25          323,605,200        11,703,325  

S&P Toronto Stock Exchange 60 Index

      472        06/19/25          107,858,199        6,354,121  

 

  

Total

                   $ 20,982,064  

 

  

Short position contracts:

                  

E-mini Consumer Staples Select Sector

      (256)        06/20/25          (21,383,680 )       (745,459 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 20,236,605  

 

  

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

OVER-THE-COUNTER OPTIONS ON EQUITIES

 

Description    Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

Calls

 

STOX Index

    MS & Co. Int. PLC   $ 5,156.960       07/15/2025     2,735   $ 1,410,428,560     $ 852,930     $ 235,250     $ 617,680  

SPX Index

    MS & Co. Int. PLC     6,102.226       06/30/2025     10,592     6,463,477,779       304,110       319,415       (15,305 ) 

 

  

Total purchased option contracts

 

     13,327   $ 7,873,906,339     $ 1,157,040     $ 554,665     $ 602,375  

 

  

Written option contract

 

Puts

 

SPX Index

    MS & Co. Int. PLC     5,558.229       06/30/2025     (10,592)     (5,887,276,157 )      (299,992 )      (300,625 )      633  

 

  

TOTAL

          2,735   $ 1,986,630,182     $ 857,048     $ 254,040     $ 603,008  

 

  

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty   Exercise
Price		     Expiration
Date		   Number of
Contracts		   Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

Calls

 

Call CHF/Put NOK

    MS & Co. Int. PLC   $ 13.806     06/18/2025   8,830,000   $ 8,830,000     $ 12     $ 153,879     $ (153,867 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     14.124     09/17/2025   1,980,000     1,980,000       2,959       38,669       (35,710 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     14.516     09/17/2025   5,392,000     5,392,000       3,630       104,803       (101,173 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     14.537     12/17/2025   6,389,000     6,389,000       24,283       108,731       (84,448 ) 

Call CHF/Put NOK

    MS & Co. Int. PLC     13.881     03/18/2026   6,143,000     6,143,000       96,638       107,474       (10,836 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.306     06/18/2025   9,371,000     9,371,000       11       149,219       (149,208 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.540     09/17/2025   2,123,000     2,123,000       764       37,062       (36,298 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.481     09/17/2025   6,321,000     6,321,000       2,657       102,726       (100,069 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     13.709     12/17/2025   7,340,000     7,340,000       13,975       103,398       (89,423 ) 

Call CHF/Put SEK

    MS & Co. Int. PLC     12.805     03/18/2026   6,975,000     6,975,000       89,921       114,554       (24,633 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.052     06/18/2025   1,053,137,000     1,053,137,000       10,473       88,531       (78,058 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.269     09/17/2025   236,302,000     236,302,000       14,445       22,350       (7,905 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.702     09/17/2025   615,567,000     615,567,000       18,279       66,461       (48,182 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     10.745     12/17/2025   701,185,000     701,185,000       45,386       68,910       (23,524 ) 

Call JPY/Put KRW

    MS & Co. Int. PLC     11.102     03/18/2026   655,617,000     655,617,000       47,608       58,270       (10,662 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price		     Expiration
Date		   Number of
Contracts		   Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts (continued)

 

            

Calls (continued)

                 

Call USD/Put CAD

    MS & Co. Int. PLC   $ 1.440     06/18/2025   25,620,000   $ 25,620,000     $ 128     $ 193,328     $ (193,200 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.449     09/17/2025   5,775,000     5,775,000       5,556       50,485       (44,929 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.420     09/17/2025   19,208,000     19,208,000       46,291       137,702       (91,411 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.501     12/17/2025   22,231,000     22,231,000       18,007       200,635       (182,628 ) 

Call USD/Put CAD

    MS & Co. Int. PLC     1.504     03/18/2026   19,875,000     19,875,000       29,395       163,492       (134,097 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,084.510     06/18/2025   10,646,000     10,646,000       43       193,246       (193,203 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,108.720     09/17/2025   2,420,000     2,420,000       4,102       48,603       (44,501 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,077.560     09/17/2025   7,505,000     7,505,000       22,147       133,131       (110,984 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,148.202     12/17/2025   8,012,000     8,012,000       32,256       131,717       (99,461 ) 

Call USD/Put CLP

    MS & Co. Int. PLC     1,066.790     03/18/2026   7,503,000     7,503,000       120,626       130,335       (9,709 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,481.080     06/18/2025   8,094,000     8,094,000       469       89,358       (88,889 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,494.880     09/17/2025   1,822,000     1,822,000       5,187       22,392       (17,205 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,427.030     09/17/2025   5,463,000     5,463,000       51,467       63,644       (12,177 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,572.940     12/17/2025   4,999,000     4,999,000       12,188       68,486       (56,298 ) 

Call USD/Put KRW

    MS & Co. Int. PLC     1,559.160     03/18/2026   5,674,000     5,674,000       28,177       63,322       (35,145 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     22.815     06/18/2025   5,089,000     5,089,000       5       93,057       (93,052 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     23.619     09/17/2025   1,169,000     1,169,000       1,182       23,435       (22,253 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     23.724     09/17/2025   3,400,000     3,400,000       3,179       63,029       (59,850 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     24.722     12/17/2025   3,789,000     3,789,000       8,412       63,977       (55,565 ) 

Call USD/Put MXN

    MS & Co. Int. PLC     24.200     03/18/2026   3,684,000     3,684,000       22,362       61,092       (38,730 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     12.030     06/18/2025   3,174,000     3,174,000       3       47,039       (47,036 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     12.224     09/17/2025   720,000     720,000       176       11,866       (11,690 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     11.994     09/17/2025   2,158,000     2,158,000       950       35,359       (34,409 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     12.731     12/17/2025   2,269,000     2,269,000       1,799       35,623       (33,824 ) 

Call USD/Put NOK

    MS & Co. Int. PLC     11.867     03/18/2026   2,411,000     2,411,000       13,480       35,924       (22,444 ) 

Call USD/Put SEK

    MS & Co. Int. PLC     11.617     06/18/2025   9,405,000     9,405,000       9       139,194       (139,185 ) 

Call USD/Put SEK

    MS & Co. Int. PLC     11.758     09/17/2025   2,149,000     2,149,000       131       35,244       (35,113 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts (continued)

 

            

Calls (continued)

              

Call USD/Put SEK

    MS & Co. Int. PLC   $ 11.218       09/17/2025       7,148,000     $ 7,148,000     $ 2,302     $ 103,875     $ (101,573 ) 

Call USD/Put SEK

    MS & Co. Int. PLC     12.134       12/17/2025       7,081,000       7,081,000       2,386       107,341       (104,955 ) 

Call USD/Put SEK

    MS & Co. Int. PLC     11.060       03/18/2026       7,173,000       7,173,000       30,987       111,662       (80,675 ) 

 

  
           3,538,338,000     $ 3,538,338,000     $ 834,443     $ 3,982,630     $ (3,148,187 ) 

 

  

Puts

                 

Put AUD/Call JPY

    MS & Co. Int. PLC     90.170       06/18/2025       22,780,000       22,780,000       44,198       234,427       (190,229 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     88.320       09/17/2025       5,138,000       5,138,000       42,552       60,331       (17,779 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     82.360       09/17/2025       13,335,000       13,335,000       32,844       158,228       (125,384 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     83.680       12/17/2025       19,059,000       19,059,000       143,482       215,981       (72,499 ) 

Put AUD/Call JPY

    MS & Co. Int. PLC     82.400       03/18/2026       18,102,000       18,102,000       184,246       186,590       (2,344 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.611       06/18/2025       10,680,000       10,680,000       1,370       90,428       (89,058 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.605       09/17/2025       2,404,000       2,404,000       7,358       23,059       (15,701 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.620       09/17/2025       7,086,000       7,086,000       37,729       66,193       (28,464 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.577       12/17/2025       7,613,000       7,613,000       21,749       67,311       (45,562 ) 

Put AUD/Call USD

    MS & Co. Int. PLC     0.585       03/18/2026       7,676,000       7,676,000       43,582       63,327       (19,745 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     100.970       06/18/2025       14,322,000       14,322,000       15,279       148,268       (132,989 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     99.060       09/17/2025       3,193,000       3,193,000       19,965       36,997       (17,032 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     91.640       09/17/2025       8,566,000       8,566,000       10,880       99,885       (89,005 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     95.080       12/17/2025       9,728,000       9,728,000       63,896       110,259       (46,363 ) 

Put CAD/Call JPY

    MS & Co. Int. PLC     92.800       03/18/2026       8,981,000       8,981,000       70,972       95,305       (24,333 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     82.880       06/18/2025       19,116,000       19,116,000       22,297       179,755       (157,458 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     81.100       09/17/2025       4,312,000       4,312,000       26,697       46,325       (19,628 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     75.450       09/17/2025       11,734,000       11,734,000       20,060       131,135       (111,075 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     76.630       12/17/2025       10,592,000       10,592,000       59,653       108,501       (48,848 ) 

Put NZD/Call JPY

    MS & Co. Int. PLC     75.830       03/18/2026       9,578,000       9,578,000       79,417       89,388       (9,971 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.562       06/18/2025       11,567,000       11,567,000       560       90,427       (89,867 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.556       09/17/2025       2,611,000       2,611,000       5,400       23,156       (17,756 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

 

Description    Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts (continued)

 

            

Puts (continued)

              

Put NZD/Call USD

    MS & Co. Int. PLC   $ 0.567       09/17/2025       7,586,000     $ 7,586,000     $ 25,290     $ 65,287     $ (39,997 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.527       12/17/2025       4,192,000       4,192,000       7,951       33,689       (25,738 ) 

Put NZD/Call USD

    MS & Co. Int. PLC     0.537       03/18/2026       4,201,000       4,201,000       18,084       31,912       (13,828 ) 

 

  
           244,152,000     $ 244,152,000     $ 1,005,511     $ 2,456,164     $ (1,450,653 ) 

 

  

Total purchased option contracts

 

       3,782,490,000     $ 3,782,490,000     $ 1,839,954     $ 6,438,794     $ (4,598,840 ) 

 

  

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description        Exercise
Price		    

Expiration

Date

    

Number of

Contracts

     Notional
Amount		     Market
Value		    

Premiums Paid

(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts

 

            

Calls

                 

Euro Stoxx 50 Index

      $ 5,550.000       06/06/2025       (70)     $ (38,850,000 )    $ (1,033 )    $ (13,960 )    $ 12,927  

Euro Stoxx 50 Index

        5,650.000       06/13/2025       (68)       (38,420,000 )      (1,004 )      (6,336 )      5,332  

Euro Stoxx 50 Index

        5,600.000       06/20/2025       (68)       (38,080,000 )      (4,941 )      (9,416 )      4,475  

FTSE 100 Index

        8,775.000       06/20/2025       (1)       (877,500 )      (1,233 )      (582 )      (651 ) 

FTSE 100 Index

        8,875.000       06/20/2025       (9)       (7,987,500 )      (5,457 )      (4,166 )      (1,291 ) 

FTSE 100 Index

        8,925.000       06/20/2025       (21)       (18,742,500 )      (8,347 )      (5,601 )      (2,746 ) 

FTSE 100 Index

        9,000.000       06/20/2025       (9)       (8,100,000 )      (1,758 )      (1,622 )      (136 ) 

FTSE 100 Index

        9,025.000       06/20/2025       (13)       (11,732,500 )      (1,927 )      (1,729 )      (198 ) 

FTSE 100 Index

        9,150.000       07/18/2025       (4)       (3,660,000 )      (1,240 )      (1,206 )      (34 ) 

FTSE 100 Index

        9,175.000       07/18/2025       (1)       (917,500 )      (263 )      (247 )      (16 ) 

Nikkei 225 Index

        37,125.000       06/13/2025       (2)       (7,425,000 )      (15,567 )      (5,364 )      (10,203 ) 

Nikkei 225 Index

        37,750.000       06/13/2025       (4)       (15,100,000 )      (19,041 )      (10,573 )      (8,468 ) 

Nikkei 225 Index

        38,625.000       06/13/2025       (6)       (23,175,000 )      (11,884 )      (14,733 )      2,849  

Nikkei 225 Index

        39,125.000       06/13/2025       (14)       (54,775,000 )      (14,594 )      (17,714 )      3,120  

Nikkei 225 Index

        39,250.000       06/13/2025       (4)       (15,700,000 )      (3,336 )      (3,012 )      (324 ) 

Nikkei 225 Index

        40,125.000       06/13/2025       (9)       (36,112,500 )      (2,314 )      (4,474 )      2,160  

Nikkei 225 Index

        40,000.000       07/11/2025       (3)       (12,000,000 )      (5,420 )      (2,835 )      (2,585 ) 

Nikkei 225 Index

        40,250.000       07/11/2025       (5)       (20,125,000 )      (7,471 )      (6,069 )      (1,402 ) 

S&P 500 Index

        6,010.000       06/02/2025       (37)       (22,237,000 )      (1,850 )      (21,974 )      20,124  

S&P 500 Index

        5,900.000       06/04/2025       (29)       (17,110,000 )      (122,960 )      (62,786 )      (60,174 ) 

S&P 500 Index

        6,060.000       06/04/2025       (36)       (21,816,000 )      (2,520 )      (26,979 )      24,459  

S&P 500 Index

        6,060.000       06/06/2025       (36)       (21,816,000 )      (14,400 )      (20,083 )      5,683  

S&P 500 Index

        6,100.000       06/11/2025       (27)       (16,470,000 )      (13,500 )      (60,123 )      46,623  

S&P 500 Index

        6,200.000       06/18/2025       (27)       (16,740,000 )      (9,045 )      (30,309 )      21,264  

S&P 500 Index

        6,175.000       06/25/2025       (27)       (16,672,500 )      (24,840 )      (42,243 )      17,403  

 

  
           (530)     $ (484,641,500 )    $ (295,945 )    $ (374,136 )    $ 78,191  

 

  

Puts

                 

Euro Stoxx 50 Index

        5,025.000       06/06/2025       (139)       (69,847,500 )      (2,525 )      (14,145 )      11,620  

Euro Stoxx 50 Index

        5,200.000       06/13/2025       (136)       (70,720,000 )      (30,267 )      (36,876 )      6,609  

Euro Stoxx 50 Index

        5,050.000       06/20/2025       (136)       (68,680,000 )      (24,244 )      (24,025 )      (219 ) 

FTSE 100 Index

        7,450.000       06/20/2025       (1)       (745,000 )      (40 )      (682 )      642  

FTSE 100 Index

        7,800.000       06/20/2025       (7)       (5,460,000 )      (472 )      (4,322 )      3,850  

FTSE 100 Index

        8,000.000       06/20/2025       (12)       (9,600,000 )      (1,132 )      (4,843 )      3,711  

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description       

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Written option contracts (continued)

 

            

Puts (continued)

 

            

FTSE 100 Index

      $ 8,100.000       06/20/2025       (18)     $ (14,580,000 )    $ (1,940 )    $ (9,213 )    $ 7,273  

FTSE 100 Index

        8,350.000       06/20/2025       (23)       (19,205,000 )      (4,339 )      (8,128 )      3,789  

FTSE 100 Index

        8,475.000       06/20/2025       (44)       (37,290,000 )      (12,746 )      (14,245 )      1,499  

FTSE 100 Index

        8,350.000       07/18/2025       (8)       (6,680,000 )      (4,419 )      (4,447 )      28  

FTSE 100 Index

        8,375.000       07/18/2025       (1)       (837,500 )      (586 )      (645 )      59  

Nikkei 225 Index

        25,000.000       06/13/2025       (1)       (2,500,000 )      (14 )      (2,470 )      2,456  

Nikkei 225 Index

        28,500.000       06/13/2025       (5)       (14,250,000 )      (208 )      (5,567 )      5,359  

Nikkei 225 Index

        30,375.000       06/13/2025       (9)       (27,337,500 )      (563 )      (12,197 )      11,634  

Nikkei 225 Index

        32,250.000       06/13/2025       (12)       (38,700,000 )      (1,251 )      (14,040 )      12,789  

Nikkei 225 Index

        33,500.000       06/13/2025       (16)       (53,600,000 )      (2,780 )      (18,130 )      15,350  

Nikkei 225 Index

        35,125.000       06/13/2025       (13)       (45,662,500 )      (5,692 )      (17,301 )      11,609  

Nikkei 225 Index

        35,750.000       06/13/2025       (17)       (60,775,000 )      (11,223 )      (31,411 )      20,188  

Nikkei 225 Index

        36,000.000       06/13/2025       (8)       (28,800,000 )      (6,671 )      (7,209 )      538  

Nikkei 225 Index

        34,125.000       07/11/2025       (5)       (17,062,500 )      (6,255 )      (11,004 )      4,749  

Nikkei 225 Index

        34,750.000       07/11/2025       (11)       (38,225,000 )      (17,582 )      (19,086 )      1,504  

S&P 500 Index

        5,675.000       06/02/2025       (73)       (41,427,500 )      (1,095 )      (160,425 )      159,330  

S&P 500 Index

        5,200.000       06/04/2025       (58)       (30,160,000 )      (580 )      (173,578 )      172,998  

S&P 500 Index

        5,780.000       06/04/2025       (73)       (42,194,000 )      (47,085 )      (91,025 )      43,940  

S&P 500 Index

        5,765.000       06/06/2025       (73)       (42,084,500 )      (85,775 )      (111,093 )      25,318  

S&P 500 Index

        5,580.000       06/11/2025       (55)       (30,690,000 )      (31,625 )      (152,242 )      120,617  

S&P 500 Index

        5,650.000       06/18/2025       (54)       (30,510,000 )      (125,010 )      (187,107 )      62,097  

S&P 500 Index

        5,625.000       06/25/2025       (54)       (30,375,000 )      (159,300 )      (160,812 )      1,512  

 

  
           (1,062)     $ (877,998,500 )    $ (585,419 )    $ (1,296,268 )    $ 710,849  

 

  

Total written option contracts

            (1,592)     $ (1,362,640,000 )    $ (881,364 )    $ (1,670,404 )    $ 789,040  

 

  

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description       

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Purchased option contracts

 

            

Calls

                 

3 Month SOFR

      $ 96.625       06/13/2025       983     $ 2,457,500     $ 6,144     $ 1,903,452     $ (1,897,308 ) 

3 Month SOFR

        96.750       06/13/2025       1,226       3,065,000       7,663       1,290,144       (1,282,481 ) 

3 Month SOFR

        97.250       06/13/2025       2,670       6,675,000       16,688       2,854,785       (2,838,097 ) 

3 Month SOFR

        95.875       09/12/2025       2,359       5,897,500       914,113       2,783,135       (1,869,022 ) 

3 Month SOFR

        96.000       09/12/2025       482       1,205,000       138,575       471,068       (332,493 ) 

3 Month SOFR

        96.500       09/12/2025       1,136       2,840,000       120,700       1,589,660       (1,468,960 ) 

3 Month SOFR

        96.625       09/12/2025       921       2,302,500       80,588       1,888,445       (1,807,857 ) 

3 Month SOFR

        97.000       09/12/2025       1,234       3,085,000       69,413       1,267,713       (1,198,300 ) 

3 Month SOFR

        97.375       09/12/2025       327       817,500       12,263       70,128       (57,865 ) 

3 Month SOFR

        97.500       09/12/2025       3,092       7,730,000       96,625       3,074,948       (2,978,323 ) 

3 Month SOFR

        95.875       12/12/2025       1,950       4,875,000       1,950,000       2,763,799       (813,799 ) 

3 Month SOFR

        96.125       12/12/2025       772       1,930,000       530,750       870,291       (339,541 ) 

3 Month SOFR

        96.500       12/12/2025       1,019       2,547,500       401,231       1,614,489       (1,213,258 ) 

3 Month SOFR

        97.250       12/12/2025       1,442       3,605,000       198,275       1,373,245       (1,174,970 ) 

3 Month SOFR

        97.500       12/12/2025       3,234       8,085,000       323,400       3,177,500       (2,854,100 ) 

3 Month SOFR

        96.000       03/13/2026       1,922       4,805,000       2,654,762       2,752,934       (98,172 ) 

3 Month SOFR

        96.250       03/13/2026       727       1,817,500       754,263       910,437       (156,174 ) 

3 Month SOFR

        96.625       03/13/2026       615       1,537,500       411,281       916,239       (504,958 ) 

3 Month SOFR

        96.750       03/13/2026       480       1,200,000       276,000       781,114       (505,114 ) 

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

 

Description       

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

    

Premiums Paid

(Received)

by Fund

    

Unrealized

Appreciation/

(Depreciation)

  

 

  

Purchased option contracts (continued)

 

            

Calls (continued)

              

3 Month SOFR

      $ 97.000       03/13/2026       1,854     $ 4,635,000     $ 787,950     $ 749,897     $ 38,053  

3 Month SOFR

        97.250       03/13/2026       1,368       3,420,000       427,500       1,371,174       (943,674 ) 

3 Month SOFR

        97.500       03/13/2026       363       907,500       86,213       118,686       (32,473 ) 

3 Month SOFR

        96.000       06/12/2026       1,712       4,280,000       3,220,700       2,734,522       486,178  

3 Month SOFR

        96.250       06/12/2026       658       1,645,000       974,662       935,558       39,104  

3 Month SOFR

        96.500       06/12/2026       408       1,020,000       469,200       449,600       19,600  

3 Month SOFR

        96.625       06/12/2026       580       1,450,000       583,625       914,846       (331,221 ) 

3 Month SOFR

        96.750       06/12/2026       494       1,235,000       435,338       766,846       (331,508 ) 

3 Month SOFR

        97.000       06/12/2026       998       2,495,000       673,650       663,131       10,519  

3 Month SOFR

        97.125       06/12/2026       408       1,020,000       242,250       209,900       32,350  

3 Month SOFR

        96.000       09/11/2026       1,600       4,000,000       3,560,000       2,747,337       812,663  

3 Month SOFR

        96.375       09/11/2026       658       1,645,000       1,065,137       947,402       117,735  

3 Month SOFR

        96.500       09/11/2026       1,245       3,112,500       1,789,687       1,413,440       376,247  

3 Month SOFR

        96.625       09/11/2026       559       1,397,500       712,725       930,634       (217,909 ) 

3 Month SOFR

        97.000       09/11/2026       1,398       3,495,000       1,249,462       1,086,190       163,272  

3 Month SOFR

        96.000       12/11/2026       2,008       5,020,000       4,919,600       4,045,036       874,564  

3 Month SOFR

        96.375       12/11/2026       620       1,550,000       1,131,500       962,438       169,062  

3 Month SOFR

        96.500       12/11/2026       2,891       7,227,500       4,752,081       4,082,654       669,427  

3 Month SOFR

        96.000       03/12/2027       1,952       4,880,000       4,965,400       4,103,026       862,374  

3 Month SOFR

        96.250       03/12/2027       1,302       3,255,000       2,766,750       2,606,552       160,198  

3 Month SOFR

        96.500       03/12/2027       1,232       3,080,000       2,148,300       1,641,665       506,635  

3 Month SOFR

        96.000       06/11/2027       1,731       4,327,500       4,435,687       3,725,043       710,644  

3 Month SOFR

        96.250       06/11/2027       1,302       3,255,000       2,791,162       2,671,652       119,510  

3 Month SOFR

        96.500       06/11/2027       780       1,950,000       1,374,750       1,074,029       300,721  

3 Month SOFR

        96.250       09/10/2027       1,323       3,307,500       2,803,106       2,681,668       121,438  

 

  

TOTAL

            56,035     $ 140,087,500     $ 57,329,169     $ 75,986,452     $ (18,657,283 ) 

 

  

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

DKK  

— Denmark Krone

EUR  

— Euro

GBP  

— British Pound

HKD  

— Hong Kong Dollar

ILS  

— Israeli Shekel

JPY  

— Japanese Yen

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

USD  

— U.S. Dollar

Investment Abbreviations:
ADR  

— American Depositary Receipt

ETF  

— Exchange Traded Fund

MSCI  

— Morgan Stanley Capital International

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

SpA  

— Stand-by Purchase Agreement

SPDR  

— Standard and Poor’s Depository Receipt

Abbreviations:
MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

SOFR  

— Secured Overnight Financing Rate

SPX  

— S&P 500 Index

 

 

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments

May 31, 2025 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		     Value
U.S. Treasury Obligations(a) – 62.0%

U.S. Treasury Bills

$

     82,000,000       0.000 %      06/12/25     $   81,903,612
    118,000,000       0.000       06/17/25     117,792,018
    180,300,000       0.000       06/20/25     179,918,597
    325,000,000       0.000       07/01/25     323,899,761
    81,000,000       0.000       07/29/25     80,458,210
    100,000,000       0.000       08/12/25     99,164,915
    100,000,000       0.000       08/19/25     99,082,918
    125,000,000       0.000       09/02/25     123,650,803
    84,722,300       0.000       09/09/25     83,739,831
    125,000,000       0.000       10/02/25     123,221,960
    85,201,700       0.000       10/30/25     83,716,887

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,396,445,868)

 

   $1,396,549,512

 

Shares    

Dividend

Rate

     Value
Investment Company(b) – 29.1%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    654,020,993       4.216%     $  654,020,993
(Cost $654,020,993)

 

    

 

TOTAL INVESTMENTS – 91.1%

(Cost $2,050,466,861)

 

 

     $2,050,570,505

 

OTHER ASSETS IN EXCESS OF
 LIABILITIES – 8.9%

 

     201,424,975

 

NET ASSETS – 100.0%

 

     $2,251,995,480

 

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

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Gain		  

 

  

MS & Co. Int. PLC

     

AUD

      110,400,000          USD        70,209,756          06/18/25        $ 972,317  
    

CAD

      72,930,000          USD        52,765,881          06/18/25          424,360  
    

CHF

      14,070,000          USD        16,423,491          06/18/25          710,291  
    

EUR

      3,040,000          USD        3,292,288          06/18/25          163,411  
    

GBP

      12,320,000          USD        15,913,518          06/18/25          687,214  
    

JPY

      4,751,490,000          USD        32,197,474          06/18/25          890,055  
    

USD

      44,252,503          CHF        36,250,000          06/18/25          108,965  
    

USD

      9,109,776          GBP        6,760,000          06/18/25          932  
    

USD

      10,074,159          JPY        1,433,330,000          06/18/25          93,007  

 

  

TOTAL

                           $ 4,050,552  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased		        Currency
Sold		        Settlement
Date		       

Unrealized

Loss

  

 

  

MS & Co. Int. PLC

     

CHF

      4,790,000          USD        5,837,529          06/18/25        $ (4,493 ) 
    

USD

      69,927,946          AUD        110,400,000          06/18/25          (1,254,127 ) 
    

USD

      92,131,568          CAD        131,220,000          06/18/25          (3,571,485 ) 
    

USD

      3,298,292          EUR        3,040,000          06/18/25          (157,406 ) 
    

USD

      49,186,175          GBP        36,890,000          06/18/25          (521,703 ) 
    

USD

      8,338,672          JPY        1,197,490,000          06/18/25          (183 ) 
    

USD

      21,095,402          NZD        35,330,001          06/18/25          (29,712 ) 

 

  

TOTAL

                           $ (5,539,109 ) 

 

  

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

 

Description      Number of
Contracts		      Expiration
Date		       

Notional

Amount

      Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                  

10 Year U.S. Treasury Notes

      10,157        09/19/25        $ 1,124,887,750      $ 2,168,057  

2 Year U.S. Treasury Notes

      90        09/30/25          18,669,375        19,530  

3 Month SOFR

      2,333        09/15/26          563,419,500        (2,314,229 ) 

5 Year U.S. Treasury Notes

      26        09/30/25          2,812,875        10,111  

Canada 10 Year Government Bonds

      110        09/18/25          9,803,695        120,792  

Japan 10 Year Government Bond

      50        06/13/25          48,330,380        (32,587 ) 

S&P 500 E-Mini Index

      4,293        06/20/25          1,269,869,400        70,780,592  

 

  

Total

                   $ 70,752,266  

 

  

Short position contracts:

                  

10 Year U.K. Long Gilt

      (229)        09/26/25          (28,225,514 )       (21,038 ) 

20 Year U.S. Treasury Bonds

      (27)        09/19/25          (3,045,094 )       (38,381 ) 

5 Year German Euro-Bund

      (34)        06/06/25          (5,065,402 )       1,664  

Australian 10 Year Government Bonds

      (117)        06/16/25          (8,607,960 )       (179,455 ) 

 

  

Total

                   $ (237,210 ) 

 

  

TOTAL FUTURES CONTRACTS

                   $ 70,515,056  

 

  

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description   Exercise
Price		     Expiration
Date		     Number of
Contracts		    

Notional

Amount

     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

          

Calls

              

S&P 500 Index

   $ 5,870.000       06/06/2025       1     $ 587,000     $ 7,540     $ 3,121     $ 4,419  

S&P 500 Index

     5,875.000       06/06/2025       32       18,800,000       230,720       88,172       142,548  

S&P 500 Index

     5,900.000       06/06/2025       6       3,540,000       33,840       15,966       17,874  

S&P 500 Index

     5,965.000       06/06/2025       22       13,123,000       54,560       45,822       8,738  

S&P 500 Index

     6,015.000       06/06/2025       14       8,421,000       14,350       31,994       (17,644 ) 

S&P 500 Index

     6,070.000       06/06/2025       2       1,214,000       560       2,742       (2,182 ) 

S&P 500 Index

     6,000.000       06/13/2025       20       12,000,000       62,000       48,220       13,780  

S&P 500 Index

     6,040.000       06/13/2025       22       13,288,000       41,690       54,412       (12,722 ) 

S&P 500 Index

     6,060.000       06/13/2025       2       1,212,000       2,890       3,862       (972 ) 

S&P 500 Index

     6,100.000       06/13/2025       42       25,620,000       32,760       108,952       (76,192 ) 

S&P 500 Index

     6,025.000       06/20/2025       11       6,627,500       38,720       28,781       9,939  

S&P 500 Index

     6,070.000       06/20/2025       10       6,070,000       21,800       28,110       (6,310 ) 

S&P 500 Index

     6,075.000       06/20/2025       4       2,430,000       8,160       6,844       1,316  

S&P 500 Index

     6,095.000       06/20/2025       1       609,500       1,635       1,991       (356 ) 

S&P 500 Index

     6,125.000       06/20/2025       6       3,675,000       6,780       11,286       (4,506 ) 

S&P 500 Index

     6,160.000       06/20/2025       25       15,400,000       17,625       53,525       (35,900 ) 

S&P 500 Index

     6,100.000       06/27/2025       2       1,220,000       4,950       4,222       728  

S&P 500 Index

     6,120.000       06/27/2025       31       18,972,000       63,550       89,511       (25,961 ) 

 

  
        253     $ 152,809,000     $ 644,130     $ 627,533     $ 16,597  

 

  

Puts

              

S&P 500 Index

     3,800.000       06/02/2025       3       1,140,000       7       468       (461 ) 

S&P 500 Index

     5,300.000       06/02/2025       283       149,990,000       1,415       10,908       (9,493 ) 

S&P 500 Index

     5,820.000       06/02/2025       12       6,984,000       4,080       18,644       (14,564 ) 

S&P 500 Index

     3,800.000       06/03/2025       3       1,140,000       7       573       (566 ) 

S&P 500 Index

     5,820.000       06/03/2025       11       6,402,000       8,470       18,398       (9,928 ) 

S&P 500 Index

     3,800.000       06/04/2025       3       1,140,000       7       633       (626 ) 

S&P 500 Index

     5,820.000       06/04/2025       10       5,820,000       11,800       21,010       (9,210 ) 

S&P 500 Index

     3,800.000       06/05/2025       3       1,140,000       8       581       (573 ) 

S&P 500 Index

     5,820.000       06/05/2025       9       5,238,000       14,445       24,890       (10,445 ) 

S&P 500 Index

     3,900.000       06/06/2025       3       1,170,000       7       498       (491 ) 

S&P 500 Index

     3,800.000       06/09/2025       8       3,040,000       60       1,168       (1,108 ) 

S&P 500 Index

     4,000.000       06/10/2025       11       4,400,000       55       1,276       (1,221 ) 

S&P 500 Index

     4,200.000       06/11/2025       21       8,820,000       367       2,541       (2,174 ) 

S&P 500 Index

     4,200.000       06/12/2025       37       15,540,000       832       4,477       (3,645 ) 

S&P 500 Index

     4,250.000       06/13/2025       53       22,525,000       1,457       7,106       (5,649 ) 

S&P 500 Index

     4,200.000       06/16/2025       73       30,660,000       2,372       7,738       (5,366 ) 

S&P 500 Index

     4,400.000       06/17/2025       105       46,200,000       5,775       13,287       (7,512 ) 

S&P 500 Index

     4,125.000       06/20/2025       181       74,662,500       9,503       29,690       (20,187 ) 

S&P 500 Index

     4,275.000       06/20/2025       135       57,712,500       9,450       20,185       (10,735 ) 

S&P 500 Index

     4,000.000       06/23/2025       212       84,800,000       11,660       31,926       (20,266 ) 

S&P 500 Index

     3,800.000       06/24/2025       237       90,060,000       10,665       39,814       (29,149 ) 

S&P 500 Index

     4,000.000       06/25/2025       246       98,400,000       17,220       28,585       (11,365 ) 

S&P 500 Index

     4,075.000       06/30/2025       261       106,357,500       28,710       38,106       (9,396 ) 

S&P 500 Index

     4,100.000       06/30/2025       274       112,340,000       31,510       36,614       (5,104 ) 

S&P 500 Index

     4,150.000       06/30/2025       291       120,765,000       34,192       46,649       (12,457 ) 

 

  
        2,485     $ 1,056,446,500     $ 204,074     $ 405,765     $ (201,691 ) 

 

  

Total purchased option contracts

 

       2,738     $ 1,209,255,500     $ 848,204     $ 1,033,298     $ (185,094 ) 

 

  

Written option contracts

 

            

Puts

              

S&P 500 Index

     5,250.000       06/02/2025       (1,525)       (800,625,000 )      (7,625 )      (347,319 )      339,694  

S&P 500 Index

     5,540.000       06/03/2025       (1,515)       (839,310,000 )      (30,300 )      (193,541 )      163,241  

S&P 500 Index

     5,560.000       06/04/2025       (1,507)       (837,892,000 )      (45,210 )      (184,984 )      139,774  

S&P 500 Index

     5,550.000       06/05/2025       (1,506)       (835,830,000 )      (71,535 )      (245,102 )      173,567  

S&P 500 Index

     5,310.000       06/06/2025       (49)       (26,019,000 )      (1,470 )      (270,731 )      269,261  

S&P 500 Index

     5,420.000       06/06/2025       (20)       (10,840,000 )      (850 )      (90,660 )      89,810  

S&P 500 Index

     5,550.000       06/06/2025       (1,525)       (846,375,000 )      (148,688 )      (400,694 )      252,006  

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

 

Description   Exercise
Price		     Expiration
Date		     Number of
Contracts		    

Notional

Amount

     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts (continued)

 

            

Puts (continued)

 

            

S&P 500 Index

   $ 5,570.000       06/06/2025       (39)     $ (21,723,000 )    $ (4,193 )    $ (114,481 )    $ 110,288  

S&P 500 Index

     5,680.000       06/06/2025       (21)       (11,928,000 )      (8,715 )      (63,529 )      54,814  

S&P 500 Index

     5,695.000       06/06/2025       (3)       (1,708,500 )      (1,515 )      (8,937 )      7,422  

S&P 500 Index

     5,740.000       06/06/2025       (9)       (5,166,000 )      (7,875 )      (24,741 )      16,866  

S&P 500 Index

     5,750.000       06/06/2025       (70)       (40,250,000 )      (68,950 )      (129,640 )      60,690  

S&P 500 Index

     5,760.000       06/06/2025       (6)       (3,456,000 )      (6,630 )      (10,734 )      4,104  

S&P 500 Index

     5,765.000       06/06/2025       (8)       (4,612,000 )      (9,400 )      (20,152 )      10,752  

S&P 500 Index

     5,775.000       06/06/2025       (8)       (4,620,000 )      (10,920 )      (18,792 )      7,872  

S&P 500 Index

     5,655.000       06/13/2025       (47)       (26,578,500 )      (70,030 )      (166,803 )      96,773  

S&P 500 Index

     5,665.000       06/13/2025       (3)       (1,699,500 )      (4,755 )      (10,527 )      5,772  

S&P 500 Index

     5,705.000       06/13/2025       (62)       (35,371,000 )      (125,860 )      (168,408 )      42,548  

S&P 500 Index

     5,715.000       06/13/2025       (8)       (4,572,000 )      (17,320 )      (23,832 )      6,512  

S&P 500 Index

     5,730.000       06/13/2025       (2)       (1,146,000 )      (4,740 )      (7,438 )      2,698  

S&P 500 Index

     5,670.000       06/20/2025       (30)       (17,010,000 )      (82,350 )      (94,770 )      12,420  

S&P 500 Index

     5,680.000       06/20/2025       (1)       (568,000 )      (2,880 )      (3,079 )      199  

S&P 500 Index

     5,700.000       06/20/2025       (37)       (21,090,000 )      (116,735 )      (152,543 )      35,808  

S&P 500 Index

     5,640.000       06/27/2025       (47)       (26,508,000 )      (164,500 )      (180,523 )      16,023  

S&P 500 Index

     5,650.000       06/27/2025       (1)       (565,000 )      (3,630 )      (3,759 )      129  

 

  

Total written option contracts

         (8,049)     $ (4,425,462,500 )    $ (1,016,676 )    $ (2,935,719 )    $ 1,919,043  

 

  

TOTAL

         (5,311)     $ (3,216,207,000 )    $ (168,472 )    $ (1,902,421 )    $ 1,733,949  

 

  

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description   Exercise
Price		     Expiration
Date		     Number of
Contracts		    

Notional

Amount

    

Market

Value

    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

            

Calls

              

3 Month SOFR

   $ 95.375       06/13/2025       1,583     $ 3,957,500     $ 1,236,719     $ 1,843,910     $ (607,191 ) 

3 Month SOFR

     95.500       06/13/2025       1,600       4,000,000       750,000       1,663,712       (913,712 ) 

3 Month SOFR

     95.688       06/13/2025       1,642       4,105,000       71,837       1,666,334       (1,594,497 ) 

3 Month SOFR

     96.063       06/13/2025       78       195,000       488       76,231       (75,743 ) 

3 Month SOFR

     96.563       06/13/2025       68       170,000       425       70,683       (70,258 ) 

3 Month SOFR

     96.125       09/12/2025       81       202,500       17,718       70,021       (52,303 ) 

3 Month SOFR

     96.250       09/12/2025       67       167,500       11,306       73,831       (62,525 ) 

3 Month SOFR

     97.000       09/12/2025       72       180,000       4,050       74,841       (70,791 ) 

3 Month SOFR

     96.063       12/12/2025       79       197,500       59,743       62,367       (2,624 ) 

3 Month SOFR

     96.125       12/12/2025       72       180,000       49,500       64,941       (15,441 ) 

3 Month SOFR

     96.313       12/12/2025       78       195,000       40,463       68,403       (27,940 ) 

3 Month SOFR

     96.438       03/13/2026       75       187,500       62,344       63,897       (1,553 ) 

3 Month SOFR

     96.500       03/13/2026       70       175,000       54,250       68,387       (14,137 ) 

3 Month SOFR

     96.938       03/13/2026       59       147,500       26,919       63,541       (36,622 ) 

3 Month SOFR

     96.625       06/12/2026       813       2,032,500       818,081       1,137,814       (319,733 ) 

3 Month SOFR

     97.000       06/12/2026       1,676       4,190,000       1,131,300       2,377,996       (1,246,696 ) 

3 Month SOFR

     96.125       09/11/2026       802       2,005,000       1,614,025       1,032,646       581,379  

3 Month SOFR

     96.375       09/11/2026       1,679       4,197,500       2,717,882       2,470,706       247,176  

3 Month SOFR

     96.125       12/11/2026       818       2,045,000       1,825,162       1,095,678       729,484  

3 Month SOFR

     96.500       12/11/2026       806       2,015,000       1,324,863       1,089,680       235,183  

3 Month SOFR

     96.625       12/11/2026       787       1,967,500       1,160,825       1,024,643       136,182  

3 Month SOFR

     96.750       03/12/2027       776       1,940,000       1,096,100       1,095,371       729  

3 Month SOFR

     97.000       03/12/2027       757       1,892,500       856,356       1,165,371       (309,015 ) 

 

  
        14,538       $36,345,000     $ 14,930,356     $ 18,421,004     $ (3,490,648 ) 

 

  

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

 

Description  

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

    

Notional

Amount

    

Market

Value

     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts (continued)

 

            

Puts

              

3 Month SOFR

   $ 95.375       06/13/2025       1,583     $  3,957,500     $ 9,894     $ 2,120,935     $ (2,111,041 ) 

3 Month SOFR

     95.500       06/13/2025       1,600       4,000,000       10,000       1,863,712       (1,853,712 ) 

3 Month SOFR

     95.688       06/13/2025       1,642       4,105,000       71,837       1,686,858       (1,615,021 ) 

3 Month SOFR

     96.063       06/13/2025       78       195,000       73,125       74,281       (1,156 ) 

3 Month SOFR

     96.563       06/13/2025       68       170,000       148,750       72,383       76,367  

3 Month SOFR

     96.125       09/12/2025       81       202,500       58,725       74,578       (15,853 ) 

3 Month SOFR

     96.250       09/12/2025       67       167,500       66,163       67,969       (1,806 ) 

3 Month SOFR

     97.000       09/12/2025       72       180,000       197,100       80,241       116,859  

3 Month SOFR

     96.063       12/12/2025       79       197,500       34,069       61,380       (27,311 ) 

3 Month SOFR

     96.125       12/12/2025       72       180,000       36,900       75,741       (38,841 ) 

3 Month SOFR

     96.313       12/12/2025       78       195,000       62,888       67,428       (4,540 ) 

3 Month SOFR

     96.438       03/13/2026       75       187,500       64,688       63,897       791  

3 Month SOFR

     96.500       03/13/2026       70       175,000       66,937       71,011       (4,074 ) 

3 Month SOFR

     96.938       03/13/2026       59       147,500       101,038       67,966       33,072  

3 Month SOFR

     96.625       06/12/2026       813       2,032,500       868,894       1,302,686       (433,792 ) 

3 Month SOFR

     97.000       06/12/2026       1,676       4,190,000       2,765,400       2,492,735       272,665  

3 Month SOFR

     96.125       09/11/2026       802       2,005,000       476,188       1,226,121       (749,933 ) 

3 Month SOFR

     96.375       09/11/2026       1,679       4,197,500       1,353,694       2,539,225       (1,185,531 ) 

3 Month SOFR

     96.125       12/11/2026       818       2,045,000       572,600       1,238,828       (666,228 ) 

3 Month SOFR

     96.500       12/11/2026       806       2,015,000       821,113       1,200,505       (379,392 ) 

3 Month SOFR

     96.625       12/11/2026       787       1,967,500       905,050       1,184,144       (279,094 ) 

3 Month SOFR

     96.750       03/12/2027       776       1,940,000       1,086,400       1,078,221       8,179  

3 Month SOFR

     97.000       03/12/2027       757       1,892,500       1,301,094       1,174,834       126,260  

 

  
        14,538     $ 36,345,000     $ 11,152,547     $ 19,885,679     $ (8,733,132 ) 

 

  

Total purchased option contracts

 

     29,076     $ 72,690,000     $ 26,082,903     $ 38,306,683     $ (12,223,780 ) 

 

  

Written option contracts

 

  

Calls

 

    

10 Year U.S. Treasury Notes

     111.250       06/04/2025       (336)       (336,000 )      (42,000 )      (4,595 )      (37,405 ) 

10 Year U.S. Treasury Notes

     111.750       06/04/2025       (1,007)       (1,007,000 )      (31,469 )      (24,208 )      (7,261 ) 

10 Year U.S. Treasury Notes

     112.000       06/04/2025       (335)       (335,000 )      (5,234 )      (4,581 )      (653 ) 

10 Year U.S. Treasury Notes

     112.250       06/04/2025       (333)       (333,000 )      (333 )      (4,554 )      4,221  

10 Year U.S. Treasury Notes

     112.250       06/06/2025       (339)       (339,000 )      (5,297 )      (4,636 )      (661 ) 

10 Year U.S. Treasury Notes

     112.750       06/06/2025       (339)       (339,000 )      (5,297 )      (9,933 )      4,636  

 

  
        (2,689)     $ (2,689,000 )    $ (89,630 )    $ (52,507 )    $ (37,123 ) 

 

  

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

 

Description  

Exercise

Price

    

Expiration

Date

    

Number of

Contracts

  

Notional

Amount

    

Market

Value

     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Written option contracts (continued)

 

  

Puts

              

10 Year U.S. Treasury Notes

   $ 108.500       06/04/2025     (672)   $ (672,000 )    $ (672 )    $ (14,486 )    $ 13,814  

10 Year U.S. Treasury Notes

     109.000       06/04/2025     (672)     (672,000 )      (4,704 )      (24,935 )      20,231  

10 Year U.S. Treasury Notes

     109.250       06/04/2025     (335)     (335,000 )      (335 )      (4,581 )      4,246  

10 Year U.S. Treasury Notes

     109.500       06/04/2025     (335)     (335,000 )      (5,233 )      (9,815 )      4,582  

10 Year U.S. Treasury Notes

     109.000       06/06/2025     (339)     (339,000 )      (5,297 )      (4,636 )      (661 ) 

10 Year U.S. Treasury Notes

     109.500       06/06/2025     (339)      (339,000 )      (10,594 )      (15,230 )      4,636  

 

  
      (2,692)   $ (2,692,000 )    $ (26,835 )    $ (73,683 )    $ 46,848  

 

  

Total written option contracts

 

   (5,381)   $ (5,381,000 )    $ (116,465 )    $ (126,190 )    $ 9,725  

 

  

TOTAL

 

   23,695   $ 67,309,000     $ 25,966,438     $ 38,180,493     $ (12,214,055 ) 

 

  

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

EUR  

— Euro

GBP  

— British Pound

JPY  

— Japanese Yen

NZD  

— New Zealand Dollar

USD  

— U.S. Dollar

Abbreviations:
MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

SOFR  

— Secured Overnight Financing Rate

 

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Consolidated Schedule of Investments

May 31, 2025 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		     Value
U.S. Treasury Obligations(a) – 71.5%

U.S. Treasury Bills

$

     25,000,000       0.000 %      06/03/25     $ 24,997,068
    26,000,000       0.000       06/17/25     25,954,173
    25,000,000       0.000       06/24/25     24,935,557
    30,000,000       0.000       07/01/25     29,898,439
    30,000,000       0.000       07/15/25     29,849,027
    9,500,000       0.000       07/29/25     9,436,457
    25,000,000       0.000       07/31/25     24,826,956
    7,708,600       0.000       08/07/25     7,648,822
    31,719,701       0.000       08/19/25     31,428,804
    23,040,000       0.000       08/26/25     22,809,660
    23,060,400       0.000       09/04/25     22,806,510
    30,000,000       0.000       09/23/25     29,602,519
    31,100,000       0.000       10/02/25     30,657,624
    30,000,000       0.000       10/16/25     29,526,086

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $344,349,915)

 

   $344,377,702

 

Shares  

Dividend

Rate

   Value
Investment Companies(b) – 24.3%

Goldman Sachs Financial Square Government Fund — Institutional Shares

5,332,874

   4.216%   $  5,332,874

 

Shares  

Dividend

Rate

   Value
Investment Companies(b) – (continued)

Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares

111,517,489

   4.152%   $111,517,489

 

TOTAL INVESTMENT COMPANIES

(Cost $ 116,850,363)

   $116,850,363

 

TOTAL INVESTMENTS – 95.8%

(Cost $ 461,200,278)

   $461,228,065

 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 4.2%

   20,398,552

 

NET ASSETS – 100.0%   $481,626,617

 

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

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

Description      Number of
Contracts		      Expiration
Date		      Notional
Amount		        Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                    

10 Year U.S. Treasury Notes

      41      09/19/25      $ 4,540,750        $ 3,337  

2 Year U.S. Treasury Notes

      1,541      09/30/25        319,661,188          291,927  

5 Year U.S. Treasury Notes

      1,492      09/30/25        161,415,750          573,764  

S&P 500 E-Mini Index

      7      06/20/25        2,070,600          1,771  

 

  

TOTAL FUTURES CONTRACTS

                     $ 870,799  

 

  

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

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

 

Description    Exercise
Price		     Expiration
Date		     Number of
Contracts		     Notional
Amount		     Market
Value		     Premiums Paid
(Received)
by Fund		     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

          

Puts

               

S&P 500 Index

    $ 3,800.000       06/02/2025       1     $ 380,000     $ 3     $ 157     $ (154 ) 

S&P 500 Index

      5,820.000       06/02/2025       3       1,746,000       1,020       4,661       (3,641 ) 

S&P 500 Index

      3,800.000       06/03/2025       1       380,000       2       191       (189 ) 

S&P 500 Index

      5,820.000       06/03/2025       2       1,164,000       1,540       3,345       (1,805 ) 

S&P 500 Index

      3,800.000       06/04/2025       1       380,000       2       211       (209 ) 

S&P 500 Index

      5,820.000       06/04/2025       2       1,164,000       2,360       4,202       (1,842 ) 

S&P 500 Index

      3,800.000       06/05/2025       1       380,000       2       194       (192 ) 

S&P 500 Index

      5,820.000       06/05/2025       2       1,164,000       3,210       5,531       (2,321 ) 

S&P 500 Index

      3,900.000       06/06/2025       1       390,000       2       166       (164 ) 

S&P 500 Index

      3,800.000       06/09/2025       2       760,000       15       292       (277 ) 

S&P 500 Index

      4,000.000       06/10/2025       2       800,000       10       232       (222 ) 

S&P 500 Index

      4,200.000       06/11/2025       5       2,100,000       87       605       (518 ) 

S&P 500 Index

      4,200.000       06/12/2025       8       3,360,000       180       968       (788 ) 

S&P 500 Index

      4,250.000       06/13/2025       12       5,100,000       330       1,609       (1,279 ) 

S&P 500 Index

      4,200.000       06/16/2025       16       6,720,000       520       1,696       (1,176 ) 

S&P 500 Index

      4,400.000       06/17/2025       23       10,120,000       1,265       2,911       (1,646 ) 

S&P 500 Index

      4,125.000       06/20/2025       40       16,500,000       2,100       6,561       (4,461 ) 

S&P 500 Index

      4,275.000       06/20/2025       30       12,825,000       2,100       4,485       (2,385 ) 

S&P 500 Index

      4,000.000       06/23/2025       47       18,800,000       2,585       7,078       (4,493 ) 

S&P 500 Index

      3,800.000       06/24/2025       52       19,760,000       2,340       8,735       (6,395 ) 

S&P 500 Index

      4,000.000       06/25/2025       55       22,000,000       3,850       6,391       (2,541 ) 

S&P 500 Index

      4,075.000       06/30/2025       57       23,227,500       6,270       8,322       (2,052 ) 

S&P 500 Index

      4,100.000       06/30/2025       61       25,010,000       7,015       8,151       (1,136 ) 

S&P 500 Index

      4,150.000       06/30/2025       62       25,730,000       7,285       9,939       (2,654 ) 

 

  

Total purchased option contracts

 

     486     $ 199,960,500     $ 44,093     $ 86,633     $ (42,540 ) 

 

  

Written option contracts

 

            

Puts

               

S&P 500 Index

      5,250.000       06/02/2025       (336)       (176,400,000 )      (1,680 )      (76,524 )      74,844  

S&P 500 Index

      5,540.000       06/03/2025       (339)       (187,806,000 )      (6,780 )      (43,307 )      36,527  

S&P 500 Index

      5,560.000       06/04/2025       (333)       (185,148,000 )      (9,990 )      (40,876 )      30,886  

S&P 500 Index

      5,550.000       06/05/2025       (334)       (185,370,000 )      (15,865 )      (54,359 )      38,494  

S&P 500 Index

      5,550.000       06/06/2025       (325)       (180,375,000 )      (31,688 )      (85,394 )      53,706  

 

  

Total written option contracts

 

     (1,667)     $ (915,099,000 )    $ (66,003 )    $ (300,460 )    $ 234,457  

 

  

TOTAL

 

     (1,181)     $ (715,138,500 )    $ (21,910 )    $ (213,827 )    $ 191,917  

 

  

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description   

Exercise

Price

     Expiration
Date		     Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid

(Received)
by Fund

    

Unrealized

Appreciation/
(Depreciation)

  

 

  

Purchased option contracts

 

      

Calls

               

3 Month SOFR

    $ 96.063       06/13/2025     15   $ 37,500     $ 94     $ 14,660     $ (14,566 ) 

3 Month SOFR

      96.250       06/13/2025     29     72,500       181       14,205       (14,024 ) 

3 Month SOFR

      96.375       06/13/2025     29     72,500       181       12,392       (12,211 ) 

3 Month SOFR

      96.563       06/13/2025     13     32,500       81       13,513       (13,432 ) 

3 Month SOFR

      96.125       09/12/2025     16     40,000       3,500       13,831       (10,331 ) 

3 Month SOFR

      96.250       09/12/2025     13     32,500       2,194       14,326       (12,132 ) 

3 Month SOFR

      96.750       09/12/2025     29     72,500       2,175       15,655       (13,480 ) 

3 Month SOFR

      97.000       09/12/2025     14     35,000       788       14,553       (13,765 ) 

3 Month SOFR

      96.063       12/12/2025     16     40,000       12,100       12,631       (531 ) 

3 Month SOFR

      96.125       12/12/2025     15     37,500       10,313       13,530       (3,217 ) 

3 Month SOFR

      96.313       12/12/2025     17     42,500       8,818       14,908       (6,090 ) 

3 Month SOFR

      96.438       03/13/2026     16     40,000       13,300       13,631       (331 ) 

3 Month SOFR

      96.500       03/13/2026     15     37,500       11,625       14,654       (3,029 ) 

3 Month SOFR

      96.938       03/13/2026     13     32,500       5,931       14,000       (8,069 ) 

 

  
  250   $ 625,000     $ 71,281     $ 196,489     $ (125,208 ) 

 

  

Puts

               

3 Month SOFR

      94.500       06/13/2025     29     72,500       181       15,292       (15,111 ) 

3 Month SOFR

      94.750       06/13/2025     29     72,500       181       11,667       (11,486 ) 

3 Month SOFR

      96.063       06/13/2025     15     37,500       14,063       14,285       (222 ) 

3 Month SOFR

      96.563       06/13/2025     13     32,500       28,438       13,838       14,600  

3 Month SOFR

      95.000       09/12/2025     29     72,500       181       12,030       (11,849 ) 

3 Month SOFR

      96.125       09/12/2025     16     40,000       11,600       14,731       (3,131 ) 

3 Month SOFR

      96.250       09/12/2025     13     32,500       12,838       13,188       (350 ) 

3 Month SOFR

      97.000       09/12/2025     14     35,000       38,325       15,602       22,723  

3 Month SOFR

      96.063       12/12/2025     16     40,000       6,900       12,431       (5,531 ) 

3 Month SOFR

      96.125       12/12/2025     15     37,500       7,688       15,780       (8,092 ) 

3 Month SOFR

      96.313       12/12/2025     17     42,500       13,706       14,696       (990 ) 

3 Month SOFR

      96.438       03/13/2026     16     40,000       13,800       13,631       169  

3 Month SOFR

      96.500       03/13/2026     15     37,500       14,344       15,217       (873 ) 

3 Month SOFR

      96.938       03/13/2026     13     32,500       22,263       14,976       7,287  

 

  
       250   $ 625,000     $ 184,508     $ 197,364     $ (12,856 ) 

 

  

Total purchased option contracts

 

   500   $ 1,250,000     $ 255,789     $ 393,853     $ (138,064 ) 

 

  

Written option contracts

 

            

Calls

               

10 Year U.S. Treasury Notes

      111.250       06/04/2025     (74)     (74,000 )      (9,250 )      (1,012 )      (8,238 ) 

10 Year U.S. Treasury Notes

      111.750       06/04/2025     (223)     (223,000 )      (6,969 )      (5,377 )      (1,592 ) 

10 Year U.S. Treasury Notes

      112.000       06/04/2025     (74)     (74,000 )      (1,156 )      (1,012 )      (144 ) 

10 Year U.S. Treasury Notes

      112.250       06/04/2025     (74)     (74,000 )      (74 )      (1,012 )      938  

10 Year U.S. Treasury Notes

      112.250       06/06/2025     (72)     (72,000 )      (1,125 )      (985 )      (140 ) 

10 Year U.S. Treasury Notes

      112.750       06/06/2025     (72)     (72,000 )      (1,125 )      (2,110 )      985  

 

  
       (589)   $ (589,000 )    $ (19,699 )    $ (11,508 )    $ (8,191 ) 

 

  

Puts

               

10 Year U.S. Treasury Notes

      108.500       06/04/2025     (148)     (148,000 )      (148 )      (3,180 )      3,032  

10 Year U.S. Treasury Notes

      109.000       06/04/2025     (148)     (148,000 )      (1,036 )      (5,481 )      4,445  

10 Year U.S. Treasury Notes

      109.250       06/04/2025     (74)     (74,000 )      (74 )      (1,012 )      938  

10 Year U.S. Treasury Notes

      109.500       06/04/2025     (74)     (74,000 )      (1,156 )      (2,168 )      1,012  

10 Year U.S. Treasury Notes

      109.000       06/06/2025     (72)     (72,000 )      (1,125 )      (984 )      (141 ) 

10 Year U.S. Treasury Notes

      109.500       06/06/2025     (72)     (72,000 )      (2,250 )      (3,235 )      985  

 

  
       (588)   $ (588,000 )    $ (5,789 )    $ (16,060 )    $ 10,271  

 

  

Total written option contracts

 

   (1,177)   $ (1,177,000 )    $ (25,488 )    $ (27,568 )    $ 2,080  

 

  

TOTAL

 

   (677)   $ 73,000     $ 230,301     $ 366,285     $ (135,984 ) 

 

  

 

 

Abbreviation:
SOFR   — Secured Overnight Financing Rate

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments

May 31, 2025 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Sovereign Debt Obligations – 3.1%

British Pound – 3.1%

U.K. Gilts

GBP

     104,064,815       4.375 %    03/07/30   $  141,626,397
(Cost $139,640,213)  

 

Agency Debentures(a) – 0.0%

Sovereign – 0.0%

Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.010%)

$

     166,000       4.490 %    08/07/25   $      166,023
(Cost $166,000)  

 

U.S. Treasury Obligations – 8.2%

U.S. Treasury Bills(c)

$

     38,081,900       0.000 %(b)    07/22/25   $   37,858,957
    3,659,000       0.000 (b)    08/28/25   3,621,552
    65,208,000       0.000     03/19/26   63,105,101
    82,199,600       0.000     04/16/26   79,329,311

U.S. Treasury Floating Rate Notes(a)

(3 mo. Treasury money market yield + 0.170%)

    30,353,500       4.471     10/31/25   30,363,290

(3 mo. Treasury money market yield + 0.245%)

    33,193,300       4.546     01/31/26   33,227,745

(3 mo. Treasury money market yield + 0.150%)

    36,475,900       4.451     04/30/26   36,488,298

(3 mo. Treasury money market yield + 0.182%)

    1,567,800       4.483     07/31/26   1,569,227

U.S. Treasury Notes

    76,021,000       0.250     09/30/25   75,011,346
    6,870,900       4.250 (b)    10/15/25   6,868,484

 

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $367,584,185)		   $  367,443,311

 

Shares     Description   Value
Exchange Traded Funds – 6.4%
    167,620       Alerian MLP ETF(d)   $    8,007,208
    1,062,613      
 Health Care Select
Sector SPDR Fund		   140,944,988
    101,897      

 iShares Core MSCI
Emerging Markets
ETF		   5,776,541
    7,288      
 iShares Core S&P
500 ETF		   4,315,589
    86,358       iShares Gold Trust   5,368,013
    39,628      


 iShares iBoxx $
High Yield
Corporate Bond
ETF		   3,153,200
    864,052      
 iShares MSCI
Mexico ETF(d)		   51,990,009
    4,092,499      
 Sprott Physical
Uranium Trust		   65,994,100

 

TOTAL EXCHANGE TRADED FUNDS
(Cost $297,966,375)		   $ 285,549,648

 

Shares  

Dividend

Rate

     Value
Investment Companies(e) – 19.7%

Goldman Sachs Energy Infrastructure Fund — Class R6

  1,537,667     1.600%     $   21,204,425

Goldman Sachs Financial Square Government Fund — Institutional Shares

  858,458,973     4.216      858,458,973

Goldman Sachs MLP Energy Infrastructure Fund — Class R6

  122,795     5.034      4,687,076

 

TOTAL INVESTMENT COMPANIES
(Cost $869,877,179)

 

   $  884,350,474

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 37.4%
(Cost $1,675,067,952)

 

   $1,678,969,830

 

Principal

Amount

   Interest
Rate		    

Maturity

Date

     Value
Short-term Investments – 59.1%

Certificates of Deposit – 7.9%

Banco Santander SA

$

   10,423,000     4.530 %      08/12/25     $   10,423,208
  15,132,000     4.420       05/27/26     15,134,665

(Secured Overnight Financing Rate + 0.240%)

  6,011,000     4.570 (a)      11/03/25     6,011,957

Bank of Montreal

  14,700,000     4.540       12/17/25     14,701,608

(Secured Overnight Financing Rate + 0.400%)

  23,600,000     4.730 (a)(f)      11/07/25     23,623,276
  11,911,000     4.730 (a)(f)      12/22/25     11,923,228
  5,029,000     4.730 (a)      02/06/26     5,032,462

Barclays Bank PLC(a)

  20,725,000     4.670       12/31/25     20,731,669
  15,000,000     4.730       05/08/26     15,003,093

Bayerische Landesbank(a)

(Secured Overnight Financing Rate + 0.390%)

  20,831,000     4.720       01/28/26     20,848,590

(Secured Overnight Financing Rate + 0.530%)

  13,824,000     4.860       04/27/26     13,824,012

BNP Paribas SA

  4,883,000     4.390       10/07/25     4,879,924

Credit Agricole Corporate & Investment Bank SA

  8,332,000     4.640       11/13/25     8,336,617

Credit Industriel et Commercial

  9,000,000     4.600       05/12/26     9,002,674

Deutsche Bank AG

  7,500,000     4.630       11/06/25     7,500,837

(Secured Overnight Financing Rate + 0.400%)

  10,631,000     4.743 (a)      10/21/25     10,636,570

Kookmin Bank

  11,850,000     4.780       11/28/25     11,850,733

(Secured Overnight Financing Rate + 0.300%)

  16,279,000     4.630 (a)      09/19/25     16,279,316

(Secured Overnight Financing Rate + 0.600%)

  14,200,000     4.930 (a)      02/06/26     14,214,400

Landesbank Hessen-Thueringen Girozentrale

  5,636,000     4.540       12/16/25     5,637,810

Lloyds Bank Corporate Markets PLC(c)

  4,334,000     0.000       05/26/26     4,334,317

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Short-term Investments – (continued)

Certificates of Deposit – (continued)

Mitsubishi UFJ Trust & Banking Corp.(a) (Secured Overnight Financing Rate + 0.400%)

$

     5,136,000       4.730 %    08/14/25   $    5,138,671

National Bank of Kuwait

    7,724,000       4.630     08/28/25   7,724,168

(Secured Overnight Financing Rate + 0.590%)

    15,000,000       4.920 (a)    03/26/26   15,006,832

(Secured Overnight Financing Rate + 0.630%)

    18,400,000       4.960 (a)    12/12/25   18,400,132

Standard Chartered Bank

    3,813,973       4.230     10/03/25   3,808,690
    11,358,000       4.650     11/20/25   11,362,523

Swedbank AB(a) (Secured Overnight Financing Rate + 0.400%)

    19,504,000       4.730     04/10/26   19,523,124

Toronto-Dominion Bank

    6,387,000       4.500     10/07/25   6,384,803

(Secured Overnight Financing Rate + 0.450%)

    19,951,000       4.780 (a)    04/23/26   19,973,571
       

 

        357,253,480

 

Commercial Paper – 51.2%

AbbVie, Inc.

    27,389,000       0.000 (c)(g)    09/16/25   27,008,321

Albion Capital Corp. SA/Albion Capital LLC(c)

    25,000,000       0.000     07/02/25   24,898,640
    7,192,000       0.000     07/21/25   7,145,855
    14,758,000       0.000     07/25/25   14,655,934
    14,352,000       0.000     08/20/25   14,207,485

Alimentation Couche-Tard, Inc.(c)(g)

    25,680,000       0.000     07/02/25   25,569,550

Alphabet, Inc.(c)(g)

    25,000,000       0.000     06/13/25   24,958,067
    20,819,000       0.000     06/20/25   20,766,584

American Electric Power Co., Inc.(c)(g)

    17,928,000       0.000     06/27/25   17,863,769

American Honda Finance Corp.(c)

    10,622,000       0.000     08/11/25   10,521,507
    9,502,000       0.000     08/18/25   9,403,531

Antalis SA(c)(g)

    7,457,000       0.000     08/04/25   7,396,382
    15,235,000       0.000     08/06/25   15,107,364

Aon Corp.(c)(g)

    14,000,000       0.000     07/09/25   13,929,430

Apple, Inc.(c)(g)

    30,000,000       0.000     06/17/25   29,935,428

AstraZeneca PLC(c)(g)

    11,024,000       0.000     10/06/25   10,843,334

Atlantic Asset Securitization LLC(g)

    30,000,000       4.640     11/05/25   30,005,790

Bank of New York Mellon

    7,344,000       4.580     03/26/26   7,340,808

Barclays Bank PLC(a)(g)

    7,462,000       4.550     08/05/25   7,462,979

BASF SE(c)(g)

    3,409,000       0.000     07/31/25   3,381,625
    11,333,000       0.000     10/17/25   11,127,988
    14,904,000       0.000     11/07/25   14,594,970

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

BAT International Finance PLC(c)(g)

$

     4,730,000       0.000 %    08/14/25   $    4,684,113
    9,379,000       0.000     10/21/25   9,207,739

Bay Square Funding LLC(c)(g)

    14,109,000       0.000     06/02/25   14,103,887

Bayer Corp.(c)(g)

    24,100,000       0.000     07/16/25   23,952,874

Bell Telephone Co. of Canada or Bell Canada(c)(g)

    4,458,000       0.000     06/12/25   4,450,828
    7,181,000       0.000     06/13/25   7,168,556

Beth Israel Deaconess Medical Center, Inc.(c)

    11,700,000       0.000     08/12/25   11,583,486

BofA Securities, Inc.(c)

    10,000,000       0.000     11/13/25   9,794,296
    7,281,000       0.000     11/25/25   7,120,610

BPCE SA(c)(g)

    4,750,000       0.000     10/28/25   4,662,542
    8,363,000       0.000     11/06/25   8,199,952

Brighthouse Financial Short Term Funding LLC(c)(g)

    27,730,000       0.000     11/25/25   27,113,401

Broadcom, Inc.(c)(g)

    26,272,000       0.000     10/21/25   25,791,012

Cabot Trail Funding LLC(c)(g)

    5,375,000       0.000     07/17/25   5,343,395
    9,823,000       0.000     10/28/25   9,642,137
    24,500,000       0.000     11/10/25   24,010,549

CDP Financial, Inc.(c)(g)

    28,147,000       0.000     11/28/25   27,526,893

Chariot Funding LLC(a)(f)(g) (Secured Overnight Financing Rate + 0.470%)

    30,000,000       4.800     12/15/25   30,015,633

Charles Schwab Corp.(c)(g)

    23,775,000       0.000     11/14/25   23,289,705

Chevron Corp.(c)(g)

    48,550,000       0.000     01/27/26   47,172,166

Collateralized Commercial Paper FLEX Co. LLC(a)(f)(g)

(Secured Overnight Financing Rate + 0.400%)

    13,121,000       4.730     12/02/25   13,126,319

(Secured Overnight Financing Rate + 0.450%)

    15,951,000       4.780     12/10/25   15,958,037

Collateralized Commercial Paper III(c)

    19,000,000       0.000     07/30/25   18,858,137
    9,000,000       0.000     08/04/25   8,927,370
    8,000,000       0.000     08/26/25   7,914,320

Collateralized Commercial Paper V Co. LLC(a)

    15,750,000       4.630     10/31/25   15,751,316

Credit Agricole Corporate & Investment Bank SA(c)

    15,000,000       0.000     09/15/25   14,802,932

Deutsche Bank AG(c)

    15,000,000       0.000     06/02/25   14,994,527
    12,000,000       0.000     07/10/25   11,940,437
    15,000,000       0.000     08/01/25   14,885,850
    10,000,000       0.000     08/14/25   9,908,171
    9,000,000       0.000     09/02/25   8,896,696
    6,000,000       0.000     10/02/25   5,909,568
    15,000,000       0.000     12/02/25   14,645,067

Dexia SA(c)(g)

    38,877,000       0.000     06/26/25   38,750,242

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

Dominion Energy, Inc.(c)(g)

$

     14,093,000       0.000 %    06/13/25   $   14,067,875

eBay, Inc.(c)(g)

    13,811,000       0.000     06/23/25   13,768,385
    250,000       0.000     07/22/25   248,305
    10,303,000       0.000     08/15/25   10,201,601
    27,374,000       0.000     09/09/25   27,017,226

Emerson Electric Co.(c)(g)

    30,389,000       0.000     07/01/25   30,271,999
    5,778,000       0.000     07/14/25   5,746,654
    35,000,000       0.000     07/22/25   34,776,371

Equitable Short Term Funding LLC(c)(g)

    30,405,000       0.000     07/02/25   30,283,955
    7,500,000       0.000     07/07/25   7,465,578
    4,910,000       0.000     09/15/25   4,845,586
    9,588,000       0.000     10/10/25   9,433,104
    14,000,000       0.000     03/09/26   13,532,368

EssilorLuxottica SA(c)(g)

    20,369,000       0.000     06/27/25   20,300,733

Fidelity National Information Services, Inc.(c)(g)

    7,533,000       0.000     06/06/25   7,526,277

First Abu Dhabi Bank PJSC(c)(g)

    25,075,000       0.000     02/12/26   24,301,313

General Motors Financial Co., Inc.(c)(g)

    2,427,000       0.000     06/11/25   2,423,280
    10,000,000       0.000     06/25/25   9,966,400

Gotham Funding Corp.(c)(g)

    15,180,000       0.000     08/05/25   15,055,843
    30,000,000       0.000     08/08/25   29,743,527

GTA Funding LLC(c)(g)

    2,500,000       0.000     07/30/25   2,481,399

Hannover Funding Co. LLC(c)(g)

    18,981,000       0.000     06/06/25   18,964,318
    4,127,000       0.000     07/01/25   4,110,304
    5,985,000       0.000     07/02/25   5,960,026
    10,000,000       0.000     08/20/25   9,895,799

Honeywell International, Inc.(c)(g)

    17,895,000       0.000     08/15/25   17,728,884
    36,110,000       0.000     09/04/25   35,688,188

HSBC USA, Inc.(c)(g)

    10,537,000       0.000     08/27/25   10,419,516
    21,122,000       0.000     09/18/25   20,828,054
    18,253,000       0.000     09/29/25   17,973,735
    338,000       0.000     10/17/25   332,070
    14,886,000       0.000     11/03/25   14,593,365

ING U.S. Funding LLC(a)

    7,149,000       4.530     09/25/25   7,149,509
    7,351,000       4.580     12/23/25   7,351,726

Intel Corp.(c)(g)

    5,923,000       0.000     07/01/25   5,899,052

Intesa Sanpaolo Funding LLC(c)

    16,500,000       0.000     10/03/25   16,223,724

John Deere Financial, Inc.(c)(g)

    16,722,000       0.000     06/27/25   16,665,695

Keurig Dr. Pepper, Inc.(c)(g)

    7,591,000       0.000     06/03/25   7,587,136
    17,200,000       0.000     06/17/25   17,160,239

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

Lloyds Bank PLC(c)(g)

$

     1,000,000       0.000 %    10/03/25   $      984,488

LVMH Moet Hennessy Louis Vuitton SE(c)(g)

    5,000,000       0.000     06/13/25   4,991,594
    11,051,000       0.000     03/12/26   10,681,397

Macquarie Bank Ltd.(a)(g)

    4,943,000       4.540     08/22/25   4,943,169

(Secured Overnight Financing Rate + 0.360%)

    14,110,000       4.690     10/03/25   14,114,758

(Secured Overnight Financing Rate + 0.430%)

    12,593,000       4.760     01/13/26   12,603,413

Mitsubishi UFJ Trust & Banking Corp.(c)

    3,000,000       0.000     06/20/25   2,992,302

Mizuho Bank Ltd.(c)

    14,000,000       0.000     06/16/25   13,970,445

Mondelez International, Inc.(c)(g)

    15,103,000       0.000     06/13/25   15,076,265

Mosaic Co.(c)(g)

    2,865,000       0.000     06/30/25   2,853,553

National Bank of Canada(c)(g)

    21,185,000       0.000     01/16/26   20,600,561

National Grid North America, Inc.(c)(g)

    12,963,000       0.000     07/01/25   12,910,003
    13,263,000       0.000     07/24/25   13,169,959
    15,000,000       0.000     07/25/25   14,892,869

Northrop Grumman Corp.(c)

    7,556,000       0.000     06/10/25   7,545,397
    23,062,000       0.000     07/24/25   22,900,278

NRW Bank(c)(g)

    5,000,000       0.000     09/23/25   4,929,638

Nutrien Ltd.(c)(g)

    9,320,000       0.000     06/11/25   9,305,569
    4,135,000       0.000     06/17/25   4,125,358

Old Line Funding LLC

    30,000,000       4.700     11/14/25   30,000,192

Oracle Corp.(c)(g)

    22,196,000       0.000     06/10/25   22,165,465
    12,141,000       0.000     06/16/25   12,115,141

Paradelle Funding LLC

    4,155,000       0.000 (c)    06/18/25   4,145,372
    12,742,000       0.000 (c)    09/24/25   12,559,603
    14,870,000       4.620 (a)    11/04/25   14,872,663
    30,000,000       4.710 (a)    01/02/26   30,014,670
    4,583,000       0.000 (c)    04/21/26   4,406,804

Parker-Hannifin Corp.(c)(g)

    11,972,000       0.000     06/05/25   11,962,847

PepsiCo, Inc.(c)(g)

    20,106,000       0.000     07/28/25   19,964,639
    50,000,000       0.000     01/26/26   48,630,130

Podium Funding Trust

    6,665,000       0.000 (c)    08/29/25   6,590,564
    4,793,000       4.550 (a)    09/03/25   4,793,395
    4,603,000       0.000 (c)    10/16/25   4,524,898
    4,864,000       0.000 (c)    10/22/25   4,777,848

PPG Industries, Inc.(c)

    7,338,000       0.000     06/30/25   7,308,815

Pure Grove Funding(c)(g)

    25,000,000       0.000     09/12/25   24,676,797

 

 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

Principal

Amount

     Interest
Rate		    

Maturity

Date

   Value
Short-term Investments – (continued)

Commercial Paper – (continued)

$

     10,010,000       0.000 %    10/24/25   $    9,828,907
    29,989,000       0.000     11/24/25   29,333,506
    15,519,000       0.000     01/07/26   15,100,980

Reckitt Benckiser Treasury Services PLC(c)(g)

    15,103,000       0.000     08/20/25   14,946,704
    15,109,000       0.000     08/21/25   14,950,792

Ridgefield Funding Co. LLC(c)(g)

    12,312,000       0.000     10/28/25   12,085,025
    25,000,000       0.000     11/12/25   24,493,047

RWE AG(c)(g)

    30,000,000       0.000     07/24/25   29,784,888
    9,595,000       0.000     08/13/25   9,501,149

Salisbury Receivables Co. LLC(c)(g)

    15,000,000       0.000     06/10/25   14,980,139
    4,567,000       0.000     06/13/25   4,559,299
    6,226,000       0.000     07/11/25   6,194,316
    8,029,000       0.000     07/31/25   7,968,435
    5,213,000       0.000     08/27/25   5,156,552

Schlumberger Investment SA(c)(g)

    35,000,000       0.000     07/11/25   34,822,455

Sheffield Receivables Co. LLC(c)(g)

    15,144,000       0.000     06/12/25   15,120,088

Thunder Bay Funding LLC

    15,000,000       4.700     11/14/25   15,000,096

Toronto-Dominion Bank(c)(g)

    8,288,000       0.000     09/10/25   8,183,860

Toyota Motor Credit Corp.(a) (Secured Overnight Financing Rate + 0.300%)

    18,864,000       4.630     06/23/25   18,866,667

Trinity Health Corp.(c)

    3,637,000       0.000     06/12/25   3,631,336

UBS AG(c)(g)

    14,582,000       0.000     12/03/25   14,250,647

Victory Receivables Corp.(c)(g)

    7,331,000       0.000     07/07/25   7,296,952
    9,767,000       0.000     07/08/25   9,720,444
    15,249,000       0.000     07/28/25   15,139,271

VW Credit, Inc.(c)(g)

    15,000,000       0.000     06/10/25   14,978,624
    12,076,000       0.000     06/16/25   12,049,418
    12,537,000       0.000     06/26/25   12,493,657

Westpac Banking Corp.(a)(g)

    20,322,000       4.730     04/10/26   20,342,192

(Secured Overnight Financing Rate + 0.250%)

    4,556,000       4.580     07/02/25   4,556,660
       

 

        2,298,654,188

 

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,656,195,815)		   $2,655,907,668

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT – 96.5%
(Cost $4,331,263,767)		   $4,334,877,498

 

Shares   Dividend
Rate		   Value
Securities Lending Reinvestment Vehicle(e) – 0.5%

Goldman Sachs Financial Square Government Fund — Institutional Shares

    21,318,752  

   4.216%   $   21,318,752
(Cost $21,318,752)

 

TOTAL INVESTMENTS – 97.0%
(Cost $4,352,748,519)		   $4,356,362,273

 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 3.0%

   133,856,355

 

NET ASSETS – 100.0%   $4,490,218,628

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on May 31, 2025.
(b)   All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(c)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)   All or a portion of security is on loan.
(e)   Represents an affiliated issuer.
(f)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)   Exempt from registration under Rule 144A of the Securities Act of 1933.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com
 

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Gain		  

 

  

BofA Securities LLC

      TRY      375,400,000          USD        9,002,873          06/18/25        $ 379,743  

JPMorgan Securities, Inc.

      TRY      375,400,000          USD        9,004,018          06/18/25          378,598  

MS & Co. Int. PLC

      INR      25,121,500,000          USD           287,985,355          06/18/25          5,370,167  
    

TRY

      1,437,319,000          USD        34,372,232          06/18/25          1,551,616   

 

  

TOTAL

                           $   7,680,124  

 

  

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

       

Currency

Sold

        Settlement
Date		        Unrealized
Loss		  

 

  

MS & Co. Int. PLC

      USD      141,718,036          GBP        106,655,074          06/04/25        $ (1,986,170 ) 
    

USD

         285,431,749          INR        25,121,500,001          06/18/25          (7,923,772 ) 
    

USD

      46,295,885          MXN        955,500,000          06/18/25          (2,852,997 ) 

 

  

TOTAL

                           $ (12,762,939 ) 

 

  

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

 

Description      Number of
Contracts		      Expiration
Date		     

Notional

Amount

        Unrealized
Appreciation/
(Depreciation)		  

 

  

Long position contracts:

                    

10 Year U.S. Treasury Notes

      7,769      09/19/25      $ 860,416,750        $ 4,825,970  

2 Year U.S. Treasury Notes

      6,474      09/30/25        1,342,950,375          1,289,739  

5 Year U.S. Treasury Notes

      5,068      09/30/25        548,294,250          1,876,905  

E-Mini Nasdaq 100 Index

      14      06/20/25        5,985,490          71,328  

E-Mini Russell 2000 Index

      6      06/20/25        620,490          198  

FTSE/JSE Top 40 Index

      635      06/19/25        30,640,317          1,837,097  

IFSC NIFTY 50 Index

      1,223      06/26/25        60,751,302          (700,876 ) 

MEX Bolsa Index

      252      06/20/25        7,532,846          577,316  

S&P 500 E-Mini Index

      45      06/20/25        13,311,000          164,791  

Stoxx Europe 600 Index

      187      06/20/25        5,829,497          10,962  

 

  

TOTAL FUTURES CONTRACTS

                     $ 9,953,430  

 

  

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made

by the Fund

   

Payments
Received by

Fund

      Termination
Date		     

Notional

Amount

(000s)

        Market
Value		     

Upfront
Premium

(Received)
Paid

        Unrealized
Appreciation/
(Depreciation)		  

 

  

12M CPIBR(a)

      8.565%(a)      02/18/30      COP   3,040,000        $ 2,803      $ —        $ 2,803  

12M CPIBR(a)

    8.598(a)      02/18/30        73,400,000          90,382        —          90,382  

12M CPIBR(a)

    8.610(a)      02/18/30        18,991,000          25,520        83          25,437  

12M CPIBR(a)

    8.620(a)      02/18/30        48,290,000          69,417        —          69,417  

12M CPIBR(a)

    8.650(a)      02/18/30        50,429,000          86,667        98          86,569  

12M CPIBR(a)

    8.663(a)      02/18/30        47,300,000          87,051        88          86,963  

12M GBP(b)

    3.815(b)      04/10/30      GBP  220,700          (702,016 )       —          (702,016 ) 

12M GBP(b)

    3.815(b)      04/14/30        260,900          (808,288 )       —          (808,288 ) 

 

  

TOTAL

                   $ (1,148,464 )     $ 269        $ (1,148,733 ) 

 

  

 

(a)   Payments made quarterly.
(b)   Payments made annually.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

 

Reference

Obligation/Index

  

Financing Rate

Paid/(Received) by
the Fund(a)

   Counterparty   Termination
Date#		  

Notional
Amount

(000s)

     Unrealized
Appreciation/
(Depreciation)*		  

 

  
SXDR Index   12MEURO+0.230%   JPMorgan Securities, Inc.   07/02/25   EUR  107,266     $ (3,496,679 ) 

 

  

 

#   The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).
*   There is no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.
(a)   Payments made quarterly.

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

OVER-THE-COUNTER OPTIONS ON EQUITIES

 

Description    Counterparty   Exercise
Price		     Expiration
Date		     Number of
Contracts		    

Notional

Amount

     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contracts

 

        

Calls

 

        

iShares U.S. Real Estate ETF

    UBS AG (London)   $ 111.000       06/20/2025       1,194,615     $ 13,260,226,500     $ 65     $ 281,690     $ (281,625 ) 

iShares U.S. Real Estate ETF

    UBS AG (London)     97.000       06/20/2025       1,493,269       14,484,709,300       569,088       5,326,043       (4,756,955 ) 

 

  

Total purchased option contracts

 

     2,687,884     $ 27,744,935,800     $ 569,153     $ 5,607,733     $ (5,038,580 ) 

 

  

Written option contracts

 

            

Calls

 

          

iShares U.S. Real Estate ETF

    UBS AG (London)     104.000       06/20/2025       (2,389,230)       (24,847,992,000 )      (13,650 )      (2,461,863 )      2,448,213  

 

  

Puts

 

            

TOPX Index

    JPMorgan Securities, Inc.     2,503.355       12/19/2025       (9,528,481)       (2,385,317,055,376 )      (4,168,404 )      (6,128,998 )      1,960,594  

SPX Index

    MS & Co. Int. PLC     5,372.725       07/18/2025       (30,588)       (16,434,091,230 )      (949,427 )      (4,307,451 )      3,358,024  

MID Index

    MS & Co. Int. PLC     2,762.116       07/18/2025       (39,425)       (10,889,642,330 )      (1,045,161 )      (3,003,246 )      1,958,085  

 

  
           (9,598,494)     $ (2,412,640,788,936 )    $ (6,162,992 )    $ (13,439,695 )    $ 7,276,703  

 

  

Total written option contracts

 

     (11,987,724)     $ (2,437,488,780,936 )    $ (6,176,642 )    $ (15,901,558 )    $ 9,724,916  

 

  

TOTAL

 

     (9,299,840)     $ (2,409,743,845,136 )    $ (5,607,489 )    $ (10,293,825 )    $ 4,686,336  

 

  

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

 

Consolidated Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

EXCHANGE TRADED OPTIONS ON FUTURES

 

Description   

Exercise

Price

     Expiration
Date		     Number of
Contracts		   Notional
Amount		     Market
Value		    

Premiums Paid
(Received)

by Fund

     Unrealized
Appreciation/
(Depreciation)		  

 

  

Purchased option contract

        

Calls

        

Euro-Bund Futures

    $ 132.500       08/22/2025     2,817   $ 2,817,000     $ 2,910,692     $ 4,895,958     $ (1,985,266 ) 

 

  

Written option contract

        

Calls

        

Euro-Bund Futures

      135.000       08/22/2025     (2,817)     (2,817,000 )      (1,119,497 )      (2,431,979 )      1,312,482  

 

  

TOTAL

        —   $ —     $ 1,791,195     $ 2,463,979     $ (672,784 ) 

 

  

 

 

Currency Abbreviations:
COP   — Colombia Peso
EUR   — Euro
GBP   — British Pound
INR   — Indian Rupee
MXN   — Mexican Peso
TRY   — Turkish Lira
USD   — U.S. Dollar
Investment Abbreviations:
ETF  

— Exchange Traded Fund

LLC  

— Limited Liability Company

MLP  

— Master Limited Partnership

MSCI  

— Morgan Stanley Capital International

PLC  

— Public Limited Company

SPDR  

— Standard and Poor’s Depository Receipt

Abbreviations:
BofA Securities LLC  

— Bank of America Securities LLC

EURO  

— Euro Offered Rate

MS & Co. Int. PLC  

— Morgan Stanley & Co. International PLC

SPX  

— S&P 500 Index

TOPX  

— Tokyo Stock Price Index

 

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

 

GLOBAL MANAGED BETA FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Common Stock and/or Other Equity Investments(a)

           

Africa

      $ 306,822      $ —      $ —  

Asia

        1,584,068        32,911,511        —  

Australia and Oceania

        —        9,570,419        —  

Europe

        7,777,739        84,796,051        —  

North America

        319,297,672        145,528        592  

South America

        133,870        —        —  

Fixed Income

           

U.S. Treasury Obligations

        54,141,601        —        —  

Preferred Stocks

        —        412,945        —  

Exchange Traded Funds

        3,264,481,899        —        —  

Investment Company

        277,380,850        —        —  
Total      $ 3,925,104,521      $    127,836,454      $        592  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(b)

      $ —      $ 2,757,204      $ —  

Futures Contracts(b)

        20,982,064        —        —  

Purchased Option Contracts

        57,329,169        2,996,994        —  
Total      $ 78,311,233      $ 5,754,198      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(b)

      $ —      $ (29,634,882 )     $ —  

Futures Contracts(b)

        (745,459 )       —        —  

Written Option Contracts

        (881,364 )       (299,992 )       —  
Total      $ (1,626,823 )     $ (29,934,874 )     $ —  

 

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

 

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

 

STRATEGIC FACTOR ALLOCATION FUND               
Investment Type       Level 1         Level 2        Level 3  
Assets               

Fixed Income

               

U.S. Treasury Obligations

      $ 1,396,549,512        $ —        $ —  

Investment Company

        654,020,993                       —                  —  
Total      $ 2,050,570,505        $ —        $ —  

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

STRATEGIC FACTOR ALLOCATION FUND (continued)           
Derivative Type      Level 1      Level 2      Level 3  
Assets           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 4,050,552      $         —  

Futures Contracts(a)

        73,100,746        —        —  

Purchased Option Contracts

        26,931,107                     —        —  
Total      $  100,031,853      $ 4,050,552      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (5,539,109 )     $ —  

Futures Contracts(a)

        (2,585,690 )       —        —  

Written Option Contracts

        (1,133,141 )       —        —  
Total      $ (3,718,831 )     $ (5,539,109 )     $ —  

 

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

 

STRATEGIC VOLATILITY PREMIUM FUND             
Investment Type      Level 1      Level 2        Level 3  
Assets

 

Fixed Income

             

U.S. Treasury Obligations

      $  344,377,702      $ —        $         —  

Investment Companies

        116,850,363        —          —  
Total      $ 461,228,065      $              —        $ —  
Derivative Type                            
Assets             

Futures Contracts(a)

      $ 870,799      $ —        $ —  

Purchased Option Contracts

        299,882        —          —  
Total      $ 1,170,681      $ —        $ —  
Liabilities             

Written Option Contracts

      $ (91,491 )     $ —        $ —  

 

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

TACTICAL TILT OVERLAY FUND           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

           

U.S. Treasury Obligations

      $ 367,443,311      $ —      $         —  

Sovereign Debt Obligations

        141,626,397        —        —  

Agency Debentures

        —        166,023        —  

Securities Lending Reinvestment Vehicle

        21,318,752                    —        —  

Exchange Traded Funds

        285,549,648        —        —  

Investment Companies

        884,350,474        —        —  

Short-term Investments

        —        2,655,907,668        —  
Total      $ 1,700,288,582      $ 2,656,073,691      $ —  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ 7,680,124      $ —  

Futures Contracts(a)

        10,654,306        —        —  

Interest Rate Swap Contracts(a)

        —        361,571        —  

Purchased Option Contracts

        2,910,692        569,153        —  
Total      $ 13,564,998      $ 8,610,848      $ —  
Liabilities           

Forward Foreign Currency Exchange Contracts(a)

      $ —      $ (12,762,939 )     $ —  

Futures Contracts(a)

        (700,876 )       —        —  

Interest Rate Swap Contracts(a)

        —        (1,510,304 )       —  

Total Return Swap Contracts(a)

        —        (3,496,679 )       —  

Written Option Contracts

        (1,119,497 )       (6,176,642 )       —  
Total      $ (1,820,373 )     $ (23,946,564 )     $ —  

 

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

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

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

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

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

Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Investments in ETFs Risk — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund’s investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds’ investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds’ are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs.

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

 

Schedule of Investments (continued)

May 31, 2025 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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