Goldman Sachs Mid Cap Value Fund (GCMAX) NPORT-P Goldman Sachs Growth Strategy Portfolio (Mar 2024 report)

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments

March 31, 2024 (Unaudited)

Shares		Description	Value
	Underlying Funds – 94.6%
	Dynamic(a) – 2.0%
	1,105,447	Goldman Sachs Managed Futures Strategy Fund — Class R6	$ 11,242,392
	Equity(a) – 15.2%
	752,680	Goldman Sachs Large Cap Value Insights Fund — Class R6	18,704,091
	596,068	Goldman Sachs Large Cap Growth Insights Fund — Class R6	18,579,444
	1,076,389	Goldman Sachs International Equity Insights Fund — Class R6	16,188,890
	321,244	Goldman Sachs Small Cap Equity Insights Fund — Class R6	9,194,008
	910,193	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	7,800,357
	447,374	Goldman Sachs International Small Cap Insights Fund — Class R6	5,806,918
	425,302	Goldman Sachs Global Infrastructure Fund — Class R6	5,290,751
	506,080	Goldman Sachs Global Real Estate Securities Fund — Class R6	4,828,005
			86,392,464
	Exchange Traded Funds – 37.8%
	1,272,263	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)	58,257,559
	741,103	Goldman Sachs MarketBeta U.S. Equity ETF(a)	53,196,373
	348,370	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)	36,157,322
	582,210	Goldman Sachs MarketBeta International Equity ETF(a)	33,056,836
	444,738	Goldman Sachs ActiveBeta International Equity ETF(a)	15,250,066
	265,217	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)	11,478,406
	211,952	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)	6,642,576
	9,054	iShares 7-10 Year Treasury Bond ETF	857,052
			214,896,190

Shares		Description	Value
	Underlying Funds – (continued)
	Fixed Income(a) – 39.6%
	17,264,624	Goldman Sachs Global Core Fixed Income Fund — Class R6	$196,126,131
	1,221,346	Goldman Sachs Inflation Protected Securities Fund — Class R6	11,627,217
	1,020,196	Goldman Sachs High Yield Fund — Class R6	5,702,892
	593,551	Goldman Sachs Emerging Markets Debt Fund — Class R6	5,662,478
	632,890	Goldman Sachs High Yield Floating Rate Fund — Class R6	5,639,048
	19,622	Goldman Sachs Energy Infrastructure Fund — Class R6	241,739
			224,999,505
	TOTAL UNDERLYING FUNDS – 94.6% (Cost $507,968,960)		$537,530,551
Shares		Dividend Rate	Value
	Investment Company(a) – 3.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	16,864,030	5.211%	$ 16,864,030
	(Cost $16,864,030)
	TOTAL INVESTMENTS – 97.6% (Cost $524,832,990)		$554,394,581
	OTHER ASSETS IN EXCESS OF  LIABILITIES – 2.4%		13,676,541
	NET ASSETS – 100.0%		$568,071,122

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	1,397,407		AUD	2,110,000		06/20/24	$	19,302
	USD	2,621,456		CHF	2,280,000		06/20/24		70,517
	USD	714,726		DKK	4,860,000		06/20/24		8,887
	USD	6,566,249		EUR	6,000,000		06/20/24		71,872
	USD	2,820,846		GBP	2,210,000		06/20/24		30,306
	USD	348,650		HKD	2,720,000		06/20/24		324
	USD	67,195		ILS	240,000		06/20/24		1,696
	USD	4,747,400		JPY	689,000,000		06/20/24		139,090
	USD	119,745		NOK	1,250,000		06/20/24		4,386
	USD	36,964		NZD	60,000		06/20/24		1,115
	USD	628,922		SEK	6,450,000		06/20/24		24,320
	USD	225,548		SGD	300,000		06/20/24		2,547
TOTAL								$	374,362

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	HKD	100,000		USD	12,812		06/20/24	$	(6	)
	JPY	127,000,000		USD	873,039		06/20/24		(23,612	)
	USD	122,640		CHF	110,000		06/20/24		(432	)
	USD	10,812		ILS	40,000		06/20/24		(105	)
TOTAL								$	(24,155	)

FUTURES CONTRACTS — At March 31, 2024, the Portfolio 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	171	06/18/24	$	18,946,266	$	111,433
S&P 500 E-Mini Index	90	06/21/24		23,888,250		374,070
TOTAL FUTURES CONTRACTS					$	485,503

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
6M GBP	4.403%	09/12/33	GBP	380	$	25,802

(a) Payments made annually.

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

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
12M IRS	MS & Co. Int. PLC		3.440	%		01/24/2025	400,000	$	400,000		$	12,987		$	14,358		$	(1,371	)
6M IRS	MS & Co. Int. PLC		3.750			08/14/2024	1,700,000		1,700,000			30,821			39,355			(8,534	)
7M IRS	MS & Co. Int. PLC		4.150			09/13/2024	1,740,000		1,740,000			9,336			10,267			(932	)
7M IRS	MS & Co. Int. PLC		3.100			09/13/2024	1,740,000		1,740,000			1,633			2,468			(834	)
7M IRS	MS & Co. Int. PLC		3.500			10/16/2024	670,000		670,000			17,976			16,386			1,589
Total purchased option contracts							6,250,000	$	6,250,000		$	72,753		$	82,834		$	(10,082	)
Written option contracts
Calls
12M IRS	MS & Co. Int. PLC		2.916			01/24/2025	(800,000)		(800,000	)		(11,529	)		(14,434	)		2,905
6M IRS	MS & Co. Int. PLC		3.400			08/14/2024	(1,700,000)		(1,700,000	)		(13,009	)		(20,442	)		7,434
7M IRS	MS & Co. Int. PLC		3.600			09/13/2024	(3,480,000)		(3,480,000	)		(7,596	)		(9,426	)		1,830
7M IRS	MS & Co. Int. PLC		3.100			10/16/2024	(670,000)		(670,000	)		(8,380	)		(7,435	)		(946	)
							(6,650,000)	$	(6,650,000	)	$	(40,514	)	$	(51,737	)	$	11,223
Puts
7M IRS	MS & Co. Int. PLC		4.260			10/16/2024	(670,000)		(670,000	)		(6,139	)		(8,952	)		2,813
Total written option contracts							(7,320,000)	$	(7,320,000	)	$	(46,653	)	$	(60,689	)	$	14,036
TOTAL							(1,070,000)	$	(1,070,000	)	$	26,100		$	22,145		$	3,954

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 contract
Puts
SPX Index	BofA Securities LLC	$	5,241.200		05/24/2024		339	$	177,676,680		$	24,938		$	28,646		$	(3,708	)
Written option contract
Puts
SPX Index	BofA Securities LLC		4,926.728		05/24/2024		(339)		(167,016,079	)		(6,246	)		(7,858	)		1,612
TOTAL							—	$	10,660,601		$	18,692		$	20,788		$	(2,096	)
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 contract
Calls
Call EUR/Put CHF	MS & Co. Int. PLC	$	0.945		06/12/2024		450,000	$	450,000		$	12,231		$	2,507		$	9,724

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date	Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$	5,200.000	04/03/2024	(3)	$	(1,560,000	)	$	(17,505	)	$	(11,302	)	$	(6,203	)
S&P 500 Index		5,300.000	04/10/2024	(2)		(1,060,000	)		(3,920	)		(4,810	)		890
S&P 500 Index		5,300.000	04/17/2024	(2)		(1,060,000	)		(6,260	)		(5,294	)		(966	)
S&P 500 Index		5,320.000	04/24/2024	(2)		(1,064,000	)		(6,910	)		(4,984	)		(1,926	)
S&P 500 Index		5,175.000	04/30/2024	(1)		(517,500	)		(13,120	)		(4,185	)		(8,935	)
S&P 500 Index		5,185.000	04/30/2024	(1)		(518,500	)		(12,370	)		(3,549	)		(8,821	)
S&P 500 Index		5,265.000	04/30/2024	(1)		(526,500	)		(7,060	)		(4,645	)		(2,415	)
S&P 500 Index		5,270.000	04/30/2024	(1)		(527,000	)		(6,780	)		(3,275	)		(3,505	)
S&P 500 Index		5,365.000	04/30/2024	(2)		(1,073,000	)		(5,798	)		(5,798	)		—
S&P 500 Index		5,370.000	04/30/2024	(2)		(1,074,000	)		(5,498	)		(5,498	)		—
S&P 500 Index		5,375.000	04/30/2024	(2)		(1,075,000	)		(5,218	)		(5,198	)		(20	)
S&P 500 Index		5,380.000	04/30/2024	(2)		(1,076,000	)		(4,938	)		(4,918	)		(20	)
S&P 500 Index		5,385.000	04/30/2024	(2)		(1,077,000	)		(4,678	)		(4,658	)		(20	)
S&P 500 Index		5,410.000	05/31/2024	(1)		(541,000	)		(4,930	)		(4,040	)		(890	)
				(24)	$	(12,749,500	)	$	(104,985	)	$	(72,154	)	$	(32,831	)
Puts
S&P 500 Index		5,025.000	04/03/2024	(3)		(1,507,500	)		(90	)		(8,726	)		8,636
S&P 500 Index		5,125.000	04/10/2024	(2)		(1,025,000	)		(1,470	)		(7,581	)		6,111
S&P 500 Index		5,125.000	04/17/2024	(2)		(1,025,000	)		(2,700	)		(8,065	)		5,365
S&P 500 Index		5,160.000	04/24/2024	(2)		(1,032,000	)		(4,930	)		(6,710	)		1,780
S&P 500 Index		4,905.000	04/30/2024	(1)		(490,500	)		(720	)		(7,111	)		6,391
S&P 500 Index		5,015.000	04/30/2024	(1)		(501,500	)		(1,215	)		(4,791	)		3,576
S&P 500 Index		5,020.000	04/30/2024	(1)		(502,000	)		(1,255	)		(5,887	)		4,632
S&P 500 Index		5,120.000	04/30/2024	(1)		(512,000	)		(2,275	)		(4,919	)		2,644
S&P 500 Index		5,190.000	04/30/2024	(2)		(1,038,000	)		(7,178	)		(7,158	)		(20	)
S&P 500 Index		5,195.000	04/30/2024	(2)		(1,039,000	)		(7,438	)		(7,418	)		(20	)
S&P 500 Index		5,200.000	04/30/2024	(2)		(1,040,000	)		(7,678	)		(7,698	)		20
S&P 500 Index		5,205.000	04/30/2024	(2)		(1,041,000	)		(8,140	)		(7,978	)		(162	)
S&P 500 Index		5,210.000	04/30/2024	(2)		(1,042,000	)		(8,258	)		(8,258	)		—
S&P 500 Index		5,110.000	05/31/2024	(1)		(511,000	)		(4,505	)		(7,039	)		2,534
S&P 500 Index		5,140.000	05/31/2024	(1)		(514,000	)		(5,125	)		(6,009	)		884
				(25)	$	(12,820,500	)	$	(62,977	)	$	(105,348	)	$	42,371
Total written option contracts				(49)	$	(25,570,000	)	$	(167,962	)	$	(177,502	)	$	9,540

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (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 Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	95.125		06/14/2024	35	$	87,500	$	1,750	$	124,200	$	(122,450	)
3 Month SOFR		95.375		06/14/2024	12		30,000		375		44,101		(43,726	)
3 Month SOFR		97.250		06/14/2024	66		165,000		413		63,855		(63,442	)
3 Month SOFR		97.750		06/14/2024	214		535,000		1,338		324,377		(323,039	)
3 Month SOFR		98.500		06/14/2024	226		565,000		1,413		33,774		(32,361	)
3 Month SOFR		95.250		09/13/2024	32		80,000		10,400		129,170		(118,770	)
3 Month SOFR		95.375		09/13/2024	12		30,000		3,075		48,937		(45,862	)
3 Month SOFR		96.000		09/13/2024	46		115,000		5,750		65,358		(59,608	)
3 Month SOFR		97.250		09/13/2024	99		247,500		4,950		132,569		(127,619	)
3 Month SOFR		96.250		12/13/2024	50		125,000		14,063		78,717		(64,654	)
3 Month SOFR		97.250		12/13/2024	181		452,500		20,363		291,998		(271,635	)
3 Month SOFR		98.000		12/13/2024	111		277,500		6,244		22,458		(16,214	)
3 Month SOFR		96.500		03/14/2025	53		132,500		23,850		89,746		(65,896	)
3 Month SOFR		97.000		03/14/2025	97		242,500		26,069		128,750		(102,681	)
3 Month SOFR		97.250		03/14/2025	162		405,000		35,437		296,628		(261,191	)
3 Month SOFR		98.000		03/14/2025	73		182,500		7,756		22,982		(15,226	)
3 Month SOFR		96.250		06/13/2025	67		167,500		61,137		95,080		(33,943	)
3 Month SOFR		96.625		06/13/2025	54		135,000		34,762		93,046		(58,284	)
3 Month SOFR		97.250		06/13/2025	126		315,000		44,100		155,988		(111,888	)
3 Month SOFR		96.500		09/12/2025	100		250,000		97,500		135,619		(38,119	)
3 Month SOFR		96.625		09/12/2025	51		127,500		44,625		94,864		(50,239	)
3 Month SOFR		97.500		09/12/2025	145		362,500		54,375		163,461		(109,086	)
3 Month SOFR		96.500		12/12/2025	89		222,500		105,131		137,994		(32,863	)
3 Month SOFR		97.500		12/12/2025	134		335,000		63,650		161,111		(97,461	)
3 Month SOFR		96.625		03/13/2026	62		155,000		74,400		92,369		(17,969	)
3 Month SOFR		96.750		03/13/2026	32		80,000		34,600		52,074		(17,474	)
3 Month SOFR		96.625		06/12/2026	59		147,500		77,437		93,062		(15,625	)
3 Month SOFR		96.750		06/12/2026	33		82,500		39,187		51,227		(12,040	)
3 Month SOFR		96.625		09/11/2026	56		140,000		79,100		93,230		(14,130	)
Total purchased option contracts					2,477	$	6,192,500	$	973,250	$	3,316,745	$	(2,343,495	)
TOTAL					2,477	$	6,192,500	$	973,250	$	3,316,745	$	(2,343,495	)

Currency Abbreviations:
AUD	— Australian 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:
ETF	— Exchange Traded Fund

 

GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
12M IRS	— 12 Months Interest Rate Swaptions
6M IRS	— 6 Month Interest Rate Swaptions
7M IRS	— 7 Month Interest Rate Swaptions
BofA Securities LLC	— Bank of America Securities LLC
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate

 

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments

March 31, 2024 (Unaudited)

Shares		Description	Value
	Underlying Funds – 94.8%
	Dynamic(a) – 2.0%
	1,722,737	Goldman Sachs Managed Futures Strategy Fund — Class R6	$17,520,233
	Equity(a) – 19.5%
	1,728,469	Goldman Sachs Large Cap Value Insights Fund — Class R6	42,952,451
	1,371,736	Goldman Sachs Large Cap Growth Insights Fund — Class R6	42,757,001
	2,317,589	Goldman Sachs International Equity Insights Fund — Class R6	34,856,540
	1,979,668	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	16,965,759
	470,733	Goldman Sachs Small Cap Equity Insights Fund — Class R6	13,472,377
	708,906	Goldman Sachs International Small Cap Insights Fund — Class R6	9,201,598
	419,337	Goldman Sachs Global Infrastructure Fund — Class R6	5,216,548
	539,085	Goldman Sachs Global Real Estate Securities Fund — Class R6	5,142,875
			170,565,149
	Exchange Traded Funds – 52.8%
	2,051,957	Goldman Sachs MarketBeta U.S. Equity ETF(a)	147,289,474
	804,694	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)	83,519,190
	1,337,004	Goldman Sachs MarketBeta International Equity ETF(a)	75,912,681
	1,542,674	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)	70,639,814
	1,015,718	Goldman Sachs ActiveBeta International Equity ETF(a)	34,828,970
	759,136	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)	32,854,875
	514,700	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)	16,130,698
	11,781	iShares 7-10 Year Treasury Bond ETF	1,115,189
			462,290,891

Shares		Description	Value
	Underlying Funds – (continued)
	Fixed Income(a) – 20.5%
	12,577,101	Goldman Sachs Global Core Fixed Income Fund — Class R6	$142,875,863
	1,001,570	Goldman Sachs Inflation Protected Securities Fund — Class R6	9,534,950
	944,148	Goldman Sachs Emerging Markets Debt Fund — Class R6	9,007,172
	1,007,065	Goldman Sachs High Yield Floating Rate Fund — Class R6	8,972,948
	1,517,355	Goldman Sachs High Yield Fund — Class R6	8,482,017
	22,819	Goldman Sachs Energy Infrastructure Fund — Class R6	281,127
			179,154,077
	TOTAL UNDERLYING FUNDS – 94.8% (Cost $733,685,047)		$829,530,350
Shares		Dividend Rate	Value
	Investment Company(a) – 2.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	19,459,937	5.211%	$ 19,459,937
	(Cost $19,459,937)
	TOTAL INVESTMENTS – 97.0% (Cost $753,144,984)		$848,990,287
	OTHER ASSETS IN EXCESS OF  LIABILITIES – 3.0%		25,996,077
	NET ASSETS – 100.0%		$874,986,364

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	2,385,012		AUD	3,600,000		06/20/24	$	33,743
	USD	4,150,213		CHF	3,610,000		06/20/24		111,225
	USD	1,219,476		DKK	8,290,000		06/20/24		15,482
	USD	11,187,001		EUR	10,220,000		06/20/24		124,912
	USD	4,813,249		GBP	3,770,000		06/20/24		52,915
	USD	612,701		HKD	4,780,000		06/20/24		570
	USD	123,191		ILS	440,000		06/20/24		3,109
	USD	8,102,903		JPY	1,175,000,000		06/20/24		244,031
	USD	201,385		NOK	2,100,000		06/20/24		7,580
	USD	61,606		NZD	100,000		06/20/24		1,858
	USD	1,068,605		SEK	10,950,000		06/20/24		42,187
	USD	391,062		SGD	520,000		06/20/24		4,527
TOTAL								$	642,139
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	HKD	310,000		USD	39,716		06/20/24	$	(17	)
	JPY	159,000,000		USD	1,093,018		06/20/24		(29,562	)
	USD	111,491		CHF	100,000		06/20/24		(392	)
	USD	10,812		ILS	40,000		06/20/24		(105	)
TOTAL								$	(30,076	)

FUTURES CONTRACTS — At March 31, 2024, the Portfolio 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	239	06/18/24	$	26,480,453	$	146,882
S&P 500 E-Mini Index	96	06/21/24		25,480,800		399,008
TOTAL FUTURES CONTRACTS					$	545,890

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
12M SONIA	4.403%	09/12/33	GBP	490	$	33,270

(a) Payments made annually.

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

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	MS & Co. Int. PLC		3.440	%		01/24/2025		490,000	$	490,000		$	15,910		$	17,588		$	(1,678	)
6M IRS	MS & Co. Int. PLC		3.750			08/14/2024		2,130,000		2,130,000			38,616			49,309			(10,693	)
7M IRS	MS & Co. Int. PLC		3.100			09/13/2024		2,130,000		2,130,000			2,000			3,021			(1,021	)
7M IRS	MS & Co. Int. PLC		4.150			09/13/2024		2,130,000		2,130,000			11,428			12,569			(1,141	)
7M IRS	MS & Co. Int. PLC		3.500			10/16/2024		850,000		850,000			22,805			20,789			2,016
Total purchased option contracts								7,730,000	$	7,730,000		$	90,759		$	103,276		$	(12,517	)
Written option contracts
Calls
1Y IRS	MS & Co. Int. PLC		2.916			01/24/2025		(980,000)		(980,000	)		(14,123	)		(17,682	)		3,559
6M IRS	MS & Co. Int. PLC		3.400			08/14/2024		(2,130,000)		(2,130,000	)		(16,299	)		(25,613	)		9,314
7M IRS	MS & Co. Int. PLC		3.600			09/13/2024		(4,260,000)		(4,260,000	)		(9,299	)		(11,538	)		2,239
7M IRS	MS & Co. Int. PLC		3.100			10/16/2024		(850,000)		(850,000	)		(10,632	)		(9,432	)		(1,200	)
								(8,220,000)	$	(8,220,000	)	$	(50,353	)	$	(64,265	)	$	13,912
Puts
7M IRS	MS & Co. Int. PLC		4.260			10/16/2024		(850,000)		(850,000	)		(7,789	)		(11,357	)		3,568
Total written option contracts								(9,070,000)	$	(9,070,000	)	$	(58,142	)	$	(75,622	)	$	17,480
TOTAL								(1,340,000)	$	(1,340,000	)	$	32,617		$	27,654		$	4,963
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 contract
Puts
SPX Index	BofA Securities LLC	$	5,241.200			05/24/2024		417	$	218,558,040		$	30,676		$	35,236		$	(4,560	)
Written option contract
Puts
SPX Index	BofA Securities LLC		4,926.728			05/24/2024		(417)		(205,444,558	)		(7,684	)		(9,666	)		1,982
TOTAL								—	$	13,113,482		$	22,992		$	25,570		$	(2,578	)
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 contract
Calls
Call EUR/Put CHF	MS & Co. Int. PLC	$	0.945			06/12/2024		580,000	$	580,000		$	15,765		$	3,232		$	12,533

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$	5,200.000		04/03/2024	(6)	$	(3,120,000	)	$	(35,010	)	$	(22,604	)	$	(12,406	)
S&P 500 Index		5,300.000		04/10/2024	(6)		(3,180,000	)		(11,760	)		(14,431	)		2,671
S&P 500 Index		5,300.000		04/17/2024	(6)		(3,180,000	)		(18,780	)		(15,881	)		(2,899	)
S&P 500 Index		5,320.000		04/24/2024	(6)		(3,192,000	)		(20,730	)		(14,953	)		(5,777	)
S&P 500 Index		5,175.000		04/30/2024	(1)		(517,500	)		(13,120	)		(4,799	)		(8,321	)
S&P 500 Index		5,185.000		04/30/2024	(1)		(518,500	)		(12,370	)		(3,549	)		(8,821	)
S&P 500 Index		5,265.000		04/30/2024	(2)		(1,053,000	)		(14,120	)		(9,289	)		(4,831	)
S&P 500 Index		5,270.000		04/30/2024	(2)		(1,054,000	)		(13,560	)		(6,550	)		(7,010	)
S&P 500 Index		5,340.000		04/30/2024	(1)		(534,000	)		(3,560	)		(2,906	)		(654	)
S&P 500 Index		5,350.000		04/30/2024	(1)		(535,000	)		(3,195	)		(3,090	)		(105	)
S&P 500 Index		5,365.000		04/30/2024	(5)		(2,682,500	)		(14,495	)		(14,495	)		—
S&P 500 Index		5,370.000		04/30/2024	(5)		(2,685,000	)		(13,745	)		(13,745	)		—
S&P 500 Index		5,375.000		04/30/2024	(5)		(2,687,500	)		(13,045	)		(13,045	)		—
S&P 500 Index		5,380.000		04/30/2024	(5)		(2,690,000	)		(12,345	)		(12,345	)		—
S&P 500 Index		5,385.000		04/30/2024	(5)		(2,692,500	)		(11,695	)		(11,695	)		—
S&P 500 Index		5,405.000		05/31/2024	(1)		(540,500	)		(5,110	)		(4,099	)		(1,011	)
S&P 500 Index		5,410.000		05/31/2024	(2)		(1,082,000	)		(9,860	)		(8,081	)		(1,779	)
S&P 500 Index		5,420.000		05/31/2024	(1)		(542,000	)		(4,600	)		(4,077	)		(523	)
					(61)	$	(32,486,000	)	$	(231,100	)	$	(179,634	)	$	(51,466	)
Puts
S&P 500 Index		5,025.000		04/03/2024	(6)		(3,015,000	)		(180	)		(17,451	)		17,271
S&P 500 Index		5,125.000		04/10/2024	(6)		(3,075,000	)		(4,410	)		(22,744	)		18,334
S&P 500 Index		5,125.000		04/17/2024	(6)		(3,075,000	)		(8,100	)		(24,196	)		16,096
S&P 500 Index		5,160.000		04/24/2024	(6)		(3,096,000	)		(14,790	)		(20,131	)		5,341
S&P 500 Index		4,880.000		04/30/2024	(1)		(488,000	)		(650	)		(6,512	)		5,862
S&P 500 Index		4,890.000		04/30/2024	(1)		(489,000	)		(680	)		(6,019	)		5,339
S&P 500 Index		4,905.000		04/30/2024	(1)		(490,500	)		(720	)		(7,110	)		6,390
S&P 500 Index		5,015.000		04/30/2024	(2)		(1,003,000	)		(2,430	)		(9,582	)		7,152
S&P 500 Index		5,020.000		04/30/2024	(2)		(1,004,000	)		(2,510	)		(11,774	)		9,264
S&P 500 Index		5,120.000		04/30/2024	(2)		(1,024,000	)		(4,550	)		(10,108	)		5,558
S&P 500 Index		5,190.000		04/30/2024	(5)		(2,595,000	)		(17,945	)		(17,945	)		—
S&P 500 Index		5,195.000		04/30/2024	(5)		(2,597,500	)		(18,595	)		(18,595	)		—
S&P 500 Index		5,200.000		04/30/2024	(5)		(2,600,000	)		(19,195	)		(19,195	)		—
S&P 500 Index		5,205.000		04/30/2024	(5)		(2,602,500	)		(20,350	)		(19,945	)		(405	)
S&P 500 Index		5,210.000		04/30/2024	(5)		(2,605,000	)		(20,645	)		(20,695	)		50
S&P 500 Index		5,110.000		05/31/2024	(2)		(1,022,000	)		(9,010	)		(14,249	)		5,239
S&P 500 Index		5,140.000		05/31/2024	(2)		(1,028,000	)		(10,250	)		(12,018	)		1,768
					(62)	$	(31,809,500	)	$	(155,010	)	$	(258,269	)	$	103,259
Total written option contracts					(123)	$	(64,295,500	)	$	(386,110	)	$	(437,903	)	$	51,793

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (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 Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	95.125		06/14/2024	45	$	112,500	$	2,250	$	160,811	$	(158,561	)
3 Month SOFR		97.250		06/14/2024	87		217,500		544		84,799		(84,255	)
3 Month SOFR		97.750		06/14/2024	376		940,000		2,350		570,422		(568,072	)
3 Month SOFR		98.500		06/14/2024	399		997,500		2,494		59,588		(57,094	)
3 Month SOFR		95.250		09/13/2024	41		102,500		13,325		166,212		(152,887	)
3 Month SOFR		96.000		09/13/2024	77		192,500		9,625		109,403		(99,778	)
3 Month SOFR		97.250		09/13/2024	130		325,000		6,500		175,117		(168,617	)
3 Month SOFR		96.250		12/13/2024	88		220,000		24,750		138,541		(113,791	)
3 Month SOFR		97.250		12/13/2024	247		617,500		27,788		401,161		(373,373	)
3 Month SOFR		98.000		12/13/2024	126		315,000		7,088		25,492		(18,404	)
3 Month SOFR		96.500		03/14/2025	93		232,500		41,850		157,479		(115,629	)
3 Month SOFR		97.000		03/14/2025	177		442,500		47,569		234,936		(187,367	)
3 Month SOFR		97.250		03/14/2025	222		555,000		48,562		408,508		(359,946	)
3 Month SOFR		98.000		03/14/2025	84		210,000		8,925		26,445		(17,520	)
3 Month SOFR		96.250		06/13/2025	90		225,000		82,125		124,334		(42,209	)
3 Month SOFR		96.625		06/13/2025	94		235,000		60,512		161,968		(101,456	)
3 Month SOFR		97.250		06/13/2025	231		577,500		80,850		285,979		(205,129	)
3 Month SOFR		96.500		09/12/2025	138		345,000		134,550		183,733		(49,183	)
3 Month SOFR		96.625		09/12/2025	88		220,000		77,000		163,686		(86,686	)
3 Month SOFR		97.500		09/12/2025	265		662,500		99,375		298,740		(199,365	)
3 Month SOFR		96.500		12/12/2025	123		307,500		145,294		188,398		(43,104	)
3 Month SOFR		97.500		12/12/2025	245		612,500		116,375		294,568		(178,193	)
3 Month SOFR		96.625		03/13/2026	92		230,000		110,400		137,063		(26,663	)
3 Month SOFR		96.750		03/13/2026	37		92,500		40,006		60,211		(20,205	)
3 Month SOFR		96.625		06/12/2026	87		217,500		114,187		137,227		(23,040	)
3 Month SOFR		96.750		06/12/2026	38		95,000		45,125		58,988		(13,863	)
3 Month SOFR		96.625		09/11/2026	83		207,500		117,237		138,180		(20,943	)
Total purchased option contracts					3,803	$	9,507,500	$	1,466,656	$	4,951,989	$	(3,485,333	)
TOTAL					3,803	$	9,507,500	$	1,466,656	$	4,951,989	$	(3,485,333	)

Currency Abbreviations:
AUD	— Australian 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:
ETF	— Exchange Traded Fund

 

GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1Y IRS	— 1 Year Interest Rate Swaptions
6M IRS	— 6 Month Interest Rate Swaptions
7M IRS	— 7 Month Interest Rate Swaptions
BofA Securities LLC	— Bank of America Securities LLC
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate
SONIA	— Sterling Overnight Index Average

 

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments

March 31, 2024 (Unaudited)

Shares		Description	Value
	Underlying Funds — 94.3%
	Dynamic(a) – 2.0%
	1,785,974	Goldman Sachs Managed Futures Strategy Fund — Class R6	$ 18,163,355
	Equity(a) – 24.6%
	2,405,588	Goldman Sachs Large Cap Value Insights Fund — Class R6	59,778,856
	1,882,792	Goldman Sachs Large Cap Growth Insights Fund — Class R6	58,686,628
	3,348,235	Goldman Sachs International Equity Insights Fund — Class R6	50,357,454
	2,599,604	Goldman Sachs Emerging Markets Equity Insights Fund — Class R6	22,278,608
	513,431	Goldman Sachs Small Cap Equity Insights Fund — Class R6	14,694,376
	700,722	Goldman Sachs International Small Cap Insights Fund — Class R6	9,095,374
	550,087	Goldman Sachs Global Real Estate Securities Fund — Class R6	5,247,832
	416,050	Goldman Sachs Global Infrastructure Fund — Class R6	5,175,662
			225,314,790
	Exchange Traded Funds – 64.5%
	3,000,608	Goldman Sachs MarketBeta U.S. Equity ETF(a)	215,383,642
	1,119,588	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF(a)	116,202,039
	1,820,385	Goldman Sachs MarketBeta International Equity ETF(a)	103,358,184
	1,423,621	Goldman Sachs ActiveBeta International Equity ETF(a)	48,815,964
	952,874	Goldman Sachs Access Investment Grade Corporate Bond ETF(a)	43,632,577
	995,557	Goldman Sachs MarketBeta Emerging Markets Equity ETF(a)	43,087,010
	667,362	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(a)	20,915,125
	8,390	iShares 7-10 Year Treasury Bond ETF	794,197
			592,188,738

Shares		Description	Value
	Underlying Funds – (continued)
	Fixed Income(a) – 3.2%
	1,144,454	Goldman Sachs Emerging Markets Debt Fund — Class R6	$ 10,918,095
	1,020,837	Goldman Sachs High Yield Floating Rate Fund — Class R6	9,095,656
	1,624,939	Goldman Sachs High Yield Fund — Class R6	9,083,409
	19,694	Goldman Sachs Energy Infrastructure Fund — Class R6	242,635
			29,339,795
	TOTAL UNDERLYING FUNDS – 94.3% (Cost $716,927,337)		$865,006,678
Shares		Dividend Rate	Value
	Investment Company(a) – 2.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,572,491	5.211%	$ 21,572,491
	(Cost $21,572,491)
	TOTAL INVESTMENTS – 96.7% (Cost $738,499,828)		$886,579,169
	OTHER ASSETS IN EXCESS OF  LIABILITIES – 3.3%		30,695,737
	NET ASSETS – 100.0%		$917,274,906

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an Affiliated Issuer.

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2024, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	2,205,188		AUD	3,330,000		06/20/24	$	30,264
	USD	3,552,264		CHF	3,090,000		06/20/24		95,069
	USD	1,126,409		DKK	7,660,000		06/20/24		13,914
	USD	10,341,135		EUR	9,450,000		06/20/24		112,491
	USD	4,447,764		GBP	3,485,000		06/20/24		47,296
	USD	544,766		HKD	4,250,000		06/20/24		507
	USD	111,992		ILS	400,000		06/20/24		2,826
	USD	7,487,531		JPY	1,087,000,000		06/20/24		217,239
	USD	186,822		NOK	1,950,000		06/20/24		6,860
	USD	55,446		NZD	90,000		06/20/24		1,672
	USD	986,898		SEK	10,125,000		06/20/24		37,814
	USD	360,815		SGD	480,000		06/20/24		4,015
TOTAL								$	569,967
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	HKD	120,000		USD	15,374		06/20/24	$	(7	)
	JPY	123,000,000		USD	845,542		06/20/24		(22,868	)
	USD	222,982		CHF	200,000		06/20/24		(785	)
	USD	10,812		ILS	40,000		06/20/24		(105	)
TOTAL								$	(23,765	)

FUTURES CONTRACTS — At March 31, 2024, the Portfolio 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	217	06/18/24	$	24,042,922	$	133,361
S&P 500 E-Mini Index	82	06/21/24		21,764,850		340,820
TOTAL FUTURES CONTRACTS					$	474,181

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date	Notional Amount (000s)(b)		Unrealized Appreciation/ (Depreciation)*
12M GBP	4.404%(a)	09/12/33	GBP	370	$	25,123

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2024.

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

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2024, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
12M IRS	MS & Co. Int. PLC		3.440	%		01/24/2025		370,000	$	370,000		$	12,013		$	13,281		$	(1,268	)
6M IRS	MS & Co. Int. PLC		3.750			08/14/2024		1,640,000		1,640,000			29,733			37,966			(8,233	)
6M IRS	MS & Co. Int. PLC		3.100			09/13/2024		1,630,000		1,630,000			1,530			2,312			(782	)
6M IRS	MS & Co. Int. PLC		4.150			09/13/2024		1,630,000		1,630,000			8,746			9,618			(872	)
7M IRS	MS & Co. Int. PLC		3.500			10/16/2024		660,000		660,000			17,707			16,142			1,565
Total purchased option contracts								5,930,000	$	5,930,000		$	69,729		$	79,319		$	(9,590	)
Written option contracts
Calls
12M IRS	MS & Co. Int. PLC		2.916			01/24/2025		(740,000)		(740,000	)		(10,664	)		(13,352	)		2,688
6M IRS	MS & Co. Int. PLC		3.400			08/14/2024		(1,640,000)		(1,640,000	)		(12,550	)		(19,721	)		7,171
6M IRS	MS & Co. Int. PLC		3.600			09/13/2024		(3,270,000)		(3,270,000	)		(7,138	)		(8,857	)		1,719
7M IRS	MS & Co. Int. PLC		3.100			10/16/2024		(660,000)		(660,000	)		(8,255	)		(7,324	)		(931	)
								(6,310,000)	$	(6,310,000	)	$	(38,607	)	$	(49,254	)	$	10,647
Puts
7M IRS	MS & Co. Int. PLC		4.260			10/16/2024		(660,000)		(660,000	)		(6,048	)		(8,818	)		2,770
Total written option contracts								(6,970,000)	$	(6,970,000	)	$	(44,655	)	$	(58,072	)	$	13,417
TOTAL								(1,040,000)	$	(1,040,000	)	$	25,074		$	21,247		$	3,827

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 contract
Puts
S&P 500 Index	BofA Securities LLC	$	5,241.200		05/24/2024		327	$	171,387,240		$	24,055		$	27,632		$	(3,577	)
Written option contract
Puts
S&P 500 Index	BofA Securities LLC		4,926.728		05/24/2024		(327)		(161,104,006	)		(6,025	)		(7,580	)		1,555
TOTAL							—	$	10,283,234		$	18,030		$	20,052		$	(2,022	)
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 contract
Calls
Call EUR/Put CHF	MS & Co. Int. PLC	$	0.945		06/12/2024		440,000	$	440,000		$	11,959		$	2,451		$	9,508

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
S&P 500 Index	$	5,200.000		04/03/2024	(8)	$	(4,160,000	)	$	(46,680	)	$	(30,138	)	$	(16,542	)
S&P 500 Index		5,300.000		04/10/2024	(8)		(4,240,000	)		(15,680	)		(19,241	)		3,561
S&P 500 Index		5,300.000		04/17/2024	(8)		(4,240,000	)		(25,040	)		(21,175	)		(3,865	)
S&P 500 Index		5,320.000		04/24/2024	(8)		(4,256,000	)		(27,640	)		(19,938	)		(7,702	)
S&P 500 Index		5,175.000		04/30/2024	(2)		(1,035,000	)		(26,240	)		(8,974	)		(17,266	)
S&P 500 Index		5,185.000		04/30/2024	(2)		(1,037,000	)		(24,740	)		(7,098	)		(17,642	)
S&P 500 Index		5,265.000		04/30/2024	(2)		(1,053,000	)		(14,120	)		(9,289	)		(4,831	)
S&P 500 Index		5,270.000		04/30/2024	(2)		(1,054,000	)		(13,560	)		(6,550	)		(7,010	)
S&P 500 Index		5,340.000		04/30/2024	(1)		(534,000	)		(3,560	)		(2,906	)		(654	)
S&P 500 Index		5,350.000		04/30/2024	(1)		(535,000	)		(3,195	)		(3,090	)		(105	)
S&P 500 Index		5,365.000		04/30/2024	(6)		(3,219,000	)		(17,394	)		(17,454	)		60
S&P 500 Index		5,370.000		04/30/2024	(6)		(3,222,000	)		(16,494	)		(16,494	)		—
S&P 500 Index		5,375.000		04/30/2024	(6)		(3,225,000	)		(15,654	)		(15,654	)		—
S&P 500 Index		5,380.000		04/30/2024	(6)		(3,228,000	)		(14,814	)		(14,814	)		—
S&P 500 Index		5,385.000		04/30/2024	(6)		(3,231,000	)		(14,034	)		(14,034	)		—
S&P 500 Index		5,405.000		05/31/2024	(2)		(1,081,000	)		(10,220	)		(8,198	)		(2,022	)
S&P 500 Index		5,410.000		05/31/2024	(2)		(1,082,000	)		(9,860	)		(8,081	)		(1,779	)
S&P 500 Index		5,420.000		05/31/2024	(1)		(542,000	)		(4,600	)		(4,077	)		(523	)
					(77)	$	(40,974,000	)	$	(303,525	)	$	(227,205	)	$	(76,320	)
Puts
S&P 500 Index		5,025.000		04/03/2024	(8)		(4,020,000	)		(240	)		(23,267	)		23,027
S&P 500 Index		5,125.000		04/10/2024	(8)		(4,100,000	)		(5,880	)		(30,325	)		24,445
S&P 500 Index		5,125.000		04/17/2024	(8)		(4,100,000	)		(10,800	)		(32,261	)		21,461
S&P 500 Index		5,160.000		04/24/2024	(8)		(4,128,000	)		(19,720	)		(26,841	)		7,121
S&P 500 Index		4,880.000		04/30/2024	(1)		(488,000	)		(650	)		(6,512	)		5,862
S&P 500 Index		4,890.000		04/30/2024	(1)		(489,000	)		(680	)		(6,019	)		5,339
S&P 500 Index		4,905.000		04/30/2024	(2)		(981,000	)		(1,440	)		(14,221	)		12,781
S&P 500 Index		5,015.000		04/30/2024	(2)		(1,003,000	)		(2,430	)		(9,582	)		7,152
S&P 500 Index		5,020.000		04/30/2024	(2)		(1,004,000	)		(2,510	)		(11,774	)		9,264
S&P 500 Index		5,120.000		04/30/2024	(2)		(1,024,000	)		(4,550	)		(10,108	)		5,558
S&P 500 Index		5,190.000		04/30/2024	(6)		(3,114,000	)		(21,534	)		(21,534	)		—
S&P 500 Index		5,195.000		04/30/2024	(6)		(3,117,000	)		(22,314	)		(22,314	)		—
S&P 500 Index		5,200.000		04/30/2024	(6)		(3,120,000	)		(23,034	)		(23,094	)		60
S&P 500 Index		5,205.000		04/30/2024	(6)		(3,123,000	)		(24,420	)		(23,934	)		(486	)
S&P 500 Index		5,210.000		04/30/2024	(6)		(3,126,000	)		(24,774	)		(24,774	)		—
S&P 500 Index		5,110.000		05/31/2024	(3)		(1,533,000	)		(13,515	)		(21,288	)		7,773
S&P 500 Index		5,140.000		05/31/2024	(2)		(1,028,000	)		(10,250	)		(12,018	)		1,768
					(77)	$	(39,498,000	)	$	(188,741	)	$	(319,866	)	$	131,125
Total written option contracts					(154)	$	(80,472,000	)	$	(492,266	)	$	(547,071	)	$	54,805

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (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 Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	95.125		06/14/2024	55	$	137,500	$	2,750	$	194,271	$	(191,521	)
3 Month SOFR		95.375		06/14/2024	12		30,000		375		44,101		(43,726	)
3 Month SOFR		97.250		06/14/2024	105		262,500		656		100,930		(100,274	)
3 Month SOFR		97.750		06/14/2024	428		1,070,000		2,675		645,054		(642,379	)
3 Month SOFR		98.500		06/14/2024	394		985,000		2,463		58,827		(56,364	)
3 Month SOFR		95.250		09/13/2024	50		125,000		16,250		200,253		(184,003	)
3 Month SOFR		95.375		09/13/2024	12		30,000		3,075		48,937		(45,862	)
3 Month SOFR		96.000		09/13/2024	90		225,000		11,250		127,874		(116,624	)
3 Month SOFR		97.250		09/13/2024	156		390,000		7,800		207,725		(199,925	)
3 Month SOFR		96.250		12/13/2024	104		260,000		29,250		163,731		(134,481	)
3 Month SOFR		97.250		12/13/2024	301		752,500		33,863		485,571		(451,708	)
3 Month SOFR		98.000		12/13/2024	198		495,000		11,138		40,059		(28,921	)
3 Month SOFR		96.500		03/14/2025	110		275,000		49,500		186,265		(136,765	)
3 Month SOFR		97.000		03/14/2025	178		445,000		47,838		236,263		(188,425	)
3 Month SOFR		97.250		03/14/2025	271		677,500		59,281		496,253		(436,972	)
3 Month SOFR		98.000		03/14/2025	131		327,500		13,919		41,241		(27,322	)
3 Month SOFR		96.250		06/13/2025	123		307,500		112,237		174,048		(61,811	)
3 Month SOFR		96.625		06/13/2025	112		280,000		72,100		192,984		(120,884	)
3 Month SOFR		97.250		06/13/2025	232		580,000		81,200		287,217		(206,017	)
3 Month SOFR		96.500		09/12/2025	185		462,500		180,375		250,092		(69,717	)
3 Month SOFR		96.625		09/12/2025	105		262,500		91,875		195,307		(103,432	)
3 Month SOFR		97.500		09/12/2025	266		665,000		99,750		299,867		(200,117	)
3 Month SOFR		96.500		12/12/2025	164		410,000		193,725		253,993		(60,268	)
3 Month SOFR		97.500		12/12/2025	246		615,000		116,850		295,771		(178,921	)
3 Month SOFR		96.625		03/13/2026	115		287,500		138,000		171,329		(33,329	)
3 Month SOFR		96.750		03/13/2026	58		145,000		62,712		94,385		(31,673	)
3 Month SOFR		96.625		06/12/2026	109		272,500		143,062		171,928		(28,866	)
3 Month SOFR		96.750		06/12/2026	60		150,000		71,250		93,139		(21,889	)
3 Month SOFR		96.625		09/11/2026	105		262,500		148,312		174,806		(26,494	)
Total purchased option contracts					4,475	$	11,187,500	$	1,803,531	$	5,932,221	$	(4,128,690	)
TOTAL					4,475	$	11,187,500	$	1,803,531	$	5,932,221	$	(4,128,690	)

Currency Abbreviations:
AUD	— Australian 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

 

GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
ETF	— Exchange Traded Fund

Abbreviations:
12M IRS	— 12 Months Interest Rate Swaptions
6M IRS	— 6 Month Interest Rate Swaptions
7M IRS	— 7 Month Interest Rate Swaptions
BofA Securities LLC	— Bank of America Securities LLC
SOFR	— Secured Overnight Financing Rate

 

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The valuation policy of the Portfolios and Underlying Funds 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 Portfolio’ 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 Portfolios, including investments for which market quotations are not readily available. With respect to the Portfolios’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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:

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

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a 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 generally 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 Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

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

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 FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2024:

BALANCED STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds	$	537,530,551		$	—		$	—
Investment Company		16,864,030			—			—
Total	$	554,394,581		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	374,362		$	—
Futures Contracts(a)		485,503			—			—
Interest Rate Swap Contracts(a)		—			25,802			—
Purchased Option Contracts		973,250			109,922			—
Total	$	1,458,753		$	510,086		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(24,155	)	$	—
Written Option Contracts		(167,962	)		(52,899	)		—
Total	$	(167,962	)	$	(77,054	)	$	—
GROWTH AND INCOME STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds	$	829,530,350		$	—		$	—
Investment Company		19,459,937			—			—
Total	$	848,990,287		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	642,139		$	—
Futures Contracts(a)		545,890			—			—
Interest Rate Swap Contracts(a)		—			33,270			—
Purchased Option Contracts		1,466,656			137,200			—
Total	$	2,012,546		$	812,609		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(30,076	)	$	—
Written Option Contracts		(386,110	)		(65,826	)		—
Total	$	(386,110	)	$	(95,902	)	$	—

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GROWTH STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Underlying Funds	$	865,006,678		$	—		$	—
Investment Company		21,572,491			—			—
Total	$	886,579,169		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	569,967		$	—
Futures Contracts(a)		474,181			—			—
Interest Rate Swap Contracts(a)		—			25,123			—
Purchased Option Contracts		1,803,531			105,743			—
Total	$	2,277,712		$	700,833		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(23,765	)	$	—
Written Option Contracts		(492,266	)		(50,680	)		—
Total	$	(492,266	)	$	(74,445	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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

The Portfolios’ risks include, but are not limited to, the following:

Derivatives Risk — The Portfolios’ use of derivatives and other similar instruments (collectively, referred to in this paragraph as (“derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Portfolio or an Underlying Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced. To the extent that the Fund also invests in securities of issuers located in or economically ties to, emerging markets, these risks may be more pronounced.

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

Liquidity Risk — A Portfolio or an Underlying 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 Portfolio or an Underlying 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 Portfolio or Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Portfolio’s or an Underlying Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Portfolio’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Portfolio or Underlying Fund’s liquidity.

GOLDMAN SACHS FUND OF FUNDS PORTFOLIOS

Schedule of Investments (continued)

March 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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