Goldman Sachs High Yield Instl (GSHIX) NPORT-P Goldman Sachs Global Managed Beta Fund (Nov 2024 report)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – 10.4%
	Aerospace & Defense – 0.2%
	189	Airbus SE	$       29,542
	283	Axon Enterprise, Inc.*	183,090
	18,616	BAE Systems PLC	290,966
	482	Dassault Aviation SA	96,042
	213	Elbit Systems Ltd.	51,745
	1,334	General Dynamics Corp.	378,869
	3,926	General Electric Co.	715,160
	508	HEICO Corp.	138,872
	648	HEICO Corp. Class A	136,812
	2,442	Howmet Aerospace, Inc.	289,084
	1,329	Huntington Ingalls Industries, Inc.	263,036
	1,621	Kongsberg Gruppen ASA	191,022
	1,321	L3Harris Technologies, Inc.	325,296
	5,720	Leonardo SpA	154,043
	907	Lockheed Martin Corp.	480,175
	168	MTU Aero Engines AG	57,274
	543	Northrop Grumman Corp.	265,880
	287	Rheinmetall AG	189,304
	34,744	Rolls-Royce Holdings PLC*	247,150
	5,450	RTX Corp.	663,974
	5,164	Saab AB Class B	113,226
	1,299	Safran SA	303,114
	38,420	Singapore Technologies Engineering Ltd.	129,139
	5,356	Textron, Inc.	458,634
	550	Thales SA	82,301
	257	TransDigm Group, Inc.	322,013
			6,555,763
	Air Freight & Logistics – 0.0%
	4,609	CH Robinson Worldwide, Inc.	486,618
	14,957	Deutsche Post AG	550,340
	1,321	Expeditors International of
		Washington, Inc.	160,686
	700	FedEx Corp.	211,869
	16,507	InPost SA*	289,068
	5,765	SG Holdings Co. Ltd.	56,735
			1,755,316
	Automobile Components – 0.0%
	20,793	Aisin Corp.	219,569
	2,472	Aptiv PLC*	137,270
	3,126	Bridgestone Corp.	111,814
	8,610	Cie Generale des Etablissements
		Michelin SCA	280,108
	2,530	Continental AG	166,502
	4,499	Denso Corp.	64,411
	11,113	Sumitomo Electric Industries Ltd.	214,555
			1,194,229
	Automobiles – 0.1%
	560	Ferrari NV	243,951
	19,078	Ford Motor Co.	212,338
	9,868	Isuzu Motors Ltd.	131,633
	4,853	Mercedes-Benz Group AG	272,832

Shares		Description	Value
	Common Stocks – (continued)
	Automobiles – (continued)
	12,567	Subaru Corp.	$      201,658
	3,431	Suzuki Motor Corp.	36,486
	7,260	Tesla, Inc.*	2,505,862
	6,079	Toyota Motor Corp.	103,869
			3,708,629
	Banks – 0.6%
	7,686	ABN AMRO Bank NV(a)	119,158
	13,897	AIB Group PLC	75,835
	22,203	ANZ Group Holdings Ltd.	452,528
	29,264	Banco Bilbao Vizcaya Argentaria SA	276,432
	21,777	Banco BPM SpA	165,939
	78,567	Banco Santander SA	362,713
	5,538	Bank Hapoalim BM	63,653
	14,802	Bank Leumi Le-Israel BM	168,685
	28,703	Bank of America Corp.	1,363,679
	3,424	Bank of Ireland Group PLC	30,017
	2,375	Bank of Montreal	226,516
	6,930	Bank of Nova Scotia	395,342
	984	Banque Cantonale Vaudoise	97,654
	54,444	Barclays PLC	182,496
	3,274	BNP Paribas SA	195,706
	111,875	BOC Hong Kong Holdings Ltd.	345,191
	23,129	CaixaBank SA	125,699
	6,952	Canadian Imperial Bank of Commerce	450,424
	5,690	Chiba Bank Ltd.	47,580
	11,450	Citigroup, Inc.	811,461
	8,329	Citizens Financial Group, Inc.	400,958
	4,901	Commerzbank AG	75,208
	5,421	Commonwealth Bank of Australia	562,777
	10,021	Concordia Financial Group Ltd.	60,151
	11,764	Credit Agricole SA	157,554
	4,322	Danske Bank AS	124,353
	11,831	DBS Group Holdings Ltd.	375,419
	5,052	DNB Bank ASA	105,726
	3,892	Erste Group Bank AG	213,634
	5,945	Fifth Third Bancorp	285,717
	3,628	FinecoBank Banca Fineco SpA	58,215
	290	First Citizens BancShares, Inc. Class A	665,550
	15,921	Hang Seng Bank Ltd.	189,957
	70,266	HSBC Holdings PLC	654,828
	16,027	Huntington Bancshares, Inc.	288,646
	21,963	ING Groep NV	339,051
	73,328	Intesa Sanpaolo SpA	281,472
	10,673	Israel Discount Bank Ltd. Class A	70,262
	11,206	Japan Post Bank Co. Ltd.	106,034
	15,071	JPMorgan Chase & Co.	3,763,530
	1,086	KBC Group NV	78,529
	249,627	Lloyds Banking Group PLC	168,295
	1,837	M&T Bank Corp.	404,122
	14,386	Mediobanca Banca di Credito Finanziario SpA	209,951

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	36,683	Mitsubishi UFJ Financial Group, Inc.	$      437,845
	2,319	Mizrahi Tefahot Bank Ltd.	100,308
	11,845	Mizuho Financial Group, Inc.	299,081
	13,915	National Australia Bank Ltd.	356,197
	2,669	National Bank of Canada	265,213
	28,255	NatWest Group PLC	144,930
	8,481	Nordea Bank Abp	95,831
	39,874	Oversea-Chinese Banking Corp. Ltd.	484,656
	1,751	PNC Financial Services Group, Inc.	375,975
	12,551	Regions Financial Corp.	342,140
	13,591	Resona Holdings, Inc.	113,669
	4,951	Royal Bank of Canada	622,813
	5,373	Shizuoka Financial Group, Inc.	47,876
	12,393	Skandinaviska Enskilda Banken AB Class A	171,962
	3,420	Societe Generale SA	90,673
	12,806	Standard Chartered PLC	158,320
	19,761	Sumitomo Mitsui Financial Group, Inc.	487,718
	3,698	Sumitomo Mitsui Trust Group, Inc.	92,715
	17,014	Svenska Handelsbanken AB Class A	176,952
	5,691	Swedbank AB Class A	111,481
	6,417	Toronto-Dominion Bank	363,006
	966	Truist Financial Corp.	46,059
	6,846	U.S. Bancorp	364,823
	7,682	UniCredit SpA	295,079
	15,806	United Overseas Bank Ltd.	429,144
	16,384	Wells Fargo & Co.	1,247,969
	22,079	Westpac Banking Corp.	482,033
			23,801,115
	Beverages – 0.1%
	3,907	Anheuser-Busch InBev SA	209,971
	22,407	Asahi Group Holdings Ltd.	244,405
	596	Carlsberg AS Class B	61,493
	14,455	Coca-Cola Co.	926,276
	2,126	Coca-Cola Europacific Partners PLC	164,935
	3,373	Coca-Cola HBC AG	120,398
	525	Constellation Brands, Inc. Class A	126,499
	897	Diageo PLC	26,798
	3,284	Heineken Holding NV	208,099
	1,417	Heineken NV	104,886
	5,230	Keurig Dr. Pepper, Inc.	170,759
	8,234	Kirin Holdings Co. Ltd.	115,059
	8,269	Molson Coors Beverage Co. Class B	513,174
	4,774	Monster Beverage Corp.*	263,191
	6,708	PepsiCo, Inc.	1,096,423

Shares		Description	Value
	Common Stocks – (continued)
	Beverages – (continued)
	2,954	Suntory Beverage & Food Ltd.	$      100,663
			4,453,029
	Biotechnology – 0.2%
	7,681	AbbVie, Inc.	1,405,085
	474	Alnylam Pharmaceuticals, Inc.*	119,955
	1,493	Amgen, Inc.	422,325
	2,659	Biogen, Inc.*	427,115
	1,603	CSL Ltd.	295,532
	423	Genmab AS*	91,166
	8,750	Gilead Sciences, Inc.	810,075
	22,366	Grifols SA*	203,955
	11,198	Incyte Corp.*	835,259
	1,240	Neurocrine Biosciences, Inc.*	157,170
	541	Regeneron Pharmaceuticals, Inc.*	405,869
	7,474	Swedish Orphan Biovitrum AB*	207,389
	1,607	United Therapeutics Corp.*	595,378
	1,224	Vertex Pharmaceuticals, Inc.*	572,991
			6,549,264
	Broadline Retail – 0.3%
	53,557	Amazon.com, Inc.*	11,133,965
	2,721	Canadian Tire Corp. Ltd. Class A	299,280
	3,999	Dollarama, Inc.	417,681
	5,390	eBay, Inc.	341,133
	148	MercadoLibre, Inc.*	293,805
	4,391	Next PLC	563,946
	2,352	Pan Pacific International Holdings Corp.	59,913
	21,784	Rakuten Group, Inc.*	125,544
	11,877	Wesfarmers Ltd.	558,265
			13,793,532
	Building Products – 0.1%
	3,999	A.O. Smith Corp.	297,885
	927	Allegion PLC	130,559
	5,179	Assa Abloy AB Class B	159,058
	4,969	Builders FirstSource, Inc.*	926,569
	543	Carlisle Cos., Inc.	247,988
	675	Carrier Global Corp.	52,225
	4,718	Cie de Saint-Gobain SA	430,798
	191	Daikin Industries Ltd.	23,108
	4,161	Fortune Brands Innovations, Inc.	325,806
	467	Geberit AG	281,674
	1,370	Johnson Controls International PLC	114,888
	365	Kingspan Group PLC	27,502
	989	Lennox International, Inc.	659,792
	7,051	Masco Corp.	568,029
	2,939	Owens Corning	604,317
	1,148	Rockwool AS Class B	419,776
	1,159	TOTO Ltd.	31,319
	864	Trane Technologies PLC	359,614
			5,660,907

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – 0.4%
	8,970	3i Group PLC	$      423,879
	1,678	Ameriprise Financial, Inc.	963,122
	518	Amundi SA(a)	33,743
	1,222	ARES Management Corp. Class A	215,964
	1,493	ASX Ltd.	64,466
	10,767	Bank of New York Mellon Corp.	881,494
	388	Blackrock, Inc.	396,846
	3,149	Blackstone, Inc.	601,742
	784	Brookfield Corp.	48,130
	796	Carlyle Group, Inc.	42,371
	1,509	Cboe Global Markets, Inc.	325,718
	1,310	Charles Schwab Corp.	108,416
	1,872	CME Group, Inc.	445,536
	650	Coinbase Global, Inc. Class A*	192,530
	4,992	CVC Capital Partners PLC*(a)	122,229
	12,889	Daiwa Securities Group, Inc.	86,714
	24,203	Deutsche Bank AG	411,650
	1,117	Deutsche Boerse AG	261,524
	1,149	Euronext NV(a)	128,202
	580	FactSet Research Systems, Inc.	284,589
	16,336	Franklin Resources, Inc.	371,807
	36,659	Hargreaves Lansdown PLC	509,924
	1,541	Hong Kong Exchanges & Clearing Ltd.	58,013
	4,394	IGM Financial, Inc.	148,261
	3,022	Intercontinental Exchange, Inc.	486,421
	5,432	Japan Exchange Group, Inc.	65,733
	1,956	KKR & Co., Inc.	318,574
	2,181	London Stock Exchange Group PLC	312,578
	1,958	LPL Financial Holdings, Inc.	636,644
	1,162	Macquarie Group Ltd.	175,746
	186	MarketAxess Holdings, Inc.	48,116
	1,831	Moody’s Corp.	915,463
	4,655	Morgan Stanley	612,645
	1,653	Nasdaq, Inc.	137,182
	15,674	Nomura Holdings, Inc.	95,026
	3,992	Northern Trust Corp.	443,751
	1,599	Onex Corp.	130,314
	231	Partners Group Holding AG	335,707
	2,242	Raymond James Financial, Inc.	379,526
	5,138	Robinhood Markets, Inc. Class A*	192,881
	1,001	S&P Global, Inc.	523,032
	2,908	SBI Holdings, Inc.	73,518
	23,478	Schroders PLC	94,213
	2,386	SEI Investments Co.	197,155
	40,508	Singapore Exchange Ltd.	384,556
	5,958	State Street Corp.	586,923
	1,578	T. Rowe Price Group, Inc.	195,419
	5,779	TMX Group Ltd.	183,435
	1,382	Tradeweb Markets, Inc. Class A	187,261
	1,303	UBS Group AG	42,136
			14,880,825

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 0.1%
	1,100	Air Liquide SA	$      182,969
	224	Air Products & Chemicals, Inc.	74,890
	1,797	Akzo Nobel NV	104,925
	1,936	Arkema SA	153,615
	13,158	Asahi Kasei Corp.	94,037
	2,733	Celanese Corp.	200,083
	1,472	CF Industries Holdings, Inc.	131,979
	2,453	Clariant AG	29,628
	754	Covestro AG*(a)	46,026
	3,266	Dow, Inc.	144,390
	1,162	Eastman Chemical Co.	121,685
	1,439	Ecolab, Inc.	357,980
	184	EMS-Chemie Holding AG	131,020
	12,004	Evonik Industries AG	220,685
	44	Givaudan SA	194,117
	49,376	ICL Group Ltd.	224,415
	855	International Flavors & Fragrances, Inc.	78,113
	1,740	Linde PLC	802,123
	2,351	LyondellBasell Industries NV Class A	195,932
	33,126	Mitsubishi Chemical Group Corp.	174,279
	4,761	Mosaic Co.	125,976
	2,221	Nippon Sanso Holdings Corp.	65,001
	3,025	Nitto Denko Corp.	48,363
	4,464	Nutrien Ltd.	208,780
	13,018	Orica Ltd.	154,247
	1,464	PPG Industries, Inc.	182,078
	2,737	RPM International, Inc.	379,841
	1,722	Sherwin-Williams Co.	684,323
	877	Shin-Etsu Chemical Co. Ltd.	32,544
	861	Syensqo SA	64,100
	789	Symrise AG	87,280
	14,579	Toray Industries, Inc.	93,244
	2,789	Yara International ASA	78,644
			5,867,312
	Commercial Services & Supplies – 0.1%
	4,771	Brambles Ltd.	59,401
	4,164	Cintas Corp.	940,190
	2,809	Copart, Inc.*	178,062
	4,061	Element Fleet Management Corp.	86,670
	893	RB Global, Inc.	87,485
	2,144	Republic Services, Inc.	468,035
	11,517	Rollins, Inc.	579,651
	2,814	Secom Co. Ltd.	98,323
	20,398	Securitas AB Class B	258,484
	4,673	TOPPAN Holdings, Inc.	125,330
	4,335	Veralto Corp.	469,004
	2,140	Waste Connections, Inc.	411,886
	2,254	Waste Management, Inc.	514,408
			4,276,929
	Communications Equipment – 0.1%
	933	Arista Networks, Inc.*	378,630

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	13,325	Cisco Systems, Inc.	$      788,973
	1,981	F5, Inc.*	495,943
	8,773	Juniper Networks, Inc.	315,126
	1,292	Motorola Solutions, Inc.	645,613
	90,770	Nokia OYJ	381,274
	33,763	Telefonaktiebolaget LM Ericsson Class B	274,315
			3,279,874
	Construction & Engineering – 0.1%
	8,980	ACS Actividades de Construccion y Servicios SA	417,365
	4,741	AECOM	554,555
	10,664	Bouygues SA	317,431
	3,608	Eiffage SA	325,768
	761	EMCOR Group, Inc.	388,201
	3,019	Ferrovial SE	124,543
	2,889	Kajima Corp.	52,882
	6,029	Obayashi Corp.	86,152
	827	Quanta Services, Inc.	284,918
	2,251	Skanska AB Class B	46,998
	1,813	Stantec, Inc.	157,700
	1,579	Taisei Corp.	68,719
	2,995	Vinci SA	316,553
	3,483	WSP Global, Inc.	618,260
			3,760,045
	Construction Materials – 0.0%
	738	CRH PLC	75,475
	3,026	Heidelberg Materials AG	382,648
	4,860	Holcim AG	495,328
	3,577	James Hardie Industries PLC CDI*	133,267
	159	Martin Marietta Materials, Inc.	95,400
	294	Vulcan Materials Co.	84,710
			1,266,828
	Consumer Finance – 0.1%
	16,881	Ally Financial, Inc.	674,902
	2,965	American Express Co.	903,376
	4,020	Capital One Financial Corp.	771,880
	4,234	Discover Financial Services	772,409
	11,997	Synchrony Financial	810,038
			3,932,605
	Consumer Staples Distribution & Retail – 0.3%
	5,521	Aeon Co. Ltd.	132,783
	34,531	Albertsons Cos., Inc. Class A	685,440
	3,664	Alimentation Couche-Tard, Inc.	215,148
	18,509	Carrefour SA	281,872
	37,421	Coles Group Ltd.	454,461
	2,110	Costco Wholesale Corp.	2,050,667
	3,929	Dollar General Corp.	303,594
	3,109	Dollar Tree, Inc.*	221,578
	18,826	Empire Co. Ltd. Class A	566,508
	9,350	Endeavour Group Ltd.	26,722

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples Distribution & Retail – (continued)
	1,837	George Weston Ltd.	$      295,327
	111,034	J Sainsbury PLC	369,251
	12,449	Jeronimo Martins SGPS SA	242,587
	22,137	Koninklijke Ahold Delhaize NV	763,790
	18,677	Kroger Co.	1,140,791
	4,369	Loblaw Cos. Ltd.	569,541
	15,773	Marks & Spencer Group PLC	76,888
	18,004	MatsukiyoCocokara & Co.	252,899
	1,768	Metro, Inc.	115,484
	17,575	Seven & i Holdings Co. Ltd.	305,229
	9,472	Sysco Corp.	730,386
	3,375	Target Corp.	446,546
	115,276	Tesco PLC	537,703
	4,090	Walgreens Boots Alliance, Inc.	36,892
	31,098	Walmart, Inc.	2,876,565
	17,356	Woolworths Group Ltd.	342,423
			14,041,075
	Containers & Packaging – 0.0%
	12,116	Amcor PLC	128,914
	952	Avery Dennison Corp.	196,064
	985	Ball Corp.	61,228
	2,118	Crown Holdings, Inc.	195,047
	1,625	International Paper Co.	95,599
	1,240	Packaging Corp. of America	308,574
			985,426
	Distributors – 0.0%
	2,228	Genuine Parts Co.	282,354
	13,969	LKQ Corp.	548,842
	644	Pool Corp.	242,846
			1,074,042
	Diversified Consumer Services – 0.0%
	10,078	Pearson PLC	158,133
	Diversified REITs – 0.0%
	5,695	WP Carey, Inc.	324,957
	Diversified Telecommunication Services – 0.1%
	39,318	AT&T, Inc.	910,605
	1,995	BCE, Inc.	53,927
	19,607	Deutsche Telekom AG	627,246
	2,714	Elisa OYJ	122,981
	112,687	HKT Trust & HKT Ltd.	140,206
	10,865	Infrastrutture Wireless Italiane SpA(a)	111,966
	51,059	Koninklijke KPN NV	198,075
	344,021	Nippon Telegraph & Telephone Corp.	353,031
	22,787	Orange SA	242,864
	4,410	Quebecor, Inc. Class B	103,852
	35,169	Singapore Telecommunications Ltd.	81,453
	249	Swisscom AG	143,833
	90,643	Telefonica SA	410,631

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – (continued)
	8,339	Telenor ASA	$       98,186
	38,857	Telia Co. AB	113,923
	38,670	Telstra Group Ltd.	99,584
	3,460	TELUS Corp.	53,826
	18,211	Verizon Communications, Inc.	807,476
			4,673,665
	Electric Utilities – 0.1%
	3,062	Alliant Energy Corp.	193,518
	1,788	American Electric Power Co., Inc.	178,550
	10,053	CK Infrastructure Holdings Ltd.	69,433
	8,127	CLP Holdings Ltd.	68,454
	1,093	Constellation Energy Corp.	280,420
	3,261	Duke Energy Corp.	381,700
	1,638	Edison International	143,735
	688	Emera, Inc.	26,315
	6,550	Endesa SA	143,590
	26,910	Enel SpA	193,792
	1,520	Entergy Corp.	237,378
	2,673	Evergy, Inc.	172,756
	2,933	Exelon Corp.	116,030
	4,459	FirstEnergy Corp.	189,731
	1,663	Fortis, Inc.	74,333
	4,022	Fortum OYJ	60,633
	3,350	Hydro One Ltd.(a)	109,589
	21,687	Iberdrola SA	309,248
	11,575	Kansai Electric Power Co., Inc.	149,136
	3,432	NextEra Energy, Inc.	269,995
	6,760	NRG Energy, Inc.	686,884
	16,929	Origin Energy Ltd.	120,271
	5,979	PG&E Corp.	129,326
	11,380	Power Assets Holdings Ltd.	74,805
	6,209	PPL Corp.	216,880
	6,523	Redeia Corp. SA	116,514
	4,124	Southern Co.	367,572
	2,360	SSE PLC	53,226
	8,117	Terna - Rete Elettrica Nazionale	68,699
	2,161	Xcel Energy, Inc.	156,802
			5,359,315
	Electrical Equipment – 0.1%
	5,713	ABB Ltd.	326,151
	1,484	AMETEK, Inc.	288,460
	632	Eaton Corp. PLC	237,265
	472	Emerson Electric Co.	62,587
	950	GE Vernova, Inc.*	317,414
	161	Hubbell, Inc.	74,074
	416	Legrand SA	41,741
	7,512	Mitsubishi Electric Corp.	127,549
	2,300	Prysmian SpA	151,712
	1,246	Schneider Electric SE	320,996
	5,824	Siemens Energy AG*	315,964
	2,036	Vertiv Holdings Co. Class A	259,794
			2,523,707

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 0.1%
	7,087	Amphenol Corp. Class A	$      514,871
	1,588	CDW Corp.	279,377
	5,453	Corning, Inc.	265,397
	5,538	Halma PLC	190,890
	12,813	Hexagon AB Class B	109,234
	3,507	Jabil, Inc.	476,356
	113	Keyence Corp.	49,030
	1,440	Keysight Technologies, Inc.*	246,010
	12,016	Kyocera Corp.	118,506
	6,553	Shimadzu Corp.	184,924
	11,740	TDK Corp.	152,168
	2,274	TE Connectivity PLC	343,647
	820	Teledyne Technologies, Inc.*	397,913
	1,656	Trimble, Inc.*	120,838
	2,382	Yokogawa Electric Corp.	53,226
	114	Zebra Technologies Corp. Class A*	46,398
			3,548,785
	Energy Equipment & Services – 0.0%
	2,469	Baker Hughes Co.	108,513
	4,451	Halliburton Co.	141,809
	3,228	Schlumberger NV	141,838
	16,771	Tenaris SA	321,754
			713,914
	Entertainment – 0.1%
	27,581	Bollore SE	170,165
	11,980	Capcom Co. Ltd.	281,368
	2,734	Electronic Arts, Inc.	447,474
	471	Konami Group Corp.	46,568
	601	Liberty Media Corp.-Liberty Formula One Class C*	53,104
	1,273	Netflix, Inc.*	1,128,909
	2,411	Nintendo Co. Ltd.	141,502
	1,223	ROBLOX Corp. Class A*	61,309
	440	Sea Ltd. ADR*	50,072
	247	Spotify Technology SA*	117,809
	268	Take-Two Interactive Software, Inc.*	50,486
	4,040	Universal Music Group NV	97,281
	5,527	Walt Disney Co.	649,257
	71,161	Warner Bros Discovery, Inc.*	745,767
			4,041,071
	Financial Services – 0.3%
	5,367	Apollo Global Management, Inc.	939,386
	7,965	Berkshire Hathaway, Inc. Class B*	3,847,254
	5,963	Corebridge Financial, Inc.	193,022
	919	Corpay, Inc.*	350,304
	5,262	Equitable Holdings, Inc.	253,786
	4,685	EXOR NV	462,736
	2,761	Fiserv, Inc.*	610,071
	467	Global Payments, Inc.	55,554
	1,632	Groupe Bruxelles Lambert NV	113,054

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financial Services – (continued)
	5,206	Industrivarden AB Class A	$      171,033
	5,406	Industrivarden AB Class C	177,183
	9,145	Infratil Ltd.	69,610
	12,910	Investor AB Class B	354,206
	837	Jack Henry & Associates, Inc.	147,463
	1,724	L E Lundbergforetagen AB Class B	83,653
	78,143	M&G PLC	197,157
	4,546	Mastercard, Inc. Class A	2,422,745
	22,699	Mitsubishi HC Capital, Inc.	153,159
	4,094	ORIX Corp.	92,157
	894	PayPal Holdings, Inc.*	77,572
	8,140	Visa, Inc. Class A	2,564,751
	3,813	Washington H Soul Pattinson & Co. Ltd.	86,788
	26,842	Wise PLC Class A*	301,553
			13,724,197
	Food Products – 0.1%
	1,774	Ajinomoto Co., Inc.	74,656
	7,632	Archer-Daniels-Midland Co.	416,707
	9,559	Associated British Foods PLC	267,560
	4,514	Bunge Global SA	405,086
	2,534	Campbell’s Co.	117,071
	12,650	Conagra Brands, Inc.	348,508
	2,872	Danone SA	196,444
	2,657	General Mills, Inc.	176,053
	1,086	Hershey Co.	191,277
	711	J.M. Smucker Co.	83,749
	9,406	JDE Peet’s NV	187,252
	1,913	Kellanova	155,508
	253	Kerry Group PLC Class A	24,474
	2,655	Kikkoman Corp.	29,213
	8,501	Kraft Heinz Co.	271,777
	588	McCormick & Co., Inc.	46,105
	4,436	MEIJI Holdings Co. Ltd.	94,878
	2,966	Mondelez International, Inc. Class A	192,642
	5,662	Nestle SA	491,686
	2,685	Nissin Foods Holdings Co. Ltd.	71,435
	8,253	Orkla ASA	76,234
	2,991	Saputo, Inc.	55,802
	3,132	Tyson Foods, Inc. Class A	202,014
	453,398	WH Group Ltd.(a)	361,429
	18,229	Wilmar International Ltd.	41,952
	1,972	Yakult Honsha Co. Ltd.	40,302
			4,619,814
	Gas Utilities – 0.0%
	4,754	AltaGas Ltd.	116,367
	5,034	APA Group	23,755
	1,752	Atmos Energy Corp.	265,113
	13,345	Snam SpA	62,203

Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – (continued)
	8,789	Tokyo Gas Co. Ltd.	$      264,930
			732,368
	Ground Transportation – 0.0%
	964	Canadian National Railway Co.	107,716
	1,077	Canadian Pacific Kansas City Ltd.	82,611
	8,674	Central Japan Railway Co.	178,638
	4,175	CSX Corp.	152,596
	3,666	East Japan Railway Co.	71,608
	3,843	Hankyu Hanshin Holdings, Inc.	105,540
	746	Old Dominion Freight Line, Inc.	167,954
	535	TFI International, Inc.	81,164
	7,362	Tokyu Corp.	86,143
	3,687	Uber Technologies, Inc.*	265,317
	1,248	Union Pacific Corp.	305,336
	4,266	West Japan Railway Co.	80,335
			1,684,958
	Health Care Equipment & Supplies – 0.2%
	5,430	Abbott Laboratories	644,921
	946	Alcon AG	84,218
	697	Align Technology, Inc.*	162,241
	1,360	Baxter International, Inc.	45,846
	984	Becton Dickinson & Co.	218,350
	1,057	BioMerieux	110,502
	6,703	Boston Scientific Corp.*	607,694
	2,258	Cochlear Ltd.	449,611
	624	Coloplast AS Class B	78,759
	562	Cooper Cos., Inc.*	58,707
	4,327	Demant AS*	165,685
	719	Dexcom, Inc.*	56,075
	3,215	Edwards Lifesciences Corp.*	229,390
	880	EssilorLuxottica SA	213,905
	16,006	Fisher & Paykel Healthcare Corp. Ltd.	360,908
	3,208	Hologic, Inc.*	255,036
	3,305	Hoya Corp.	427,250
	1,124	IDEXX Laboratories, Inc.*	474,047
	1,121	Insulet Corp.*	299,060
	889	Intuitive Surgical, Inc.*	481,838
	13,211	Koninklijke Philips NV*	361,370
	4,345	Medtronic PLC	376,016
	13,938	Olympus Corp.	220,379
	461	Siemens Healthineers AG(a)	25,030
	16,455	Smith & Nephew PLC	208,865
	535	Sonova Holding AG	183,012
	700	STERIS PLC	153,342
	1,633	Straumann Holding AG	213,324
	1,146	Stryker Corp.	449,404
	11,943	Sysmex Corp.	253,106
	270	Teleflex, Inc.	52,069
	1,410	Terumo Corp.	28,799
	1,694	Zimmer Biomet Holdings, Inc.	189,897
			8,138,656

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 0.2%
	3,364	Cardinal Health, Inc.	$      411,215
	2,674	Cencora, Inc.	672,645
	7,520	Centene Corp.*	451,200
	2,186	Cigna Group	738,431
	5,841	CVS Health Corp.	349,584
	1,814	DaVita, Inc.*	301,432
	694	Elevance Health, Inc.	282,430
	7,740	Fresenius Medical Care AG	340,657
	10,756	Fresenius SE & Co. KGaA*	378,620
	882	HCA Healthcare, Inc.	288,608
	5,926	Henry Schein, Inc.*	456,598
	645	Humana, Inc.	191,165
	678	Labcorp Holdings, Inc.	163,506
	1,166	McKesson Corp.	732,831
	1,822	Quest Diagnostics, Inc.	296,367
	4,666	Ramsay Health Care Ltd.	120,859
	4,558	Sonic Healthcare Ltd.	85,199
	3,638	UnitedHealth Group, Inc.	2,219,908
	2,382	Universal Health Services, Inc. Class B	488,310
			8,969,565
	Health Care REITs – 0.0%
	1,142	Alexandria Real Estate Equities,
		Inc.	125,882
	2,102	Healthpeak Properties, Inc.	46,223
	1,826	Ventas, Inc.	116,992
	2,449	Welltower, Inc.	338,403
			627,500
	Health Care Technology – 0.0%
	580	ABIOMED, Inc.*(b)	592
	2,129	Pro Medicus Ltd.	351,355
			351,947
	Hotel & Resort REITs – 0.0%
	20,941	Host Hotels & Resorts, Inc.	385,733
	Hotels, Restaurants & Leisure – 0.2%
	1,922	Accor SA	88,779
	2,029	Amadeus IT Group SA	142,498
	3,089	Aristocrat Leisure Ltd.	136,985
	280	Booking Holdings, Inc.	1,456,554
	13,811	Carnival Corp.*	351,214
	4,885	Chipotle Mexican Grill, Inc.*	300,525
	10,511	Compass Group PLC	360,146
	942	Darden Restaurants, Inc.	166,046
	779	Domino’s Pizza, Inc.	370,952
	1,125	DoorDash, Inc. Class A*	203,040
	3,490	Entain PLC	35,794
	493	Evolution AB(a)	43,019
	2,849	Expedia Group, Inc.*	525,982
	110,405	Genting Singapore Ltd.	63,087
	1,616	Hilton Worldwide Holdings, Inc.	409,559
	471	Hyatt Hotels Corp. Class A	74,390

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	2,167	InterContinental Hotels Group PLC	$      270,386
	8,716	La Francaise des Jeux SACA(a)	344,679
	156,831	Lottery Corp. Ltd.	531,702
	681	Marriott International, Inc. Class A	196,870
	2,063	McDonald’s Corp.	610,669
	4,762	McDonald’s Holdings Co. Japan Ltd.	197,149
	7,505	MGM Resorts International*	287,742
	957	Restaurant Brands International, Inc.	66,646
	1,194	Royal Caribbean Cruises Ltd.	291,408
	1,520	Sodexo SA	126,252
	725	Starbucks Corp.	74,283
	2,936	Whitbread PLC	106,555
	1,102	Wynn Resorts Ltd.	104,007
	4,984	Yum! Brands, Inc.	692,477
	9,465	Zensho Holdings Co. Ltd.	571,451
			9,200,846
	Household Durables – 0.1%
	5,421	Barratt Redrow PLC	29,523
	2,764	Berkeley Group Holdings PLC	146,075
	2,646	DR Horton, Inc.	446,592
	1,657	Garmin Ltd.	352,278
	3,537	Lennar Corp. Class A	616,817
	38	NVR, Inc.*	350,952
	19,755	Panasonic Holdings Corp.	192,730
	4,138	PulteGroup, Inc.	559,747
	1,997	SEB SA	189,728
	10,313	Sekisui Chemical Co. Ltd.	166,988
	5,086	Sekisui House Ltd.	120,612
	7,270	Sony Group Corp.	145,955
	29,736	Taylor Wimpey PLC	49,620
			3,367,617
	Household Products – 0.1%
	2,228	Church & Dwight Co., Inc.	245,370
	2,943	Clorox Co.	491,981
	10,328	Colgate-Palmolive Co.	997,995
	4,218	Essity AB Class B	116,190
	2,469	Henkel AG & Co. KGaA	187,465
	3,079	Kimberly-Clark Corp.	429,059
	9,293	Procter & Gamble Co.	1,665,863
	1,266	Reckitt Benckiser Group PLC	78,530
	1,146	Unicharm Corp.	29,856
			4,242,309
	Independent Power and Renewable Electricity Producers – 0.0%
	5,770	Vistra Corp.	922,277
	Industrial Conglomerates – 0.1%
	1,512	3M Co.	201,898
	86,988	CK Hutchison Holdings Ltd.	454,904
	4,636	DCC PLC	338,089
	390	Hikari Tsushin, Inc.	85,691

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Industrial Conglomerates – (continued)
	15,580	Hitachi Ltd.	$      392,629
	1,747	Honeywell International, Inc.	406,929
	12,823	Jardine Matheson Holdings Ltd.	559,852
	14,893	Keppel Ltd.	74,891
	1,938	Siemens AG	376,471
	5,247	Smiths Group PLC	118,263
	5,242	Swire Pacific Ltd. Class A	43,162
			3,052,779
	Industrial REITs – 0.0%
	20,356	CapitaLand Ascendas REIT	39,835
	7,979	Goodman Group	198,096
	415	Prologis, Inc.	48,464
			286,395
	Insurance – 0.5%
	7,632	Admiral Group PLC	248,989
	24,150	Aegon Ltd.	155,955
	4,913	Aflac, Inc.	560,082
	4,900	Ageas SA	247,684
	1,925	Allianz SE	595,911
	1,786	Allstate Corp.	370,399
	1,707	American Financial Group, Inc.	250,690
	7,253	American International Group, Inc.	557,611
	831	Aon PLC Class A	325,370
	4,360	Arch Capital Group Ltd.	439,139
	1,356	Arthur J Gallagher & Co.	423,397
	3,655	ASR Nederland NV	174,685
	1,723	Assurant, Inc.	391,293
	33,187	Aviva PLC	204,386
	10,778	AXA SA	375,644
	796	Baloise Holding AG	151,257
	3,029	Brown & Brown, Inc.	342,580
	2,404	Chubb Ltd.	694,107
	3,130	Cincinnati Financial Corp.	500,268
	3,758	Dai-ichi Life Holdings, Inc.	101,862
	630	Erie Indemnity Co. Class A	277,553
	1,082	Everest Group Ltd.	419,340
	320	Fairfax Financial Holdings Ltd.	453,332
	3,596	Fidelity National Financial, Inc.	227,950
	19,457	Generali	556,668
	4,181	Gjensidige Forsikring ASA	74,373
	4,402	Great-West Lifeco, Inc.	158,655
	706	Hannover Rueck SE	184,516
	4,770	Hartford Financial Services Group, Inc.	588,189
	858	Helvetia Holding AG	150,483
	2,804	iA Financial Corp., Inc.	266,891
	30,938	Insurance Australia Group Ltd.	172,452
	732	Intact Financial Corp.	139,551
	16,408	Japan Post Holdings Co. Ltd.	164,548
	7,878	Japan Post Insurance Co. Ltd.	165,209
	16,049	Legal & General Group PLC	45,230
	7,243	Loews Corp.	628,185
	11,871	Manulife Financial Corp.	381,893

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	272	Markel Group, Inc.*	$      484,954
	3,816	Marsh & McLennan Cos., Inc.	890,006
	38,138	Medibank Pvt Ltd.	95,245
	2,954	MetLife, Inc.	260,631
	6,429	MS&AD Insurance Group Holdings, Inc.	143,977
	839	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen	439,023
	5,526	NN Group NV	256,453
	5,366	Phoenix Group Holdings PLC	35,121
	25,471	Poste Italiane SpA(a)	357,638
	9,050	Power Corp. of Canada	304,845
	2,969	Principal Financial Group, Inc.	258,570
	2,295	Progressive Corp.	617,080
	3,520	Prudential Financial, Inc.	455,523
	25,576	QBE Insurance Group Ltd.	334,138
	2,479	Sampo OYJ Class A	106,187
	7,908	Sompo Holdings, Inc.	208,947
	2,695	Sun Life Financial, Inc.	165,525
	19,612	Suncorp Group Ltd.	252,465
	301	Swiss Life Holding AG	246,916
	2,917	Swiss Re AG	431,074
	3,106	T&D Holdings, Inc.	58,875
	3,338	Talanx AG	282,999
	4,749	Tokio Marine Holdings, Inc.	177,084
	1,827	Travelers Cos., Inc.	486,055
	5,405	Tryg AS	124,738
	5,583	W.R. Berkley Corp.	360,383
	606	Willis Towers Watson PLC	195,132
	646	Zurich Insurance Group AG	410,025
			20,605,936
	Interactive Media & Services – 0.4%
	26,214	Alphabet, Inc. Class C	4,469,225
	30,404	Alphabet, Inc. Class A	5,136,756
	60,619	Auto Trader Group PLC(a)	647,526
	5,480	CAR Group Ltd.	148,943
	10,691	Match Group, Inc.*	350,023
	12,096	Meta Platforms, Inc. Class A	6,946,975
	14,343	Pinterest, Inc. Class A*	434,880
	1,605	REA Group Ltd.	264,713
	1,677	Scout24 SE(a)	151,210
	5,944	Snap, Inc. Class A*	70,199
			18,620,450
	IT Services – 0.3%
	3,278	Accenture PLC Class A	1,187,849
	5,873	Akamai Technologies, Inc.*	552,179
	6,562	Bechtle AG	215,963
	1,118	Capgemini SE	179,719
	2,427	CGI, Inc.	272,976
	879	Cloudflare, Inc. Class A*	87,751
	10,239	Cognizant Technology Solutions Corp. Class A	824,137
	1,987	EPAM Systems, Inc.*	484,669

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	6,820	Fujitsu Ltd.	$      131,031
	1,231	Gartner, Inc.*	637,572
	4,399	GoDaddy, Inc. Class A*	869,110
	6,091	International Business Machines Corp.	1,385,154
	293	MongoDB, Inc.*	94,489
	2,626	NEC Corp.	224,519
	1,499	Nomura Research Institute Ltd.	45,900
	6,195	Obic Co. Ltd.	203,477
	3,000	Okta, Inc.*	232,680
	9,447	Otsuka Corp.	235,956
	10,270	SCSK Corp.	208,104
	1,360	Shopify, Inc. Class A*	157,133
	6,656	TIS, Inc.	163,226
	10,279	Twilio, Inc. Class A*	1,074,567
	4,542	VeriSign, Inc.*	850,171
	2,263	Wix.com Ltd.*	506,324
			10,824,656
	Leisure Products – 0.0%
	3,303	Bandai Namco Holdings, Inc.	69,921
	170	Shimano, Inc.	23,633
			93,554
	Life Sciences Tools & Services – 0.1%
	1,029	Agilent Technologies, Inc.	141,971
	17,622	Avantor, Inc.*	371,119
	918	Bio-Rad Laboratories, Inc. Class A*	312,607
	1,175	Charles River Laboratories International, Inc.*	233,895
	1,747	Danaher Corp.	418,738
	3,132	Eurofins Scientific SE	154,966
	1,230	IQVIA Holdings, Inc.*	247,033
	399	Mettler-Toledo International, Inc.*	499,229
	3,317	Qiagen NV*	145,088
	1,006	Revvity, Inc.	116,837
	1,197	Thermo Fisher Scientific, Inc.	633,967
	761	Waters Corp.*	292,772
	141	West Pharmaceutical Services, Inc.	45,921
			3,614,143
	Machinery – 0.2%
	1,239	Alfa Laval AB	52,792
	8,068	Atlas Copco AB Class A	128,976
	5,508	Atlas Copco AB Class B	77,893
	1,787	Caterpillar, Inc.	725,719
	893	Cummins, Inc.	334,911
	796	Deere & Co.	370,856
	774	Dover Corp.	159,367
	1,651	Epiroc AB Class A	30,098
	1,494	Epiroc AB Class B	24,650
	4,152	Fortive Corp.	329,378
	1,741	GEA Group AG	87,177
	1,998	Graco, Inc.	181,978

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	772	IDEX Corp.	$      178,046
	1,874	Illinois Tool Works, Inc.	520,072
	2,410	Ingersoll Rand, Inc.	251,050
	2,698	Knorr-Bremse AG	206,250
	3,086	Komatsu Ltd.	83,557
	12,160	Mitsubishi Heavy Industries Ltd.	179,030
	606	Nordson Corp.	158,160
	3,950	Otis Worldwide Corp.	406,771
	2,825	PACCAR, Inc.	330,525
	256	Parker-Hannifin Corp.	179,942
	1,571	Pentair PLC	171,223
	531	Rational AG	497,320
	2,893	Sandvik AB	53,544
	920	Schindler Holding AG	263,432
	9,295	SKF AB Class B	178,707
	1,438	Snap-on, Inc.	531,614
	1,680	Stanley Black & Decker, Inc.	150,276
	14,880	Techtronic Industries Co. Ltd.	211,789
	2,687	Toro Co.	233,984
	1,582	Trelleborg AB Class B	52,329
	343	VAT Group AG(a)	137,019
	3,796	Volvo AB Class B	94,549
	2,006	Wartsila OYJ Abp	36,507
	2,787	Westinghouse Air Brake Technologies Corp.	559,128
	1,176	Xylem, Inc.	149,058
	33,472	Yangzijiang Shipbuilding Holdings Ltd.	60,232
			8,377,909
	Marine Transportation – 0.0%
	34	AP Moller - Maersk AS Class B	57,864
	33	AP Moller - Maersk AS Class A	54,243
	9,339	Kawasaki Kisen Kaisha Ltd.	124,439
	1,387	Kuehne & Nagel International AG	331,913
	3,287	Mitsui OSK Lines Ltd.	112,694
	3,613	Nippon Yusen KK	115,835
			796,988
	Media – 0.1%
	950	Charter Communications, Inc. Class A*	377,117
	18,672	Comcast Corp. Class A	806,444
	2,322	Dentsu Group, Inc.	59,418
	12,725	Fox Corp. Class A	599,602
	13,519	Fox Corp. Class B	604,705
	12,824	Informa PLC	139,899
	3,696	Interpublic Group of Cos., Inc.	113,874
	11,049	News Corp. Class A	324,288
	2,527	Omnicom Group, Inc.	264,880
	1,842	Publicis Groupe SA	200,096
	814	Trade Desk, Inc. Class A*	104,640
	20,606	Vivendi SE	189,432

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	13,713	WPP PLC	$      149,994
			3,934,389
	Metals & Mining – 0.1%
	1,200	Agnico Eagle Mines Ltd.	101,362
	12,151	ArcelorMittal SA	305,499
	9,041	BHP Group Ltd.	238,404
	24,055	BlueScope Steel Ltd.	348,553
	11,709	Fortescue Ltd.	145,161
	41,127	Glencore PLC*	199,146
	2,990	Ivanhoe Mines Ltd. Class A*	40,577
	6,974	JFE Holdings, Inc.	79,801
	1,104	Newmont Corp.	46,302
	8,691	Nippon Steel Corp.	178,030
	6,003	Northern Star Resources Ltd.	68,834
	1,944	Nucor Corp.	300,717
	839	Reliance, Inc.	269,520
	1,184	Rio Tinto Ltd.	91,649
	1,382	Rio Tinto PLC	86,890
	1,213	Wheaton Precious Metals Corp.	75,611
			2,576,056
	Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	5,766	Annaly Capital Management, Inc.	114,916
	Multi-Utilities – 0.1%
	1,824	Ameren Corp.	172,167
	2,249	Canadian Utilities Ltd. Class A	57,621
	3,562	CenterPoint Energy, Inc.	116,192
	225,261	Centrica PLC	365,336
	2,627	CMS Energy Corp.	183,128
	2,004	Consolidated Edison, Inc.	201,582
	1,372	Dominion Energy, Inc.	80,605
	1,307	DTE Energy Co.	164,395
	15,485	E.ON SE	199,584
	10,385	Engie SA	165,547
	7,712	National Grid PLC	97,346
	5,460	NiSource, Inc.	207,971
	2,662	Public Service Enterprise Group, Inc.	251,027
	2,326	Sempra	217,876
	2,117	Veolia Environnement SA	61,712
	1,729	WEC Energy Group, Inc.	174,715
			2,716,804
	Office REITs – 0.0%
	3,737	BXP, Inc.	306,397
	42	Japan Real Estate Investment Corp.	155,454
	170	Nippon Building Fund, Inc.	142,599
			604,450
	Oil, Gas & Consumable Fuels – 0.3%
	4,884	APA Corp.	110,623
	84,383	BP PLC	413,227
	4,978	Canadian Natural Resources Ltd.	168,499

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	20,765	Cenovus Energy, Inc.	$      327,630
	1,541	Cheniere Energy, Inc.	345,199
	6,694	Chevron Corp.	1,083,959
	5,759	ConocoPhillips	623,930
	3,519	Coterra Energy, Inc.	94,028
	2,203	Devon Energy Corp.	83,604
	160	Diamondback Energy, Inc.	28,414
	9,159	Enbridge, Inc.	397,683
	38,472	ENEOS Holdings, Inc.	208,320
	26,898	Eni SpA	380,585
	2,700	EOG Resources, Inc.	359,802
	6,187	Equinor ASA	149,957
	419	Expand Energy Corp.	41,464
	16,690	Exxon Mobil Corp.	1,968,752
	6,773	Galp Energia SGPS SA	111,354
	299	Hess Corp.	44,007
	9,671	HF Sinclair Corp.	395,834
	20,609	Idemitsu Kosan Co. Ltd.	137,689
	3,057	Imperial Oil Ltd.	225,599
	15,883	Inpex Corp.	208,163
	4,355	Keyera Corp.	144,767
	13,996	Kinder Morgan, Inc.	395,667
	3,111	Marathon Petroleum Corp.	485,783
	10,336	MEG Energy Corp.	186,410
	4,752	Occidental Petroleum Corp.	240,356
	2,561	OMV AG	102,683
	3,307	ONEOK, Inc.	375,675
	5,582	Ovintiv, Inc.	253,534
	9,898	Parkland Corp.	257,904
	4,774	Pembina Pipeline Corp.	197,943
	3,469	Phillips 66	464,777
	10,588	Repsol SA	132,528
	22,726	Shell PLC	730,347
	8,755	Suncor Energy, Inc.	346,248
	1,686	Targa Resources Corp.	344,450
	4,393	TC Energy Corp.	214,936
	31	Texas Pacific Land Corp.	49,603
	10,018	TotalEnergies SE	582,248
	3,414	Valero Energy Corp.	474,819
	8,726	Williams Cos., Inc.	510,646
			14,399,646
	Paper & Forest Products – 0.0%
	2,344	Holmen AB Class B	88,398
	2,529	Mondi PLC	38,314
			126,712
	Passenger Airlines – 0.0%
	10,622	Air Canada*	188,686
	18,642	ANA Holdings, Inc.	360,201
	2,529	Delta Air Lines, Inc.	161,401
	24,310	Deutsche Lufthansa AG	163,203
	19,418	Japan Airlines Co. Ltd.	323,277

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Passenger Airlines – (continued)
	84,282	Singapore Airlines Ltd.	$      397,026
			1,593,794
	Personal Products – 0.1%
	1,238	Beiersdorf AG	160,624
	2,065	Estee Lauder Cos., Inc. Class A	148,928
	27,566	Haleon PLC	131,493
	1,419	Kao Corp.	61,741
	11,755	Kenvue, Inc.	283,060
	1,415	L’Oreal SA	492,343
	13,489	Shiseido Co. Ltd.	251,008
	7,040	Unilever PLC	421,569
			1,950,766
	Pharmaceuticals – 0.4%
	10,554	Astellas Pharma, Inc.	109,897
	4,962	AstraZeneca PLC	671,580
	16,170	Bayer AG	331,951
	17,381	Bristol-Myers Squibb Co.	1,029,303
	2,849	Chugai Pharmaceutical Co. Ltd.	125,380
	2,565	Daiichi Sankyo Co. Ltd.	81,454
	6,045	Eisai Co. Ltd.	187,622
	3,511	Eli Lilly & Co.	2,792,474
	31,779	GSK PLC	539,871
	14,329	Hikma Pharmaceuticals PLC	350,879
	4,866	Ipsen SA	562,751
	9,952	Johnson & Johnson	1,542,660
	12,161	Merck & Co., Inc.	1,236,044
	7,943	Novartis AG	842,112
	14,017	Novo Nordisk AS Class B	1,502,199
	12,983	Ono Pharmaceutical Co. Ltd.	149,164
	6,750	Orion OYJ Class B	318,990
	4,870	Otsuka Holdings Co. Ltd.	282,975
	6,341	Pfizer, Inc.	166,198
	2,146	Recordati Industria Chimica e Farmaceutica SpA	116,939
	3,362	Roche Holding AG	986,870
	19,276	Royalty Pharma PLC Class A	513,898
	3,856	Sanofi SA	374,522
	9,444	Shionogi & Co. Ltd.	133,960
	8,514	Takeda Pharmaceutical Co. Ltd.	232,136
	31,905	Teva Pharmaceutical Industries Ltd. ADR*	535,366
	1,061	UCB SA	208,064
	78,978	Viatris, Inc.	1,033,822
	1,985	Zoetis, Inc.	347,871
			17,306,952
	Professional Services – 0.2%
	892	Adecco Group AG	23,820
	1,708	Automatic Data Processing, Inc.	524,236
	1,337	Booz Allen Hamilton Holding Corp.	198,117
	1,000	Broadridge Financial Solutions, Inc.	236,020

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	1,794	Bureau Veritas SA	$       54,635
	6,818	Computershare Ltd.	142,054
	3,430	Experian PLC	163,967
	2,048	Intertek Group PLC	122,964
	1,338	Jacobs Solutions, Inc.	188,966
	2,492	Leidos Holdings, Inc.	412,177
	1,788	Paychex, Inc.	261,531
	146	Paycom Software, Inc.	33,860
	9,725	Randstad NV	427,070
	14,085	Recruit Holdings Co. Ltd.	979,720
	13,974	RELX PLC	658,792
	4,372	SGS SA	434,288
	3,721	SS&C Technologies Holdings, Inc.	287,782
	2,587	Teleperformance SE	243,604
	629	Thomson Reuters Corp.	102,312
	486	TransUnion	49,329
	1,342	Verisk Analytics, Inc.	394,830
	3,240	Wolters Kluwer NV	540,728
			6,480,802
	Real Estate Management & Development – 0.0%
	763	Azrieli Group Ltd.	61,384
	972	Daito Trust Construction Co. Ltd.	108,503
	398	FirstService Corp.	77,323
	15,209	Hongkong Land Holdings Ltd.	69,179
	8,996	Hulic Co. Ltd.	81,100
	4,378	Mitsubishi Estate Co. Ltd.	62,043
	74,575	Sino Land Co. Ltd.	73,120
	1,264	Swiss Prime Site AG	139,740
	1,753	Vonovia SE	58,147
			730,539
	Residential REITs – 0.0%
	4,083	American Homes 4 Rent Class A	156,338
	802	AvalonBay Communities, Inc.	188,751
	1,446	Camden Property Trust	181,907
	2,009	Equity LifeStyle Properties, Inc.	143,302
	2,155	Equity Residential	165,202
	431	Essex Property Trust, Inc.	133,808
	3,571	Invitation Homes, Inc.	122,307
	802	Mid-America Apartment Communities, Inc.	131,656
	1,098	Sun Communities, Inc.	138,710
	3,451	UDR, Inc.	158,263
			1,520,244
	Retail REITs – 0.0%
	32,721	CapitaLand Integrated Commercial Trust	47,915
	3,598	Kimco Realty Corp.	92,001
	2,526	Klepierre SA	76,350
	3,530	Realty Income Corp.	204,352
	2,049	Regency Centers Corp.	154,884
	16,689	Scentre Group	40,149
	1,388	Simon Property Group, Inc.	254,837

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retail REITs – (continued)
	574	Unibail-Rodamco-Westfield*	$       47,049
			917,537
	Semiconductors & Semiconductor Equipment – 0.7%
	2,086	Advanced Micro Devices, Inc.*	286,147
	8,856	Advantest Corp.	490,448
	609	Analog Devices, Inc.	132,792
	5,725	Applied Materials, Inc.	1,000,215
	1,053	ASML Holding NV	719,524
	470	BE Semiconductor Industries NV	55,883
	16,372	Broadcom, Inc.	2,653,574
	404	Disco Corp.	110,399
	814	Enphase Energy, Inc.*	58,079
	9,431	Intel Corp.	226,816
	823	KLA Corp.	532,506
	7,990	Lam Research Corp.	590,301
	285	Marvell Technology, Inc.	26,417
	563	Micron Technology, Inc.	55,146
	404	Monolithic Power Systems, Inc.	229,327
	146,841	NVIDIA Corp.	20,300,768
	1,326	NXP Semiconductors NV	304,145
	3,937	ON Semiconductor Corp.*	279,999
	9,449	Qorvo, Inc.*	652,453
	6,619	QUALCOMM, Inc.	1,049,310
	7,939	Renesas Electronics Corp.	104,129
	377	SCREEN Holdings Co. Ltd.	23,842
	8,917	Skyworks Solutions, Inc.	781,040
	3,195	STMicroelectronics NV	81,929
	2,353	Teradyne, Inc.	258,830
	2,653	Texas Instruments, Inc.	533,333
	1,460	Tokyo Electron Ltd.	228,902
			31,766,254
	Software – 1.0%
	2,485	Adobe, Inc.*	1,282,086
	231	ANSYS, Inc.*	81,104
	4,149	AppLovin Corp. Class A*	1,397,176
	1,114	Aspen Technology, Inc.*	278,500
	2,796	Atlassian Corp. Class A*	736,970
	1,887	Autodesk, Inc.*	550,815
	1,694	Bentley Systems, Inc. Class B	83,853
	1,925	Cadence Design Systems, Inc.*	590,609
	1,320	Check Point Software Technologies Ltd.*	240,240
	291	Constellation Software, Inc.	976,428
	606	Crowdstrike Holdings, Inc. Class A*	209,658
	421	CyberArk Software Ltd.*	136,198
	1,730	Dassault Systemes SE	59,714
	1,605	Datadog, Inc. Class A*	245,164
	1,453	Descartes Systems Group, Inc.*	169,808
	14,081	DocuSign, Inc.*	1,122,115
	1,986	Dynatrace, Inc.*	111,593
	525	Fair Isaac Corp.*	1,246,891
	7,620	Fortinet, Inc.*	724,281

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	16,685	Gen Digital, Inc.	$      514,732
	786	HubSpot, Inc.*	566,745
	1,236	Intuit, Inc.	793,178
	3,121	Manhattan Associates, Inc.*	890,858
	40,487	Microsoft Corp.	17,144,205
	753	MicroStrategy, Inc. Class A*	291,765
	978	Monday.com Ltd.*	279,082
	3,722	Nemetschek SE	386,282
	289	Nice Ltd.*	52,155
	4,576	Nutanix, Inc. Class A*	298,721
	3,509	Open Text Corp.	106,870
	4,430	Oracle Corp.	818,841
	1,246	Oracle Corp. Japan	127,765
	9,079	Palantir Technologies, Inc. Class A*	609,019
	1,143	Palo Alto Networks, Inc.*	443,278
	1,815	PTC, Inc.*	363,109
	904	Roper Technologies, Inc.	512,062
	36,735	Sage Group PLC	613,330
	4,159	Salesforce, Inc.	1,372,429
	3,600	SAP SE	854,877
	927	ServiceNow, Inc.*	972,831
	943	Synopsys, Inc.*	526,656
	3,204	Trend Micro, Inc.	176,649
	381	Tyler Technologies, Inc.*	239,714
	1,656	WiseTech Global Ltd.	139,126
	520	Workday, Inc. Class A*	129,995
	3,803	Xero Ltd.*	433,056
	9,038	Zoom Communications, Inc.*	747,352
	385	Zscaler, Inc.*	79,537
			40,727,422
	Specialized REITs – 0.0%
	692	American Tower Corp.	144,628
	419	Crown Castle, Inc.	44,519
	211	Digital Realty Trust, Inc.	41,291
	48	Equinix, Inc.	47,111
	3,525	Gaming & Leisure Properties, Inc.	181,925
	2,073	Iron Mountain, Inc.	256,368
	379	Public Storage	131,911
	4,966	VICI Properties, Inc.	161,941
	3,266	Weyerhaeuser Co.	105,361
			1,115,055
	Specialty Retail – 0.3%
	291	AutoZone, Inc.*	922,336
	5,393	Avolta AG	200,180
	8,630	Best Buy Co., Inc.	776,700
	1,696	Burlington Stores, Inc.*	478,069
	2,811	CarMax, Inc.*	236,040
	179	Carvana Co.*	46,615
	3,723	Dick’s Sporting Goods, Inc.	771,555
	685	Fast Retailing Co. Ltd.	234,730
	25,496	H & M Hennes & Mauritz AB Class B	353,911

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	5,435	Home Depot, Inc.	$    2,332,322
	10,875	Industria de Diseno Textil SA	600,117
	344,273	JD Sports Fashion PLC	446,994
	113,677	Kingfisher PLC	358,536
	4,162	Lowe’s Cos., Inc.	1,133,854
	613	Nitori Holdings Co. Ltd.	78,692
	759	O’Reilly Automotive, Inc.*	943,604
	2,704	Ross Stores, Inc.	418,768
	10,157	TJX Cos., Inc.	1,276,633
	1,832	Tractor Supply Co.	519,683
	1,871	Ulta Beauty, Inc.*	723,403
	4,466	Williams-Sonoma, Inc.	768,241
	14,300	Zalando SE*(a)	447,189
	23,704	ZOZO, Inc.	747,997
			14,816,169
	Technology Hardware, Storage & Peripherals – 0.6%
	87,172	Apple, Inc.	20,688,531
	12,980	Brother Industries Ltd.	228,855
	5,694	Canon, Inc.	185,498
	388	Dell Technologies, Inc. Class C	49,505
	5,250	FUJIFILM Holdings Corp.	118,788
	30,052	Hewlett Packard Enterprise Co.	637,704
	11,908	HP, Inc.	421,900
	3,335	Logitech International SA	271,030
	2,911	NetApp, Inc.	357,005
	2,933	Pure Storage, Inc. Class A*	155,420
	40,760	Ricoh Co. Ltd.	464,392
	1,016	Seagate Technology Holdings PLC	102,951
	14,473	Seiko Epson Corp.	257,872
			23,939,451
	Textiles, Apparel & Luxury Goods – 0.1%
	2,024	adidas AG	478,633
	11,432	Asics Corp.	230,965
	649	Cie Financiere Richemont SA Class A	90,783
	5,316	Deckers Outdoor Corp.*	1,041,723
	212	Hermes International SCA	462,717
	1,744	Lululemon Athletica, Inc.*	559,231
	741	LVMH Moet Hennessy Louis Vuitton SE	464,525
	5,214	Moncler SpA	255,331
	6,694	NIKE, Inc. Class B	527,286
	3,342	Pandora AS	539,248
	9,201	Puma SE	432,379
	335	Swatch Group AG	61,053
			5,143,874
	Tobacco – 0.1%
	7,324	Altria Group, Inc.	422,888
	10,771	British American Tobacco PLC	409,086
	9,372	Imperial Brands PLC	306,523
	7,232	Japan Tobacco, Inc.	204,014

Shares		Description	Value
	Common Stocks – (continued)
	Tobacco – (continued)
	5,230	Philip Morris International, Inc.	$      695,904
			2,038,415
	Trading Companies & Distributors – 0.2%
	1,283	AerCap Holdings NV	127,479
	3,160	Brenntag SE	204,073
	4,683	Bunzl PLC	212,078
	11,631	Fastenal Co.	971,886
	3,250	Ferguson Enterprises, Inc.	701,772
	252	IMCD NV	37,808
	5,486	ITOCHU Corp.	271,437
	23,125	Marubeni Corp.	349,036
	7,357	Mitsubishi Corp.	124,584
	14,740	Mitsui & Co. Ltd.	309,752
	31,199	MonotaRO Co. Ltd.	557,412
	4,061	Reece Ltd.	68,460
	7,307	Rexel SA	188,873
	4,679	SGH Ltd.	151,689
	11,090	Sumitomo Corp.	238,037
	981	Toromont Industries Ltd.	80,874
	12,729	Toyota Tsusho Corp.	217,790
	147	United Rentals, Inc.	127,302
	609	Watsco, Inc.	335,924
	887	WW Grainger, Inc.	1,069,137
			6,345,403
	Transportation Infrastructure – 0.0%
	750	Aena SME SA(a)	162,429
	5,223	Getlink SE	85,407
	14,350	Transurban Group	120,142
			367,978
	Water Utilities – 0.0%
	521	American Water Works Co., Inc.	71,346
	1,536	Essential Utilities, Inc.	61,486
	1,516	Severn Trent PLC	52,041
	3,834	United Utilities Group PLC	54,639
			239,512
	Wireless Telecommunication Services – 0.0%
	6,282	KDDI Corp.	207,635
	1,757	Rogers Communications, Inc. Class B	62,811
	171,704	SoftBank Corp.	221,929
	1,250	SoftBank Group Corp.	74,934
	10,991	Tele2 AB Class B	115,426
	2,476	T-Mobile U.S., Inc.	611,423
	364,213	Vodafone Group PLC	328,608
			1,622,766
	TOTAL COMMON STOCKS
	(Cost $290,272,629)		$  448,516,795

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Shares		Dividend Rate	Value
	Preferred Stocks – 0.0%
	Auto Manufacturers – 0.0%
	Porsche Automobil Holding SE
	2,378	7.365%	$       87,318
	Household Products – 0.0%
	Henkel AG & Co. KGaA
	2,622	2.292	223,769
	TOTAL PREFERRED STOCKS
	(Cost $328,808)		$      311,087
Units		Expiration Date	Value
	Warrants*(b) – 0.0%
	Constellation Software, Inc.
	264	03/31/40	$           —
	(Cost $—)
Shares		Description	Value
	Exchange Traded Funds – 81.1%
	726,949	Goldman Sachs ActiveBeta Emerging Markets Equity ETF(c)	$   24,127,437
	9,658,394	Goldman Sachs MarketBeta International Equity ETF(c)	542,529,376
	5,625,138	Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF(c)	306,762,401
	9,919,033	Goldman Sachs MarketBeta Russell 1000 Value Equity ETF(c)	509,843,256
	12,851,853	Goldman Sachs MarketBeta U.S. Equity ETF(c)	1,067,731,947
	2,608,533	iShares Core MSCI EAFE ETF	192,118,455
	8,208,802	iShares Core MSCI Emerging Markets ETF	445,820,037

Shares		Description	Value
	Exchange Traded Funds – (continued)
	2,581,907	iShares MSCI EAFE Small-Cap ETF	$  165,190,410
	81,240	iShares U.S. Technology ETF	12,943,969
	2,507,746	SPDR Portfolio S&P 500 Growth ETF	219,076,691
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $2,859,417,442)		$3,486,143,979
Shares		Dividend Rate	Value
	Investment Company(c) – 5.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	212,636,700	4.541%	$  212,636,700
	(Cost $212,636,700)
	TOTAL INVESTMENTS – 96.5%
	(Cost $3,362,655,579)		$4,147,608,561
	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.5%		148,597,760
	NET ASSETS – 100.0%		$4,296,206,321

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)	Represents an affiliated issuer.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2024, 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	CHF	100,000		USD	113,100		12/18/24	$	661
	HKD	5,790,000		USD	744,288		12/18/24		97
	ILS	600,000		USD	160,984		12/18/24		4,250
	JPY	2,925,000,000		USD	19,120,642		12/18/24		481,864
	SEK	5,400,000		USD	491,793		12/18/24		4,262
	USD	58,714,362		AUD	87,360,000		12/18/24		1,724,403
	USD	78,398,139		CHF	65,910,000		12/18/24		3,418,460
	USD	28,299,758		DKK	189,830,000		12/18/24		1,374,190
	USD	267,251,818		EUR	240,780,000		12/18/24		12,603,324
	USD	116,530,923		GBP	88,645,000		12/18/24		3,736,016
	USD	14,654,025		HKD	113,860,000		12/18/24		15,741
	USD	167,074,271		JPY	23,726,000,000		12/18/24		8,069,475
	USD	4,389,072		NOK	46,800,000		12/18/24		150,073
	USD	1,429,026		NZD	2,310,000		12/18/24		60,573
	USD	25,273,522		SEK	259,800,000		12/18/24		1,407,747
	USD	9,818,766		SGD	12,750,000		12/18/24		290,959
TOTAL								$	33,342,095
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	9,160,000		USD	6,169,157		12/18/24	$	(193,563	)
	CAD	65,980,000		USD	48,807,969		12/18/24		(1,648,743	)
	CHF	8,510,000		USD	10,000,340		12/18/24		(319,304	)
	DKK	39,790,000		USD	5,917,733		12/18/24		(273,903	)
	EUR	36,920,000		USD	40,333,120		12/18/24		(1,286,595	)
	GBP	12,165,000		USD	15,966,418		12/18/24		(487,259	)
	HKD	12,410,000		USD	1,597,711		12/18/24		(2,233	)
	JPY	1,134,000,000		USD	8,084,691		12/18/24		(484,950	)
	NOK	4,400,000		USD	411,586		12/18/24		(13,047	)
	NZD	320,000		USD	197,848		12/18/24		(8,278	)
	SEK	23,850,000		USD	2,261,517		12/18/24		(70,605	)
	SGD	1,440,000		USD	1,109,345		12/18/24		(33,263	)
	USD	1,950,513		AUD	3,000,000		12/18/24		(6,560	)
	USD	675,917		DKK	4,800,000		12/18/24		(4,917	)
	USD	1,333,631		EUR	1,270,000		12/18/24		(9,519	)
	USD	3,091,425		GBP	2,460,000		12/18/24		(38,762	)
	USD	3,043,540		ILS	11,240,000		12/18/24		(51,827	)
	USD	15,024,669		JPY	2,281,000,000		12/18/24		(261,933	)
	USD	211,772		NOK	2,350,000		12/18/24		(1,083	)
	USD	76,011		NZD	130,000		12/18/24		(1,001	)
	USD	334,590		SGD	450,000		12/18/24		(1,685	)
TOTAL								$	(5,199,030	)

FUTURES CONTRACTS — At November 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Dow Jones U.S. Real Estate Index	270	12/20/24	$	10,581,300	$	138,523
E-Mini Russell 2000 Index	2,487	12/20/24		303,986,010		32,524,898
S&P 500 E-Mini Index	1,085	12/20/24		328,293,875		21,078,636
S&P Toronto Stock Exchange 60 Index	479	12/19/24		105,348,866		7,633,266
TOPIX Index	94	12/12/24		16,831,601		913,780
TOTAL FUTURES CONTRACTS					$	62,289,103

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2024, the Fund had the following purchased and written options:

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	$	14.338		12/18/2024	2,005,000	$	2,005,000	$	2	$	39,730	$	(39,728	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.027		12/18/2024	4,295,000		4,295,000		5		81,551		(81,546	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.351		03/19/2025	3,894,000		3,894,000		4,376		80,630		(76,254	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.550		03/19/2025	3,683,000		3,683,000		18,692		53,326		(34,634	)
Call CHF/Put NOK	MS & Co. Int. PLC		13.806		06/18/2025	8,830,000		8,830,000		85,458		153,878		(68,420	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.124		09/17/2025	1,980,000		1,980,000		25,330		38,668		(13,338	)
Call CHF/Put NOK	MS & Co. Int. PLC		14.516		09/17/2025	5,392,000		5,392,000		48,188		104,803		(56,615	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.914		12/18/2024	2,364,000		2,364,000		3		41,465		(41,462	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.373		12/18/2024	5,027,000		5,027,000		34		77,505		(77,471	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.620		03/19/2025	4,557,000		4,557,000		6,901		75,970		(69,069	)
Call CHF/Put SEK	MS & Co. Int. PLC		12.986		03/19/2025	4,271,000		4,271,000		27,397		51,606		(24,209	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.306		06/18/2025	9,371,000		9,371,000		79,876		149,219		(69,343	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.540		09/17/2025	2,123,000		2,123,000		23,075		37,062		(13,987	)
Call CHF/Put SEK	MS & Co. Int. PLC		13.481		09/17/2025	6,321,000		6,321,000		73,567		102,726		(29,159	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.746		12/18/2024	169,714,000		169,714,000		1		17,553		(17,552	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.187		12/18/2024	366,013,000		366,013,000		181		33,815		(33,634	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.443		03/19/2025	329,211,000		329,211,000		7,803		33,144		(25,341	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.094		03/19/2025	401,662,000		401,662,000		17,885		29,406		(11,521	)
Call JPY/Put KRW	MS & Co. Int. PLC		10.052		06/18/2025	1,053,137,000		1,053,137,000		100,566		88,531		12,035
Call JPY/Put KRW	MS & Co. Int. PLC		10.269		09/17/2025	236,302,000		236,302,000		25,820		22,350		3,470
Call JPY/Put KRW	MS & Co. Int. PLC		10.702		09/17/2025	615,567,000		615,567,000		42,752		66,461		(23,709	)
Call USD/Put CAD	MS & Co. Int. PLC		1.462		12/18/2024	4,098,000		4,098,000		205		36,456		(36,251	)
Call USD/Put CAD	MS & Co. Int. PLC		1.455		12/18/2024	9,427,000		9,427,000		820		75,812		(74,992	)
Call USD/Put CAD	MS & Co. Int. PLC		1.465		03/19/2025	8,630,000		8,630,000		14,818		76,703		(61,885	)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (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	$	1.426		03/19/2025	10,203,000	$	10,203,000	$	50,627	$	70,962	$	(20,335	)
Call USD/Put CAD	MS & Co. Int. PLC		1.440		06/18/2025	25,620,000		25,620,000		152,516		193,329		(40,813	)
Call USD/Put CAD	MS & Co. Int. PLC		1.449		09/17/2025	5,775,000		5,775,000		40,720		50,486		(9,766	)
Call USD/Put CAD	MS & Co. Int. PLC		1.420		09/17/2025	19,208,000		19,208,000		212,633		137,703		74,930
Call USD/Put CLP	MS & Co. Int. PLC		1,154.490		12/18/2024	896,000		896,000		1		20,257		(20,256	)
Call USD/Put CLP	MS & Co. Int. PLC		1,062.540		12/18/2024	1,833,000		1,833,000		165		38,174		(38,009	)
Call USD/Put CLP	MS & Co. Int. PLC		1,089.090		03/19/2025	1,681,000		1,681,000		6,517		36,950		(30,433	)
Call USD/Put CLP	MS & Co. Int. PLC		1,123.250		03/19/2025	2,937,000		2,937,000		6,179		56,023		(49,844	)
Call USD/Put CLP	MS & Co. Int. PLC		1,084.510		06/18/2025	10,646,000		10,646,000		113,944		193,246		(79,302	)
Call USD/Put CLP	MS & Co. Int. PLC		1,108.720		09/17/2025	2,420,000		2,420,000		33,273		48,603		(15,330	)
Call USD/Put CLP	MS & Co. Int. PLC		1,077.560		09/17/2025	7,505,000		7,505,000		137,897		133,131		4,766
Call USD/Put KRW	MS & Co. Int. PLC		1,474.710		12/18/2024	1,379,000		1,379,000		76		16,824		(16,748	)
Call USD/Put KRW	MS & Co. Int. PLC		1,394.460		12/18/2024	2,952,000		2,952,000		22,022		34,996		(12,974	)
Call USD/Put KRW	MS & Co. Int. PLC		1,408.090		03/19/2025	2,688,000		2,688,000		37,481		35,374		2,107
Call USD/Put KRW	MS & Co. Int. PLC		1,425.130		03/19/2025	3,291,000		3,291,000		34,059		32,021		2,038
Call USD/Put KRW	MS & Co. Int. PLC		1,481.080		06/18/2025	8,094,000		8,094,000		66,978		89,358		(22,380	)
Call USD/Put KRW	MS & Co. Int. PLC		1,494.880		09/17/2025	1,822,000		1,822,000		19,603		22,392		(2,789	)
Call USD/Put KRW	MS & Co. Int. PLC		1,427.030		09/17/2025	5,463,000		5,463,000		109,767		63,644		46,123
Call USD/Put MXN	MS & Co. Int. PLC		22.858		12/18/2024	1,899,000		1,899,000		85		36,294		(36,209	)
Call USD/Put MXN	MS & Co. Int. PLC		21.290		12/18/2024	4,099,000		4,099,000		8,276		75,868		(67,592	)
Call USD/Put MXN	MS & Co. Int. PLC		21.999		03/19/2025	3,763,000		3,763,000		45,348		75,915		(30,567	)
Call USD/Put MXN	MS & Co. Int. PLC		22.815		06/18/2025	5,089,000		5,089,000		86,320		93,057		(6,737	)
Call USD/Put MXN	MS & Co. Int. PLC		23.619		09/17/2025	1,169,000		1,169,000		23,672		23,435		237
Call USD/Put MXN	MS & Co. Int. PLC		23.724		09/17/2025	3,400,000		3,400,000		66,269		63,029		3,240
Call USD/Put NOK	MS & Co. Int. PLC		12.604		12/18/2024	1,085,000		1,085,000		1		19,249		(19,248	)
Call USD/Put NOK	MS & Co. Int. PLC		11.804		03/19/2025	1,333,000		1,333,000		9,940		16,929		(6,989	)
Call USD/Put NOK	MS & Co. Int. PLC		12.030		06/18/2025	3,174,000		3,174,000		36,025		47,039		(11,014	)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (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 NOK	MS & Co. Int. PLC	$	12.224		09/17/2025		720,000	$	720,000	$	10,454	$	11,866	$	(1,412	)
Call USD/Put NOK	MS & Co. Int. PLC		11.994		09/17/2025		2,158,000		2,158,000		38,177		35,359		2,818
Call USD/Put SEK	MS & Co. Int. PLC		11.584		12/18/2024		2,582,000		2,582,000		656		33,832		(33,176	)
Call USD/Put SEK	MS & Co. Int. PLC		11.726		03/19/2025		2,358,000		2,358,000		11,842		33,337		(21,495	)
Call USD/Put SEK	MS & Co. Int. PLC		11.327		03/19/2025		4,247,000		4,247,000		43,400		51,028		(7,628	)
Call USD/Put SEK	MS & Co. Int. PLC		11.617		06/18/2025		9,405,000		9,405,000		107,668		139,194		(31,526	)
Call USD/Put SEK	MS & Co. Int. PLC		11.758		09/17/2025		2,149,000		2,149,000		30,159		35,244		(5,085	)
Call USD/Put SEK	MS & Co. Int. PLC		11.218		09/17/2025		7,148,000		7,148,000		169,143		103,875		65,268
							3,428,065,000	$	3,428,065,000	$	2,335,648	$	3,736,393	$	(1,400,745	)
Puts
Put AUD/Call JPY	MS & Co. Int. PLC		79.618		12/18/2024		3,068,000		3,068,000		2		35,557		(35,555	)
Put AUD/Call JPY	MS & Co. Int. PLC		82.850		12/18/2024		6,870,000		6,870,000		22		71,979		(71,957	)
Put AUD/Call JPY	MS & Co. Int. PLC		80.965		03/19/2025		6,230,000		6,230,000		7,148		72,667		(65,519	)
Put AUD/Call JPY	MS & Co. Int. PLC		86.410		03/19/2025		9,762,000		9,762,000		26,736		89,071		(62,335	)
Put AUD/Call JPY	MS & Co. Int. PLC		90.170		06/18/2025		22,780,000		22,780,000		247,940		234,428		13,512
Put AUD/Call JPY	MS & Co. Int. PLC		88.320		09/17/2025		5,138,000		5,138,000		65,775		60,331		5,444
Put AUD/Call JPY	MS & Co. Int. PLC		82.360		09/17/2025		13,335,000		13,335,000		84,742		158,228		(73,486	)
Put AUD/Call USD	MS & Co. Int. PLC		0.578		12/18/2024		2,669,000		2,669,000		2		27,502		(27,500	)
Put AUD/Call USD	MS & Co. Int. PLC		0.601		12/18/2024		5,905,000		5,905,000		69		53,525		(53,456	)
Put AUD/Call USD	MS & Co. Int. PLC		0.595		03/19/2025		5,355,000		5,355,000		7,915		54,157		(46,242	)
Put AUD/Call USD	MS & Co. Int. PLC		0.609		03/19/2025		4,492,000		4,492,000		11,391		35,750		(24,359	)
Put AUD/Call USD	MS & Co. Int. PLC		0.611		06/18/2025		10,680,000		10,680,000		63,725		90,428		(26,703	)
Put AUD/Call USD	MS & Co. Int. PLC		0.605		09/17/2025		2,404,000		2,404,000		18,800		23,059		(4,259	)
Put AUD/Call USD	MS & Co. Int. PLC		0.620		09/17/2025		7,086,000		7,086,000		76,542		66,193		10,349
Put CAD/Call JPY	MS & Co. Int. PLC		92.677		12/18/2024		2,337,000		2,337,000		8		27,914		(27,906	)
Put CAD/Call JPY	MS & Co. Int. PLC		93.100		12/18/2024		5,316,000		5,316,000		27		53,320		(53,293	)
Put CAD/Call JPY	MS & Co. Int. PLC		91.166		03/19/2025		4,835,000		4,835,000		5,501		54,282		(48,781	)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (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 CAD/Call JPY	MS & Co. Int. PLC	$	97.830		03/19/2025		5,785,000	$	5,785,000	$	22,152	$	50,534	$	(28,382	)
Put CAD/Call JPY	MS & Co. Int. PLC		100.970		06/18/2025		14,322,000		14,322,000		179,428		148,268		31,160
Put CAD/Call JPY	MS & Co. Int. PLC		99.060		09/17/2025		3,193,000		3,193,000		43,816		36,997		6,819
Put CAD/Call JPY	MS & Co. Int. PLC		91.640		09/17/2025		8,566,000		8,566,000		47,014		99,885		(52,871	)
Put NZD/Call JPY	MS & Co. Int. PLC		73.135		12/18/2024		2,416,000		2,416,000		1		24,849		(24,848	)
Put NZD/Call JPY	MS & Co. Int. PLC		75.859		12/18/2024		5,477,000		5,477,000		23		52,894		(52,871	)
Put NZD/Call JPY	MS & Co. Int. PLC		74.113		03/19/2025		4,993,000		4,993,000		5,341		53,658		(48,317	)
Put NZD/Call JPY	MS & Co. Int. PLC		79.190		03/19/2025		8,108,000		8,108,000		22,483		66,145		(43,662	)
Put NZD/Call JPY	MS & Co. Int. PLC		82.880		06/18/2025		19,116,000		19,116,000		213,817		179,755		34,062
Put NZD/Call JPY	MS & Co. Int. PLC		81.100		09/17/2025		4,312,000		4,312,000		54,030		46,325		7,705
Put NZD/Call JPY	MS & Co. Int. PLC		75.450		09/17/2025		11,734,000		11,734,000		70,961		131,135		(60,174	)
Put NZD/Call USD	MS & Co. Int. PLC		0.530		12/18/2024		2,888,000		2,888,000		2		26,638		(26,636	)
Put NZD/Call USD	MS & Co. Int. PLC		0.549		12/18/2024		6,445,000		6,445,000		92		54,793		(54,701	)
Put NZD/Call USD	MS & Co. Int. PLC		0.544		03/19/2025		5,856,000		5,856,000		8,469		55,260		(46,791	)
Put NZD/Call USD	MS & Co. Int. PLC		0.558		03/19/2025		4,857,000		4,857,000		13,618		35,043		(21,425	)
Put NZD/Call USD	MS & Co. Int. PLC		0.562		06/18/2025		11,567,000		11,567,000		74,281		90,427		(16,146	)
Put NZD/Call USD	MS & Co. Int. PLC		0.556		09/17/2025		2,611,000		2,611,000		20,594		23,156		(2,562	)
Put NZD/Call USD	MS & Co. Int. PLC		0.567		09/17/2025		7,586,000		7,586,000		78,669		65,286		13,383
							248,094,000	$	248,094,000	$	1,471,136	$	2,449,439	$	(978,303	)
Total purchased option contracts							3,676,159,000	$	3,676,159,000	$	3,806,784	$	6,185,832	$	(2,379,048	)

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	$	4,975.000		12/06/2024	(72)	$	(35,820,000	)	$	(761	)	$	(5,583	)	$	4,822
Euro Stoxx 50 Index		4,975.000		12/20/2024	(74)		(36,815,000	)		(9,306	)		(11,896	)		2,590
FTSE 100 Index		8,375.000		12/20/2024	(13)		(10,887,500	)		(7,692	)		(2,812	)		(4,880	)
FTSE 100 Index		8,425.000		12/20/2024	(14)		(11,795,000	)		(5,433	)		(7,471	)		2,038
FTSE 100 Index		8,475.000		12/20/2024	(9)		(7,627,500	)		(2,176	)		(1,672	)		(504	)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (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)
Calls (continued)
FTSE 100 Index	$	8,525.000		12/20/2024		(17)	$	(14,492,500	)	$	(2,488	)	$	(3,629	)	$	1,141
FTSE 100 Index		8,675.000		12/20/2024		(3)		(2,602,500	)		(95	)		(870	)		775
FTSE 100 Index		8,850.000		12/20/2024		(1)		(885,000	)		(6	)		(181	)		175
FTSE 100 Index		8,525.000		01/17/2025		(1)		(852,500	)		(566	)		(665	)		99
FTSE 100 Index		8,650.000		01/17/2025		(3)		(2,595,000	)		(783	)		(644	)		(139	)
Nikkei 225 Index		40,500.000		12/13/2024		(6)		(24,300,000	)		(1,484	)		(3,320	)		1,836
Nikkei 225 Index		41,375.000		12/13/2024		(9)		(37,237,500	)		(782	)		(6,105	)		5,323
Nikkei 225 Index		42,250.000		12/13/2024		(4)		(16,900,000	)		(160	)		(5,996	)		5,836
Nikkei 225 Index		43,000.000		12/13/2024		(7)		(30,100,000	)		(140	)		(2,319	)		2,179
Nikkei 225 Index		43,500.000		12/13/2024		(6)		(26,100,000	)		(120	)		(3,115	)		2,995
Nikkei 225 Index		44,000.000		12/13/2024		(2)		(8,800,000	)		(27	)		(1,786	)		1,759
Nikkei 225 Index		41,500.000		01/10/2025		(3)		(12,450,000	)		(1,845	)		(2,706	)		861
S&P 500 Index		6,060.000		12/02/2024		(38)		(23,028,000	)		(11,970	)		(20,371	)		8,401
S&P 500 Index		6,110.000		12/04/2024		(38)		(23,218,000	)		(3,610	)		(8,090	)		4,480
S&P 500 Index		6,100.000		12/06/2024		(39)		(23,790,000	)		(25,509	)		(25,509	)		—
S&P 500 Index		6,250.000		12/11/2024		(28)		(17,500,000	)		(1,260	)		(15,204	)		13,944
S&P 500 Index		6,150.000		12/18/2024		(28)		(17,220,000	)		(43,540	)		(28,226	)		(15,314	)
S&P 500 Index		6,225.000		12/24/2024		(28)		(17,430,000	)		(23,100	)		(23,391	)		291
Stoxx Europe 50 Index		4,975.000		12/13/2024		(73)		(36,317,500	)		(4,166	)		(9,217	)		5,051
						(516)	$	(438,763,500	)	$	(147,019	)	$	(190,778	)	$	43,759
Puts
Euro Stoxx 50 Index		4,575.000		12/06/2024		(143)		(65,422,500	)		(1,965	)		(32,760	)		30,795
Euro Stoxx 50 Index		4,525.000		12/20/2024		(149)		(67,422,500	)		(16,060	)		(21,663	)		5,603
FTSE 100 Index		7,650.000		12/20/2024		(13)		(9,945,000	)		(993	)		(6,034	)		5,041
FTSE 100 Index		7,750.000		12/20/2024		(25)		(19,375,000	)		(2,227	)		(8,613	)		6,386
FTSE 100 Index		7,775.000		12/20/2024		(18)		(13,995,000	)		(1,603	)		(8,655	)		7,052
FTSE 100 Index		7,850.000		12/20/2024		(28)		(21,980,000	)		(3,028	)		(3,618	)		590
FTSE 100 Index		7,875.000		12/20/2024		(7)		(5,512,500	)		(802	)		(3,890	)		3,088
FTSE 100 Index		8,000.000		12/20/2024		(1)		(800,000	)		(178	)		(618	)		440
FTSE 100 Index		8,075.000		12/20/2024		(21)		(16,957,500	)		(5,211	)		(5,924	)		713
FTSE 100 Index		7,775.000		01/17/2025		(2)		(1,555,000	)		(496	)		(512	)		16
FTSE 100 Index		7,975.000		01/17/2025		(7)		(5,582,500	)		(2,850	)		(2,973	)		123
Nikkei 225 Index		34,250.000		12/13/2024		(8)		(27,400,000	)		(2,246	)		(22,172	)		19,926
Nikkei 225 Index		35,500.000		12/13/2024		(4)		(14,200,000	)		(2,219	)		(11,266	)		9,047
Nikkei 225 Index		36,000.000		12/13/2024		(11)		(39,600,000	)		(8,823	)		(43,529	)		34,706
Nikkei 225 Index		36,125.000		12/13/2024		(11)		(39,737,500	)		(9,557	)		(13,830	)		4,273
Nikkei 225 Index		36,375.000		12/13/2024		(17)		(61,837,500	)		(17,612	)		(24,761	)		7,149
Nikkei 225 Index		36,625.000		12/13/2024		(15)		(54,937,500	)		(19,049	)		(25,225	)		6,176
Nikkei 225 Index		35,250.000		01/10/2025		(7)		(24,675,000	)		(12,398	)		(14,226	)		1,828
S&P 500 Index		5,885.000		12/02/2024		(75)		(44,137,500	)		(938	)		(54,842	)		53,904
S&P 500 Index		5,500.000		12/04/2024		(58)		(31,900,000	)		(1,160	)		(78,074	)		76,914
S&P 500 Index		5,950.000		12/04/2024		(76)		(45,220,000	)		(18,620	)		(70,532	)		51,912
S&P 500 Index		5,915.000		12/06/2024		(77)		(45,545,500	)		(42,075	)		(42,075	)		—
S&P 500 Index		5,790.000		12/11/2024		(56)		(32,424,000	)		(19,600	)		(129,347	)		109,747
S&P 500 Index		5,700.000		12/18/2024		(57)		(32,490,000	)		(36,765	)		(201,444	)		164,679
S&P 500 Index		5,850.000		12/24/2024		(57)		(33,345,000	)		(104,880	)		(137,290	)		32,410
Stoxx Europe 50 Index		4,550.000		12/13/2024		(146)		(66,430,000	)		(9,257	)		(25,801	)		16,544
						(1,089)	$	(822,427,000	)	$	(340,612	)	$	(989,674	)	$	649,062
Total written option contracts						(1,605)	$	(1,261,190,500	)	$	(487,631	)	$	(1,180,452	)	$	692,821

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 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 Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	96.250		12/13/2024		915	$	2,287,500	$	5,719	$	1,714,070	$	(1,708,351	)
3 Month SOFR		97.250		12/13/2024		2,052		5,130,000		12,825		3,290,395		(3,277,570	)
3 Month SOFR		98.000		12/13/2024		3,960		9,900,000		24,750		888,337		(863,587	)
3 Month SOFR		96.500		03/14/2025		966		2,415,000		72,450		1,863,201		(1,790,751	)
3 Month SOFR		97.000		03/14/2025		2,074		5,185,000		90,738		2,263,037		(2,172,299	)
3 Month SOFR		97.250		03/14/2025		1,843		4,607,500		57,594		3,360,173		(3,302,579	)
3 Month SOFR		98.000		03/14/2025		2,796		6,990,000		34,950		923,062		(888,112	)
3 Month SOFR		95.625		06/13/2025		1,373		3,432,500		1,536,044		1,551,223		(15,179	)
3 Month SOFR		96.250		06/13/2025		794		1,985,000		342,413		1,182,380		(839,967	)
3 Month SOFR		96.625		06/13/2025		983		2,457,500		245,750		1,903,452		(1,657,702	)
3 Month SOFR		96.750		06/13/2025		1,226		3,065,000		260,525		1,290,144		(1,029,619	)
3 Month SOFR		97.250		06/13/2025		2,670		6,675,000		317,063		2,854,785		(2,537,722	)
3 Month SOFR		95.875		09/12/2025		2,359		5,897,500		2,771,825		2,783,135		(11,310	)
3 Month SOFR		96.000		09/12/2025		482		1,205,000		488,025		471,068		16,957
3 Month SOFR		96.500		09/12/2025		1,136		2,840,000		624,800		1,589,661		(964,861	)
3 Month SOFR		96.625		09/12/2025		921		2,302,500		437,475		1,888,445		(1,450,970	)
3 Month SOFR		97.000		09/12/2025		1,234		3,085,000		385,625		1,267,713		(882,088	)
3 Month SOFR		97.375		09/12/2025		327		817,500		65,400		70,128		(4,728	)
3 Month SOFR		97.500		09/12/2025		3,092		7,730,000		541,100		3,074,948		(2,533,848	)
3 Month SOFR		95.875		12/12/2025		1,950		4,875,000		2,937,188		2,763,799		173,389
3 Month SOFR		96.125		12/12/2025		772		1,930,000		907,100		870,291		36,809
3 Month SOFR		96.500		12/12/2025		1,019		2,547,500		808,831		1,614,489		(805,658	)
3 Month SOFR		97.250		12/12/2025		1,442		3,605,000		513,712		1,373,245		(859,533	)
3 Month SOFR		97.500		12/12/2025		3,234		8,085,000		889,350		3,177,500		(2,288,150	)
3 Month SOFR		96.000		03/13/2026		1,922		4,805,000		3,063,187		2,752,934		310,253
3 Month SOFR		96.250		03/13/2026		727		1,817,500		922,381		910,437		11,944
3 Month SOFR		96.625		03/13/2026		615		1,537,500		541,968		916,239		(374,271	)
3 Month SOFR		96.750		03/13/2026		480		1,200,000		375,000		781,114		(406,114	)
3 Month SOFR		97.250		03/13/2026		1,368		3,420,000		632,700		1,371,174		(738,474	)
3 Month SOFR		97.500		03/13/2026		363		907,500		129,319		118,686		10,633
3 Month SOFR		96.000		06/12/2026		1,712		4,280,000		3,070,900		2,734,522		336,378
3 Month SOFR		96.250		06/12/2026		658		1,645,000		949,988		935,558		14,430
3 Month SOFR		96.500		06/12/2026		408		1,020,000		471,750		449,600		22,150
3 Month SOFR		96.625		06/12/2026		580		1,450,000		598,125		914,846		(316,721	)
3 Month SOFR		96.750		06/12/2026		494		1,235,000		453,862		766,846		(312,984	)
3 Month SOFR		96.000		09/11/2026		1,600		4,000,000		3,100,000		2,747,337		352,663
3 Month SOFR		96.375		09/11/2026		658		1,645,000		937,650		947,402		(9,752	)
3 Month SOFR		96.500		09/11/2026		415		1,037,500		531,719		498,813		32,906
3 Month SOFR		96.625		09/11/2026		559		1,397,500		639,356		930,634		(291,278	)
3 Month SOFR		96.375		12/11/2026		620		1,550,000		945,500		962,438		(16,938	)
3 Month SOFR		96.500		12/11/2026		433		1,082,500		598,081		558,336		39,745
3 Month SOFR		96.500		03/12/2027		445		1,112,500		653,594		607,185		46,409
TOTAL						53,677	$	134,192,500	$	32,986,332	$	63,932,782	$	(30,946,450	)

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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
SPDR	— Standard and Poor’s Depository Receipt
Abbreviations:
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate

 

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations(a) – 56.2%
U.S. Treasury Bills
$	125,000,000		0.000	%	01/07/25	$  124,441,397
	125,000,000		0.000		01/30/25	124,088,458
	180,333,800		0.000		02/13/25	178,725,670
	125,000,000		0.000		02/18/25	123,819,866
	200,000,000		0.000		03/04/25	197,762,002
	125,000,000		0.000		03/06/25	123,573,491
	200,000,000		0.000		04/24/25	196,578,398
	125,000,000		0.000		05/01/25	122,747,548
	179,904,500		0.000		05/15/25	176,383,843
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,367,789,388)						$1,368,120,673

Shares	Dividend Rate	Value
Investment Company(b) – 36.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
880,671,497	4.541%	$  880,671,497
(Cost $880,671,497)
TOTAL INVESTMENTS – 92.3% (Cost $2,248,460,885)		$2,248,792,170
OTHER ASSETS IN EXCESS OF  LIABILITIES – 7.7%		187,018,657
NET ASSETS – 100.0%		$2,435,810,827

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 fund.

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2024, 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	CAD	7,490,000		USD	5,343,828		12/18/24	$	9,652
	CHF	4,700,000		USD	5,337,677		12/18/24		9,076
	JPY	1,610,490,000		USD	10,753,411		12/18/24		39,627
	USD	96,135,967		AUD	142,910,000		12/18/24		2,907,545
	USD	17,303,180		CAD	24,040,000		12/18/24		120,582
	USD	23,452,896		CHF	20,120,000		12/18/24		564,242
	USD	34,293,243		EUR	30,650,000		12/18/24		1,877,858
	USD	10,286,187		GBP	7,990,000		12/18/24		119,440
	USD	34,449,817		JPY	4,893,170,000		12/18/24		1,657,206
	USD	143,175,420		NZD	231,090,000		12/18/24		6,276,932
TOTAL								$	13,582,160

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	142,910,000		USD	95,171,303		12/18/24	$	(1,942,880	)
	CAD	24,040,000		USD	17,833,669		12/18/24		(651,071	)
	CHF	20,120,000		USD	24,050,329		12/18/24		(1,161,675	)
	EUR	30,650,000		USD	34,080,838		12/18/24		(1,665,454	)
	GBP	7,990,000		USD	10,705,953		12/18/24		(539,206	)
	JPY	8,933,900,000		USD	63,099,466		12/18/24		(3,227,050	)
	NZD	258,230,000		USD	158,049,932		12/18/24		(5,073,618	)
	USD	50,668,502		AUD	77,799,999		12/18/24		(84,917	)
	USD	75,660,797		EUR	71,630,000		12/18/24		(94,961	)
	USD	50,587,083		GBP	39,850,000		12/18/24		(119,409	)
	USD	26,708,214		JPY	4,040,730,000		12/18/24		(371,591	)
TOTAL								$	(14,931,832	)

FUTURES CONTRACTS — At November 30, 2024, 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	10,426		03/20/25	$	1,159,240,875	$	13,411,135
S&P 500 E-Mini Index	4,972		12/20/24		1,504,402,900		35,943,229
TOTAL FUTURES CONTRACTS						$	49,354,364

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2024, 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	$	6,020.000		12/06/2024		19	$	11,438,000	$	85,025	$	32,283	$	52,742
S&P 500 Index		6,025.000		12/06/2024		15		9,037,500		62,025		23,795		38,230
S&P 500 Index		6,070.000		12/06/2024		6		3,642,000		10,950		6,666		4,284
S&P 500 Index		6,130.000		12/06/2024		2		1,226,000		670		4,784		(4,114	)
S&P 500 Index		6,045.000		12/13/2024		40		24,180,000		187,400		79,800		107,600
S&P 500 Index		6,055.000		12/13/2024		7		4,238,500		28,910		24,367		4,543
S&P 500 Index		6,100.000		12/13/2024		13		7,930,000		28,275		19,473		8,802
S&P 500 Index		6,140.000		12/13/2024		7		4,298,000		7,665		12,677		(5,012	)
S&P 500 Index		6,160.000		12/13/2024		36		22,176,000		26,280		92,151		(65,871	)
S&P 500 Index		6,085.000		12/20/2024		4		2,434,000		16,840		8,564		8,276
S&P 500 Index		6,090.000		12/20/2024		34		20,706,000		135,320		89,924		45,396
S&P 500 Index		6,135.000		12/20/2024		5		3,067,500		11,725		8,605		3,120
S&P 500 Index		6,150.000		12/27/2024		3		1,845,000		7,680		5,913		1,767
S&P 500 Index		6,170.000		12/27/2024		28		17,276,000		56,840		56,188		652
						219	$	133,494,500	$	665,605	$	465,190	$	200,415

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (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)
Purchased option contracts (continued)
Puts
S&P 500 Index	$	3,800.000		12/02/2024		271	$	102,980,000		$	677		$	71,341		$	(70,664	)
S&P 500 Index		5,375.000		12/02/2024		330		177,375,000			1,650			15,740			(14,090	)
S&P 500 Index		5,925.000		12/02/2024		1		592,500			23			751			(728	)
S&P 500 Index		3,800.000		12/03/2024		275		104,500,000			688			64,705			(64,017	)
S&P 500 Index		5,960.000		12/03/2024		1		596,000			165			901			(736	)
S&P 500 Index		4,000.000		12/04/2024		232		92,800,000			580			66,802			(66,222	)
S&P 500 Index		5,940.000		12/04/2024		1		594,000			198			861			(663	)
S&P 500 Index		4,200.000		12/05/2024		275		115,500,000			688			39,215			(38,527	)
S&P 500 Index		5,970.000		12/05/2024		1		597,000			681			681			—
S&P 500 Index		4,200.000		12/06/2024		250		105,000,000			625			33,665			(33,040	)
S&P 500 Index		4,200.000		12/09/2024		156		65,520,000			780			20,251			(19,471	)
S&P 500 Index		4,400.000		12/10/2024		351		154,440,000			4,387			49,574			(45,187	)
S&P 500 Index		4,400.000		12/11/2024		359		157,960,000			7,180			47,598			(40,418	)
S&P 500 Index		4,600.000		12/12/2024		362		166,520,000			12,670			51,042			(38,372	)
S&P 500 Index		4,600.000		12/13/2024		368		169,280,000			17,480			57,150			(39,670	)
S&P 500 Index		4,000.000		12/16/2024		377		150,800,000			7,540			66,452			(58,912	)
S&P 500 Index		4,200.000		12/18/2024		381		160,020,000			18,097			46,943			(28,846	)
S&P 500 Index		3,900.000		12/20/2024		383		149,370,000			13,405			57,833			(44,428	)
S&P 500 Index		4,100.000		12/20/2024		382		156,620,000			18,145			53,862			(35,717	)
S&P 500 Index		4,250.000		12/20/2024		381		161,925,000			22,860			53,721			(30,861	)
S&P 500 Index		4,000.000		12/23/2024		381		152,400,000			20,002			48,880			(28,878	)
S&P 500 Index		4,200.000		12/24/2024		379		159,180,000			31,267			49,516			(18,249	)
S&P 500 Index		4,400.000		12/26/2024		383		168,520,000			49,790			70,276			(20,486	)
S&P 500 Index		4,000.000		12/27/2024		383		153,200,000			28,725			42,742			(14,017	)
S&P 500 Index		4,300.000		12/31/2024		396		170,280,000			59,771			59,771			—
						7,059	$	2,996,569,500		$	318,074		$	1,070,273		$	(752,199	)
Total purchased option contracts						7,278	$	3,130,064,000		$	983,679		$	1,535,463		$	(551,784	)
Written option contracts
Puts
S&P 500 Index		5,600.000		12/02/2024		(1,596)		(893,760,000	)		(11,970	)		(291,669	)		279,699
S&P 500 Index		5,720.000		12/03/2024		(1,585)		(906,620,000	)		(27,737	)		(242,109	)		214,372
S&P 500 Index		5,800.000		12/04/2024		(1,590)		(922,200,000	)		(47,700	)		(274,672	)		226,972
S&P 500 Index		5,750.000		12/05/2024		(1,583)		(910,225,000	)		(55,405	)		(243,782	)		188,377
S&P 500 Index		5,520.000		12/06/2024		(52)		(28,704,000	)		(1,430	)		(208,528	)		207,098
S&P 500 Index		5,710.000		12/06/2024		(37)		(21,127,000	)		(1,480	)		(108,773	)		107,293
S&P 500 Index		5,750.000		12/06/2024		(24)		(13,800,000	)		(1,260	)		(60,096	)		58,836
S&P 500 Index		5,755.000		12/06/2024		(7)		(4,028,500	)		(385	)		(13,083	)		12,698
S&P 500 Index		5,780.000		12/06/2024		(51)		(29,478,000	)		(3,570	)		(93,749	)		90,179
S&P 500 Index		5,785.000		12/06/2024		(15)		(8,677,500	)		(1,050	)		(42,625	)		41,575
S&P 500 Index		5,800.000		12/06/2024		(1,617)		(937,860,000	)		(238,912	)		(238,912	)		—
S&P 500 Index		5,820.000		12/06/2024		(7)		(4,074,000	)		(735	)		(17,843	)		17,108
S&P 500 Index		5,840.000		12/06/2024		(49)		(28,616,000	)		(6,615	)		(88,391	)		81,776
S&P 500 Index		5,845.000		12/06/2024		(4)		(2,338,000	)		(580	)		(10,876	)		10,296
S&P 500 Index		5,860.000		12/06/2024		(10)		(5,860,000	)		(1,775	)		(24,190	)		22,415
S&P 500 Index		5,875.000		12/06/2024		(35)		(20,562,500	)		(7,875	)		(51,685	)		43,810
S&P 500 Index		5,720.000		12/13/2024		(13)		(7,436,000	)		(4,680	)		(38,167	)		33,487
S&P 500 Index		5,730.000		12/13/2024		(4)		(2,292,000	)		(1,520	)		(9,831	)		8,311
S&P 500 Index		5,750.000		12/13/2024		(34)		(19,550,000	)		(14,280	)		(82,806	)		68,526
S&P 500 Index		5,795.000		12/13/2024		(49)		(28,395,500	)		(26,950	)		(134,610	)		107,660
S&P 500 Index		5,805.000		12/13/2024		(32)		(18,576,000	)		(18,560	)		(75,268	)		56,708
S&P 500 Index		5,835.000		12/13/2024		(10)		(5,835,000	)		(7,150	)		(28,377	)		21,227
S&P 500 Index		5,840.000		12/13/2024		(18)		(10,512,000	)		(13,410	)		(36,602	)		23,192
S&P 500 Index		5,885.000		12/13/2024		(35)		(20,597,500	)		(36,750	)		(60,165	)		23,415
S&P 500 Index		5,905.000		12/13/2024		(34)		(20,077,000	)		(44,506	)		(44,506	)		—
S&P 500 Index		5,700.000		12/20/2024		(50)		(28,500,000	)		(39,500	)		(139,780	)		100,280
S&P 500 Index		5,720.000		12/20/2024		(16)		(9,152,000	)		(13,680	)		(46,284	)		32,604
S&P 500 Index		5,775.000		12/20/2024		(16)		(9,240,000	)		(17,440	)		(45,584	)		28,144
S&P 500 Index		5,810.000		12/20/2024		(9)		(5,229,000	)		(11,610	)		(22,941	)		11,331
S&P 500 Index		5,855.000		12/20/2024		(16)		(9,368,000	)		(26,080	)		(35,184	)		9,104
S&P 500 Index		5,870.000		12/20/2024		(15)		(8,805,000	)		(27,135	)		(27,135	)		—
S&P 500 Index		5,840.000		12/27/2024		(39)		(22,776,000	)		(76,635	)		(98,701	)		22,066
S&P 500 Index		5,855.000		12/27/2024		(8)		(4,684,000	)		(17,272	)		(17,272	)		—
Total written option contracts						(8,660)	$	(4,968,955,500	)	$	(805,637	)	$	(2,954,196	)	$	2,148,559
TOTAL						(1,382)	$	(1,838,891,500	)	$	178,042		$	(1,418,733	)	$	1,596,775

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Consolidated Schedule of Investments (continued)

November 30, 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 Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3 Month SOFR	$	95.688		03/14/2025		1,633	$	4,082,500		$	816,500		$	1,677,614		$	(861,114	)
3 Month SOFR		95.750		03/14/2025		1,599		3,997,500			679,575			2,042,435			(1,362,860	)
3 Month SOFR		96.500		03/14/2025		1,544		3,860,000			115,800			2,071,470			(1,955,670	)
3 Month SOFR		95.375		06/13/2025		1,583		3,957,500			2,532,800			1,843,910			688,890
3 Month SOFR		95.500		06/13/2025		1,600		4,000,000			2,150,000			1,663,712			486,288
3 Month SOFR		95.688		06/13/2025		1,642		4,105,000			1,672,788			1,666,334			6,454
3 Month SOFR		96.063		06/13/2025		78		195,000			44,850			76,231			(31,381	)
3 Month SOFR		96.563		06/13/2025		68		170,000			18,700			70,683			(51,983	)
3 Month SOFR		96.125		09/12/2025		81		202,500			70,021			70,021			—
3 Month SOFR		96.250		09/12/2025		67		167,500			49,831			73,831			(24,000	)
3 Month SOFR		97.000		09/12/2025		72		180,000			22,500			74,841			(52,341	)
3 Month SOFR		96.625		06/12/2026		813		2,032,500			838,406			1,137,814			(299,408	)
3 Month SOFR		97.000		06/12/2026		1,676		4,190,000			1,204,625			2,377,996			(1,173,371	)
3 Month SOFR		96.375		09/11/2026		1,679		4,197,500			2,392,575			2,470,706			(78,131	)
						14,135	$	35,337,500		$	12,608,971		$	17,317,598		$	(4,708,627	)
Puts
3 Month SOFR		95.688		03/14/2025		1,633		4,082,500			377,632			1,616,375			(1,238,743	)
3 Month SOFR		95.750		03/14/2025		1,599		3,997,500			499,688			1,902,522			(1,402,834	)
3 Month SOFR		96.500		03/14/2025		1,544		3,860,000			2,817,800			2,082,507			735,293
3 Month SOFR		95.375		06/13/2025		1,583		3,957,500			187,981			2,120,935			(1,932,954	)
3 Month SOFR		95.500		06/13/2025		1,600		4,000,000			280,000			1,863,712			(1,583,712	)
3 Month SOFR		95.688		06/13/2025		1,642		4,105,000			513,125			1,686,860			(1,173,735	)
3 Month SOFR		96.063		06/13/2025		78		195,000			61,425			74,281			(12,856	)
3 Month SOFR		96.563		06/13/2025		68		170,000			116,875			72,383			44,492
3 Month SOFR		96.125		09/12/2025		81		202,500			74,578			74,578			—
3 Month SOFR		96.250		09/12/2025		67		167,500			72,862			67,969			4,893
3 Month SOFR		97.000		09/12/2025		72		180,000			179,550			80,241			99,309
3 Month SOFR		96.625		06/12/2026		813		2,032,500			1,402,425			1,302,686			99,739
3 Month SOFR		97.000		06/12/2026		1,676		4,190,000			3,886,225			2,492,735			1,393,490
3 Month SOFR		96.375		09/11/2026		1,679		4,197,500			2,434,550			2,539,225			(104,675	)
						14,135	$	35,337,500		$	12,904,716		$	17,977,009		$	(5,072,293	)
Total purchased option contracts						28,270	$	70,675,000		$	25,513,687		$	35,294,607		$	(9,780,920	)
Written option contracts
Puts
10 Year U.S. Treasury Notes		109.000		12/04/2024		(732)		(732,000	)		(732	)		(26,838	)		26,106
10 Year U.S. Treasury Notes		109.250		12/04/2024		(358)		(358,000	)		(358	)		(4,896	)		4,538
10 Year U.S. Treasury Notes		109.500		12/04/2024		(359)		(359,000	)		(359	)		(38,566	)		38,207
10 Year U.S. Treasury Notes		108.750		12/06/2024		(359)		(359,000	)		(5,609	)		(4,909	)		(700	)
10 Year U.S. Treasury Notes		109.250		12/06/2024		(729)		(729,000	)		(11,391	)		(15,539	)		4,148
10 Year U.S. Treasury Notes		109.750		12/06/2024		(364)		(364,000	)		(11,051	)		(11,051	)		—
						(2,901)	$	(2,901,000	)	$	(29,500	)	$	(101,799	)	$	72,299
Calls
10 Year U.S. Treasury Notes		111.500		12/04/2024		(358)		(358,000	)		(44,750	)		(21,677	)		(23,073	)
10 Year U.S. Treasury Notes		112.000		12/04/2024		(732)		(732,000	)		(22,875	)		(46,973	)		24,098
10 Year U.S. Treasury Notes		112.500		12/04/2024		(359)		(359,000	)		(5,609	)		(21,737	)		16,128
10 Year U.S. Treasury Notes		112.750		12/06/2024		(359)		(359,000	)		(11,219	)		(10,519	)		(700	)
10 Year U.S. Treasury Notes		113.000		12/06/2024		(364)		(364,000	)		(4,977	)		(4,978	)		1
10 Year U.S. Treasury Notes		113.500		12/06/2024		(729)		(729,000	)		(11,391	)		(15,539	)		4,148
						(2,901)	$	(2,901,000	)	$	(100,821	)	$	(121,423	)	$	20,602
Total written option contracts						(5,802)	$	(5,802,000	)	$	(130,321	)	$	(223,222	)	$	92,901
TOTAL						22,468	$	64,873,000		$	25,383,366		$	35,071,385		$	(9,688,019	)

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

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations(a) – 65.9%
U.S. Treasury Bills
$	30,353,400		0.000	%		12/03/24	$ 30,349,653
	16,375,500		0.000			12/17/24	16,344,563
	20,000,000		0.000			01/09/25	19,905,238
	25,000,000		0.000			01/16/25	24,860,271
	31,159,000		0.000			01/30/25	30,931,778
	25,000,000		0.000			02/04/25	24,803,368
	25,000,000		0.000			02/06/25	24,798,463
	28,861,800		0.000			02/18/25	28,589,314
	25,000,000		0.000			02/25/25	24,742,243
	30,000,000		0.000			03/04/25	29,664,300
	30,000,000		0.000			04/24/25	29,486,760
	30,000,000		0.000			05/01/25	29,459,411
TOTAL U.S. TREASURY OBLIGATIONS (Cost $313,851,236)							$313,935,362

Shares	Dividend Rate	Value
Investment Companies(b) – 29.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
5,196,776	4.541%	$  5,196,776
Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares
137,094,901	4.489	137,094,901
TOTAL INVESTMENT COMPANIES (Cost $142,291,677)		$142,291,677
TOTAL INVESTMENTS – 95.7% (Cost $456,142,913)		$456,227,039
OTHER ASSETS IN EXCESS OF  LIABILITIES – 4.3%		20,454,084
NET ASSETS – 100.0%		$476,681,123

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 fund.

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At November 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes	1,421	03/31/25	$	292,881,423		$	737,019
5 Year U.S. Treasury Notes	1,699	03/31/25		182,815,056			1,396,997
S&P 500 E-Mini Index	6	12/20/24		1,815,450			19,852
Total						$	2,153,868
Short position contracts:
10 Year U.S. Treasury Notes	(100)	03/20/25		(11,118,750	)		(25,750	)
TOTAL FUTURES CONTRACTS						$	2,128,118

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2024, 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		12/02/2024		50	$	19,000,000		$	125		$	14,130		$	(14,005	)
S&P 500 Index		3,800.000		12/03/2024		45		17,100,000			113			10,620			(10,507	)
S&P 500 Index		4,000.000		12/04/2024		55		22,000,000			138			15,510			(15,372	)
S&P 500 Index		4,200.000		12/05/2024		50		21,000,000			125			7,050			(6,925	)
S&P 500 Index		4,200.000		12/06/2024		47		19,740,000			117			5,807			(5,690	)
S&P 500 Index		4,200.000		12/09/2024		35		14,700,000			175			4,585			(4,410	)
S&P 500 Index		4,400.000		12/10/2024		71		31,240,000			888			10,028			(9,140	)
S&P 500 Index		4,400.000		12/11/2024		73		32,120,000			1,460			9,679			(8,219	)
S&P 500 Index		4,600.000		12/12/2024		74		34,040,000			2,590			10,434			(7,844	)
S&P 500 Index		4,600.000		12/13/2024		74		34,040,000			3,515			11,492			(7,977	)
S&P 500 Index		4,000.000		12/16/2024		77		30,800,000			1,540			6,312			(4,772	)
S&P 500 Index		4,200.000		12/18/2024		76		31,920,000			3,610			9,364			(5,754	)
S&P 500 Index		3,900.000		12/20/2024		76		29,640,000			2,660			11,476			(8,816	)
S&P 500 Index		4,100.000		12/20/2024		76		31,160,000			3,610			10,716			(7,106	)
S&P 500 Index		4,250.000		12/20/2024		77		32,725,000			4,620			10,857			(6,237	)
S&P 500 Index		4,000.000		12/23/2024		77		30,800,000			4,042			9,878			(5,836	)
S&P 500 Index		4,200.000		12/24/2024		76		31,920,000			6,270			9,929			(3,659	)
S&P 500 Index		4,400.000		12/26/2024		77		33,880,000			10,010			14,129			(4,119	)
S&P 500 Index		4,000.000		12/27/2024		77		30,800,000			5,775			8,593			(2,818	)
S&P 500 Index		4,300.000		12/31/2024		78		33,540,000			11,773			11,773			—
Total purchased option contracts						1,341	$	562,165,000		$	63,156		$	202,362		$	(139,206	)
Written option contracts
Puts
S&P 500 Index		5,600.000		12/02/2024		(321)		(179,760,000	)		(2,408	)		(58,663	)		56,255
S&P 500 Index		5,720.000		12/03/2024		(319)		(182,468,000	)		(5,582	)		(48,727	)		43,145
S&P 500 Index		5,800.000		12/04/2024		(319)		(185,020,000	)		(9,570	)		(55,107	)		45,537
S&P 500 Index		5,750.000		12/05/2024		(317)		(182,275,000	)		(11,095	)		(48,818	)		37,723
S&P 500 Index		5,800.000		12/06/2024		(317)		(183,860,000	)		(46,837	)		(46,837	)		—
Total written option contracts						(1,593)	$	(913,383,000	)	$	(75,492	)	$	(258,152	)	$	182,660
TOTAL						(252)	$	(351,218,000	)	$	(12,336	)	$	(55,790	)	$	43,454
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	$	97.125		12/13/2024		30	$	75,000		$	188		$	15,445		$	(15,257	)
3 Month SOFR		97.313		12/13/2024		30		75,000			188			10,570			(10,382	)
3 Month SOFR		96.563		03/14/2025		30		75,000			2,063			12,820			(10,757	)
3 Month SOFR		96.750		03/14/2025		30		75,000			1,688			15,820			(14,132	)
3 Month SOFR		96.063		06/13/2025		15		37,500			8,625			14,660			(6,035	)
3 Month SOFR		96.250		06/13/2025		29		72,500			12,506			14,205			(1,699	)
3 Month SOFR		96.375		06/13/2025		29		72,500			10,331			12,392			(2,061	)
3 Month SOFR		96.563		06/13/2025		13		32,500			3,575			13,513			(9,938	)
3 Month SOFR		96.125		09/12/2025		16		40,000			13,831			13,831			—
3 Month SOFR		96.250		09/12/2025		13		32,500			9,669			14,326			(4,657	)
3 Month SOFR		96.750		09/12/2025		29		72,500			11,961			15,654			(3,693	)
3 Month SOFR		97.000		09/12/2025		14		35,000			4,375			14,551			(10,176	)
						278	$	695,000		$	79,000		$	167,787		$	(88,787	)

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (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	$	95.438		12/13/2024		30	$	75,000		$	563		$	12,820		$	(12,257	)
3 Month SOFR		95.500		12/13/2024		30		75,000			1,688			11,695			(10,007	)
3 Month SOFR		95.000		03/14/2025		60		150,000			750			25,264			(24,514	)
3 Month SOFR		94.500		06/13/2025		29		72,500			725			15,292			(14,567	)
3 Month SOFR		94.750		06/13/2025		29		72,500			906			11,667			(10,761	)
3 Month SOFR		96.063		06/13/2025		15		37,500			11,813			14,285			(2,472	)
3 Month SOFR		96.563		06/13/2025		13		32,500			22,344			13,838			8,506
3 Month SOFR		95.000		09/12/2025		29		72,500			3,444			12,030			(8,586	)
3 Month SOFR		96.125		09/12/2025		16		40,000			14,731			14,731			—
3 Month SOFR		96.250		09/12/2025		13		32,500			14,137			13,188			949
3 Month SOFR		97.000		09/12/2025		14		35,000			34,912			15,603			19,309
						278	$	695,000		$	106,013		$	160,413		$	(54,400	)
Total purchased option contracts						556	$	1,390,000		$	185,013		$	328,200		$	(143,187	)
Written option contracts
Puts
10 Year U.S. Treasury Notes		109.000		12/04/2024		(143)		(143,000	)		(143	)		(5,330	)		5,187
10 Year U.S. Treasury Notes		109.250		12/04/2024		(72)		(72,000	)		(72	)		(985	)		913
10 Year U.S. Treasury Notes		109.500		12/04/2024		(72)		(72,000	)		(72	)		(7,734	)		7,662
10 Year U.S. Treasury Notes		108.750		12/06/2024		(72)		(72,000	)		(1,125	)		(985	)		(140	)
10 Year U.S. Treasury Notes		109.250		12/06/2024		(143)		(143,000	)		(2,234	)		(3,073	)		839
10 Year U.S. Treasury Notes		109.750		12/06/2024		(71)		(71,000	)		(2,156	)		(2,156	)		—
						(573)	$	(573,000	)	$	(5,802	)	$	(20,263	)	$	14,461
Calls
10 Year U.S. Treasury Notes		111.500		12/04/2024		(72)		(72,000	)		(9,000	)		(4,359	)		(4,641	)
10 Year U.S. Treasury Notes		112.000		12/04/2024		(143)		(143,000	)		(4,469	)		(9,335	)		4,866
10 Year U.S. Treasury Notes		112.500		12/04/2024		(72)		(72,000	)		(1,125	)		(4,360	)		3,235
10 Year U.S. Treasury Notes		112.750		12/06/2024		(72)		(72,000	)		(2,250	)		(2,110	)		(140	)
10 Year U.S. Treasury Notes		113.000		12/06/2024		(71)		(71,000	)		(971	)		(971	)		—
10 Year U.S. Treasury Notes		113.500		12/06/2024		(143)		(143,000	)		(2,234	)		(3,073	)		839
						(573)	$	(573,000	)	$	(20,049	)	$	(24,208	)	$	4,159
Total written option contracts						(1,146)	$	(1,146,000	)	$	(25,851	)	$	(44,471	)	$	18,620
TOTAL						(590)	$	244,000		$	159,162		$	283,729		$	(124,567	)

Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(a) – 0.1%
Banks(a) – 0.1%
Barclays Bank PLC (Secured Overnight Financing Rate + 0.380%)
$	5,280,000		4.950	%	05/08/25	$    5,284,123
TOTAL CORPORATE OBLIGATIONS (Cost $5,280,000)						$    5,284,123
Agency Debentures(a) – 0.0%
Sovereign – 0.0%
Federal Farm Credit Banks Funding Corp.
(Federal Reserve Bank Prime Loan Rate - 3.010%)
$	166,000		4.740	%	08/07/25	$      165,986
(Secured Overnight Financing Rate + 0.200%)
	140,000		4.770		12/05/24	140,003
Federal Home Loan Banks (Secured Overnight Financing Rate + 0.120%)
	555,000		4.690		01/03/25	555,039
TOTAL AGENCY DEBENTURES (Cost $861,001)						$      861,028
U.S. Treasury Obligations – 11.4%
U.S. Treasury Bills(b)
$	30,897,900		0.000	%	12/03/24	$   30,894,086
	11,475,000		0.000		12/24/24	11,443,124
	39,913,700		0.000		12/26/24	39,793,035
	28,963,900		0.000		02/04/25	28,736,091
	69,592,400		0.000		02/13/25	68,971,808
	13,577,900		0.000		03/13/25	13,411,451
	46,653,000		0.000		03/27/25	46,006,602
	160,000		0.000		04/10/25	157,521
U.S. Treasury Floating Rate Notes(a)
(3 mo. Treasury money market yield + 0.169%)
	1,000,400		4.633		04/30/25	1,000,274
(3 mo. Treasury money market yield + 0.125%)
	33,979,800		4.589		07/31/25	33,964,072
(3 mo. Treasury money market yield + 0.170%)
	30,353,500		4.634		10/31/25	30,346,697
(3 mo. Treasury money market yield + 0.245%)
	33,193,300		4.709		01/31/26	33,213,778
(3 mo. Treasury money market yield + 0.150%)
	62,833,300		4.614		04/30/26	62,795,473
(3 mo. Treasury money market yield + 0.182%)
	210,400		4.646		07/31/26	210,394
U.S. Treasury Notes
	6,149,900		1.500		11/30/24	6,149,900
	28,634,700		0.250		05/31/25	28,051,939
	3,659,000		3.500		09/15/25	3,633,701
	92,044,700		0.250		09/30/25	88,952,573
	6,870,900		4.250		10/15/25	6,862,580
TOTAL U.S. TREASURY OBLIGATIONS (Cost $534,749,694)						$  534,595,099

Shares		Description	Value
	Exchange Traded Funds – 6.4%
	256,040	Alerian MLP ETF	$   13,139,973
	983,184	Health Care Select Sector SPDR Fund	144,931,154
	31,150	iShares 7-10 Year Treasury Bond ETF	2,965,246
	14,203	iShares Core S&P 500 ETF	8,593,809
	157,189	iShares Gold Trust	7,898,747
	104,440	iShares iBoxx $ High Yield Corporate Bond ETF	8,359,378
	864,052	iShares MSCI Mexico ETF	43,435,894
	3,406,799	Sprott Physical Uranium Trust	61,612,193
	86,415	Vanguard Real Estate ETF	8,482,496
	TOTAL EXCHANGE TRADED FUNDS (Cost $296,985,647)		$  299,418,890
Shares		Dividend Rate	Value
	Investment Companies(c) – 32.2%
	Goldman Sachs Energy Infrastructure Fund — Class R6
	1,836,689	%	$   29,405,389
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,479,076,758	4.541	1,479,076,758
	Goldman Sachs MLP Energy Infrastructure Fund — Class R6
	117,107		4,799,048
	TOTAL INVESTMENT COMPANIES (Cost $1,492,042,929)		$1,513,281,195
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 50.1% (Cost $2,329,919,271)		$2,353,440,335

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 48.1%
Certificates of Deposit – 12.4%
Banco Santander SA
$	16,273,000		5.260	%	03/03/25	$   16,294,958
	8,000,000		5.370		03/07/25	8,011,471
Bank of America NA(a)
	1,548,000		4.960		07/03/25	1,548,004
Bank of Montreal(a)
(Secured Overnight Financing Rate + 0.400%)
	23,600,000		4.980		11/07/25	23,613,010
	11,911,000		4.980	(d)	12/22/25	11,910,312
Barclays Bank PLC(a)
(Secured Overnight Financing Rate + 0.380%)
	14,721,000		4.960		02/07/25	14,727,408
	4,659,000		4.960		02/21/25	4,661,691
Bay Square Funding LLC(a)
	9,851,000		4.820		12/11/24	9,851,392
	7,973,000		4.810	(d)	03/25/25	7,972,991
(Secured Overnight Financing Rate + 0.240%)
	15,855,000		4.820	(e)	12/02/24	15,855,153

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(Secured Overnight Financing Rate + 0.300%)
$	2,750,000		4.880	%(e)	02/14/25	$    2,750,846
Bayerische Landesbank
	4,600,000		5.100		01/10/25	4,601,529
	4,300,000		5.210	(a)	01/10/25	4,301,943
(Secured Overnight Financing Rate + 0.450%)
	23,436,000		5.030	(a)	04/14/25	23,458,276
BNP Paribas SA
	4,883,000		4.390		10/07/25	4,873,939
(Secured Overnight Financing Rate + 0.310%)
	5,748,000		4.890	(a)	03/07/25	5,751,076
Collateralized Commercial Paper FLEX Co. LLC(a)(e)
	7,663,000		4.890		03/07/25	7,663,187
(Secured Overnight Financing Rate + 0.400%)
	20,789,000		4.980	(d)	05/20/25	20,802,228
Cooperatieve Rabobank UA
	1,105,000		5.500		12/16/24	1,105,445
Credit Agricole Corporate & Investment Bank SA
	8,332,000		4.640		11/13/25	8,337,603
Credit Industriel et Commercial
	11,614,600		5.420		06/05/25	11,658,839
Deutsche Bank AG
	7,500,000		4.630		11/06/25	7,497,179
(Secured Overnight Financing Rate + 0.400%)
	11,400,000		5.084	(a)	10/10/25	11,403,431
	10,631,000		5.065	(a)	10/21/25	10,633,646
HSBC Bank PLC(a)(e) (Secured Overnight Financing Rate + 0.330%)
	4,780,000		5.640		02/07/25	4,781,592
Kookmin Bank
	11,850,000		4.780		11/28/25	11,852,178
(Secured Overnight Financing Rate + 0.600%)
	18,548,000		5.180	(a)	01/08/25	18,557,583
	23,801,000		5.180	(a)	03/20/25	23,828,855
(Secured Overnight Financing Rate + 0.650%)
	15,509,000		5.230	(a)	01/29/25	15,521,937
Landesbank Hessen-Thueringen Girozentrale(a) (Secured Overnight Financing Rate + 0.350%)
	26,545,000		4.930		05/06/25	26,562,859
Lloyds Bank Corporate Markets PLC
	7,561,000		5.510		05/22/25	7,589,242
Macquarie Bank Ltd.(a)(e)
	14,110,000		4.940		10/03/25	14,111,708
Mitsubishi UFJ Trust & Banking Corp.(a)
(Secured Overnight Financing Rate + 0.400%)
	12,227,000		4.980		05/01/25	12,237,713
	5,136,000		4.980		08/14/25	5,140,742
Mizuho Bank Ltd.(a)
(Secured Overnight Financing Rate + 0.230%)
	6,383,000		4.810		05/13/25	6,382,976
(Secured Overnight Financing Rate + 0.350%)
	2,000,000		4.930		01/31/25	2,000,818
National Bank of Kuwait
	7,737,000		5.280		12/12/24	7,738,568
	13,902,000		4.860		05/16/25	13,903,957
Natixis SA
	13,500,000		5.400		03/17/25	13,523,074

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Salisbury Receivables Co. LLC(a)(e)
$	5,772,000		4.780	%	12/12/24	$    5,772,172
Standard Chartered Bank
	3,813,973		4.230		10/03/25	3,801,159
	11,358,000		4.650		11/20/25	11,361,782
Starbird Funding Corp.(a)(e)
	20,856,000		4.810		05/16/25	20,855,958
Sumitomo Mitsui Banking Corp.(a) (Secured Overnight Financing Rate + 0.240%)
	20,099,000		4.820		02/14/25	20,103,022
Sumitomo Mitsui Trust Bank Ltd.(a) (Secured Overnight Financing Rate + 0.290%)
	11,885,000		4.870		04/14/25	11,889,838
Toronto-Dominion Bank
	25,194,000		5.400		01/03/25	25,208,863
	6,387,000		4.500		10/07/25	6,382,321
Toyota Motor Credit Corp.(a)
	18,864,000		4.880		06/23/25	18,871,702
Versailles Commercial Paper LLC(a)(d)(e) (Secured Overnight Financing Rate + 0.230%)
	7,000,000		4.810		01/02/25	7,000,652
Westpac Banking Corp.(a)
	6,005,000		4.830	(e)	07/02/25	6,007,298
(Secured Overnight Financing Rate + 0.300%)
	2,563,000		4.880		01/31/25	2,563,847
(Secured Overnight Financing Rate + 0.330%)
	20,000,000		4.910	(e)	05/01/25	20,014,418
						582,852,391
Commercial Paper(b) – 35.7%
Advocate Health & Hospitals Corp.
	1,910,000		0.000		12/11/24	1,907,067
Agence Centrale des Organismes de Securite Sociale
	20,000,000		0.000		12/09/24	19,974,405
Air Liquide U.S. LLC(e)
	13,300,000		0.000		12/20/24	13,264,560
Albion Capital Corp. SA/Albion Capital LLC
	3,630,000		0.000		02/18/25	3,592,462
Alimentation Couche-Tard, Inc.(e)
	22,859,000		0.000		12/04/24	22,843,960
American Electric Power Co., Inc.(e)
	20,475,000		0.000		01/14/25	20,352,054
American Honda Finance Corp.
	17,039,000		0.000		01/06/25	16,954,252
Antalis SA(e)
	10,869,000		0.000		01/10/25	10,809,402
AT&T, Inc.(e)
	26,665,000		0.000		12/05/24	26,644,252
Atlantic Asset Securitization LLC(e)
	1,212,000		0.000		01/15/25	1,204,604
	11,604,000		0.000		05/05/25	11,373,648
Australia & New Zealand Banking Group Ltd.(e)
	6,161,000		0.000		07/10/25	5,992,198
Barclays Bank PLC(e)
	5,443,000		0.000		01/31/25	5,398,982
	6,148,000		0.000		04/10/25	6,045,233
Barton Capital SA(e)
	18,876,000		0.000		02/25/25	18,663,688

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(b) – (continued)
BASF SE(e)
$	30,527,000		0.000	%	12/30/24	$   30,405,045
BAT International Finance PLC(e)
	10,000,000		0.000		12/06/24	9,990,919
BofA Securities, Inc.
	8,080,000		0.000		03/11/25	7,974,453
	10,000,000		0.000		11/13/25	9,571,195
	7,281,000		0.000		11/25/25	6,958,227
BPCE SA(e)
	12,750,000		0.000		10/28/25	12,231,075
	8,363,000		0.000		11/06/25	8,013,427
Cabot Trail Funding LLC(e)
	30,000,000		0.000		01/10/25	29,837,320
	14,098,000		0.000		03/03/25	13,867,588
Caisse d’Amortissement de la Dette Sociale(e)
	9,337,000		0.000		03/03/25	9,224,686
Cancara Asset Securitisation LLC
	5,960,000		0.000		02/07/25	5,906,498
CDP Financial, Inc.(e)
	7,771,000		0.000		02/04/25	7,705,417
Cisco Systems, Inc.(e)
	13,810,000		0.000		01/31/25	13,700,376
	2,818,000		0.000		02/03/25	2,794,535
	24,174,000		0.000		02/07/25	23,960,127
Dexia SA(e)
	22,707,000		0.000		02/03/25	22,517,503
	38,877,000		0.000		06/26/25	37,871,744
Dow Chemical Co.
	27,878,000		0.000		12/10/24	27,837,905
eBay, Inc.(e)
	21,348,000		0.000		01/17/25	21,211,984
	4,912,000		0.000		01/21/25	4,878,178
Eli Lilly & Co.(e)
	18,288,000		0.000		12/02/24	18,281,090
Entergy Corp.(e)
	15,920,000		0.000		01/10/25	15,832,668
	25,345,000		0.000		02/20/25	25,079,475
EssilorLuxottica SA(e)
	13,933,000		0.000		12/04/24	13,924,200
European Investment Bank
	8,000,000		0.000		04/17/25	7,859,828
General Motors Financial Co., Inc.(e)
	1,750,000		0.000		12/16/24	1,746,064
	5,914,000		0.000		01/21/25	5,871,952
	3,841,000		0.000		02/03/25	3,807,058
	7,000,000		0.000		02/20/25	6,922,211
	9,352,000		0.000		03/10/25	9,225,535
	10,000,000		0.000		04/08/25	9,823,176
	549,000		0.000		05/09/25	537,052
Glencore Funding LLC(e)
	15,028,000		0.000		12/20/24	14,986,237
	9,433,000		0.000		01/10/25	9,380,439
	3,505,000		0.000		02/28/25	3,462,570
	11,249,000		0.000		03/20/25	11,083,590
Gotham Funding Corp.(e)
	11,933,000		0.000		01/24/25	11,847,217
GTA Funding LLC(e)
	13,904,000		0.000		01/07/25	13,834,305

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(b) – (continued)
$	20,000,000		0.000	%	03/19/25	$   19,718,685
Honeywell International, Inc.(e)
	28,188,000		0.000		04/03/25	27,747,236
HSBC USA, Inc.(e)
	12,858,000		0.000		08/19/25	12,428,126
	10,537,000		0.000		08/27/25	10,174,470
	21,122,000		0.000		09/18/25	20,334,528
	18,253,000		0.000		09/29/25	17,546,582
	338,000		0.000		10/17/25	324,157
	2,715,000		0.000		11/03/25	2,597,766
Intesa Sanpaolo Funding LLC
	3,278,000		0.000		01/09/25	3,259,439
	13,908,000		0.000		04/04/25	13,668,018
Keurig Dr. Pepper, Inc.(e)
	20,909,000		0.000		12/06/24	20,890,013
Kreditanstalt fuer Wiederaufbau(e)
	27,486,000		0.000		02/07/25	27,246,228
	12,779,000		0.000		02/10/25	12,662,697
La Fayette Asset Securitization LLC(e)
	11,944,000		0.000		01/13/25	11,874,949
Liberty Street Funding LLC(e)
	10,110,000		0.000		01/09/25	10,056,732
	25,195,000		0.000		03/17/25	24,846,251
Lime Funding LLC(e)
	11,722,000		0.000		01/09/25	11,660,042
Lloyds Bank PLC(e)
	1,000,000		0.000		10/03/25	962,252
LMA-Americas LLC(e)
	6,705,000		0.000		02/27/25	6,627,725
	6,199,000		0.000		04/09/25	6,096,183
	36,287,000		0.000		04/22/25	35,629,189
LVMH Moet Hennessy Louis Vuitton SE(e)
	18,935,000		0.000		03/14/25	18,683,717
	1,560,000		0.000		03/17/25	1,538,715
	17,848,000		0.000		04/07/25	17,558,602
Manhattan Asset Funding Co. LLC(e)
	17,742,000		0.000		02/07/25	17,581,813
Matchpoint Finance PLC(e)
	22,121,000		0.000		04/16/25	21,734,155
Mitsubishi UFJ Trust & Banking Corp.
	16,500,000		0.000		01/24/25	16,380,698
	6,100,000		0.000		03/10/25	6,020,791
	7,000,000		0.000		03/13/25	6,906,466
Mizuho Bank Ltd.
	18,403,000		0.000		01/07/25	18,311,004
	3,000,000		0.000		01/16/25	2,981,560
	11,605,000		0.000		04/30/25	11,387,817
Mondelez International, Inc.(e)
	4,200,000		0.000		12/02/24	4,198,368
Mont Blanc Capital Corp.(e)
	7,832,000		0.000		01/21/25	7,778,702
MUFG Bank Ltd.
	20,209,000		0.000		02/04/25	20,036,652
Nieuw Amsterdam Receivables Corp. BV(e)
	23,273,000		0.000		01/17/25	23,127,317
NRW Bank(e)
	25,910,000		0.000		02/13/25	25,663,892
	14,162,000		0.000		04/11/25	13,928,510

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(b) – (continued)
Nutrien Ltd.(e)
$	9,266,000		0.000	%	12/12/24	$    9,250,215
Pacific Life Short Term Funding LLC(e)
	9,995,000		0.000		01/16/25	9,933,644
	10,000,000		0.000		01/30/25	9,920,789
Paradelle Funding LLC
	2,693,000		0.000		03/17/25	2,655,982
	2,943,000		0.000		06/18/25	2,869,269
	12,742,000		0.000		09/24/25	12,276,280
Penske Truck Leasing Co. LP
	3,049,000		0.000		02/03/25	3,022,337
	13,128,000		0.000		05/27/25	12,821,119
Pfizer, Inc.(e)
	8,200,000		0.000		02/06/25	8,128,442
Podium Funding Trust
	4,884,000		0.000		02/05/25	4,841,766
Procter & Gamble Co.(e)
	12,029,000		0.000		04/11/25	11,831,121
PSP Capital, Inc.(e)
	21,250,000		0.000		12/16/24	21,204,449
Pure Grove Funding(e)
	13,582,000		0.000		01/16/25	13,498,263
	30,582,000		0.000		03/20/25	30,147,397
	25,000,000		0.000		09/12/25	24,114,220
	10,010,000		0.000		10/24/25	9,604,270
Reckitt Benckiser Treasury Services PLC(e)
	4,024,000		0.000		12/18/24	4,014,071
Repurchase Agreement
	8,000,000		0.000		12/09/24	7,989,862
	12,000,000		0.000		05/12/25	11,756,668
Ridgefield Funding Co. LLC(e)
	7,606,000		0.000		02/03/25	7,541,549
	25,000,000		0.000		05/07/25	24,499,757
Salisbury Receivables Co. LLC(e)
	13,565,000		0.000		01/31/25	13,457,179
	5,853,000		0.000		03/10/25	5,778,265
Sanofi SA(e)
	3,250,000		0.000		12/13/24	3,244,238
Sheffield Receivables Co. LLC(e)
	16,423,000		0.000		02/26/25	16,235,395
Starbird Funding Corp.(e)
	14,699,000		0.000		05/08/25	14,402,407
TELUS Corp.(e)
	16,489,000		0.000		12/05/24	16,476,170
	10,000,000		0.000		12/11/24	9,984,404
	9,598,000		0.000		03/12/25	9,469,649
TotalEnergies Capital SA(e)
	13,001,000		0.000		12/20/24	12,966,205

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(b) – (continued)
Trinity Health Corp.
$	10,277,000		0.000	%	12/16/24	$   10,254,906
UBS AG(e)
	8,932,000		0.000		05/12/25	8,748,650
Versailles Commercial Paper LLC
	10,603,000		0.000		01/31/25	10,516,662
	28,500,000		0.000		04/03/25	28,041,493
Victory Receivables Corp.(e)
	15,000,000		0.000		02/24/25	14,832,851
Volkswagen Financial Services(e)
	1,606,000		0.000		01/15/25	1,596,148
Volkswagen Group of America Finance LLC(e)
	13,701,000		0.000		01/02/25	13,637,733
Walt Disney Co.(e)
	5,682,000		0.000		01/03/25	5,656,616
	31,136,000		0.000		01/14/25	30,953,494
						1,673,327,618
TOTAL SHORT-TERM INVESTMENTS (Cost $2,256,052,342)						$2,256,180,009
TOTAL INVESTMENTS – 98.2% (Cost $4,585,971,613)						$4,609,620,344
OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.8%						83,588,943
NET ASSETS – 100.0%						$4,693,209,287

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 November 30, 2024.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Represents an affiliated fund.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	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)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2024, 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	USD	146,194,194		INR	12,358,000,000		12/18/24	$	184,351
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	MXN	283,000,000		USD	13,986,562		12/18/24	$	(86,936	)
	USD	56,865,723		MXN	1,165,750,000		12/18/24		(390,419	)
TOTAL								$	(477,355	)

FUTURES CONTRACTS — At November 30, 2024, 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	7,864	03/20/25	$	874,378,500	$	4,657,504
2 Year U.S. Treasury Notes	4,548	03/31/25		937,385,442		1,271,175
5 Year U.S. Treasury Notes	5,493	03/31/25		591,055,386		2,310,988
E-Mini Russell 2000 Index	72	12/20/24		8,800,560		1,039,546
FTSE/JSE Top 40 Index	1,260	12/19/24		53,368,120		(2,976,980	)
MEX Bolsa Index	551	12/20/24		13,553,636		(783,188	)
Nasdaq 100 E-Mini Index	20	12/20/24		8,397,400		476,797
TOPIX Index	5	12/12/24		895,298		8,243
TOTAL FUTURES CONTRACTS					$	6,004,085

SWAP CONTRACTS — At November 30, 2024, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date	Notional Amount (000s)		Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
12M GBP	4.325%	09/19/33	GBP	69,400	$	3,449,811	$	—	$	3,449,811
12M GBP	4.020	11/12/34		112,430		2,618,919		285,695		2,333,224
12M EURO	2.190	11/25/34	EUR	55,630		969,079		—		969,079
TOTAL					$	7,037,809	$	285,695	$	6,752,114

(a) Payments made annually.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2024, the Fund 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
7M IRS	JPMorgan Securities, Inc.		3.700	%		05/21/2025		67,410,000	$	67,410,000		$	1,513,327		$	1,481,681		$	31,646
1Y IRS	MS & Co. Int. PLC		3.440			01/24/2025		70,080,000		70,080,000			210,922			2,511,030			(2,300,108	)
7M IRS	MS & Co. Int. PLC		3.700			05/21/2025		135,430,000		135,430,000			3,040,349			3,341,720			(301,371	)
Total purchased option contracts								272,920,000	$	272,920,000		$	4,764,598		$	7,334,431		$	(2,569,833	)
Written option contracts
Calls
7M IRS	JPMorgan Securities, Inc.		3.200			05/21/2025		(67,410,000)		(67,410,000	)		(477,386	)		(526,041	)		48,655
7M IRS	MS & Co. Int. PLC		3.200			05/21/2025		(135,430,000)		(135,430,000	)		(959,092	)		(1,237,674	)		278,582
								(202,840,000)	$	(202,840,000	)	$	(1,436,478	)	$	(1,763,715	)	$	327,237
Puts
6M IRS	BNP Paribas SA		4.400			05/21/2025		(208,540,000)		(208,540,000	)		(1,114,950	)		(1,943,809	)		828,859
Total written option contracts								(411,380,000)	$	(411,380,000	)	$	(2,551,428	)	$	(3,707,524	)	$	1,156,096
TOTAL								(138,460,000)	$	(138,460,000	)	$	2,213,170		$	3,626,907		$	(1,413,737	)
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
Calls
SXPA Index	MS & Co. Int. PLC	$	1,713.820			03/21/2025		33,470	$	5,736,155,540		$	2,165,317		$	3,482,835		$	(1,317,518	)
Written option contracts
Calls
SXPA Index	MS & Co. Int. PLC		1,973.340			03/21/2025		(33,470)		(6,604,768,980	)		(56,100	)		(870,710	)		814,610
Puts
TOPX Index	Capital Securities Corp.		2,333.530			02/21/2025		(3,519,000)		(821,169,207,000	)		(414,649	)		(3,285,421	)		2,870,772
SXPA Index	MS & Co. Int. PLC		1,449.400			03/21/2025		(33,470)		(4,851,141,800	)		(243,318	)		(1,741,419	)		1,498,101
								(3,552,470)	$	(826,020,348,800	)	$	(657,967	)	$	(5,026,840	)	$	4,368,873
Total written option contracts								(3,585,940)	$	(832,625,117,780	)	$	(714,067	)	$	(5,897,550	)	$	5,183,483
TOTAL								(3,552,470)	$	(832,625,084,310	)	$	1,451,250		$	(2,414,715	)	$	3,865,965

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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 USD/Put CHF	BofA Securities LLC	$	0.865		03/14/2025		147,230,000	$	147,230,000		$	2,804,142		$	1,463,171		$	1,340,971
Written option contract
Puts
Put USD/Call CHF	BofA Securities LLC		0.830		03/14/2025		(147,230,000)		(147,230,000	)		(439,923	)		(1,463,171	)		1,023,248
TOTAL							—	$	—		$	2,364,219		$	—		$	2,364,219

Currency Abbreviations:
EUR	— Euro
GBP	— British Pound
INR	— Indian Rupee
MXN	— Mexican Peso
USD	— U.S. Dollar
Investment Abbreviations:
ETF	— Exchange Traded Fund
LLC	— Limited Liability Company
LP	— Limited Partnership
MLP	— Master Limited Partnership
MSCI	— Morgan Stanley Capital International
PLC	— Public Limited Company
SPDR	— Standard and Poor’s Depository Receipt
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
CHF	— Swiss Franc
EURO	— Euro Offered Rate
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SXPA	— Stoxx Europe Total Market Aerospace and Defense Index.
TOPX	— Tokyo Stock Price Index

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (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 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 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)

November 30, 2024 (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)

November 30, 2024 (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.

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)

November 30, 2024 (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 November 30, 2024:

GLOBAL MANAGED BETA FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	291,408		$	—		$	—
Asia		1,934,687			30,452,315			—
Australia and Oceania		137,270			9,874,754			—
Europe		10,439,557			69,237,949			—
North America		325,869,445			278,818			592
Preferred Stocks		—			311,087			—
Exchange Traded Funds		3,486,143,979			—			—
Investment Company		212,636,700			—			—
Total	$	4,037,453,046		$	110,154,923		$	592
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	33,342,095		$	—
Futures Contracts(b)		62,289,103			—			—
Purchased Option Contracts		32,986,332			3,806,784			—
Total	$	95,275,435		$	37,148,879		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(5,199,030	)	$	—
Written Option Contracts		(487,631	)		—			—
Total	$	(487,631	)	$	(5,199,030	)	$	—
(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	$	1,368,120,673		$	—		$	—
Investment Company		880,671,497			—			—
Total	$	2,248,792,170		$	—		$	—

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (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)	$	—		$	13,582,160		$	—
Futures Contracts(a)		49,354,364			—			—
Purchased Option Contracts		26,497,366			—			—
Total	$	75,851,730		$	13,582,160		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(14,931,832	)	$	—
Written Option Contracts		(935,958	)		—			—
Total	$	(935,958	)	$	(14,931,832	)	$	—
(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	$	313,935,362		$	—		$	—
Investment Companies		142,291,677			—			—
Total	$	456,227,039		$	—		$	—
Derivative Type
Assets
Futures Contracts	$	2,153,868		$	—		$	—
Purchased Option Contracts		248,169			—			—
Total	$	2,402,037		$	—		$	—
Liabilities
Futures Contracts(a)	$	(25,750	)	$	—		$	—
Written Option Contracts		(101,343	)		—			—
Total	$	(127,093	)	$	—		$	—

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

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (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	$	534,595,099		$	—		$	—
Corporate Obligations		—			5,284,123			—
Agency Debentures		—			861,028			—
Exchange Traded Funds		299,418,890			—			—
Investment Companies		1,513,281,195			—			—
Short-term Investments		—			2,256,180,009			—
Total	$	2,347,295,184		$	2,262,325,160		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	184,351		$	—
Futures Contracts(a)		9,764,253			—			—
Interest Rate Swap Contracts(a)		—			6,752,114			—
Purchased Option Contracts		—			9,734,057			—
Total	$	9,764,253		$	16,670,522		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(477,355	)	$	—
Futures Contracts(a)		(3,760,168	)		—			—
Written Option Contracts		—			(3,705,418	)		—
Total	$	(3,760,168	)	$	(4,182,773	)	$	—

(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 Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

Derivatives Risk — The 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 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

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. 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 Funds 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. 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.

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, 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 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 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-year 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.

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.