Form NPORT-P GOLDMAN SACHS TRUST For: Mar 31

May 25, 2022 12:37 PM EDT

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    NPORT-P
    false
    
      
      
        
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        C000025593
      
      
      
    
  
  
    
      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs Dynamic Global Equity Fund
      S000009338
      5493004NJD3E28ZMJL46
      2022-12-31
      2022-03-31
      N
    
    
      368494386.92
      709111.56
      367785275.36
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      9392992.19000000
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4890.00000000
            USD
            2022-03-31
            XXXX
            126.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2795.00000000
        -0.00075995429
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            3985.00000000
            USD
            2022-05-31
            XXXX
            6445.50000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -655.00000000
        -0.00017809304
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            3920.00000000
            USD
            2022-04-29
            XXXX
            6721.39000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        4PQUHN3JPFGFNF3BB653
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -4935.00000000
        -0.00134181554
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              4PQUHN3JPFGFNF3BB653
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4520.00000000
            USD
            2022-03-31
            XXXX
            9558.04000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -3532.50000000
        -0.00096047890
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4525.00000000
            USD
            2022-03-31
            XXXX
            10437.84000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        4PQUHN3JPFGFNF3BB653
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000203923
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              4PQUHN3JPFGFNF3BB653
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4205.00000000
            USD
            2022-03-31
            XXXX
            23978.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -5565.00000000
        -0.00151311114
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4690.00000000
            USD
            2022-05-31
            XXXX
            -585.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2305.00000000
        -0.00062672438
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4250.00000000
            USD
            2022-04-29
            XXXX
            8594.25000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Small Cap Equity Insights Fund
        UBB2S4ORVV98300HEK13
        Goldman Sachs Small Cap Equity Insights Fund
        38147X499
        
          
        
        303638.89100000
        NS
        USD
        7812628.67000000
        2.124236393736
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Emerging Markets Equity Insights Fund
        549300UHNMO4HOGWYU58
        Goldman Sachs Emerging Markets Equity Insights Fund
        38147X259
        
          
        
        1376116.00800000
        NS
        USD
        12742834.23000000
        3.464748341957
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta International Equity ETF
        549300XBH2SEXT65RC75
        Goldman Sachs ActiveBeta International Equity ETF
        381430107
        
          
        
        1881403.00000000
        NS
        USD
        61578320.19000000
        16.74300857469
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4350.00000000
            USD
            2022-03-31
            XXXX
            6284.37000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Global Real Estate Securities Fund
        549300IV19H0UGZG5L86
        Goldman Sachs Global Real Estate Securities Fund
        38148U718
        
          
        
        481995.92900000
        NS
        USD
        5755031.39000000
        1.564780260538
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -10965.00000000
        -0.00298135916
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4475.00000000
            USD
            2022-05-31
            XXXX
            -2185.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4360.00000000
            USD
            2022-03-31
            XXXX
            7601.37000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -3300.00000000
        -0.00089726267
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4750.00000000
            USD
            2022-04-27
            XXXX
            5064.32000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD NOK
        000000000
        
          
        
        1.00000000
        NC
        
        -1813.57000000
        -0.00049310565
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            1500000.00000000
            NOK
            168485.08000000
            USD
            2022-06-15
            -1813.57000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        Long: ES101824  TRS USD R E MSGSHBC INDEX / Short: ES101824  TRS USD P V 03MFED01 US0003M + 50 BPS
        000000000
        
          
        
        3765313.95000000
        OU
        Notional Amount
        USD
        42672.94000000
        0.011602677665
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            
              
                MSGSHBC Index
                MSGSHBC
                
                  
                    Westinghouse Air Brake Technologies Corp
                    
                      
                    
                    3.91000000
                    USD
                    375.95000000
                    USD
                  
                  
                    TransDigm Group Inc
                    
                      
                    
                    0.81000000
                    USD
                    524.71000000
                    USD
                  
                  
                    Marathon Oil Corp
                    
                      
                    
                    57.85000000
                    USD
                    1452.53000000
                    USD
                  
                  
                    Occidental Petroleum Corp
                    
                      
                    
                    21.34000000
                    USD
                    1210.90000000
                    USD
                  
                  
                    Valero Energy Corp
                    
                      
                    
                    7.89000000
                    USD
                    801.29000000
                    USD
                  
                  
                    LyondellBasell Industries NV
                    
                      
                    
                    9.51000000
                    USD
                    978.31000000
                    USD
                  
                  
                    Masco Corp
                    
                      
                    
                    7.71000000
                    USD
                    393.07000000
                    USD
                  
                  
                    Halliburton Co
                    
                      
                    
                    20.91000000
                    USD
                    791.72000000
                    USD
                  
                  
                    Aramark
                    
                      
                    
                    9.75000000
                    USD
                    366.78000000
                    USD
                  
                  
                    ON Semiconductor Corp
                    
                      
                    
                    15.80000000
                    USD
                    989.08000000
                    USD
                  
                  
                    Parker-Hannifin Corp
                    
                      
                    
                    2.51000000
                    USD
                    712.96000000
                    USD
                  
                  
                    Teradyne Inc
                    
                      
                    
                    3.59000000
                    USD
                    424.78000000
                    USD
                  
                  
                    Aptiv PLC
                    
                      
                    
                    4.38000000
                    USD
                    524.51000000
                    USD
                  
                  
                    Freeport-McMoRan Inc
                    
                      
                    
                    31.38000000
                    USD
                    1560.79000000
                    USD
                  
                  
                    Lam Research Corp
                    
                      
                    
                    1.21000000
                    USD
                    649.78000000
                    USD
                  
                  
                    Murphy Oil Corp
                    
                      
                    
                    8.94000000
                    USD
                    361.04000000
                    USD
                  
                  
                    NIKE Inc
                    
                      
                    
                    2.41000000
                    USD
                    323.80000000
                    USD
                  
                  
                    Discover Financial Services
                    
                      
                    
                    3.53000000
                    USD
                    388.75000000
                    USD
                  
                  
                    Alcoa Corp
                    
                      
                    
                    27.67000000
                    USD
                    2490.76000000
                    USD
                  
                  
                    NXP Semiconductors NV
                    
                      
                    
                    3.71000000
                    USD
                    687.54000000
                    USD
                  
                  
                    Wynn Resorts Ltd
                    
                      
                    
                    8.42000000
                    USD
                    671.38000000
                    USD
                  
                  
                    Applied Materials Inc
                    
                      
                    
                    6.27000000
                    USD
                    826.72000000
                    USD
                  
                  
                    Pure Storage Inc
                    
                      
                    
                    11.51000000
                    USD
                    406.29000000
                    USD
                  
                  
                    American International Group Inc
                    
                      
                    
                    8.09000000
                    USD
                    508.03000000
                    USD
                  
                  
                    Delta Air Lines Inc
                    
                      
                    
                    22.34000000
                    USD
                    883.83000000
                    USD
                  
                  
                    ONEOK Inc
                    
                      
                    
                    6.27000000
                    USD
                    442.56000000
                    USD
                  
                  
                    Boyd Gaming Corp
                    
                      
                    
                    5.37000000
                    USD
                    353.17000000
                    USD
                  
                  
                    General Motors Co
                    
                      
                    
                    12.78000000
                    USD
                    558.92000000
                    USD
                  
                  
                    Microchip Technology Inc
                    
                      
                    
                    8.76000000
                    USD
                    658.59000000
                    USD
                  
                  
                    Devon Energy Corp
                    
                      
                    
                    24.93000000
                    USD
                    1473.95000000
                    USD
                  
                  
                    Hess Corp
                    
                      
                    
                    3.95000000
                    USD
                    423.24000000
                    USD
                  
                  
                    Bank of New York Mellon Corp/The
                    
                      
                    
                    8.66000000
                    USD
                    429.80000000
                    USD
                  
                  
                    Eastman Chemical Co
                    
                      
                    
                    5.66000000
                    USD
                    634.72000000
                    USD
                  
                  
                    BorgWarner Inc
                    
                      
                    
                    8.57000000
                    USD
                    333.40000000
                    USD
                  
                  
                    Whirlpool Corp
                    
                      
                    
                    2.70000000
                    USD
                    465.74000000
                    USD
                  
                  
                    TE Connectivity Ltd
                    
                      
                    
                    4.22000000
                    USD
                    552.57000000
                    USD
                  
                  
                    Southwest Airlines Co
                    
                      
                    
                    18.25000000
                    USD
                    835.74000000
                    USD
                  
                  
                    Wells Fargo & Co
                    
                      
                    
                    9.52000000
                    USD
                    461.57000000
                    USD
                  
                  
                    Williams Cos Inc/The
                    
                      
                    
                    18.70000000
                    USD
                    624.74000000
                    USD
                  
                  
                    United Rentals Inc
                    
                      
                    
                    2.55000000
                    USD
                    905.37000000
                    USD
                  
                  
                    Cleveland-Cliffs Inc
                    
                      
                    
                    58.03000000
                    USD
                    1869.06000000
                    USD
                  
                  
                    CDW Corp/DE
                    
                      
                    
                    2.24000000
                    USD
                    400.79000000
                    USD
                  
                  
                    Synchrony Financial
                    
                      
                    
                    9.53000000
                    USD
                    331.73000000
                    USD
                  
                  
                    Stanley Black & Decker Inc
                    
                      
                    
                    3.84000000
                    USD
                    536.77000000
                    USD
                  
                  
                    Micron Technology Inc
                    
                      
                    
                    8.26000000
                    USD
                    643.27000000
                    USD
                  
                  
                    MetLife Inc
                    
                      
                    
                    7.63000000
                    USD
                    536.04000000
                    USD
                  
                  
                    Marathon Petroleum Corp
                    
                      
                    
                    10.75000000
                    USD
                    919.37000000
                    USD
                  
                  
                    Advanced Micro Devices Inc
                    
                      
                    
                    7.30000000
                    USD
                    798.08000000
                    USD
                  
                  
                    Baker Hughes Co
                    
                      
                    
                    10.92000000
                    USD
                    397.65000000
                    USD
                  
                  
                    JetBlue Airways Corp
                    
                      
                    
                    35.83000000
                    USD
                    535.70000000
                    USD
                  
                
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2022-08-10
            0.00000000
            USD
            0.00000000
            USD
            3765313.95000000
            USD
            42672.94000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4375.00000000
            USD
            2022-03-31
            XXXX
            10532.94000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        4PQUHN3JPFGFNF3BB653
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000203923
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              4PQUHN3JPFGFNF3BB653
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4210.00000000
            USD
            2022-03-31
            XXXX
            24460.37000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT DEC22C 98.75
        000000000
        
          
        
        68.00000000
        NC
        USD
        9350.00000000
        0.002542244245
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    68.00000000
                    NC
                    N/A
                    9350.00000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDZ2 Comdty
                    
                  
                  2022-12-19
                  68.00000000
                  USD
                
              
            
            2500.00000000
            98.75000000
            USD
            2022-12-19
            XXXX
            -53707.76000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT SEP22C 99
        000000000
        
          
        
        70.00000000
        NC
        USD
        4812.50000000
        0.001308508067
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    70.00000000
                    NC
                    N/A
                    4812.50000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDU2 Comdty
                    
                  
                  2022-09-19
                  70.00000000
                  USD
                
              
            
            2500.00000000
            99.00000000
            USD
            2022-09-19
            XXXX
            -48724.90000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD CHF
        000000000
        
          
        
        1.00000000
        NC
        
        10598.90000000
        0.002881817383
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            2310000.00000000
            CHF
            2518768.09000000
            USD
            2022-06-15
            10598.90000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4100.00000000
            USD
            2022-03-30
            XXXX
            24761.53000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -11005.00000000
        -0.00299223507
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4510.00000000
            USD
            2022-04-29
            XXXX
            -5375.37000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD NZD
        000000000
        
          
        
        1.00000000
        NC
        
        -1299.49000000
        -0.00035332844
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            80000.00000000
            NZD
            54071.44000000
            USD
            2022-06-15
            -1299.49000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs MarketBeta International Equity ETF
        N/A
        Goldman Sachs MarketBeta International Equity ETF
        381430180
        
          
        
        465035.00000000
        NS
        USD
        24460050.44000000
        6.650633420834
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -65680.00000000
        -0.01785824621
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4400.00000000
            USD
            2022-04-13
            XXXX
            -37570.25000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD SGD
        000000000
        
          
        
        1.00000000
        NC
        
        -289.63000000
        -0.00007874975
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            360000.00000000
            SGD
            265324.91000000
            USD
            2022-06-15
            -289.63000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2320.00000000
        -0.00063080285
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4800.00000000
            USD
            2022-05-31
            XXXX
            1619.25000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD ILS
        000000000
        
          
        
        1.00000000
        NC
        
        -1769.80000000
        -0.00048120469
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            360000.00000000
            ILS
            111311.51000000
            USD
            2022-06-15
            -1769.80000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD JPY
        000000000
        
          
        
        1.00000000
        NC
        
        294377.73000000
        0.080040651358
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            648000000.00000000
            JPY
            5628200.55000000
            USD
            2022-06-15
            294377.73000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        S+P500 EMINI FUT JUN22
        000000000
        
          
        
        166.00000000
        NC
        USD
        2834812.10000000
        0.770779117577
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                CME E-Mini Standard & Poor's 500 Index Future
                ESM2 INDEX
              
            
            2022-06-17
            34770412.90000000
            USD
            2834812.10000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD DKK
        000000000
        
          
        
        1.00000000
        NC
        
        2035.96000000
        0.000553573004
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            4060000.00000000
            DKK
            607608.42000000
            USD
            2022-06-15
            2035.96000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Global Infrastructure Fund
        54930073G57DO7G34278
        Goldman Sachs Global Infrastructure Fund
        38148U775
        
          
        
        479034.17300000
        NS
        USD
        6601090.90000000
        1.794821963315
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        4PQUHN3JPFGFNF3BB653
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -8400.00000000
        -0.00228394135
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              4PQUHN3JPFGFNF3BB653
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4530.00000000
            USD
            2022-03-31
            XXXX
            4959.40000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD GBP
        000000000
        
          
        
        1.00000000
        NC
        
        57792.72000000
        0.015713712285
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            2755000.00000000
            GBP
            3675864.26000000
            USD
            2022-06-15
            57792.72000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT DEC22C 98
        000000000
        
          
        
        24.00000000
        NC
        USD
        10800.00000000
        0.002936496027
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    24.00000000
                    NC
                    N/A
                    10800.00000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDZ2 Comdty
                    
                  
                  2022-12-19
                  24.00000000
                  USD
                
              
            
            2500.00000000
            98.00000000
            USD
            2022-12-19
            XXXX
            -48955.68000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -80340.00000000
        -0.02184426766
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4350.00000000
            USD
            2022-04-06
            XXXX
            -47973.25000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD SEK
        000000000
        
          
        
        1.00000000
        NC
        
        -29321.37000000
        -0.00797241541
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            8700000.00000000
            SEK
            897801.50000000
            USD
            2022-06-15
            -29321.37000000
          
        
        
          N
          N
          N
        
      
      
        The Montreal Exchange / Bourse De Montreal
        N/A
        S+P/TSX 60 IX FUT JUN22
        000000000
        
          
        
        16.00000000
        NC
        
        67806.66000000
        0.018436480344
        N/A
        DE
        
        CA
        N
        
        1
        
          
            
              The Montreal Exchange / Bourse De Montreal
              N/A
            
            Long
            
              
                Montreal Exchange S&P/TSX 60 Index Future
                PTM2 INDEX
              
            
            2022-06-16
            4129951.51000000
            CAD
            67806.66000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -315.00000000
        -0.00008564780
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4540.00000000
            USD
            2022-03-31
            XXXX
            12219.22000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4575.00000000
            USD
            2022-03-31
            XXXX
            8524.35000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD HKD
        000000000
        
          
        
        1.00000000
        NC
        
        1316.19000000
        0.000357869139
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            5180000.00000000
            HKD
            663343.55000000
            USD
            2022-06-15
            1316.19000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -31480.00000000
        -0.00855934212
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4540.00000000
            USD
            2022-04-27
            XXXX
            -9866.70000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -190.00000000
        -0.00005166057
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            3975.00000000
            USD
            2022-04-06
            XXXX
            20139.78000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        12393011.60000000
        NS
        USD
        12393011.60000000
        3.369632345359
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -7100.00000000
        -0.00193047424
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4315.00000000
            USD
            2022-05-31
            XXXX
            3449.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -10015.00000000
        -0.00272305626
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4525.00000000
            USD
            2022-04-29
            XXXX
            -2146.72000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -16450.00000000
        -0.00447271848
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4435.00000000
            USD
            2022-04-29
            XXXX
            -8390.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4675.00000000
            USD
            2022-03-31
            XXXX
            6394.85000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs International Small Cap Insights Fund
        549300VMLASEOM8ZWE07
        Goldman Sachs International Small Cap Insights Fund
        38147X234
        
          
        
        488876.02800000
        NS
        USD
        6286945.72000000
        1.709406586178
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT DEC22C 99
        000000000
        
          
        
        235.00000000
        NC
        USD
        22031.25000000
        0.005990247972
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    235.00000000
                    NC
                    N/A
                    22031.25000000
                    0.01000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDZ2 Comdty
                    
                  
                  2022-12-19
                  235.00000000
                  USD
                
              
            
            2500.00000000
            99.00000000
            USD
            2022-12-19
            XXXX
            -312613.45000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
        549300HE2W614QP0GH20
        Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
        381430503
        
          
        
        1124344.00000000
        NS
        USD
        100111589.76000000
        27.22011903875
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -10480.00000000
        -0.00284948873
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4390.00000000
            USD
            2022-04-20
            XXXX
            15983.29000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -8640.00000000
        -0.00234919682
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4650.00000000
            USD
            2022-04-20
            XXXX
            323.86000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4770.00000000
            USD
            2022-03-31
            XXXX
            5260.08000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4625.00000000
            USD
            2022-03-31
            XXXX
            4056.04000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -17090.00000000
        -0.00464673306
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4485.00000000
            USD
            2022-05-31
            XXXX
            -7685.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000203923
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4220.00000000
            USD
            2022-03-31
            XXXX
            25188.49000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT JUN23C 97.75
        000000000
        
          
        
        53.00000000
        NC
        USD
        36106.25000000
        0.009817209230
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    53.00000000
                    NC
                    N/A
                    36106.25000000
                    0.01000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDM3 Comdty
                    
                  
                  2023-06-19
                  53.00000000
                  USD
                
              
            
            2500.00000000
            97.75000000
            USD
            2023-06-19
            XXXX
            -180034.92000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4120.00000000
            USD
            2022-03-31
            XXXX
            9322.35000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2785.00000000
        -0.00075723531
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4670.00000000
            USD
            2022-04-29
            XXXX
            2307.58000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -20800.00000000
        -0.00565547383
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4380.00000000
            USD
            2022-04-29
            XXXX
            -10888.37000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -4.00000000
        NC
        USD
        -1160.00000000
        -0.00031540142
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4080.00000000
            USD
            2022-04-13
            XXXX
            19350.47000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD EUR
        000000000
        
          
        
        1.00000000
        NC
        
        26064.36000000
        0.007086841629
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            7260000.00000000
            EUR
            8081355.02000000
            USD
            2022-06-15
            26064.36000000
          
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY & CO. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD AUD
        000000000
        
          
        
        1.00000000
        NC
        
        -49314.21000000
        -0.01340842423
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              MORGAN STANLEY & CO. LLC
              9R7GPTSO7KV3UQJZQ078
            
            2380000.00000000
            AUD
            1734010.64000000
            USD
            2022-06-15
            -49314.21000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4290.00000000
            USD
            2022-03-31
            XXXX
            8521.04000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000203923
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4215.00000000
            USD
            2022-03-31
            XXXX
            24693.66000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -600.00000000
        -0.00016313866
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4535.00000000
            USD
            2022-03-31
            XXXX
            28329.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -1035.00000000
        -0.00028141420
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4055.00000000
            USD
            2022-04-29
            XXXX
            8458.12000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        4PQUHN3JPFGFNF3BB653
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -1905.00000000
        -0.00051796527
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              4PQUHN3JPFGFNF3BB653
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4535.00000000
            USD
            2022-03-31
            XXXX
            10954.99000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT MAR23C 97.75
        000000000
        
          
        
        94.00000000
        NC
        USD
        57575.00000000
        0.015654514701
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    94.00000000
                    NC
                    N/A
                    57575.00000000
                    0.02000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDH3 Comdty
                    
                  
                  2023-03-13
                  94.00000000
                  USD
                
              
            
            2500.00000000
            97.75000000
            USD
            2023-03-13
            XXXX
            -200897.28000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT SEP22C 98.25
        000000000
        
          
        
        26.00000000
        NC
        USD
        9100.00000000
        0.002474269800
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    26.00000000
                    NC
                    N/A
                    9100.00000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDU2 Comdty
                    
                  
                  2022-09-19
                  26.00000000
                  USD
                
              
            
            2500.00000000
            98.25000000
            USD
            2022-09-19
            XXXX
            -53035.32000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -975.00000000
        -0.00026510033
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4040.00000000
            USD
            2022-04-29
            XXXX
            5670.25000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs ActiveBeta Emerging Markets Equity ETF
        549300PZDHNP7HDURN13
        Goldman Sachs ActiveBeta Emerging Markets Equity ETF
        381430206
        
          
        
        707578.00000000
        NS
        USD
        23972742.64000000
        6.518135511688
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        IMM EUR FUT OPT JUN22C 99
        000000000
        
          
        
        50.00000000
        NC
        USD
        2812.50000000
        0.000764712507
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Call
            Purchased
            
              
                
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                  
                  
                    Chicago Mercantile Exchange
                    SNZ2OJLFK8MNNCLQOF39
                    CME 3 Month Eurodollar Future
                    N/A
                    
                      
                    
                    50.00000000
                    NC
                    N/A
                    2812.50000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Long
                  
                    
                      CME 3 Month Eurodollar
                      EDM2 Comdty
                    
                  
                  2022-06-13
                  50.00000000
                  USD
                
              
            
            2500.00000000
            99.00000000
            USD
            2022-06-13
            XXXX
            -49803.50000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs MarketBeta Emerging Markets Equity ETF
        N/A
        Goldman Sachs MarketBeta Emerging Markets Equity ETF
        381430164
        
          
        
        247230.00000000
        NS
        USD
        11436637.29000000
        3.109596293327
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Large Cap Value Insights Fund
        549300KBU32INALWSS44
        Goldman Sachs Large Cap Value Insights Fund
        38147X515
        
          
        
        1110007.74200000
        NS
        USD
        26185082.63000000
        7.119665844253
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Large Cap Growth Insights Fund
        IYI7KZ6TLM47WE4G7I95
        Goldman Sachs Large Cap Growth Insights Fund
        38147X523
        
          
        
        798754.60800000
        NS
        USD
        26263051.51000000
        7.140865409658
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -7.50000000
        -0.00000203923
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4200.00000000
            USD
            2022-03-31
            XXXX
            23493.66000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -2.50000000
        -0.00000067974
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Call
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4710.00000000
            USD
            2022-03-31
            XXXX
            5627.52000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX
        000000000
        
          
        
        -1.00000000
        NC
        USD
        -1095.00000000
        -0.00029772806
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX INDEX
              
            
            100.00000000
            4070.00000000
            USD
            2022-04-29
            XXXX
            10076.56000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs International Equity Insights Fund
        RP210Q47MZG236IVQP58
        Goldman Sachs International Equity Insights Fund
        38147X242
        
          
        
        2187662.94200000
        NS
        USD
        29774092.64000000
        8.095509699472
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-28
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX



GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments

March 31, 2022 (Unaudited)

 

    

Shares

     Description   Value
  Underlying Funds(a) – 93.3%
 

Equity – 33.0%

  2,187,663      Goldman Sachs International Equity Insights Fund - Class R6   $  29,774,093
  798,755      Goldman Sachs Large Cap Growth Insights Fund - Class R6   26,263,051
  1,112,699      Goldman Sachs Large Cap Value Insights Fund - Class R6   26,248,575
  1,376,116      Goldman Sachs Emerging Markets Equity Insights Fund - Class R6   12,742,834
  303,639      Goldman Sachs Small Cap Equity Insights Fund - Class R6   7,812,629
  479,963      Goldman Sachs Global Infrastructure Fund - Class R6   6,613,884
  488,876      Goldman Sachs International Small Cap Insights Fund - Class R6   6,286,946
  483,071      Goldman Sachs Global Real Estate Securities Fund - Class R6   5,767,863
    

 

     121,509,875

 

 

 

Exchange Traded Funds – 60.3%

  1,124,344      Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF   100,111,590
  1,881,403      Goldman Sachs ActiveBeta International Equity ETF   61,578,320
  465,035      Goldman Sachs MarketBeta International Equity ETF   24,460,050
  707,578      Goldman Sachs ActiveBeta Emerging Markets Equity ETF   23,972,743
  247,230      Goldman Sachs MarketBeta Emerging Markets Equity ETF   11,436,637
    

 

     221,559,340

 

 

 
TOTAL UNDERLYING FUNDS – 93.3%
(Cost $266,490,662)
  $343,069,215

 

 

    
Shares      Dividend
Rate
  Value

 

Investment Company(a) – 3.4%

   
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  12,394,392      0.253%   $  12,394,392
  (Cost $12,394,392)

 

 

 
TOTAL INVESTMENTS – 96.7%
(Cost $278,885,054)
  $355,463,607

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 3.3%

  12,292,630

 

 

  NET ASSETS – 100.0%   $367,756,237

 

 

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

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CHF  

— Swiss Franc

DKK  

— Danish 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 Abbreviation:
ETF  

— Exchange Traded Fund

 

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 DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2022, 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
 

 

 

Morgan Stanley & Co.

    

USD

     5,628,201          JPY        648,000,000          06/15/22        $ 294,378  
    

USD

     3,675,864          GBP        2,755,000          06/15/22          57,793  
    

USD

     663,344          HKD        5,180,000          06/15/22          1,316  
    

USD

     607,608          DKK        4,060,000          06/15/22          2,036  
    

USD

     2,518,768          CHF        2,310,000          06/15/22          10,599  
    

USD

     8,081,355          EUR        7,260,000          06/15/22          26,064  

 

 

TOTAL

                          $ 392,186  

 

 
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased
       Currency
Sold
       Settlement
Date
       Unrealized
Loss
 

 

 

Morgan Stanley & Co.

    

USD

     265,325          SGD        360,000          06/15/22        $ (290
    

USD

     1,734,011          AUD        2,380,000          06/15/22          (49,314
    

USD

     897,802          SEK        8,700,000          06/15/22          (29,321
    

USD

     54,071          NZD        80,000          06/15/22          (1,299
    

USD

     168,485          NOK        1,500,000          06/15/22          (1,814
    

USD

     111,312          ILS        360,000          06/15/22          (1,770

 

 

TOTAL

                          $ (83,808

 

 

FUTURES CONTRACTS — At March 31, 2022, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                   

S&P 500 E-Mini Index

     166      06/17/22      $ 37,605,225        $ 2,834,812  

S&P Toronto Stock Exchange 60 Index

     16      06/16/22        3,371,371          67,807  

 

 

TOTAL FUTURES CONTRACTS

 

     $ 2,902,619  

 

SWAP CONTRACTS — At March 31, 2022, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

 

Reference

Obligation/Index

     Financing Rate
Paid by
the Fund(a)
     Counterparty      Termination
Date(b)
       Notional
Amount
(000s)
     Unrealized
Appreciation/
(Depreciation)
 

 

MSGSHBC Index

     3 Month LIBOR+0.050%      Morgan Stanley & Co.        08/10/2022        $3,808      $ (4,497

 

 

 

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


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

PURCHASED AND WRITTEN OPTIONS CONTRACTS At March 31, 2022, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

 

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

 

 

Purchased option contracts

           

Calls

              

Eurodollar Futures

   $97.750     03/13/2023       94     $ 235,000     $ 57,575     $ 258,472     $ (200,897

Eurodollar Futures

   97.750     06/19/2023       53       132,500       36,106       216,141       (180,035

Eurodollar Futures

   98.000     12/19/2022       24       60,000       10,800       59,756       (48,956

Eurodollar Futures

   98.250     09/19/2022       26       65,000       9,100       62,135       (53,035

Eurodollar Futures

   98.750     12/19/2022       68       170,000       9,350       63,058       (53,708

Eurodollar Futures

   99.000     06/13/2022       50       125,000       2,812       52,616       (49,804

Eurodollar Futures

   99.000     09/19/2022       70       175,000       4,812       53,537       (48,725

Eurodollar Futures

   99.000     12/19/2022       235       587,500       22,032       334,645       (312,613

 

 

TOTAL

         620     $ 1,550,000     $ 152,587     $ 1,100,360     $ (947,773

 

 
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS

 

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

 

 

Written option contracts

           

Calls

              

S&P 500 Index

   $4,350.000     04/06/2022       (4)     $ (1,740,000   $ (80,340   $ (32,367   $ (47,973

S&P 500 Index

   4,380.000     04/29/2022       (1)       (438,000     (20,800     (9,912     (10,888

S&P 500 Index

   4,400.000     04/13/2022       (4)       (1,760,000     (65,680     (28,110     (37,570

S&P 500 Index

   4,435.000     04/29/2022       (1)       (443,500     (16,450     (8,059     (8,391

S&P 500 Index

   4,485.000     05/31/2022       (1)       (448,500     (17,090     (9,404     (7,686

S&P 500 Index

   4,510.000     04/29/2022       (1)       (451,000     (11,005     (5,630     (5,375

S&P 500 Index

   4,525.000     04/29/2022       (1)       (452,500     (10,015     (7,868     (2,147

S&P 500 Index

   4,650.000     04/20/2022       (4)       (1,860,000     (8,640     (8,964     324  

S&P 500 Index

   4,670.000     04/29/2022       (1)       (467,000     (2,785     (5,093     2,308  

S&P 500 Index

   4,690.000     05/31/2022       (1)       (469,000     (5,565     (4,979     (586

S&P 500 Index

   4,705.000     04/29/2022       (3)       (1,411,500     (5,475     (9,315     3,840  

S&P 500 Index

   4,710.000     04/29/2022       (3)       (1,413,000     (5,145     (8,805     3,660  

S&P 500 Index

   4,715.000     04/29/2022       (4)       (1,886,000     (6,420     (11,125     4,705  

S&P 500 Index

   4,720.000     04/29/2022       (3)       (1,416,000     (4,515     (7,874     3,359  

S&P 500 Index

   4,725.000     04/29/2022       (3)       (1,417,500     (4,230     (7,338     3,108  

S&P 500 Index

   4,750.000     04/27/2022       (4)       (1,900,000     (3,300     (8,364     5,064  

S&P 500 Index

   4,800.000     05/31/2022       (1)       (480,000     (2,320     (3,939     1,619  

 

 
         (40)     $ (18,453,500   $ (269,775   $ (177,146   $ (92,629

 

 

Puts

           

S&P 500 Index

   3,920.000     04/29/2022       (1)       (392,000     (655     (7,376     6,721  

S&P 500 Index

   3,975.000     04/06/2022       (4)       (1,590,000     (190     (20,330     20,140  

S&P 500 Index

   3,985.000     05/31/2022       (1)       (398,500     (2,795     (9,241     6,446  

S&P 500 Index

   4,040.000     04/29/2022       (1)       (404,000     (975     (6,645     5,670  

S&P 500 Index

   4,055.000     04/29/2022       (1)       (405,500     (1,035     (9,493     8,458  

S&P 500 Index

   4,070.000     04/29/2022       (1)       (407,000     (1,095     (11,172     10,077  

S&P 500 Index

   4,080.000     04/13/2022       (4)       (1,632,000     (1,160     (20,511     19,351  

S&P 500 Index

   4,250.000     04/29/2022       (1)       (425,000     (2,305     (10,899     8,594  

S&P 500 Index

   4,315.000     05/31/2022       (1)       (431,500     (7,100     (10,549     3,449  

S&P 500 Index

   4,390.000     04/20/2022       (4)       (1,756,000     (10,480     (26,463     15,983  

S&P 500 Index

   4,475.000     05/31/2022       (1)       (447,500     (10,965     (8,779     (2,186

S&P 500 Index

   4,490.000     04/29/2022       (3)       (1,347,000     (20,130     (15,716     (4,414

S&P 500 Index

   4,495.000     04/29/2022       (3)       (1,348,500     (20,580     (16,143     (4,437

S&P 500 Index

   4,500.000     04/29/2022       (3)       (1,350,000     (21,060     (16,497     (4,563

S&P 500 Index

   4,505.000     04/29/2022       (3)       (1,351,500     (21,540     (16,878     (4,662

S&P 500 Index

   4,510.000     04/29/2022       (3)       (1,353,000     (22,020     (17,213     (4,807

S&P 500 Index

   4,540.000     04/27/2022       (4)       (1,816,000     (31,480     (21,613     (9,867

 

 
         (39)     $ (16,855,000   $ (175,565   $ (245,518   $ 69,953  

 

 

TOTAL

         (79)     $ (35,308,500   $ (445,340   $ (422,664   $ (22,676

 

 


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

A. Investment Valuation — The valuation policy of the Fund and Underlying funds is to value investments at fair value.

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 Fund’s 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s 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.

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

Underlying Funds (including Money Market Funds) — Underlying Funds include other investment companies and exchange-traded funds (“ETFs”). 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 Fund invest in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A 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 as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 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 DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

A forward foreign currency exchange contract is a forward contract in which the 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, the 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 the 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 the 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 the 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 the 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, the 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.

B. 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 the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. 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.

C. Fair Value Hierarchy — The following is a summary of the Fund‘s investments and derivatives classified in the fair value hierarchy as of March 31, 2022:

 

                                                                    
DYNAMIC GLOBAL EQUITY           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Underlying Funds

          

Equity

     $ 121,509,875      $      $         —  

Exchange Traded Funds

       221,559,340                

Investment Companies

       12,394,392                
Total      $ 355,463,607      $      $  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(a)

     $      $ 392,186      $  

Futures Contracts(a)

       2,902,619                

Purchased Options Contracts

       152,587                
Total      $ 3,055,206      $ 392,186      $  
Liabilities

 

Forward Foreign Currency Exchange Contracts(a)

     $      $ (83,808    $  

Total Return Swap Contracts

              (4,497       

Written options contracts

       (445,340              
Total      $ (445,340    $ (88,305    $  

 

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


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

Derivatives Risk — The Fund’s use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

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

Investments in the Underlying Funds Risk — The investments of the 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 Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Fund is 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 the 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 — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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.

Liquidity Risk — The 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. To the extent a Fund engages in cash redemptions, then 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, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the 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 the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.


GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Market and Credit Risks — In the normal course of business, the 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 the 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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.



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