Form NPORT-P GOLDMAN SACHS TRUST For: Mar 31

May 25, 2022 12:38 PM EDT

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    NPORT-P
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      GOLDMAN SACHS TRUST
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71  SOUTH WACKER DRIVE
      C/O GOLDMAN SACHS & CO
      CHICAGO
      
      60606
      312-655-4400
      Goldman Sachs Commodity Strategy Fund
      S000015787
      KSLHF8U0UKNUMV03EB51
      2022-12-31
      2022-03-31
      N
    
    
      882066788.21
      19228200.84
      862838587.37
      0.00000000
      167139110.78000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      47611201.70000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796S42
        
          
        
        53800000.00000000
        PA
        USD
        53690517.00000000
        6.222544724576
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-07-21
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796Q36
        
          
        
        56000000.00000000
        PA
        USD
        55975402.56000000
        6.487355037124
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-05-26
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Merrill Lynch & Co., Inc.
        DWW559HN8WVTCCS4VJ94
        Long: 309094822 TRS USD R E CRBFTR INDEX / Short: 309094822 TRS USD P V 01MTBILL USB3MTA +25 FEE
        000000000
        
          
        
        6000000.00000000
        OU
        Notional Amount
        USD
        189719.60000000
        0.021987843702
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Merrill Lynch & Co., Inc.
              DWW559HN8WVTCCS4VJ94
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            6000000.00000000
            USD
            189719.60000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COCOA FUTURE      MAY22
        000000000
        
          
        
        -128.00000000
        NC
        USD
        -156375.36000000
        -0.01812336192
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC Cocoa Future
                CCK2 Comdty
              
            
            2022-05-13
            -3233064.64000000
            USD
            -156375.36000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COFFEE 'C' FUTURE MAY22
        000000000
        
          
        
        -28.00000000
        NC
        USD
        -27110.86000000
        -0.00314205465
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC C Coffee Future
                KCK2 Comdty
              
            
            2022-05-18
            -2343264.14000000
            USD
            -27110.86000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796R50
        
          
        
        130000000.00000000
        PA
        USD
        129836265.00000000
        15.04757284856
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-06-30
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        London Metal Exchange
        213800NB8G5VRT1DXC91
        LME PRI ALUM FUTR APR22
        000000000
        
          
        
        -24.00000000
        NC
        USD
        149708.16000000
        0.017350656564
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              London Metal Exchange
              213800NB8G5VRT1DXC91
            
            Short
            
              
                LME Primary Aluminum Future
                LAJ22 COMDTY
              
            
            2022-04-14
            -2239874.16000000
            USD
            149708.16000000
          
        
        
          N
          N
          N
        
      
      
        London Metal Exchange
        213800NB8G5VRT1DXC91
        LME NICKEL FUTURE APR22
        000000000
        
          
        
        126.00000000
        NC
        USD
        3679053.84000000
        0.426389581302
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              London Metal Exchange
              213800NB8G5VRT1DXC91
            
            Long
            
              
                LME Nickel Future
                LNJ2 COMDTY
              
            
            2022-04-14
            20599886.16000000
            USD
            3679053.84000000
          
        
        
          N
          N
          N
        
      
      
        Merrill Lynch & Co., Inc.
        DWW559HN8WVTCCS4VJ94
        Long: 314094100 TRS USD R E CRBFTR INDEX / Short: 314094100 TRS USD P V 01MTBILL USB3MTA+25 FEE
        000000000
        
          
        
        7000000.00000000
        OU
        Notional Amount
        USD
        249354.54000000
        0.028899326438
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Merrill Lynch & Co., Inc.
              DWW559HN8WVTCCS4VJ94
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            7000000.00000000
            USD
            249354.54000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        SOYBEAN FUTURE MAY22
        000000000
        
          
        
        15.00000000
        NC
        USD
        46836.45000000
        0.005428182128
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                CBOT Soybean Future
                S K2 COMDTY
              
            
            2022-05-13
            1166101.05000000
            USD
            46836.45000000
          
        
        
          N
          N
          N
        
      
      
        Merrill Lynch & Co., Inc.
        DWW559HN8WVTCCS4VJ94
        Long: 323094526 TRS USD R E CRBFTR INDEX / Short: 323094526 TRS USD P V 01MTBILL USB3MTA +25 FEE
        000000000
        
          
        
        21000000.00000000
        OU
        Notional Amount
        USD
        -562843.68000000
        -0.06523163060
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Merrill Lynch & Co., Inc.
              DWW559HN8WVTCCS4VJ94
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            21000000.00000000
            USD
            -562843.68000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        WTI CRUDE FUTURE JUN22
        000000000
        
          
        
        -118.00000000
        NC
        USD
        -2169018.36000000
        -0.25138170588
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX Light Sweet Crude Oil Future
                CLM2 Comdty
              
            
            2022-05-20
            -9502361.64000000
            USD
            -2169018.36000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        FCOJ-A FUTURE MAY22
        000000000
        
          
        
        -30.00000000
        NC
        USD
        -36993.49000000
        -0.00428741719
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CTN Frozen Concentrated Orange Juice A Future
                JOK2 COMDTY
              
            
            2022-05-10
            -649256.51000000
            USD
            -36993.49000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Cash Management Bill
        912796V97
        
          
        
        179000000.00000000
        PA
        USD
        178852822.62000000
        20.72842189002
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-06-14
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        GASOLINE RBOB FUT AUG22
        000000000
        
          
        
        -57.00000000
        NC
        USD
        -426069.75000000
        -0.04938000643
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures
                XBQ2 COMDTY
              
            
            2022-07-29
            -6637427.25000000
            USD
            -426069.75000000
          
        
        
          N
          N
          N
        
      
      
        Commodities Exchange Center
        N/A
        COPPER FUTURE JUL22
        000000000
        
          
        
        -146.00000000
        NC
        USD
        -1101767.33000000
        -0.12769101267
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Commodities Exchange Center
              N/A
            
            Short
            
              
                COMEX Copper Future
                HGN2 COMDTY
              
            
            2022-07-27
            -16135357.67000000
            USD
            -1101767.33000000
          
        
        
          N
          N
          N
        
      
      
        Merrill Lynch & Co., Inc.
        DWW559HN8WVTCCS4VJ94
        Long: 307094858 TRS USD R E CRBFTR INDEX / Short: 307094858 TRS USD P V 01MTBILL USB3MTA +25 FEE
        000000000
        
          
        
        6000000.00000000
        OU
        Notional Amount
        USD
        -105944.37000000
        -0.01227858507
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Merrill Lynch & Co., Inc.
              DWW559HN8WVTCCS4VJ94
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            6000000.00000000
            USD
            -105944.37000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        SOYBEAN MEAL FUTR MAY22
        000000000
        
          
        
        236.00000000
        NC
        USD
        528366.56000000
        0.061235851958
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                CBOT Soybean Meal Future
                SMK2 COMDTY
              
            
            2022-05-13
            10514073.44000000
            USD
            528366.56000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        NATURAL GAS FUTR MAY22
        000000000
        
          
        
        -3.00000000
        NC
        USD
        -66126.06000000
        -0.00766378103
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX Henry Hub Natural Gas Futures
                NGK22 Comdty
              
            
            2022-04-27
            -103403.94000000
            USD
            -66126.06000000
          
        
        
          N
          N
          N
        
      
      
        UBS Switzerland AG
        549300WOIFUSNYH0FL22
        Long: 307004263 TRS USD R E CRBFTR INDEX / Short: 307004263 TRS USD P V 01MTBILL USB3MTA +25 FEE
        000000000
        
          
        
        192894301.92000000
        OU
        Notional Amount
        USD
        -3405909.43000000
        -0.39473309143
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              UBS Switzerland AG
              549300WOIFUSNYH0FL22
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            3.62000000
            USD
            0.00000000
            USD
            192894301.92000000
            USD
            -3405913.05000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        KC HRW WHEAT FUT MAY22
        000000000
        
          
        
        2.00000000
        NC
        USD
        22169.86000000
        0.002569409890
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                KCBT Hard Red Winter Wheat Future
                KWK2 Comdty
              
            
            2022-05-13
            81030.14000000
            USD
            22169.86000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COFFEE 'C' FUTURE JUL22
        000000000
        
          
        
        -24.00000000
        NC
        USD
        88938.12000000
        0.010307619675
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC C Coffee Future
                KCN2 COMDTY
              
            
            2022-07-19
            -2121588.12000000
            USD
            88938.12000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796H44
        
          
        
        10000000.00000000
        PA
        USD
        9996677.80000000
        1.158580289097
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-05-19
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Commodities Exchange Center
        N/A
        SILVER FUTURE     MAY22
        000000000
        
          
        
        207.00000000
        NC
        USD
        1276032.29000000
        0.147887717202
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Commodities Exchange Center
              N/A
            
            Long
            
              
                COMEX Silver Future
                SIK2 Comdty
              
            
            2022-05-26
            24562742.71000000
            USD
            1276032.29000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        106315669.97000000
        NS
        USD
        106315669.97000000
        12.32161745269
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        WTI CRUDE FUTURE AUG22
        000000000
        
          
        
        196.00000000
        NC
        USD
        341051.95000000
        0.039526738255
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Long
            
              
                NYMEX Light Sweet Crude Oil Future
                CLQ2 COMDTY
              
            
            2022-07-20
            18371068.05000000
            USD
            341051.95000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        SUGAR 11 (WORLD) MAY22
        000000000
        
          
        
        -202.00000000
        NC
        USD
        -169089.24000000
        -0.01959685652
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC Number 11 World Sugar Future
                SBK2 Comdty
              
            
            2022-04-29
            -4247115.56000000
            USD
            -169089.24000000
          
        
        
          N
          N
          N
        
      
      
        London Metal Exchange
        213800NB8G5VRT1DXC91
        LME PRI ALUM FUTR APR22
        000000000
        
          
        
        44.00000000
        NC
        USD
        -134768.04000000
        -0.01561914846
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              London Metal Exchange
              213800NB8G5VRT1DXC91
            
            Long
            
              
                LME Primary Aluminum Future
                LAJ22 COMDTY
              
            
            2022-04-14
            3966739.04000000
            USD
            -134768.04000000
          
        
        
          N
          N
          N
        
      
      
        Merrill Lynch & Co., Inc.
        DWW559HN8WVTCCS4VJ94
        Long: 307004262 TRS USD R E CRBFTR INDEX / Short: 307004262 TRS USD P V 01MTBILL USB3MTA +25 FEE
        000000000
        
          
        
        275583301.28000000
        OU
        Notional Amount
        USD
        -4865942.58000000
        -0.56394587020
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Merrill Lynch & Co., Inc.
              DWW559HN8WVTCCS4VJ94
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            -0.88000000
            USD
            275583301.28000000
            USD
            -4865941.70000000
          
        
        
          N
          N
          N
        
      
      
        Commodities Exchange Center
        N/A
        COPPER FUTURE     MAY22
        000000000
        
          
        
        -171.00000000
        NC
        USD
        -1564310.29000000
        -0.18129813767
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Commodities Exchange Center
              N/A
            
            Short
            
              
                COMEX Copper Future
                HGK2 Comdty
              
            
            2022-05-26
            -18613689.71000000
            USD
            -1564310.29000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        SUGAR 11 (WORLD) JUL22
        000000000
        
          
        
        -22.00000000
        NC
        USD
        -38642.94000000
        -0.00447858273
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC Number 11 World Sugar Future
                SBN2 Comdty
              
            
            2022-06-30
            -438633.86000000
            USD
            -38642.94000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures Europe
        549300UF4R84F48NCH34
        LOW SU GASOIL G MAY22
        000000000
        
          
        
        222.00000000
        NC
        USD
        -3212615.98000000
        -0.37233105090
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              ICE Futures Europe
              549300UF4R84F48NCH34
            
            Long
            
              
                ICE Gas Oil Future
                QSK2 Comdty
              
            
            2022-05-12
            25434815.98000000
            USD
            -3212615.98000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Cash Management Bill
        912796W39
        
          
        
        100000000.00000000
        PA
        USD
        99873378.00000000
        11.57497815488
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-06-28
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        LIVE CATTLE FUTR JUN22
        000000000
        
          
        
        -208.00000000
        NC
        USD
        -12380.96000000
        -0.00143491032
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                CME Live Cattle Future
                LCM2 Comdty
              
            
            2022-06-30
            -11388099.04000000
            USD
            -12380.96000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Note/Bond
        912828XD7
        
          
        
        47000000.00000000
        PA
        USD
        47110156.25000000
        5.459903733975
        Long
        DBT
        UST
        US
        N
        
        1
        
          2022-05-31
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        CORN FUTURE MAY22
        000000000
        
          
        
        24.00000000
        NC
        USD
        132538.32000000
        0.015360731652
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                CBOT Corn Future
                C K2 Comdty
              
            
            2022-05-13
            764461.68000000
            USD
            132538.32000000
          
        
        
          N
          N
          N
        
      
      
        London Metal Exchange
        213800NB8G5VRT1DXC91
        LME ZINC FUTURE APR22
        000000000
        
          
        
        234.00000000
        NC
        USD
        1529848.06000000
        0.177304084726
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              London Metal Exchange
              213800NB8G5VRT1DXC91
            
            Long
            
              
                LME Zinc Future
                LXJ2 COMDTY
              
            
            2022-04-14
            23113276.94000000
            USD
            1529848.06000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        WTI CRUDE FUTURE  JUL22
        000000000
        
          
        
        -815.00000000
        NC
        USD
        -9734583.69000000
        -1.12820449067
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX Light Sweet Crude Oil Future
                CLN2 Comdty
              
            
            2022-06-21
            -69516016.31000000
            USD
            -9734583.69000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        PLATINUM FUTURE JUL22
        000000000
        
          
        
        149.00000000
        NC
        USD
        -280975.02000000
        -0.03256403041
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Long
            
              
                NYMEX Platinum Future
                PLN2 COMDTY
              
            
            2022-07-27
            7642320.02000000
            USD
            -280975.02000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        NATURAL GAS FUTR JUN22
        000000000
        
          
        
        420.00000000
        NC
        USD
        3240501.12000000
        0.375562841930
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Long
            
              
                NYMEX Henry Hub Natural Gas Futures
                NGM22 Comdty
              
            
            2022-05-26
            20758298.88000000
            USD
            3240501.12000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COTTON NO.2 FUTR MAY22
        000000000
        
          
        
        -89.00000000
        NC
        USD
        -742818.18000000
        -0.08609005100
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CTN Number 2 Cotton Future
                CTK2 Comdty
              
            
            2022-05-06
            -5288711.82000000
            USD
            -742818.18000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796K57
        
          
        
        55400000.00000000
        PA
        USD
        55302773.00000000
        6.409399603762
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-07-14
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citibank N.A.
        E57ODZWZ7FF32TWEFA76
        Long: 307004261 TRS USD R E CRBFTR INDEX / Short: 307004261 TRS USD P V 01MTBILL USB3MTA +24 FEE
        000000000
        
          
        
        222791635.74000000
        OU
        Notional Amount
        USD
        -3933802.87000000
        -0.45591411042
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank N.A.
              E57ODZWZ7FF32TWEFA76
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            222791635.74000000
            USD
            -3933802.87000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures Europe
        549300UF4R84F48NCH34
        BRENT CRUDE FUTR  JUN22
        000000000
        
          
        
        518.00000000
        NC
        USD
        -2343133.13000000
        -0.27156100391
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              ICE Futures Europe
              549300UF4R84F48NCH34
            
            Long
            
              
                ICE Brent Crude Oil Future
                COM2 COMDTY
              
            
            2022-04-29
            56759033.13000000
            USD
            -2343133.13000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        KC HRW WHEAT FUT  JUL22
        000000000
        
          
        
        34.00000000
        NC
        USD
        -21721.25000000
        -0.00251741754
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                KCBT Hard Red Winter Wheat Future
                KWN2 Comdty
              
            
            2022-07-14
            1773996.25000000
            USD
            -21721.25000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COCOA FUTURE JUL22
        000000000
        
          
        
        -247.00000000
        NC
        USD
        -99989.60000000
        -0.01158844788
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CSC Cocoa Future
                CCN2 COMDTY
              
            
            2022-07-14
            -6529490.40000000
            USD
            -99989.60000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        WHEAT FUTURE(CBT) MAY22
        000000000
        
          
        
        18.00000000
        NC
        USD
        199978.74000000
        0.023176842450
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                CBOT Wheat Future
                W K2 Comdty
              
            
            2022-05-13
            707221.26000000
            USD
            199978.74000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796V22
        
          
        
        10000000.00000000
        PA
        USD
        9995656.90000000
        1.158461970328
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-05-24
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        LEAN HOGS FUTURE APR22
        000000000
        
          
        
        7.00000000
        NC
        USD
        -118.65000000
        -0.00001375112
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                CME Lean Hogs Future
                LHJ2 Comdty
              
            
            2022-04-14
            285508.65000000
            USD
            -118.65000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796R35
        
          
        
        30000000.00000000
        PA
        USD
        29978437.50000000
        3.474396942697
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-06-09
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        SOYBEAN OIL FUTR MAY22
        000000000
        
          
        
        251.00000000
        NC
        USD
        561531.12000000
        0.065079509449
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                CBOT Soybean Oil Future
                BOK2 Comdty
              
            
            2022-05-13
            9956372.88000000
            USD
            561531.12000000
          
        
        
          N
          N
          N
        
      
      
        London Metal Exchange
        213800NB8G5VRT1DXC91
        LME COPPER FUTURE APR22
        000000000
        
          
        
        220.00000000
        NC
        USD
        -28070.20000000
        -0.00325323883
        N/A
        DCO
        
        GB
        N
        
        1
        
          
            
              London Metal Exchange
              213800NB8G5VRT1DXC91
            
            Long
            
              
                LME Copper Future
                LPJ22 COMDTY
              
            
            2022-04-14
            57076820.20000000
            USD
            -28070.20000000
          
        
        
          N
          N
          N
        
      
      
        Commodities Exchange Center
        N/A
        GOLD 100 OZ FUTR JUN22
        000000000
        
          
        
        118.00000000
        NC
        USD
        2006.99000000
        0.000232603180
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              Commodities Exchange Center
              N/A
            
            Long
            
              
                COMEX Gold 100 Troy Ounces Future
                GCM2 Comdty
              
            
            2022-06-28
            22908873.01000000
            USD
            2006.99000000
          
        
        
          N
          N
          N
        
      
      
        New York Mercantile Exchange
        5493008GFNDTXFPHWI47
        NY HARB ULSD FUT AUG22
        000000000
        
          
        
        -84.00000000
        NC
        USD
        -547562.62000000
        -0.06346060874
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              New York Mercantile Exchange
              5493008GFNDTXFPHWI47
            
            Short
            
              
                NYMEX NY Harbor ULSD Futures
                HOQ2 COMDTY
              
            
            2022-07-29
            -10202606.18000000
            USD
            -547562.62000000
          
        
        
          N
          N
          N
        
      
      
        ICE Futures U.S., Inc.
        5493004R83R1LVX2IL36
        COTTON NO.2 FUTR JUL22
        000000000
        
          
        
        -63.00000000
        NC
        USD
        -660570.89000000
        -0.07655787532
        N/A
        DCO
        
        US
        N
        
        1
        
          
            
              ICE Futures U.S., Inc.
              5493004R83R1LVX2IL36
            
            Short
            
              
                NYBOT CTN Number 2 Cotton Future
                CTN2 COMDTY
              
            
            2022-07-07
            -3489869.11000000
            USD
            -660570.89000000
          
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796P37
        
          
        
        86000000.00000000
        PA
        USD
        85992518.00000000
        9.966234618935
        Long
        STIV
        UST
        US
        N
        
        1
        
          2022-04-28
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citibank N.A.
        E57ODZWZ7FF32TWEFA76
        Long: 325094136 TRS USD R E CRBFTR INDEX / Short: 325094136 TRS USD P V 01MTBILL USB3MTA +24 FEE
        000000000
        
          
        
        8000000.00000000
        OU
        Notional Amount
        USD
        -234577.28000000
        -0.02718669325
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank N.A.
              E57ODZWZ7FF32TWEFA76
            
            
              
                Refinitiv/CoreCommodity 3 -Month Forward Index Total Return
                CRBFTR INDEX
              
            
            Y
            equity-performance leg
            
              
                
              
            
            2023-01-31
            0.00000000
            USD
            0.00000000
            USD
            8000000.00000000
            USD
            -234577.28000000
          
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-28
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX



GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 32.2%
 

Aerospace & Defense – 0.1%

  2,346      Chemring Group PLC   $              9,973
  5,126      General Dynamics Corp.   1,236,289
  1,435      Huntington Ingalls Industries, Inc.   286,196
  20,343      Leonardo SpA*   202,152
  1,322      Rheinmetall AG   279,429
  1,926      Thales SA   241,203
  708      Ultra Electronics Holdings PLC   30,762
    

 

     2,286,004

 

 

 

Air Freight & Logistics – 0.2%

  29,101      Deutsche Post AG   1,389,627
  3,276      Expeditors International of Washington, Inc.   337,952
  25,785      FedEx Corp.   5,966,391
  48,725      Royal Mail PLC   209,354
  2,700      SG Holdings Co. Ltd.   50,843
  6,016      United Parcel Service, Inc. Class B   1,290,192
  3,202      Yamato Holdings Co. Ltd.   59,814
    

 

     9,304,173

 

 

 

Airlines* – 0.0%

  5,344      Alaska Air Group, Inc.   310,006
  10,079      Southwest Airlines Co.   461,618
    

 

     771,624

 

 

 

Auto Components – 0.0%

  6,951      BorgWarner, Inc.   270,394
  4,900      Bridgestone Corp.   190,197
  3,393      Faurecia SE   88,248
  1,500      JTEKT Corp.   11,736
  1,500      Koito Manufacturing Co. Ltd.   60,704
  1,002      NGK Spark Plug Co. Ltd.   16,133
  1,200      Nifco, Inc.   27,294
  600      Stanley Electric Co. Ltd.   11,344
  626      The Yokohama Rubber Co. Ltd.   8,614
  3,038      TI Fluid Systems PLC(a)   7,587
  1,200      Toyota Boshoku Corp.   19,513
  14,029      Valeo   259,129
    

 

     970,893

 

 

 

Automobiles – 0.3%

  4,713      Bayerische Motoren Werke AG   407,286
  93,477      Ford Motor Co.   1,580,696
  174,460      General Motors Co.*   7,630,881
  4,241      Honda Motor Co. Ltd.   120,215
  5,400      Isuzu Motors Ltd.   69,757
  11,400      Mazda Motor Corp.   83,797
  8,744      Mercedes-Benz Group AG   613,737
  19,800      Nissan Motor Co. Ltd.*   87,978
  5,051      Renault SA*   132,033
  86,818      Stellantis NV   1,405,537
  1,700      Suzuki Motor Corp.   58,259
    

 

     12,190,176

 

 

 

Banks – 1.6%

  700      Aozora Bank Ltd.   14,748
  170,942      Banco Santander SA   581,190

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  331,132      Bank of America Corp.   $     13,649,261
  10,901      BNP Paribas SA   622,934
  188,519      CaixaBank SA   639,434
  16,646      Citigroup, Inc.   888,896
  7,037      Citizens Financial Group, Inc.   318,987
  2,139      Close Brothers Group PLC   33,296
  32,519      Comerica, Inc.   2,940,693
  25,109      Credit Agricole SA   300,016
  11,198      FinecoBank Banca Fineco SpA   169,875
  26,453      First Republic Bank   4,288,031
  1,800      Hirogin Holdings, Inc.   9,485
  160,375      JPMorgan Chase & Co.   21,862,320
  4,124      KBC Group NV   295,894
  30,604      KeyCorp.   684,918
  2,400      Kyushu Financial Group, Inc.   7,847
  436,378      Lloyds Banking Group PLC   265,739
  5,843      Mebuki Financial Group, Inc.   12,167
  50,100      Mitsubishi UFJ Financial Group, Inc.   309,675
  20,943      Mizuho Financial Group, Inc.   267,135
  32,857      Nordea Bank Abp   338,188
  3,896      Prosperity Bancshares, Inc.   270,304
  3,434      Raiffeisen Bank International AG   48,753
  30,601      Regions Financial Corp.   681,178
  5,200      Seven Bank Ltd.   10,149
  10,530      Societe Generale SA   282,281
  7,300      Sumitomo Mitsui Financial Group, Inc.   230,595
  3,200      The Hachijuni Bank Ltd.   10,602
  4,900      The Shizuoka Bank Ltd.   34,391
  12,219      U.S. Bancorp   649,440
  252,087      Wells Fargo & Co.   12,216,136
  7,601      Zions Bancorp NA   498,322
    

 

     63,432,880

 

 

 

Beverages – 0.8%

  10,619      Anheuser-Busch InBev SA   634,890
  1,598      Asahi Group Holdings Ltd.   58,200
  8,213      Britvic PLC   87,067
  5,403      Brown-Forman Corp. Class B   362,109
  9,593      Coca-Cola HBC AG   200,071
  22,972      Constellation Brands, Inc. Class A   5,290,911
  13,058      Davide Campari-Milano NV   151,461
  638      Heineken Holding NV   49,957
  5,185      Heineken NV   495,841
  6,540      Molson Coors Beverage Co. Class B   349,105
  5,352      Monster Beverage Corp.*   427,625
  68,575      PepsiCo, Inc.   11,478,083
  3,311      Pernod Ricard SA   727,463
  1,200      Suntory Beverage & Food Ltd.   45,738
  182,561      The Coca-Cola Co.   11,318,782
    

 

     31,677,303

 

 

 

Biotechnology – 0.4%

  22,470      AbbVie, Inc.   3,642,612
  4,205      Amgen, Inc.   1,016,853
  11,674      Biogen, Inc.*   2,458,544
  24,809      Gilead Sciences, Inc.   1,474,895
  8,329      Grifols SA   151,177
  8,915      Incyte Corp.*   708,029
  4,698      Moderna, Inc.*   809,278

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  1,500      PeptiDream, Inc.*   $            26,657
  4,234      Regeneron Pharmaceuticals, Inc.*   2,957,110
  5,474      Vertex Pharmaceuticals, Inc.*   1,428,550
    

 

     14,673,705

 

 

 

Building Products – 0.3%

  17,929      A.O. Smith Corp.   1,145,484
  1,200      AGC, Inc.   47,946
  2,632      Allegion PLC   288,941
  114,591      Carrier Global Corp.   5,256,289
  14,287      Cie de Saint-Gobain   850,082
  3,315      Fortune Brands Home & Security, Inc.   246,238
  16,613      Johnson Controls International PLC   1,089,314
  1,992      Lixil Corp.   37,083
  54,085      Masco Corp.   2,758,335
  500      TOTO Ltd.   20,080
  1,903      Tyman PLC   7,904
    

 

     11,747,696

 

 

 

Capital Markets – 1.0%

  21,086      3i Group PLC   381,285
  27,608      abrdn PLC   77,305
  6,541      AJ Bell PLC   25,981
  14,855      Ameriprise Financial, Inc.   4,461,848
  1,096      Amundi SA(a)   74,945
  27,571      Ashmore Group PLC   83,739
  3,907      Brewin Dolphin Holdings PLC   26,215
  24,163      Cboe Global Markets, Inc.   2,764,730
  6,345      CMC Markets PLC(a)   21,213
  25,464      Deutsche Bank AG*   320,698
  2,993      Deutsche Boerse AG   538,772
  774      FactSet Research Systems, Inc.   336,032
  11,424      Franklin Resources, Inc.   318,958
  10,379      Hargreaves Lansdown PLC   136,804
  11,353      IG Group Holdings PLC   121,939
  3,884      IntegraFin Holdings PLC   21,480
  41,098      Intercontinental Exchange, Inc.   5,429,868
  4,880      Intermediate Capital Group PLC   113,299
  14,570      Invesco Ltd.   335,984
  7,926      Investec PLC   52,435
  16,255      IP Group PLC   18,978
  1,200      Jafco Group Co. Ltd.   18,291
  1,443      Japan Exchange Group, Inc.   26,794
  16,965      Jupiter Fund Management PLC   46,043
  64,379      KKR & Co., Inc.   3,764,240
  1,799      Liontrust Asset Management PLC   29,888
  21,322      Man Group PLC   65,067
  746      MarketAxess Holdings, Inc.   253,789
  6,413      Molten Ventures PLC*   64,777
  1,781      Moody’s Corp.   600,927
  12,649      Morgan Stanley   1,105,523
  3,611      Ninety One PLC   12,087
  25,400      Nomura Holdings, Inc.   106,826
  3,276      Northern Trust Corp.   381,490
  3,400      Raymond James Financial, Inc.   373,694
  18,547      S&P Global, Inc.   7,607,609
  2,900      SBI Holdings, Inc.   73,170
  5,466      State Street Corp.   476,198
  6,167      T. Rowe Price Group, Inc.   932,389

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Capital Markets – (continued)

  10,288      The Bank of New York Mellon Corp.   $          510,593
  94,372      The Charles Schwab Corp.   7,956,503
  8,213      TP ICAP Group PLC   16,000
    

 

     40,084,406

 

 

 

Chemicals – 0.4%

  2,475      Air Products & Chemicals, Inc.   618,527
  600      Air Water, Inc.   8,426
  3,522      Akzo Nobel NV   302,618
  1,103      Arkema SA   131,853
  2,320      Celanese Corp.   331,458
  4,406      CF Industries Holdings, Inc.   454,082
  17,793      Corteva, Inc.   1,022,742
  3,811      Covestro AG(a)   191,904
  400      Denka Co. Ltd   11,082
  9,362      Dow, Inc.   596,547
  2,790      Eastman Chemical Co.   312,647
  3,112      Ecolab, Inc.   549,455
  13,234      Elementis PLC*   20,487
  4,517      Evonik Industries AG   125,313
  27,571      FMC Corp.   3,627,517
  25,392      International Flavors & Fragrances, Inc.   3,334,731
  2,713      Johnson Matthey PLC   66,351
  4,677      LyondellBasell Industries NV Class A   480,889
  7,188      Mitsubishi Chemical Holdings Corp.   47,806
  600      Nippon Sanso Holdings Corp.   11,408
  3,533      PPG Industries, Inc.   463,070
  2,000      Showa Denko KK   39,489
  1,048      Solvay SA   103,286
  200      Sumitomo Bakelite Co. Ltd.   8,097
  8,310      Sumitomo Chemical Co. Ltd.   38,050
  7,150      Synthomer PLC   28,570
  1,833      Teijin Ltd.   20,396
  7,780      The Mosaic Co.   517,370
  2,559      The Sherwin-Williams Co.   638,778
  1,000      Tosoh Corp.   14,780
  3,897      Umicore SA   168,457
  1,510      Victrex PLC   36,096
  1,600      Zeon Corp.   17,759
    

 

     14,340,041

 

 

 

Commercial Services & Supplies – 0.2%

  3,084      Biffa PLC(a)   12,860
  1,294      Cintas Corp.   550,455
  27,171      Copart, Inc.*   3,409,145
  700      Dai Nippon Printing Co. Ltd.   16,412
  200      Duskin Co. Ltd.   4,397
  4,060      Elis SA*   59,825
  12,305      IAA, Inc.*   470,666
  1,500      Park24 Co. Ltd.*   24,546
  35,566      Rentokil Initial PLC   244,995
  9,821      Rollins, Inc.   344,226
  28,710      Serco Group PLC   54,052
  700      Sohgo Security Services Co. Ltd.   22,828
  1,000      Toppan, Inc.   17,640

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Commercial Services & Supplies – (continued)

  4,072      Waste Management, Inc.   $          645,412
    

 

     5,877,459

 

 

 

Communications Equipment – 0.4%

  225,660      Cisco Systems, Inc.   12,582,802
  1,503      F5, Inc.*   314,052
  16,196      Juniper Networks, Inc.   601,843
  2,173      Motorola Solutions, Inc.   526,301
  167,198      Nokia Oyj*   920,762
    

 

     14,945,760

 

 

 

Construction & Engineering – 0.0%

  176      Ackermans & van Haaren NV   32,793
  5,454      ACS Actividades de Construccion y Servicios SA   147,037
  786      Arcadis NV   35,315
  6,623      Balfour Beatty PLC   22,318
  3,110      Eiffage SA   319,186
  2,500      JGC Holdings Corp.   29,881
  610      Morgan Sindall Group PLC   19,207
  2,932      Quanta Services, Inc.   385,880
  1,461      Taisei Corp.   42,178
  5,806      Vinci SA   593,214
    

 

     1,627,009

 

 

 

Construction Materials – 0.1%

  50,398      CRH PLC (Construction Materials)   2,010,864
  17,289      Eagle Materials, Inc.   2,219,216
  7,664      HeidelbergCement AG   434,351
  1,119      Taiheiyo Cement Corp.   18,439
  1,070      Wienerberger AG   32,309
    

 

     4,715,179

 

 

 

Consumer Finance – 0.1%

  4,957      American Express Co.   926,959
  4,723      Capital One Financial Corp.   620,083
  1,029      Credit Saison Co. Ltd.   10,919
  7,700      Discover Financial Services   848,463
  19,204      Synchrony Financial   668,491
    

 

     3,074,915

 

 

 

Containers & Packaging – 0.2%

  29,571      Amcor PLC   335,039
  1,980      Avery Dennison Corp.   344,461
  57,111      Ball Corp.   5,139,990
  16,331      DS Smith PLC   68,684
  7,916      International Paper Co.   365,323
  3,870      Sealed Air Corp.   259,135
  2,614      Smurfit Kappa Funding PLC   116,200
  3,264      Smurfit Kappa Group PLC   144,978
  7,446      Westrock Co.   350,185
    

 

     7,123,995

 

 

 

Distributors – 0.0%

  297      D’ieteren Group   50,010
  5,252      Genuine Parts Co.   661,857
  8,697      Inchcape PLC   76,100

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Distributors – (continued)

  13,531      LKQ Corp.   $          614,443
    

 

     1,402,410

 

 

 

Diversified Consumer Services – 0.0%

  17,122      ADT, Inc.   129,956
    

 

     129,956

 

 

 

Diversified Financial Services – 0.8%

  84,743      Berkshire Hathaway, Inc. Class B*   29,906,652
  28,414      Chrysalis Investments Ltd.*   65,646
  1,176      Eurazeo SE   98,870
  3,086      EXOR NV   234,597
  3,000      Mitsubishi HC Capital, Inc.   13,940
  5,977      Plus500 Ltd.   110,286
  263      Sofina SA   95,566
    

 

     30,525,557

 

 

 

Diversified Telecommunication Services – 0.2%

  56,495      AT&T, Inc.   1,334,977
  63,635      BT Group PLC   151,725
  38,455      Deutsche Telekom AG   716,191
  3,970      Elisa Oyj   239,418
  500      Internet Initiative Japan, Inc.   16,606
  405,503      Lumen Technologies, Inc.   4,570,019
  11,977      Nippon Telegraph & Telephone Corp.   347,978
  28,982      Orange SA   343,184
  4,993      Proximus SADP   92,977
  75,655      Telefonica SA   366,644
  3,201      United Internet AG   109,852
    

 

     8,289,571

 

 

 

Electric Utilities – 0.4%

  521      Acciona SA   99,581
  5,515      American Electric Power Co., Inc.   550,232
  2,520      Chubu Electric Power Co., Inc.   26,082
  27,124      Duke Energy Corp.   3,028,666
  5,782      Edison International   405,318
  70,703      EDP - Energias de Portugal SA   347,992
  563      Elia Group SA   85,897
  164,121      Enel SpA   1,095,795
  3,298      Entergy Corp.   385,041
  17,904      Evergy, Inc.   1,223,559
  16,670      Eversource Energy   1,470,127
  12,165      Exelon Corp.   579,419
  9,245      FirstEnergy Corp.   423,976
  10,078      Fortum Oyj   184,196
  3,102      Hawaiian Electric Industries, Inc.   131,246
  162,599      Iberdrola SA   1,777,202
  1,932      IDACORP, Inc.   222,876
  8,817      NRG Energy, Inc.   338,220
  3,263      Pinnacle West Capital Corp.   254,840
  58,198      PPL Corp.   1,662,135
  19,094      SSE PLC   436,280
  30,357      Terna - Rete Elettrica Nazionale   260,684
  1,300      The Chugoku Electric Power Co., Inc.   9,040
  21,426      Xcel Energy, Inc.   1,546,314
    

 

     16,544,718

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electrical Equipment – 0.2%

  11,358      Acuity Brands, Inc.   $       2,150,070
  12,767      Eaton Corp. PLC   1,937,520
  6,497      Emerson Electric Co.   637,031
  700      Fuji Electric Co. Ltd.   34,889
  2,891      Hubbell, Inc.   531,279
  6,075      Mitsubishi Electric Corp.   69,673
  4,697      Prysmian SpA   159,398
  10,768      Rockwell Automation, Inc.   3,015,363
  11,131      Siemens Energy AG*   253,238
  3,124      Signify NV(a)   145,320
  161      XP Power Ltd.   7,328
    

 

     8,941,109

 

 

 

Electronic Equipment, Instruments & Components – 0.3%

  1,600      Anritsu Corp.   20,260
  300      Azbil Corp.   9,957
  2,040      CDW Corp.   364,936
  40,029      Corning, Inc.   1,477,470
  336      Horiba Ltd.   18,309
  1,541      IPG Photonics Corp.*   169,140
  22,027      Keysight Technologies, Inc.*   3,479,605
  2,400      Kyocera Corp.   134,303
  697      Nippon Electric Glass Co. Ltd.   15,417
  1,100      Omron Corp.   73,203
  386      Oxford Instruments PLC   10,640
  462      Renishaw PLC   23,320
  700      Shimadzu Corp.   24,076
  2,378      Spectris PLC   80,649
  2,834      SYNNEX Corp.   292,497
  812      Teledyne Technologies, Inc.*   383,776
  5,021      Trimble, Inc.*   362,215
  944      Yokogawa Electric Corp.   16,084
  10,128      Zebra Technologies Corp. Class A*   4,189,954
    

 

     11,145,811

 

 

 

Energy Equipment & Services – 0.1%

  27,424      Baker Hughes Co.   998,508
  13,059      Halliburton Co.   494,544
  13,240      John Wood Group PLC*   27,925
  29,640      Schlumberger N.V   1,224,428
    

 

     2,745,405

 

 

 

Entertainment – 0.7%

  6,306      Bollore SE   33,021
  1,400      Capcom Co. Ltd.   33,942
  700      DeNA Co. Ltd.   10,634
  3,477      Electronic Arts, Inc.   439,875
  1,200      GungHo Online Entertainment, Inc.   25,479
  600      Konami Holdings Corp.   37,845
  27,567      Netflix, Inc.*   10,326,323
  2,400      Nexon Co. Ltd.   57,417
  700      Square Enix Holdings Co. Ltd.   31,009
  27,338      Take-Two Interactive Software, Inc.*   4,202,944
  88,998      The Walt Disney Co.*   12,206,966
  11,034      Ubisoft Entertainment SA*   484,865

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – (continued)

  15,420      Universal Music Group NV   $          411,623
    

 

     28,301,943

 

 

 

Equity Real Estate Investment Trusts (REITs) – 0.8%

  30,342      American Tower Corp.   7,622,517
  44,243      Assura PLC   38,882
  2,534      Big Yellow Group PLC   51,086
  12,776      BMO Commercial Property Trust Ltd.   19,324
  2,693      Boston Properties, Inc.   346,858
  7,243      Cousins Properties, Inc.   291,820
  34,609      Crown Castle International Corp.   6,388,821
  1,591      Derwent London PLC   66,784
  3,949      Digital Realty Trust, Inc.   559,968
  4,466      EPR Properties   244,335
  7,866      Equinix, Inc.   5,833,583
  2,095      Federal Realty Investment Trust   255,737
  1,092      Gecina SA   137,623
  6,897      Highwoods Properties, Inc.   315,469
  16,820      Iron Mountain, Inc.   931,996
  5,478      Kilroy Realty Corp.   418,629
  5,354      Klepierre SA   142,545
  17,346      LondonMetric Property PLC   62,742
  20,135      LXI REIT Plc   39,106
  5,522      Merlin Properties Socimi SA   64,559
  5,283      Mid-America Apartment Communities, Inc.   1,106,524
  32,197      Primary Health Properties PLC   62,557
  5,228      Public Storage   2,040,384
  12,584      Regency Centers Corp.   897,743
  2,660      Safestore Holdings PLC   46,824
  1,579      SBA Communications Corp.   543,334
  4,198      Simon Property Group, Inc.   552,289
  20,636      STORE Capital Corp.   603,190
  5,595      Sun Communities, Inc.   980,747
  49,437      Tritax Big Box REIT PLC   156,533
  2,552      Unibail-Rodamco-Westfield*   191,163
  6,631      Ventas, Inc.   409,531
  12,168      Vornado Realty Trust   551,454
  24,199      Weyerhaeuser Co.   917,142
  2,058      Workspace Group PLC   18,382
    

 

     32,910,181

 

 

 

Food & Staples Retailing – 0.3%

  2,312      Aeon Co. Ltd.   49,298
  11,701      Carrefour SA   254,638
  200      Cosmos Pharmaceutical Corp.   24,240
  2,843      Costco Wholesale Corp.   1,637,141
  9,135      HelloFresh SE*   410,013
  25,039      J Sainsbury PLC   82,874
  9,887      Jeronimo Martins SGPS SA   237,188
  31,855      Koninklijke Ahold Delhaize NV   1,024,632
  431      Lawson, Inc.   16,499
  29,823      Marks & Spencer Group PLC*   60,193
  1,500      MatsukiyoCocokara & Co.   53,058
  2,172      Seven & i Holdings Co. Ltd.   103,555
  119,377      Tesco PLC   432,181
  97,238      The Kroger Co.   5,578,544
  11,151      Walgreens Boots Alliance, Inc.   499,230
    

 

     10,463,284

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Food Products – 0.4%

  1,600      Ajinomoto Co., Inc.   $            45,412
  7,749      Archer-Daniels-Midland Co.   699,425
  100      Ariake Japan Co. Ltd.   4,241
  13,102      Associated British Foods PLC   284,616
  27,444      Bunge Ltd.   3,041,070
  6,484      Campbell Soup Co.   288,992
  8,609      Conagra Brands, Inc.   289,004
  500      Ezaki Glico Co. Ltd.   15,257
  14,867      Flowers Foods, Inc.   382,231
  37,729      General Mills, Inc.   2,555,008
  3,950      Glanbia PLC   45,824
  13,643      Greencore Group PLC*   23,030
  4,975      JDE Peet’s NV   142,708
  1,951      Kerry Group PLC Class A   218,203
  400      Kewpie Corp.   7,664
  4,499      Lamb Weston Holdings, Inc.   269,535
  500      MEIJI Holdings Co. Ltd.   27,116
  49,501      Mondelez International, Inc. Class A   3,107,673
  1,683      Nippon Suisan Kaisha Ltd.   7,540
  732      Nisshin Seifun Group, Inc.   10,212
  5,627      Premier Foods PLC   8,427
  2,347      The Hershey Co.   508,431
  4,691      The J.M. Smucker Co.   635,208
  13,833      The Kraft Heinz Co.   544,882
  1,100      Toyo Suisan Kaisha Ltd.   39,360
  5,377      Tyson Foods, Inc. Class A   481,941
  500      Yakult Honsha Co. Ltd.   26,672
  1,387      Yamazaki Baking Co. Ltd.   17,058
    

 

     13,726,740

 

 

 

Gas Utilities – 0.0%

  13,326      Enagas SA   295,921
  16,503      Italgas SpA   105,875
  55,740      Snam SpA   321,427
  400      Toho Gas Co. Ltd.   8,903
    

 

     732,126

 

 

 

Health Care Equipment & Supplies – 0.9%

  111,098      Abbott Laboratories   13,149,559
  969      ABIOMED, Inc.*   320,972
  5,924      Baxter International, Inc.   459,347
  14,591      Boston Scientific Corp.*   646,235
  937      Carl Zeiss Meditec AG   150,929
  49,432      ConvaTec Group PLC(a)   140,003
  5,539      DENTSPLY SIRONA, Inc.   272,630
  1,242      DiaSorin SpA   193,992
  5,973      Edwards Lifesciences Corp.*   703,142
  4,032      Globus Medical, Inc. Class A*   297,481
  10,362      Hologic, Inc.*   796,009
  1,319      Hoya Corp.   150,311
  1,609      ICU Medical, Inc.*   358,228
  21,080      Intuitive Surgical, Inc.*   6,359,414
  1,800      Jeol Ltd.   99,510
  38,423      Koninklijke Philips NV   1,171,659
  20,919      Masimo Corp.*   3,044,551
  400      Menicon Co. Ltd.   9,571
  5,800      Olympus Corp.   109,925
  6,855      Siemens Healthineers AG(a)   424,809
  32,542      Smith & Nephew PLC   517,576

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – (continued)

  13,584      STERIS PLC   $       3,284,204
  2,700      Terumo Corp.   81,698
  2,708      The Cooper Cos., Inc.   1,130,834
  6,559      Zimmer Biomet Holdings, Inc.   838,896
  657      Zimvie, Inc.   15,001
    

 

     34,726,486

 

 

 

Health Care Providers & Services – 1.1%

  572      Alfresa Holdings Corp.   7,929
  3,014      AmerisourceBergen Corp.   466,296
  3,949      Amplifon SpA   175,749
  17,394      Anthem, Inc.   8,544,281
  5,998      Cardinal Health, Inc.   340,087
  7,518      Centene Corp.*   632,940
  24,488      Cigna Corp.   5,867,570
  90,680      CVS Health Corp.   9,177,723
  2,687      DaVita, Inc.*   303,926
  8,744      Fresenius Medical Care AG & Co. KGaA   585,942
  7,558      Fresenius SE & Co. KGaA   277,503
  831      H.U. Group Holdings, Inc.   19,736
  5,307      HCA Healthcare, Inc.   1,330,040
  3,882      Henry Schein, Inc.*   338,472
  17,417      Humana, Inc.   7,579,356
  3,282      Laboratory Corp. of America Holdings*   865,332
  2,007      McKesson Corp.   614,403
  3,237      Mediclinic International PLC*   15,062
  1,770      Medipal Holdings Corp.   29,124
  4,116      Premier, Inc. Class A   146,488
  5,724      Quest Diagnostics, Inc.   783,387
  3,751      Spire Healthcare Group PLC*(a)   11,971
  10,700      UnitedHealth Group, Inc.   5,456,679
    

 

     43,569,996

 

 

 

Health Care Technology – 0.0%

  4,252      Cerner Corp.   397,817
    

 

     397,817

 

 

 

Hotels, Restaurants & Leisure – 1.0%

  6,977      888 Holdings PLC   16,910
  12,293      Aramark   462,217
  3,189      Booking Holdings, Inc.*   7,489,207
  59,520      Caesars Entertainment, Inc.*   4,604,467
  342      Chipotle Mexican Grill, Inc.*   541,054
  2,628      Choice Hotels International, Inc.   372,545
  22,991      Compass Group PLC   494,768
  4,902      Darden Restaurants, Inc.   651,721
  10,990      Domino’s Pizza Group PLC   54,659
  3,550      Domino’s Pizza, Inc.   1,444,886
  17,985      Entain PLC*   385,257
  23,460      Expedia Group, Inc.*   4,590,418
  6,652      Flutter Entertainment PLC* (Hotels, Restaurants & Leisure)   768,906
  3,607      Greggs PLC   115,848
  2,968      La Francaise des Jeux SAEM(a)   117,748
  47,478      McDonald’s Corp.   11,740,360
  7,748      MGM Resorts International   324,951
  8,214      Mitchells & Butlers PLC*   25,125
  6,574      Penn National Gaming, Inc.*   278,869

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hotels, Restaurants & Leisure – (continued)

  5,762      Playtech PLC*   $            44,810
  1,898      Rank Group PLC*   3,356
  1,700      Skylark Co. Ltd.   21,966
  3,969      Sodexo SA   322,981
  13,037      SSP Group PLC*   38,668
  9,919      Starbucks Corp.   902,331
  1,000      Sushiro Global Holdings Ltd.   27,892
  19,260      The Wendy’s Co.   423,142
  8,038      Trainline PLC*(a)   26,398
  16,222      Yum! Brands, Inc.   1,922,794
    

 

     38,214,254

 

 

 

Household Durables – 0.2%

  1,635      Bellway PLC   51,974
  2,452      Berkeley Group Holdings PLC   119,600
  1,700      Casio Computer Co. Ltd.   19,461
  7,083      Crest Nicholson Holdings plc   24,746
  5,456      D.R. Horton, Inc.   406,526
  848      Iida Group Holdings Co. Ltd.   14,620
  57,272      Lennar Corp. Class A   4,648,768
  2,088      Mohawk Industries, Inc.*   259,330
  2,700      Nikon Corp.   28,831
  66      NVR, Inc.*   294,840
  600      Open House Co. Ltd.   26,552
  15,496      Persimmon PLC   434,529
  12,674      PulteGroup, Inc.   531,041
  300      Rinnai Corp.   22,441
  309      SEB SA   43,093
  2,100      Sekisui Chemical Co. Ltd.   30,091
  4,324      Sekisui House Ltd.   83,640
  2,900      Sharp Corp.   27,070
  800      Sumitomo Forestry Co. Ltd.   14,096
  41,574      Taylor Wimpey PLC   70,797
  2,160      Vistry Group PLC   26,577
  1,626      Whirlpool Corp.   280,940
    

 

     7,459,563

 

 

 

Household Products – 0.2%

  3,100      Pigeon Corp.   54,518
  2,597      The Clorox Co.   361,061
  35,376      The Procter & Gamble Co.   5,405,453
    

 

     5,821,032

 

 

 

Independent Power and Renewable Electricity Producers – 0.1%

  7,904      ContourGlobal PLC(a)   19,754
  11,970      Drax Group PLC   123,095
  182,716      The AES Corp.   4,701,283
  1,357      Uniper SE   35,057
    

 

     4,879,189

 

 

 

Industrial Conglomerates – 0.3%

  20,338      3M Co.   3,027,921
  3,484      DCC PLC   269,780
  9,447      General Electric Co.   864,401
  44,862      Honeywell International, Inc.   8,729,248
  1,000      Keihan Holdings Co. Ltd.   24,515
  44,136      Melrose Industries PLC   71,595
  2,154      Nisshinbo Holdings, Inc.   18,654

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Industrial Conglomerates – (continued)

  15,653      Smiths Group PLC   $          296,561
    

 

     13,302,675

 

 

 

Insurance – 1.1%

  4,031      Admiral Group PLC   135,179
  35,406      Aegon NV   187,692
  8,024      Aflac, Inc.   516,665
  9,537      American International Group, Inc.   598,638
  20,619      Aon PLC Class A   6,714,165
  66,338      Arch Capital Group Ltd.*   3,212,086
  21,174      Arthur J. Gallagher & Co.   3,696,980
  2,868      ASR Nederland NV   133,895
  1,516      Assurant, Inc.   275,654
  29,840      Aviva PLC   176,561
  17,828      Beazley PLC   98,027
  3,933      Chubb Ltd.   841,269
  5,794      Cincinnati Financial Corp.   787,752
  4,900      Dai-ichi Life Holdings, Inc.   99,572
  79,242      Direct Line Insurance Group PLC   285,538
  971      Everest Re Group Ltd.   292,640
  76,089      Fidelity National Financial, Inc.   3,716,187
  50,893      First American Financial Corp.   3,298,884
  2,452      Globe Life, Inc.   246,671
  15,692      Japan Post Holdings Co. Ltd.   115,246
  1,188      Japan Post Insurance Co. Ltd.   20,689
  144,218      Legal & General Group PLC   511,309
  4,390      Lincoln National Corp.   286,930
  5,148      Loews Corp.   333,693
  2,423      Markel Corp.*   3,574,507
  4,652      Marsh & McLennan Cos., Inc.   792,794
  8,823      MetLife, Inc.   620,080
  1,500      MS&AD Insurance Group Holdings, Inc.   48,702
  4,846      Principal Financial Group, Inc.   355,745
  4,812      Prudential Financial, Inc.   568,634
  5,995      Sampo Oyj Class A   292,941
  1,291      Sompo Holdings, Inc.   56,727
  7,934      The Allstate Corp.   1,098,938
  5,518      The Hartford Financial Services Group, Inc.   396,248
  52,077      The Progressive Corp.   5,936,257
  2,990      The Travelers Cos., Inc.   546,363
  1,900      Tokio Marine Holdings, Inc.   110,567
  4,503      W.R. Berkley Corp.   299,855
  1,883      Willis Towers Watson PLC   444,802
    

 

     41,725,082

 

 

 

Interactive Media & Services – 2.4%

  19,959      Alphabet, Inc. Class A*   55,512,965
  17,579      Auto Trader Group PLC(a)   145,119
  26,156      IAC/InterActiveCorp.*   2,622,924
  900      Kakaku.com, Inc.   20,099
  4,165      Match Group, Inc.*   452,902
  144,521      Meta Platforms, Inc. Class A*   32,135,690
  9,574      Moneysupermarket.com Group PLC   23,812
  14,937      Rightmove PLC   123,449
  10,409      Trustpilot Group PLC*(a)   19,667
    

 

     91,056,627

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Internet & Direct Marketing Retail – 0.2%

  2,228      Amazon.com, Inc.*   $       7,263,169
  8,465      eBay, Inc.   484,706
  2,719      Etsy, Inc.*   337,917
  3,690      Moonpig Group PLC*   10,743
  20,717      Prosus NV*   1,117,223
  8,100      Rakuten Group, Inc.   63,688
  1,000      ZOZO, Inc.   26,705
    

 

     9,304,151

 

 

 

IT Services – 1.5%

  20,390      Accenture PLC Class A   6,876,120
  577      Adyen NV*(a)   1,142,860
  7,080      Akamai Technologies, Inc.*   845,281
  524      Alten SA   79,086
  9,326      Atos SE   254,660
  10,629      Automatic Data Processing, Inc.   2,418,523
  5,501      Broadridge Financial Solutions, Inc.   856,561
  1,986      Capgemini SE   440,699
  93,561      Capita PLC*   25,451
  6,878      Cognizant Technology Solutions Corp.
Class A
  616,750
  876      Computacenter PLC   33,679
  9,303      DXC Technology Co.*   303,557
  7,892      EPAM Systems, Inc.*   2,340,846
  7,414      Fidelity National Information Services, Inc.   744,514
  16,600      Finablr PLC*(a)(b)  
  7,395      Fiserv, Inc.*   749,853
  1,602      FleetCor Technologies, Inc.*   398,994
  1,563      Fujitsu Ltd.   234,178
  2,856      Gartner, Inc.*   849,546
  8,896      Genpact Ltd.   387,065
  4,139      Global Payments, Inc.   566,381
  1,000      GMO internet, Inc.   22,705
  15,416      International Business Machines Corp.   2,004,388
  1,596      Jack Henry & Associates, Inc.   314,492
  47,124      Mastercard, Inc. Class A   16,841,175
  3,803      NCC Group PLC   9,122
  1,354      NEC Corp.   56,883
  22,927      Nexi SpA*   264,571
  3,285      NTT Data Corp.   64,558
  1,300      Otsuka Corp.   46,093
  10,273      PayPal Holdings, Inc.*   1,188,072
  306      Reply SpA   50,274
  1,286      SCSK Corp.   21,991
  200      SHIFT, Inc.*   35,091
  900      TIS, Inc.   21,062
  1,881      VeriSign, Inc.*   418,447
  79,101      Visa, Inc. Class A   17,542,229
  11,898      Worldline SA*(a)   516,375
    

 

     59,582,132

 

 

 

Leisure Products – 0.0%

  3,385      Hasbro, Inc.   277,299
  600      Yamaha Corp.   26,074
    

 

     303,373

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Life Sciences Tools & Services – 1.2%

  160,025      Avantor, Inc.*   $       5,412,046
  587      Bio-Rad Laboratories, Inc. Class A*   330,616
  7,561      Bio-Techne Corp.   3,274,215
  13,452      Charles River Laboratories International, Inc.*   3,819,964
  41,786      Danaher Corp.   12,257,087
  5,649      Eurofins Scientific SE   558,815
  14,971      Illumina, Inc.*   5,230,867
  32,097      IQVIA Holdings, Inc.*   7,421,147
  3,672      Mettler-Toledo International, Inc.*   5,042,354
  4,515      PerkinElmer, Inc.   787,687
  5,735      QIAGEN N.V.*   281,015
  5,566      QIAGEN NV*   273,123
  2,764      Thermo Fisher Scientific, Inc.   1,632,557
  1,000      Waters Corp.*   310,390
    

 

     46,631,883

 

 

 

Machinery – 0.2%

  2,720      Aalberts NV   140,967
  2,700      Amada Co. Ltd.   23,738
  948      ANDRITZ AG   43,782
  17,274      CNH Industrial NV   272,079
  2,055      Cummins, Inc.   421,501
  600      Daifuku Co. Ltd.   42,811
  8,487      Daimler Truck Holding AG*   235,387
  1,800      DMG Mori Co. Ltd.   24,383
  1,000      Ebara Corp.   55,471
  3,542      Fluidra SA   102,486
  5,869      Fortive Corp.   357,598
  5,291      GEA Group AG   216,864
  4,100      Hino Motors Ltd.   23,968
  1,521      Hitachi Construction Machinery Co. Ltd.   39,410
  100      Hoshizaki Corp.   6,860
  1,200      IHI Corp.   28,670
  9,016      IMI PLC   160,521
  6,883      Ingersoll Rand, Inc.   346,559
  2,203      Knorr-Bremse AG   168,875
  1,000      Kurita Water Industries Ltd.   36,911
  1,000      MISUMI Group, Inc.   29,771
  3,600      Mitsubishi Heavy Industries Ltd.   118,174
  2,442      Morgan Crucible Co. PLC   9,900
  1,162      Nabtesco Corp.   30,680
  1,100      NGK Insulators Ltd.   15,692
  1,409      Nordson Corp.   319,956
  5,100      NTN Corp.*   8,851
  6,189      Otis Worldwide Corp.   476,244
  14,507      Outotec Oyj   122,289
  1,683      Parker-Hannifin Corp.   477,568
  4,857      Pentair PLC   263,298
  62      Rational AG   42,701
  11,174      Rotork PLC   47,579
  1,497      Snap-on, Inc.   307,604
  1,100      Sumitomo Heavy Industries Ltd.   25,207
  700      The Japan Steel Works Ltd.   21,696
  1,100      Toyota Industries Corp.   75,871
  6,137      Valmet Oyj   190,483
  26,166      Wartsila OYJ Abp   238,918

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – (continued)

  4,053      Westinghouse Air Brake Technologies Corp.   $          389,777
    

 

     5,961,100

 

 

 

Marine – 0.0%

  371      Clarkson PLC   17,927
  3,200      Mitsui OSK Lines Ltd.   88,892
  1,300      Nippon Yusen KK   113,717
    

 

     220,536

 

 

 

Media – 0.2%

  3,679      Ascential PLC*   16,751
  1,497      Charter Communications, Inc. Class A*   816,643
  34,466      Comcast Corp. Class A   1,613,698
  9,600      CyberAgent, Inc.   118,796
  1,609      Dentsu Group, Inc.   65,754
  2,669      Euromoney Institutional Investor PLC   34,435
  41,561      Fox Corp. Class A   1,639,582
  4,085      Future PLC   138,807
  800      Hakuhodo DY Holdings, Inc.   10,042
  50,606      ITV PLC*   54,160
  28,062      News Corp. Class A   621,573
  4,098      Omnicom Group, Inc.   347,838
  20,838      Pearson PLC   204,317
  12,634      ProSiebenSat.1 Media SE   160,928
  3,704      Publicis Groupe SA   224,809
  163,991      Sirius XM Holdings, Inc.   1,085,620
  1,100      TBS Holdings, Inc.   16,031
  9,604      The Interpublic Group of Cos., Inc.   340,462
  12,462      Trinity Mirror PLC   29,991
  9,700      WPP PLC   126,955
    

 

     7,667,192

 

 

 

Metals & Mining – 0.2%

  41,447      Alcoa Corp.   3,731,473
  7,296      Anglo American PLC   379,117
  10,878      ArcelorMittal SA   348,467
  1,523      Endeavour Mining PLC   37,816
  7,048      Evraz PLC   7,489
  9,044      Ferrexpo PLC   21,958
  15,156      Freeport-McMoRan, Inc.   753,859
  75,407      Glencore PLC   490,651
  13,534      Hochschild Mining PLC   22,722
  9,600      Kobe Steel Ltd.   46,171
  700      Mitsui Mining & Smelting Co. Ltd.   19,126
  7,000      Nippon Steel Corp.   123,513
  4,222      Nucor Corp.   627,600
  2,999      Raspadskaya OJSC(b)  
  4,013      voestalpine AG   119,412
    

 

     6,729,374

 

 

 

Multi-Utilities – 0.1%

  234,996      A2A SpA   402,494
  80,431      Centrica PLC*   84,135
  14,948      Consolidated Edison, Inc.   1,415,277

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Multi-Utilities – (continued)

  8,085      DTE Energy Co.   $       1,068,918
  27,690      Hera SpA   102,014
  29,183      National Grid PLC   448,490
  8,637      RWE AG   376,077
    

 

     3,897,405

 

 

 

Multiline Retail – 0.1%

  21,438      B&M European Value Retail SA   149,986
  6,204      Dollar Tree, Inc.*   993,571
  2,500      Isetan Mitsukoshi Holdings Ltd.   19,675
  7,218      J. Front Retailing Co. Ltd.   58,556
  2,933      Next PLC   230,682
  5,700      Ryohin Keikaku Co. Ltd.   66,115
  8,830      Target Corp.   1,873,903
    

 

     3,392,488

 

 

 

Oil, Gas & Consumable Fuels – 1.3%

  19,439      APA Corp.   803,414
  102,293      BP PLC   501,479
  88,483      Chevron Corp.   14,407,687
  11,140      ConocoPhillips   1,114,000
  400      Cosmo Energy Holdings Co. Ltd.   8,568
  17,513      Devon Energy Corp.   1,035,544
  5,697      Diamondback Energy, Inc.   780,945
  4,776      DTE Midstream LLC*   259,146
  31,999      Eni SpA   466,648
  5,759      EOG Resources, Inc.   686,646
  195,674      Exxon Mobil Corp.   16,160,716
  13,628      Harbour Energy PLC*   86,161
  1,100      Idemitsu Kosan Co. Ltd.   30,322
  10,700      Inpex Corp.   125,803
  200      Iwatani Corp.   8,429
  114,099      Kinder Morgan, Inc.   2,157,612
  32,408      Marathon Oil Corp.   813,765
  20,847      Marathon Petroleum Corp.   1,782,418
  8,196      Neste Oyj   373,681
  12,620      Occidental Petroleum Corp.   716,059
  2,365      OMV AG   113,005
  19,959      ONEOK, Inc.   1,409,704
  11,427      Phillips 66   987,179
  5,237      Pioneer Natural Resources Co.   1,309,407
  86,455      Repsol SA   1,132,491
  20,227      Shell PLC   554,396
  55,710      TotalEnergies SE   2,818,899
  11,445      Valero Energy Corp.   1,162,125
    

 

     51,806,249

 

 

 

Paper & Forest Products – 0.0%

  5,952      Oji Holdings Corp.   29,529
  9,741      Stora Enso Oyj Class R   191,093
    

 

     220,622

 

 

 

Personal Products – 0.2%

  2,135      Beiersdorf AG   224,290
  500      Fancl Corp. Class C   11,138
  200      Kose Corp.   20,925
  2,991      L’Oreal SA   1,194,740
  1,700      Pola Orbis Holdings, Inc.   22,136
  2,100      Shiseido Co. Ltd.   106,068

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Personal Products – (continued)

  18,357      The Estee Lauder Cos., Inc. Class A   $       4,998,978
    

 

     6,578,275

 

 

 

Pharmaceuticals – 1.3%

  4,506      Astellas Pharma, Inc.   70,406
  8,906      AstraZeneca PLC   1,181,051
  20,032      Bayer AG   1,370,170
  33,875      Bristol-Myers Squibb Co.   2,473,891
  2,526      Chugai Pharmaceutical Co. Ltd.   84,289
  4,000      Daiichi Sankyo Co. Ltd.   87,348
  1,300      Eisai Co. Ltd.   60,227
  37,348      Eli Lilly & Co.   10,695,347
  58,068      GlaxoSmithKline PLC   1,256,414
  2,416      Hikma Pharmaceuticals PLC   65,179
  18,191      Indivior PLC*   66,958
  991      Ipsen SA   124,048
  116,191      Johnson & Johnson   20,592,531
  2,200      Kyowa Kirin Co. Ltd.   51,181
  114,589      Merck & Co., Inc.   9,402,027
  5,135      Merck KGaA   1,072,365
  400      Nippon Shinyaku Co. Ltd.   27,196
  1,561      Orion Oyj Class B   70,896
  2,101      Otsuka Holdings Co. Ltd.   72,585
  39,060      Pfizer, Inc.   2,022,136
  3,841      Recordati Industria Chimica e Farmaceutica SpA   192,585
  4,679      Santen Pharmaceutical Co. Ltd.   46,783
  3,900      Shionogi & Co. Ltd.   239,629
  1,174      Sumitomo Dainippon Pharma Co. Ltd.   11,582
  6,343      Takeda Pharmaceutical Co. Ltd.   180,726
  2,951      UCB SA   352,930
  27,742      Viatris, Inc.   301,833
    

 

     52,172,313

 

 

 

Professional Services – 0.3%

  8,571      Booz Allen Hamilton Holding Corp.   752,877
  11,790      CACI International, Inc. Class A*   3,551,855
  13,298      Equifax, Inc.   3,152,956
  2,693      Intertek Group PLC   183,710
  2,957      Jacobs Engineering Group, Inc.   407,504
  3,551      Leidos Holdings, Inc.   383,579
  200      Meitec Corp.   10,834
  16,746      Nielsen Holdings PLC   456,161
  4,000      Outsourcing, Inc.   41,215
  900      Persol Holdings Co. Ltd.   20,166
  22,145      RELX PLC   689,102
  2,635      Robert Half International, Inc.   300,864
  400      TechnoPro Holdings, Inc.   10,806
  2,815      Wolters Kluwer NV   300,097
    

 

     10,261,726

 

 

 

Real Estate Management & Development – 0.1%

  2,100      Aeon Mall Co. Ltd.   27,945
  17,015      Aroundtown SA   97,230
  5,296      CBRE Group, Inc. Class A*   484,690
  500      Daito Trust Construction Co. Ltd.   53,072
  1,500      Daiwa House Industry Co. Ltd.   39,103
  7,873      Grainger PLC   30,026

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Real Estate Management & Development – (continued)

  9,800      Hulic Co. Ltd.   $            87,920
  8,051      IWG PLC*   27,543
  1,245      LEG Immobilien SE   141,778
  4,100      Mitsubishi Estate Co. Ltd.   61,051
  7,600      Mitsui Fudosan Co. Ltd.   162,658
  2,955      Savills PLC   42,969
  4,400      TAG Immobilien AG   99,633
  600      Tokyo Tatemono Co. Ltd.   8,991
  2,400      Tokyu Fudosan Holdings Corp.   13,172
  16,910      Vonovia SE   788,182
    

 

     2,165,963

 

 

 

Road & Rail – 0.3%

  20,711      CSX Corp.   775,627
  9,144      FirstGroup PLC*   13,315
  400      Hitachi Transport System Ltd.   21,945
  40,457      Knight-Swift Transportation Holdings, Inc.   2,041,460
  1,000      Kyushu Railway Co.   20,426
  15,430      Landstar System, Inc.   2,327,307
  300      Nippon Express Holdings, Inc.   20,610
  15,844      Norfolk Southern Corp.   4,519,026
  2,714      Northgate PLC   15,402
  1,000      Odakyu Electric Railway Co. Ltd.   16,575
  1,546      Old Dominion Freight Line, Inc.   461,759
  3,000      Seibu Holdings, Inc.   31,025
  1,300      Tokyu Corp.   16,866
  4,430      Union Pacific Corp.   1,210,320
    

 

     11,491,663

 

 

 

Semiconductors & Semiconductor Equipment – 0.8%

  4,400      Advantest Corp.   343,525
  7,697      Applied Materials, Inc.   1,014,465
  4,140      BE Semiconductor Industries NV   352,907
  2,763      Broadcom, Inc.   1,739,806
  200      Disco Corp.   55,928
  45,476      Infineon Technologies AG   1,538,453
  31,022      Intel Corp.   1,537,450
  1,381      Lam Research Corp.   742,440
  14,267      Microchip Technology, Inc.   1,072,022
  22,152      Micron Technology, Inc.   1,725,419
  906      Monolithic Power Systems, Inc.   440,026
  29,017      NXP Semiconductors NV   5,370,466
  2,750      Qorvo, Inc.*   341,275
  19,750      Renesas Electronics Corp.*   228,843
  2,000      Rohm Co. Ltd.   155,280
  1,166      SCREEN Holdings Co. Ltd.   116,221
  2,952      Skyworks Solutions, Inc.   393,443
  20,500      STMicroelectronics NV   887,661
  3,736      Sumco Corp.   61,139
  6,788      Teradyne, Inc.   802,545
  58,483      Texas Instruments, Inc.   10,730,461
  443      Ulvac, Inc.   22,530
    

 

     29,672,305

 

 

 

Software – 3.6%

  29,489      Adobe, Inc.*   13,435,778
  2,632      Autodesk, Inc.*   564,169
  5,105      Bytes Technology Group PLC   33,383
  3,520      Cadence Design Systems, Inc.*   578,899
  1,684      Fortinet, Inc.*   575,490

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software – (continued)

  7,089      HubSpot, Inc.*   $       3,366,850
  16,469      Intuit, Inc.   7,918,954
  7,678      Micro Focus International PLC   40,567
  215,541      Microsoft Corp.   66,453,446
  1,332      Nemetschek SE   127,917
  23,748      NortonLifeLock, Inc.   629,797
  120,049      Oracle Corp. (Software)   9,927,624
  1,046      Paycom Software, Inc.*   362,313
  5,124      PTC, Inc.*   551,957
  63,624      salesforce.com, Inc.*   13,508,648
  2,500      Sansan, Inc.*   28,046
  25,520      SAP SE   2,828,334
  13,439      ServiceNow, Inc.*   7,484,045
  13,607      Synopsys, Inc.*   4,534,805
  44,577      The Sage Group PLC   408,445
  700      Trend Micro, Inc.   40,879
  1,731      Tyler Technologies, Inc.*   770,105
  17,827      Workday, Inc. Class A*   4,268,853
    

 

     138,439,304

 

 

 

Specialty Retail – 0.5%

  1,100      ABC-Mart, Inc.   41,462
  3,086      Advance Auto Parts, Inc.   638,679
  4,682      Auto1 Group SE*(a)   53,194
  530      AutoZone, Inc.*   1,083,627
  5,850      Bath & Body Works, Inc.   279,630
  3,926      Best Buy Co., Inc.   356,873
  18,874      Currys PLC   22,382
  2,398      Dunelm Group PLC   34,170
  300      Fast Retailing Co. Ltd.   153,797
  10,435      Frasers Group PLC*   86,363
  41,565      Industria de Diseno Textil SA   906,324
  40,383      JD Sports Fashion PLC   77,815
  23,187      Kingfisher PLC   77,390
  14,424      Lowe’s Cos., Inc.   2,916,389
  821      O’Reilly Automotive, Inc.*   562,352
  16,599      Pets at Home Group Plc   78,414
  4,729      Ross Stores, Inc.   427,785
  404      Shimamura Co. Ltd.   35,907
  16,201      The Home Depot, Inc.   4,849,445
  93,711      The TJX Cos., Inc.   5,677,012
  2,593      WH Smith PLC*   48,432
    

 

     18,407,442

 

 

 

Technology Hardware, Storage & Peripherals – 1.8%

  389,862      Apple, Inc.   68,073,804
  862      Brother Industries Ltd.   15,676
  8,425      Canon, Inc.   205,351
  5,032      FUJIFILM Holdings Corp.   307,153
  25,759      Hewlett Packard Enterprise Co.   430,433
  14,716      HP, Inc.   534,191
  12,490      Konica Minolta, Inc.   52,429
  4,739      NetApp, Inc.   393,337
  6,204      Ricoh Co. Ltd.   53,725
  2,919      Seiko Epson Corp.   43,852
  7,225      Western Digital Corp.*   358,721
    

 

     70,468,672

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Textiles, Apparel & Luxury Goods – 0.4%

  1,999      adidas AG   $          465,819
  2,300      Asics Corp.   44,383
  9,325      Burberry Group PLC   203,562
  3,869      Carter’s, Inc.   355,909
  38      Christian Dior SE   25,786
  11,614      Dr. Martens Plc   36,109
  1,826      HUGO BOSS AG   105,346
  1,737      Kering SA   1,096,615
  76,518      NIKE, Inc. Class B   10,296,262
  5,813      PVH Corp.   445,334
  4,292      Ralph Lauren Corp.   486,884
  15,384      Tapestry, Inc.   571,516
  34,016      Under Armour, Inc. Class A*   578,952
  6,789      VF Corp.   386,022
    

 

     15,098,499

 

 

 

Trading Companies & Distributors – 0.1%

  6,617      Ashtead Group PLC   416,635
  3,038      Bunzl PLC   117,817
  7,493      Fastenal Co.   445,084
  3,217      Ferguson PLC   435,838
  26,699      Howden Joinery Group PLC   267,658
  1,323      IMCD NV   225,694
  3,247      ITOCHU Corp.   109,833
  6,132      Marubeni Corp.   71,206
  4,235      Mitsubishi Corp.   158,926
  4,381      Mitsui & Co. Ltd.   118,923
  2,106      MonotaRO Co. Ltd.   45,200
  4,689      Rexel SA   100,100
  1,200      Sojitz Corp.   19,735
  9,960      Travis Perkins PLC   160,613
  702      W.W. Grainger, Inc.   362,085
    

 

     3,055,347

 

 

 

Transportation Infrastructure – 0.0%

  8,439      Atlantia SpA*   175,468
  400      Japan Airport Terminal Co. Ltd.*   18,219
  700      Kamigumi Co. Ltd.   12,566
    

 

     206,253

 

 

 

Water Utilities – 0.0%

  6,704      Pennon Group PLC   94,354
  10,455      United Utilities Group PLC   153,955
    

 

     248,309

 

 

 

Wireless Telecommunication Services – 0.2%

  11,786      Airtel Africa PLC(a)   21,516
  7,845      Freenet AG   209,940
  4,500      KDDI Corp.   147,540
  11,900      SoftBank Corp.   138,791
  7,400      SoftBank Group Corp.   330,851
  52,869      T-Mobile US, Inc.*   6,785,736
  173,072      Vodafone Group PLC   283,801
    

 

     7,918,175

 

 

 
TOTAL COMMON STOCKS
(Cost $1,108,698,663)
  $1,247,755,501

 

 

 


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Exchange Traded Funds – 22.8%
  1,695,973      Invesco Senior Loan ETF   $     36,921,332
  3,429,567      iShares 5-10 Year Investment Grade Corporate Bond ETF   188,180,341
  8,536,127      iShares Core MSCI Emerging Markets ETF   474,181,855
  44,300      iShares JP Morgan USD Emerging Markets Bond ETF   4,330,768
  1,656,267      SPDR Blackstone Senior Loan ETF   74,465,765
  974,040      SPDR Bloomberg Convertible Securities ETF   74,952,378
  625,358      Vaneck Fallen Angel High Yield Bond ETF   19,010,883
  92,700      Vanguard Real Estate ETF   10,045,899

 

 

 
TOTAL EXCHANGE TRADED FUNDS
(Cost $887,439,324)
  $   882,089,221

 

 

Shares      Dividend
Rate
  Value
   Preferred Stocks – 0.0%
 

Auto Manufacturers – 0.0%

 

Volkswagen AG

  3,036      3.250%   $          521,741
 

(Cost $603,919)

 

 

    
  Investment Company(c) – 39.3%
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  1,523,230,259      0.253%   $1,523,230,259
 

(Cost $1,523,230,259)

 

 

 
TOTAL INVESTMENTS – 94.3%
(Cost $3,519,972,165)
  $3,653,596,722

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 5.7%

  221,099,629

 

 

  NET ASSETS – 100.0%   $3,874,696,351

 

 

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

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazilian Real

CAD  

— Canadian Dollar

CHF  

— Swiss Franc

CZK  

— Czech Koruna

EUR  

— Euro

GBP  

— British Pound

HKD  

— Hong Kong Dollar

HUF  

— Hungarian Forint

IDR  

— Indonesian Rupiah

ILS  

— Israeli Shekel

INR  

— Indian Rupee

JPY  

— Japanese Yen

KRW  

— South Korean Won

MXN  

— Mexican Peso

NZD  

— New Zealand Dollar

PHP  

— Philippine Peso

PLN  

— Polish Zloty

RUB  

— Russian Ruble

SEK  

— Swedish Krona

THB  

— Thai Baht

TWD  

— Taiwan Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

Investment Abbreviations:
BP  

— British Pound Offered Rate

ETF  

— Exchange Traded Fund

LLC  

— Limited Liability Company

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

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 ABSOLUTE RETURN TRACKER 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
 

 

 

JPMorgan Chase Bank NA

     BRL     40,690,000        USD     8,138,418          05/03/22        $ 329,306  
     IDR         162,396,240,000        USD     11,308,930          05/05/22          853  
     MXN     80,260,000        USD     3,930,825          04/27/22          85,303  
     USD     50,918,646        GBP     38,590,000          04/27/22          233,787  
     USD     54,654,797        JPY         6,510,540,000          04/27/22          1,147,599  
     USD     21,825,831        TWD     619,930,000          05/04/22          156,019  
     ZAR     73,190,000        USD     4,895,615          04/28/22          95,218  

 

 

TOTAL

            $ 2,048,085  

 

 
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty      Currency
Purchased
       Currency
Sold
       Settlement
Date
       Unrealized
Loss
 

 

 

JPMorgan Chase Bank NA

     CAD     24,320,000        USD     19,543,210          04/27/22        $ (92,161
     IDR     64,749,860,000        USD     4,510,331          05/05/22          (948
     USD     4,321,216        CAD     5,440,000          04/27/22          (29,676
     USD     32,111,588        CHF     29,830,000          04/27/22          (199,591
     USD     5,066,673        CZK     113,900,000          04/27/22          (78,380
     USD     98,358,497        EUR     88,990,000          04/27/22          (164,781
     USD     5,792,951        HUF     1,969,740,000          04/27/22          (116,192
     USD     9,408,238        ILS     30,290,000          04/27/22          (87,818
     USD     7,217,074        INR     553,730,000          05/04/22          (36,936
     USD     17,068,268        KRW     20,769,010,000          05/03/22          (16,175
     USD     4,974,266        NZD     7,210,000          04/27/22          (20,580
     USD     36,565,244        PHP     1,926,160,000          05/03/22          (558,754
     USD     5,206,451        PLN     22,210,000          04/27/22          (65,946
     USD     10,549,825        SEK     99,540,000          04/27/22          (41,981

 

 

TOTAL

            $ (1,509,919

 

 

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:

                   

Amsterdam Exchanges Index

     4      04/14/22      $ 640,749        $ 2,920  

Brent Crude

     67      04/29/22        7,015,570          (948,720

CAC40 Index

     38      04/14/22        2,798,646          19,996  

Chicago SRW Wheat

     29      05/13/22        1,458,700          249,275  

Coffee “C”

     7      05/18/22        594,300          (60,556

Copper

     82      05/26/22        9,739,550          267,585  

Corn

     190      05/13/22        7,113,125          952,714  

Cotton No.2

     49      05/06/22        3,324,405          311,229  

E-mini Russell 2000 Index

     43      06/17/22        4,442,760          2,808  

Euro Stoxx 50 Index

     4,495      06/17/22        190,102,217          951,051  

FTSE 100 Index

     760      06/17/22        74,738,255          3,501,352  

FTSE/JSE Top 40 Index

     130      06/15/22        6,127,993          239,736  


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS (continued)

 

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

 

 

Long position contracts: (continued)

                 

Gasoline RBOB

     38      04/29/22      $ 5,028,836      $ (604,641

Gold 100 Oz

     198      06/28/22        38,689,200        (662,327

IBEX 35 Index

     10      04/14/22        931,009        10,907  

Lead

     156      04/14/22        9,445,800        375,949  

Lead

     128      05/16/22        7,750,400        (94,400

Lean Hogs

     63      06/14/22        3,039,750        171,429  

Low Sulphur Gas Oil

     31      05/12/22        3,124,800        (354,623

Nasdaq 100 E-Mini Index

     21      06/17/22        6,244,875        (7,483

Natural Gas

     68      04/27/22        3,836,560        428,501  

Nickel

     50      04/14/22        9,634,500        2,594,100  

Nickel

     22      05/16/22        4,236,540        (2,111,736

NY Harbor ULSD

     19      04/29/22        2,681,998        (276,986

OMXS 30 Index

     16      04/13/22        354,803        (1,293

Primary Aluminum

     117      04/14/22        10,189,559        1,013,197  

Primary Aluminum

     54      05/16/22        4,707,599        (346,127

Primary Aluminum

     9      06/13/22        785,588        115,931  

S&P 400 E-Mini Index

     15      06/17/22        4,033,800        42,862  

S&P Toronto Stock Exchange 60 Index

     61      06/16/22        12,853,354        307,498  

Set 50 Index

     1,469      06/29/22        8,983,653        114,867  

Silver

     50      05/26/22        6,283,250        (134,944

Soybean

     144      05/13/22        11,651,400        140,276  

Sugar No.11

     168      04/29/22        3,667,238        32,373  

Topix Index

     222      06/09/22        35,495,564        2,725,986  

WTI Crude Oil

     117      04/20/22        11,732,760        (1,674,619

Zinc

     87      04/14/22        9,162,187        1,260,375  

Zinc

     69      05/16/22        7,249,313        127,650  

Zinc

     7      06/13/22        732,988        116,725  

 

 

Total

                  $ 8,798,837  

 

 

Short position contracts:

                 

10 Year German Euro-Bund

     (180)      06/08/22        (31,593,166      642,503  

10 Year U.K. Long Gilt

     (122)      06/28/22        (19,428,957      106,982  

10 Year U.S. Treasury Notes

     (351)      06/21/22        (43,129,125      818,575  

2 Year U.S. Treasury Notes

     (132)      06/30/22        (27,973,688      333,850  

20 Year U.S. Treasury Bonds

     (127)      06/21/22        (19,057,938      202,802  

5 Year German Euro-Bobl

     (119)      06/08/22        (16,963,610      253,247  

5 Year U.S. Treasury Notes

     (210)      06/30/22        (24,084,375      461,494  

ASX 90 Day Bank Accepted Bills

     (56)      06/09/22        (41,839,818      (6,027

ASX 90 Day Bank Accepted Bills

     (187)      09/08/22        (139,423,344      129,192  

ASX 90 Day Bank Accepted Bills

     (166)      12/08/22        (123,602,198      178,982  

Australian 10 Year Government Bonds

     (102)      06/15/22        (9,673,868      329,580  

Bank Accept Index

     (191)      06/13/22        (37,494,531      100,405  

Bank Accept Index

     (176)      09/19/22        (34,310,603      206,598  

Bank Accept Index

     (152)      12/19/22        (29,511,819      204,519  

Canada 10 Year Government Bonds

     (95)      06/21/22        (9,921,369      233,908  

Cattle Feeder

     (62)      05/26/22        (5,163,050      (42,422

CBOE Volatility Index

     (133)      04/20/22        (3,121,377      612,123  

CBOE Volatility Index

     (126)      05/18/22        (3,148,450      326,600  

CBOE Volatility Index

     (101)      06/15/22        (2,573,207      419,784  

DAX Index

     (8)      06/17/22        (3,193,301      8,003  

Euro Buxl 30 Year Bonds

     (29)      06/08/22        (5,973,527      169,183  

Eurodollars

     (743)      06/13/22        (189,891,030      676,987  

Eurodollars

     (449)      09/19/22        (113,799,927      943,409  

Eurodollars

     (386)      12/19/22        (97,631,039      1,071,116  

Eurodollars

     (366)      03/13/23        (92,537,083      1,211,129  

Eurodollars

     (369)      06/19/23        (93,019,477      1,233,270  

Eurodollars

     (343)      09/18/23        (86,324,024      953,434  

Eurodollars

     (340)      12/18/23        (85,478,713      785,478  

Eurodollars

     (338)      03/18/24        (85,023,321      595,481  


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS (continued)

 

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

 

 

Short position contracts: (continued)

                 

Euro-Schatz

     (306)      06/08/22      $ (37,485,173    $ 180,103  

French 10 Year Government Bonds

     (61)      06/08/22        (10,224,082      188,426  

H-Shares Index

     (42)      04/28/22        (2,016,277      (67,784

Hang Seng Index

     (29)      04/28/22        (4,070,507      (63,082

Italian 10 Year Government Bonds

     (75)      06/08/22        (11,475,405      194,538  

Japan 10 Year Government Bonds

     (34)      06/13/22        (41,808,773      140,232  

Kospi2 Index

     (21)      06/09/22        (1,584,031      (45,707

Lead

     (156)      04/14/22        (9,445,800      6,884  

Lead

     (62)      05/16/22        (3,754,100      (214,182

Live Cattle

     (47)      06/30/22        (2,577,950      (68,623

Nickel

     (50)      04/14/22        (9,634,500      2,477,964  

Nickel

     (18)      05/16/22        (3,466,260      (426,547

Primary Aluminum

     (117)      04/14/22        (10,189,559      476,434  

Primary Aluminum

     (6)      05/16/22        (523,066      1,761  

Primary Aluminum

     (9)      06/13/22        (785,587      (54,259

S&P 500 E-Mini Index

     (341)      06/17/22        (77,249,288      (6,182,296

Zinc

     (87)      04/14/22        (9,162,187      (256,326

Zinc

     (11)      05/16/22        (1,155,687      (92,579

Zinc

     (7)      06/13/22        (732,987      (97,326

 

 

Total

                  $ 9,257,816  

 

 

TOTAL FUTURES CONTRACTS

 

   $ 18,056,653  

 

 

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced
Obligation/Index
   Financing Rate
Received/(Paid) by
the Fund(a)
    Credit
Spread at
March 31,
2022(b)
    Termination
Date
     Notional
Amount
(000s)
     Value        Upfront
Premiums
(Received)
Paid
     Unrealized
Appreciation/
(Depreciation)
 

 

 

Protection Sold:

                    

CDX.NA.IG Index 38

     1.000%       0.671%       06/20/27      $ 235,900      $ 3,833,176        $ 3,327,177      $ 505,999  

CDX.NA.IG Index 38

     5.000          3.765          06/20/27        46,300        2,561,676          2,596,095        (34,419

ICE CD ITXEB 37

     1.000          0.728          06/20/27      EUR  206,200        3,216,938          2,548,880        668,058  

ICE CD ITXEB 37

     5.000          3.380          06/20/27        26,550        2,197,368          1,770,365        427,003  

 

 

TOTAL

             $ 11,809,158        $ 10,242,517      $ 1,566,641  

 

 

 

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


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS#

 

Reference

Obligation/Index(a)

 

Financing Rate
Paid by

the Fund

  Counterparty   Termination
Date
  Notional
Amount
(000s)
    Value     Unrealized
Appreciation/
(Depreciation)*
 

 

 
AMZX Index   1M SOFR + 0.74%   BofA Securities LLC   6/13/2022   $ 2,878     $ 209,488     $ 209,488  
BCOMRS Index     JPMorgan Securities, Inc.   8/12/2022     3,469       (50,072     (50,072
JPGSGLHN Index(b)   1M LIBOR + 0.17   JPMorgan Securities, Inc.   8/25/2022     49,510       2,238,987       2,238,987  
JPGSGLMN Index   1M LIBOR + 0.17   JPMorgan Securities, Inc.   8/25/2022     19,976       1,700,055       1,700,055  
JPGSGLTN Index(c)   1M LIBOR + 0.17   JPMorgan Securities, Inc.   8/25/2022     39,148       3,491,724       3,491,724  
JPGSMARB Index(d)   1M SOFR +0.91   JPMorgan Securities, Inc.   8/11/2022     50,219       751,049       751,049  
MSCI Index   1M SOFR +0.13   JPMorgan Securities, Inc.   11/3/2022     11,976       751,049       1,122,603  
MSCI Index   1M SOFR +0.91   JPMorgan Securities, Inc.   2/10/2023     43,442       751,049       4,059,214  
NDUGWI Index   1M SOFR +0.225   JPMorgan Securities, Inc.   7/13/2022     9,313       898,057       898,057  
NDUGWI Index   1M SOFR +0.12   JPMorgan Securities, Inc.   8/10/2022     62,705       6,050,009       6,050,009  
NDUGWI Index   1M SOFR +0.02   JPMorgan Securities, Inc.   6/10/2022     53,000       5,116,480       5,116,480  
SXXGT Index   1M EURIBOR + 0.05   JPMorgan Securities, Inc.   09/19/22     53,717       (2,833,535     (2,833,535
TUKXGIndex   1M SONIA + 0.255   JPMorgan Securities, Inc.   12/16/22     16,040       (1,040,227     (1,040,227
MSCI Index   1M SOFR + 0.03   JPMorgan Securities, Inc.   01/13/23     57,060       (3,800,148     (3,800,148
RUSSEL Index   1M SOFR + 0.37   Bank of America Securities LLC   02/02/23     66,838       27,955       27,955  
MSCI Index   1M SOFR - 0.06   Bank of America Securities LLC   02/10/23     153,224       (10,201,529     (10,201,529
MSCI Index   1M SOFR - 0.055   JPMorgan Securities, Inc.   02/14/23     10,444       (695,928     (695,928
MSCI Index   1M SOFR - 0.055   JPMorgan Securities, Inc.   02/28/23     154,916       (10,319,225     (10,319,225
MSCI Index   1M SOFR - 0.05   JPMorgan Securities, Inc.   03/10/23     55,178       (3,677,008     (3,677,008

 

 
TOTAL

 

  $ (6,952,051   $ (6,952,051

 

 

 

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


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

(b)   The top 50 components are shown below.

 

A basket (JPGSGLHN) of common stocks                                
Common Stocks    Sector      Shares        Value        Weight  

 

 

UnitedHealth Group Inc

   Health Care        298        $ 152,061          6.79

Johnson & Johnson

   Health Care        833          147,711          6.6  

Pfizer Inc

   Health Care        1,777          91,993          4.11  

AbbVie Inc

   Health Care        560          90,730          4.05  

Roche Holding AG

   Health Care        241          88,387          3.95  

Thermo Fisher Scientific Inc

   Health Care        125          73,683          3.29  

Eli Lilly & Co

   Health Care        251          71,982          3.21  

Novartis AG

   Health Care        836          67,906          3.03  

Abbott Laboratories

   Health Care        560          66,259          2.96  

Merck & Co Inc

   Health Care        800          65,613          2.93  

AstraZeneca PLC

   Health Care        6          65,178          2.91  

Danaher Corp

   Health Care        201          59,094          2.64  

Novo Nordisk A/S

   Health Care        78          58,101          2.59  

Bristol-Myers Squibb Co

   Health Care        690          50,395          2.25  

Medtronic PLC

   Health Care        426          47,228          2.11  

Amgen Inc

   Health Care        178          43,122          1.93  

CVS Health Corp

   Health Care        415          42,055          1.88  

Anthem Inc

   Health Care        77          37,745          1.69  

Sanofi

   Health Care        402          37,231          1.66  

GlaxoSmithKline PLC

   Health Care        21          34,257          1.53  

Intuitive Surgical Inc

   Health Care        113          34,167          1.53  

CSL Ltd

   Health Care        114          30,471          1.36  

Stryker Corp

   Health Care        106          28,417          1.27  

Zoetis Inc

   Health Care        150          28,248          1.26  

Cigna Corp

   Health Care        102          24,498          1.09  

Becton Dickinson and Co

   Health Care        90          23,981          1.07  

Gilead Sciences Inc

   Health Care        397          23,609          1.05  

Regeneron Pharmaceuticals Inc

   Health Care        34          23,596          1.05  

Edwards Lifesciences Corp

   Health Care        198          23,268          1.04  

Bayer AG

   Health Care        344          21,354          0.95  

Vertex Pharmaceuticals Inc

   Health Care        81          21,033          0.94  

Boston Scientific Corp

   Health Care        451          19,981          0.89  

Moderna Inc

   Health Care        112          19,237          0.86  

HCA Healthcare Inc

   Health Care        76          19,002          0.85  

Humana Inc

   Health Care        41          17,708          0.79  

Illumina Inc

   Health Care        49          17,289          0.77  

Lonza Group AG

   Health Care        25          17,185          0.77  

Dexcom Inc

   Health Care        31          15,698          0.7  

Centene Corp

   Health Care        185          15,552          0.69  

IDEXX Laboratories Inc

   Health Care        27          14,686          0.66  

McKesson Corp

   Health Care        47          14,518          0.65  

Takeda Pharmaceutical Co Ltd

   Health Care        4          14,399          0.64  

IQVIA Holdings Inc

   Health Care        60          13,984          0.62  

Hoya Corp

   Health Care        1          13,494          0.6  

Daiichi Sankyo Co Ltd

   Health Care        5          12,760          0.57  

Alcon Inc

   Health Care        172          12,643          0.56  

Agilent Technologies Inc

   Health Care        95          12,583          0.56  

Baxter International Inc

   Health Care        159          12,291          0.55  

ResMed Inc

   Health Care        46          11,227          0.5  

Align Technology Inc

   Health Care        23          10,122          0.45  


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

(c)   The top 50 components are shown below.

 

A basket (JPGSGLTN) of common stocks                                
Common Stocks    Sector      Shares        Value        Weight  

 

 

NVIDIA Corp

   Information Technology        977        $ 266,704          7.64

Apple Inc

   Information Technology        1,448          252,809          7.24  

Microsoft Corp

   Information Technology        782          241,094          6.90  

ASML Holding NV

   Information Technology        220          133,972          3.84  

Broadcom Inc

   Information Technology        202          127,054          3.64  

Cisco Systems Inc

   Information Technology        2,061          114,932          3.29  

Adobe Inc

   Information Technology        231          105,031          3.01  

Accenture PLC

   Information Technology        309          104,159          2.98  

Salesforce Inc

   Information Technology        481          102,206          2.93  

Intel Corp

   Information Technology        1,990          98,626          2.82  

Advanced Micro Devices Inc

   Information Technology        799          87,357          2.50  

QUALCOMM Inc

   Information Technology        551          84,170          2.41  

Texas Instruments Inc

   Information Technology        451          82,813          2.37  

Intuit Inc

   Information Technology        138          66,542          1.91  

PayPal Holdings Inc

   Information Technology        569          65,845          1.89  

Oracle Corp

   Information Technology        770          63,702          1.82  

SAP SE

   Information Technology        591          59,739          1.71  

Applied Materials Inc

   Information Technology        434          57,197          1.64  

International Business Machines Corp

   Information Technology        438          56,985          1.63  

ServiceNow Inc

   Information Technology        98          54,432          1.56  

Automatic Data Processing Inc

   Information Technology        205          46,709          1.34  

Keyence Corp

   Information Technology        1          44,174          1.27  

Micron Technology Inc

   Information Technology        547          42,625          1.22  

Analog Devices Inc

   Information Technology        257          42,407          1.21  

Tokyo Electron Ltd

   Information Technology        1          39,932          1.14  

Shopify Inc

   Information Technology        45          37,856          1.08  

Lam Research Corp

   Information Technology        68          36,652          1.05  

Adyen NV

   Information Technology        17          30,259          0.87  

Fidelity National Information Services I

   Information Technology        298          29,884          0.86  

Fiserv Inc

   Information Technology        290          29,446          0.84  

KLA Corp

   Information Technology        74          26,962          0.77  

Synopsys Inc

   Information Technology        75          24,991          0.72  

NXP Semiconductors NV

   Information Technology        130          24,054          0.69  

Autodesk Inc

   Information Technology        107          23,043          0.66  

Cognizant Technology Solutions Corp

   Information Technology        257          23,018          0.66  

Fortinet Inc

   Information Technology        66          22,664          0.65  

Cadence Design Systems Inc

   Information Technology        135          22,275          0.64  

Amphenol Corp

   Information Technology        293          22,056          0.63  

Infineon Technologies AG

   Information Technology        706          21,864          0.63  

Paychex Inc

   Information Technology        157          21,414          0.61  

Murata Manufacturing Co Ltd

   Information Technology        3          20,928          0.60  

TE Connectivity Ltd

   Information Technology        159          20,840          0.60  

Microchip Technology Inc

   Information Technology        272          20,417          0.58  

Motorola Solutions Inc

   Information Technology        83          19,992          0.57  

HP Inc

   Information Technology        529          19,208          0.55  

Global Payments Inc

   Information Technology        139          19,043          0.55  

Capgemini SE

   Information Technology        87          17,542          0.50  

Dassault Systemes SE

   Information Technology        375          16,759          0.48  

Constellation Software Inc/Canada

   Information Technology        8          16,543          0.47  

Arista Networks Inc

   Information Technology        110          15,236          0.44  


GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

(d)   The top 50 components are shown below.

 

A basket (JPGSMARB) of common stocks                                
Common Stocks    Sector      Shares        Value        Weight  

 

 

Sanderson Farms Inc

   Consumer Staples        151        $ 28,329          3.77

Tenneco Inc

   Consumer Discretionary        1,528          27,995          3.73  

Ortho Clinical Diagnostics Holdings PLC

   Health Care        1,491          27,833          3.71  

South Jersey Industries Inc

   Utilities        804          27,768          3.70  

Aerojet Rocketdyne Holdings Inc

   Industrials        705          27,726          3.69  

First Horizon Corp

   Financials        1,171          27,512          3.66  

Houghton Mifflin Harcourt Co

   Consumer Discretionary        1,309          27,495          3.66  

Veoneer Inc

   Consumer Discretionary        744          27,482          3.66  

Activision Blizzard Inc

   Communication Services        343          27,464          3.66  

Mimecast Ltd

   Information Technology        345          27,458          3.66  

Shaw Communications Inc

   Communication Services        707          27,450          3.65  

Alleghany Corp

   Financials        32          27,436          3.65  

Anaplan Inc

   Information Technology        422          27,426          3.65  

Cornerstone Building Brands Inc

   Industrials        1,127          27,419          3.65  

Cerner Corp

   Health Care        293          27,412          3.65  

Bottomline Technologies DE Inc

   Information Technology        483          27,396          3.65  

Rogers Corp

   Information Technology        101          27,364          3.65  

MoneyGram International Inc

   Information Technology        2,590          27,352          3.64  

Meritor Inc

   Industrials        769          27,345          3.64  

Renewable Energy Group Inc

   Energy        451          27,344          3.64  

TEGNA Inc

   Communication Services        1,219          27,308          3.64  

Tower Semiconductor Ltd

   Information Technology        564          27,289          3.63  

CMC Materials Inc

   Information Technology        146          27,015          3.60  

Change Healthcare Inc

   Health Care        1,233          26,887          3.58  

Coherent Inc

   Information Technology        92          25,268          3.36  

Meggitt PLC

   Industrials        32          24,041          3.20  

Falck Renewables SpA

   Utilities        2,403          21,193          2.82  

Plantronics Inc

   Information Technology        534          21,042          2.80  


GOLDMAN SACHS ABSOLUTE RETURN TRACKER 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 EQUITIES

 

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

 

 

Purchased option contracts

              

Calls

              

CBOE Volatility Index

   $ 27.000       04/20/2022       1,330     $ 3,591,000     $ 206,150     $ 736,160     $ (530,010

CBOE Volatility Index

     28.000       05/18/2022       1,260       3,528,000       355,950       648,450       (292,500

CBOE Volatility Index

     32.500       06/15/2022       1,010       3,282,500       272,700       479,639       (206,939

 

 
         3,600     $ 10,401,500     $ 834,800     $ 1,864,249     $ (1,029,449

 

 

Puts

              

S&P 500 Index

     3,100.000       04/29/2022       11       3,410,000       1,265       13,973       (12,708

S&P 500 Index

     3,200.000       04/29/2022       3       960,000       420       4,415       (3,995

S&P 500 Index

     3,375.000       04/29/2022       17       5,737,500       3,315       17,787       (14,472

S&P 500 Index

     3,775.000       04/29/2022       23       8,682,500       10,235       27,390       (17,155

S&P 500 Index

     4,060.000       04/29/2022       28       11,368,000       29,540       23,480       6,060  

 

 
         82     $ 30,158,000     $ 44,775     $ 87,045     $ (42,270

 

 

Total purchased option contracts

 

    3,682     $ 40,559,500     $ 879,575     $ 1,951,294     $ (1,071,719

 

 

Written option contracts

              

Puts

              

S&P 500 Index

     3,980.000       04/29/2022       (11)       (4,378,000     (8,690     (96,111     87,421  

S&P 500 Index

     4,085.000       04/29/2022       (17)       (6,944,500     (19,635     (124,941     105,306  

S&P 500 Index

     4,125.000       04/29/2022       (3)       (1,237,500     (4,065     (30,466     26,401  

S&P 500 Index

     4,430.000       04/29/2022       (23)       (10,189,000     (118,220     (222,782     104,562  

S&P 500 Index

     4,590.000       04/29/2022       (28)       (12,852,000     (294,140     (210,362     (83,778

 

 

Total written option contracts

         (82)     $ (35,601,000   $ (444,750   $ (684,662   $ 239,912  

 

 

TOTAL

         3,600     $ 4,958,500     $ 434,825     $ 1,266,632     $ (831,807

 

 

 

 

Abbreviations:
BofA Securities LLC  

— Bank of America Securities LLC

CDX.NA.IG Index 38  

— CDX North America Investment Grade Index 38

ICE CD ITXEB 37  

— ICE CD iTraxx Europe Index

 

    

 


GOLDMAN SACHS - COMMODITY STRATEGY FUND

 

Schedule of Investments

March 31, 2022 (Unaudited)

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value

 

U.S. Treasury Obligation – 5.5%

U.S.Treasury Notes

$

    47,000,000       1.875   05/31/22   $  47,110,156
(Cost $47,140,199)

 

       
Shares     Dividend
Rate
  Value
Investment Company(a) – 12.3%

Goldman Sachs Financial Square Government Fund - Institutional Shares

    106,327,665       0.253%   $106,327,665
(Cost $106,327,665)

 

       
Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Short-term Investments(b) – 82.1%

Sovereign – 82.1%

U.S.Cash Management Bill

$

    179,000,000       0.000   06/14/22   $178,852,823

U.S.Treasury Bills

    86,000,000       0.000     04/28/22   85,992,518

U.S.Treasury Bills

    130,000,000       0.000     06/30/22   129,836,265

U.S.Treasury Bills

    10,000,000       0.000     05/19/22   9,996,678
    10,000,000       0.000     05/24/22   9,995,657
    56,000,000       0.000     05/26/22   55,975,403
    30,000,000       0.000     06/09/22   29,978,437
    100,000,000       0.000     06/28/22   99,873,378
    55,400,000       0.000     07/14/22   55,302,773
    53,800,000       0.000     07/21/22   53,690,517

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $709,597,743)

  $709,494,449

 

TOTAL INVESTMENTS – 99.9%

(Cost $863,065,607)

  $862,932,270

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.1%

  1,084,887

 

NET ASSETS – 100.0%   $864,017,157

 

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

 

 

Currency Abbreviations:
USD  

— U.S. Dollar

 

    

 


GOLDMAN SACHS - COMMODITY STRATEGY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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:

                 

Brent Crude

     518      04/29/22      $ 54,239,780      $ (2,519,253

Chicago SRW Wheat

     18      05/13/22        905,400        198,179  

Copper

     220      04/14/22        57,048,750        (28,070

Corn

     24      05/13/22        898,500        134,038  

Crude Oil

     196      07/20/22        18,635,680        264,612  

Crude soybean oil

     251      05/13/22        10,532,964        576,591  

Gold 100 Oz

     118      06/28/22        23,057,200        148,327  

KC HRW Wheat

     2      05/13/22        102,975        21,945  

KC HRW Wheat

     34      07/14/22        1,750,575        (23,421

Lean Hogs

     7      04/14/22        284,900        (609

Low Sulphur Gas Oil

     222      05/12/22        22,377,600        (3,057,216

Natural Gas

     420      05/26/22        23,944,200        3,185,901  

Nickel

     126      04/14/22        24,278,940        3,679,054  

Platinum

     149      07/27/22        7,418,710        (223,610

Primary Aluminum

     44      04/14/22        3,831,971        (134,768

Silver

     207      05/26/22        26,012,655        1,449,912  

Soyabean

     236      05/13/22        11,033,000        518,927  

Soybean

     15      05/13/22        1,213,688        47,586  

Zinc

     234      04/14/22        24,643,125        1,529,848  

 

 

Total

 

   $ 5,767,973  

 

 

Short position contracts:

                 

Cattle

     (208)      06/30/22        (11,408,800      (20,701

Cocoa

     (247)      07/14/22        (6,636,890      (107,400

Cocoa

     (128)      05/13/22        (3,392,000      (158,935

Coffee

     (24)      07/19/22        (2,038,050      83,538  

Coffee

     (28)      05/18/22        (2,377,200      (33,936

Copper

     (146)      07/27/22        (17,357,575      (1,222,217

Copper

     (171)      05/26/22        (20,310,525      (1,696,835

Cotton No.2

     (63)      07/07/22        (4,160,205      (670,336

Cotton No.2

     (89)      05/06/22        (6,038,205      (749,493

Crude Oil

     (815)      06/21/22        (78,957,200      (9,441,184

Crude Oil

     (118)      05/20/22        (11,625,360      (2,122,998

FCOJ-A

     (30)      05/10/22        (683,775      (34,519

Gasoline RBOB

     (57)      07/29/22        (7,068,524      (431,097

Natural Gas

     (3)      04/27/22        (169,260      (65,856

NY Harbor ULSD

     (84)      07/29/22        (10,721,592      (518,986

Primary Aluminum

     (24)      04/14/22        (2,090,166      149,708  

Sugar No.11

     (22)      06/30/22        (476,045      (37,411

Sugar No.11

     (202)      04/29/22        (4,409,418      (162,302

 

 

Total

 

   $ (17,240,960

 

 

TOTAL FUTURES CONTRACTS

 

   $ (11,472,987

 

 


GOLDMAN SACHS - COMMODITY STRATEGY FUND

 

Schedule of Investments (continued)

March 31, 2022 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

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

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

 

Reference

Obligation/Index

 

Financing Rate

Paid by

the Fund

  Counterparty  

Termination

Date

 

Notional

Amount
(000s)

    Value     Upfront
Premiums
(Received)
Paid
   

Unrealized

Appreciation/

(Depreciation)

 

 

 
CRB 1M Forward Index   3M USD
LIBOR+0.025%
  Merrill Lynch & Co., Inc.   01/31/23   $        301     $ (6,545   $         $ (6,545
CRB 1M Forward Index   3M USD
LIBOR+0.024%
  Citibank NA   01/31/23     226,624       (5,148       (5,148
CRB 1M Forward Index   3M USD
LIBOR+0.025%
  Merrill Lynch & Co., Inc.   01/31/23     320,488       (7,366       (7,366
CRB 1M Forward Index   3M USD
LIBOR+0.025%
  UBS AG (London)   01/31/23     189,489       (4,355       (4,355

 

 

TOTAL

 

  $ (23,414   $     $ (23,414

 

 

 

*   There are no upfront payments on the swap contracts (s), therefore the unrealized gain (loss) on the swap contracts is equal to their market value.
(a)   Payments made monthly.
(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 DEFENSIVE EQUITY FUND

 

Schedule of Investments

March 31, 2022 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 93.8%
 

Aerospace & Defense – 0.5%