Form NPORT-P GOLDMAN SACHS TRUST For: Nov 30

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January 21, 2021 4:51 PM EST

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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 Strategic Factor Allocation Fund
      S000054057
      5493007GJT5B3KUZ8P39
      2021-08-31
      2020-11-30
      N
    
    
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        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        US LONG BOND(CBT) MAR21 XCBT 20210322
        000000000
        
          
        
        -222.00000000
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        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Short
            
              
                US Treasury Long Bond
                USH1 Comdty
              
            
            2021-03-22
            -38634361.18000000
            USD
            -153201.32000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2350 PUT
        000000000
        
          
        
        861.00000000
        NC
        USD
        2152.50000000
        0.000128357502
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2350.00000000
            USD
            2020-12-04
            XXXX
            -154941.64000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 2250 PUT
        000000000
        
          
        
        345.00000000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2250.00000000
            USD
            2020-11-27
            XXXX
            -79170.81000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2200 PUT
        000000000
        
          
        
        630.00000000
        NC
        USD
        1575.00000000
        0.000093920124
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2200.00000000
            USD
            2020-12-04
            XXXX
            -220274.62000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 3260 PUT
        000000000
        
          
        
        679.00000000
        NC
        USD
        8487.50000000
        0.000506125112
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3260.00000000
            USD
            2020-12-02
            XXXX
            -43116.50000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Mercantile Exchange
        SNZ2OJLFK8MNNCLQOF39
        S+P500 EMINI FUT  DEC20 XCME 20201218
        000000000
        
          
        
        4791.00000000
        NC
        USD
        59562888.64000000
        3.551843739301
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                E-mini S&P 500 Index
                ESZ0 Index
              
            
            2020-12-18
            808374671.36000000
            USD
            59562888.64000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2415 PUT
        000000000
        
          
        
        410.00000000
        NC
        USD
        18450.00000000
        0.001100207167
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2415.00000000
            USD
            2020-12-18
            XXXX
            -35157.50000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD JPY
        000000000
        
          
        
        1.00000000
        NC
        
        233158.26000000
        0.013903652508
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            4750490000.00000000
            JPY
            45762982.41000000
            USD
            2020-12-23
            233158.26000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        US BOND FUTR OPTN JAN21P 171 EXP 12/24/2020
        000000000
        
          
        
        -591.00000000
        NC
        USD
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        -0.00936126504
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        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Put
            Written
            
              
                
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                  
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                    US Treasury Long Bond Future
                    N/A
                    
                      
                    
                    591.00000000
                    NC
                    N/A
                    -156984.38000000
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                    DIR
                    
                    US
                  
                  Short
                  
                    
                      US Treasury Long Bond
                      USH1 Comdty
                    
                  
                  2021-03-22
                  591.00000000
                  USD
                
              
            
            1000.00000000
            171.00000000
            USD
            2020-12-24
            XXXX
            45043.06000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 3360 PUT
        000000000
        
          
        
        -1632.00000000
        NC
        USD
        -36720.00000000
        -0.00218968060
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3360.00000000
            USD
            2020-12-02
            XXXX
            109197.12000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED AUD / SOLD USD
        000000000
        
          
        
        1.00000000
        NC
        
        143330.37000000
        0.008547051510
        N/A
        DFE
        
        AU
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            37891337.40000000
            USD
            51800000.00000000
            AUD
            2020-12-23
            143330.37000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 3305 PUT
        000000000
        
          
        
        -1646.00000000
        NC
        USD
        -32920.00000000
        -0.00196307967
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3305.00000000
            USD
            2020-12-02
            XXXX
            113574.00000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2350 PUT
        000000000
        
          
        
        660.00000000
        NC
        USD
        36300.00000000
        0.002164635239
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2350.00000000
            USD
            2020-12-24
            XXXX
            -33716.43000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2350 PUT
        000000000
        
          
        
        393.00000000
        NC
        USD
        14737.50000000
        0.000878824017
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2350.00000000
            USD
            2020-12-18
            XXXX
            -18265.96000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        US ULTRA BOND CBT MAR21 XCBT 20210322
        000000000
        
          
        
        1479.00000000
        NC
        USD
        1354199.88000000
        0.080753409973
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Long
            
              
                US Treasury Ultra Long Bond
                WNH1 Comdty
              
            
            2021-03-22
            317693831.37000000
            USD
            1354199.88000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        US BOND FUTR OPTN JAN21P 168 EXP 12/24/2020
        000000000
        
          
        
        -579.00000000
        NC
        USD
        -36187.50000000
        -0.00215792665
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Put
            Written
            
              
                
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                  
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                    US Treasury Long Bond Future
                    N/A
                    
                      
                    
                    579.00000000
                    NC
                    N/A
                    -36187.50000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Short
                  
                    
                      US Treasury Long Bond
                      USH1 Comdty
                    
                  
                  2021-03-22
                  579.00000000
                  USD
                
              
            
            1000.00000000
            168.00000000
            USD
            2020-12-24
            XXXX
            586940.99000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2500 PUT
        000000000
        
          
        
        411.00000000
        NC
        USD
        9247.50000000
        0.000551445299
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2500.00000000
            USD
            2020-12-11
            XXXX
            -50710.67000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 2150 PUT
        000000000
        
          
        
        697.00000000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2150.00000000
            USD
            2020-11-27
            XXXX
            -226681.57000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2375 PUT
        000000000
        
          
        
        389.00000000
        NC
        USD
        29175.00000000
        0.001739758488
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2375.00000000
            USD
            2020-12-31
            XXXX
            -8071.75000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 2150 PUT
        000000000
        
          
        
        453.00000000
        NC
        USD
        1132.50000000
        0.000067533041
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2150.00000000
            USD
            2020-11-30
            XXXX
            -167354.19000000
          
        
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
        
        1342399540.99000000
        NS
        USD
        1342399540.99000000
        80.04973422503
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD CHF
        000000000
        
          
        
        1.00000000
        NC
        
        -144547.17000000
        -0.00861961151
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            41590000.00000000
            CHF
            45669772.08000000
            USD
            2020-12-23
            -144547.17000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD NZD
        000000000
        
          
        
        1.00000000
        NC
        
        -432662.93000000
        -0.02580048003
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            68770000.00000000
            NZD
            47791450.17000000
            USD
            2020-12-23
            -432662.93000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2340 PUT
        000000000
        
          
        
        406.00000000
        NC
        USD
        15225.00000000
        0.000907894532
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2340.00000000
            USD
            2020-12-18
            XXXX
            -22624.45000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2380 PUT
        000000000
        
          
        
        403.00000000
        NC
        USD
        16120.00000000
        0.000961265015
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2380.00000000
            USD
            2020-12-18
            XXXX
            -23350.90000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED USD / SOLD EUR
        000000000
        
          
        
        1.00000000
        NC
        
        -94583.12000000
        -0.00564016403
        N/A
        DFE
        
        US
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            12970000.00000000
            EUR
            15389796.04000000
            USD
            2020-12-23
            -94583.12000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3290 PUT
        000000000
        
          
        
        -1660.00000000
        NC
        USD
        -4150.00000000
        -0.00024747207
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3290.00000000
            USD
            2020-11-30
            XXXX
            118690.00000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2400 PUT
        000000000
        
          
        
        726.00000000
        NC
        USD
        45375.00000000
        0.002705794049
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2400.00000000
            USD
            2020-12-24
            XXXX
            -19281.26000000
          
        
        
          N
          N
          N
        
      
      
        Chicago Board of Trade
        549300EX04Q2QBFQTQ27
        US BOND FUTR OPTN JAN21P 170 EXP 12/24/2020
        000000000
        
          
        
        -578.00000000
        NC
        USD
        -72250.00000000
        -0.00430839934
        N/A
        DIR
        
        US
        N
        
        1
        
          
            
              Chicago Board of Trade
              549300EX04Q2QBFQTQ27
            
            Put
            Written
            
              
                
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                  
                  
                    Chicago Board of Trade
                    549300EX04Q2QBFQTQ27
                    US Treasury Long Bond Future
                    N/A
                    
                      
                    
                    578.00000000
                    NC
                    N/A
                    -72250.00000000
                    0.00000000
                    DIR
                    
                    US
                  
                  Short
                  
                    
                      US Treasury Long Bond
                      USH1 Comdty
                    
                  
                  2021-03-22
                  578.00000000
                  USD
                
              
            
            1000.00000000
            170.00000000
            USD
            2020-12-24
            XXXX
            585927.27000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 3335 PUT
        000000000
        
          
        
        -1614.00000000
        NC
        USD
        -84735.00000000
        -0.00505290267
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3335.00000000
            USD
            2020-12-04
            XXXX
            113787.00000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2350 PUT
        000000000
        
          
        
        1493.00000000
        NC
        USD
        22395.00000000
        0.001335454716
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2350.00000000
            USD
            2020-12-11
            XXXX
            -157973.84000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX DEC20 2320 PUT
        000000000
        
          
        
        399.00000000
        NC
        USD
        13965.00000000
        0.000832758433
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Purchased
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            2320.00000000
            USD
            2020-12-18
            XXXX
            -18254.25000000
          
        
        
          N
          N
          N
        
      
      
        Options Clearing Corp.
        549300CII6SLYGKNHA04
        S+P 500 INDEX NOV20 3300 PUT
        000000000
        
          
        
        -1649.00000000
        NC
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Options Clearing Corp.
              549300CII6SLYGKNHA04
            
            Put
            Written
            
              
                S&P 500 Index
                SPX Index
              
            
            100.00000000
            3300.00000000
            USD
            2020-11-27
            XXXX
            164900.00000000
          
        
        
          N
          N
          N
        
      
      
        Morgan Stanley & Co. LLC
        9R7GPTSO7KV3UQJZQ078
        PURCHASED CAD / SOLD USD
        000000000
        
          
        
        1.00000000
        NC
        
        231925.69000000
        0.013830152110
        N/A
        DFE
        
        CA
        N
        
        2
        
          
            
              Morgan Stanley & Co. LLC
              9R7GPTSO7KV3UQJZQ078
            
            37120689.69000000
            USD
            48500000.00000000
            CAD
            2020-12-23
            231925.69000000
          
        
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2020-12-28
      GOLDMAN SACHS TRUST
      Peter Fortner
      Peter Fortner
      Vice President
    
  
  XXXX

GLOBAL MANAGED BETA FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 11.6%
	Aerospace & Defense – 0.1%
	5,896	BAE Systems PLC	$ 39,337
	222	Elbit Systems Ltd.	28,434
	318	General Dynamics Corp.	47,493
	814	Huntington Ingalls Industries, Inc.	130,395
	643	L3Harris Technologies, Inc.	123,450
	505	Lockheed Martin Corp.	184,325
	782	Northrop Grumman Corp.	236,367
	1,788	Raytheon Technologies Corp.	128,235
	315	Safran SA*	45,919
	224	Teledyne Technologies, Inc.*	84,659
	3,850	Textron, Inc.	173,635
	297	Thales SA	27,220
	234	The Boeing Co.	49,306
			1,298,775

	Air Freight & Logistics – 0.1%
	2,777	C.H. Robinson Worldwide, Inc.	260,955
	10,499	Deutsche Post AG	506,453
	506	DSV PANALPINA A/S	79,678
	937	Expeditors International of Washington, Inc.	83,740
	485	FedEx Corp.	138,991
	1,570	SG Holdings Co. Ltd.	46,975
	1,043	United Parcel Service, Inc. Class B	178,426
	2,164	XPO Logistics, Inc.*	230,855
	2,457	Yamato Holdings Co. Ltd.	61,945
			1,588,018

	Auto Components – 0.0%
	406	Aptiv PLC	48,192
	208	Autoliv, Inc.	18,522
	3,965	BorgWarner, Inc.	154,040
	1,222	Bridgestone Corp.	42,544
	235	Cie Generale des Etablissements Michelin SCA	29,232
	636	Denso Corp.	29,985
	311	Lear Corp.	44,457
	887	Magna International, Inc.	54,393
	735	Stanley Electric Co. Ltd.	21,545
	1,887	Sumitomo Electric Industries Ltd.	21,510
	1,259	Toyoda Gosei Co. Ltd.	34,115
	256	Toyota Industries Corp.	18,449
			516,984

	Automobiles – 0.1%
	412	Bayerische Motoren Werke AG	35,749
	1,061	Daimler AG	71,035
	300	Ferrari NV	63,564
	29,715	Ford Motor Co.	269,812
	1,363	General Motors Co.	59,754
	4,700	Honda Motor Co. Ltd.	130,763
	1,235	Tesla, Inc.*	700,986
	1,977	Toyota Motor Corp.	133,429
			1,465,092



Shares		Description	Value

	Common Stocks – (continued)
	Banks – 0.4%
	6,596	Australia & New Zealand Banking Group Ltd.	$ 109,104
	4,450	Bank Hapoalim BM	29,160
	15,743	Bank Leumi Le-Israel BM	88,398
	19,788	Bank of America Corp.	557,230
	1,831	Bank of Montreal	131,583
	391	Banque Cantonale Vaudoise	40,263
	35,149	Barclays PLC*	62,381
	2,077	BNP Paribas SA*	105,722
	20,086	BOC Hong Kong Holdings Ltd.	65,367
	1,018	Canadian Imperial Bank of Commerce	85,817
	5,315	Citigroup, Inc.	292,697
	1,649	Citizens Financial Group, Inc.	53,856
	2,969	Commonwealth Bank of Australia	172,175
	3,311	Credit Agricole SA*	38,200
	1,725	Danske Bank A/S*	28,399
	2,869	DBS Group Holdings Ltd.	53,523
	2,734	DNB ASA*	49,297
	2,099	Fifth Third Bancorp	53,189
	340	First Republic Bank	44,050
	1,949	Hang Seng Bank Ltd.	33,886
	15,412	HSBC Holdings PLC	79,303
	2,966	Huntington Bancshares, Inc.	35,829
	4,891	ING Groep NV*	47,573
	17,150	Intesa Sanpaolo SpA*	39,727
	10,673	Israel Discount Bank Ltd. Class A	36,099
	4,046	Japan Post Bank Co. Ltd.	31,700
	9,358	JPMorgan Chase & Co.	1,103,121
	381	KBC Group NV*	26,522
	2,230	KeyCorp.	34,476
	439	M&T Bank Corp.	51,139
	3,912	Mediobanca Banca di Credito Finanziario SpA	35,095
	21,923	Mitsubishi UFJ Financial Group, Inc.	93,552
	2,319	Mizrahi Tefahot Bank Ltd.	49,537
	3,878	Mizuho Financial Group, Inc.	49,133
	4,993	National Australia Bank Ltd.	83,065
	3,794	National Bank of Canada	210,164
	4,118	Nordea Bank Abp*	35,194
	20,940	Oversea-Chinese Banking Corp. Ltd.	156,119
	1,006	Raiffeisen Bank International AG*	19,195
	2,610	Regions Financial Corp.	39,855
	7,526	Resona Holdings, Inc.	26,233
	5,902	Royal Bank of Canada	481,994
	2,594	Shinsei Bank Ltd.	30,657
	5,390	Skandinaviska Enskilda Banken AB Class A*	56,900
	4,380	Standard Chartered PLC*	26,024
	6,873	Sumitomo Mitsui Financial Group, Inc.	197,616
	1,315	Sumitomo Mitsui Trust Holdings, Inc.	38,152
	107	SVB Financial Group*	36,900
	4,564	Svenska Handelsbanken AB Class A*	46,222
	1,061	Swedbank AB Class A*	19,212
	29,440	The Bank of East Asia Ltd.	65,308
	2,108	The Bank of Nova Scotia	102,584
	694	The PNC Financial Services Group, Inc.	95,821
	2,529	The Shizuoka Bank Ltd.	17,871
	6,279	The Toronto-Dominion Bank	334,957

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Banks – (continued)
	1,413	Truist Financial Corp.	$ 65,592
	2,824	U.S. Bancorp	122,025
	3,675	United Overseas Bank Ltd.	61,124
	7,263	Wells Fargo & Co.	198,643
	4,557	Westpac Banking Corp.	66,827
			6,441,357

	Beverages – 0.2%
	960	Asahi Group Holdings Ltd.	36,888
	1,475	Brown-Forman Corp. Class B	118,973
	536	Carlsberg AS Class B	79,837
	4,983	Coca-Cola Amatil Ltd.	46,144
	1,458	Coca-Cola Bottlers Japan Holdings, Inc.	22,285
	2,887	Coca-Cola European Partners PLC	128,991
	1,097	Coca-Cola HBC AG	31,335
	253	Constellation Brands, Inc. Class A	52,078
	3,438	Davide Campari-Milano NV	40,016
	2,323	Diageo PLC	89,426
	509	Heineken Holding NV	47,025
	543	Heineken NV	57,336
	2,505	Ito En Ltd.	193,090
	2,041	Keurig Dr Pepper, Inc.	62,148
	871	Kirin Holdings Co. Ltd.	18,912
	6,953	Molson Coors Beverage Co. Class B	319,838
	3,384	Monster Beverage Corp.*	286,895
	4,518	PepsiCo, Inc.	651,631
	376	Pernod Ricard SA	71,848
	191	Remy Cointreau SA	34,018
	1,619	Suntory Beverage & Food Ltd.	59,123
	6,956	The Coca-Cola Co.	358,930
			2,806,767

	Biotechnology – 0.2%
	5,675	AbbVie, Inc.	593,491
	1,997	Alexion Pharmaceuticals, Inc.*	243,854
	567	Alnylam Pharmaceuticals, Inc.*	73,659
	1,515	Amgen, Inc.	336,391
	156	Argenx SE*	44,683
	1,496	Biogen, Inc.*	359,294
	474	BioMarin Pharmaceutical, Inc.*	37,304
	862	CSL Ltd.	188,766
	164	Exact Sciences Corp.*	19,854
	186	Genmab A/S*	71,530
	4,868	Gilead Sciences, Inc.	295,342
	1,301	Grifols SA	36,910
	2,880	Incyte Corp.*	243,475
	863	Ionis Pharmaceuticals, Inc.*	43,607
	604	Moderna, Inc.*	92,255
	461	Neurocrine Biosciences, Inc.*	43,767
	276	Regeneron Pharmaceuticals, Inc.*	142,424
	246	Sarepta Therapeutics, Inc.*	34,652
	1,520	Seagen, Inc.*	258,871
	1,269	Vertex Pharmaceuticals, Inc.*	289,015
			3,449,144



Shares		Description	Value

	Common Stocks – (continued)
	Building Products – 0.1%
	832	A.O. Smith Corp.	$ 46,850
	1,749	Allegion PLC	199,456
	2,187	Assa Abloy AB Class B	52,332
	1,968	Carrier Global Corp.	74,922
	2,536	Cie de Saint-Gobain*	120,135
	555	Daikin Industries Ltd.	125,702
	1,121	Fortune Brands Home & Security, Inc.	93,603
	107	Geberit AG	64,403
	2,127	Johnson Controls International PLC	97,927
	529	Kingspan Group PLC*	46,159
	699	Lennox International, Inc.	201,193
	779	LIXIL Group Corp.	18,641
	5,980	Masco Corp.	320,947
	1,502	Nibe Industrier AB Class B*	42,367
	2,425	Owens Corning	176,710
	100	Rockwool International A/S Class B	36,467
	730	Trane Technologies PLC	106,755
	25,678	Xinyi Glass Holdings Ltd.	57,588
			1,882,157

	Capital Markets – 0.3%
	1,144	Ameriprise Financial, Inc.	211,915
	239	Amundi SA*^(a)	19,008
	1,185	ASX Ltd.	67,016
	272	BlackRock, Inc.	189,951
	804	Brookfield Asset Management, Inc. Class A	32,471
	671	Cboe Global Markets, Inc.	61,276
	10,810	CI Financial Corp.	141,669
	318	CME Group, Inc.	55,659
	3,696	Credit Suisse Group AG	46,815
	5,673	Daiwa Securities Group, Inc.	24,655
	2,729	Deutsche Bank AG*	30,255
	554	Deutsche Boerse AG	92,281
	1,739	EQT AB	38,828
	850	FactSet Research Systems, Inc.	283,696
	1,041	Franklin Resources, Inc.	22,892
	8,717	Hargreaves Lansdown PLC	165,097
	3,661	Hong Kong Exchanges & Clearing Ltd.	181,830
	1,471	IGM Financial, Inc.	38,907
	1,382	Intercontinental Exchange, Inc.	145,815
	9,859	Invesco Ltd.	160,012
	2,430	Japan Exchange Group, Inc.	60,117
	1,016	KKR & Co., Inc. Class A	38,537
	1,305	London Stock Exchange Group PLC	140,746
	590	Macquarie Group Ltd.	59,999
	2,863	Magellan Financial Group Ltd.	124,231
	428	MarketAxess Holdings, Inc.	230,769
	1,598	Moody’s Corp.	451,179
	5,831	Morgan Stanley	360,531
	278	MSCI, Inc.	113,819
	530	Nasdaq, Inc.	67,835
	12,110	Natixis SA*	37,229
	594	Northern Trust Corp.	55,313
	160	Partners Group Holding AG	172,509
	484	Raymond James Financial, Inc.	44,020
	1,082	S&P Global, Inc.	380,626
	694	SBI Holdings, Inc.	18,722

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Capital Markets – (continued)
	645	Schroders PLC	$ 27,562
	1,766	SEI Investments Co.	93,156
	33,802	Singapore Exchange Ltd.	222,877
	1,810	St. James’s Place PLC	24,248
	1,818	State Street Corp.	128,133
	1,300	T. Rowe Price Group, Inc.	186,433
	2,889	The Bank of New York Mellon Corp.	113,018
	2,531	The Blackstone Group, Inc., Class A	150,721
	1,705	The Charles Schwab Corp.	83,170
	750	TMX Group Ltd.	73,799
	681	Tradeweb Markets, Inc. Class A	40,622
	6,478	UBS Group AG	91,885
			5,601,854

	Chemicals – 0.2%
	1,010	Air Liquide SA	165,055
	614	Air Products & Chemicals, Inc.	172,006
	1,103	Akzo Nobel NV	116,797
	269	Albemarle Corp.	36,576
	1,411	Arkema SA	164,320
	555	BASF SE	40,575
	453	Chr Hansen Holding A/S*	43,991
	953	Clariant AG	19,127
	1,673	Corteva, Inc.	64,109
	551	Covestro AG^(a)	30,659
	937	Croda International PLC	73,783
	861	Dow, Inc.	45,642
	302	DuPont de Nemours, Inc.	19,159
	1,290	Eastman Chemical Co.	125,646
	958	Ecolab, Inc.	212,820
	77	EMS-Chemie Holding AG	70,325
	268	FMC Corp.	31,091
	34	Givaudan SA	139,279
	274	International Flavors & Fragrances, Inc.	30,715
	914	Johnson Matthey PLC	26,932
	1,243	JSR Corp.	34,417
	626	Kansai Paint Co. Ltd.	18,891
	431	Koninklijke DSM NV	70,377
	889	Linde PLC	227,957
	232	LyondellBasell Industries NV Class A	19,743
	5,794	Mitsubishi Chemical Holdings Corp.	31,898
	1,010	Mitsubishi Gas Chemical Co., Inc.	21,378
	2,131	Mitsui Chemicals, Inc.	59,575
	881	Nippon Paint Holdings Co. Ltd.	112,880
	340	Nissan Chemical Corp.	20,281
	413	Nitto Denko Corp.	34,054
	898	Novozymes A/S Class B	51,289
	2,160	Nutrien Ltd.	106,611
	2,141	Orica Ltd.	25,428
	440	PPG Industries, Inc.	64,579
	831	RPM International, Inc.	73,136
	541	Shin-Etsu Chemical Co. Ltd.	88,630
	342	Sika AG	87,020
	312	Solvay SA	35,639
	576	Symrise AG	72,195
	2,221	Taiyo Nippon Sanso Corp.	36,903
	2,378	Teijin Ltd.	40,550



Shares		Description	Value

	Common Stocks – (continued)
	Chemicals – (continued)
	4,908	The Mosaic Co.	$ 107,780
	300	The Sherwin-Williams Co.	224,289
	3,799	Toray Industries, Inc.	20,500
	693	Yara International ASA	28,090
			3,342,697

	Commercial Services & Supplies – 0.1%
	5,689	Brambles Ltd.	45,875
	937	Cintas Corp.	332,916
	1,032	Copart, Inc.*	119,144
	1,156	Dai Nippon Printing Co. Ltd.	21,565
	1,369	GFL Environmental, Inc.	37,316
	5,644	Rentokil Initial PLC*	37,368
	861	Republic Services, Inc.	83,276
	1,058	Ritchie Bros Auctioneers, Inc.	76,097
	6,438	Rollins, Inc.	368,125
	460	Secom Co. Ltd.	45,905
	4,454	Securitas AB Class B*	73,275
	796	Waste Connections, Inc.	82,768
	728	Waste Management, Inc.	86,727
			1,410,357

	Communications Equipment – 0.1%
	238	Arista Networks, Inc.*	64,427
	11,477	Cisco Systems, Inc.	493,741
	1,409	F5 Networks, Inc.*	229,399
	3,543	Juniper Networks, Inc.	77,131
	508	Motorola Solutions, Inc.	87,137
	6,541	Telefonaktiebolaget LM Ericsson Class B	80,295
			1,032,130

	Construction & Engineering – 0.1%
	9,883	ACS Actividades de Construccion y Servicios SA	312,233
	1,919	Bouygues SA	76,102
	2,842	CIMIC Group Ltd.*	53,362
	1,424	Eiffage SA*	139,221
	1,874	Ferrovial SA	52,332
	728	HOCHTIEF AG	70,058
	1,040	Jacobs Engineering Group, Inc.	112,154
	2,597	Obayashi Corp.	22,859
	2,460	Shimizu Corp.	18,604
	6,199	Skanska AB Class B	147,294
	541	Taisei Corp.	19,033
	1,724	Vinci SA	175,154
	4,824	WSP Global, Inc.	358,262
			1,556,668

	Construction Materials – 0.0%
	1,432	CRH PLC*	56,325
	1,006	HeidelbergCement AG	71,170
	1,280	James Hardie Industries PLC	37,035
	1,594	LafargeHolcim Ltd.	83,664
	243	Martin Marietta Materials, Inc.	64,548
	244	Vulcan Materials Co.	34,075
			346,817

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Consumer Finance – 0.0%
	4,672	Ally Financial, Inc.	$ 138,525
	1,921	American Express Co.	227,811
	2,090	Discover Financial Services	159,195
	1	Isracard Ltd.	3
	5,706	Synchrony Financial	173,862
			699,396

	Containers & Packaging – 0.0%
	2,459	Amcor PLC	27,860
	402	Avery Dennison Corp.	60,035
	942	Ball Corp.	90,441
	919	Crown Holdings, Inc.*	86,616
	2,189	International Paper Co.	108,312
	145	Packaging Corp. of America	18,850
	4,627	Smurfit Kappa Group PLC	196,709
	3,410	Westrock Co.	143,936
			732,759

	Distributors – 0.0%
	1,869	Genuine Parts Co.	183,854
	6,659	LKQ Corp.*	234,530
	686	Pool Corp.	237,431
			655,815

	Diversified Financial Services – 0.1%
	2,376	Berkshire Hathaway, Inc. Class B*	543,890
	342	Groupe Bruxelles Lambert SA	33,340
	589	Industrivarden AB Class A*	18,235
	2,453	Industrivarden AB Class C*	75,063
	1,702	Investor AB Class B	118,153
	1,572	Kinnevik AB	78,308
	1,234	L E Lundbergforetagen AB Class B*	63,351
	13,335	M&G PLC	33,087
	4,094	ORIX Corp.	60,597
	186	Sofina SA	59,043
	1,033	Tokyo Century Corp.	68,031
	1,647	Voya Financial, Inc.	94,917
	189	Wendel SE	21,354
			1,267,369

	Diversified Telecommunication Services – 0.2%
	5,822	Altice Europe NV Class A*	30,628
	20,535	AT&T, Inc.	590,381
	1,043	BCE, Inc.	45,215
	1,059	Cellnex Telecom SA^(a)	67,084
	17,204	CenturyLink, Inc.	179,782
	10,347	Deutsche Telekom AG	186,800
	848	Elisa Oyj	45,502
	37,703	HKT Trust and HKT Ltd.	49,278
	308	Iliad SA	62,455
	4,721	Infrastrutture Wireless Italiane SpA^(a)	60,789
	11,358	Koninklijke KPN NV	33,793
	7,153	Liberty Global PLC Class A*	161,086
	8,081	Liberty Global PLC Class C*	174,873
	10,490	Nippon Telegraph & Telephone Corp.	248,091



Shares		Description	Value

	Common Stocks – (continued)
	Diversified Telecommunication Services – (continued)
	3,682	Orange SA	$ 46,607
	64,218	PCCW Ltd.	38,971
	15,280	Singapore Telecommunications Ltd.	27,359
	14,275	Spark New Zealand Ltd.	45,642
	153	Swisscom AG	80,966
	86,846	Telecom Italia SpA	40,929
	78,061	Telecom Italia SpA RSP	39,927
	7,090	Telefonica Deutschland Holding AG	19,570
	8,726	Telefonica SA	38,120
	3,393	Telenor ASA	57,705
	8,289	Telia Co. AB	35,241
	16,665	Telstra Corp. Ltd.	37,607
	2,320	TELUS Corp.	44,749
	14,582	TPG Telecom Ltd.*	82,323
	733	United Internet AG	29,213
	10,412	Verizon Communications, Inc.	628,989
			3,229,675

	Electric Utilities – 0.2%
	986	Alliant Energy Corp.	51,864
	926	American Electric Power Co., Inc.	78,608
	38,024	AusNet Services	51,818
	1,559	Chubu Electric Power Co., Inc.	18,741
	3,420	CLP Holdings Ltd.	32,127
	959	Duke Energy Corp.	88,861
	438	Edison International	26,876
	24,944	EDP—Energias de Portugal SA	133,332
	1,367	Electricite de France SA	20,773
	285	Elia Group SA	32,215
	930	Emera, Inc.	38,562
	2,652	Endesa SA	76,225
	21,218	Enel SpA	212,876
	357	Entergy Corp.	38,859
	743	Evergy, Inc.	41,170
	1,355	Eversource Energy	118,576
	2,468	Exelon Corp.	101,361
	1,038	Fortis, Inc.	41,793
	1,136	Fortum Oyj	26,020
	32,706	HK Electric Investments & HK Electric Investments Ltd.	32,881
	2,970	Hydro One Ltd.^(a)	69,293
	17,853	Iberdrola SA	245,081
	3,280	Kyushu Electric Power Co., Inc.	27,637
	11,187	Mercury NZ Ltd.	47,056
	4,096	NextEra Energy, Inc.	301,425
	8,570	NRG Energy, Inc.	280,668
	1,220	OGE Energy Corp.	39,516
	911	Orsted A/S^(a)	163,913
	1,948	PG&E Corp.*	24,740
	478	Pinnacle West Capital Corp.	39,124
	3,998	Power Assets Holdings Ltd.	20,973
	1,331	PPL Corp.	37,827
	2,047	Red Electrica Corp. SA	41,847
	4,356	SSE PLC	77,968
	12,390	Terna Rete Elettrica Nazionale SpA	93,065
	2,899	The Chugoku Electric Power Co., Inc.	36,797
	2,027	The Kansai Electric Power Co., Inc.	18,500

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Electric Utilities – (continued)
	995	The Southern Co.	$ 59,551
	2,586	Tohoku Electric Power Co., Inc.	21,646
	619	Verbund AG	43,504
	1,989	Xcel Energy, Inc.	133,979
			3,087,648

	Electrical Equipment – 0.1%
	3,348	ABB Ltd.	88,547
	823	AMETEK, Inc.	97,550
	1,541	Eaton Corp. PLC	186,630
	899	Emerson Electric Co.	69,061
	312	Generac Holdings, Inc.*	67,267
	726	Legrand SA	61,478
	2,971	Mitsubishi Electric Corp.	43,529
	837	Nidec Corp.	106,155
	783	Prysmian SpA	25,774
	642	Rockwell Automation, Inc.	164,070
	1,076	Schneider Electric SE	149,914
	1,259	Sensata Technologies Holding PLC*	61,477
	713	Siemens Energy AG*	21,178
	1,345	Siemens Gamesa Renewable Energy SA	48,237
	840	Sunrun, Inc.*	53,827
	541	Vestas Wind Systems A/S	110,263
			1,354,957

	Electronic Equipment, Instruments & Components – 0.1%
	1,117	Amphenol Corp. Class A	146,115
	3,144	Arrow Electronics, Inc.*	288,148
	1,258	Azbil Corp.	56,445
	2,651	CDW Corp.	345,929
	923	Cognex Corp.	69,354
	1,609	Corning, Inc.	60,209
	3,419	Halma PLC	100,602
	569	Hamamatsu Photonics KK	31,969
	497	Hexagon AB Class B*	41,425
	133	Hirose Electric Co. Ltd.	18,761
	3,116	Hitachi Ltd.	118,264
	807	Ibiden Co. Ltd.	37,744
	158	IPG Photonics Corp.*	32,707
	342	Keyence Corp.	174,373
	1,580	Keysight Technologies, Inc.*	189,663
	634	Kyocera Corp.	36,102
	1,197	Murata Manufacturing Co. Ltd.	104,368
	994	Omron Corp.	89,263
	253	TDK Corp.	35,533
	734	TE Connectivity Ltd.	83,654
	832	Trimble, Inc.*	49,812
	2,472	Venture Corp. Ltd.	34,502
	481	Zebra Technologies Corp. Class A*	182,020
			2,326,962

	Energy Equipment & Services – 0.0%
	6,825	Baker Hughes Co.	127,764
	5,726	Halliburton Co.	94,994
	2,574	Schlumberger N.V	53,514
	8,048	Tenaris SA	62,476
			338,748



Shares		Description	Value

	Common Stocks – (continued)
	Entertainment – 0.1%
	2,276	Activision Blizzard, Inc.	$ 180,896
	32,886	Bollore SA	127,550
	1,039	Capcom Co. Ltd.	58,747
	1,247	Electronic Arts, Inc.*	159,304
	717	Koei Tecmo Holdings Co. Ltd.	38,141
	970	Liberty Media Corp.-Liberty Formula One Class C*	40,527
	461	Live Nation Entertainment, Inc.*	30,265
	778	Netflix, Inc.*	381,765
	1,675	Nexon Co. Ltd.	50,518
	214	Nintendo Co. Ltd.	121,420
	828	Roku, Inc.*	243,076
	949	Square Enix Holdings Co. Ltd.	58,032
	593	Take-Two Interactive Software, Inc.*	107,042
	1,938	The Walt Disney Co.	286,843
	834	Toho Co. Ltd.	35,204
	1,312	Ubisoft Entertainment SA*	124,414
	2,042	Vivendi SA	61,216
			2,104,960

	Equity Real Estate Investment Trusts (REITs) – 0.2%
	694	Alexandria Real Estate Equities, Inc.	113,629
	781	American Tower Corp.	180,567
	22,935	Ascendas Real Estate Investment Trust	50,647
	194	AvalonBay Communities, Inc.	32,318
	629	Boston Properties, Inc.	61,743
	1,496	Camden Property Trust	147,850
	814	Canadian Apartment Properties REIT	32,066
	1,047	Crown Castle International Corp.	175,446
	4,704	Dexus	33,703
	1,606	Digital Realty Trust, Inc.	216,408
	2,102	Duke Realty Corp.	80,002
	216	Equinix, Inc.	150,723
	1,074	Equity LifeStyle Properties, Inc.	62,926
	1,405	Equity Residential	81,378
	246	Essex Property Trust, Inc.	60,486
	525	Extra Space Storage, Inc.	59,183
	6,503	Goodman Group	89,244
	3,014	Invitation Homes, Inc.	86,140
	736	Iron Mountain, Inc.	20,240
	3,020	Link REIT	26,404
	23,558	Mapletree Logistics Trust	34,469
	2,901	Medical Properties Trust, Inc.	56,279
	773	Mid-America Apartment Communities, Inc.	97,522
	27	Nippon Prologis REIT, Inc.	84,621
	1,993	Prologis, Inc.	199,400
	309	Public Storage	69,358
	955	Regency Centers Corp.	43,529
	382	SBA Communications Corp.	109,703
	5,894	Segro PLC	71,313
	10,224	Stockland	33,955
	764	Sun Communities, Inc.	106,196
	528	UDR, Inc.	20,312
	1,171	Ventas, Inc.	56,103
	1,493	VICI Properties, Inc.	37,758
	901	Weyerhaeuser Co.	26,165
			2,807,786

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Food & Staples Retailing – 0.4%
	2,009	Aeon Co. Ltd.	$ 59,683
	3,664	Alimentation Couche-Tard, Inc. Class B	121,682
	7,061	Carrefour SA	115,587
	16,643	Coles Group Ltd.	217,569
	392	Cosmos Pharmaceutical Corp.	67,698
	1,523	Costco Wholesale Corp.	596,666
	10,546	Empire Co. Ltd. Class A	288,600
	892	Etablissements Franz Colruyt NV	53,222
	1,837	George Weston Ltd.	135,947
	1,271	ICA Gruppen AB	61,534
	48,842	J Sainsbury PLC	136,335
	12,025	Jeronimo Martins SGPS SA	206,043
	2,127	Kesko Oyj Class B	55,684
	1,322	Kobe Bussan Co. Ltd.	46,314
	13,905	Koninklijke Ahold Delhaize NV	397,562
	1,322	Lawson, Inc.	59,942
	3,630	Loblaw Cos. Ltd.	179,446
	1,273	Metro, Inc.	58,479
	2,493	Seven & i Holdings Co. Ltd.	78,624
	3,456	Sundrug Co. Ltd.	144,877
	4,411	Sysco Corp.	314,460
	35,906	Tesco PLC	108,074
	12,482	The Kroger Co.	411,906
	1,474	Tsuruha Holdings, Inc.	216,156
	4,897	Walgreens Boots Alliance, Inc.	186,135
	6,347	Walmart, Inc.	969,758
	5,988	Welcia Holdings Co. Ltd.	240,610
	19,974	Wm Morrison Supermarkets PLC	47,534
	9,350	Woolworths Group Ltd.	253,734
			5,829,861

	Food Products – 0.2%
	4,941	Ajinomoto Co., Inc.	102,950
	1,549	Archer-Daniels-Midland Co.	77,094
	4,535	Associated British Foods PLC	126,479
	16	Barry Callebaut AG	34,477
	793	Bunge Ltd.	46,700
	2,487	Calbee, Inc.	73,518
	1,425	Campbell Soup Co.	71,278
	6	Chocoladefabriken Lindt & Spruengli AG (Food Products)	132,247
	4,601	Conagra Brands, Inc.	168,212
	3,958	Danone SA	255,233
	4,015	General Mills, Inc.	244,192
	1,685	Hormel Foods Corp.	79,498
	1,263	Kellogg Co.	80,718
	334	Kerry Group PLC Class A	46,833
	531	Kikkoman Corp.	32,958
	361	Lamb Weston Holdings, Inc.	26,129
	652	McCormick & Co., Inc.	121,911
	646	MEIJI Holdings Co. Ltd.	45,718
	2,812	Mondelez International, Inc. Class A	161,549
	1,277	Mowi ASA	25,846
	7,464	Nestle SA	836,076



Shares		Description	Value

	Common Stocks – (continued)
	Food Products – (continued)
	396	Nissin Foods Holdings Co. Ltd.	$ 32,683
	4,833	Orkla ASA	46,288
	1,585	Saputo, Inc.	43,973
	3,611	The a2 Milk Co. Ltd.*	37,339
	1,467	The Hershey Co.	216,955
	1,414	The J.M. Smucker Co.	165,721
	4,988	The Kraft Heinz Co.	164,305
	628	Toyo Suisan Kaisha Ltd.	30,889
	2,956	Tyson Foods, Inc. Class A	192,731
	35,972	WH Group Ltd.^(a)	29,305
	44,674	Wilmar International Ltd.	139,066
	7,214	Yamazaki Baking Co. Ltd.	119,691
			4,008,562

	Gas Utilities – 0.0%
	2,083	AltaGas Ltd.	29,897
	5,526	APA Group	41,883
	423	Atmos Energy Corp.	40,562
	1,419	Enagas SA	34,667
	21,641	Hong Kong & China Gas Co. Ltd.	33,109
	1,616	Naturgy Energy Group SA	37,295
	1,345	Osaka Gas Co. Ltd.	25,807
	17,060	Snam SpA	96,359
	535	Toho Gas Co. Ltd.	35,089
	1,079	Tokyo Gas Co. Ltd.	24,179
	5,044	UGI Corp.	178,961
			577,808

	Health Care Equipment & Supplies – 0.4%
	3,321	Abbott Laboratories	359,399
	945	ABIOMED, Inc.*	259,024
	637	Alcon, Inc.*	40,676
	710	Align Technology, Inc.*	341,716
	1,058	Ambu A/S Class B	35,382
	1,170	Asahi Intecc Co. Ltd.	42,865
	1,581	Baxter International, Inc.	120,267
	562	Becton Dickinson & Co.	131,980
	824	BioMerieux	118,549
	2,004	Boston Scientific Corp.*	66,433
	311	Carl Zeiss Meditec AG	41,353
	1,085	Cochlear Ltd.	175,824
	904	Coloplast A/S Class B	135,144
	1,332	Danaher Corp.	299,207
	884	DENTSPLY SIRONA, Inc.	44,987
	362	DexCom, Inc.*	115,724
	773	DiaSorin SpA	163,104
	3,378	Edwards Lifesciences Corp.*	283,380
	2,547	Fisher & Paykel Healthcare Corp. Ltd.	64,139
	440	GN Store Nord A/S	35,811
	1,343	Hologic, Inc.*	92,842
	2,216	Hoya Corp.	294,703
	1,031	IDEXX Laboratories, Inc.*	475,270
	674	Insulet Corp.*	173,696
	232	Intuitive Surgical, Inc.*	168,444
	2,907	Koninklijke Philips NV*	149,807
	560	Masimo Corp.*	142,514
	1,250	Medtronic PLC	142,125
	1,676	Novocure Ltd.*	210,589
	10,304	Olympus Corp.	222,417
	1,448	ResMed, Inc.	303,501

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	803	Siemens Healthineers AG^(a)	$ 36,913
	6,236	Smith & Nephew PLC	120,448
	372	Sonova Holding AG*	92,388
	641	STERIS PLC	124,232
	125	Straumann Holding AG	144,287
	679	Stryker Corp.	158,479
	775	Sysmex Corp.	81,137
	144	Teleflex, Inc.	55,116
	1,202	Terumo Corp.	47,696
	238	The Cooper Cos., Inc.	79,782
	951	Varian Medical Systems, Inc.*	165,455
	455	West Pharmaceutical Services, Inc.	125,198
	332	Zimmer Biomet Holdings, Inc.	49,508
			6,531,511

	Health Care Providers & Services – 0.3%
	1,678	AmerisourceBergen Corp.	173,018
	478	Amplifon SpA*	19,189
	723	Anthem, Inc.	225,229
	3,515	Cardinal Health, Inc.	191,884
	2,915	Centene Corp.*	179,710
	1,735	Cigna Corp.	362,858
	5,676	CVS Health Corp.	384,776
	2,262	DaVita, Inc.*	248,481
	1,392	Fresenius Medical Care AG & Co. KGaA	117,114
	2,336	Fresenius SE & Co. KGaA	104,440
	1,310	HCA Healthcare, Inc.	196,644
	3,162	Henry Schein, Inc.*	203,348
	570	Humana, Inc.	228,296
	1,455	Laboratory Corp. of America Holdings*	290,767
	1,470	McKesson Corp.	264,468
	3,205	Medipal Holdings Corp.	60,107
	221	Molina Healthcare, Inc.*	45,113
	1,559	Quest Diagnostics, Inc.	193,285
	1,792	Sonic Healthcare Ltd.	43,319
	2,952	UnitedHealth Group, Inc.	992,876
	1,164	Universal Health Services, Inc. Class B	151,995
			4,676,917

	Health Care Technology – 0.0%
	3,888	Cerner Corp.	290,978
	1,242	M3, Inc.	114,291
	296	Teladoc Health, Inc.*	58,836
	969	Veeva Systems, Inc. Class A*	268,287
			732,392

	Hotels, Restaurants & Leisure – 0.2%
	823	Accor SA*	28,259
	5,147	Aramark	180,145
	1,836	Aristocrat Leisure Ltd.	43,306
	80	Chipotle Mexican Grill, Inc.*	103,154
	902	Domino’s Pizza, Inc.	354,098
	2,731	Evolution Gaming Group AB^(a)	232,373
	382	Flutter Entertainment PLC*	70,876
	7,042	GVC Holdings PLC*	96,763
	919	Hilton Worldwide Holdings, Inc.	95,236
	6,142	La Francaise des Jeux SAEM^(a)	256,883



Shares		Description	Value

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	337	Las Vegas Sands Corp.	$ 18,774
	740	Marriott International, Inc. Class A	93,884
	1,278	McDonald’s Corp.	277,888
	779	McDonald’s Holdings Co. Japan Ltd.	37,785
	1,751	MGM Resorts International	49,466
	243	Oriental Land Co. Ltd.	41,275
	1,203	Starbucks Corp.	117,918
	85	Vail Resorts, Inc.	23,446
	2,750	Yum! Brands, Inc.	290,950
			2,412,479

	Household Durables – 0.1%
	2,385	Berkeley Group Holdings PLC	145,780
	1,131	Casio Computer Co. Ltd.	20,314
	1,106	D.R. Horton, Inc.	82,397
	789	Electrolux AB Class B	18,931
	635	Garmin Ltd.	74,143
	8,590	Husqvarna AB Class B	91,993
	1,543	Iida Group Holdings Co. Ltd.	30,921
	1,969	Lennar Corp. Class A	149,368
	1,402	Mohawk Industries, Inc.*	176,414
	5,046	Newell Brands, Inc.	107,278
	25	NVR, Inc.*	99,930
	2,890	Panasonic Corp.	30,650
	568	Persimmon PLC	19,932
	1,944	PulteGroup, Inc.	84,817
	247	Rinnai Corp.	28,818
	1,867	SEB SA	330,724
	3,934	Sekisui House Ltd.	70,541
	2,749	Sony Corp.	256,167
	95	Whirlpool Corp.	18,488
			1,837,606

	Household Products – 0.2%
	1,266	Church & Dwight Co., Inc.	111,117
	5,593	Colgate-Palmolive Co.	478,985
	1,664	Essity AB Class B	52,880
	1,180	Henkel AG & Co. KGaA (Household Products)	120,678
	1,819	Kimberly-Clark Corp.	253,405
	2,631	Lion Corp.	62,346
	2,511	Pigeon Corp.	112,056
	1,594	Reckitt Benckiser Group PLC	139,136
	1,607	The Clorox Co.	326,157
	5,715	The Procter & Gamble Co.	793,642
	1,362	Unicharm Corp.	66,157
			2,516,559

	Independent Power and Renewable Electricity Producers – 0.0%
	15,841	Meridian Energy Ltd.	71,460
	1,643	Northland Power, Inc.	56,310
	3,473	The Aes Corp.	70,988
	3,652	Uniper SE	123,615
	17,160	Vistra Corp.	320,549
			642,922

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Industrial Conglomerates – 0.1%
	1,063	3M Co.	$ 183,612
	21,501	CK Hutchison Holdings Ltd.	155,960
	253	DCC PLC	19,049
	26,080	General Electric Co.	265,494
	670	Honeywell International, Inc.	136,626
	2,127	Investment AB Latour	56,052
	1,385	Jardine Matheson Holdings Ltd.	73,260
	550	Keihan Holdings Co. Ltd.	25,887
	226	Roper Technologies, Inc.	96,502
	1,427	Siemens AG	190,468
			1,202,910

	Insurance – 0.4%
	8,122	Admiral Group PLC	305,930
	33,140	Aegon NV	122,595
	2,561	Aflac, Inc.	112,505
	1,306	Ageas SA	63,943
	17,596	AIA Group Ltd.	193,105
	43	Alleghany Corp.	24,734
	1,201	Allianz SE	281,497
	1,395	Aon PLC Class A	285,822
	3,046	Arch Capital Group Ltd.*	98,066
	1,384	Arthur J. Gallagher & Co.	159,727
	7,809	Assicurazioni Generali SpA	133,490
	525	Assurant, Inc.	67,788
	2,337	Athene Holding Ltd. Class A*	103,646
	20,657	Aviva PLC	87,457
	4,282	AXA SA	100,111
	475	Baloise Holding AG	81,848
	1,980	Brown & Brown, Inc.	89,159
	930	Chubb Ltd.	137,482
	290	Cincinnati Financial Corp.	22,142
	3,785	CNP Assurances*	60,056
	2,060	Dai-ichi Life Holdings, Inc.	32,455
	22,196	Direct Line Insurance Group PLC	87,072
	653	Erie Indemnity Co. Class A	147,323
	237	Everest Re Group Ltd.	53,877
	103	Fairfax Financial Holdings Ltd.	35,325
	1,837	Fidelity National Financial, Inc.	66,114
	4,939	Gjensidige Forsikring ASA	107,541
	828	Globe Life, Inc.	77,087
	4,402	Great-West Lifeco, Inc.	102,398
	548	Hannover Rueck SE	91,581
	4,556	iA Financial Corp., Inc.	199,507
	7,993	Insurance Australia Group Ltd.	30,162
	739	Intact Financial Corp.	82,674
	7,225	Japan Post Holdings Co. Ltd.	53,473
	23,802	Legal & General Group PLC	78,603
	2,384	Lincoln National Corp.	112,572
	5,208	Manulife Financial Corp.	88,745
	28	Markel Corp.*	27,267
	1,679	Marsh & McLennan Cos., Inc.	192,481
	12,505	Medibank Pvt. Ltd.	26,164
	3,727	MetLife, Inc.	172,076
	1,821	MS&AD Insurance Group Holdings, Inc.	52,975
	371	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	102,804
	2,321	NN Group NV	93,803
	6,961	Poste Italiane SpA^(a)	71,528



Shares		Description	Value

	Common Stocks – (continued)
	Insurance – (continued)
	8,464	Power Corp. of Canada	$ 190,565
	1,436	Principal Financial Group, Inc.	71,498
	643	Reinsurance Group of America, Inc.	74,125
	252	RenaissanceRe Holdings Ltd.	41,489
	5,437	RSA Insurance Group PLC	48,327
	970	SCOR SE*	33,003
	878	Sompo Holdings, Inc.	33,520
	1,730	Sun Life Financial, Inc.	76,822
	11,150	Suncorp Group Ltd.	82,698
	352	Swiss Life Holding AG	157,069
	267	Swiss Re AG	24,395
	2,559	The Allstate Corp.	261,914
	1,442	The Hartford Financial Services Group, Inc.	63,736
	2,562	The Progressive Corp.	223,176
	878	The Travelers Cos., Inc.	113,833
	1,704	Tokio Marine Holdings, Inc.	84,378
	1,146	Tryg A/S	33,247
	494	W.R. Berkley Corp.	32,174
	592	Willis Towers Watson PLC	123,249
	380	Zurich Insurance Group AG	154,108
			6,640,036

	Interactive Media & Services – 0.4%
	2,697	Adevinta ASA*	44,506
	783	Alphabet, Inc. Class A*	1,373,695
	872	Alphabet, Inc. Class C*	1,535,365
	34,991	Auto Trader Group PLC^(a)	260,259
	7,411	Facebook, Inc. Class A*	2,052,625
	353	InterActiveCorp.*	50,123
	6,309	Kakaku.com, Inc.	176,512
	716	LINE Corp.*	36,896
	2,253	Match Group, Inc.*	313,640
	1,319	Pinterest, Inc. Class A*	92,356
	1,110	REA Group Ltd.	118,164
	849	Scout24 AG^(a)	64,694
	1,180	SEEK Ltd.	22,402
	2,631	Snap, Inc. Class A*	116,869
	2,144	Twitter, Inc.*	99,717
	9,699	Z Holdings Corp.	61,162
	348	Zillow Group, Inc. Class A*	38,402
	656	Zillow Group, Inc. Class C*	70,723
			6,528,110

	Internet & Direct Marketing Retail – 0.4%
	1,389	Amazon.com, Inc.*	4,400,408
	166	Booking Holdings, Inc.*	336,723
	549	Chewy, Inc. Class A*	42,591
	382	Delivery Hero SE*^(a)	46,446
	5,246	eBay, Inc.	264,556
	459	Etsy, Inc.*	73,761
	647	Expedia Group, Inc.	80,545
	2,394	HelloFresh SE*	141,275
	231	Just Eat Takeaway.com NV*^(a)	24,584
	105	MercadoLibre, Inc.*	163,100
	796	Mercari, Inc.*	36,351
	3,637	Ocado Group PLC*	106,932
	1,039	Prosus NV	112,626
	9,073	Rakuten, Inc.	101,402
	1,794	Wayfair, Inc. Class A*	456,322
	3,533	Zalando SE*^(a)	358,872
	7,864	ZOZO, Inc.	195,976
			6,942,470

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	IT Services – 0.5%
	2,719	Accenture PLC Class A	$ 677,276
	50	Adyen NV*^(a)	95,508
	669	Afterpay Ltd.*	46,613
	897	Akamai Technologies, Inc.*	92,848
	3,368	Atos SE*	307,433
	810	Automatic Data Processing, Inc.	140,843
	115	Bechtle AG	25,062
	1,650	Black Knight, Inc.*	151,173
	2,358	Booz Allen Hamilton Holding Corp.	204,651
	548	Broadridge Financial Solutions, Inc.	80,490
	976	Capgemini SE	135,787
	2,194	CGI, Inc.*	162,029
	4,893	Cognizant Technology Solutions Corp. Class A	382,290
	1,121	Edenred	64,060
	373	EPAM Systems, Inc.*	120,229
	1,753	Fidelity National Information Services, Inc.	260,163
	2,392	Fiserv, Inc.*	275,511
	563	FleetCor Technologies, Inc.*	149,313
	745	Fujitsu Ltd.	103,062
	1,166	Gartner, Inc.*	177,232
	1,030	Global Payments, Inc.	201,046
	323	GMO Payment Gateway, Inc.	45,297
	859	GoDaddy, Inc. Class A*	68,325
	3,598	International Business Machines Corp.	444,425
	1,107	Itochu Techno-Solutions Corp.	39,034
	493	Jack Henry & Associates, Inc.	79,304
	3,445	Leidos Holdings, Inc.	346,911
	2,202	Mastercard, Inc. Class A	740,995
	277	MongoDB, Inc.*	79,585
	1,547	NEC Corp.	83,348
	2,035	Nexi SpA*^(a)	38,424
	1,492	Nomura Research Institute Ltd.	50,451
	2,940	NTT Data Corp.	39,039
	376	Obic Co. Ltd.	84,547
	496	Okta, Inc.*	121,540
	522	Otsuka Corp.	25,313
	1,624	Paychex, Inc.	151,276
	2,155	PayPal Holdings, Inc.*	461,429
	235	Shopify, Inc. Class A*	252,927
	509	Snowflake, Inc. Class A*	165,853
	846	Square, Inc. Class A*	178,472
	8,664	The Western Union Co.	195,460
	331	Twilio, Inc. Class A*	105,950
	1,007	VeriSign, Inc.*	202,125
	3,198	Visa, Inc. Class A	672,699
	994	Wix.com Ltd.*	253,897
	228	Worldline SA*^(a)	21,110
			8,800,355



Shares		Description	Value

	Common Stocks – (continued)
	Leisure Products – 0.0%
	712	Bandai Namco Holdings, Inc.	$ 64,798
	294	Hasbro, Inc.	27,351
	639	Peloton Interactive, Inc. Class A*	74,348
	1,326	Sega Sammy Holdings, Inc.	18,592
	170	Shimano, Inc.	40,215
			225,304

	Life Sciences Tools & Services – 0.1%
	270	10X Genomics, Inc. Class A*	41,340
	1,112	Agilent Technologies, Inc.	129,993
	191	Bio-Rad Laboratories, Inc. Class A*	102,853
	510	Eurofins Scientific SE*	41,719
	376	Illumina, Inc.*	121,106
	512	IQVIA Holdings, Inc.*	86,523
	248	Lonza Group AG	156,035
	358	Mettler-Toledo International, Inc.*	411,714
	865	PerkinElmer, Inc.	115,045
	914	PPD, Inc.*	31,990
	906	QIAGEN NV*	43,672
	488	Sartorius Stedim Biotech	176,380
	841	Thermo Fisher Scientific, Inc.	391,048
	844	Waters Corp.*	195,816
			2,045,234

	Machinery – 0.2%
	836	Alstom SA*	45,091
	1,301	Atlas Copco AB Class A	65,818
	1,042	Atlas Copco AB Class B	46,148
	845	Caterpillar, Inc.	146,684
	1,232	Cummins, Inc.	284,801
	502	Daifuku Co. Ltd.	58,073
	627	Deere & Co.	164,036
	779	Dover Corp.	95,061
	1,450	Epiroc AB Class A	24,102
	1,494	Epiroc AB Class B	23,758
	231	FANUC Corp.	56,662
	640	Fortive Corp.	44,883
	987	GEA Group AG	33,741
	474	Harmonic Drive Systems, Inc.	37,797
	289	IDEX Corp.	55,820
	874	Illinois Tool Works, Inc.	184,493
	644	Ingersoll Rand, Inc.*	28,510
	866	KION Group AG	66,369
	741	Knorr-Bremse AG	94,825
	769	Komatsu Ltd.	18,754
	1,042	Kone Oyj Class B	87,358
	1,144	Kubota Corp.	22,595
	390	Makita Corp.	20,132
	2,964	MISUMI Group, Inc.	92,970
	999	Mitsubishi Heavy Industries Ltd.	22,433
	597	Miura Co. Ltd.	31,435
	468	Nabtesco Corp.	19,205
	224	Nordson Corp.	45,653
	984	Otis Worldwide Corp.	65,869
	959	PACCAR, Inc.	83,491
	1,060	Parker-Hannifin Corp.	283,296
	597	Pentair PLC	30,937
	25	Rational AG	22,217
	1,093	Sandvik AB*	24,651
	407	Schindler Holding AG (Machinery)	109,893

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – (continued)
	2,492	SKF AB Class B	$ 61,544
	110	SMC Corp.	69,966
	1,517	Snap-on, Inc.	266,764
	439	Spirax-Sarco Engineering PLC	64,667
	433	Stanley Black & Decker, Inc.	79,806
	9,999	Techtronic Industries Co. Ltd.	127,647
	1,571	Volvo AB Class B*	35,782
	1,164	Westinghouse Air Brake Technologies Corp.	85,321
	397	Xylem, Inc.	38,100
			3,367,158

	Marine – 0.0%
	129	AP Moller—Maersk A/S Class A	243,563
	122	AP Moller—Maersk A/S Class B	248,712
	1,108	Kuehne & Nagel International AG	250,810
			743,085

	Media – 0.3%
	45	Cable One, Inc.	89,130
	370	Charter Communications, Inc. Class A*	241,236
	13,055	Comcast Corp. Class A	655,883
	5,070	CyberAgent, Inc.	346,489
	2,749	Dentsu Group, Inc.	88,866
	7,658	Discovery, Inc. Class A*	206,077
	9,343	Discovery, Inc. Class C*	224,419
	6,246	Fox Corp. Class A	180,135
	6,058	Fox Corp. Class B*	171,926
	2,474	Hakuhodo DY Holdings, Inc.	35,528
	744	Liberty Broadband Corp. Class A*	116,637
	857	Liberty Broadband Corp. Class C*	134,849
	4,473	Liberty Media Corp.-Liberty SiriusXM Class C*	183,438
	4,541	Liberty Media Corp.-Liberty SiriusXM, Class A*	185,908
	11,532	News Corp. Class A	203,540
	2,338	Omnicom Group, Inc.	147,294
	1,763	Publicis Groupe SA	79,445
	1,596	Quebecor, Inc. Class B	39,743
	871	Schibsted ASA Class A*	35,555
	6,350	Schibsted ASA Class B*	230,942
	5,071	SES SA	45,861
	1,717	Shaw Communications, Inc. Class B	29,853
	11,214	Sirius XM Holdings, Inc.	72,779
	6,456	The Interpublic Group of Cos., Inc.	143,840
	4,879	ViacomCBS, Inc. Class B	172,131
	8,405	WPP PLC	80,988
			4,142,492

	Metals & Mining – 0.2%
	749	Agnico Eagle Mines Ltd.	49,086
	1,452	Anglo American PLC	42,282
	11,926	ArcelorMittal SA*	216,857
	11,499	B2Gold Corp.	64,105
	4,303	Barrick Gold Corp.	98,770
	4,534	BHP Group Ltd.	126,436
	1,268	BHP Group PLC	28,670



Shares		Description	Value

	Common Stocks – (continued)
	Metals & Mining – (continued)
	14,188	BlueScope Steel Ltd.	$ 177,527
	603	Boliden AB	20,855
	8,534	Evolution Mining Ltd.	31,139
	18,176	Evraz PLC	91,337
	6,980	Fortescue Metals Group Ltd.	92,992
	637	Franco-Nevada Corp.	84,791
	2,312	Freeport-McMoRan, Inc.	54,078
	2,624	Fresnillo PLC	36,916
	55,883	Glencore PLC*	157,548
	8,985	Kinross Gold Corp.	63,996
	1,656	Kirkland Lake Gold Ltd.	67,849
	1,903	Newcrest Mining Ltd.	37,672
	2,181	Newmont Corp.	128,286
	16,842	Norsk Hydro ASA	68,197
	3,676	Northern Star Resources Ltd.	34,141
	2,217	Nucor Corp.	119,053
	1,210	Pan American Silver Corp.	35,610
	1,072	Rio Tinto Ltd.	79,981
	1,803	Rio Tinto PLC	117,698
	87,313	South32 Ltd.	153,883
	1,052	SSR Mining, Inc.*	19,473
	2,614	voestalpine AG	83,734
	1,070	Wheaton Precious Metals Corp.	41,302
	8,134	Yamana Gold, Inc.	42,464
			2,466,728

	Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	3,860	AGNC Investment Corp.	58,981

	Multi-Utilities – 0.1%
	10,144	AGL Energy Ltd.	100,132
	3,601	Algonquin Power & Utilities Corp.	56,426
	1,072	Ameren Corp.	83,380
	954	Canadian Utilities Ltd. Class A	23,830
	890	CMS Energy Corp.	54,771
	731	Consolidated Edison, Inc.	55,739
	1,913	Dominion Energy, Inc.	150,151
	290	DTE Energy Co.	36,485
	7,794	E.ON SE	84,335
	5,313	Engie SA*	78,211
	9,529	National Grid PLC	106,711
	1,593	NiSource, Inc.	38,551
	1,180	Public Service Enterprise Group, Inc.	68,770
	3,727	RWE AG	154,158
	354	Sempra Energy	45,128
	7,265	Suez SA	138,971
	2,984	Veolia Environnement SA	68,450
	1,077	WEC Energy Group, Inc.	102,261
			1,446,460

	Multiline Retail – 0.1%
	789	Canadian Tire Corp. Ltd. Class A	100,832
	1,310	Dollar General Corp.	286,340
	1,786	Dollar Tree, Inc.*	195,103
	1,999	Dollarama, Inc.	81,825
	2,234	Next PLC	192,979
	1,184	Pan Pacific International Holdings Corp.	27,936
	7,530	Ryohin Keikaku Co. Ltd.	154,528
	3,567	Target Corp.	640,383
	8,260	Wesfarmers Ltd.	299,361

			1,979,287

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 0.1%
	1,812	Ampol Ltd.	$ 40,754
	7,896	BP PLC	25,637
	1,320	Cabot Oil & Gas Corp.	23,126
	2,494	Cameco Corp.	24,946
	2,403	Canadian Natural Resources Ltd.	54,825
	495	Cheniere Energy, Inc.*	28,061
	1,581	Chevron Corp.	137,831
	1,122	Enbridge, Inc.	35,041
	15,230	ENEOS Holdings, Inc.	52,023
	594	EOG Resources, Inc.	27,847
	3,877	Exxon Mobil Corp.	147,830
	884	Idemitsu Kosan Co. Ltd.	18,327
	4,802	Kinder Morgan, Inc.	69,053
	922	Koninklijke Vopak NV	48,424
	1,020	Marathon Petroleum Corp.	39,658
	1,026	Neste Oyj	68,558
	2,436	OMV AG	81,570
	1,908	Parkland Corp.	58,443
	9,614	Royal Dutch Shell PLC Class A	161,173
	8,927	Royal Dutch Shell PLC Class B	143,372
	433	TC Energy Corp.	19,048
	1,269	TOTAL SE	53,863
	1,670	Valero Energy Corp.	89,796
	886	Washington H Soul Pattinson & Co. Ltd.	18,911
	1,934	Woodside Petroleum Ltd.	31,546

			1,499,663

	Paper & Forest Products – 0.0%
	1,106	Mondi PLC	24,201
	4,380	Oji Holdings Corp.	19,851
	2,653	Svenska Cellulosa AB SCA Class B*	43,057
	1,282	UPM-Kymmene Oyj	42,065

			129,174

	Personal Products – 0.1%
	1,124	Beiersdorf AG	125,858
	472	Kao Corp.	35,379
	219	Kobayashi Pharmaceutical Co. Ltd.	26,300
	902	Kose Corp.	137,588
	1,303	L’Oreal SA	479,629
	5,298	Pola Orbis Holdings, Inc.	105,694
	2,341	Shiseido Co. Ltd.	165,192
	1,777	The Estee Lauder Cos., Inc. Class A	435,934
	9,647	Unilever PLC (Personal Products)	585,377

			2,096,951

	Pharmaceuticals – 0.6%
	11,771	Astellas Pharma, Inc.	167,661
	2,595	AstraZeneca PLC	271,527
	1,418	Bausch Health Cos., Inc.*	26,325



Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	4,264	Bayer AG	$ 245,665
	8,431	Bristol-Myers Squibb Co.	526,094
	710	Canopy Growth Corp.*	20,403
	719	Catalent, Inc.*	69,125
	2,739	Chugai Pharmaceutical Co. Ltd.	132,478
	3,015	Daiichi Sankyo Co. Ltd.	106,747
	1,057	Eisai Co. Ltd.	79,659
	894	Elanco Animal Health, Inc.*	27,347
	3,531	Eli Lilly & Co.	514,290
	12,934	GlaxoSmithKline PLC	234,750
	1,645	H. Lundbeck A/S	50,280
	1,614	Hikma Pharmaceuticals PLC	55,751
	1,060	Horizon Therapeutics PLC*	74,656
	4,668	Ipsen SA	448,306
	1,839	Jazz Pharmaceuticals PLC*	258,766
	7,896	Johnson & Johnson	1,142,393
	1,196	Kyowa Kirin Co. Ltd.	32,420
	7,166	Merck & Co., Inc.	576,075
	1,655	Merck KGaA	264,271
	4,550	Novartis AG	411,936
	5,249	Novo Nordisk A/S Class B	351,803
	2,118	Ono Pharmaceutical Co. Ltd.	67,074
	3,613	Orion Oyj Class B	169,942
	881	Otsuka Holdings Co. Ltd.	35,725
	4,918	Perrigo Co. PLC	237,146
	11,978	Pfizer, Inc.	458,877
	2,657	Recordati Industria Chimica e Farmaceutica SpA	142,111
	2,395	Roche Holding AG	786,630
	758	Royalty Pharma PLC Class A	32,291
	2,942	Sanofi	296,550
	517	Shionogi & Co. Ltd.	27,674
	7,289	Sumitomo Dainippon Pharma Co. Ltd.	91,919
	1,029	Taisho Pharmaceutical Holdings Co. Ltd.	65,336
	2,848	Takeda Pharmaceutical Co. Ltd.	101,878
	29,039	Teva Pharmaceutical Industries Ltd. ADR*	276,161
	1,539	UCB SA	164,693
	3,394	Viatris, Inc.*	57,087
	1,414	Zoetis, Inc.	226,777

			9,326,599

	Professional Services – 0.2%
	1,291	Adecco Group AG	78,044
	1,137	Bureau Veritas SA*	29,412
	90	CoStar Group, Inc.*	81,951
	480	Equifax, Inc.	80,112
	3,816	Experian PLC	135,200
	1,398	IHS Markit Ltd.	139,045
	483	Intertek Group PLC	35,392
	738	Nihon M&A Center, Inc.	51,567
	5,442	Persol Holdings Co. Ltd.	99,276
	2,621	Randstad NV*	162,576
	5,854	Recruit Holdings Co. Ltd.	245,406
	6,032	RELX PLC	139,587
	8,095	Robert Half International, Inc.	519,537
	130	SGS SA	371,238
	154	Teleperformance	51,212
	1,175	Thomson Reuters Corp.	93,135
	657	TransUnion	59,846
	777	Verisk Analytics, Inc.	154,087
	1,605	Wolters Kluwer NV	134,591

			2,661,214

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Management & Development – 0.1%
	4,949	Aroundtown SA*	$ 34,252
	390	Azrieli Group Ltd.	23,871
	9,284	CapitaLand Ltd.	21,493
	5,031	CBRE Group, Inc. Class A*	307,595
	11,922	CK Asset Holdings Ltd.	65,146
	972	Daito Trust Construction Co. Ltd.	95,048
	1,604	Deutsche Wohnen SE	80,447
	5,998	ESR Cayman, Ltd.*^(a)	18,060
	285	FirstService Corp.	38,869
	7,287	Hang Lung Properties Ltd.	18,017
	6,848	Henderson Land Development Co. Ltd.	28,792
	378	LEG Immobilien AG	53,763
	1,430	Sun Hung Kai Properties Ltd.	19,008
	10,882	Swire Pacific Ltd. Class A	62,356
	474	Swiss Prime Site AG	42,706
	1,665	Vonovia SE	113,852

			1,023,275

	Road & Rail – 0.1%
	74	AMERCO	30,653
	8,352	Aurizon Holdings Ltd.	26,018
	1,272	Canadian National Railway Co.	133,204
	318	Canadian Pacific Railway Ltd.	102,736
	195	Central Japan Railway Co.	24,783
	1,306	CSX Corp.	117,605
	492	East Japan Railway Co.	30,429
	679	Hankyu Hanshin Holdings, Inc.	22,120
	374	J.B. Hunt Transport Services, Inc.	50,595
	386	Kansas City Southern	71,862
	262	Keio Corp.	18,581
	433	Kintetsu Group Holdings Co. Ltd.	19,178
	3,624	Knight-Swift Transportation Holdings, Inc.	149,635
	968	Kyushu Railway Co.	20,355
	3,927	MTR Corp. Ltd.	21,259
	1,110	Nagoya Railroad Co. Ltd.	30,532
	333	Norfolk Southern Corp.	78,928
	939	Odakyu Electric Railway Co. Ltd.	28,425
	413	Old Dominion Freight Line, Inc.	83,988
	673	Tobu Railway Co. Ltd.	20,162
	1,830	Tokyu Corp.	22,163
	375	Uber Technologies, Inc.*	18,622
	1,090	Union Pacific Corp.	222,447

			1,344,280

	Semiconductors & Semiconductor Equipment – 0.5%
	6,306	Advanced Micro Devices, Inc.*	584,314
	1,298	Advantest Corp.	90,253
	621	Analog Devices, Inc.	86,369
	3,847	Applied Materials, Inc.	317,301
	724	ASML Holding NV	314,566
	1,059	Broadcom, Inc.	425,273
	82	Disco Corp.	26,104
	499	Enphase Energy, Inc.*	68,148



Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	1,722	Infineon Technologies AG	$ 60,754
	15,820	Intel Corp.	764,897
	518	KLA Corp.	130,521
	447	Lam Research Corp.	202,339
	506	Lasertec Corp.	53,197
	2,294	Marvell Technology Group Ltd.	106,189
	1,776	Maxim Integrated Products, Inc.	147,479
	1,086	Microchip Technology, Inc.	145,948
	5,723	Micron Technology, Inc.*	366,787
	243	Monolithic Power Systems, Inc.	77,750
	1,427	NVIDIA Corp.	764,958
	1,715	NXP Semiconductors NV	271,690
	7,534	ON Semiconductor Corp.*	216,603
	1,898	Qorvo, Inc.*	297,379
	3,479	QUALCOMM, Inc.	512,004
	7,939	Renesas Electronics Corp.*	70,352
	761	Skyworks Solutions, Inc.	107,430
	235	SolarEdge Technologies, Inc.*	65,325
	1,881	STMicroelectronics NV	74,101
	2,813	Teradyne, Inc.	310,386
	3,472	Texas Instruments, Inc.	559,860
	239	Tokyo Electron Ltd.	81,225
	1,026	Xilinx, Inc.	149,334

			7,448,836

	Software – 0.9%
	1,518	Adobe, Inc.*	726,317
	304	ANSYS, Inc.*	102,770
	1,330	Autodesk, Inc.*	372,706
	539	Avalara, Inc.*	92,573
	588	AVEVA Group PLC	26,457
	4,191	Cadence Design Systems, Inc.*	487,413
	607	Ceridian HCM Holding, Inc.*	58,527
	504	Check Point Software Technologies Ltd.*	59,311
	2,715	Citrix Systems, Inc.	336,443
	910	Cloudflare, Inc. Class A*	68,323
	316	Constellation Software, Inc.	391,327
	206	Coupa Software, Inc.*	67,755
	536	Crowdstrike Holdings, Inc. Class A*	82,158
	346	Dassault Systemes SE	63,902
	730	Datadog, Inc.*	72,212
	628	DocuSign, Inc.*	143,109
	8,008	Dropbox, Inc. Class A*	159,920
	1,333	Dynatrace, Inc.*	50,681
	426	Fair Isaac Corp.*	201,404
	1,758	Fortinet, Inc.*	216,638
	609	Guidewire Software, Inc.*	74,590
	205	HubSpot, Inc.*	80,838
	1,556	Intuit, Inc.	547,743
	23,044	Microsoft Corp.	4,933,029
	1,724	Nemetschek SE	136,140
	492	Nice Ltd.*	119,663
	13,370	NortonlifeLock, Inc.	243,735
	797	Open Text Corp.	35,183
	7,205	Oracle Corp. (Software)	427,626
	465	Palo Alto Networks, Inc.*	136,673
	253	Paycom Software, Inc.*	105,521
	710	PTC, Inc.*	76,573
	947	RingCentral, Inc. Class A*	281,306
	2,430	salesforce.com, Inc.*	597,294

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Software – (continued)
	2,681	SAP SE	$ 323,640
	847	ServiceNow, Inc.*	452,764
	887	Slack Technologies, Inc. Class A*	38,035
	496	Splunk, Inc.*	101,273
	4,599	SS&C Technologies Holdings, Inc.	316,825
	1,020	Synopsys, Inc.*	232,050
	818	TeamViewer AG*^(a)	38,997
	170	Temenos AG	21,443
	19,516	The Sage Group PLC	156,507
	126	The Trade Desk, Inc. Class A*	113,535
	342	Tyler Technologies, Inc.*	146,239
	1,189	VMware, Inc. Class A*	166,329
	502	Workday, Inc. Class A*	112,845
	387	Xero Ltd.*	37,624
	533	Zendesk, Inc.*	71,156
	339	Zoom Video Communications, Inc. Class A*	162,164
	435	Zscaler, Inc.*	67,751

			14,135,037

	Specialty Retail – 0.3%
	359	ABC-Mart, Inc.	18,690
	857	Advance Auto Parts, Inc.	126,579
	291	AutoZone, Inc.*	331,056
	4,909	Best Buy Co., Inc.	534,099
	868	Burlington Stores, Inc.*	189,693
	548	CarMax, Inc.*	51,227
	160	Carvana Co.*	40,034
	240	Fast Retailing Co. Ltd.	196,646
	11,989	Hennes & Mauritz AB Class B*	255,315
	8,855	Industria de Diseno Textil SA	293,936
	17,173	JD Sports Fashion PLC	176,221
	18,754	Kingfisher PLC*	68,108
	3,303	Lowe’s Cos., Inc.	514,674
	1,181	Nitori Holdings Co. Ltd.	251,100
	618	O’Reilly Automotive, Inc.*	273,428
	1,243	Ross Stores, Inc.	133,647
	364	Shimamura Co. Ltd.	37,505
	3,684	The Home Depot, Inc.	1,021,979
	5,240	The TJX Cos., Inc.	332,792
	743	Tiffany & Co.	97,690
	1,851	Tractor Supply Co.	260,639
	855	Ulta Beauty, Inc.*	235,467
	888	USS Co. Ltd.	18,518
	17,757	Yamada Holdings Co. Ltd.	84,229

			5,543,272

	Technology Hardware, Storage & Peripherals – 0.5%
	57,032	Apple, Inc.	6,789,660
	3,222	Brother Industries Ltd.	61,544
	1,951	Canon, Inc.	34,561
	2,315	Dell Technologies, Inc. Class C*	159,804
	3,575	FUJIFILM Holdings Corp.	192,324
	2,305	Hewlett Packard Enterprise Co.	25,447
	6,832	HP, Inc.	149,826
	1,056	Logitech International SA	94,116
	2,773	NetApp, Inc.	147,829
	3,283	Seagate Technology PLC	193,073
	2,067	Seiko Epson Corp.	30,801
	815	Western Digital Corp.	36,577

			7,915,562



Shares		Description	Value

	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 0.3%
	1,087	adidas AG*	$ 346,909
	9,718	Burberry Group PLC	222,685
	363	Cie Financiere Richemont SA	30,320
	626	EssilorLuxottica SA*	90,493
	397	Hermes International	386,264
	231	Kering SA	166,775
	1,485	Lululemon Athletica, Inc.*	549,777
	885	LVMH Moet Hennessy Louis Vuitton SE	508,340
	4,924	Moncler SpA*	242,819
	5,352	NIKE, Inc. Class B	720,914
	2,701	Pandora A/S	270,815
	2,198	Puma SE*	217,806
	947	The Swatch Group AG (Textiles, Apparel & Luxury Goods)	73,664
	2,803	VF Corp.	233,770

			4,061,351

	Tobacco – 0.1%
	2,225	Altria Group, Inc.	88,622
	7,972	British American Tobacco PLC	280,632
	8,138	Imperial Brands PLC	146,909
	2,193	Japan Tobacco, Inc.	44,391
	5,759	Philip Morris International, Inc.	436,244
	2,528	Swedish Match AB	204,520

			1,201,318

	Trading Companies & Distributors – 0.2%
	758	Ashtead Group PLC	31,994
	2,195	Brenntag AG	168,089
	1,401	Bunzl PLC	43,636
	7,757	Fastenal Co.	383,584
	2,572	Ferguson PLC	287,907
	6,031	HD Supply Holdings, Inc.*	336,409
	4,427	ITOCHU Corp.	116,825
	24,929	Marubeni Corp.	144,832
	2,883	Mitsubishi Corp.	66,981
	1,782	Mitsui & Co. Ltd.	30,278
	4,984	MonotaRO Co. Ltd.	303,161
	3,884	Sumitomo Corp.	47,514
	865	Toromont Industries Ltd.	59,172
	3,740	Toyota Tsusho Corp.	128,896
	775	United Rentals, Inc.*	175,910
	805	W.W. Grainger, Inc.	336,732

			2,661,920

	Transportation Infrastructure – 0.0%
	3,378	Atlantia SpA*	61,872
	1,352	Getlink SE*	22,406
	7,995	Transurban Group	82,498

			166,776

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Water Utilities – 0.0%
	887	American Water Works Co., Inc.	$ 136,048
	585	Essential Utilities, Inc.	26,489
	2,038	Severn Trent PLC	64,407
	3,555	United Utilities Group PLC	42,344

			269,288

	Wireless Telecommunication Services – 0.0%
	6,240	KDDI Corp.	177,568
	635	Rogers Communications, Inc. Class B	29,953
	4,105	SoftBank Corp.	50,577
	1,854	SoftBank Group Corp.	127,771
	1,401	T-Mobile US, Inc.*	186,249
	2,727	Tele2 AB Class B	35,232
	59,757	Vodafone Group PLC	97,502

			704,852

	TOTAL COMMON STOCKS (Cost $134,854,545)		$189,889,487



Shares	Dividend Rate			Value

Preferred Stocks – 0.0%
Automobiles – 0.0%
Volkswagen AG
EUR 211		3.240	%	$ 35,418

Chemicals – 0.0%
FUCHS PETROLUB SE
3,146		2.050		178,817

Health Care Equipment & Supplies – 0.0%
Sartorius AG
310		0.100		141,347

TOTAL PREFERRED STOCKS (Cost $252,183)				$ 355,582



Shares	Description	Expiration Date	Value

*Rights – 0.0%**
Equity Real Estate Investment Trusts (REITs) – 0.0%
Ascendas Real Estate Investment Trust
849		12/01/20	$ 1
AVEVA Group PLC
457		12/09/20	6,828

			6,829

Machinery – 0.0%
KION Group AG
866		12/03/20	308

TOTAL RIGHTS (Cost $6,501)			$ 7,137



*Warrant – 0.0%**
Textiles, Apparel & Luxury Goods – 0.0%
Cie Financiere Richemont SA
726		11/29/23	$144
(Cost $0)



Shares		Description	Value

	Exchange Traded Funds – 76.9%
	574,773	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(b)	$ 20,582,621
	4,814,100	Goldman Sachs MarketBeta International Equity ETF^(b)	241,234,551
	5,162,182	Goldman Sachs MarketBeta U.S. Equity ETF^(b)	260,339,162
	3,390,227	iShares Core MSCI Emerging Markets ETF	198,735,107
	2,389,853	iShares MSCI EAFE ETF	167,648,188
	1,064,903	iShares MSCI EAFE Small-Cap ETF	68,494,561
	915,678	Vanguard S&P 500 ETF	304,591,130

	TOTAL EXCHANGE TRADED FUNDS (Cost $1,018,479,260)		$ 1,261,625,320


Shares		Dividend Rate	Value

	Investment Company^(b) – 7.2%
	Goldman Sachs Financial Square Government Fund—Institutional Shares
	118,594,166	0.016 %	$ 118,594,166
	(Cost $118,594,166)

	TOTAL INVESTMENTS — 95.7% (Cost $1,272,186,655)		$1,570,471,836

	OTHER ASSETS IN EXCESS OF LIABILITIES — 4.3%		70,644,940

	NET ASSETS — 100.0%		$1,641,116,776


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)		Represents an affiliated fund.



Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
ILS		— Israeli Shekel
JPY		— Japanese Yen
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
SEK		— Swedish Krona
SGD		— Singapore Dollar
USD		— U.S. Dollar

Investment Abbreviations:
ADR		— American Depositary Receipt
BP		— British Pound Offered Rate
ETF		— Exchange Traded Fund
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.

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain

MS & Co. Int. PLC	CAD	23,500,000	USD	17,877,984		12/16/20	$	219,220
ILS		40,000	USD	11,721		12/16/20		372
USD		1,383,229	NOK	12,200,000		12/16/20		11,674

TOTAL							$	231,266

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

MS & Co. Int. PLC	USD	19,852,071	AUD	27,240,000		12/16/20	$	(147,265	)
USD		30,567,489	CHF	27,830,000		12/16/20		(77,918	)
USD		7,479,874	DKK	47,000,000		12/16/20		(55,651	)
USD		94,442,319	EUR	79,710,000		12/16/20		(691,725	)
USD		39,746,895	GBP	30,000,000		12/16/20		(258,331	)
USD		8,863,615	HKD	68,730,000		12/16/20		(3,852	)
USD		867,542	ILS	2,920,000		12/16/20		(15,255	)
USD		76,063,401	JPY	8,055,000,000		12/16/20		(1,120,149	)
USD		337,137	NOK	3,100,000		12/16/20		(11,373	)
USD		908,757	NZD	1,350,000		12/16/20		(37,897	)
USD		9,982,098	SEK	87,225,000		12/16/20		(191,717	)
USD		3,029,166	SGD	4,130,000		12/16/20		(50,285	)

TOTAL							$	(2,661,418	)



FUTURES CONTRACTS – At November 30, 2020, the Fund had the following futures contracts:
Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)

Long position contracts:
E-mini Russell 2000 Index	1,108	12/18/20	$	100,833,540	$	16,597,963
S&P Toronto Stock Exchange 60 Index	304	12/17/20		47,846,000		2,812,430
S&P 500 E-Mini Index	459	12/18/20		83,152,440		4,872,407

TOTAL FUTURES CONTRACTS					$	24,282,800

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2020, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES


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

Purchased option contracts
Calls
Eurodollar Futures		$98.25		03/15/2021		1,219		$3,047,500	$	4,693,150	$	1,362,691	$	3,330,459
Eurodollar Futures		98.25		06/14/2021		1,066		2,665,000		4,117,425		1,202,273		2,915,152
Eurodollar Futures		98.25		09/13/2021		1,041		2,602,500		4,007,850		1,225,865		2,781,985

TOTAL						3,326		$8,315,000	$	12,818,425	$	3,790,829	$	9,027,596

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS


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

Written option contracts
Calls
Euro Stoxx 50 Index		$3,125.00		12/18/2020		(18)	$	(180)	$	(83,094)	$	(10,747)	$	(72,347)
Euro Stoxx 50 Index		3,325.00		12/18/2020		(34)		(340)		(80,668)		(20,026)		(60,642)
Euro Stoxx 50 Index		3,350.00		12/18/2020		(29)		(290)		(61,160)		(19,801)		(41,359)
Euro Stoxx 50 Index		3,375.00		12/18/2020		(11)		(110)		(20,377)		(6,557)		(13,820)
Euro Stoxx 50 Index		3,425.00		12/18/2020		(17)		(170)		(23,320)		(8,949)		(14,371)
Euro Stoxx 50 Index		3,550.00		12/18/2020		(3)		(30)		(1,331)		(1,168)		(163)
Euro Stoxx 50 Index		3,150.00		01/15/2021		(11)		(110)		(49,035)		(7,686)		(41,349)
Euro Stoxx 50 Index		3,350.00		01/15/2021		(20)		(200)		(47,666)		(12,516)		(35,150)
Euro Stoxx 50 Index		3,575.00		01/15/2021		(22)		(220)		(14,092)		(11,629)		(2,463)
Euro Stoxx 50 Index		3,600.00		01/15/2021		(22)		(220)		(11,416)		(9,054)		(2,362)
Euro Stoxx 50 Index		3,625.00		01/15/2021		(17)		(170)		(7,077)		(7,469)		392
Euro Stoxx 50 Index		3,625.00		02/19/2021		(3)		(30)		(2,108)		(1,696)		(412)
Euro Stoxx 50 Index		3,675.00		02/19/2021		(8)		(80)		(3,989)		(4,108)		119
FTSE 100 Index		5,800.00		12/18/2020		(4)		(40)		(27,516)		(5,387)		(22,129)
FTSE 100 Index		6,000.00		12/18/2020		(5)		(50)		(22,197)		(7,781)		(14,416)
FTSE 100 Index		6,050.00		12/18/2020		(5)		(50)		(19,331)		(7,793)		(11,538)
FTSE 100 Index		6,075.00		12/18/2020		(2)		(20)		(7,172)		(2,109)		(5,063)
FTSE 100 Index		6,100.00		12/18/2020		(1)		(10)		(3,313)		(1,644)		(1,669)
FTSE 100 Index		6,150.00		12/18/2020		(2)		(20)		(5,573)		(2,884)		(2,689)
FTSE 100 Index		6,200.00		12/18/2020		(4)		(40)		(9,199)		(5,570)		(3,629)
FTSE 100 Index		6,525.00		12/18/2020		(1)		(10)		(340)		(686)		346
FTSE 100 Index		5,850.00		01/15/2021		(2)		(20)		(13,438)		(3,115)		(10,323)
FTSE 100 Index		6,025.00		01/15/2021		(1)		(10)		(4,760)		(1,905)		(2,855)
FTSE 100 Index		6,125.00		01/15/2021		(3)		(30)		(11,198)		(3,978)		(7,220)

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS – (continued)


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

FTSE 100 Index	$6,550.00	01/15/2021	(4)	$	(40)	$	(2,986)	$	(3,874)	$	888
FTSE 100 Index	6,575.00	01/15/2021	(8)		(80)		(5,226)		(6,878)		1,652
FTSE 100 Index	6,625.00	02/19/2021	(2)		(20)		(1,906)		(2,185)		279
Nikkei 225 Index	24,375.00	12/11/2020	(1)		(1,000)		(20,307)		(1,670)		(18,637)
Nikkei 225 Index	24,625.00	12/11/2020	(10)		(10,000)		(180,077)		(20,975)		(159,102)
Nikkei 225 Index	24,750.00	12/11/2020	(3)		(3,000)		(50,574)		(7,053)		(43,521)
Nikkei 225 Index	24,500.00	01/08/2021	(3)		(3,000)		(61,207)		(7,442)		(53,765)
Nikkei 225 Index	24,750.00	01/08/2021	(3)		(3,000)		(54,886)		(14,520)		(40,366)
Nikkei 225 Index	24,875.00	01/08/2021	(2)		(2,000)		(34,482)		(4,517)		(29,965)
Nikkei 225 Index	26,500.00	01/08/2021	(3)		(3,000)		(18,247)		(7,593)		(10,654)
Nikkei 225 Index	26,875.00	01/08/2021	(2)		(2,000)		(8,812)		(3,727)		(5,085)
Nikkei 225 Index	27,250.00	02/12/2021	(1)		(1,000)		(5,364)		(2,582)		(2,782)
S&P 500 Index	3,500.00	12/02/2020	(17)		(1,700)		(222,785)		(105,014)		(117,771)
S&P 500 Index	3,660.00	12/09/2020	(16)		(1,600)		(34,080)		(53,060)		18,980
S&P 500 Index	3,710.00	12/16/2020	(16)		(1,600)		(26,720)		(44,550)		17,830
S&P 500 Index	3,725.00	12/23/2020	(16)		(1,600)		(32,160)		(42,053)		9,893
S&P 500 Index	3,555.00	12/31/2020	(5)		(500)		(60,175)		(34,285)		(25,890)
S&P 500 Index	3,590.00	12/31/2020	(4)		(400)		(38,280)		(13,324)		(24,956)
S&P 500 Index	3,600.00	12/31/2020	(1)		(100)		(8,890)		(6,630)		(2,260)
S&P 500 Index	3,645.00	12/31/2020	(3)		(300)		(18,330)		(14,411)		(3,919)
S&P 500 Index	3,695.00	12/31/2020	(3)		(300)		(11,100)		(12,021)		921
S&P 500 Index	3,715.00	12/31/2020	(2)		(200)		(5,900)		(9,530)		3,630
S&P 500 Index	3,735.00	12/31/2020	(12)		(1,200)		(27,780)		(24,748)		(3,032)
S&P 500 Index	3,740.00	12/31/2020	(15)		(1,500)		(32,700)		(31,520)		(1,180)
S&P 500 Index	3,745.00	12/31/2020	(12)		(1,200)		(24,600)		(22,057)		(2,543)
S&P 500 Index	3,750.00	12/31/2020	(14)		(1,400)		(26,810)		(24,983)		(1,827)
S&P 500 Index	3,755.00	12/31/2020	(12)		(1,200)		(21,600)		(19,491)		(2,109)
S&P 500 Index	3,745.00	01/29/2021	(2)		(200)		(10,140)		(10,000)		(140)
S&P 500 Index	3,790.00	01/29/2021	(3)		(300)		(10,695)		(12,940)		2,245
S&P 500 Index	3,800.00	01/29/2021	(4)		(400)		(13,140)		(14,917)		1,777

			(444)	$	(46,290)	$	(1,599,329)	$	(742,808)	$	(856,521)

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS – (continued)


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

Puts
Euro Stoxx 50 Index		$2,750.00	12/18/2020	(18)	$	(180)	$	(387)	$	(13,798)	$	13,411
Euro Stoxx 50 Index		2,950.00	12/18/2020	(4)		(40)		(172)		(4,725)		4,553
Euro Stoxx 50 Index		3,000.00	12/18/2020	(33)		(330)		(1,693)		(28,164)		26,471
Euro Stoxx 50 Index		3,025.00	12/18/2020	(25)		(250)		(1,401)		(17,027)		15,626
Euro Stoxx 50 Index		3,075.00	12/18/2020	(29)		(290)		(1,937)		(21,056)		19,119
Euro Stoxx 50 Index		3,325.00	12/18/2020	(3)		(30)		(672)		(1,584)		912
Euro Stoxx 50 Index		2,725.00	01/15/2021	(11)		(110)		(722)		(10,570)		9,848
Euro Stoxx 50 Index		2,975.00	01/15/2021	(5)		(50)		(710)		(4,556)		3,846
Euro Stoxx 50 Index		3,025.00	01/15/2021	(15)		(150)		(2,522)		(11,934)		9,412
Euro Stoxx 50 Index		3,275.00	01/15/2021	(22)		(220)		(9,369)		(15,511)		6,142
Euro Stoxx 50 Index		3,325.00	01/15/2021	(22)		(220)		(11,468)		(15,060)		3,592
Euro Stoxx 50 Index		3,400.00	01/15/2021	(17)		(170)		(12,066)		(9,811)		(2,255)
Euro Stoxx 50 Index		3,300.00	02/19/2021	(3)		(30)		(2,362)		(2,835)		473
Euro Stoxx 50 Index		3,375.00	02/19/2021	(8)		(80)		(7,958)		(6,809)		(1,149)
FTSE 100 Index		5,175.00	12/18/2020	(4)		(40)		(373)		(5,467)		5,094
FTSE 100 Index		5,375.00	12/18/2020	(1)		(10)		(133)		(1,855)		1,722
FTSE 100 Index		5,425.00	12/18/2020	(5)		(50)		(700)		(5,688)		4,988
FTSE 100 Index		5,475.00	12/18/2020	(7)		(70)		(1,073)		(9,095)		8,022
FTSE 100 Index		5,625.00	12/18/2020	(6)		(60)		(1,240)		(7,259)		6,019
FTSE 100 Index		6,125.00	12/18/2020	(1)		(10)		(813)		(1,036)		223
FTSE 100 Index		5,125.00	01/15/2021	(2)		(20)		(400)		(3,449)		3,049
FTSE 100 Index		5,375.00	01/15/2021	(1)		(10)		(313)		(1,422)		1,109
FTSE 100 Index		5,575.00	01/15/2021	(3)		(30)		(1,380)		(4,132)		2,752
FTSE 100 Index		6,050.00	01/15/2021	(4)		(40)		(4,959)		(5,577)		618
FTSE 100 Index		6,100.00	01/15/2021	(4)		(40)		(5,573)		(5,390)		(183)
FTSE 100 Index		6,150.00	01/15/2021	(4)		(40)		(6,265)		(4,666)		(1,599)
FTSE 100 Index		6,025.00	02/19/2021	(1)		(10)		(1,820)		(1,780)		(40)

GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS – (continued)


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

FTSE 100 Index	$	6,075.00		02/19/2021	(2)	$	(20)	$	(4,000)	$	(3,179)	$	(821)
Nikkei 225 Index		22,250.00		12/11/2020	(1)		(1,000)		(95)		(6,731)		6,636
Nikkei 225 Index		22,375.00		12/11/2020	(3)		(3,000)		(288)		(17,939)		17,651
Nikkei 225 Index		22,625.00		12/11/2020	(4)		(4,000)		(459)		(16,545)		16,086
Nikkei 225 Index		22,875.00		12/11/2020	(5)		(5,000)		(623)		(19,984)		19,361
Nikkei 225 Index		22,500.00		01/08/2021	(3)		(3,000)		(1,667)		(19,608)		17,941
Nikkei 225 Index		22,750.00		01/08/2021	(6)		(6,000)		(3,678)		(19,856)		16,178
Nikkei 225 Index		24,625.00		01/08/2021	(3)		(3,000)		(5,460)		(12,758)		7,298
Nikkei 225 Index		25,000.00		01/08/2021	(2)		(2,000)		(4,502)		(8,035)		3,533
Nikkei 225 Index		24,750.00		02/12/2021	(1)		(1,000)		(3,736)		(5,406)		1,670
S&P 500 Index		3,230.00		12/02/2020	(17)		(1,700)		(255)		(55,299)		55,044
S&P 500 Index		3,450.00		12/09/2020	(16)		(1,600)		(7,840)		(61,218)		53,378
S&P 500 Index		3,525.00		12/16/2020	(16)		(1,600)		(37,040)		(69,813)		32,773
S&P 500 Index		3,550.00		12/23/2020	(16)		(1,600)		(61,040)		(76,836)		15,796
S&P 500 Index		3,175.00		12/31/2020	(1)		(100)		(730)		(10,060)		9,330
S&P 500 Index		3,195.00		12/31/2020	(5)		(500)		(4,000)		(29,386)		25,386
S&P 500 Index		3,215.00		12/31/2020	(4)		(400)		(3,520)		(61,772)		58,252
S&P 500 Index		3,275.00		12/31/2020	(3)		(300)		(3,495)		(31,261)		27,766
S&P 500 Index		3,355.00		12/31/2020	(2)		(200)		(3,450)		(19,130)		15,680
S&P 500 Index		3,425.00		12/31/2020	(3)		(300)		(7,320)		(18,926)		11,606
S&P 500 Index		3,505.00		12/31/2020	(2)		(200)		(7,310)		(11,199)		3,889
S&P 500 Index		3,540.00		12/31/2020	(12)		(1,200)		(52,560)		(67,533)		14,973
S&P 500 Index		3,545.00		12/31/2020	(14)		(1,400)		(63,071)		(80,935)		17,864
S&P 500 Index		3,550.00		12/31/2020	(12)		(1,200)		(55,440)		(70,385)		14,945
S&P 500 Index		3,555.00		12/31/2020	(12)		(1,200)		(56,880)		(71,963)		15,083
S&P 500 Index		3,560.00		12/31/2020	(12)		(1,200)		(58,440)		(74,760)		16,320
S&P 500 Index		3,395.00		01/29/2021	(2)		(200)		(10,010)		(17,480)		7,470
S&P 500 Index		3,470.00		01/29/2021	(3)		(300)		(19,215)		(24,431)		5,216
S&P 500 Index		3,505.00		01/29/2021	(4)		(400)		(28,780)		(32,317)		3,537

					(444)	$	(46,200)	$	(583,385)	$	(1,235,001)	$	651,616

TOTAL					(888)	$	(92,490)	$	(2,182,714)	$	(1,977,809)	$	(204,905)

Abbreviations:

MS & Co. Int. PLC — Morgan Stanley & Co. International PLC

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments

November 30, 2020 (Unaudited)


Shares	Dividend Rate	Value

Investment Company^(a)– 79.9%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,342,420,970	0.016%	$1,342,420,970
(Cost $1,342,420,970)

TOTAL INVESTMENTS – 79.9% (Cost $1,342,420,970)		$1,342,420,970

OTHER ASSETS IN EXCESS OF LIABILITIES – 20.1%		337,516,821

NET ASSETS – 100.0%		$1,679,937,791



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 fund.



Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
EUR		— Euro
JPY		— Japanese Yen
NZD		— New Zealand Dollar
USD		— U.S. Dollar

Investment Abbreviations:
PLC		— Public Limited Company


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 STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


		Currency			Currency		Settlement		Unrealized
Counterparty		Purchased			Sold		Date		Gain

MS & Co. Int. PLC	AUD		51,800,000	USD		37,891,337		12/23/20	$	143,330
	CAD		48,500,000	USD		37,120,690		12/23/20		231,926
	USD		37,355,565	CAD		48,500,000		12/23/20		2,950
	USD		50,992,453	CHF		46,160,000		12/23/20		143,956
	USD		45,762,982	JPY		4,750,490,000		12/23/20		233,158

TOTAL									$	755,320

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Currency			Currency		Settlement		Unrealized
Counterparty		Purchased			Sold		Date		Loss

MS & Co. Int. PLC	AUD		22,860,000	USD		16,818,296		12/23/20		(33,113	)
	EUR		36,070,000	USD		43,114,471		12/23/20		(51,899	)
	JPY		7,621,920,000	USD		73,079,626		12/23/20		(29,335	)
	NZD		22,780,000	USD		15,999,624		12/23/20		(25,431	)
	USD		45,669,772	CHF		41,590,000		12/23/20		(144,547	)
	USD		15,389,796	EUR		12,970,000		12/23/20		(94,583	)
	USD		47,791,450	NZD		68,770,000		12/23/20		(432,663	)

TOTAL									$	(811,571	)


FUTURES CONTRACTS — At November 30, 2020, the Portfolio had the following futures contracts:


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

Long position contracts:
S&P 500 E-Mini Index	5,533		12/18/20	$	1,002,358,280		$	59,522,886
Ultra Long U.S. Treasury Bonds	1,479		03/22/21		319,510,219			1,816,387

Total							$	61,339,273

Short position contracts:
20 Year U.S. Treasury Bonds	(222)		03/22/21		(38,829,188	)		(194,826	)

TOTAL FUTURES CONTRACTS							$	61,144,447

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2020, the Portfolio had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES


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

Written option contracts
Puts
U.S. Treasury Bonds	$	170.00		12/24/2020		(578	)	$	(578,000	)	$	(72,250	)	$	(658,177	)	$	585,927
U.S. Treasury Bonds		170.00		01/22/2021		(610	)		(610,000	)		(381,249	)		(361,022	)		(20,227	)
U.S. Treasury Bonds		171.00		12/24/2020		(591	)		(591,000	)		(156,985	)		(202,028	)		45,043

TOTAL						(1,779	)	$	(1,779,000	)	$	(610,484	)	$	(1,221,227	)	$	610,743


EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
														Premiums Paid			Unrealized
	Exercise		Expiration Number of					Notional			Market			(Received)			Appreciation/
Description	Price		Date		Contracts			Amount			Value			by Portfolio			(Depreciation)

Purchased option contracts
Puts
S&P 500 Index		3,260.00		12/02/2020		679		$	67,900		$	8,487		$	51,604		$	(43,117	)
S&P 500 Index		2,200.00		12/04/2020		630			63,000			1,575			221,850			(220,275	)
S&P 500 Index		2,350.00		12/04/2020		861			86,100			2,152			157,094			(154,942	)
S&P 500 Index		2,350.00		12/11/2020		1,493			149,300			22,395			180,369			(157,974	)
S&P 500 Index		2,500.00		12/11/2020		411			41,100			9,247			59,958			(50,711	)
S&P 500 Index		2,320.00		12/18/2020		399			39,900			13,965			32,219			(18,254	)
S&P 500 Index		2,340.00		12/18/2020		406			40,600			15,225			37,849			(22,624	)
S&P 500 Index		2,350.00		12/18/2020		393			39,300			14,738			33,004			(18,266	)
S&P 500 Index		2,380.00		12/18/2020		403			40,300			16,120			39,471			(23,351	)
S&P 500 Index		2,415.00		12/18/2020		410			41,000			18,451			53,608			(35,157	)
S&P 500 Index		2,350.00		12/24/2020		660			66,000			36,300			70,016			(33,716	)
S&P 500 Index		2,400.00		12/24/2020		726			72,600			45,375			64,656			(19,281	)
S&P 500 Index		2,350.00		12/31/2020		427			42,700			29,890			32,345			(2,455	)
S&P 500 Index		2,375.00		12/31/2020		389			38,900			29,175			37,247			(8,072	)

Total purchased option contracts						8,287		$	828,700		$	263,095		$	1,071,290		$	(808,195	)

Written option contracts
Puts
S&P 500 Index		3,305.00		12/02/2020		(1,646	)	$	(164,600	)	$	(32,920	)	$	(146,494	)	$	113,574
S&P 500 Index		3,335.00		12/04/2020		(1,614	)		(161,400	)		(84,735	)		(198,522	)		113,787
S&P 500 Index		3,355.00		12/04/2020		(1,708	)		(170,800	)		(102,480	)		(134,932	)		32,452
S&P 500 Index		3,360.00		12/02/2020		(1,632	)		(163,200	)		(36,720	)		(145,917	)		109,197

Total written option contracts						(6,600	)	$	(660,000	)	$	(256,855	)	$	(625,865	)	$	369,010

TOTAL						1,687		$	168,700		$	6,240		$	445,425		$	(439,185	)



Abbreviations:
MS & Co. Int. PLC-Morgan Stanley & Co. International PLC

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

November 30, 2020 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations^(a) – 0.7%
Banks – 0.7%
Morgan Stanley Bank NA
(FEDL01 + 0.550%)
$	11,237,000		0.630	%	02/19/21	$ 11,247,378
(SOFR + 0.300%)
	10,000,000		0.380		08/25/21	10,003,637

TOTAL CORPORATE OBLIGATIONS (Cost $21,251,159)						$ 21,251,015



Shares		Description	Value

	Exchange Traded Funds – 4.9%
	2,055,666	Alerian MLP ETF^(b)	51,371,093
	2,871,435	Energy Select Sector SPDR Fund	105,553,951

	TOTAL EXCHANGE TRADED FUNDS (Cost $148,775,143)		$ 156,925,044



Shares			Dividend Rate	Value

	Investment Companies^(c) – 37.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
		1,061,603,434	0.016%	$1,061,603,434
	Goldman Sachs MLP & Energy Fund-Class R6
		10,786,122	29.417	77,444,355
	Goldman Sachs MLP Energy Infrastructure Fund - Class R6
		3,084,179	23.794	55,083,434

	TOTAL INVESTMENT COMPANIES (Cost $1,181,034,793)			$1,194,131,223

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $1,351,061,095)			$1,372,307,282


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – 53.0%
Certificates of Deposit – 15.7%
Bank Amer Secs, Inc.^(d)
$	12,000,000		0.130	%	12/14/20	$ 12,000,140
	4,795,000		0.230		05/04/21	4,795,144
Bank of Montreal
	9,600,000		0.170		01/04/21	9,600,158
(3M USD LIBOR + 0.040%)
	5,000,000		0.274	^(a)	10/01/21	4,998,743
(3M USD LIBOR + 0.100%)
	5,000,000		0.320	^(a)	11/17/21	5,000,000
(FEDL01 + 0.210%)
	15,000,000		0.290	^(a)	02/08/21	15,002,749
Bank of Nova Scotia^(a) (3M USD LIBOR + 0.030%)
	18,500,000		0.251		08/13/21	18,499,999


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Certificates of Deposit – (continued)
Barclays Bank PLC^(a) (3M USD LIBOR + 0.450%)
$	15,000,000		0.666	%	08/03/21	$ 15,010,094
Bayerische Landesbank
	10,000,000		0.001		05/05/21	10,000,864
(3M USD LIBOR + 0.200%)
	12,554,000		0.416	^(a)	01/22/21	12,551,330
Canadian Imperial Bank of Commerce^(a)
(3M USD LIBOR + 0.050%)
	5,000,000		0.303	^(d)	08/06/21	5,000,344
(3M USD LIBOR + 0.160%)
	20,000,000		0.392		08/06/21	20,016,511
Cooperatieve Centrale
	15,000,000		0.190		02/24/21	15,001,181
Credit Agricole Corporate & Investment Bank^(a) (3M USD LIBOR + 0.210%)
	15,000,000		0.423		08/09/21	15,014,503
Credit Industriel et Commercial^(a)
(3M USD LIBOR + 0.040%)
	4,000,000		0.246		02/10/21	4,000,544
(3M USD LIBOR + 0.180%)
	4,500,000		0.413		06/18/21	4,504,203
Credit Suisse New York
	800,000		0.340		11/01/21	800,133
	8,000,000		0.340		11/19/21	8,000,546
	18,250,000		0.460		08/10/21	18,274,389
DG Bank NY
	3,000,000		0.210		02/25/21	2,999,956
DNB Bank ASA^(a)(d) (1M USD LIBOR + 0.100%)
	17,000,000		0.250		02/24/21	17,007,044
Landesbank Baden-Wuerttemberg
	6,600,000		0.170		12/01/20	6,600,001
Lloyds Bank Corporate Markets PLC^(a) (3M USD LIBOR + 0.130%)
	16,062,000		0.348		01/19/21	16,064,569
Lloyds Bank PLC^(a)(SOFR + 0.140%)
	8,000,000		0.240		03/08/21	7,998,696
Mitsubishi Trust & Banking Corp.
	7,000,000		0.440		01/26/21	7,003,021
Mizuho Bank Ltd.
	3,750,000		0.250		03/30/21	3,749,999
(1M USD LIBOR + 0.160%)
	21,250,000		0.300	^(a)	03/11/21	21,253,927
(1M USD LIBOR + 0.220%)
	4,850,000		0.348	^(a)	02/10/21	4,851,308
National Australia Bank Ltd.^(a)(d) (1M USD LIBOR + 0.100%)
	4,650,000		0.267		04/23/21	4,650,746
National Bank of Kuwait SAKP
	7,000,000		0.430		03/05/21	7,002,209

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Certificates of Deposit – (continued)
Nordea Bank ABP^(a)
(3M USD LIBOR + 0.100%)
$	7,850,000		0.342	%	06/09/21	$ 7,854,482
(3M USD LIBOR + 0.110%)
	23,000,000		0.358		12/07/20	23,000,504
Norinchukin Bank NY
	10,000,000		0.240		03/02/21	10,000,000
	13,600,000		0.250		02/26/21	13,600,493
	2,000,000		0.300		05/20/21	1,999,952
(SOFR + 0.140%)
	17,000,000		0.220	^(a)	01/20/21	17,000,480
Royal Bank of Canada^(a)
(3M USD LIBOR + 0.090%)
	10,000,000		0.311		12/10/21	9,999,998
(3M USD LIBOR + 0.120%)
	9,900,000		0.353		06/18/21	9,904,846
Standard Chartered Bank^(a) (1M USD LIBOR + 0.190%)
	13,600,000		0.317		02/08/21	13,604,698
Sumitomo Mitsui Banking Corp.
	7,000,000		0.270		05/04/21	7,000,510
(3M USD LIBOR + 0.355%)
	5,000,000		0.589	^(a)	04/06/21	5,005,464
Sumitomo Mitsui Trust Bank Ltd.
	16,000,000		0.260		05/10/21	16,000,212
Svenska Handelsbanken^(a) (3M USD LIBOR + 0.120%)
	14,300,000		0.353		06/18/21	14,309,334
Svenska Handelsbanken AB
	11,000,000		1.150		03/03/21	11,028,053
Toronto Dominion Bank^(a)(d) (3M USD LIBOR + 0.120%)
	10,250,000		0.428		06/17/21	10,256,656
UBS AG London^(a)(d)
(3M USD LIBOR + 0.120%)
	15,000,000		0.350		10/15/21	14,999,999
(3M USD LIBOR + 0.170%)
	15,000,000		0.445		07/14/21	15,011,135
Westpac Banking Corp.^(a) (3M USD LIBOR + 0.050%)
	3,000,000		0.266		08/03/21	3,000,000

						500,829,867

Commercial Paper^(e) – 37.3%
ABN AMRO Funding USA LLC^(d)
	3,700,000		0.000		01/11/21	3,699,042
	5,000,000		0.000		01/29/21	4,998,000
	12,097,000		0.000		05/21/21	12,073,014
	5,000,000		0.000		05/24/21	4,989,865


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
Agricultural Bank China^(d)
$	5,000,000		0.000	%	12/14/20	$ 4,999,650
	8,606,000		0.000		02/23/21	8,599,152
Albion Capital Corp.
	10,000,000		0.000	^(d)	01/27/21	9,996,955
	10,000,000		0.000		02/22/21	9,995,380
Antalis SA^(d)
	16,061,000		0.000		01/04/21	16,058,299
ASB Finance Ltd.
	14,050,000		0.000		12/02/20	14,049,913
Atlantic Asset Securitization LLC
	18,000,000		0.000		01/26/21	17,996,922
Banco Del Estado De Chile^(d)
	5,755,000		0.000		12/22/20	5,754,465
Bank of China Ltd.
	6,088,000		0.000		03/03/21	6,082,716
	8,000,000		0.000		05/12/21	7,978,882
	6,922,000		0.000		05/24/21	6,901,979
Banque Et Caisse Epargen
	12,500,000		0.000		04/05/21	12,492,475
Barton Capital SA^(d)
	5,000,000		0.000		01/11/21	4,998,962
	14,500,000		0.000		02/18/21	14,493,652
Basf Aktiengesellsch^(d)
	9,250,000		0.000		12/22/20	9,249,350
BNG Bank N.V.^(d)
	20,000,000		0.000		03/03/21	19,990,648
BNP Paribas SA^(d)
	15,000,000		0.000		07/08/21	14,979,925
BNZ International Funding Ltd.^(d)
	9,700,000		0.000		12/09/20	9,699,806
	2,250,000		0.000		01/06/21	2,249,711
	10,000,000		0.000		01/15/21	9,998,326
BPCE SA^(d)
	7,574,000		0.000		01/15/21	7,572,674
Cafco LLC^(d)
	10,000,000		0.000		01/04/21	9,998,610
	22,300,000		0.000		04/20/21	22,282,794

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
Can Ast & Can Ltd.. Jt^(d)
$	15,000,000		0.000	%	01/14/21	$ 14,996,625
Chariot Funding LLC^(d)
	12,013,000		0.000		01/19/21	12,009,947
Chevron Corp.^(d)
	16,250,000		0.000		05/11/21	16,238,007
China Construction Banking Corp.^(d)
	10,000,000		0.000		02/02/21	9,995,573
Collateralized Commercial Paper FLEX Co. LLC^(d)
	10,000,000		0.000		02/16/21	9,996,577
Collateralized Commercial Paper V Co. LLC
	10,000,000		0.000		02/08/21	9,997,083
	6,000,000		0.000		04/21/21	5,994,628
Columbia Funding Co.^(d)
	4,000,000		0.000		01/13/21	3,999,125
Credit Industriel ET Commercial^(d)
	6,200,000		0.000		07/01/21	6,179,274
Dexia Credit Local SA^(d)
	18,000,000		0.000		01/22/21	17,995,893
	9,700,000		0.000		06/08/21	9,690,273
Duke Energy Corp.^(d)
	5,050,000		0.000		01/04/21	5,049,003
Electricite De France SA^(d)
	9,750,000		0.000		12/28/20	9,748,589
European Investment Bank
	17,000,000		0.000		12/16/20	16,999,313
	8,000,000		0.000		04/09/21	7,995,176
Fairway Finance Corp.^(d)
	15,000,000		0.000		02/23/21	14,992,650
First Abu Dhabi Bank PJSC^(d)
	10,000,000		0.000		03/10/21	9,994,917
FMS Wertmanagement
	5,000,000		0.000		12/03/20	4,999,967
Gotham Funding Corp.^(d)
	20,000,000		0.000		02/02/21	19,992,782
Henkel Corp.^(d)
	7,000,000		0.000		04/27/21	6,994,273
	10,750,000		0.000		07/02/21	10,735,175


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
Honeywell International, Inc.^(d)
$	14,000,000		0.000	%	05/20/21	$ 13,987,564
	3,000,000		0.000		06/08/21	2,996,944
	3,150,000		0.000		10/18/21	3,143,069
HSBC Bank PLC^(d)
	6,045,000		0.000		08/03/21	6,033,516
Indu & Coml Bnk China Ny^(d)
	6,801,000		0.000		02/04/21	6,798,082
Intercontinental Exchange, Inc.^(d)
	6,450,000		0.000		12/16/20	6,449,078
Ionic Capital II Trust
	10,000,000		0.000		01/22/21	9,996,305
	8,843,000		0.000		02/12/21	8,838,110
	8,000,000		0.000		03/05/21	7,994,047
J.P. Morgan Securities
	10,000,000		0.000		12/09/20	9,999,750
	36,590,000		0.000		03/01/21	36,576,126
Landesbank Baden-Wuerttemberg
	7,000,000		0.000		01/04/21	6,998,687
	12,180,000		0.000		01/11/21	12,177,186
Landesbank Hessen-Thuringen
	5,000,000		0.000		12/01/20	4,999,986
	5,000,000		0.000	^(d)	01/06/21	4,999,270
	6,000,000		0.000	^(d)	02/04/21	5,998,218
	6,000,000		0.000	^(d)	02/19/21	5,997,408
Liberty Funding LLC^(d)
	7,350,000		0.000		03/01/21	7,345,531
Lma Sa Lma Americas^(d)
	17,000,000		0.000		02/08/21	16,993,389
LVMH Moet Hennessy Louis Vuitton, Inc.^(d)
	10,000,000		0.000		02/26/21	9,995,869
	19,500,000		0.000		07/01/21	19,474,733
Macquarie Bank Ltd.^(d)
	8,000,000		0.000		12/07/20	7,999,673
	7,000,000		0.000		03/01/21	6,995,753
	5,000,000		0.000		03/10/21	4,996,625

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
Manhattan Asset Funding
$	20,000,000		0.000	%	02/03/21	$ 19,992,958
Matchpoint Finance PLC^(d)
	10,483,000		0.000		04/26/21	10,473,198
Metlife Short Term Funding
	5,000,000		0.000		12/01/20	4,999,983
National Bank of Canada^(d)
	10,000,000		0.000		02/16/21	9,996,273
	20,000,000		0.000		03/01/21	19,990,900
National Securities Clearing Corp.
	20,000,000		0.000		12/01/20	19,999,956
Nationwide Building Society^(d)
	4,750,000		0.000		12/17/20	4,749,650
	13,000,000		0.000		12/22/20	12,998,673
NatWest Markets PLC^(d)
	7,850,000		0.000		01/14/21	7,847,939
	15,000,000		0.000		02/01/21	14,994,435
Nieuw Amsterdam Receivables Corp.^(d)
	10,000,000		0.000		12/10/20	9,999,675
Old Line Funding LLC^(d)
	22,250,000		0.000		02/09/21	22,241,619
Pepsico, Inc.^(d)
	5,000,000		0.000		12/07/20	4,999,903
Psp Capital, Inc.^(d)
	24,500,000		0.000		04/21/21	24,484,248
Ridgefield Funding Co. LLC^(d)
	15,000,000		0.000		03/09/21	14,990,925
Salisbury Receivables Co.^(d)
	19,000,000		0.000		02/11/21	18,987,710
Schlumberger Holdings Corp.^(d)
	2,750,000		0.000		12/18/20	2,749,933
Shell International Finance B.V.^(d)
	8,300,000		0.000		01/27/21	8,297,874
	11,000,000		0.000		06/14/21	10,986,525
	11,000,000		0.000		07/08/21	10,984,203
Societe Generale SA^(d)
	17,000,000		0.000		06/28/21	16,974,160
Starbucks Corp.^(d)
	15,500,000		0.000		01/29/21	15,490,183


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
Sumitomo Mitsui Trust Bank Ltd.^(d)
$	10,000,000		0.000	%	02/03/21	$ 9,996,985
Suncor Energy, Inc.^(d)
	6,955,000		0.000		02/17/21	6,951,444
The Coca-Cola Co.^(d)
	5,000,000		0.000		01/21/21	4,999,083
The Korea Development Bank
	7,390,000		0.000		02/03/21	7,387,825
	19,000,000		0.000		03/11/21	18,990,192
The Toronto-Dominion Bank^(d)
	10,000,000		0.000		02/16/21	9,995,797
The Walt Disney Co.^(d)
	9,115,000		0.000		06/30/21	9,097,233
Thunder Bay Funding LLC^(d)
	16,000,000		0.000		02/24/21	15,994,037
Total Capital Canada Ltd.^(d)
	6,300,000		0.000		01/20/21	6,298,536
	2,000,000		0.000		03/18/21	1,998,788
Transcanada Pipelines Ltd.^(d)
	5,000,000		0.000		01/07/21	4,998,918
	6,350,000		0.000		01/14/21	6,348,333
22,589,000			0.000		02/03/21	22,581,047
Victory Receivables^(d)
	7,157,000		0.000		02/12/21	7,154,072
Volkswagen Group of America Finance LLC^(d)
	12,000,000		0.000		11/10/21	11,928,125
VW Credit, Inc.^(d)
	9,000,000		0.000		01/29/21	8,996,700
Waste Management, Inc.
	2,350,000		0.000	^(d)	07/06/21	2,346,001
	15,000,000		0.000		09/20/21	14,956,880
Westpac Securities NZ Ltd.^(d)
	5,000,000		0.000		03/31/21	4,995,967

						1,187,807,822

TOTAL SHORT-TERM INVESTMENTS (Cost $1,687,977,411)						$1,688,637,689

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT (Cost $3,039,038,506)						$3,060,944,971

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(c) – 0.7%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	22,913,035	0.016%	$ 22,913,035
	(Cost $22,913,035)

	TOTAL INVESTMENTS – 96.7% (Cost $3,061,951,541)		$3,083,858,006

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%		105,667,291

	NET ASSETS – 100.0%		$3,189,525,297



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on November 30, 2020.

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated fund.

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.



Currency Abbreviations:
EUR		— Euro
MXN		— Mexican Peso
USD		— U.S. Dollar

Investment Abbreviations:
ETF		— Exchange Traded Fund
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
PLC		— Public Limited Company
SOFR		— Secured Overnight Funding Rate


For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At November 30, 2020, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

MXN

1,265,500,000

USD

58,915,270

12/16/20

3,588,421

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

USD

57,701,192

MXN

1,265,500,000

12/16/20

(4,802,499

)

FUTURES CONTRACTS — At November 30, 2020, the Portfolio had the following futures contracts:


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

Long position contracts:
Euro Stoxx 50 Index	10,682	12/17/21	$	105,886,264		$	(5,488,471	)
WTI Crude Oil	6,824	11/19/21		309,263,680			37,310,366
2 Year U.S. Treasury Notes	1,156	03/31/21		255,304,406			88,346
5 Year U.S. Treasury Notes	705	03/31/21		88,852,031			75,914
10 Year U.S. Treasury Notes	1,574	03/22/21		217,482,531			256,598

Total						$	32,242,753

Short position contracts:
WTI Crude Oil	(5,291)	12/21/20		(239,893,940	)		(17,882,982	)
S&P 500 E-Mini Index	(234)	12/18/20		(42,391,440	)		(3,438,666	)

Total						$	(21,321,648	)

TOTAL FUTURES CONTRACTS						$	10,921,105

SWAP CONTRACTS — At November 30, 2020, the Portfolio had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index

Financing Rate
Paid by

the Portfolio

Counterparty

Termination
Date^(a)

Notional
Amount
(000s)

Unrealized
Appreciation/
(Depreciation)*

JPGSVENK Index^(b)

0.070%^(c)

J.P. Morgan Chase Bank N.A.

01/06/21

95,178

(13,852,594

)

MSGSSUIT Index^(b)

0.260^(c)

MS & Co. Int. PLC

01/06/21

133,308

18,718,120

Barclays Bank PLC

0.130^(d)

SX7T Index

04/06/21

66,568

(6,356,432

)

Barclays Bank PLC

0.180^(d)

SX7T Index

04/06/21

161,202

68,430,460

TOTAL

66,939,554

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

(a)

The Portfolio pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Portfolio 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).

(b)

The top 50 components are shown below.

(c)

Payments made monthly.

(d)

Payments made quarterly.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)


A basket (JPGSVENK) of common stocks

Common Stocks	Sector	Shares			Value			Weight

ONEOK Inc	Energy		(18,592	)	$	(666,912	)		4.81	%
MarketAxess Holdings Inc	Financials		(1,009	)		(543,851	)		3.93
Under Armour Inc	Consumer Discretionary		(29,769	)		(433,146	)		3.13
Las Vegas Sands Corp	Consumer Discretionary		(7,738	)		(431,093	)		3.11
Freeport-McMoRan Inc	Materials		(14,897	)		(348,451	)		2.52
Marathon Petroleum Corp	Energy		(8,681	)		(337,534	)		2.44
ViacomCBS Inc	Communication Services		(9,180	)		(323,871	)		2.34
American International Group Inc	Financials		(8,374	)		(321,888	)		2.33
Fiserv Inc	Information Technology		(2,793	)		(321,695	)		2.32
Netflix Inc	Communication Services		(561	)		(275,422	)		1.99
Boston Scientific Corp	Health Care		(7,865	)		(260,718	)		1.88
Wynn Resorts Ltd	Consumer Discretionary		(2,508	)		(252,068	)		1.82
Tapestry Inc	Consumer Discretionary		(8,051	)		(228,001	)		1.65
Occidental Petroleum Corp	Energy		(14,079	)		(221,888	)		1.6
Devon Energy Corp	Energy		(14,408	)		(201,564	)		1.46
Diamondback Energy Inc	Energy		(4,903	)		(195,927	)		1.41
Tiffany & Co	Consumer Discretionary		(1,453	)		(191,057	)		1.38
Albemarle Corp	Materials		(1,403	)		(190,763	)		1.38
United Airlines Holdings Inc	Industrials		(4,022	)		(181,193	)		1.31
Delta Air Lines Inc	Industrials		(4,496	)		(180,958	)		1.31
Live Nation Entertainment Inc	Communication Services		(2,705	)		(177,573	)		1.28
Sysco Corp	Consumer Staples		(2,380	)		(169,658	)		1.23
Hess Corp	Energy		(3,572	)		(168,509	)		1.22
Walt Disney Co/The	Communication Services		(1,131	)		(167,396	)		1.21
Southwest Airlines Co	Industrials		(3,538	)		(163,957	)		1.18
Fidelity National Information Services I	Information Technology		(1,096	)		(162,649	)		1.17
State Street Corp	Financials		(2,276	)		(160,451	)		1.16
TransDigm Group Inc	Industrials		(275	)		(159,156	)		1.15
Paycom Software Inc	Information Technology		(377	)		(157,145	)		1.13
Edwards Lifesciences Corp	Health Care		(1,871	)		(156,993	)		1.13
ServiceNow Inc	Information Technology		(285	)		(152,576	)		1.1
ANSYS Inc	Information Technology		(436	)		(147,577	)		1.07
Catalent Inc	Health Care		(1,535	)		(147,543	)		1.07
IDEXX Laboratories Inc	Health Care		(315	)		(145,298	)		1.05
Align Technology Inc	Health Care		(296	)		(142,636	)		1.03
Carnival Corp	Consumer Discretionary		(7,020	)		(140,260	)		1.01
First Republic Bank/CA	Financials		(1,068	)		(138,363	)		1
Copart Inc	Industrials		(1,198	)		(138,321	)		1
Incyte Corp	Health Care		(1,609	)		(136,025	)		0.98
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		(5,883	)		(134,535	)		0.97
Royal Caribbean Cruises Ltd	Consumer Discretionary		(1,668	)		(131,472	)		0.95
Expedia Group Inc	Consumer Discretionary		(1,004	)		(125,017	)		0.9
Welltower Inc	Real Estate		(1,968	)		(123,933	)		0.89
Bio-Rad Laboratories Inc	Health Care		(230	)		(123,791	)		0.89
General Motors Co	Consumer Discretionary		(2,753	)		(120,698	)		0.87
CenterPoint Energy Inc	Utilities		(4,987	)		(115,640	)		0.83
Ross Stores Inc	Consumer Discretionary		(1,074	)		(115,447	)		0.83
Edison International	Utilities		(1,860	)		(114,151	)		0.82
Healthpeak Properties Inc	Real Estate		(3,952	)		(114,065	)		0.82
Realty Income Corp	Real Estate		(1,872	)		(112,272	)		0.81

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)


A basket (MSGSSUIT) of common stocks

Common Stocks	Sector	Shares		Value		Weight

Concho Resources Inc	Energy		14,360	$	825,397		4.41	%
ConocoPhillips	Energy		20,697		818,785		4.37
Cisco Systems Inc	Information Technology		17,428		749,770		4.01
Altria Group Inc	Consumer Staples		17,151		683,136		3.65
Apache Corp	Energy		39,122		504,284		2.69
Discovery Inc	Communication Services		18,170		436,453		2.33
Xerox Holdings Corp	Information Technology		19,173		419,689		2.24
JPMorgan Chase & Co	Financials		3,467		408,729		2.18
Synchrony Financial	Financials		13,390		407,988		2.18
Bank of America Corp	Financials		14,435		406,495		2.17
Citizens Financial Group Inc	Financials		12,401		405,016		2.16
Bank of New York Mellon Corp/The	Financials		9,903		387,410		2.07
Citrix Systems Inc	Information Technology		3,038		376,427		2.01
Activision Blizzard Inc	Communication Services		4,550		361,613		1.93
Lowe’s Cos Inc	Consumer Discretionary		2,169		338,033		1.81
Best Buy Co Inc	Consumer Discretionary		3,004		326,813		1.75
JB Hunt Transport Services Inc	Industrials		2,069		279,973		1.50
PVH Corp	Consumer Discretionary		3,231		256,824		1.37
Citigroup Inc	Financials		4,575		251,946		1.35
American Express Co	Financials		2,068		245,193		1.31
DXC Technology Co	Information Technology		10,185		223,157		1.19
Capital One Financial Corp	Financials		2,555		218,804		1.17
Hartford Financial Services Group Inc/Th	Financials		4,944		218,517		1.17
Mosaic Co/The	Materials		9,873		216,806		1.16
Vontier Corp	Information Technology		6,446		213,801		1.14
Cboe Global Markets Inc	Financials		2,327		212,498		1.14
Intel Corp	Information Technology		4,375		211,535		1.13
DR Horton Inc	Consumer Discretionary		2,791		207,961		1.11
VeriSign Inc	Information Technology		1,021		204,869		1.09
Philip Morris International Inc	Consumer Staples		2,696		204,218		1.09
Lennar Corp	Consumer Discretionary		2,663		202,033		1.08
PulteGroup Inc	Consumer Discretionary		4,582		199,891		1.07
AMETEK Inc	Industrials		1,373		162,797		0.87
Kansas City Southern	Industrials		789		146,813		0.78
Schlumberger NV	Energy		6,928		144,026		0.77
Pentair PLC	Industrials		2,770		143,567		0.77
Zebra Technologies Corp	Information Technology		366		138,528		0.74
Etsy Inc	Consumer Discretionary		848		136,353		0.73
Principal Financial Group Inc	Financials		2,732		136,047		0.73
Qorvo Inc	Information Technology		838		131,384		0.70
Kinder Morgan Inc	Energy		9,023		129,751		0.69
Cigna Corp	Health Care		614		128,331		0.69
MetLife Inc	Financials		2,772		127,992		0.68
Interpublic Group of Cos Inc/The	Communication Services		5,735		127,765		0.68
McKesson Corp	Health Care		707		127,255		0.68
AbbVie Inc	Health Care		1,216		127,136		0.68
State Street Corp	Financials		1,798		126,698		0.68
Ford Motor Co	Consumer Discretionary		13,915		126,347		0.68
Leidos Holdings Inc	Information Technology		1,251		126,017		0.67
Autodesk Inc	Information Technology		446		124,882		0.67

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

November 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At November 30, 2020, the Portfolio had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


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

Purchased option contracts
Puts
1Y IRS	BofA Securities LLC		$1.050		07/28/2021		94,000,000	$	94,000,000	$	8,922,790	$	4,743,368	$	4,179,422

OVER-THE-COUNTER OPTIONS ON EQUITIES


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

Purchased option contracts
Calls
XLE Index	Citibank NA	$	36.172		03/31/2021	3,158,219	$	3,158,219		$	9,518,630		$	3,426,984		$	6,091,646
SPX Index	MS & Co. Int. PLC		2,845.920		12/31/2020	45,906		45,906			35,610,131			7,044,418			28,565,713

Total purchased option contracts						3,204,125	$	3,204,125		$	45,128,761		$	10,471,402		$	34,657,359

Written option contracts
Calls
SPX Index	JPMorgan Securities, Inc.		2,845.920		12/31/2020	(45,906)		(45,906	)		(35,610,131	)		(11,059,435	)		(24,550,696	)

Puts
SPX Index	BofA Securities LLC		3,183.120		12/31/2021	(82,040)		(82,040	)		(15,256,979	)		(18,004,367	)		2,747,388
SX7E Index	BofA Securities LLC		68.565		11/12/2021	(1,971,727)		(1,971,727	)		(16,179,043	)		(21,451,190	)		5,272,147
RUT Index	MS & Co. Int. PLC		1,803.300		12/31/2021	(110,313)		(110,313	)		(20,402,492	)		(20,635,635	)		233,143

						(2,164,080)	$	(2,164,080	)	$	(51,838,514	)	$	(60,091,192	)	$	8,252,678

Total written option contracts						(2,209,986)	$	(2,209,986	)	$	(87,448,645	)	$	(71,150,627	)	$	(16,298,018	)

TOTAL						994,139	$	994,139		$	(42,319,884	)	$	(60,679,225	)	$	18,359,341

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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

Purchased option contracts
Calls
Call EUR/Put CHF	UBS AG (London)		$1.074		12/02/2020	83,530,000	$	83,530,000	$	908,307	$	1,389,779	$	(481,472	)
Call USD/Put CNH	BofA Securities LLC		7.131		12/30/2020	186,000,000		186,000,000		13,206		2,808,600		(2,795,394	)

Total purchased option contracts						269,530,000	$	269,530,000	$	921,513	$	4,198,379	$	(3,276,866	)



Abbreviations:
MS & Co. Int. PLC — Morgan Stanley & Co. International PLC

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Global Managed Beta Fund and the Portfolios valuation policy is to value investments at fair value.

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund and the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s and the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

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

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

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

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

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

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

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if a fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Portfolio is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement. The maximum potential amount of future payments (undiscounted) that the Portfolio as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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

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

Fair Value Hierarchy — The following is a summary of the Fund’s and the Portfolios’ investments and derivatives classified in the fair value hierarchy as of November 30, 2020:

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GLOBAL MANAGED BETA



Investment Type	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	1,055,089		$	16,602,400		$	—
Australia and Oceania		—			4,108,731			—
Europe		5,056,644			36,389,700			—
North America		127,014,445			18,060			—
Rights		—			7,137
Warrants		—			144			—
Exchange Traded Funds		1,261,625,320			—			—
Investment Company		118,594,166			—			—

Total	$	1,513,345,664		$	57,126,172		$	—

Derivative Type

Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	231,266		$	—
Futures Contracts^(b)		24,282,800			—			—
Options Purchased		12,818,425			—			—

Total	$	37,101,225		$	231,266		$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(2,661,418	)	$	—
Written option contracts		(2,182,714	)		—			—

Total	$	(2,182,714	)	$	(2,661,418	)	$	—

STRATEGIC FACTOR ALLOCATION

Investment Type	Level 1			Level 2			Level 3

Assets
Investment Company	$	1,342,420,970		$	—		$	—

Total	$	1,342,420,970		$	—		$	—

Derivative Type
Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	755,320		$	—
Futures Contracts^(b)		61,339,273			—			—
Options Purchased		263,095			—			—

Total	$	61,602,368		$	755,320		$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(811,571	)	$	—
Futures Contracts^(b)		(194,826	)		—			—
Written option contracts		(867,339	)		—			—

Total	$	(1,062,165	)	$	(811,571	)	$	—

TACTICAL TILT OVERLAY

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	21,251,015		$	—
Exchange Traded Funds		156,925,044			—			—
Investment Companies		1,194,131,223			—			—
Short-term Investments		—			1,688,637,689			—
Securities Lending Reinvestment Vehicle		22,913,035			—			—

Total	$	1,373,969,302		$	1,709,888,704		$	—

Derivative Type
Assets
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	3,588,421		$	—
Futures Contracts^(b)		37,731,224			—			—
Total Return Swap Contracts^(b)		—			87,148,580			—
Options Purchased		—			54,973,064			—

Total	$	37,731,224		$	145,710,065		$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(4,802,499	)	$	—
Futures Contracts^(b)		(26,810,119	)		—			—
Total Return Swap Contracts^(b)		—			(20,209,026	)		—
Written option contracts		—			(87,448,645	)		—

Total	$	(26,810,119	)	$	(112,460,170	)	$	—

(a)

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

(b)

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

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

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

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with a Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

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

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s and the Portfolios’ investments resulting from a substitute reference rate may also adversely affect the Fund’s and the Portfolios’ performance and/or NAV.

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

GOLDMAN SACHS ALLOCATION FUNDS

Schedule of Investments (continued)

November 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund and the Portfolios may hold such securities and cash with foreign banks, agents, and securities depositories appointed by a Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund and the Portfolios will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund’s and the Portfolios’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund and the Portfolios.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds Risk — The investments of Fund are concentrated in the Underlying Funds, and the Fund’s and the Portfolios’ investment performance is directly related to the investment performance of the Underlying Funds it holds. A Fund is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. A Fund that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Funds will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s and the Portfolios’ liquidity.

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

Sector Risk — To the extent the Fund and the Portfolios focus its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund and the Portfolios may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Portfolio may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Fund and the Portfolios to the markets and therefore could magnify changes to the Fund’s and the Portfolios’ NAV.

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