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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD SPECIALIZED FUNDS</name>
        <lei>549300OM0CLBHZ9MZW59</lei>
        <title>VANGUARD SPECIALIZED FUNDS REAL ESTATE ETF</title>
        <cusip>922908553</cusip>
        <identifiers>
          <isin value="US9229085538"/>
          <ticker value="VNQ"/>
        </identifiers>
        <balance>4373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418496.10000000</valUSD>
        <pctVal>0.006955648356</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO EXCHANGE-TRADED FUND TRUST II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO EXCHANGE-TRADED FUND TRUST II NASDAQ 100 ETF</title>
        <cusip>46138G649</cusip>
        <identifiers>
          <isin value="US46138G6492"/>
          <ticker value="QQQM"/>
        </identifiers>
        <balance>4779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1452624.84000000</valUSD>
        <pctVal>0.024143468914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SELECT SECTOR SPDR TRUST (THE)</name>
        <lei>5493008JJKIPMEX3CO91</lei>
        <title>SELECT SECTOR SPDR TRUST (THE) STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF</title>
        <cusip>81369Y209</cusip>
        <identifiers>
          <isin value="US81369Y2090"/>
          <ticker value="XLV"/>
        </identifiers>
        <balance>147535.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22052056.45000000</valUSD>
        <pctVal>0.366517991946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD SCOTTSDALE FUNDS</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD SCOTTSDALE FUNDS VNG RUS2000IDX</title>
        <cusip>92206C664</cusip>
        <identifiers>
          <isin value="US92206C6646"/>
          <ticker value="VTWO"/>
        </identifiers>
        <balance>11839.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1389069.87000000</valUSD>
        <pctVal>0.023087148383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>HEALTH CARE SELECT SECTOR SPDR FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="IOP015765"/>
        </identifiers>
        <balance>-67328.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-314695.42000000</valUSD>
        <pctVal>-0.00523042073</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SELECT SECTOR SPDR TRUST (THE)</issuerName>
                <issueTitle>SELECT SECTOR SPDR TRUST (THE) STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF</issueTitle>
                <identifiers>
                  <cusip value="81369Y209"/>
                  <isin value="US81369Y2090"/>
                  <ticker value="XLV"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>146.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>29660.37000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>HEALTH CARE SELECT SECTOR SPDR FUND</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="IOP015764"/>
        </identifiers>
        <balance>67328.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1002615.89000000</valUSD>
        <pctVal>0.016664058679</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL PLC</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SELECT SECTOR SPDR TRUST (THE)</issuerName>
                <issueTitle>SELECT SECTOR SPDR TRUST (THE) STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF</issueTitle>
                <identifiers>
                  <cusip value="81369Y209"/>
                  <isin value="US81369Y2090"/>
                  <ticker value="XLV"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>135.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>307070.52000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>BRL CALL VERSUS EUR PUT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="FXO005315"/>
        </identifiers>
        <balance>-22400000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85733850"/>
        <valUSD>-27537.99000000</valUSD>
        <pctVal>-0.00045769739</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
                    <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>BARCLAYS CAPITAL INC.</name>
                    <lei>AC28XWWI3WIBK2824319</lei>
                    <title>BRL CALL VERSUS EUR PUT</title>
                    <cusip>000000000</cusip>
                    <identifiers>
                      <other otherDesc="INTERNAL" value="302047_FXO005315_BARC_S"/>
                    </identifiers>
                    <balance>0.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="BRL" exchangeRt="0.00000000"/>
                    <valUSD>0.00000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerCat>CORP</issuerCat>
                    <invCountry>US</invCountry>
                    <invOthCountry>US</invOthCountry>
                  </derivAddlInfo>
                  <amtCurSold>N/A</amtCurSold>
                  <curSold>BRL</curSold>
                  <amtCurPur>N/A</amtCurPur>
                  <curPur>EUR</curPur>
                  <settlementDt>2026-07-03</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <principalAmt>0.01000000</principalAmt>
            <curCd>USD</curCd>
            <exercisePrice>5.70000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2026-07-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>19227.50000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs Trust</ncom:nameOfApplicant>
      <ncom:signature>Allison Frachiolla</ncom:signature>
      <ncom:signerName>Allison Frachiolla</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
