GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – 26.2%
	Automobiles & Components – 0.5%
	3,100	Aptiv plc	$          246,419
	300	Aston Martin Lagonda Global Holdings plc*	3,946
	13,000	BorgWarner, Inc.	499,330
	2,800	Bridgestone Corp.	107,894
	3,000	Cie Generale des Etablissements Michelin SCA	354,432
	2,200	Continental AG	331,890
	6,800	Faurecia SA	286,248
	300	Ferrari NV	40,304
	27,900	Fiat Chrysler Automobiles NV	416,706
	94,200	Ford Motor Co.	827,076
	89,900	Garrett Motion, Inc.*	1,324,227
	157,002	General Motors Co.	5,824,774
	6,151	Goodyear Tire & Rubber Co. (The)	111,641
	16,200	Harley-Davidson, Inc.	577,692
	2,000	Hella GmbH & Co. KGaA	88,092
	10,200	Honda Motor Co. Ltd.	277,040
	6,800	Isuzu Motors Ltd.	89,589
	6,700	Mazda Motor Corp.	75,120
	4,000	Mitsubishi Motors Corp.	21,313
	1,800	NHK Spring Co. Ltd.	16,198
	2,100	Nissan Motor Co. Ltd.	17,246
	20,600	Peugeot SA	502,674
	23,700	Pirelli & C SpA*	152,808
	2,400	Renault SA	158,683
	1,600	Stanley Electric Co. Ltd.	43,116
	2,200	Suzuki Motor Corp.	97,521
	1,200	TI Fluid Systems plc	2,860
	600	Tokai Rika Co. Ltd.	10,249
	200	Toyo Tire Corp.	2,274
	600	Toyota Boshoku Corp.	9,096
	500	TS Tech Co. Ltd.	14,435
	9,900	Valeo SA	287,424
	1,300	Volkswagen AG (Preference)(a)	204,951
	800	Yokohama Rubber Co. Ltd. (The)	14,892
			13,038,160
	Banks – 1.1%
	400	ABN AMRO Group NV CVA	9,018
	300	Aozora Bank Ltd.	7,414
	72,400	Banco Bilbao Vizcaya Argentaria SA	413,682
	85,800	Banco Santander SA	398,415
	247,689	Bank of America Corp.	6,833,739
	600	Bank of Georgia Group plc	12,930
	3,700	Bankinter SA	28,200
	257,100	Barclays plc	517,869
	13,500	BNP Paribas SA	642,441
	1,000	Charter Court Financial Services Group plc	4,324
	40,898	CIT Group, Inc.	1,961,877
	34,600	Citigroup, Inc.	2,152,812
	68,562	Citizens Financial Group, Inc.	2,228,265
	18,800	Comerica, Inc.	1,378,416
	44,000	Credit Agricole SA	531,253
	100	Daishi Hokuetsu Financial Group, Inc.	2,831
	900	Erste Group Bank AG	33,078
	33,500	Fifth Third Bancorp	844,870
	4,800	FinecoBank Banca Fineco SpA	63,241

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	1,200	Hokuhoku Financial Group, Inc.	$            12,508
	1,500	Huntington Bancshares, Inc.	19,020
	4,100	ING Groep NV	49,681
	65,700	JPMorgan Chase & Co.	6,650,811
	900	KBC Group NV	62,920
	20,400	KeyCorp	321,300
	1,200,500	Lloyds Banking Group plc	972,619
	52,700	Mitsubishi UFJ Financial Group, Inc.	260,643
	115,700	Mizuho Financial Group, Inc.	179,042
	1,200	Nishi-Nippon Financial Holdings, Inc.	10,200
	2,900	OneSavings Bank plc	14,498
	4,700	Paragon Banking Group plc	26,679
	6,700	Raiffeisen Bank International AG	150,497
	3,700	Resona Holdings, Inc.	16,029
	3,200	Shinsei Bank Ltd.	45,535
	21,500	Societe Generale SA	621,210
	39,600	Standard Chartered plc	305,250
	9,500	Sumitomo Mitsui Financial Group, Inc.	332,678
	200	SVB Financial Group*	44,472
	300	TBC Bank Group plc	6,029
	32,200	UniCredit SpA	413,625
	158,700	Unione di Banche Italiane SpA	420,551
	1,300	US Bancorp	62,647
	66,430	Wells Fargo & Co.	3,209,898
			32,273,017
	Capital Goods – 1.6%
	9,689	3M Co.	2,013,180
	1,800	Aalberts Industries NV	62,311
	9,600	ACS Actividades de Construccion y Servicios SA	422,034
	200	Aica Kogyo Co. Ltd.	6,686
	677	Allegion plc	61,411
	2,500	AMETEK, Inc.	207,425
	200	ANDRITZ AG	8,578
	1,200	AO Smith Corp.	63,984
	12,254	Boeing Co. (The)	4,673,921
	5,700	Bunzl plc	188,135
	11,200	Caterpillar, Inc.	1,517,488
	3,800	Cie de Saint-Gobain	137,784
	18,900	CNH Industrial NV	192,566
	10,200	Cobham plc	14,670
	400	COMSYS Holdings Corp.	10,927
	4,900	Cummins, Inc.	773,563
	700	Daikin Industries Ltd.	82,281
	1,600	DCC plc	138,438
	500	Diploma plc	9,507
	2,500	DMG Mori Co. Ltd.	31,081
	7,800	Eaton Corp. plc	628,368
	1,700	Ebara Corp.	48,111
	2,000	Eiffage SA	192,256
	700	Emerson Electric Co.	47,929
	100	FANUC Corp.	17,101
	12,500	Ferrovial SA	292,918
	3,900	Fortive Corp.	327,171
	18,100	Fortune Brands Home & Security, Inc.	861,741
	2,200	Fuji Electric Co. Ltd.	62,636
	900	Furukawa Electric Co. Ltd.	22,778

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	12,300	General Dynamics Corp.	$       2,082,144
	233,400	General Electric Co.	2,331,666
	800	Glory Ltd.	19,232
	95,500	GrafTech International Ltd.	1,221,445
	1,000	GS Yuasa Corp.	19,663
	51,835	HD Supply Holdings, Inc.*	2,247,047
	800	HOCHTIEF AG	115,913
	18,000	Honeywell International, Inc.	2,860,560
	100	Hoshizaki Corp.	6,208
	2,100	Huntington Ingalls Industries, Inc.	435,120
	500	IHI Corp.	12,045
	3,900	Illinois Tool Works, Inc.	559,767
	1,500	IMCD NV	114,445
	10,700	ITOCHU Corp.	193,924
	300	Iwatani Corp.	9,638
	1,300	Japan Steel Works Ltd. (The)	24,047
	57,500	Johnson Controls International plc	2,124,050
	2,200	JTEKT Corp.	27,166
	2,550	Kajima Corp.	37,721
	400	Keihan Holdings Co. Ltd.	16,840
	500	Kinden Corp.	8,297
	100	Kingspan Group plc	4,634
	1,000	KION Group AG	52,328
	700	Kyowa Exeo Corp.	19,365
	500	Kyudenko Corp.	15,710
	1,700	Legrand SA	113,815
	19,700	Leonardo SpA	229,441
	500	LIXIL Group Corp.	6,683
	1,400	Maeda Corp.	13,924
	300	Maeda Road Construction Co. Ltd.	5,834
	26,100	Marubeni Corp.	180,962
	15,300	Masco Corp.	601,443
	15,300	Meggitt plc	100,300
	100	Metso OYJ	3,448
	3,000	MINEBEA MITSUMI, Inc.	45,283
	400	MISUMI Group, Inc.	9,987
	10,800	Mitsubishi Corp.	300,685
	2,600	Mitsubishi Heavy Industries Ltd.	108,196
	6,900	Mitsui & Co. Ltd.	107,367
	1,800	Mitsui E&S Holdings Co. Ltd.	17,018
	100	Miura Co. Ltd.	2,312
	2,600	MonotaRO Co. Ltd.	58,122
	1,100	MTU Aero Engines AG	249,327
	500	Nagase & Co. Ltd.	7,199
	400	Nishimatsu Construction Co. Ltd.	8,887
	300	Nisshinbo Holdings, Inc.	2,626
	300	NSK Ltd.	2,821
	4,100	Obayashi Corp.	41,323
	700	OKUMA Corp.	38,031
	200	Okumura Corp.	6,360
	200	OSG Corp.	3,868
	4,092	Parker-Hannifin Corp.	702,269
	500	Pentair plc	22,255
	1,100	Prysmian SpA	20,848
	6,600	QinetiQ Group plc	25,918
	128,813	Quanta Services, Inc.	4,861,403
	12,800	Rexel SA	144,452
	300	Rheinmetall AG	31,318
	300	Rockwell Automation, Inc.	52,638

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	22,900	Rolls-Royce Holdings plc	$          269,684
	455,400	Rolls-Royce Holdings plc (Preference) Class C*,(a)	593
	5,000	Roper Technologies, Inc.	1,709,850
	2,700	Safran SA	370,064
	400	Sanwa Holdings Corp.	4,770
	4,400	Schneider Electric SE	345,350
	13,800	Senior plc	39,243
	7,200	Siemens Gamesa Renewable Energy SA	114,766
	4,400	SIG plc	8,144
	6,700	Signify NV	179,250
	4,100	Smiths Group plc	76,722
	4,400	Snap-on, Inc.	688,688
	26,400	Sojitz Corp.	93,281
	400	Spirax-Sarco Engineering plc	37,487
	24,851	Spirit AeroSystems Holdings, Inc. Class A	2,274,612
	200	Stanley Black & Decker, Inc.	27,234
	7,200	Sumitomo Corp.	99,823
	800	Sumitomo Heavy Industries Ltd.	26,000
	2,700	Sumitomo Mitsui Construction Co. Ltd.	18,836
	700	Tadano Ltd.	6,678
	1,900	Taisei Corp.	88,393
	500	Thales SA	59,905
	1,000	THK Co. Ltd.	24,836
	100	TOTO Ltd.	4,252
	2,300	Toyota Tsusho Corp.	75,150
	1,100	TransDigm Group, Inc.*	499,389
	1,500	Ultra Electronics Holdings plc	31,198
	6,060	United Rentals, Inc.*	692,355
	6,400	Valmet OYJ	162,152
	13,100	Valmont Industries, Inc.	1,704,310
	6,800	Vesuvius plc	52,587
	3,600	Vinci SA	350,286
	1,258	Wabtec Corp.	92,740
	800	Wartsila OYJ Abp	12,938
	200	WW Grainger, Inc.	60,186
			46,104,069
	Commercial & Professional Services – 0.3%
	3,000	Aggreko plc	30,790
	25,200	Babcock International Group plc	162,139
	7,800	Cintas Corp.	1,576,458
	8,135	Copart, Inc.*	492,900
	3,300	Dai Nippon Printing Co. Ltd.	79,044
	200	Duskin Co. Ltd.	4,769
	5,800	Edenred	264,135
	400	Elis SA	6,432
	12,200	Experian plc	330,198
	28,100	Hays plc	54,982
	2,200	HomeServe plc	29,390
	10,000	IHS Markit Ltd.*	543,800
	500	Intertek Group plc	31,675
	2,300	IWG plc	7,473
	400	Kokuyo Co. Ltd.	5,876
	28,700	Nielsen Holdings plc	679,329
	800	Park24 Co. Ltd.	17,392
	2,500	Persol Holdings Co. Ltd.	40,596
	3,900	Randstad NV	190,429
	4,100	Recruit Holdings Co. Ltd.	117,549

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	14,200	RELX plc	$          303,870
	32,100	Rentokil Initial plc	147,862
	11,200	Republic Services, Inc.	900,256
	5,725	Robert Half International, Inc.	373,041
	16,350	Rollins, Inc.	680,487
	900	Secom Co. Ltd.	77,183
	700	Societe BIC SA	62,404
	100	Sohgo Security Services Co. Ltd.	4,362
	100	TechnoPro Holdings, Inc.	5,991
	1,200	Teleperformance	215,720
	2,400	Toppan Printing Co. Ltd.	36,320
	5,484	Verisk Analytics, Inc.	729,372
	3,500	Waste Management, Inc.	363,685
	5,200	Wolters Kluwer NV	354,272
			8,920,181
	Consumer Durables & Apparel – 0.5%
	1,500	adidas AG	364,832
	900	Asics Corp.	12,111
	1,500	Bandai Namco Holdings, Inc.	70,426
	15,500	Barratt Developments plc	121,075
	1,600	Bellway plc	63,476
	2,400	Berkeley Group Holdings plc	115,380
	3,300	Bovis Homes Group plc	45,745
	5,700	Burberry Group plc	145,274
	12,200	Capri Holdings Ltd.*	558,150
	900	Casio Computer Co. Ltd.	11,777
	1,000	Coats Group plc	1,030
	6,600	Countryside Properties plc	27,937
	4,000	DR Horton, Inc.	165,520
	300	Games Workshop Group plc	12,297
	17,362	Hanesbrands, Inc.	310,433
	600	Hasbro, Inc.	51,012
	400	Hermes International	264,109
	2,100	Iida Group Holdings Co. Ltd.	38,105
	500	Kering SA	286,801
	41,167	Lennar Corp. Class A	2,020,888
	17,200	Lululemon Athletica, Inc.*	2,818,564
	1,100	LVMH Moet Hennessy Louis Vuitton SE	405,167
	2,501	Mattel, Inc.*	32,513
	3,000	Mohawk Industries, Inc.*	378,450
	2,100	Moncler SpA	84,755
	25,278	Newell Brands, Inc.	387,765
	6,200	Nikon Corp.	87,660
	1,800	Panasonic Corp.	15,520
	20,830	PulteGroup, Inc.	582,407
	400	Puma SE	231,978
	4,500	PVH Corp.	548,775
	1,900	Ralph Lauren Corp.	246,392
	9,600	Redrow plc	75,223
	300	Rinnai Corp.	21,242
	100	Sangetsu Corp.	1,817
	300	Sankyo Co. Ltd.	11,453
	200	SEB SA	33,673
	500	Sekisui Chemical Co. Ltd.	8,057
	10,100	Sony Corp.	426,434
	12,900	Tapestry, Inc.	419,121
	28,800	Taylor Wimpey plc	65,871
	28,486	Tempur Sealy International, Inc.*	1,642,788
	15,570	Under Armour, Inc. Class A*	329,150
	17,061	Under Armour, Inc. Class C*	321,941

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	100	Wacoal Holdings Corp.	$              2,490
	2,600	Whirlpool Corp.	345,514
	400	Yamaha Corp.	20,029
			14,231,127
	Consumer Services – 0.4%
	1,200	Chipotle Mexican Grill, Inc.*	852,372
	200	Colowide Co. Ltd.	4,147
	12,600	Compass Group plc	296,134
	301	Darden Restaurants, Inc.	36,562
	2,000	Domino’s Pizza Group plc	6,312
	9,900	EI Group plc*	27,465
	71,000	Extended Stay America, Inc.	1,274,450
	2,400	Greene King plc	20,806
	1,300	Greggs plc	31,148
	12,398	H&R Block, Inc.	296,808
	2,800	Hilton Worldwide Holdings, Inc.	232,708
	200	J D Wetherspoon plc	3,412
	7,500	McDonald’s Corp.	1,424,250
	100	Millennium & Copthorne Hotels plc	594
	3,800	Mitchells & Butlers plc	13,403
	4,200	Norwegian Cruise Line Holdings Ltd.*	230,832
	500	Oriental Land Co. Ltd.	56,868
	3,300	Paddy Power Betfair plc	254,875
	14,900	Playtech plc	84,439
	200	Rank Group plc	410
	12,600	Royal Caribbean Cruises Ltd.	1,444,212
	43,474	Service Corp. International	1,745,481
	4,300	Skylark Holdings Co. Ltd.	71,268
	1,600	Sodexo SA	176,191
	3,300	SSP Group plc	29,779
	21,300	Starbucks Corp.	1,583,442
	10,400	William Hill plc	21,761
	400	Yoshinoya Holdings Co. Ltd.	6,462
	7,400	Yum! Brands, Inc.	738,594
	700	Zensho Holdings Co. Ltd.	16,233
			10,981,418
	Diversified Financials – 1.0%
	9,700	3i Group plc	124,387
	600	Acom Co. Ltd.	2,145
	200	AEON Financial Service Co. Ltd.	4,079
	121,744	Ally Financial, Inc.	3,346,743
	800	American Express Co.	87,440
	500	Ameriprise Financial, Inc.	64,050
	1,400	Ashmore Group plc	7,794
	39,633	Berkshire Hathaway, Inc. Class B*	7,961,873
	100	BlackRock, Inc.	42,737
	900	Brewin Dolphin Holdings plc	3,681
	42,700	Capital One Financial Corp.	3,488,163
	700	Charles Schwab Corp. (The)	29,932
	500	Close Brothers Group plc	9,480
	1,600	CME Group, Inc.	263,328
	3,548	Credit Acceptance Corp.*	1,603,448
	3,200	Credit Saison Co. Ltd.	42,339
	800	Discover Financial Services	56,928
	300	E*TRADE Financial Corp.	13,929
	200	Euronext NV	12,689

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	100	GRENKE AG	$              9,748
	1,600	Hargreaves Lansdown plc	38,870
	900	Hitachi Capital Corp.	20,901
	1,000	IG Group Holdings plc	6,777
	300	IntegraFin Holdings plc	1,368
	51,436	Interactive Brokers Group, Inc. Class A	2,668,500
	900	Intermediate Capital Group plc	12,501
	66,365	Invesco Ltd.	1,281,508
	16,800	Investec plc	96,811
	1,500	Japan Exchange Group, Inc.	26,773
	2,300	Jupiter Fund Management plc	10,841
	12,400	Man Group plc	21,966
	1,600	Matsui Securities Co. Ltd.	15,081
	4,300	Mitsubishi UFJ Lease & Finance Co. Ltd.	21,950
	11,385	Moody’s Corp.	2,061,710
	41,300	Morgan Stanley	1,742,860
	1,000	MSCI, Inc.	198,840
	9,600	ORIX Corp.	137,929
	8,600	Plus500 Ltd.	84,232
	400	S&P Global, Inc.	84,220
	300	Sanne Group plc	2,110
	300	SBI Holdings, Inc.	6,708
	500	Schroders plc	17,606
	100	Sofina SA	19,450
	2,600	St James’s Place plc	34,843
	167,912	Standard Life Aberdeen plc	577,119
	7,500	State Street Corp.	493,575
	40,226	Synchrony Financial	1,283,209
	600	T. Rowe Price Group, Inc.	60,072
	100	Zenkoku Hosho Co. Ltd.	3,500
			28,206,743
	Energy – 1.0%
	700	Anadarko Petroleum Corp.	31,836
	1,200	Apache Corp.	41,592
	114,600	BP plc	832,165
	28,030	Cheniere Energy, Inc.*	1,916,131
	16,000	Chevron Corp.	1,970,880
	200	Cimarex Energy Co.	13,980
	22,500	ConocoPhillips	1,501,650
	1,100	Cosmo Energy Holdings Co. Ltd.	22,092
	10,600	Enagas SA	308,592
	38,100	Eni SpA	673,171
	571	EOG Resources, Inc.	54,348
	500	Helmerich & Payne, Inc.	27,780
	3,000	Hess Corp.	180,690
	32,100	HollyFrontier Corp.	1,581,567
	600	Inpex Corp.	5,708
	13,200	JXTG Holdings, Inc.	60,257
	119,897	Kinder Morgan, Inc.	2,399,139
	2,700	Koninklijke Vopak NV	129,322
	3,024	Marathon Oil Corp.	50,531
	26,300	Marathon Petroleum Corp.	1,574,055
	800	Neste OYJ	85,281
	1,919	Noble Energy, Inc.	47,457
	500	Occidental Petroleum Corp.	33,100
	1,600	OMV AG	86,882
	20,700	ONEOK, Inc.	1,445,688
	12,800	Petrofac Ltd.	81,595
	25,300	Phillips 66	2,407,801
	500	Pioneer Natural Resources Co.	76,140

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	209,101	Range Resources Corp.(b)	$       2,350,295
	26,100	Repsol SA	446,526
	36,800	Royal Dutch Shell plc Class A	1,156,474
	44,300	Saipem SpA*	234,592
	5,400	SBM Offshore NV	102,866
	35,700	Snam SpA	183,646
	31,300	TOTAL SA(b)	1,741,824
	92,100	Tullow Oil plc	288,582
	13,400	Valero Energy Corp.	1,136,722
	69,547	Williams Cos., Inc. (The)	1,997,390
			27,278,347
	Food & Staples Retailing – 0.6%
	7,100	Aeon Co. Ltd.	148,712
	300	Ain Holdings, Inc.	22,561
	17,300	Carrefour SA	323,115
	7,300	Casino Guichard Perrachon SA(b)	316,496
	3,500	Colruyt SA	258,620
	4,100	Costco Wholesale Corp.	992,774
	120,400	J Sainsbury plc	369,467
	900	Kesko OYJ Class B	54,792
	31,900	Koninklijke Ahold Delhaize NV	849,298
	35,000	Kroger Co. (The)	861,000
	200	Lawson, Inc.	11,095
	1,400	Matsumotokiyoshi Holdings Co. Ltd.	46,778
	15,000	METRO AG	249,129
	2,100	Seven & i Holdings Co. Ltd.	79,233
	200	Sugi Holdings Co. Ltd.	8,826
	900	Sundrug Co. Ltd.	24,839
	9,000	Sysco Corp.	600,840
	246,800	Tesco plc	746,940
	400	Tsuruha Holdings, Inc.	32,578
	133,864	US Foods Holding Corp.*	4,673,192
	300	Valor Holdings Co. Ltd.	7,279
	23,400	Walgreens Boots Alliance, Inc.	1,480,518
	35,400	Walmart, Inc.	3,452,562
	700	Welcia Holdings Co. Ltd.	23,782
	102,000	Wm Morrison Supermarkets plc	302,590
			15,937,016
	Food, Beverage & Tobacco – 0.6%
	600	AG Barr plc	6,309
	5,200	Ajinomoto Co., Inc.	83,236
	1,100	Altria Group, Inc.	63,173
	9,400	Archer-Daniels-Midland Co.	405,422
	2,700	Asahi Group Holdings Ltd.	120,524
	1,200	Associated British Foods plc	38,158
	34,500	British American Tobacco plc	1,439,265
	2,700	Britvic plc	33,509
	200	Calbee, Inc.	5,402
	19,800	Campbell Soup Co.	754,974
	700	Coca-Cola Bottlers Japan Holdings, Inc.	17,805
	44,900	Coca-Cola Co. (The)	2,104,014
	2,900	Coca-Cola HBC AG	98,888
	21,812	Conagra Brands, Inc.	605,065
	100	Cranswick plc	3,551
	8,300	Danone SA	639,108
	21,200	Davide Campari-Milano SpA	208,282
	15,400	Diageo plc	630,200

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	200	Ezaki Glico Co. Ltd.	$            10,526
	500	Fuji Oil Holdings, Inc.	17,141
	15,855	General Mills, Inc.	820,496
	2,300	Glanbia plc	44,996
	36,100	Greencore Group plc	94,977
	900	Heineken Holding NV	90,304
	2,400	Heineken NV	253,666
	16,570	Hormel Foods Corp.	741,673
	2,900	Imperial Brands plc	99,201
	500	Ito En Ltd.	26,026
	10,000	JM Smucker Co. (The)	1,165,000
	1,900	Kellogg Co.	109,022
	600	Kewpie Corp.	14,414
	1,300	Kikkoman Corp.	63,922
	4,900	Kirin Holdings Co. Ltd.	117,226
	6,400	Lamb Weston Holdings, Inc.	479,616
	500	Maruha Nichiro Corp.	17,916
	5,645	McCormick & Co., Inc. (Non-Voting)	850,306
	700	Megmilk Snow Brand Co. Ltd.	17,073
	400	MEIJI Holdings Co. Ltd.	32,516
	22,332	Molson Coors Brewing Co. Class B	1,332,104
	11,214	Mondelez International, Inc. Class A	559,803
	200	Morinaga & Co. Ltd.	8,698
	300	NH Foods Ltd.	10,810
	1,400	Nichirei Corp.	34,579
	5,100	Nippon Suisan Kaisha Ltd.	38,991
	1,900	Nisshin Seifun Group, Inc.	43,678
	100	Nissin Foods Holdings Co. Ltd.	6,881
	14,600	PepsiCo, Inc.	1,789,230
	1,400	Pernod Ricard SA	251,385
	800	Sapporo Holdings Ltd.	17,503
	700	Suntory Beverage & Food Ltd.	32,922
	2,500	Takara Holdings, Inc.	29,630
	5,900	Tate & Lyle plc	55,804
	100	Toyo Suisan Kaisha Ltd.	3,812
	19,400	Tyson Foods, Inc. Class A	1,346,942
	200	Yakult Honsha Co. Ltd.	14,023
	600	Yamazaki Baking Co. Ltd.	9,754
			17,909,451
	Health Care Equipment & Services – 2.1%
	70,500	Abbott Laboratories	5,635,770
	1,300	ABIOMED, Inc.*	371,267
	1,900	Alfresa Holdings Corp.	54,144
	13,253	AmerisourceBergen Corp.	1,053,879
	10,407	Anthem, Inc.	2,986,601
	500	Asahi Intecc Co. Ltd.	23,547
	6,078	Becton Dickinson and Co.	1,517,859
	100	BioMerieux	8,271
	57,290	Boston Scientific Corp.*	2,198,790
	25,500	Cardinal Health, Inc.	1,227,825
	1,600	Carl Zeiss Meditec AG	133,714
	35,500	Centene Corp.*	1,885,050
	11,100	Cerner Corp.*	635,031
	20,100	Cigna Corp.	3,232,482
	112,200	ConvaTec Group plc	207,028
	2,500	Cooper Cos., Inc. (The)	740,425
	73,600	CVS Health Corp.	3,969,248
	28,921	Danaher Corp.	3,818,150
	20,300	DaVita, Inc.*	1,102,087
	4,800	DENTSPLY SIRONA, Inc.	238,032

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	600	DiaSorin SpA	$            60,517
	3,600	Edwards Lifesciences Corp.*	688,788
	19,500	Fresenius SE & Co. KGaA	1,089,893
	21,500	HCA Healthcare, Inc.	2,803,170
	24,500	Henry Schein, Inc.*	1,472,695
	7,200	Hologic, Inc.*	348,480
	1,200	Hoya Corp.	79,485
	1,300	Intuitive Surgical, Inc.*	741,754
	12,500	Koninklijke Philips NV	510,720
	8,887	Laboratory Corp. of America Holdings*	1,359,533
	28,500	McKesson Corp.	3,336,210
	14,400	Mediclinic International plc	57,223
	2,600	Medipal Holdings Corp.	61,864
	44,200	Medtronic plc	4,025,736
	300	Nihon Kohden Corp.	8,941
	2,400	Olympus Corp.	26,110
	10,700	Quest Diagnostics, Inc.	962,144
	8,426	ResMed, Inc.	876,051
	14,700	Smith & Nephew plc	291,928
	1,000	Suzuken Co. Ltd.	58,005
	2,200	Terumo Corp.	67,332
	800	Toho Holdings Co. Ltd.	19,997
	8,600	UDG Healthcare plc	63,432
	23,900	UnitedHealth Group, Inc.	5,909,514
	17,100	Universal Health Services, Inc. Class B	2,287,467
	1,900	WellCare Health Plans, Inc.*	512,525
	8,800	Zimmer Biomet Holdings, Inc.	1,123,760
			59,882,474
	Household & Personal Products – 0.1%
	600	Beiersdorf AG	62,463
	10,600	Church & Dwight Co., Inc.	755,038
	1,700	Clorox Co. (The)	272,782
	13,250	Coty, Inc. Class A	152,375
	1,900	Fancl Corp.	49,276
	3,100	Henkel AG & Co. KGaA (Preference)(a)	316,741
	100	Kobayashi Pharmaceutical Co. Ltd.	8,461
	200	Lion Corp.	4,215
	1,700	L’Oreal SA	457,795
	5,000	PZ Cussons plc	12,785
	1,500	Unicharm Corp.	49,728
	7,600	Unilever NV CVA	443,091
	5,800	Unilever plc	333,863
			2,918,613
	Insurance – 0.6%
	1,800	Admiral Group plc	50,915
	400	Allianz SE (Registered)	89,139
	1,912	Aon plc	326,378
	2,600	Arthur J Gallagher & Co.	203,060
	3,900	ASR Nederland NV	162,499
	15,200	Assicurazioni Generali SpA	281,816
	33,000	Assured Guaranty Ltd.	1,466,190
	75,800	Aviva plc	407,609
	16,500	AXA SA	414,990
	85,555	Brighthouse Financial, Inc.*	3,104,791
	12,700	Dai-ichi Life Holdings, Inc.	176,801
	2,600	Direct Line Insurance Group plc	11,961
	2,000	Hannover Rueck SE	287,382

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	16,100	Hartford Financial Services Group, Inc. (The)	$          800,492
	2,100	Hiscox Ltd.	42,678
	4,200	Japan Post Holdings Co. Ltd.	49,156
	1,400	Japan Post Insurance Co. Ltd.	30,318
	100	Jardine Lloyd Thompson Group plc	2,493
	37,100	Just Group plc	29,603
	109,600	Legal & General Group plc	393,313
	27,600	Lincoln National Corp.	1,620,120
	1,000	Marsh & McLennan Cos., Inc.	93,900
	48,900	MetLife, Inc.	2,081,673
	1,300	MS&AD Insurance Group Holdings, Inc.	39,609
	1,200	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)	284,393
	12,855	NN Group NV	534,851
	21,100	Poste Italiane SpA	205,536
	29,700	Principal Financial Group, Inc.	1,490,643
	7,400	Progressive Corp. (The)	533,466
	19,300	Prudential Financial, Inc.	1,773,284
	5,700	Prudential plc	114,259
	26,400	Saga plc	38,236
	1,100	Sampo OYJ Class A	49,855
	4,000	SCOR SE	170,369
	1,200	Sompo Holdings, Inc.	44,440
	1,700	Sony Financial Holdings, Inc.	32,082
	2,400	Tokio Marine Holdings, Inc.	116,272
	100	Torchmark Corp.	8,195
	13,400	Unum Group	453,322
			18,016,089
	Materials – 0.8%
	3,100	Acacia Mining plc	7,948
	700	ADEKA Corp.	10,290
	4,500	Air Liquide SA	572,676
	200	Air Water, Inc.	2,905
	2,677	Akzo Nobel NV	237,807
	27,600	Anglo American plc	738,200
	11,800	ArcelorMittal	239,473
	2,200	Arkema SA	209,876
	800	Asahi Kasei Corp.	8,285
	400	Avery Dennison Corp.	45,200
	17,200	Ball Corp.	995,192
	39,600	BHP Group plc	955,428
	23,800	Celanese Corp.	2,346,918
	5,400	CF Industries Holdings, Inc.	220,752
	4,500	Covestro AG	248,271
	17,700	CRH plc	548,499
	1,600	Croda International plc	105,116
	3,800	Daicel Corp.	41,385
	400	DIC Corp.	11,720
	51,800	DowDuPont, Inc.	2,761,458
	3,785	Eastman Chemical Co.	287,206
	4,300	Ecolab, Inc.	759,122
	17,200	Evraz plc	139,157
	26,100	Ferrexpo plc	84,242
	21,300	FMC Corp.	1,636,266
	36,100	Freeport-McMoRan, Inc.	465,329
	4,100	HeidelbergCement AG	295,535
	300	Hill & Smith Holdings plc	4,857
	300	Hitachi Chemical Co. Ltd.	6,676

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	4,900	Hochschild Mining plc	$            13,178
	1,200	Ibstock plc	3,750
	2,400	Imerys SA	119,641
	6,900	International Paper Co.	319,263
	4,400	JFE Holdings, Inc.	74,892
	100	Kaneka Corp.	3,754
	8,600	KAZ Minerals plc	73,205
	300	Kuraray Co. Ltd.	3,827
	9,963	Linde plc	1,752,893
	300	Lintec Corp.	6,505
	19,854	Livent Corp.*	243,807
	5,400	LyondellBasell Industries NV Class A	454,032
	300	Maruichi Steel Tube Ltd.	8,751
	12,000	Mitsubishi Chemical Holdings Corp.	84,751
	3,400	Mitsubishi Gas Chemical Co., Inc.	48,700
	1,000	Mitsui Chemicals, Inc.	24,220
	2,200	Mitsui Mining & Smelting Co. Ltd.	56,621
	16,000	Mosaic Co. (The)	436,960
	100	Nihon Parkerizing Co. Ltd.	1,252
	1,600	Nippon Kayaku Co. Ltd.	18,941
	6,400	Nippon Light Metal Holdings Co. Ltd.	14,083
	600	Nippon Paint Holdings Co. Ltd.	23,684
	1,100	Nippon Paper Industries Co. Ltd.	22,725
	200	Nippon Shokubai Co. Ltd.	13,083
	1,300	Nissan Chemical Corp.	59,719
	200	Nitto Denko Corp.	10,542
	500	NOF Corp.	17,065
	5,700	Nucor Corp.	332,595
	10,900	Oji Holdings Corp.	67,829
	94,774	Owens-Illinois, Inc.	1,798,811
	1,600	Packaging Corp. of America	159,008
	3,200	Polymetal International plc	36,032
	2,900	Rengo Co. Ltd.	27,242
	1,100	Rhi Magnesita NV	64,815
	800	Sealed Air Corp.	36,848
	4,900	Sherwin-Williams Co. (The)	2,110,479
	1,600	Showa Denko KK	56,557
	13,500	Smurfit Kappa Group plc	378,570
	600	Solvay SA	64,959
	13,000	Stora Enso OYJ Class R	159,162
	220	Sumitomo Bakelite Co. Ltd.	7,900
	1,000	Sumitomo Chemical Co. Ltd.	4,668
	1,100	Sumitomo Metal Mining Co. Ltd.	32,595
	900	Symrise AG	81,133
	1,200	Taiheiyo Cement Corp.	40,079
	1,900	Taiyo Nippon Sanso Corp.	29,011
	2,600	Teijin Ltd.	42,994
	900	Toagosei Co. Ltd.	9,534
	800	Tokuyama Corp.	18,936
	100	Tokyo Ohka Kogyo Co. Ltd.	2,738
	3,600	Tosoh Corp.	56,172
	2,900	Toyo Seikan Group Holdings Ltd.	59,489
	1,400	Ube Industries Ltd.	28,867
	4,700	UPM-Kymmene OYJ	137,272
	10,800	Westrock Co.	414,180
	4,000	Wienerberger AG	84,959

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	500	Yamato Kogyo Co. Ltd.	$            13,675
	1,000	Zeon Corp.	10,167
			24,262,909
	Media & Entertainment – 2.6%
	47,612	Activision Blizzard, Inc.	2,167,774
	9,836	Alphabet, Inc. Class A*	11,575,890
	6,735	Alphabet, Inc. Class C*	7,902,243
	13,600	Auto Trader Group plc	92,499
	300	Axel Springer SE	15,508
	600	Capcom Co. Ltd.	13,466
	10,900	CBS Corp. (Non-Voting) Class B	518,077
	1,800	Charter Communications, Inc. Class A*	624,438
	172,560	Comcast Corp. Class A	6,898,949
	600	CyberAgent, Inc.	24,552
	5,000	DeNA Co. Ltd.	75,371
	50,090	Discovery, Inc. Class A*	1,353,432
	45,700	Discovery, Inc. Class C*	1,161,694
	1,100	Electronic Arts, Inc.*	111,793
	7,400	Entertainment One Ltd.	43,103
	4,900	Eutelsat Communications SA	85,809
	71,981	Facebook, Inc. Class A*	11,998,513
	20,654	Fox Corp. Class A*	758,208
	4,933	Fox Corp. Class B*	177,008
	4,500	GungHo Online Entertainment, Inc.	16,426
	2,600	Hakuhodo DY Holdings, Inc.	41,866
	500	JCDecaux SA	15,211
	200	Kakaku.com, Inc.	3,853
	15,100	Liberty Media Corp-Liberty Formula One Class A*	514,004
	56,000	Liberty Media Corp-Liberty SiriusXM Class C*	2,141,440
	300	LINE Corp.*	10,564
	56,438	Live Nation Entertainment, Inc.*	3,586,071
	9,400	Madison Square Garden Co. (The) Class A*	2,755,422
	9,000	Netflix, Inc.*	3,209,040
	170,600	News Corp. Class A	2,122,264
	26,909	News Corp. Class B	336,093
	900	Nexon Co. Ltd.	14,154
	1,100	Nippon Television Holdings, Inc.	16,514
	10,000	Omnicom Group, Inc.	729,900
	13,800	Pearson plc	150,554
	13,900	ProSiebenSat.1 Media SE	197,893
	6,800	Publicis Groupe SA	364,085
	2,600	Rightmove plc	17,288
	300	RTL Group SA	16,399
	6,800	SES SA FDR	105,761
	19,898	Take-Two Interactive Software, Inc.*	1,877,774
	600	Toho Co. Ltd.	24,136
	1,200	Tokyo Broadcasting System Holdings, Inc.	21,994
	1,995	TripAdvisor, Inc.*	102,643
	800	TV Asahi Holdings Corp.	14,074
	400	Ubisoft Entertainment SA*	35,669
	55,701	Viacom, Inc. Class B	1,563,527
	59,945	Walt Disney Co. (The)	6,655,693
	2,900	Yahoo Japan Corp.	7,113

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	328,100	Zynga, Inc. Class A*	$       1,748,773
			74,014,525
	Pharmaceuticals, Biotechnology & Life Sciences – 1.4%
	9,700	Allergan plc	1,420,177
	18,800	Amgen, Inc.	3,571,624
	12,900	Astellas Pharma, Inc.	193,833
	8,600	AstraZeneca plc	686,464
	13,100	Bayer AG (Registered)	843,534
	8,500	Biogen, Inc.*	2,009,230
	4,400	BTG plc*	47,823
	1,100	Chugai Pharmaceutical Co. Ltd.	75,767
	1,100	Daiichi Sankyo Co. Ltd.	50,796
	900	Dechra Pharmaceuticals plc	31,667
	2,000	Eisai Co. Ltd.	112,534
	9,900	Eli Lilly & Co.	1,284,624
	3,400	Evotec AG*	90,586
	39,132	Gilead Sciences, Inc.	2,543,971
	46,300	GlaxoSmithKline plc	961,920
	3,400	Hikma Pharmaceuticals plc	79,405
	7,550	Illumina, Inc.*	2,345,710
	53,900	Indivior plc*	67,474
	300	Ipsen SA	41,139
	4,300	IQVIA Holdings, Inc.*	618,555
	22,549	Johnson & Johnson	3,152,125
	300	Kaken Pharmaceutical Co. Ltd.	13,665
	300	Kissei Pharmaceutical Co. Ltd.	7,874
	800	KYORIN Holdings, Inc.	15,632
	38,752	Merck & Co., Inc.	3,223,004
	2,100	Mitsubishi Tanabe Pharma Corp.	28,128
	200	Mochida Pharmaceutical Co. Ltd.	10,276
	500	MorphoSys AG*	45,591
	50,766	Mylan NV*	1,438,708
	20,857	Nektar Therapeutics*	700,795
	34,095	Neurocrine Biosciences, Inc.*	3,003,770
	3,000	Orion OYJ Class B	112,729
	200	PeptiDream, Inc.*	9,850
	28,500	Perrigo Co. plc	1,372,560
	104,268	Pfizer, Inc.	4,428,262
	3,700	QIAGEN NV*	150,191
	900	Regeneron Pharmaceuticals, Inc.*	369,558
	800	Rohto Pharmaceutical Co. Ltd.	20,617
	6,000	Sanofi	530,545
	1,800	Santen Pharmaceutical Co. Ltd.	26,903
	900	Sartorius Stedim Biotech	114,038
	400	Sawai Pharmaceutical Co. Ltd.	23,200
	2,300	Shionogi & Co. Ltd.	142,788
	4,100	Sumitomo Dainippon Pharma Co. Ltd.	101,758
	300	Taisho Pharmaceutical Holdings Co. Ltd.	28,660
	13,350	Thermo Fisher Scientific, Inc.	3,654,162
	2,400	UCB SA	206,166
	2,927	Zoetis, Inc.	294,661
			40,303,049
	Real Estate – 0.9%
	100	Alexandria Real Estate Equities, Inc. (REIT)	14,256
	33,047	American Tower Corp. (REIT)	6,512,242

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	11,000	Apartment Investment & Management Co. Class A (REIT)	$          553,190
	31,600	Aroundtown SA	260,654
	1,611	Assura plc (REIT)	1,204
	9,200	AvalonBay Communities, Inc. (REIT)	1,846,716
	500	Big Yellow Group plc (REIT)	6,461
	100	CLS Holdings plc	320
	400	Cofinimmo SA (REIT)	53,126
	15,700	Crown Castle International Corp. (REIT)	2,009,600
	5,600	Deutsche Wohnen SE	271,741
	1,000	Digital Realty Trust, Inc. (REIT)	119,000
	6,300	Duke Realty Corp. (REIT)	192,654
	6,490	Equinix, Inc. (REIT)	2,941,008
	8,900	Equity Residential (REIT)	670,348
	500	Essex Property Trust, Inc. (REIT)	144,620
	2,200	Extra Space Storage, Inc. (REIT)	224,202
	1,400	Federal Realty Investment Trust (REIT)	192,990
	35,900	Gaming and Leisure Properties, Inc. (REIT)	1,384,663
	1,600	Grainger plc	4,931
	13,600	Great Portland Estates plc (REIT)	132,286
	2,000	Hammerson plc (REIT)	8,756
	22,800	HCP, Inc. (REIT)	713,640
	13,700	Howard Hughes Corp. (The)*	1,507,000
	500	Hulic Co. Ltd.	4,913
	1,000	Inmobiliaria Colonial Socimi SA (REIT)	10,286
	2,500	Intu Properties plc (REIT)	3,472
	2,100	Iron Mountain, Inc. (REIT)	74,466
	3,588	Kimco Realty Corp. (REIT)	66,378
	1,900	Land Securities Group plc (REIT)	22,621
	1,000	LEG Immobilien AG	122,886
	3,100	Leopalace21 Corp.	6,203
	600	LondonMetric Property plc (REIT)	1,561
	1,600	Merlin Properties Socimi SA (REIT)	20,939
	3,100	Mid-America Apartment Communities, Inc. (REIT)	338,923
	3,900	Mitsubishi Estate Co. Ltd.	70,765
	906	NewRiver REIT plc (REIT)	2,814
	1,200	Primary Health Properties plc (REIT)	2,029
	11,400	Realty Income Corp. (REIT)	838,584
	100	Relo Group, Inc.	2,817
	300	Safestore Holdings plc (REIT)	2,331
	400	Savills plc	4,716
	10,256	SBA Communications Corp. (REIT)*	2,047,713
	9,248	Segro plc (REIT)	81,180
	100	Shaftesbury plc (REIT)	1,146
	1,900	Simon Property Group, Inc. (REIT)	346,199
	1,800	Sumitomo Realty & Development Co. Ltd.	74,683

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	6,200	TAG Immobilien AG	$          153,127
	1,100	Tritax Big Box REIT plc (REIT)	2,058
	13,300	UDR, Inc. (REIT)	604,618
	2,600	UNITE Group plc (The) (REIT)	31,079
	4,900	Ventas, Inc. (REIT)	312,669
	3,600	Vonovia SE	186,824
	9,100	Welltower, Inc. (REIT)	706,160
	400	Workspace Group plc (REIT)	5,087
			25,914,855
	Retailing – 1.7%
	6,200	Advance Auto Parts, Inc.	1,057,286
	11,976	Amazon.com, Inc.*	21,326,262
	600	Aoyama Trading Co. Ltd.	13,649
	1,000	AutoZone, Inc.*	1,024,120
	9,100	BCA Marketplace plc	23,427
	7,500	Best Buy Co., Inc.	532,950
	1,500	Booking Holdings, Inc.*	2,617,365
	28,113	CarMax, Inc.*	1,962,287
	6,700	Dollar General Corp.	799,310
	31,360	Dollar Tree, Inc.*	3,294,054
	800	Dunelm Group plc	9,060
	12,238	eBay, Inc.	454,519
	2,600	Expedia Group, Inc.	309,400
	100	Fast Retailing Co. Ltd.	47,096
	7,978	Foot Locker, Inc.	483,467
	6,630	Gap, Inc. (The)	173,573
	3,200	Genuine Parts Co.	358,496
	100	H2O Retailing Corp.	1,396
	2,300	Halfords Group plc	6,950
	12,850	Home Depot, Inc. (The)	2,465,786
	11,100	Inchcape plc	82,592
	1,500	Industria de Diseno Textil SA	44,102
	3,400	Isetan Mitsukoshi Holdings Ltd.	34,397
	300	Izumi Co. Ltd.	14,001
	1,100	Just Eat plc*	10,764
	9,100	Kohl’s Corp.	625,807
	3,400	K’s Holdings Corp.	30,166
	79,972	LKQ Corp.*	2,269,605
	22,400	Lowe’s Cos., Inc.	2,452,128
	24,900	Macy’s, Inc.	598,347
	31,900	Marks & Spencer Group plc	115,774
	1,300	Marui Group Co. Ltd.	26,285
	100	Nitori Holdings Co. Ltd.	12,930
	10,400	Nordstrom, Inc.	461,552
	9,100	Ocado Group plc*	162,476
	1,500	O’Reilly Automotive, Inc.*	582,450
	12,800	Rakuten, Inc.	121,470
	8,777	Ross Stores, Inc.	817,139
	200	Sanrio Co. Ltd.	4,779
	400	Shimachu Co. Ltd.	10,432
	8,700	Sports Direct International plc*	33,139
	8,200	Target Corp.	658,132
	11,800	TJX Cos., Inc. (The)	627,878
	4,900	Tractor Supply Co.	479,024
	2,200	Ulta Beauty, Inc.*	767,206
	7,500	Yamada Denki Co. Ltd.	36,989
			48,040,017
	Semiconductors & Semiconductor Equipment – 1.0%
	23,900	Advanced Micro Devices, Inc.*	609,928
	2,200	Advantest Corp.	51,387

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	76,300	Applied Materials, Inc.	$       3,026,058
	4,700	ASML Holding NV	883,364
	1,401	Broadcom, Inc.	421,295
	100	Disco Corp.	14,321
	51,900	Intel Corp.	2,787,030
	23,147	Lam Research Corp.	4,143,544
	200	Maxim Integrated Products, Inc.	10,634
	18,200	Microchip Technology, Inc.	1,509,872
	93,118	Micron Technology, Inc.*	3,848,567
	8,990	NVIDIA Corp.	1,614,244
	31,500	NXP Semiconductors NV	2,784,285
	29,300	Qorvo, Inc.*	2,101,689
	34,759	QUALCOMM, Inc.	1,982,306
	2,200	Siltronic AG	194,072
	7,000	Skyworks Solutions, Inc.	577,360
	6,600	STMicroelectronics NV	97,894
	4,600	SUMCO Corp.	51,456
	500	Texas Instruments, Inc.	53,035
	600	Tokyo Electron Ltd.	87,035
	23,400	Xilinx, Inc.	2,966,886
			29,816,262
	Software & Services – 3.8%
	11,900	Adobe, Inc.*	3,171,231
	15,400	Akamai Technologies, Inc.*	1,104,334
	11,700	Alliance Data Systems Corp.	2,047,266
	500	Alten SA	53,534
	4,400	Amadeus IT Group SA	352,655
	200	ANSYS, Inc.*	36,542
	4,900	Atos SE	473,037
	10,287	Autodesk, Inc.*	1,602,920
	5,400	Automatic Data Processing, Inc.	862,596
	1,300	AVEVA Group plc	54,665
	2,900	Capgemini SE	351,891
	7,000	Citrix Systems, Inc.	697,620
	35,400	Cognizant Technology Solutions Corp. Class A	2,564,730
	500	Computacenter plc	7,206
	600	Dassault Systemes SE	89,429
	33,400	DXC Technology Co.	2,147,954
	7,500	Equiniti Group plc ADR	20,318
	9,600	Euronet Worldwide, Inc.*	1,368,864
	3,900	Fidelity National Information Services, Inc.	441,090
	121,500	FireEye, Inc.*	2,039,985
	3,900	Fiserv, Inc.*	344,292
	8,900	Fortinet, Inc.*	747,333
	1,140	Fujitsu Ltd.	82,444
	45,476	Genpact Ltd.	1,599,846
	500	GMO Payment Gateway, Inc.	35,659
	15,100	International Business Machines Corp.	2,130,610
	4,207	Intuit, Inc.	1,099,752
	1,900	Itochu Techno-Solutions Corp.	44,453
	503	Jack Henry & Associates, Inc.	69,786
	44,300	LogMeIn, Inc.	3,548,430
	26,852	Mastercard, Inc. Class A	6,322,303
	10,000	Micro Focus International plc	259,994
	168,521	Microsoft Corp.	19,875,367
	1,100	Nemetschek SE	187,967
	1,200	NET One Systems Co. Ltd.	30,346
	600	Nomura Research Institute Ltd.	27,330
	11,300	NTT Data Corp.	124,929
	94,024	Nuance Communications, Inc.*	1,591,826

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	200	Obic Co. Ltd.	$            20,225
	50,062	Oracle Corp.	2,688,830
	500	Otsuka Corp.	18,706
	27,644	Palo Alto Networks, Inc.*	6,714,175
	700	Paychex, Inc.	56,140
	114,863	PayPal Holdings, Inc.*	11,927,374
	60,100	Pluralsight, Inc. Class A*	1,907,574
	20,435	PTC, Inc.*	1,883,698
	2,200	Sage Group plc (The)	20,108
	24,698	salesforce.com, Inc.*	3,911,422
	100	SCSK Corp.	4,465
	11,376	ServiceNow, Inc.*	2,804,070
	1,200	Softcat plc	12,991
	3,300	Software AG	111,701
	8,200	Sophos Group plc	32,172
	800	Sopra Steria Group	92,941
	61,427	Symantec Corp.	1,412,207
	17,334	Tableau Software, Inc. Class A*	2,206,272
	800	TIS, Inc.	37,960
	900	Trend Micro, Inc.	43,894
	13,100	Twilio, Inc. Class A*	1,692,258
	3,934	VeriSign, Inc.*	714,257
	51,494	Visa, Inc. Class A	8,042,848
	2,200	Wirecard AG	276,370
	24,249	Worldpay, Inc.*	2,752,262
	29,800	Zendesk, Inc.*	2,533,000
			109,528,454
	Technology Hardware & Equipment – 1.3%
	3,600	Alps Alpine Co. Ltd.	75,269
	300	Amano Corp.	7,090
	2,600	Anritsu Corp.	48,363
	79,019	Apple, Inc.	15,009,659
	227	Arista Networks, Inc.*	71,382
	46,498	ARRIS International plc*	1,469,802
	400	Azbil Corp.	9,377
	2,900	Brother Industries Ltd.	53,861
	29,326	Cisco Systems, Inc.	1,583,311
	5,600	Citizen Watch Co. Ltd.	31,293
	23,630	Dell Technologies, Inc. Class C*	1,386,845
	3,700	Electrocomponents plc	27,097
	3,002	F5 Networks, Inc.*	471,104
	1,092	FLIR Systems, Inc.	51,957
	3,100	FUJIFILM Holdings Corp.	141,199
	8,100	Halma plc	176,596
	500	Hitachi High-Technologies Corp.	20,545
	4,320	Hitachi Ltd.	140,359
	83,800	HP, Inc.	1,628,234
	4,200	Ingenico Group SA	300,014
	72,587	Juniper Networks, Inc.	1,921,378
	9,400	Keysight Technologies, Inc.*	819,680
	8,100	Konica Minolta, Inc.	79,867
	1,900	Kyocera Corp.	111,877
	2,114	Motorola Solutions, Inc.	296,848
	119,500	NCR Corp.*	3,261,155
	11,621	NetApp, Inc.	805,800
	1,500	Nippon Electric Glass Co. Ltd.	39,854
	44,300	Nokia OYJ	252,360
	200	Oki Electric Industry Co. Ltd.	2,368
	300	Omron Corp.	14,094
	6,200	Ricoh Co. Ltd.	64,928
	35,300	Seagate Technology plc	1,690,517

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	200	Seiko Epson Corp.	$              3,068
	2,600	Spirent Communications plc	4,870
	11,000	TE Connectivity Ltd.	888,250
	900	Topcon Corp.	10,659
	50,600	Western Digital Corp.	2,431,836
	1,600	Yokogawa Electric Corp.	33,225
	12,689	Zebra Technologies Corp. Class A*	2,658,726
			38,094,717
	Telecommunication Services – 0.6%
	140,300	AT&T, Inc.	4,399,808
	3,800	Cellnex Telecom SA	111,560
	134,109	CenturyLink, Inc.	1,607,967
	4,500	Elisa OYJ	203,026
	1,600	Inmarsat plc	11,577
	11,000	KDDI Corp.	236,910
	6,500	Nippon Telegraph & Telephone Corp.	277,102
	4,600	NTT DOCOMO, Inc.	101,953
	697,500	Telecom Italia SpA*(b)	434,435
	8,500	Telefonica Deutschland Holding AG	26,688
	48,600	Telefonica SA	407,116
	21,000	T-Mobile US, Inc.*	1,451,100
	92,725	Verizon Communications, Inc.	5,482,829
	743,400	Vodafone Group plc	1,354,661
	54,600	Zayo Group Holdings, Inc.*	1,551,732
			17,658,464
	Transportation – 0.7%
	2,100	Abertis Infraestructuras SA*(c)	43,250
	100	Aeroports de Paris	19,348
	11,500	Air France-KLM*	129,337
	12,200	Alaska Air Group, Inc.	684,664
	200	ANA Holdings, Inc.	7,338
	5,100	Atlantia SpA	132,263
	33,400	BBA Aviation plc	108,395
	27,300	Bollore SA	123,447
	1,100	Central Japan Railway Co.	255,691
	4,700	CH Robinson Worldwide, Inc.	408,853
	9,300	CSX Corp.	695,826
	71,753	Delta Air Lines, Inc.	3,706,042
	8,500	Deutsche Lufthansa AG (Registered)	186,839
	900	Deutsche Post AG (Registered)	29,289
	200	East Japan Railway Co.	19,313
	3,600	easyJet plc	52,447
	8,800	FedEx Corp.	1,596,408
	31,200	Firstgroup plc*	36,959
	500	Fraport AG Frankfurt Airport Services Worldwide	38,357
	400	Go-Ahead Group plc (The)	10,216
	35,700	International Consolidated Airlines Group SA	237,547
	300	Japan Airlines Co. Ltd.	10,572
	100	Japan Airport Terminal Co. Ltd.	4,237
	1,300	Kamigumi Co. Ltd.	30,151
	200	Keikyu Corp.	3,398
	800	Keio Corp.	51,749
	300	Keisei Electric Railway Co. Ltd.	10,910

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	900	Kintetsu Group Holdings Co. Ltd.	$            41,981
	1,200	Kyushu Railway Co.	39,474
	33,363	Macquarie Infrastructure Corp.	1,375,223
	1,400	Mitsubishi Logistics Corp.	39,150
	400	Nagoya Railroad Co. Ltd.	11,085
	300	Nankai Electric Railway Co. Ltd.	8,288
	2,600	National Express Group plc	13,749
	300	Nikkon Holdings Co. Ltd.	7,111
	500	Nippon Yusen KK	7,343
	1,800	Norfolk Southern Corp.	336,402
	2,000	Odakyu Electric Railway Co. Ltd.	48,533
	42,100	Royal Mail plc	130,817
	500	Sankyu, Inc.	24,438
	1,400	Seino Holdings Co. Ltd.	18,709
	1,400	SG Holdings Co. Ltd.	40,842
	200	Sotetsu Holdings, Inc.	6,160
	21,700	Southwest Airlines Co.	1,126,447
	2,500	Tokyu Corp.	43,703
	15,800	Union Pacific Corp.	2,641,760
	14,600	United Continental Holdings, Inc.*	1,164,788
	10,900	United Parcel Service, Inc. Class B	1,217,966
	500	West Japan Railway Co.	37,673
	1,500	Wizz Air Holdings plc*	58,859
	28,500	XPO Logistics, Inc.*	1,531,590
	3,200	Yamato Holdings Co. Ltd.	82,787
			18,687,724
	Utilities – 1.0%
	118,000	A2A SpA	215,598
	81,613	AES Corp.	1,475,563
	8,000	Ameren Corp.	588,400
	4,400	American Electric Power Co., Inc.	368,500
	26,752	American Water Works Co., Inc.	2,789,164
	3,900	Atmos Energy Corp.	401,427
	21,200	CenterPoint Energy, Inc.	650,840
	104,600	Centrica plc	155,812
	3,900	Chubu Electric Power Co., Inc.	60,969
	3,300	Chugoku Electric Power Co., Inc. (The)	41,193
	9,940	CMS Energy Corp.	552,068
	5,800	Consolidated Edison, Inc.	491,898
	500	ContourGlobal plc	1,124
	12,500	Drax Group plc	61,635
	5,300	DTE Energy Co.	661,122
	11,600	Duke Energy Corp.	1,044,000
	12,200	E.ON SE	135,764
	8,400	Edison International	520,128
	53,000	EDP – Energias de Portugal SA	208,523
	800	Electric Power Development Co. Ltd.	19,508
	19,000	Electricite de France SA	260,098
	10,600	Endesa SA	270,516
	55,700	Enel SpA	356,915
	29,400	Engie SA	438,438
	6,545	Entergy Corp.	625,898
	5,400	Evergy, Inc.	313,470
	5,300	Eversource Energy	376,035

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	36,800	Exelon Corp.	$       1,844,784
	11,612	FirstEnergy Corp.	483,175
	4,400	Fortum OYJ	90,120
	19,100	Hera SpA	69,122
	3,100	Hokkaido Electric Power Co., Inc.	17,845
	2,300	Hokuriku Electric Power Co.	18,060
	72,200	Iberdrola SA	633,899
	3,900	Innogy SE	180,330
	29,000	Italgas SpA	179,193
	8,000	Kansai Electric Power Co., Inc. (The)	117,977
	3,500	Kyushu Electric Power Co., Inc.	41,341
	45,100	National Grid plc	500,625
	10,200	Naturgy Energy Group SA	285,492
	2,900	NextEra Energy, Inc.	560,628
	20,500	NiSource, Inc.	587,530
	36,598	NRG Energy, Inc.	1,554,683
	1,700	Osaka Gas Co. Ltd.	33,611
	3,500	Pennon Group plc	33,911
	800	Pinnacle West Capital Corp.	76,464
	1,700	PPL Corp.	53,958
	10,100	Renewables Infrastructure Group Ltd. (The)	15,505
	18,500	RWE AG	496,766
	2,000	Severn Trent plc	51,508
	1,800	Shikoku Electric Power Co., Inc.	21,957
	9,500	Suez	125,855
	400	Telecom Plus plc	7,919
	37,800	Terna Rete Elettrica Nazionale SpA	239,910
	300	Toho Gas Co. Ltd.	13,492
	3,400	Tohoku Electric Power Co., Inc.	43,413
	30,400	Tokyo Electric Power Co. Holdings, Inc.*	192,314
	1,800	Tokyo Gas Co. Ltd.	48,726
	7,800	United Utilities Group plc	82,841
	3,500	Verbund AG Class A	168,094
	191,148	Vistra Energy Corp.	4,975,582
	6,500	WEC Energy Group, Inc.	514,020
	7,207	Xcel Energy, Inc.	405,105
			27,850,361
	TOTAL COMMON STOCKS (Cost $683,555,689)		$   749,868,042
	Closed End Fund – 0.0%
	400	UK Commercial Property REIT Ltd. (REIT)	$                 447
	(Cost $441)
	Exchange Traded Funds – 5.4%
	136,356	Energy Select Sector SPDR Fund	$       9,015,859
	18,383	Health Care Select Sector SPDR Fund	1,686,640
	199,286	Invesco Emerging Markets Sovereign Debt ETF(b)	5,580,008
	878,042	Invesco Senior Loan ETF	19,878,871

Shares		Description	Value
	Exchange Traded Funds – (continued)
	360,800	SPDR Bloomberg Barclays Convertible Securities ETF	$     18,851,800
	123,389	SPDR Dow Jones International Real Estate ETF(b)	4,846,720
	54,112	SPDR Dow Jones REIT ETF	5,352,759
	2,131,421	Vanguard FTSE Emerging Markets ETF	90,585,393
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $144,608,058)		$   155,798,050

Shares		Dividend Rate	Value
	Investment Company(d) – 64.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,840,203,295	2.437%	$1,840,203,295
	(Cost $1,840,203,295)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,668,367,483)		$2,745,869,834

Securities Lending Reinvestment Vehicle(d) – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
10,286,300	2.437%	$     10,286,300
(Cost $10,286,300)
TOTAL INVESTMENTS – 96.3%
(Cost $2,678,653,783)		$2,756,156,134
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.7%		107,171,468
NET ASSETS – 100.0%		$2,863,327,602

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

*	Non-income producing security.
(a)	Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
(b)	All or a portion of security is on loan.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	— Dutch Certification
FDR	— Fiduciary Depositary Receipt
REIT	— Real Estate Investment Trust
SPDR	— Standard and Poor’s Depositary Receipts
Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
PHP	— Philippines Peso
PLN	— Polish Zloty
SEK	— Swedish Krona
TWD	— Taiwan Dollar
USD	— United States Dollar
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Chase Bank NA	PHP	263,440,000		USD	4,959,337		05/02/2019	$	25,336
	USD	10,012,509		AUD	14,070,000		04/26/2019		17,334
	USD	10,199,097		CAD	13,620,000		04/25/2019		1,160
	USD	16,555,679		CHF	16,380,000		04/25/2019		69,773
	USD	3,588,181		CZK	80,840,000		04/25/2019		72,818
	USD	56,584,805		EUR	49,640,000		04/25/2019		792,845
	USD	26,611,336		GBP	20,310,000		04/25/2019		127,839
	USD	18,158,876		JPY	2,008,400,000		04/25/2019		237
	USD	6,297,907		KRW	7,104,950,000		05/02/2019		46,356
	USD	3,999,257		NOK	33,810,000		04/25/2019		75,683
	USD	3,649,787		PLN	13,730,000		04/25/2019		71,124
	USD	5,355,932		SEK	49,000,000		04/25/2019		76,551
	USD	7,210,519		TWD	221,840,000		05/02/2019		15,631
TOTAL								$	1,392,687

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Chase Bank NA	IDR	72,805,690,000		USD	5,142,371		05/02/2019	$	(56,221	)
	INR	378,840,000		USD	5,498,404		05/02/2019		(64,279	)
	MXN	93,870,000		USD	4,954,843		04/25/2019		(136,604	)
	USD	8,808,672		JPY	974,380,000		04/25/2019		(1,034	)
TOTAL								$	(258,138	)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold	66	06/26/2019	$	8,559,540	$	27,578
3 Month Canadian Bankers Acceptance	96	06/17/2019		17,595,690		52,566
3 Month Canadian Bankers Acceptance	93	09/16/2019		17,057,133		65,265
3 Month Canadian Bankers Acceptance	104	12/16/2019		19,080,480		66,895
3 Month Eurodollar	277	06/17/2019		67,484,125		87,490
3 Month Eurodollar	252	09/16/2019		61,450,200		138,776
3 Month Eurodollar	238	12/16/2019		58,057,125		154,485
3 Month Eurodollar	232	03/16/2020		56,666,000		177,812
3 Month Eurodollar	243	06/15/2020		59,410,462		212,935
3 Month Eurodollar	214	09/14/2020		52,352,425		203,366
3 Month Eurodollar	197	12/14/2020		48,200,975		205,124
3 Month Eurodollar	184	03/15/2021		45,031,700		149,695
3 Month Sterling	135	06/19/2019		21,793,122		14,500
3 Month Sterling	153	09/18/2019		24,703,853		37,294
3 Month Sterling	155	12/18/2019		25,024,256		46,664
3 Month Sterling	149	03/18/2020		24,060,427		51,201
3 Month Sterling	145	06/17/2020		23,410,968		53,685
3 Month Sterling	139	09/16/2020		22,432,055		45,665
3 Month Sterling	132	12/16/2020		21,295,936		42,631
3 Month Sterling	124	03/17/2021		20,001,235		32,629
Amsterdam Exchange Index	47	04/18/2019		5,777,726		153,927
ASX 90 Day Bank Accepted Bill	96	06/13/2019		67,890,229		29,435
ASX 90 Day Bank Accepted Bill	67	09/12/2019		47,394,520		53,647
ASX 90 Day Bank Accepted Bill	54	12/12/2019		38,205,125		36,877
Australia 10 Year Bond	319	06/17/2019		31,358,615		449,554
CAC 40 10 Euro Index	113	04/18/2019		6,772,667		70,663
Canada 10 Year Bond	256	06/19/2019		26,667,984		553,380
DAX Index	23	06/21/2019		7,439,825		(9,995	)
EURO STOXX 50 Index	1,288	06/21/2019		47,274,314		576,904
Euro-Bobl	501	06/06/2019		74,835,486		538,941
Euro-BTP	120	06/06/2019		17,418,534		343,620
Euro-Bund	602	06/06/2019		112,355,331		2,252,665
Euro-Buxl	68	06/06/2019		14,625,735		699,168
Euro-OAT	174	06/06/2019		31,762,373		843,119
Euro-Schatz	347	06/06/2019		43,584,014		63,939
FTSE 100 Index	224	06/21/2019		21,039,464		408,616
FTSE/JSE Top 40 Index	87	06/20/2019		3,062,026		20,217
Hang Seng Index	36	04/29/2019		6,667,380		113,305
HSCEI	76	04/29/2019		5,505,920		57,173
IBEX 35 Index	43	04/18/2019		4,432,048		23,392
Japan 10 Year Bond	15	06/13/2019		20,734,458		66,984
KOSPI 200 Index	55	06/13/2019		3,357,854		(18,812	)
Long Gilt	260	06/26/2019		43,850,104		678,095
MSCI Taiwan Index	111	04/29/2019		4,336,770		66,928
NASDAQ 100 E-Mini Index	456	06/21/2019		67,492,560		1,827,683
OMXS30 Index	287	04/17/2019		4,773,147		42,979
Russell 2000 E-Mini Index	145	06/21/2019		11,192,550		95,801
S&P Midcap 400 E-Mini Index	30	06/21/2019		5,703,000		99,176
S&P/TSX 60 Index	50	06/20/2019		7,162,046		(10,653	)
TOPIX Index	81	06/13/2019		11,635,117		(58,321	)
U.S. Treasury 2 Year Note	540	06/28/2019		115,095,937		360,828
U.S. Treasury 5 Year Note	775	06/28/2019		89,815,234		798,969
U.S. Treasury 10 Year Note	1,063	06/19/2019		132,127,578		1,833,592
U.S. Treasury Long Bond	304	06/19/2019		45,571,500		1,163,555
Total					$	16,091,607

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
3 Month Euroswiss	(14)	06/17/2019	$	(3,540,246	)	$	(369	)
Corn	(154)	05/14/2019		(2,748,900	)		63,040
S&P 500 E-Mini Index	(1,655)	06/21/2019		(234,827,950	)		(3,806,721	)
Total						$	(3,744,050	)
Total Futures Contracts						$	12,347,557

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000’s)	Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%		2.690%		06/20/2024	EUR  90,850	$	11,284,572	$	11,512,989	$	(228,417	)
iTraxx Europe Index		1.000		0.650		06/20/2024	13,850		285,355		275,894		9,461
Markit CDX North America High Yield Index		5.000		3.484		06/20/2024	USD  77,500		5,269,139		4,752,109		517,030
Markit CDX North America Investment Grade Index		1.000		0.635		06/20/2024	16,100		289,819		274,901		14,918
TOTAL								$	17,128,885	$	16,815,893	$	312,992

(a) Payments received quarterly.

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

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund		Counterparty		Termination Date		Notional Amount (000’s)	Unrealized Appreciation/ (Depreciation)(a)
MSCI The World Growth Net Return Index(b)		(2.492)%		Bank of America		05/08/2019	USD  30,161	$	973,712
MSCI The World Net Return Index(c)		2.492				05/08/2019	USD  34,324		(797,725	)
Alerian MLP Index Total Return(b)		(2.499)		Deutsche Bank AG		10/25/2019	USD  14,311		97,386
Bloomberg Roll Select Commodity Index Total Return(d)		0.000		JPMorgan Chase Bank NA		05/28/2019	USD  35,423		(380,651	)
TOTAL								$	(107,278	)

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made monthly.

(c) Payments received monthly.

(d) Payments made weekly.

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts:
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		2,375.00  USD		04/18/2019		41	$	(11,621,040	)	$	(1,537	)	$	(72,080	)	$	70,543
			2,400.00  USD		04/18/2019		40		(11,337,600	)		(1,700	)		(79,376	)		77,676
			2,425.00  USD		04/18/2019		39		(11,054,160	)		(1,950	)		(87,426	)		85,476
			2,450.00  USD		04/18/2019		38		(10,770,720	)		(2,185	)		(97,874	)		95,689
			2,475.00  USD		04/18/2019		38		(10,770,720	)		(2,470	)		(108,161	)		105,691
			2,500.00  USD		04/18/2019		37		(10,487,280	)		(2,775	)		(118,716	)		115,941
			2,525.00  USD		04/18/2019		36		(10,203,840	)		(3,150	)		(132,748	)		129,598
			2,550.00  USD		04/18/2019		35		(9,920,400	)		(3,588	)		(146,314	)		142,726
			2,575.00  USD		04/18/2019		35		(9,920,400	)		(4,375	)		(161,954	)		157,579
			2,600.00  USD		04/18/2019		34		(9,636,960	)		(5,270	)		(179,702	)		174,432
			2,625.00  USD		04/18/2019		33		(9,353,520	)		(6,435	)		(198,374	)		191,939
			2,475.00  USD		05/17/2019		41		(11,621,040	)		(15,580	)		(72,109	)		56,529
			2,500.00  USD		05/17/2019		40		(11,337,600	)		(17,400	)		(79,575	)		62,175
			2,525.00  USD		05/17/2019		40		(11,337,600	)		(20,600	)		(88,845	)		68,245
			2,550.00  USD		05/17/2019		39		(11,054,160	)		(23,985	)		(97,543	)		73,558
			2,575.00  USD		05/17/2019		38		(10,770,720	)		(27,550	)		(108,117	)		80,567
			2,600.00  USD		05/17/2019		37		(10,487,280	)		(32,005	)		(119,995	)		87,990
			2,625.00  USD		05/17/2019		37		(10,487,280	)		(38,480	)		(133,767	)		95,287
			2,650.00  USD		05/17/2019		36		(10,203,840	)		(44,640	)		(147,993	)		103,353
			2,675.00  USD		05/17/2019		35		(9,920,400	)		(52,500	)		(164,493	)		111,993
			2,700.00  USD		05/17/2019		35		(9,920,400	)		(63,350	)		(184,812	)		121,462
			2,725.00  USD		05/17/2019		34		(9,636,960	)		(74,290	)		(205,197	)		130,907
			2,750.00  USD		05/17/2019		33		(9,353,520	)		(87,285	)		(226,737	)		139,452
			2,525.00  USD		06/21/2019		49		(13,888,560	)		(66,640	)		(71,423	)		4,783
			2,550.00  USD		06/21/2019		48		(13,605,120	)		(74,400	)		(79,212	)		4,812
			2,575.00  USD		06/21/2019		47		(13,321,680	)		(82,720	)		(87,545	)		4,825
			2,600.00  USD		06/21/2019		46		(13,038,240	)		(92,460	)		(97,316	)		4,856
			2,625.00  USD		06/21/2019		46		(13,038,240	)		(105,570	)		(110,326	)		4,756
			2,650.00  USD		06/21/2019		45		(12,754,800	)		(117,675	)		(122,380	)		4,705
			2,675.00  USD		06/21/2019		44		(12,471,360	)		(131,340	)		(135,797	)		4,457
			2,700.00  USD		06/21/2019		43		(12,187,920	)		(146,630	)		(150,210	)		3,580
			2,725.00  USD		06/21/2019		42		(11,904,480	)		(163,380	)		(168,078	)		4,698
			2,750.00  USD		06/21/2019		42		(11,904,480	)		(186,270	)		(191,430	)		5,160
			2,775.00  USD		06/21/2019		41		(11,621,040	)		(207,460	)		(215,299	)		7,839
			2,800.00  USD		06/21/2019		40		(11,337,600	)		(230,600	)		(236,411	)		5,811
Total written options contracts							1,384				$	(2,138,245	)	$	(4,677,335	)	$	2,539,090

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Shares		Dividend Rate	Value
	Investment Company(a) – 80.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	71,607,641	2.437%	$71,607,641
	TOTAL INVESTMENTS – 80.5% (Cost $71,607,641)		$71,607,641
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 19.5%		17,320,872
	NET ASSETS – 100.0%		$88,928,513

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

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israel New Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
PEN	— Peru Nuevo Sol
PHP	— Philippines Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
THB	— Thailand Baht
TWD	— Taiwan Dollar
USD	— United States Dollar
ZAR	— South African Rand
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 ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	USD	6,244,459	CLP	4,169,670,000		05/02/2019	$	116,872
	USD	7,411,583	COP	22,826,330,000		04/01/2019		251,571
	USD	4,374,886	CZK	98,830,000		04/25/2019		77,220
	USD	634,357	HUF	175,280,000		04/25/2019		21,207
	USD	591,507	IDR	8,446,130,000		05/02/2019		1,467
	USD	5,685,588	ILS	20,430,000		04/25/2019		52,908
	USD	560,779	INR	38,890,000		05/02/2019		2,936
	USD	14,016,681	KRW	15,810,930,000		05/02/2019		104,854
	USD	1,311,427	MXN	25,120,000		04/25/2019		22,046
	USD	274,999	PEN	910,000		05/02/2019		1,204
	USD	753,321	PHP	39,700,000		05/02/2019		2,138
	USD	648,573	RUB	41,920,000		05/06/2019		13,177
	USD	12,221,166	THB	386,940,000		04/25/2019		21,239
	USD	12,337,144	TWD	379,570,000		05/02/2019		26,633
	USD	651,654	ZAR	9,360,000		04/25/2019		4,735
TOTAL							$	720,207

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	26,050,000	USD	6,816,517		05/02/2019	$	(175,936	)
	COP	22,826,330,000	USD	7,355,471		04/01/2019		(195,460	)
	COP	27,604,410,000	USD	8,950,148		05/02/2019		(307,362	)
	CZK	4,330,000	USD	190,600		04/25/2019		(2,308	)
	HUF	140,230,000	USD	503,997		04/25/2019		(13,456	)
	IDR	41,252,240,000	USD	2,914,436		05/02/2019		(32,587	)
	ILS	1,370,000	USD	378,516		04/25/2019		(799	)
	INR	427,630,000	USD	6,206,863		05/02/2019		(72,889	)
	KRW	249,040,000	USD	220,097		05/02/2019		(970	)
	NOK	57,520,000	USD	6,802,032		04/25/2019		(126,966	)
	PEN	3,580,000	USD	1,085,507		05/02/2019		(8,377	)
	PHP	99,470,000	USD	1,883,188		05/02/2019		(1,069	)
	PLN	8,490,000	USD	2,255,411		04/25/2019		(42,530	)
	RUB	503,750,000	USD	7,852,675		05/06/2019		(217,163	)
	SEK	44,710,000	USD	4,882,576		04/25/2019		(65,410	)
	TWD	12,660,000	USD	411,199		05/02/2019		(600	)
	USD	283,548	HUF	81,110,000		04/25/2019		(185	)
	USD	267,407	ILS	970,000		04/25/2019		(28	)
	USD	402,533	KRW	457,600,000		05/02/2019		(103	)
	USD	367,951	TWD	11,350,000		05/02/2019		(161	)
	ZAR	67,440,000	USD	4,719,375		04/25/2019		(58,242	)
TOTAL							$	(1,322,601	)

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		5		06/26/2019	$	648,450	$	(8,174	)
3 Month Canadian Bankers Acceptance		8		06/17/2019		1,466,307		5,118
3 Month Canadian Bankers Acceptance		8		09/16/2019		1,467,280		6,492
3 Month Canadian Bankers Acceptance		8		12/16/2019		1,467,729		5,145
3 Month Eurodollar		21		06/17/2019		5,116,125		9,701
3 Month Eurodollar		19		09/16/2019		4,633,150		14,193
3 Month Eurodollar		18		12/16/2019		4,390,875		16,050
3 Month Eurodollar		18		03/16/2020		4,396,500		19,696
3 Month Eurodollar		18		06/15/2020		4,400,775		22,666
3 Month Eurodollar		16		09/14/2020		3,914,200		22,313
3 Month Eurodollar		15		12/14/2020		3,670,125		22,115
3 Month Eurodollar		14		03/15/2021		3,426,325		14,432
3 Month Sterling		11		06/19/2019		1,775,736		2,126
3 Month Sterling		11		09/18/2019		1,776,094		4,040
3 Month Sterling		12		12/18/2019		1,937,362		5,073
3 Month Sterling		11		03/18/2020		1,776,273		5,876
3 Month Sterling		11		06/17/2020		1,776,004		5,792
3 Month Sterling		10		09/16/2020		1,613,817		5,340
3 Month Sterling		10		12/16/2020		1,613,328		5,122
3 Month Sterling		9		03/17/2021		1,451,703		3,739
Amsterdam Exchange Index		2		04/18/2019		245,861		5,155
ASX 90 Day Bank Accepted Bill		7		06/13/2019		4,950,329		2,588
ASX 90 Day Bank Accepted Bill		4		09/12/2019		2,829,524		3,431
ASX 90 Day Bank Accepted Bill		4		12/12/2019		2,830,009		2,732
Brent Crude Oil		45		07/31/2019		3,002,400		40,350
CAC 40 10 Euro Index		5		04/18/2019		299,675		2,960
Cocoa		134		09/13/2019		3,052,520		56,578
Coffee ’C’		78		09/18/2019		2,913,300		(115,633	)
Copper		41		09/26/2019		3,015,038		20,234
Corn		154		09/13/2019		2,887,500		(74,685	)
Cotton No. 2		80		12/06/2019		3,017,600		76,698
EURO STOXX 50 Index		17		06/21/2019		623,962		7,480
Euro-Bobl		25		06/06/2019		3,734,306		26,351
Euro-BTP		6		06/06/2019		870,927		19,016
Euro-Buxl		4		06/06/2019		860,337		38,440
Euro-OAT		9		06/06/2019		1,642,881		45,917
Euro-Schatz		14		06/06/2019		1,758,433		1,738
Foreign Exchange AUD/USD		126		06/17/2019		8,959,860		22,086
Foreign Exchange CAD/USD		32		06/18/2019		2,399,200		(6,673	)
Foreign Exchange NZD/USD		25		06/17/2019		1,704,750		(5,873	)
FTSE 100 Index		2		06/21/2019		187,852		2,702
FTSE MIB Index		2		06/21/2019		232,662		3,777
Hang Seng Index		1		04/29/2019		185,205		3,628
HSCEI		2		04/29/2019		144,893		1,519
IBEX 35 Index		1		04/18/2019		103,071		585
Japan 10 Year Bond		45		06/13/2019		62,203,375		112,810
KC HRW Wheat		130		09/13/2019		2,920,125		(54,135	)
Lean Hogs		73		08/14/2019		2,690,780		354,493
Live Cattle		63		08/30/2019		2,915,640		12,532
LME Aluminum Base Metal		177		04/17/2019		8,408,606		69,306
LME Aluminum Base Metal		106		05/15/2019		5,038,312		5,082
LME Aluminum Base Metal		30		06/19/2019		1,433,250		13,242

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
LME Aluminum Base Metal		104		07/17/2019	$	4,989,400		$	(54,380	)
LME Aluminum Base Metal		98		08/21/2019		4,725,437			42,174
LME Aluminum Base Metal		29		09/18/2019		1,404,506			19,688
LME Aluminum Base Metal		23		10/16/2019		1,118,519			7,277
LME Lead Base Metal		36		04/17/2019		1,807,200			(57,303	)
LME Lead Base Metal		26		05/15/2019		1,308,775			(51,191	)
LME Nickel Base Metal		69		04/17/2019		5,348,673			237,628
LME Nickel Base Metal		53		05/15/2019		4,118,418			202,378
LME Nickel Base Metal		21		06/19/2019		1,636,110			217,804
LME Nickel Base Metal		40		07/17/2019		3,121,920			240,254
LME Nickel Base Metal		21		08/21/2019		1,642,662			248,077
LME Nickel Base Metal		21		09/18/2019		1,645,812			216,670
LME Nickel Base Metal		14		10/16/2019		1,099,266			(3,057	)
LME Zinc Base Metal		86		04/17/2019		6,395,713			651,633
LME Zinc Base Metal		106		05/15/2019		7,827,438			653,530
LME Zinc Base Metal		23		06/19/2019		1,687,481			266,199
LME Zinc Base Metal		77		07/17/2019		5,614,263			563,415
LME Zinc Base Metal		71		08/21/2019		5,146,613			454,289
LME Zinc Base Metal		23		09/18/2019		1,658,588			246,793
LME Zinc Base Metal		16		10/16/2019		1,148,200			71,282
Long Gilt		51		06/26/2019		8,601,366			153,854
Low Sulphur Gasoil		49		08/12/2019		3,002,475			10,677
MSCI Taiwan Index		3		04/29/2019		117,210			893
NASDAQ 100 E-Mini Index		2		06/21/2019		296,020			5,127
Natural Gas		100		07/29/2019		2,803,000			(141,803	)
NY Harbor ULSD		36		07/31/2019		3,002,076			(32,121	)
OMXS30 Index		8		04/17/2019		133,049			1,198
RBOB Gasoline		39		07/31/2019		2,998,359			81,204
S&P 500 E-Mini Index		106		06/21/2019		15,040,340			227,669
S&P/TSX 60 Index		2		06/20/2019		286,482			(305	)
Silver		15		05/29/2019		1,132,125			(22,561	)
Soybean		64		11/14/2019		2,938,400			(54,558	)
Soybean Oil		163		12/13/2019		2,884,122			(124,216	)
Sugar No. 11		200		09/30/2019		2,894,080			25,668
U.S. Treasury 2 Year Note		24		06/28/2019		5,115,375			14,975
U.S. Treasury 5 Year Note		39		06/28/2019		4,519,734			41,416
U.S. Treasury 10 Year Note		263		06/19/2019		32,690,078			407,713
U.S. Treasury Long Bond		15		06/19/2019		2,248,594			58,638
Wheat		126		09/13/2019		3,024,000			116,724
WTI Crude Oil		50		07/22/2019		3,025,000			131,811
Total								$	5,956,449
Short position contracts:
3 Month Euroswiss		(1)		06/17/2019	$	(252,875	)	$	(1	)
Australia 10 Year Bond		(157)		06/17/2019		(15,433,550	)		(213,494	)
Brent Crude Oil		(23)		04/30/2019		(1,554,340	)		(35,082	)
Canada 10 Year Bond		(225)		06/19/2019		(23,438,658	)		(297,875	)
CBOE Volatility Index		(61)		04/17/2019		(928,725	)		214,919
CBOE Volatility Index		(57)		05/22/2019		(930,525	)		41,629
CBOE Volatility Index		(66)		06/19/2019		(1,100,550	)		(34,719	)
Cocoa		(123)		05/15/2019		(2,811,780	)		(44,177	)
Coffee ‘C’		(95)		05/20/2019		(3,363,000	)		222,432
Copper		(7)		05/29/2019		(513,012	)		768
Corn		(368)		05/14/2019		(6,568,800	)		323,731
Cotton No. 2		(160)		05/08/2019		(6,208,000	)		(352,359	)
Euro-Bund		(57)		06/06/2019		(10,638,295	)		(3,078	)

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
Feeder Cattle		(66)		05/23/2019	$	(4,917,825	)	$	11,353
Foreign Exchange CHF/USD		(5)		06/17/2019		(632,375	)		(311	)
Foreign Exchange EUR/USD		(20)		06/17/2019		(2,822,750	)		24,640
Foreign Exchange GBP/USD		(79)		06/17/2019		(6,454,300	)		34,621
Foreign Exchange JPY/USD		(14)		06/17/2019		(1,588,650	)		(11,580	)
KC HRW Wheat		(70)		05/14/2019		(1,506,750	)		20,775
KOSPI 200 Index		(2)		06/13/2019		(122,104	)		211
Lean Hogs		(127)		06/14/2019		(4,452,620	)		(68,950	)
Live Cattle		(189)		06/28/2019		(8,996,400	)		139,584
LME Aluminum Base Metal		(177)		04/17/2019		(8,408,606	)		(65,709	)
LME Aluminum Base Metal		(124)		05/15/2019		(5,893,875	)		(81,268	)
LME Aluminum Base Metal		(30)		06/19/2019		(1,433,250	)		(5,946	)
LME Aluminum Base Metal		(104)		07/17/2019		(4,989,400	)		(13,799	)
LME Aluminum Base Metal		(36)		08/21/2019		(1,735,875	)		(16,220	)
LME Aluminum Base Metal		(29)		09/18/2019		(1,404,506	)		(9,761	)
LME Aluminum Base Metal		(23)		10/16/2019		(1,118,519	)		1,815
LME Lead Base Metal		(36)		04/17/2019		(1,807,200	)		63,438
LME Lead Base Metal		(19)		05/15/2019		(956,412	)		20,567
LME Nickel Base Metal		(69)		04/17/2019		(5,348,673	)		(272,662	)
LME Nickel Base Metal		(35)		05/15/2019		(2,719,710	)		(223,085	)
LME Nickel Base Metal		(21)		06/19/2019		(1,636,110	)		(3,869	)
LME Nickel Base Metal		(40)		07/17/2019		(3,121,920	)		(290,860	)
LME Nickel Base Metal		(21)		08/21/2019		(1,642,662	)		(217,022	)
LME Nickel Base Metal		(21)		09/18/2019		(1,645,812	)		(4,598	)
LME Nickel Base Metal		(14)		10/16/2019		(1,099,266	)		1,143
LME Zinc Base Metal		(86)		04/17/2019		(6,395,712	)		(642,033	)
LME Zinc Base Metal		(94)		05/15/2019		(6,941,312	)		(558,359	)
LME Zinc Base Metal		(23)		06/19/2019		(1,687,481	)		(128,060	)
LME Zinc Base Metal		(77)		07/17/2019		(5,614,263	)		(516,305	)
LME Zinc Base Metal		(28)		08/21/2019		(2,029,650	)		(265,716	)
LME Zinc Base Metal		(23)		09/18/2019		(1,658,588	)		(113,642	)
LME Zinc Base Metal		(16)		10/16/2019		(1,148,200	)		(76,738	)
Low Sulphur Gasoil		(44)		05/10/2019		(2,662,000	)		8,312
Natural Gas		(155)		04/26/2019		(4,136,950	)		263,536
NY Harbor ULSD		(14)		04/30/2019		(1,157,596	)		2,196
RBOB Gasoline		(25)		04/30/2019		(1,973,370	)		(66,576	)
Soybean		(181)		05/14/2019		(8,000,200	)		321,743
Soybean Oil		(169)		05/14/2019		(2,877,732	)		239,768
Sugar No. 11		(143)		04/30/2019		(2,003,602	)		(14,097	)
Wheat		(33)		05/14/2019		(757,763	)		(3,279	)
WTI Crude Oil		(55)		04/22/2019		(3,308,250	)		(185,802	)
Total								$	(2,879,851	)
Total Futures Contracts								$	3,076,598

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000’s)	Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%		2.690%		06/20/2024	EUR       450	$	55,895	$	56,681	$	(786	)
iTraxx Europe Index		1.000		0.650		06/20/2024	1,100		22,664		21,782		882
Markit CDX North America High Yield Index		5.000		3.484		06/20/2024	USD       600		40,793		36,251		4,542
Markit CDX North America Investment Grade Index		1.000		0.635		06/20/2024	1,250		22,501		21,134		1,367
TOTAL								$	141,853	$	135,848	$	6,005

(a) Payments received quarterly.

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

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund	Counterparty	Termination Date	Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(a)
A basket (DBGSLBJP) of common stocks(b) (*)	(0.062)%	Deutsche Bank AG	09/17/2019	JPY	1,087,708	$	74,565
A basket (DBGSLBJP) of common stocks(b) (*)	(2.601)		09/17/2019	JPY	488,903		30,884
A basket (DBGSMOJP) of common stocks(b) (*)	(0.062)		09/17/2019	JPY	1,325,820		89,316
A basket (DBGSQUJP) of common stocks(b) (*)	(0.062)		09/17/2019	JPY	3,842,140		226,155
A basket (DBGSVAJP) of common stocks(b) (*)	(0.062)		09/17/2019	JPY	3,849,998		195,140
TOPIX Total Retun Index(c)	0.062		09/17/2019	JPY	10,468,920		(510,672	)
A basket (JPBILBEU) of common stocks(b) (*)	(0.368)	JPMorgan Chase Bank NA	12/16/2019	EUR	11,035		61,503
A basket (JPBILBUK) of common stocks(b) (*)	(0.729)		08/05/2019	GBP	6,501		81,561
A basket (JPBIMOEU) of common stocks(b) (*)	(0.368)		12/16/2019	EUR	10,311		42,389
A basket (JPBIMOUK) of common stocks(b) (*)	(0.729)		08/05/2019	GBP	13,908		139,998
A basket (JPBIQUEU) of common stocks(b) (*)	(0.368)		12/16/2019	EUR	10,882		135,332
A basket (JPBIQUUK) of common stocks(b) (*)	(0.729)		08/05/2019	GBP	12,532		251,456
A basket (JPBIVAEU) of common stocks(b) (*)	(0.368)		12/16/2019	EUR	12,683		170,568
A basket (JPBIVAUK) of common stocks(b) (*)	(0.729)		08/05/2019	GBP	8,605		154,323

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)

Referenced Obligation/Index	Financing Rate Received (Paid) by the Fund		Counterparty	Termination Date		Notional Amount (000’s)	Unrealized Appreciation/ (Depreciation)(a)
A basket (JPGSLBUS) of common stocks(b)(*)		(2.496)%			08/30/2019	USD     10,352	$	53,840
A basket (JPGSMOUS) of common stocks(b)(*)		(2.496)			08/30/2019	USD     21,650		213,377
A basket (JPGSQUUS) of common stocks(b)(*)		(2.496)			08/30/2019	USD     31,968		328,865
A basket (JPGSVAUS) of common stocks(b)(*)		(2.496)			08/30/2019	USD     25,334		244,131
EURO STOXX 50 Net Return Index(c)		0.368			12/16/2019	EUR     42,535		(497,529	)
FTSE 100 Total Return Index(c)		0.729			08/05/2019	GBP     38,390		(605,219	)
S&P 500 Total Return Index(c)		2.496			08/30/2019	USD     84,225		(853,356	)
TOTAL							$	26,627

(a) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

(b) Payments made weekly.

(c) Payments received weekly.

* The components of the basket are shown below

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSLBJP) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Takeda Pharmaceutical Co Ltd	Health Care		9,513	$	388,282		2.73	%
Kao Corp	Consumer Staples		4,506		354,651		2.49
KDDI Corp	Communication Services		14,639		315,199		2.21
NTT DOCOMO Inc	Communication Services		13,846		306,440		2.15
Oriental Land Co Ltd/Japan	Consumer Discretionary		2,342		265,820		1.87
Japan Tobacco Inc	Consumer Staples		10,541		261,224		1.83
Central Japan Railway Co	Industrials		1,033		239,765		1.68
Canon Inc	Information Technology		8,224		238,552		1.68
Nippon Telegraph & Telephone Corp	Communication Services		5,604		237,922		1.67
Seven & i Holdings Co Ltd	Consumer Staples		6,253		235,730		1.66
Kirin Holdings Co Ltd	Consumer Staples		9,719		231,856		1.63
East Japan Railway Co	Industrials		2,267		218,573		1.53
Daito Trust Construction Co Ltd	Real Estate		1,454		202,523		1.42
Asahi Group Holdings Ltd	Consumer Staples		4,273		190,198		1.34
Shiseido Co Ltd	Consumer Staples		2,576		185,727		1.30
Nitori Holdings Co Ltd	Consumer Discretionary		1,430		184,576		1.30
Pan Pacific International Holdings Corp	Consumer Discretionary		2,664		176,297		1.24
West Japan Railway Co	Industrials		2,303		173,349		1.22
Secom Co Ltd	Industrials		1,986		169,964		1.19
Ajinomoto Co Inc	Consumer Staples		10,363		165,501		1.16
Terumo Corp	Health Care		5,303		161,825		1.14
Astellas Pharma Inc	Health Care		10,375		155,342		1.09
NH Foods Ltd	Consumer Staples		4,250		152,897		1.07
Ryohin Keikaku Co Ltd	Consumer Discretionary		595		150,493		1.06
Japan Airlines Co Ltd	Industrials		4,016		141,350		0.99
Shimamura Co Ltd	Consumer Discretionary		1,670		141,304		0.99
Nippon Paper Industries Co Ltd	Materials		6,458		133,275		0.94
ABC-Mart Inc	Consumer Discretionary		2,206		131,251		0.92
Aeon Co Ltd	Consumer Staples		6,033		126,161		0.89
Otsuka Holdings Co Ltd	Health Care		3,204		125,803		0.88
ANA Holdings Inc	Industrials		3,409		124,903		0.88
Nichirei Corp	Consumer Staples		5,038		124,072		0.87
Tobu Railway Co Ltd	Industrials		4,211		121,471		0.85
Lawson Inc	Consumer Staples		2,156		119,508		0.84
Tokyu Corp	Industrials		6,788		118,461		0.83
Unicharm Corp	Consumer Staples		3,574		118,179		0.83
Kyushu Electric Power Co Inc	Utilities		9,882		116,600		0.82
Chugai Pharmaceutical Co Ltd	Health Care		1,688		115,953		0.81
Pola Orbis Holdings Inc	Consumer Staples		3,635		115,850		0.81
Square Enix Holdings Co Ltd	Communication Services		3,277		114,782		0.81
Hankyu Hanshin Holdings Inc	Industrials		3,047		114,168		0.80
House Foods Group Inc	Consumer Staples		2,814		113,064		0.79
Kintetsu Group Holdings Co Ltd	Industrials		2,342		109,101		0.77
MEIJI Holdings Co Ltd	Consumer Staples		1,341		108,836		0.76
Tokyo Gas Co Ltd	Utilities		3,992		107,879		0.76
Toray Industries Inc	Materials		16,768		107,006		0.75
Chugoku Electric Power Co Inc/The	Utilities		8,440		105,219		0.74
Yamato Holdings Co Ltd	Industrials		3,993		103,071		0.72
Benesse Holdings Inc	Consumer Discretionary		3,947		102,445		0.72
Fuji Media Holdings Inc	Communication Services		7,401		102,092		0.72
Otsuka Corp	Information Technology		2,658		99,211		0.70
Yakult Honsha Co Ltd	Consumer Staples		1,409		98,449		0.69
Itochu Techno-Solutions Corp	Information Technology		4,216		98,318		0.69
Taisei Corp	Industrials		2,064		95,775		0.67
Suntory Beverage & Food Ltd	Consumer Staples		2,003		94,052		0.66
Nagoya Railroad Co Ltd	Industrials		3,395		93,931		0.66
Tsuruha Holdings Inc	Consumer Staples		1,143		92,853		0.65
Keio Corp	Industrials		1,433		92,486		0.65
Tohoku Electric Power Co Inc	Utilities		7,234		92,214		0.65
Chubu Electric Power Co Inc	Utilities		5,730		89,416		0.63
Fuji Oil Holdings Inc	Consumer Staples		2,610		89,317		0.63
Morinaga Milk Industry Co Ltd	Consumer Staples		2,620		88,820		0.62
Kansai Electric Power Co Inc/The	Utilities		5,977		88,057		0.62
COMSYS Holdings Corp	Industrials		3,223		87,858		0.62
Yahoo Japan Corp	Communication Services		35,728		87,409		0.61
Nisshin Seifun Group Inc	Consumer Staples		3,774		86,551		0.61
Cosmos Pharmaceutical Corp	Consumer Staples		496		85,669		0.60
Kewpie Corp	Consumer Staples		3,560		85,334		0.60
Sankyo Co Ltd	Consumer Discretionary		2,234		85,114		0.60
Bandai Namco Holdings Inc	Consumer Discretionary		1,802		84,412		0.59
Mitsubishi Tanabe Pharma Corp	Health Care		6,281		83,865		0.59
Shionogi & Co Ltd	Health Care		1,345		83,174		0.58
Rengo Co Ltd	Materials		8,608		80,660		0.57
SCSK Corp	Information Technology		1,768		78,765		0.55
Fast Retailing Co Ltd	Consumer Discretionary		160		75,033		0.53
Asahi Intecc Co Ltd	Health Care		1,598		74,998		0.53

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSLBJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Odakyu Electric Railway Co Ltd	Industrials		3,074	$	74,459		0.52	%
Zensho Holdings Co Ltd	Consumer Discretionary		3,211		74,319		0.52
Osaka Gas Co Ltd	Utilities		3,709		73,122		0.51
Nippon Suisan Kaisha Ltd	Consumer Staples		9,072		69,201		0.49
FUJIFILM Holdings Corp	Information Technology		1,518		68,991		0.48
Ito En Ltd	Consumer Staples		1,313		68,182		0.48
Takashimaya Co Ltd	Consumer Discretionary		5,117		68,095		0.48
Nipro Corp	Health Care		5,233		67,510		0.47
NTT Data Corp	Information Technology		6,102		67,266		0.47
Hoshizaki Corp	Industrials		1,083		67,074		0.47
Pigeon Corp	Consumer Staples		1,619		66,126		0.46
Toyo Suisan Kaisha Ltd	Consumer Staples		1,706		64,901		0.46
Lion Corp	Consumer Staples		3,061		64,394		0.45
Autobacs Seven Co Ltd	Consumer Discretionary		3,513		58,362		0.41
Shochiku Co Ltd	Communication Services		519		58,075		0.41
Fujitsu General Ltd	Consumer Discretionary		4,007		56,654		0.40
Tsumura & Co	Health Care		1,864		56,637		0.40
Sugi Holdings Co Ltd	Consumer Staples		1,282		56,400		0.40
Sumitomo Osaka Cement Co Ltd	Materials		1,403		55,237		0.39
Sohgo Security Services Co Ltd	Industrials		1,259		54,805		0.38
Obic Co Ltd	Information Technology		537		54,073		0.38
Rinnai Corp	Consumer Discretionary		755		53,370		0.37
Sumitomo Dainippon Pharma Co Ltd	Health Care		2,107		52,067		0.37
Yamada Denki Co Ltd	Consumer Discretionary		10,425		51,388		0.36
Sundrug Co Ltd	Consumer Staples		1,857		51,139		0.36
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		1,962		49,787		0.35
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		589		49,636		0.35
Ezaki Glico Co Ltd	Consumer Staples		938		49,305		0.35
Yoshinoya Holdings Co Ltd	Consumer Discretionary		3,013		48,641		0.34
Park24 Co Ltd	Industrials		2,217		48,098		0.34
Obayashi Corp	Industrials		4,642		46,682		0.33
Keisei Electric Railway Co Ltd	Industrials		1,190		43,199		0.30
K’s Holdings Corp	Consumer Discretionary		4,813		42,668		0.30
Ain Holdings Inc	Consumer Staples		567		42,607		0.30
Sega Sammy Holdings Inc	Consumer Discretionary		3,485		41,090		0.29
Kagome Co Ltd	Consumer Staples		1,442		40,498		0.28
Toho Co Ltd/Tokyo	Communication Services		1,008		40,437		0.28
Fancl Corp	Consumer Staples		1,559		40,249		0.28
Calbee Inc	Consumer Staples		1,490		40,103		0.28
Oracle Corp Japan	Information Technology		595		39,883		0.28
Toyobo Co Ltd	Materials		3,004		38,373		0.27
Kyowa Exeo Corp	Industrials		1,372		37,848		0.27
Nishimatsu Construction Co Ltd	Industrials		1,630		36,097		0.25
Maruichi Steel Tube Ltd	Materials		1,232		35,864		0.25
Nissin Foods Holdings Co Ltd	Consumer Staples		517		35,478		0.25
Sapporo Holdings Ltd	Consumer Staples		1,596		34,829		0.24
Ricoh Co Ltd	Information Technology		3,264		34,092		0.24
Nankai Electric Railway Co Ltd	Industrials		1,217		33,570		0.24
Capcom Co Ltd	Communication Services		1,477		33,074		0.23
Sawai Pharmaceutical Co Ltd	Health Care		558		32,280		0.23
Santen Pharmaceutical Co Ltd	Health Care		2,168		32,271		0.23
Kyowa Hakko Kirin Co Ltd	Health Care		1,468		31,935		0.22
Kyudenko Corp	Industrials		1,013		31,718		0.22
Keikyu Corp	Industrials		1,845		31,277		0.22
Welcia Holdings Co Ltd	Consumer Staples		923		31,273		0.22
Hokuriku Electric Power Co	Utilities		3,986		31,234		0.22
Maruha Nichiro Corp	Consumer Staples		838		29,975		0.21
Hokkaido Electric Power Co Inc	Utilities		5,197		29,837		0.21
Azbil Corp	Information Technology		1,269		29,669		0.21
Nishi-Nippon Railroad Co Ltd	Industrials		1,225		29,611		0.21
Keihan Holdings Co Ltd	Industrials		676		28,413		0.20
Shikoku Electric Power Co Inc	Utilities		2,267		27,588		0.19
Toppan Printing Co Ltd	Industrials		1,787		26,951		0.19
Toho Gas Co Ltd	Utilities		578		25,948		0.18
Colowide Co Ltd	Consumer Discretionary		1,250		25,856		0.18
Kajima Corp	Industrials		1,745		25,739		0.18
Megmilk Snow Brand Co Ltd	Consumer Staples		1,037		25,217		0.18
Daiichikosho Co Ltd	Communication Services		471		24,068		0.17
Hikari Tsushin Inc	Consumer Discretionary		125		23,751		0.17
Nippon Shinyaku Co Ltd	Health Care		326		23,702		0.17
Aozora Bank Ltd	Financials		910		22,487		0.16
Kamigumi Co Ltd	Industrials		914		21,150		0.15
Rohto Pharmaceutical Co Ltd	Health Care		809		20,751		0.15
Morinaga & Co Ltd/Japan	Consumer Staples		476		20,669		0.15
Yamazaki Baking Co Ltd	Consumer Staples		1,211		19,642		0.14
Shimachu Co Ltd	Consumer Discretionary		733		19,078		0.13
Nihon Kohden Corp	Health Care		584		17,334		0.12
Taisho Pharmaceutical Holdings Co Ltd	Health Care		182		17,289		0.12

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSLBJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Aoyama Trading Co Ltd	Consumer Discretionary		753	$	17,093		0.12	%
Nippon Television Holdings Inc	Communication Services		1,088		16,310		0.11
Izumi Co Ltd	Consumer Discretionary		330		15,351		0.11
Suzuken Co Ltd/Aichi Japan	Health Care		258		14,927		0.10
Iwatani Corp	Industrials		423		13,564		0.10
Meitec Corp	Industrials		283		12,836		0.09
Valor Holdings Co Ltd	Consumer Staples		500		12,115		0.09
Mochida Pharmaceutical Co Ltd	Health Care		231		11,835		0.08
Sankyu Inc	Industrials		222		10,806		0.08
Duskin Co Ltd	Industrials		446		10,620		0.07
Relo Group Inc	Real Estate		366		10,267		0.07
KYORIN Holdings Inc	Health Care		522		10,189		0.07
Kaken Pharmaceutical Co Ltd	Health Care		220		9,981		0.07
TIS Inc	Information Technology		192		9,080		0.06
Kinden Corp	Industrials		542		8,968		0.06
Oki Electric Industry Co Ltd	Information Technology		733		8,654		0.06
Electric Power Development Co Ltd	Utilities		334		8,132		0.06
Sotetsu Holdings Inc	Industrials		244		7,493		0.05
Toho Holdings Co Ltd	Health Care		274		6,826		0.05
Maeda Corp	Industrials		474		4,702		0.03
Kokuyo Co Ltd	Industrials		303		4,442		0.03
Wacoal Holdings Corp	Consumer Discretionary		174		4,323		0.03
Sanrio Co Ltd	Consumer Discretionary		111		2,658		0.02
Maeda Road Construction Co Ltd	Industrials		102		1,977		0.01
Sangetsu Corp	Consumer Discretionary		59		1,076		0.01
Okumura Corp	Industrials		23		737		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSMOJP) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Sony Corp	Consumer Discretionary		7,117	$	298,437		2.49	%
Central Japan Railway Co	Industrials		1,193		276,816		2.31
KDDI Corp	Communication Services		12,772		274,993		2.30
Tokio Marine Holdings Inc	Financials		4,834		234,009		1.95
Recruit Holdings Co Ltd	Industrials		8,016		228,739		1.91
Mitsubishi Corp	Industrials		8,157		226,369		1.89
NTT DOCOMO Inc	Communication Services		10,177		225,231		1.88
Secom Co Ltd	Industrials		2,463		210,868		1.76
Tokyo Electric Power Co Holdings Inc	Utilities		30,465		192,520		1.61
Chugai Pharmaceutical Co Ltd	Health Care		2,781		191,024		1.60
Aeon Co Ltd	Consumer Staples		8,969		187,569		1.57
Terumo Corp	Health Care		5,744		175,270		1.46
Seven & i Holdings Co Ltd	Consumer Staples		4,443		167,485		1.40
Shionogi & Co Ltd	Health Care		2,694		166,625		1.39
Nippon Telegraph & Telephone Corp	Communication Services		3,890		165,149		1.38
Bandai Namco Holdings Inc	Consumer Discretionary		3,458		162,032		1.35
Daikin Industries Ltd	Industrials		1,382		161,846		1.35
Kikkoman Corp	Consumer Staples		3,285		161,014		1.34
Chubu Electric Power Co Inc	Utilities		10,297		160,686		1.34
Sumitomo Realty & Development Co Ltd	Real Estate		3,818		158,079		1.32
Oriental Land Co Ltd/Japan	Consumer Discretionary		1,392		158,009		1.32
Sumitomo Dainippon Pharma Co Ltd	Health Care		6,388		157,846		1.32
Astellas Pharma Inc	Health Care		10,396		155,656		1.30
Fujitsu Ltd	Information Technology		2,133		153,799		1.28
Marubeni Corp	Industrials		22,039		152,205		1.27
Kansai Electric Power Co Inc/The	Utilities		10,247		150,964		1.26
Hoya Corp	Health Care		2,207		145,612		1.22
Keio Corp	Industrials		2,236		144,305		1.20
Eisai Co Ltd	Health Care		2,534		142,145		1.19
Mitsubishi Estate Co Ltd	Real Estate		7,668		138,830		1.16
Nissan Chemical Corp	Materials		3,014		137,967		1.15
Fast Retailing Co Ltd	Consumer Discretionary		285		134,049		1.12
Skylark Holdings Co Ltd	Consumer Discretionary		7,934		131,430		1.10
Daiichi Sankyo Co Ltd	Health Care		2,822		129,947		1.09
Japan Post Holdings Co Ltd	Financials		11,014		128,861		1.08
Fancl Corp	Consumer Staples		4,962		128,107		1.07
Odakyu Electric Railway Co Ltd	Industrials		5,191		125,729		1.05
Dai Nippon Printing Co Ltd	Industrials		5,219		124,715		1.04
NTT Data Corp	Information Technology		11,252		124,027		1.04
MonotaRO Co Ltd	Industrials		5,580		123,961		1.04
FUJIFILM Holdings Corp	Information Technology		2,620		119,049		0.99
Tokyu Corp	Industrials		6,675		116,475		0.97
Tohoku Electric Power Co Inc	Utilities		8,907		113,534		0.95
Nisshin Seifun Group Inc	Consumer Staples		4,895		112,252		0.94
Kintetsu Group Holdings Co Ltd	Industrials		2,406		112,060		0.94
Anritsu Corp	Information Technology		6,032		111,629		0.93
Itochu Techno-Solutions Corp	Information Technology		4,756		110,907		0.93
Tokyo Gas Co Ltd	Utilities		4,056		109,618		0.92
ITOCHU Corp	Industrials		5,962		107,778		0.90
Kyushu Electric Power Co Inc	Utilities		9,109		107,476		0.90
Toyo Seikan Group Holdings Ltd	Materials		5,180		106,010		0.89
Chugoku Electric Power Co Inc/The	Utilities		8,466		105,553		0.88
GMO Payment Gateway Inc	Information Technology		1,407		99,815		0.83
Mitsubishi Logistics Corp	Industrials		3,577		99,773		0.83
Sojitz Corp	Industrials		27,649		97,348		0.81
Unicharm Corp	Consumer Staples		2,890		95,569		0.80
Yamato Holdings Co Ltd	Industrials		3,639		93,921		0.78
Sompo Holdings Inc	Financials		2,521		93,268		0.78
West Japan Railway Co	Industrials		1,204		90,622		0.76
Kyushu Railway Co	Industrials		2,662		87,483		0.73
Taisei Corp	Industrials		1,756		81,464		0.68
Trend Micro Inc/Japan	Information Technology		1,667		81,106		0.68
NET One Systems Co Ltd	Information Technology		3,214		80,869		0.68
Sony Financial Holdings Inc	Financials		4,257		80,246		0.67
MS&AD Insurance Group Holdings Inc	Financials		2,467		75,040		0.63
MEIJI Holdings Co Ltd	Consumer Staples		913		74,108		0.62
SG Holdings Co Ltd	Industrials		2,488		72,432		0.60
Konica Minolta Inc	Information Technology		6,960		68,426		0.57
Marui Group Co Ltd	Consumer Discretionary		3,388		68,360		0.57
Medipal Holdings Corp	Health Care		2,809		66,698		0.56
Nippon Suisan Kaisha Ltd	Consumer Staples		8,697		66,345		0.55
Nomura Research Institute Ltd	Information Technology		1,449		65,800		0.55
Alfresa Holdings Corp	Health Care		2,281		64,869		0.54
Taiyo Nippon Sanso Corp	Materials		4,206		64,013		0.53
Suzuken Co Ltd/Aichi Japan	Health Care		1,103		63,839		0.53
Asahi Intecc Co Ltd	Health Care		1,302		61,138		0.51

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSMOJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Nippon Paper Industries Co Ltd	Materials		2,818	$	58,148		0.49	%
Shikoku Electric Power Co Inc	Utilities		4,625		56,279		0.47
Obic Co Ltd	Information Technology		553		55,670		0.46
Japan Exchange Group Inc	Financials		3,091		55,050		0.46
Mitsubishi Heavy Industries Ltd	Industrials		1,290		53,553		0.45
Nippon Paint Holdings Co Ltd	Materials		1,312		51,537		0.43
Toho Co Ltd/Tokyo	Communication Services		1,212		48,648		0.41
Nippon Kayaku Co Ltd	Materials		4,095		48,355		0.40
Hokuriku Electric Power Co	Utilities		5,901		46,242		0.39
Hokkaido Electric Power Co Inc	Utilities		8,012		46,001		0.38
TIS Inc	Information Technology		964		45,623		0.38
Nichirei Corp	Consumer Staples		1,842		45,365		0.38
Ito En Ltd	Consumer Staples		873		45,343		0.38
Daicel Corp	Materials		4,038		43,820		0.37
NOF Corp	Materials		1,283		43,675		0.36
Iida Group Holdings Co Ltd	Consumer Discretionary		2,408		43,594		0.36
Fuji Oil Holdings Inc	Consumer Staples		1,249		42,741		0.36
Zensho Holdings Co Ltd	Consumer Discretionary		1,786		41,332		0.35
Osaka Gas Co Ltd	Utilities		2,078		40,968		0.34
Rengo Co Ltd	Materials		4,145		38,840		0.32
Park24 Co Ltd	Industrials		1,778		38,573		0.32
Taisho Pharmaceutical Holdings Co Ltd	Health Care		398		37,950		0.32
Keihan Holdings Co Ltd	Industrials		856		35,962		0.30
Toho Gas Co Ltd	Utilities		747		33,495		0.28
COMSYS Holdings Corp	Industrials		1,188		32,378		0.27
Matsui Securities Co Ltd	Financials		3,433		32,291		0.27
Nippon Shokubai Co Ltd	Materials		476		31,027		0.26
IHI Corp	Industrials		1,263		30,320		0.25
Mochida Pharmaceutical Co Ltd	Health Care		589		30,201		0.25
Nagoya Railroad Co Ltd	Industrials		1,076		29,764		0.25
Toppan Printing Co Ltd	Industrials		1,968		29,693		0.25
PeptiDream Inc	Health Care		597		29,254		0.24
Ain Holdings Inc	Consumer Staples		372		27,958		0.23
Hakuhodo DY Holdings Inc	Communication Services		1,739		27,910		0.23
Sawai Pharmaceutical Co Ltd	Health Care		480		27,803		0.23
Keisei Electric Railway Co Ltd	Industrials		755		27,401		0.23
Sankyo Co Ltd	Consumer Discretionary		693		26,397		0.22
Yamaha Corp	Consumer Discretionary		509		25,429		0.21
Maruichi Steel Tube Ltd	Materials		830		24,169		0.20
Toagosei Co Ltd	Materials		2,171		22,930		0.19
Asics Corp	Consumer Discretionary		1,644		22,038		0.18
Nihon Kohden Corp	Health Care		720		21,375		0.18
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		250		21,089		0.18
Sumitomo Mitsui Construction Co Ltd	Industrials		3,015		20,983		0.18
Nankai Electric Railway Co Ltd	Industrials		749		20,647		0.17
Ezaki Glico Co Ltd	Consumer Staples		364		19,150		0.16
Casio Computer Co Ltd	Consumer Discretionary		1,439		18,771		0.16
Maruha Nichiro Corp	Consumer Staples		518		18,512		0.15
Azbil Corp	Information Technology		787		18,404		0.15
Capcom Co Ltd	Communication Services		731		16,360		0.14
Toho Holdings Co Ltd	Health Care		626		15,620		0.13
Kamigumi Co Ltd	Industrials		624		14,448		0.12
NHK Spring Co Ltd	Consumer Discretionary		1,573		14,113		0.12
Nikkon Holdings Co Ltd	Industrials		566		13,383		0.11
Takara Holdings Inc	Consumer Staples		1,080		12,761		0.11
Yoshinoya Holdings Co Ltd	Consumer Discretionary		784		12,650		0.11
Sotetsu Holdings Inc	Industrials		400		12,296		0.10
Aica Kogyo Co Ltd	Industrials		367		12,227		0.10
Sanrio Co Ltd	Consumer Discretionary		508		12,116		0.10
KYORIN Holdings Inc	Health Care		612		11,943		0.10
Megmilk Snow Brand Co Ltd	Consumer Staples		401		9,764		0.08
Hikari Tsushin Inc	Consumer Discretionary		50		9,509		0.08
Yamazaki Baking Co Ltd	Consumer Staples		571		9,266		0.08
Japan Airport Terminal Co Ltd	Industrials		157		6,619		0.06
Electric Power Development Co Ltd	Utilities		268		6,516		0.05
Calbee Inc	Consumer Staples		172		4,620		0.04
Daiichikosho Co Ltd	Communication Services		76		3,890		0.03
Kinden Corp	Industrials		221		3,657		0.03
Maeda Road Construction Co Ltd	Industrials		122		2,375		0.02
Kissei Pharmaceutical Co Ltd	Health Care		70		1,821		0.02

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSQUJP) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Sony Corp	Consumer Discretionary		22,916	$	960,932		2.77	%
Tokio Marine Holdings Inc	Financials		17,365		840,579		2.42
Olympus Corp	Health Care		75,142		815,389		2.35
Recruit Holdings Co Ltd	Industrials		28,375		809,713		2.33
Astellas Pharma Inc	Health Care		47,648		713,415		2.06
CyberAgent Inc	Communication Services		16,918		689,579		1.99
Hoya Corp	Health Care		10,437		688,663		1.98
Daikin Industries Ltd	Industrials		5,658		662,541		1.91
Bridgestone Corp	Consumer Discretionary		16,017		616,861		1.78
Fujitsu Ltd	Information Technology		8,295		598,025		1.72
East Japan Railway Co	Industrials		5,963		574,925		1.66
Mitsubishi Estate Co Ltd	Real Estate		31,021		561,640		1.62
FANUC Corp	Industrials		3,278		558,710		1.61
Shionogi & Co Ltd	Health Care		8,764		542,147		1.56
Nissan Motor Co Ltd	Consumer Discretionary		64,437		528,323		1.52
Nippon Telegraph & Telephone Corp	Communication Services		12,370		525,209		1.51
NTT DOCOMO Inc	Communication Services		23,242		514,376		1.48
Resona Holdings Inc	Financials		110,385		478,034		1.38
GungHo Online Entertainment Inc	Communication Services		127,401		463,509		1.34
Panasonic Corp	Consumer Discretionary		52,701		453,973		1.31
Seven & i Holdings Co Ltd	Consumer Staples		11,994		452,154		1.30
Tokyo Electron Ltd	Information Technology		3,078		444,642		1.28
Nexon Co Ltd	Communication Services		26,355		412,561		1.19
Omron Corp	Information Technology		8,492		397,129		1.14
Dai-ichi Life Holdings Inc	Financials		28,500		395,709		1.14
Sumitomo Realty & Development Co Ltd	Real Estate		9,236		382,381		1.10
MINEBEA MITSUMI Inc	Industrials		25,418		381,609		1.10
Nitori Holdings Co Ltd	Consumer Discretionary		2,938		379,327		1.09
MS&AD Insurance Group Holdings Inc	Financials		11,920		362,633		1.04
Unicharm Corp	Consumer Staples		10,617		351,103		1.01
Yakult Honsha Co Ltd	Consumer Staples		5,007		349,847		1.01
Nitto Denko Corp	Materials		6,497		341,093		0.98
Trend Micro Inc/Japan	Information Technology		6,969		339,084		0.98
FUJIFILM Holdings Corp	Information Technology		7,426		337,464		0.97
Disco Corp	Information Technology		2,307		328,393		0.95
LINE Corp	Communication Services		9,293		327,592		0.94
Kyocera Corp	Information Technology		5,434		318,889		0.92
Eisai Co Ltd	Health Care		5,479		307,305		0.89
Ryohin Keikaku Co Ltd	Consumer Discretionary		1,206		305,410		0.88
Mitsubishi Heavy Industries Ltd	Industrials		7,158		297,133		0.86
Japan Airlines Co Ltd	Industrials		8,418		296,311		0.85
Alps Alpine Co Ltd	Information Technology		14,003		292,026		0.84
MonotaRO Co Ltd	Industrials		12,648		281,006		0.81
MISUMI Group Inc	Industrials		11,158		277,219		0.80
Yamaha Corp	Consumer Discretionary		5,404		269,799		0.78
Sompo Holdings Inc	Financials		6,862		253,878		0.73
Asahi Kasei Corp	Materials		24,410		251,663		0.73
ANA Holdings Inc	Industrials		6,714		246,040		0.71
Mazda Motor Corp	Consumer Discretionary		21,820		243,961		0.70
Sekisui Chemical Co Ltd	Consumer Discretionary		14,750		236,885		0.68
Tokyo Gas Co Ltd	Utilities		8,312		224,636		0.65
LIXIL Group Corp	Industrials		16,163		215,668		0.62
Yahoo Japan Corp	Communication Services		87,559		214,214		0.62
Leopalace21 Corp	Real Estate		106,378		212,235		0.61
Advantest Corp	Information Technology		9,071		210,711		0.61
Mitsubishi Motors Corp	Consumer Discretionary		36,976		196,280		0.57
Aozora Bank Ltd	Financials		7,927		195,787		0.56
Nippon Yusen KK	Industrials		13,292		194,629		0.56
Hitachi Chemical Co Ltd	Materials		8,788		194,521		0.56
Japan Exchange Group Inc	Financials		10,891		193,987		0.56
SBI Holdings Inc/Japan	Financials		8,578		190,961		0.55
Bandai Namco Holdings Inc	Consumer Discretionary		3,990		186,967		0.54
Inpex Corp	Energy		19,490		185,712		0.54
MEIJI Holdings Co Ltd	Consumer Staples		2,263		183,669		0.53
Capcom Co Ltd	Communication Services		8,165		182,808		0.53
Nissan Chemical Corp	Materials		3,904		178,682		0.51
Hoshizaki Corp	Industrials		2,770		171,527		0.49
Taiheiyo Cement Corp	Materials		4,936		164,417		0.47
Sojitz Corp	Industrials		46,403		163,375		0.47
Anritsu Corp	Information Technology		8,775		162,399		0.47
TOTO Ltd	Industrials		3,617		153,300		0.44
Hulic Co Ltd	Real Estate		15,348		150,469		0.43
Casio Computer Co Ltd	Consumer Discretionary		11,151		145,463		0.42
Ricoh Co Ltd	Information Technology		13,850		144,662		0.42
Lion Corp	Consumer Staples		6,845		143,987		0.41
Sumitomo Chemical Co Ltd	Materials		30,935		143,824		0.41

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSQUJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Nippon Paint Holdings Co Ltd	Materials		3,416	$	134,130		0.39	%
Sanwa Holdings Corp	Industrials		11,178		132,899		0.38
Kajima Corp	Industrials		8,948		131,988		0.38
Calbee Inc	Consumer Staples		4,876		131,270		0.38
Kyushu Railway Co	Industrials		3,949		129,757		0.37
Toho Co Ltd/Tokyo	Communication Services		3,174		127,356		0.37
Nissin Foods Holdings Co Ltd	Consumer Staples		1,798		123,367		0.36
Konica Minolta Inc	Information Technology		12,369		121,602		0.35
TechnoPro Holdings Inc	Industrials		2,028		120,850		0.35
Mitsui Mining & Smelting Co Ltd	Materials		4,631		118,680		0.34
SG Holdings Co Ltd	Industrials		4,075		118,628		0.34
Toyo Suisan Kaisha Ltd	Consumer Staples		3,112		118,419		0.34
Obayashi Corp	Industrials		11,762		118,287		0.34
DMG Mori Co Ltd	Industrials		9,511		117,546		0.34
Asics Corp	Consumer Discretionary		8,233		110,376		0.32
Cosmo Energy Holdings Co Ltd	Energy		5,470		109,831		0.32
Yamada Denki Co Ltd	Consumer Discretionary		22,072		108,796		0.31
Japan Airport Terminal Co Ltd	Industrials		2,568		108,379		0.31
Relo Group Inc	Real Estate		3,676		103,219		0.30
Keikyu Corp	Industrials		6,036		102,337		0.29
Taiyo Nippon Sanso Corp	Materials		6,716		102,217		0.29
Sumitomo Heavy Industries Ltd	Industrials		3,064		99,161		0.29
Kuraray Co Ltd	Materials		7,744		98,437		0.28
Oracle Corp Japan	Information Technology		1,458		97,814		0.28
Hikari Tsushin Inc	Consumer Discretionary		514		97,311		0.28
Tokuyama Corp	Materials		4,074		96,077		0.28
Isetan Mitsukoshi Holdings Ltd	Consumer Discretionary		9,376		94,718		0.27
SCSK Corp	Information Technology		2,124		94,646		0.27
AEON Financial Service Co Ltd	Financials		4,564		92,822		0.27
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		3,630		92,106		0.27
NSK Ltd	Industrials		9,809		91,831		0.26
Suntory Beverage & Food Ltd	Consumer Staples		1,945		91,313		0.26
Kakaku.com Inc	Communication Services		4,750		91,210		0.26
Sohgo Security Services Co Ltd	Industrials		2,090		90,954		0.26
OSG Corp	Industrials		4,610		88,852		0.26
Welcia Holdings Co Ltd	Consumer Staples		2,585		87,621		0.25
DIC Corp	Materials		2,991		87,350		0.25
Matsui Securities Co Ltd	Financials		9,259		87,100		0.25
Otsuka Corp	Information Technology		2,291		85,526		0.25
Seiko Epson Corp	Information Technology		5,534		84,684		0.24
Lawson Inc	Consumer Staples		1,523		84,394		0.24
JTEKT Corp	Industrials		6,793		83,523		0.24
Zenkoku Hosho Co Ltd	Financials		2,369		82,779		0.24
Miura Co Ltd	Industrials		3,451		79,482		0.23
GS Yuasa Corp	Industrials		3,863		75,714		0.22
Toho Gas Co Ltd	Utilities		1,677		75,232		0.22
Nisshinbo Holdings Inc	Industrials		8,486		74,084		0.21
TIS Inc	Information Technology		1,548		73,236		0.21
Kaneka Corp	Materials		1,957		73,227		0.21
Air Water Inc	Materials		5,047		73,076		0.21
Oki Electric Industry Co Ltd	Information Technology		5,949		70,244		0.20
Electric Power Development Co Ltd	Utilities		2,884		70,194		0.20
Azbil Corp	Information Technology		2,972		69,470		0.20
Toyo Tire Corp	Consumer Discretionary		6,128		69,434		0.20
Sumitomo Bakelite Co Ltd	Materials		1,858		66,499		0.19
Osaka Gas Co Ltd	Utilities		3,260		64,268		0.19
Yamazaki Baking Co Ltd	Consumer Staples		3,919		63,542		0.18
Tokyo Century Corp	Financials		1,448		62,948		0.18
Itochu Techno-Solutions Corp	Information Technology		2,698		62,908		0.18
Acom Co Ltd	Financials		17,441		62,192		0.18
Park24 Co Ltd	Industrials		2,803		60,805		0.18
Skylark Holdings Co Ltd	Consumer Discretionary		3,635		60,212		0.17
Persol Holdings Co Ltd	Industrials		3,622		58,598		0.17
Sumitomo Dainippon Pharma Co Ltd	Health Care		2,362		58,367		0.17
Teijin Ltd	Materials		3,535		58,269		0.17
Yokohama Rubber Co Ltd/The	Consumer Discretionary		3,127		58,048		0.17
NOF Corp	Materials		1,644		55,941		0.16
H2O Retailing Corp	Consumer Discretionary		4,001		55,698		0.16
Topcon Corp	Information Technology		4,601		54,247		0.16
Sony Financial Holdings Inc	Financials		2,848		53,687		0.15
Nihon Kohden Corp	Health Care		1,795		53,326		0.15
Tadano Ltd	Industrials		5,583		52,974		0.15
Morinaga & Co Ltd/Japan	Consumer Staples		1,219		52,878		0.15
Toyo Seikan Group Holdings Ltd	Materials		2,577		52,739		0.15
Aica Kogyo Co Ltd	Industrials		1,510		50,297		0.14
Ezaki Glico Co Ltd	Consumer Staples		920		48,352		0.14
Kyowa Exeo Corp	Industrials		1,723		47,528		0.14
Zeon Corp	Materials		4,655		47,069		0.14

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSQUJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Seino Holdings Co Ltd	Industrials		3,454	$	45,993		0.13	%
Tokyo Ohka Kogyo Co Ltd	Materials		1,666		45,422		0.13
Keihan Holdings Co Ltd	Industrials		988		41,522		0.12
Meitec Corp	Industrials		908		41,239		0.12
Hakuhodo DY Holdings Inc	Communication Services		2,456		39,429		0.11
Amano Corp	Information Technology		1,645		38,711		0.11
Nippon Electric Glass Co Ltd	Information Technology		1,419		37,601		0.11
Maeda Corp	Industrials		3,222		31,939		0.09
Sanrio Co Ltd	Consumer Discretionary		1,313		31,316		0.09
Mitsui E&S Holdings Co Ltd	Industrials		3,279		30,902		0.09
Sumitomo Osaka Cement Co Ltd	Materials		765		30,116		0.09
Nishimatsu Construction Co Ltd	Industrials		1,343		29,732		0.09
Lintec Corp	Materials		1,329		28,728		0.08
Yoshinoya Holdings Co Ltd	Consumer Discretionary		1,719		27,740		0.08
Colowide Co Ltd	Consumer Discretionary		1,328		27,478		0.08
Kinden Corp	Industrials		1,647		27,263		0.08
Maeda Road Construction Co Ltd	Industrials		1,343		26,052		0.08
Toyota Boshoku Corp	Consumer Discretionary		1,693		25,595		0.07
Nankai Electric Railway Co Ltd	Industrials		880		24,280		0.07
Sotetsu Holdings Inc	Industrials		728		22,376		0.06
Daiichikosho Co Ltd	Communication Services		422		21,539		0.06
Izumi Co Ltd	Consumer Discretionary		451		21,028		0.06
Kagome Co Ltd	Consumer Staples		738		20,729		0.06
Wacoal Holdings Corp	Consumer Discretionary		829		20,601		0.06
Nihon Parkerizing Co Ltd	Materials		1,603		19,994		0.06
Aoyama Trading Co Ltd	Consumer Discretionary		755		17,156		0.05
Okumura Corp	Industrials		531		16,842		0.05
Iwatani Corp	Industrials		510		16,378		0.05
Sangetsu Corp	Consumer Discretionary		798		14,478		0.04
Japan Steel Works Ltd/The	Industrials		712		13,105		0.04
Nikkon Holdings Co Ltd	Industrials		527		12,449		0.04
Kokuyo Co Ltd	Industrials		669		9,809		0.03
TS Tech Co Ltd	Consumer Discretionary		328		9,420		0.03
Daishi Hokuetsu Financial Group Inc	Financials		305		8,592		0.02
Toagosei Co Ltd	Materials		659		6,964		0.02
Valor Holdings Co Ltd	Consumer Staples		191		4,632		0.01
Duskin Co Ltd	Industrials		132		3,134		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSVAJP) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Sumitomo Mitsui Financial Group Inc	Financials		40,988	$	1,434,226		4.12	%
Sony Corp	Consumer Discretionary		28,448		1,192,942		3.43
Honda Motor Co Ltd	Consumer Discretionary		43,822		1,184,859		3.41
Mitsubishi UFJ Financial Group Inc	Financials		227,190		1,128,044		3.24
Mitsubishi Corp	Industrials		33,078		917,949		2.64
Nippon Telegraph & Telephone Corp	Communication Services		20,081		852,585		2.45
Dai-ichi Life Holdings Inc	Financials		51,278		711,972		2.05
ITOCHU Corp	Industrials		36,083		652,306		1.88
Central Japan Railway Co	Industrials		2,767		642,341		1.85
ORIX Corp	Financials		41,639		597,500		1.72
Hitachi Ltd	Information Technology		18,131		586,789		1.69
KDDI Corp	Communication Services		27,043		582,256		1.67
Marubeni Corp	Industrials		76,158		525,962		1.51
Rakuten Inc	Consumer Discretionary		54,136		512,182		1.47
Asahi Group Holdings Ltd	Consumer Staples		11,440		509,149		1.46
Tokyo Electric Power Co Holdings Inc	Utilities		79,038		499,472		1.44
Kirin Holdings Co Ltd	Consumer Staples		20,696		493,720		1.42
Astellas Pharma Inc	Health Care		31,093		465,533		1.34
Mitsui & Co Ltd	Industrials		29,674		460,363		1.32
Sumitomo Corp	Industrials		31,025		428,806		1.23
Kyocera Corp	Information Technology		7,169		420,695		1.21
Suzuki Motor Corp	Consumer Discretionary		9,291		410,849		1.18
Isuzu Motors Ltd	Consumer Discretionary		29,284		384,385		1.11
Nikon Corp	Consumer Discretionary		26,574		374,496		1.08
Bridgestone Corp	Consumer Discretionary		9,624		370,657		1.07
Mitsubishi Chemical Holdings Corp	Materials		52,289		367,916		1.06
FUJIFILM Holdings Corp	Information Technology		7,914		359,671		1.03
Ajinomoto Co Inc	Consumer Staples		22,424		358,117		1.03
NTT Data Corp	Information Technology		30,747		338,920		0.97
Aeon Co Ltd	Consumer Staples		16,192		338,629		0.97
Tokyo Electron Ltd	Information Technology		2,276		328,816		0.95
DeNA Co Ltd	Communication Services		21,832		328,549		0.94
Mitsubishi Heavy Industries Ltd	Industrials		7,772		322,603		0.93
JFE Holdings Inc	Materials		18,884		320,243		0.92
Toyota Tsusho Corp	Industrials		9,684		315,165		0.91
Oji Holdings Corp	Materials		46,638		289,250		0.83
Mazda Motor Corp	Consumer Discretionary		25,305		282,928		0.81
Alps Alpine Co Ltd	Information Technology		13,337		278,125		0.80
Fuji Electric Co Ltd	Industrials		9,412		266,811		0.77
JXTG Holdings Inc	Energy		57,444		262,665		0.76
Kansai Electric Power Co Inc/The	Utilities		17,802		262,275		0.75
Shionogi & Co Ltd	Health Care		4,141		256,170		0.74
Ricoh Co Ltd	Information Technology		24,462		255,508		0.73
Taisei Corp	Industrials		5,210		241,743		0.70
Tosoh Corp	Materials		15,266		237,185		0.68
Showa Denko KK	Materials		6,703		235,407		0.68
Brother Industries Ltd	Information Technology		12,550		232,026		0.67
Mitsui Mining & Smelting Co Ltd	Materials		9,026		231,330		0.67
Sojitz Corp	Industrials		62,251		219,173		0.63
SUMCO Corp	Information Technology		19,334		214,855		0.62
Mitsubishi Gas Chemical Co Inc	Materials		14,656		208,917		0.60
Konica Minolta Inc	Information Technology		21,249		208,901		0.60
Matsumotokiyoshi Holdings Co Ltd	Consumer Staples		6,127		203,831		0.59
Yamato Holdings Co Ltd	Industrials		7,784		200,910		0.58
Ebara Corp	Industrials		7,104		200,095		0.58
Eisai Co Ltd	Health Care		3,536		198,325		0.57
Shinsei Bank Ltd	Financials		13,462		191,413		0.55
Credit Saison Co Ltd	Financials		14,016		184,988		0.53
Stanley Electric Co Ltd	Consumer Discretionary		6,865		184,381		0.53
Advantest Corp	Information Technology		7,901		183,528		0.53
Teijin Ltd	Materials		10,890		179,522		0.52
OKUMA Corp	Industrials		3,133		169,407		0.49
Nippon Electric Glass Co Ltd	Information Technology		6,382		169,103		0.49
Sumitomo Dainippon Pharma Co Ltd	Health Care		6,599		163,065		0.47
Persol Holdings Co Ltd	Industrials		10,035		162,350		0.47
Medipal Holdings Corp	Health Care		6,768		160,694		0.46
Obayashi Corp	Industrials		15,772		158,620		0.46
Taiheiyo Cement Corp	Materials		4,538		151,175		0.43
Yamada Denki Co Ltd	Consumer Discretionary		29,404		144,935		0.42
Sumitomo Metal Mining Co Ltd	Materials		4,840		142,867		0.41
Yokogawa Electric Corp	Information Technology		6,888		142,467		0.41
Kajima Corp	Industrials		9,584		141,372		0.41
Suzuken Co Ltd/Aichi Japan	Health Care		2,431		140,694		0.40
Tsuruha Holdings Inc	Consumer Staples		1,701		138,183		0.40
MINEBEA MITSUMI Inc	Industrials		9,176		137,764		0.40
Japan Post Insurance Co Ltd	Financials		6,305		136,313		0.39

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSVAJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Citizen Watch Co Ltd	Information Technology		24,170	$	134,631		0.39	%
Suntory Beverage & Food Ltd	Consumer Staples		2,832		132,933		0.38
Isetan Mitsukoshi Holdings Ltd	Consumer Discretionary		13,045		131,777		0.38
Dai Nippon Printing Co Ltd	Industrials		5,496		131,343		0.38
Hakuhodo DY Holdings Inc	Communication Services		8,173		131,183		0.38
K’s Holdings Corp	Consumer Discretionary		14,353		127,245		0.37
Ube Industries Ltd	Materials		6,047		124,186		0.36
Alfresa Holdings Corp	Health Care		4,358		123,940		0.36
Mitsubishi Tanabe Pharma Corp	Health Care		9,060		120,963		0.35
Santen Pharmaceutical Co Ltd	Health Care		7,634		113,649		0.33
DMG Mori Co Ltd	Industrials		9,020		111,483		0.32
Sankyu Inc	Industrials		2,249		109,617		0.32
Daicel Corp	Materials		10,013		108,651		0.31
THK Co Ltd	Industrials		4,399		108,567		0.31
Toppan Printing Co Ltd	Industrials		7,086		106,891		0.31
Takara Holdings Inc	Consumer Staples		8,938		105,618		0.30
Sundrug Co Ltd	Consumer Staples		3,771		103,839		0.30
JTEKT Corp	Industrials		8,435		103,717		0.30
Japan Steel Works Ltd/The	Industrials		5,621		103,475		0.30
Kamigumi Co Ltd	Industrials		4,367		101,086		0.29
Mitsui Chemicals Inc	Materials		4,174		100,642		0.29
Sumitomo Heavy Industries Ltd	Industrials		3,060		99,033		0.28
Iida Group Holdings Co Ltd	Consumer Discretionary		5,325		96,378		0.28
Hitachi Capital Corp	Financials		4,077		94,455		0.27
Tokyo Broadcasting System Holdings Inc	Communication Services		5,160		94,376		0.27
Mitsubishi UFJ Lease & Finance Co Ltd	Financials		18,275		93,050		0.27
Furukawa Electric Co Ltd	Industrials		3,654		92,058		0.26
Welcia Holdings Co Ltd	Consumer Staples		2,674		90,662		0.26
Hitachi High-Technologies Corp	Information Technology		2,200		90,076		0.26
Rohto Pharmaceutical Co Ltd	Health Care		3,485		89,418		0.26
TIS Inc	Information Technology		1,770		83,714		0.24
Cosmo Energy Holdings Co Ltd	Energy		4,133		82,973		0.24
Skylark Holdings Co Ltd	Consumer Discretionary		4,785		79,271		0.23
Glory Ltd	Industrials		3,283		78,726		0.23
Sapporo Holdings Ltd	Consumer Staples		3,596		78,456		0.23
Rinnai Corp	Consumer Discretionary		1,102		77,909		0.22
Nichirei Corp	Consumer Staples		3,143		77,401		0.22
GS Yuasa Corp	Industrials		3,840		75,257		0.22
Toyo Seikan Group Holdings Ltd	Materials		3,613		73,951		0.21
Kyowa Exeo Corp	Industrials		2,678		73,847		0.21
Taisho Pharmaceutical Holdings Co Ltd	Health Care		757		72,082		0.21
Seino Holdings Co Ltd	Industrials		5,236		69,727		0.20
Nippon Television Holdings Inc	Communication Services		4,622		69,271		0.20
Otsuka Corp	Information Technology		1,833		68,416		0.20
Mitsui E&S Holdings Co Ltd	Industrials		7,234		68,182		0.20
Kyudenko Corp	Industrials		2,113		66,203		0.19
Osaka Gas Co Ltd	Utilities		3,299		65,040		0.19
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		2,543		64,533		0.19
Electric Power Development Co Ltd	Utilities		2,625		63,881		0.18
Yamato Kogyo Co Ltd	Materials		2,319		63,219		0.18
Sawai Pharmaceutical Co Ltd	Health Care		1,088		62,973		0.18
TS Tech Co Ltd	Consumer Discretionary		2,189		62,929		0.18
Mitsubishi Motors Corp	Consumer Discretionary		11,566		61,394		0.18
Tokuyama Corp	Materials		2,596		61,218		0.18
TV Asahi Holdings Corp	Communication Services		3,463		60,705		0.17
Nippon Light Metal Holdings Co Ltd	Materials		27,391		60,088		0.17
Kewpie Corp	Consumer Staples		2,412		57,812		0.17
Ain Holdings Inc	Consumer Staples		768		57,667		0.17
Aoyama Trading Co Ltd	Consumer Discretionary		2,519		57,222		0.16
Kaken Pharmaceutical Co Ltd	Health Care		1,241		56,360		0.16
Hokuhoku Financial Group Inc	Financials		5,305		55,219		0.16
Toho Holdings Co Ltd	Health Care		2,207		55,042		0.16
Maeda Corp	Industrials		5,515		54,668		0.16
Rengo Co Ltd	Materials		5,825		54,586		0.16
Nippon Suisan Kaisha Ltd	Consumer Staples		7,097		54,142		0.16
Megmilk Snow Brand Co Ltd	Consumer Staples		2,208		53,704		0.15
Yokohama Rubber Co Ltd/The	Consumer Discretionary		2,811		52,173		0.15
NH Foods Ltd	Consumer Staples		1,413		50,844		0.15
KYORIN Holdings Inc	Health Care		2,539		49,540		0.14
Shimachu Co Ltd	Consumer Discretionary		1,885		49,067		0.14
Sumitomo Mitsui Construction Co Ltd	Industrials		6,934		48,261		0.14
Izumi Co Ltd	Consumer Discretionary		1,034		48,183		0.14
NHK Spring Co Ltd	Consumer Discretionary		5,234		46,966		0.14
Maruha Nichiro Corp	Consumer Staples		1,312		46,892		0.13
ADEKA Corp	Materials		3,179		46,584		0.13
Tokai Rika Co Ltd	Consumer Discretionary		2,692		45,853		0.13
Nishi-Nippon Financial Holdings Inc	Financials		5,272		44,741		0.13
Lawson Inc	Consumer Staples		732		40,578		0.12

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (DBGSVAJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
SG Holdings Co Ltd	Industrials		1,389	$	40,435		0.12	%
Topcon Corp	Information Technology		3,354		39,547		0.11
Toyota Boshoku Corp	Consumer Discretionary		2,511		37,963		0.11
Iwatani Corp	Industrials		1,163		37,325		0.11
Zeon Corp	Materials		3,479		35,178		0.10
Sugi Holdings Co Ltd	Consumer Staples		770		33,875		0.10
Nagase & Co Ltd	Industrials		2,336		33,506		0.10
DIC Corp	Materials		1,068		31,195		0.09
Nishimatsu Construction Co Ltd	Industrials		1,384		30,646		0.09
Valor Holdings Co Ltd	Consumer Staples		1,254		30,370		0.09
Ito En Ltd	Consumer Staples		555		28,823		0.08
Kinden Corp	Industrials		1,735		28,725		0.08
Kokuyo Co Ltd	Industrials		1,809		26,518		0.08
Kissei Pharmaceutical Co Ltd	Health Care		993		25,982		0.07
Okumura Corp	Industrials		714		22,648		0.07
Amano Corp	Information Technology		940		22,115		0.06
Morinaga & Co Ltd/Japan	Consumer Staples		509		22,070		0.06
Lintec Corp	Materials		920		19,873		0.06
Tadano Ltd	Industrials		1,954		18,543		0.05
Duskin Co Ltd	Industrials		721		17,146		0.05
Maeda Road Construction Co Ltd	Industrials		826		16,030		0.05
Sumitomo Bakelite Co Ltd	Materials		394		14,097		0.04
Yamazaki Baking Co Ltd	Consumer Staples		840		13,616		0.04
Colowide Co Ltd	Consumer Discretionary		520		10,763		0.03
Wacoal Holdings Corp	Consumer Discretionary		398		9,896		0.03
Nikkon Holdings Co Ltd	Industrials		393		9,292		0.03
Daishi Hokuetsu Financial Group Inc	Financials		277		7,828		0.02
Sangetsu Corp	Consumer Discretionary		195		3,542		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBILBEU) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Sanofi	Health Care		4,470	$	394,907		3.19	%
Unilever NV	Consumer Staples		6,584		382,543		3.09
L’Oreal SA	Consumer Staples		1,086		292,156		2.36
Anheuser-Busch InBev SA/NV	Consumer Staples		3,168		265,725		2.14
Danone SA	Consumer Staples		3,399		261,957		2.11
Iberdrola SA	Utilities		29,202		256,436		2.07
Koninklijke Ahold Delhaize NV	Consumer Staples		8,990		239,321		1.93
Pernod Ricard SA	Consumer Staples		1,280		229,724		1.85
Vonovia SE	Real Estate		4,078		211,501		1.71
Kerry Group PLC	Consumer Staples		1,863		207,969		1.68
Air Liquide SA	Materials		1,615		205,387		1.66
Enel SpA	Utilities		30,874		197,611		1.59
adidas AG	Consumer Discretionary		804		195,529		1.58
Heineken NV	Consumer Staples		1,825		192,682		1.56
Deutsche Wohnen SE	Real Estate		3,853		186,888		1.51
Hermes International	Consumer Discretionary		277		182,759		1.47
Munich Re	Financials		761		180,189		1.45
Elisa OYJ	Communication Services		3,719		167,841		1.35
EssilorLuxottica SA	Consumer Discretionary		1,534		167,580		1.35
Terna Rete Elettrica Nazionale SpA	Utilities		26,271		166,494		1.34
Snam SpA	Energy		31,813		163,459		1.32
Proximus SADP	Communication Services		5,580		160,978		1.30
Enagas SA	Energy		5,495		159,942		1.29
Beiersdorf AG	Consumer Staples		1,536		159,873		1.29
Wolters Kluwer NV	Industrials		2,252		153,360		1.24
UCB SA	Health Care		1,773		152,349		1.23
Endesa SA	Utilities		5,947		151,748		1.22
Thales SA	Industrials		1,194		143,080		1.15
Gecina SA	Real Estate		952		140,782		1.14
Aeroports de Paris	Industrials		718		138,963		1.12
Dassault Systemes SE	Information Technology		933		138,905		1.12
Davide Campari-Milano SpA	Consumer Staples		13,943		136,896		1.10
Amadeus IT Group SA	Information Technology		1,695		135,820		1.10
Covivio	Real Estate		1,264		134,227		1.08
Orange SA	Communication Services		8,233		133,952		1.08
Koninklijke KPN NV	Communication Services		42,090		133,471		1.08
Symrise AG	Materials		1,472		132,644		1.07
LEG Immobilien AG	Real Estate		1,072		131,692		1.06
Orpea	Health Care		1,093		131,192		1.06
Recordati SpA	Health Care		3,330		129,686		1.05
Sodexo SA	Consumer Discretionary		1,174		129,321		1.04
Industria de Diseno Textil SA	Consumer Discretionary		4,396		129,240		1.04
Merck KGaA	Health Care		1,082		123,373		1.00
Colruyt SA	Consumer Staples		1,628		120,378		0.97
Puma SE	Consumer Discretionary		192		111,573		0.90
SES SA	Communication Services		7,162		111,419		0.90
Neste Oyj	Energy		1,041		110,994		0.90
Bureau Veritas SA	Industrials		4,643		108,884		0.88
Klepierre SA	Real Estate		2,921		102,194		0.82
Alstom SA	Industrials		2,300		99,662		0.80
Sampo Oyj	Financials		2,080		94,306		0.76
Teleperformance	Industrials		524		94,207		0.76
DiaSorin SpA	Health Care		917		92,271		0.74
ICADE	Real Estate		1,089		92,129		0.74
Hera SpA	Utilities		24,963		90,307		0.73
Publicis Groupe SA	Communication Services		1,641		87,909		0.71
TAG Immobilien AG	Real Estate		3,544		87,491		0.71
Inmobiliaria Colonial Socimi SA	Real Estate		8,353		85,905		0.69
Gerresheimer AG	Health Care		1,138		85,533		0.69
Fraport AG Frankfurt Airport Services Wo	Industrials		1,100		84,226		0.68
Kesko OYJ	Consumer Staples		1,330		80,963		0.65
Societe BIC SA	Industrials		896		79,856		0.64
Fresenius Medical Care AG & Co KGaA	Health Care		988		79,717		0.64
QIAGEN NV	Health Care		1,939		78,628		0.63
Lagardere SCA	Communication Services		3,033		77,999		0.63
Jeronimo Martins SGPS SA	Consumer Staples		5,212		76,906		0.62
Eutelsat Communications SA	Communication Services		4,052		70,914		0.57
Ageas	Financials		1,463		70,591		0.57
EDP – Energias de Portugal SA	Utilities		17,944		70,575		0.57
A2A SpA	Utilities		37,869		69,114		0.56
Hannover Rueck SE	Financials		478		68,614		0.55
Paddy Power Betfair PLC	Consumer Discretionary		887		68,465		0.55
Naturgy Energy Group SA	Utilities		2,401		67,165		0.54
SEB SA	Consumer Discretionary		399		67,152		0.54
Rubis SCA	Utilities		1,189		64,869		0.52
Veolia Environnement SA	Utilities		2,871		64,212		0.52

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBILBEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Getlink SE	Industrials		4,208	$	63,813		0.52	%
Carl Zeiss Meditec AG	Health Care		739		61,744		0.50
Kone OYJ	Industrials		1,221		61,602		0.50
Akzo Nobel NV	Materials		690		61,185		0.49
Ipsen SA	Health Care		440		60,314		0.49
Fortum OYJ	Utilities		2,903		59,375		0.48
Groupe Bruxelles Lambert SA	Financials		606		58,934		0.48
Telefonica Deutschland Holding AG	Communication Services		18,014		56,578		0.46
Software AG	Information Technology		1,671		56,528		0.46
Viscofan SA	Consumer Staples		890		55,670		0.45
Remy Cointreau SA	Consumer Staples		411		54,832		0.44
Ingenico Group SA	Information Technology		701		50,051		0.40
Alten SA	Information Technology		458		49,061		0.40
Glanbia PLC	Consumer Staples		2,460		48,133		0.39
BioMerieux	Health Care		577		47,755		0.39
Ferrovial SA	Industrials		1,995		46,735		0.38
Verbund AG	Utilities		918		44,059		0.36
Grifols SA	Health Care		1,497		41,924		0.34
Orion Oyj	Health Care		1,113		41,745		0.34
Sartorius Stedim Biotech	Health Care		325		41,120		0.33
SCOR SE	Financials		881		37,513		0.30
Dassault Aviation SA	Industrials		25		36,346		0.29
RTL Group SA	Communication Services		663		36,224		0.29
Eiffage SA	Industrials		376		36,167		0.29
Ryanair Holdings PLC	Industrials		2,661		34,835		0.28
Axel Springer SE	Communication Services		672		34,710		0.28
Ackermans & van Haaren NV	Financials		224		33,824		0.27
Suez	Utilities		2,549		33,776		0.27
Heineken Holding NV	Consumer Staples		332		33,242		0.27
Nokian Renkaat OYJ	Consumer Discretionary		972		32,540		0.26
Bechtle AG	Information Technology		350		32,393		0.26
HOCHTIEF AG	Industrials		213		30,772		0.25
GRENKE AG	Financials		316		30,769		0.25
Cofinimmo SA	Real Estate		223		29,598		0.24
Iliad SA	Communication Services		294		29,490		0.24
Moncler SpA	Consumer Discretionary		730		29,403		0.24
ANDRITZ AG	Industrials		617		26,470		0.21
HUGO BOSS AG	Consumer Discretionary		383		26,186		0.21
Deutsche Lufthansa AG	Industrials		1,116		24,492		0.20
Bankinter SA	Financials		3,077		23,442		0.19
Sofina SA	Financials		78		15,181		0.12
Huhtamaki OYJ	Materials		390		14,520		0.12
Koninklijke Vopak NV	Energy		251		12,023		0.10
JCDecaux SA	Communication Services		346		10,516		0.08

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBILBUK) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Diageo PLC	Consumer Staples		17,565	$	716,167		8.45	%
British American Tobacco PLC	Consumer Staples		15,819		656,481		7.75
Reckitt Benckiser Group PLC	Consumer Staples		5,742		476,166		5.62
Unilever PLC	Consumer Staples		6,343		362,196		4.27
Imperial Brands PLC	Consumer Staples		8,989		306,510		3.62
GlaxoSmithKline PLC	Health Care		14,209		294,798		3.48
National Grid PLC	Utilities		26,142		288,979		3.41
Compass Group PLC	Consumer Discretionary		12,207		286,196		3.38
Vodafone Group PLC	Communication Services		148,642		269,993		3.19
RELX PLC	Industrials		11,248		239,899		2.83
BT Group PLC	Communication Services		81,497		236,082		2.79
Smith & Nephew PLC	Health Care		10,544		208,658		2.46
Next PLC	Consumer Discretionary		2,460		178,359		2.10
GVC Holdings PLC	Consumer Discretionary		24,413		177,312		2.09
BAE Systems PLC	Industrials		26,397		165,448		1.95
SSE PLC	Utilities		9,824		151,511		1.79
Informa PLC	Communication Services		13,853		133,948		1.58
Whitbread PLC	Consumer Discretionary		1,847		121,864		1.44
Fresnillo PLC	Materials		10,534		119,188		1.41
Carnival PLC	Consumer Discretionary		2,237		109,446		1.29
Direct Line Insurance Group PLC	Financials		23,662		108,524		1.28
Royal Mail PLC	Industrials		35,019		108,427		1.28
easyJet PLC	Industrials		6,684		97,053		1.15
Sage Group PLC/The	Information Technology		9,705		88,422		1.04
Tritax Big Box REIT PLC	Real Estate		47,086		87,853		1.04
Kingfisher PLC	Consumer Discretionary		28,702		87,563		1.03
Hiscox Ltd	Financials		4,111		83,332		0.98
Severn Trent PLC	Utilities		3,073		78,900		0.93
WH Smith PLC	Consumer Discretionary		2,732		75,318		0.89
Land Securities Group PLC	Real Estate		6,155		73,043		0.86
United Utilities Group PLC	Utilities		6,734		71,254		0.84
Centrica PLC	Utilities		47,051		69,814		0.82
Paddy Power Betfair PLC	Consumer Discretionary		867		66,940		0.79
Playtech Plc	Consumer Discretionary		10,900		61,550		0.73
Rightmove PLC	Communication Services		9,242		61,243		0.72
Segro PLC	Real Estate		6,838		59,829		0.71
Centamin PLC	Materials		51,350		59,448		0.70
Marks & Spencer Group PLC	Consumer Discretionary		15,690		56,855		0.67
Merlin Entertainments PLC	Consumer Discretionary		12,218		54,497		0.64
IG Group Holdings PLC	Financials		7,712		52,103		0.61
Moneysupermarket.com Group PLC	Consumer Discretionary		10,678		51,626		0.61
Bunzl PLC	Industrials		1,535		50,500		0.60
Tate & Lyle PLC	Consumer Staples		5,118		48,264		0.57
Croda International PLC	Materials		735		48,116		0.57
Greene King PLC	Consumer Discretionary		5,387		46,575		0.55
Inmarsat PLC	Communication Services		6,021		43,421		0.51
Domino’s Pizza Group PLC	Consumer Discretionary		13,525		42,528		0.50
Admiral Group PLC	Financials		1,405		39,604		0.47
Polymetal International PLC	Materials		3,439		38,623		0.46
Pennon Group PLC	Utilities		3,941		38,080		0.45
JD Sports Fashion PLC	Consumer Discretionary		5,822		38,022		0.45
Rentokil Initial PLC	Industrials		8,200		37,643		0.44
Plus500 Ltd	Financials		3,327		32,508		0.38
Dairy Crest Group PLC	Consumer Staples		4,017		32,413		0.38
Primary Health Properties PLC	Real Estate		19,117		32,241		0.38
TalkTalk Telecom Group PLC	Communication Services		21,974		31,492		0.37
William Hill PLC	Consumer Discretionary		14,927		31,138		0.37
Shaftesbury PLC	Real Estate		2,526		28,887		0.34
Hammerson PLC	Real Estate		6,446		28,122		0.33
Dixons Carphone PLC	Consumer Discretionary		14,723		28,072		0.33
Greggs PLC	Consumer Discretionary		1,126		26,897		0.32
UDG Healthcare PLC	Health Care		3,504		25,768		0.30
Assura PLC	Real Estate		33,559		25,029		0.30
Dunelm Group PLC	Consumer Discretionary		2,171		24,529		0.29
Great Portland Estates PLC	Real Estate		2,447		23,730		0.28
UNITE Group PLC/The	Real Estate		1,990		23,721		0.28
LondonMetric Property PLC	Real Estate		9,113		23,646		0.28
Ultra Electronics Holdings PLC	Industrials		1,084		22,476		0.27
Superdry PLC	Consumer Discretionary		3,080		21,931		0.26
Dechra Pharmaceuticals PLC	Health Care		620		21,725		0.26
Lancashire Holdings Ltd	Financials		2,527		21,461		0.25
Safestore Holdings PLC	Real Estate		2,484		19,251		0.23
Coats Group PLC	Consumer Discretionary		18,042		18,541		0.22
Intu Properties PLC	Real Estate		13,255		18,360		0.22
NMC Health PLC	Health Care		607		18,027		0.21
Synthomer PLC	Materials		3,517		17,338		0.20

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBILBUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Greencore Group PLC	Consumer Staples		6,515	$	17,100		0.20	%
Big Yellow Group PLC	Real Estate		1,323		17,038		0.20
J D Wetherspoon PLC	Consumer Discretionary		990		16,857		0.20
Britvic PLC	Consumer Staples		1,345		16,649		0.20
Computacenter PLC	Information Technology		1,051		15,097		0.18
Stagecoach Group PLC	Industrials		7,305		14,579		0.17
Cobham PLC	Industrials		9,735		13,951		0.16
Grainger PLC	Real Estate		4,283		13,166		0.16
Go-Ahead Group PLC/The	Industrials		502		12,782		0.15
National Express Group PLC	Industrials		2,408		12,704		0.15
888 Holdings PLC	Consumer Discretionary		6,006		12,174		0.14
QinetiQ Group PLC	Industrials		3,103		12,142		0.14
UK Commercial Property REIT Ltd	Real Estate		10,546		11,757		0.14
Renewables Infrastructure Group Ltd/The	Utilities		7,632		11,682		0.14
HomeServe PLC	Industrials		868		11,557		0.14
Diploma PLC	Industrials		603		11,419		0.13
Savills PLC	Real Estate		925		10,870		0.13
Stobart Group Ltd	Industrials		4,686		9,254		0.11
Games Workshop Group PLC	Consumer Discretionary		220		8,973		0.11
Mediclinic International PLC	Health Care		2,243		8,881		0.10
Acacia Mining PLC	Materials		3,444		8,803		0.10
St Modwen Properties PLC	Real Estate		1,560		8,044		0.09
Halfords Group PLC	Consumer Discretionary		2,659		8,015		0.09
Rathbone Brothers PLC	Financials		246		7,101		0.08
Hikma Pharmaceuticals PLC	Health Care		261		6,073		0.07
Clarkson PLC	Industrials		192		5,915		0.07
Spirent Communications PLC	Information Technology		3,065		5,726		0.07
Cranswick PLC	Consumer Staples		159		5,631		0.07
Hill & Smith Holdings PLC	Materials		344		5,548		0.07
AG Barr PLC	Consumer Staples		456		4,781		0.06
CLS Holdings PLC	Real Estate		1,207		3,849		0.05
James Fisher & Sons PLC	Industrials		142		3,654		0.04
Telecom Plus PLC	Utilities		175		3,450		0.04
Millennium & Copthorne Hotels PLC	Consumer Discretionary		556		3,295		0.04
Firstgroup PLC	Industrials		2,685		3,172		0.04
Euromoney Institutional Investor PLC	Communication Services		156		2,544		0.03
Hilton Food Group PLC	Consumer Staples		158		1,950		0.02
PZ Cussons PLC	Consumer Staples		731		1,864		0.02
Rank Group PLC	Consumer Discretionary		901		1,843		0.02
Daejan Holdings PLC	Real Estate		24		1,827		0.02
Mitchells & Butlers PLC	Consumer Discretionary		140		492		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIMOEU) of common stocks
Common Stocks	Sector	Shares		Value		Weight
TOTAL SA	Energy		8,257	$	458,839		3.96	%
Sanofi	Health Care		4,510		398,484		3.44
LVMH Moet Hennessy Louis Vuitton SE	Consumer Discretionary		819		301,224		2.60
Iberdrola SA	Utilities		33,889		297,600		2.57
Safran SA	Industrials		2,113		289,790		2.50
L’Oreal SA	Consumer Staples		1,031		277,453		2.40
Unilever NV	Consumer Staples		4,507		261,895		2.26
Wolters Kluwer NV	Industrials		3,616		246,291		2.13
Koninklijke Ahold Delhaize NV	Consumer Staples		9,215		245,321		2.12
Eni SpA	Energy		12,779		225,902		1.95
Munich Re	Financials		934		221,220		1.91
Enel SpA	Utilities		34,158		218,628		1.89
Naturgy Energy Group SA	Utilities		7,790		217,904		1.88
Endesa SA	Utilities		8,175		208,590		1.80
Wirecard AG	Information Technology		1,638		205,352		1.77
Air Liquide SA	Materials		1,608		204,550		1.77
Deutsche Wohnen SE	Real Estate		4,205		203,979		1.76
Kering SA	Consumer Discretionary		352		201,695		1.74
Edenred	Industrials		4,430		201,652		1.74
Engie SA	Utilities		13,335		198,715		1.72
RWE AG	Utilities		7,179		192,525		1.66
Hannover Rueck SE	Financials		1,307		187,660		1.62
Enagas SA	Energy		6,426		187,054		1.62
Nokia OYJ	Information Technology		32,588		185,538		1.60
MTU Aero Engines AG	Industrials		819		185,433		1.60
ACS Actividades de Construccion y Servic	Industrials		4,091		179,762		1.55
Hermes International	Consumer Discretionary		270		177,937		1.54
Aroundtown SA	Real Estate		21,467		177,049		1.53
Amadeus IT Group SA	Information Technology		2,161		173,119		1.50
Teleperformance	Industrials		934		167,818		1.45
Terna Rete Elettrica Nazionale SpA	Utilities		26,261		166,429		1.44
Davide Campari-Milano SpA	Consumer Staples		16,214		159,200		1.37
Colruyt SA	Consumer Staples		2,153		159,176		1.37
Koninklijke Philips NV	Health Care		3,844		156,656		1.35
Puma SE	Consumer Discretionary		269		155,876		1.35
Electricite de France SA	Utilities		11,334		155,037		1.34
Ferrovial SA	Industrials		6,405		150,068		1.30
Elisa OYJ	Communication Services		3,307		149,259		1.29
Snam SpA	Energy		27,183		139,669		1.21
Vonovia SE	Real Estate		2,689		139,453		1.20
Repsol SA	Energy		8,131		139,224		1.20
Innogy SE	Utilities		2,979		137,800		1.19
Verbund AG	Utilities		2,789		133,865		1.16
SCOR SE	Financials		3,058		130,271		1.13
Poste Italiane SpA	Financials		12,406		120,719		1.04
NN Group NV	Financials		2,877		119,547		1.03
QIAGEN NV	Health Care		2,856		115,830		1.00
TAG Immobilien AG	Real Estate		4,636		114,447		0.99
UCB SA	Health Care		1,326		113,926		0.98
Nemetschek SE	Information Technology		656		111,807		0.97
Cellnex Telecom SA	Communication Services		3,651		107,186		0.93
Koninklijke Vopak NV	Energy		2,029		97,133		0.84
Carl Zeiss Meditec AG	Health Care		1,083		90,501		0.78
E.ON SE	Utilities		8,026		89,272		0.77
LEG Immobilien AG	Real Estate		726		89,145		0.77
IMCD NV	Industrials		1,152		87,704		0.76
Sartorius Stedim Biotech	Health Care		678		85,940		0.74
SES SA	Communication Services		5,302		82,484		0.71
Italgas SpA	Utilities		12,935		79,884		0.69
Assicurazioni Generali SpA	Financials		4,043		74,863		0.65
Dassault Systemes SE	Information Technology		468		69,774		0.60
Evotec SE	Health Care		2,617		69,553		0.60
Fortum OYJ	Utilities		3,366		68,852		0.59
Symrise AG	Materials		703		63,371		0.55
Neste Oyj	Energy		568		60,548		0.52
Valmet OYJ	Industrials		2,109		53,401		0.46
Suez	Utilities		3,960		52,482		0.45
Orion Oyj	Health Care		1,371		51,419		0.44
Thales SA	Industrials		418		50,030		0.43
Peugeot SA	Consumer Discretionary		2,015		49,146		0.42
DiaSorin SpA	Health Care		486		48,880		0.42
A2A SpA	Utilities		25,484		46,511		0.40
Kesko OYJ	Consumer Staples		696		42,370		0.37
Moncler SpA	Consumer Discretionary		1,038		41,832		0.36
ASR Nederland NV	Financials		973		40,522		0.35
Societe BIC SA	Industrials		446		39,783		0.34

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIMOEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Cofinimmo SA	Real Estate		259	$	34,382		0.30	%
MorphoSys AG	Health Care		359		32,715		0.28
Ubisoft Entertainment SA	Communication Services		321		28,596		0.25
EDP – Energias de Portugal SA	Utilities		6,798		26,735		0.23
Sofina SA	Financials		107		20,820		0.18
Eutelsat Communications SA	Communication Services		1,110		19,426		0.17
SBM Offshore NV	Energy		594		11,292		0.10
Glanbia PLC	Consumer Staples		236		4,622		0.04

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIMOUK) of common stocks
Common Stocks	Sector	Shares		Value		Weight
BP PLC	Energy		293,187	$	2,127,538		11.74	%
AstraZeneca PLC	Health Care		21,910		1,746,516		9.63
Diageo PLC	Consumer Staples		38,862		1,584,487		8.74
Experian PLC	Industrials		30,848		833,291		4.60
GlaxoSmithKline PLC	Health Care		38,097		790,410		4.36
BHP Group PLC	Materials		32,476		780,041		4.30
Smith & Nephew PLC	Health Care		37,291		737,933		4.07
Royal Dutch Shell PLC	Energy		22,364		701,302		3.87
RELX PLC	Industrials		30,054		640,983		3.54
Unilever PLC	Consumer Staples		9,772		558,008		3.08
National Grid PLC	Utilities		50,003		552,751		3.05
Micro Focus International PLC	Information Technology		18,669		484,282		2.67
Halma PLC	Information Technology		20,553		446,490		2.46
Ocado Group PLC	Consumer Discretionary		23,447		417,512		2.30
Rentokil Initial PLC	Industrials		79,808		366,350		2.02
Bunzl PLC	Industrials		10,102		332,336		1.83
Pearson PLC	Communication Services		29,579		321,368		1.77
Burberry Group PLC	Consumer Discretionary		10,813		274,594		1.51
Croda International PLC	Materials		3,970		259,902		1.43
Tesco PLC	Consumer Staples		80,436		242,572		1.34
Legal & General Group PLC	Financials		63,917		228,630		1.26
Petrofac Ltd	Energy		33,161		211,036		1.16
United Utilities Group PLC	Utilities		18,449		195,217		1.08
Wm Morrison Supermarkets PLC	Consumer Staples		62,999		186,263		1.03
Segro PLC	Real Estate		20,979		183,552		1.01
Auto Trader Group PLC	Communication Services		26,193		177,511		0.98
Evraz PLC	Materials		21,725		175,124		0.97
Centrica PLC	Utilities		100,868		149,668		0.83
Tate & Lyle PLC	Consumer Staples		15,279		144,086		0.79
AVEVA Group PLC	Information Technology		3,263		136,788		0.75
Plus500 Ltd	Financials		13,731		134,166		0.74
Hikma Pharmaceuticals PLC	Health Care		5,474		127,412		0.70
Severn Trent PLC	Utilities		4,717		121,101		0.67
Admiral Group PLC	Financials		4,214		118,805		0.66
Hiscox Ltd	Financials		5,595		113,404		0.63
Entertainment One Ltd	Communication Services		19,046		110,566		0.61
Spirax-Sarco Engineering PLC	Industrials		1,091		101,944		0.56
Drax Group PLC	Utilities		20,377		100,186		0.55
Pennon Group PLC	Utilities		8,828		85,295		0.47
Greggs PLC	Consumer Discretionary		3,428		81,909		0.45
Dechra Pharmaceuticals PLC	Health Care		2,225		77,997		0.43
UNITE Group PLC/The	Real Estate		6,500		77,492		0.43
HomeServe PLC	Industrials		5,612		74,740		0.41
Polymetal International PLC	Materials		6,389		71,760		0.40
Britvic PLC	Consumer Staples		5,298		65,571		0.36
SSP Group Plc	Consumer Discretionary		6,958		62,587		0.35
BCA Marketplace PLC	Consumer Discretionary		23,798		61,098		0.34
QinetiQ Group PLC	Industrials		14,874		58,211		0.32
Great Portland Estates PLC	Real Estate		5,754		55,812		0.31
Greencore Group PLC	Consumer Staples		21,020		55,170		0.30
EI Group PLC	Consumer Discretionary		18,820		52,084		0.29
Countryside Properties PLC	Consumer Discretionary		8,954		37,788		0.21
Renewables Infrastructure Group Ltd/The	Utilities		23,870		36,535		0.20
John Laing Group PLC	Industrials		6,700		33,082		0.18
Greene King PLC	Consumer Discretionary		3699.062		31980.2363		0.18
Softcat PLC	Information Technology		2637.876		28447.3808		0.16
Games Workshop Group PLC	Consumer Discretionary		680.4564		27805.4884		0.15
Go-Ahead Group PLC/The	Industrials		1074.457		27376.4121		0.15
Diploma PLC	Industrials		1328.913		25174.654		0.14
Mitchells & Butlers PLC	Consumer Discretionary		6120.978		21536.6595		0.12
AG Barr PLC	Consumer Staples		1410.394		14788.5412		0.08
Hill & Smith Holdings PLC	Materials		788.8823		12740.6851		0.07
Big Yellow Group PLC	Real Estate		941.5498		12129.6093		0.07
Spirent Communications PLC	Information Technology		6425.226		12004.8926		0.07
Telecom Plus PLC	Utilities		525.8584		10385.3877		0.06
James Fisher & Sons PLC	Industrials		50.19355		1288.67922		0.01
Hilton Food Group PLC	Consumer Staples		41.7965		515.906747		0.00

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIQUEU) of common stocks
Common Stocks	Sector	Shares		Value		Weight
TOTAL SA	Energy		9,157	$	508,800		4.16	%
Saipem SpA	Energy		93,698		495,726		4.06
Danone SA	Consumer Staples		6,259		482,430		3.95
ASML Holding NV	Information Technology		2,092		392,431		3.21
Amadeus IT Group SA	Information Technology		4,839		387,729		3.17
Linde PLC	Materials		2,096		366,929		3.00
Atos SE	Information Technology		3,471		334,933		2.74
L’Oreal SA	Consumer Staples		1,150		309,567		2.53
Unilever NV	Consumer Staples		5,297		307,789		2.52
HeidelbergCement AG	Materials		3,866		278,305		2.28
Arkema SA	Materials		2,881		274,340		2.25
Allianz SE	Financials		1,206		268,368		2.20
Peugeot SA	Consumer Discretionary		9,396		229,199		1.88
adidas AG	Consumer Discretionary		913		221,957		1.82
Enel SpA	Utilities		33,725		215,858		1.77
Telefonica SA	Communication Services		24,281		203,503		1.67
Bayer AG	Health Care		3,107		200,818		1.64
KBC Group NV	Financials		2,792		195,110		1.60
FinecoBank Banca Fineco SpA	Financials		14,640		192,617		1.58
Suez	Utilities		14,033		185,964		1.52
Beiersdorf AG	Consumer Staples		1,781		185,288		1.52
Schneider Electric SE	Industrials		2,224		174,500		1.43
Michelin	Consumer Discretionary		1,441		170,472		1.40
UCB SA	Health Care		1,943		166,962		1.37
Stora Enso OYJ	Materials		13,476		164,750		1.35
Koninklijke Philips NV	Health Care		4,040		164,637		1.35
Faurecia SA	Consumer Discretionary		3,909		164,385		1.35
Continental AG	Consumer Discretionary		1,090		164,121		1.34
ING Groep NV	Financials		12,757		154,373		1.26
Sampo Oyj	Financials		3,330		150,996		1.24
Hannover Rueck SE	Financials		1,016		145,923		1.19
Poste Italiane SpA	Financials		14,913		145,122		1.19
Orion Oyj	Health Care		3,847		144,270		1.18
Industria de Diseno Textil SA	Consumer Discretionary		4,745		139,501		1.14
Kering SA	Consumer Discretionary		242		138,797		1.14
Nemetschek SE	Information Technology		759		129,389		1.06
Wolters Kluwer NV	Industrials		1,802		122,727		1.00
Banco Bilbao Vizcaya Argentaria SA	Financials		21,248		121,429		0.99
Adyen NV	Information Technology		153		119,859		0.98
Pirelli & C SpA	Consumer Discretionary		17,778		114,467		0.94
Ipsen SA	Health Care		826		113,260		0.93
Cie de Saint-Gobain	Industrials		2,984		108,170		0.89
Ferrari NV	Consumer Discretionary		801		107,378		0.88
Erste Group Bank AG	Financials		2,722		100,074		0.82
Legrand SA	Industrials		1,485		99,397		0.81
ASR Nederland NV	Financials		2,302		95,818		0.78
Moncler SpA	Consumer Discretionary		2,292		92,375		0.76
Rheinmetall AG	Industrials		872		90,858		0.74
Deutsche Post AG	Industrials		2,731		88,860		0.73
Bankinter SA	Financials		11,625		88,572		0.72
Signify NV	Industrials		3,136		83,916		0.69
Telefonica Deutschland Holding AG	Communication Services		26,283		82,548		0.68
Valmet OYJ	Industrials		3,071		77,752		0.64
CRH PLC	Materials		2,491		77,280		0.63
Aroundtown SA	Real Estate		8,962		73,917		0.60
Italgas SpA	Utilities		11,945		73,774		0.60
ProSiebenSat.1 Media SE	Communication Services		4,986		71,164		0.58
Prysmian SpA	Industrials		3,600		68,119		0.56
Heineken Holding NV	Consumer Staples		673		67,420		0.55
Terna Rete Elettrica Nazionale SpA	Utilities		10,485		66,453		0.54
Euronext NV	Financials		1,043		66,132		0.54
Merlin Properties Socimi SA	Real Estate		5,020		65,705		0.54
Raiffeisen Bank International AG	Financials		2,788		62,595		0.51
Deutsche Lufthansa AG	Industrials		2,849		62,541		0.51
CNH Industrial NV	Industrials		6,127		62,318		0.51
E.ON SE	Utilities		5,577		62,024		0.51
Randstad NV	Industrials		1,264		61,667		0.50
Siemens Gamesa Renewable Energy SA	Industrials		3,489		55,571		0.45
Carl Zeiss Meditec AG	Health Care		654		54,620		0.45
RTL Group SA	Communication Services		941		51,447		0.42
JCDecaux SA	Communication Services		1,668		50,762		0.42
Air France-KLM	Industrials		4,375		49,216		0.40
KION Group AG	Industrials		939		49,066		0.40
Hella GmbH & Co KGaA	Consumer Discretionary		1,090		47,961		0.39
Axel Springer SE	Communication Services		919		47,498		0.39
Sodexo SA	Consumer Discretionary		430		47,404		0.39

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIMOUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Societe BIC SA	Industrials		501	$	44,656		0.37	%
GRENKE AG	Financials		451		43,860		0.36
Aalberts Industries NV	Industrials		1,231		42,587		0.35
Aeroports de Paris	Industrials		210		40,597		0.33
Wartsila OYJ Abp	Industrials		2,390		38,576		0.32
BioMerieux	Health Care		414		34,259		0.28
Inmobiliaria Colonial Socimi SA	Real Estate		3,128		32,171		0.26
Elisa OYJ	Communication Services		695		31,372		0.26
ABN AMRO Group NV	Financials		1,296		29,233		0.24
Rexel SA	Industrials		2,535		28,605		0.23
ANDRITZ AG	Industrials		652		27,976		0.23
Ryanair Holdings PLC	Industrials		1,855		24,278		0.20
Fraport AG Frankfurt Airport Services Wo	Industrials		315		24,086		0.20
Cofinimmo SA	Real Estate		160		21,217		0.17
Kingspan Group PLC	Industrials		450		20,851		0.17
HOCHTIEF AG	Industrials		143		20,731		0.17
Dassault Aviation SA	Industrials		14		20,024		0.16
Elis SA	Industrials		1,227		19,727		0.16
Metso OYJ	Industrials		317		10,905		0.09
Sofina SA	Financials		27		5,210		0.04

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIQUUK) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Royal Dutch Shell PLC	Energy		66,633	$	2,089,521		12.79	%
GlaxoSmithKline PLC	Health Care		63,185		1,310,916		8.03
Prudential PLC	Financials		45,002		898,983		5.50
Unilever PLC	Consumer Staples		15,077		860,940		5.27
BHP Group PLC	Materials		32,299		775,779		4.75
Imperial Brands PLC	Consumer Staples		22,504		767,378		4.70
Anglo American PLC	Materials		25,438		678,708		4.16
Vodafone Group PLC	Communication Services		320,373		581,926		3.56
CRH PLC	Materials		13,519		417,182		2.55
RELX PLC	Industrials		18,566		395,967		2.42
Compass Group PLC	Consumer Discretionary		16,665		390,720		2.39
International Consolidated Airlines Grou	Industrials		48,905		325,332		1.99
Coca-Cola HBC AG	Consumer Staples		9,513		323,221		1.98
Associated British Foods PLC	Consumer Staples		9,663		306,229		1.87
Hargreaves Lansdown PLC	Financials		12,151		294,213		1.80
Burberry Group PLC	Consumer Discretionary		11,208		284,630		1.74
St James’s Place PLC	Financials		20,273		270,781		1.66
Legal & General Group PLC	Financials		69,079		247,096		1.51
Berkeley Group Holdings PLC	Consumer Discretionary		5,122		245,524		1.50
Intertek Group PLC	Industrials		3,857		243,421		1.49
Rolls-Royce Holdings PLC	Industrials		20,371		239,058		1.46
Tesco PLC	Consumer Staples		77,119		232,568		1.42
3i Group PLC	Financials		15,972		204,374		1.25
Auto Trader Group PLC	Communication Services		27,726		187,900		1.15
Land Securities Group PLC	Real Estate		14,925		177,124		1.08
KAZ Minerals PLC	Materials		20,092		170,573		1.04
Pearson PLC	Communication Services		15,189		165,023		1.01
Sage Group PLC/The	Information Technology		17,169		156,421		0.96
Centrica PLC	Utilities		97,696		144,961		0.89
Smiths Group PLC	Industrials		7,425		138,446		0.85
Rightmove PLC	Communication Services		20,094		133,150		0.82
Schroders PLC	Financials		3,715		130,416		0.80
Intermediate Capital Group PLC	Financials		7,384		102,173		0.63
Inmarsat PLC	Communication Services		13,088		94,377		0.58
Direct Line Insurance Group PLC	Financials		20,319		93,193		0.57
Just Eat PLC	Consumer Discretionary		8,982		87,639		0.54
Jupiter Fund Management PLC	Financials		17,906		84,175		0.52
Man Group PLC	Financials		44,308		78,178		0.48
J Sainsbury PLC	Consumer Staples		23,699		72,579		0.44
Britvic PLC	Consumer Staples		5,712		70,694		0.43
Close Brothers Group PLC	Financials		3,714		70,203		0.43
Wizz Air Holdings Plc	Industrials		1,755		68,639		0.42
Polymetal International PLC	Materials		6,026		67,676		0.41
Meggitt PLC	Industrials		10,179		66,498		0.41
United Utilities Group PLC	Utilities		6,167		65,260		0.40
Hammerson PLC	Real Estate		14,874		64,896		0.40
William Hill PLC	Consumer Discretionary		30,722		64,087		0.39
Bovis Homes Group PLC	Consumer Discretionary		4,593		63,471		0.39
Ashmore Group PLC	Financials		10,929		60,664		0.37
IWG PLC	Industrials		18,360		59,449		0.36
Sophos Group PLC	Information Technology		14,992		58,592		0.36
Plus500 Ltd	Financials		5,541		54,136		0.33
IG Group Holdings PLC	Financials		7,865		53,137		0.33
Segro PLC	Real Estate		6,063		53,049		0.32
Domino’s Pizza Group PLC	Consumer Discretionary		15,371		48,330		0.30
Admiral Group PLC	Financials		1,567		44,189		0.27
Severn Trent PLC	Utilities		1,630		41,851		0.26
SSP Group Plc	Consumer Discretionary		4,588		41,273		0.25
Workspace Group PLC	Real Estate		3,245		41,154		0.25
Savills PLC	Real Estate		3,396		39,905		0.24
Grainger PLC	Real Estate		12,619		38,793		0.24
Cobham PLC	Industrials		26,960		38,636		0.24
Electrocomponents PLC	Information Technology		4,274		31,198		0.19
Investec PLC	Financials		5,291		30,406		0.19
Ibstock PLC	Materials		9,311		29,009		0.18
Brewin Dolphin Holdings PLC	Financials		7,014		28,452		0.17
Cranswick PLC	Consumer Staples		780		27,600		0.17
Aston Martin Lagonda Global Holdings PLC	Consumer Discretionary		1,939		25,439		0.16
Intu Properties PLC	Real Estate		17,871		24,752		0.15
Hochschild Mining PLC	Materials		8,771		23,545		0.14
NewRiver REIT PLC	Real Estate		7,056		21,865		0.13
Drax Group PLC	Utilities		4,361		21,439		0.13
Civitas Social Housing PLC	Real Estate		16,817		20,976		0.13
Sanne Group PLC	Financials		2,752		19,306		0.12
IntegraFin Holdings PLC	Financials		4,206		19,125		0.12
OneSavings Bank PLC	Financials		3,816		19,018		0.12

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIQUUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Dunelm Group PLC	Consumer Discretionary		1,672	$	18,893		0.12	%
Safestore Holdings PLC	Real Estate		2,287		17,722		0.11
SIG PLC	Industrials		9,394		17,331		0.11
Softcat PLC	Information Technology		1,589		17,136		0.10
Tritax Big Box REIT PLC	Real Estate		8,768		16,359		0.10
Greggs PLC	Consumer Discretionary		670		16,008		0.10
Primary Health Properties PLC	Real Estate		9,024		15,218		0.09
Playtech Plc	Consumer Discretionary		2,432		13,731		0.08
Big Yellow Group PLC	Real Estate		978		12,596		0.08
Pennon Group PLC	Utilities		1,239		11,967		0.07
PZ Cussons PLC	Consumer Staples		4,658		11,875		0.07
John Laing Group PLC	Industrials		2,311		11,409		0.07
LondonMetric Property PLC	Real Estate		4,350		11,286		0.07
Charter Court Financial Services Group P	Financials		2,594		11,190		0.07
Bank of Georgia Group PLC	Financials		457		9,824		0.06
UNITE Group PLC/The	Real Estate		817		9,745		0.06
Assura PLC	Real Estate		12,706		9,476		0.06
Shaftesbury PLC	Real Estate		814		9,302		0.06
Paragon Banking Group PLC	Financials		1,594		9,028		0.06
Equiniti Group PLC	Information Technology		3,181		8,597		0.05
Sabre Insurance Group PLC	Financials		2,284		8,486		0.05
Greencore Group PLC	Consumer Staples		3,064		8,042		0.05
Coats Group PLC	Consumer Discretionary		7,462		7,669		0.05
Rathbone Brothers PLC	Financials		198		5,713		0.03
Telecom Plus PLC	Utilities		281		5,541		0.03
Renewables Infrastructure Group Ltd/The	Utilities		2,951		4,517		0.03
Saga PLC	Financials		2,901		4,192		0.03
UK Commercial Property REIT Ltd	Real Estate		3,185		3,551		0.02
Hilton Food Group PLC	Consumer Staples		208		2,562		0.02
TBC Bank Group PLC	Financials		116		2,332		0.01
CLS Holdings PLC	Real Estate		559		1,783		0.01
Euromoney Institutional Investor PLC	Communication Services		101		1,643		0.01
Bakkavor Group PLC	Consumer Staples		1,007		1,630		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIVAEU) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Fresenius SE & Co KGaA	Health Care		11,628	$	649,247		4.56	%
TOTAL SA	Energy		10,178		565,554		3.97
Bayer AG	Health Care		6,970		450,497		3.16
ASML Holding NV	Information Technology		2,325		436,230		3.06
BNP Paribas SA	Financials		7,829		374,328		2.63
Societe Generale SA	Financials		12,439		359,758		2.53
Credit Agricole SA	Financials		25,673		310,260		2.18
Koninklijke Ahold Delhaize NV	Consumer Staples		11,437		304,486		2.14
Danone SA	Consumer Staples		3,691		284,483		2.00
Telecom Italia SpA/Milano	Communication Services		407,615		253,577		1.78
Fiat Chrysler Automobiles NV	Consumer Discretionary		16,416		244,474		1.72
AXA SA	Financials		9,661		243,166		1.71
UniCredit SpA	Financials		18,301		234,682		1.65
Unione di Banche Italiane SpA	Financials		88,634		234,516		1.65
Banco Santander SA	Financials		49,675		231,011		1.62
Peugeot SA	Consumer Discretionary		9,056		220,918		1.55
Eni SpA	Energy		12,430		219,739		1.54
NN Group NV	Financials		5,264		218,741		1.54
Banco Bilbao Vizcaya Argentaria SA	Financials		37,856		216,343		1.52
Publicis Groupe SA	Communication Services		3,955		211,820		1.49
Atos SE	Information Technology		2,175		209,855		1.47
Capgemini SE	Information Technology		1,681		203,858		1.43
Vinci SA	Industrials		2,073		201,674		1.42
Telefonica SA	Communication Services		23,940		200,644		1.41
Carrefour SA	Consumer Staples		9,922		185,368		1.30
Casino Guichard Perrachon SA	Consumer Staples		4,216		182,846		1.28
Air Liquide SA	Materials		1,406		178,838		1.26
adidas AG	Consumer Discretionary		731		177,703		1.25
Michelin	Consumer Discretionary		1,499		177,322		1.25
Ingenico Group SA	Information Technology		2,444		174,465		1.23
Valeo SA	Consumer Discretionary		5,998		173,966		1.22
Schneider Electric SE	Industrials		2,180		171,117		1.20
Continental AG	Consumer Discretionary		1,108		166,825		1.17
Repsol SA	Energy		8,907		152,518		1.07
Heineken NV	Consumer Staples		1,371		144,770		1.02
Pernod Ricard SA	Consumer Staples		806		144,685		1.02
Iberdrola SA	Utilities		16,475		144,673		1.02
Koninklijke Philips NV	Health Care		3,528		143,748		1.01
METRO AG	Consumer Staples		8,636		143,326		1.01
Covestro AG	Materials		2,604		143,210		1.01
Faurecia SA	Consumer Discretionary		3,386		142,399		1.00
RWE AG	Utilities		5,267		141,261		0.99
ArcelorMittal	Materials		6,868		139,170		0.98
Leonardo SpA	Industrials		11,310		131,482		0.92
Akzo Nobel NV	Materials		1,465		129,852		0.91
HeidelbergCement AG	Materials		1,738		125,157		0.88
Volkswagen AG	Consumer Discretionary		751		118,216		0.83
Eiffage SA	Industrials		1,159		111,421		0.78
CRH PLC	Materials		3,404		105,621		0.74
Paddy Power Betfair PLC	Consumer Discretionary		1,366		105,383		0.74
Assicurazioni Generali SpA	Financials		5,654		104,689		0.74
ACS Actividades de Construccion y Servic	Industrials		2,375		104,376		0.73
Engie SA	Utilities		6,936		103,360		0.73
EDP – Energias de Portugal SA	Utilities		25,497		100,280		0.70
Deutsche Lufthansa AG	Industrials		4,563		100,167		0.70
ProSiebenSat.1 Media SE	Communication Services		6,994		99,823		0.70
Siltronic AG	Information Technology		1,128		99,505		0.70
CNH Industrial NV	Industrials		9,674		98,389		0.69
Randstad NV	Industrials		2,014		98,217		0.69
STMicroelectronics NV	Information Technology		6,257		92,532		0.65
Sodexo SA	Consumer Discretionary		831		91,561		0.64
Renault SA	Consumer Discretionary		1,380		91,210		0.64
A2A SpA	Utilities		48,547		88,604		0.62
Signify NV	Industrials		3,195		85,509		0.60
Rexel SA	Industrials		7,070		79,763		0.56
UPM-Kymmene OYJ	Materials		2,717		79,256		0.56
Raiffeisen Bank International AG	Financials		3,406		76,476		0.54
Atlantia SpA	Industrials		2,946		76,339		0.54
Air France-KLM	Industrials		6,372		71,678		0.50
Bollore SA	Industrials		15,754		71,203		0.50
Imerys SA	Materials		1,387		69,171		0.49
Arkema SA	Materials		724		68,979		0.48
Pirelli & C SpA	Consumer Discretionary		10,619		68,371		0.48
Smurfit Kappa Group PLC	Materials		2,363		65,982		0.46
HOCHTIEF AG	Industrials		437		63,310		0.44
Software AG	Information Technology		1,862		63,006		0.44

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIVAEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Cie de Saint-Gobain	Industrials		1,655	$	59,995		0.42	%
Stora Enso OYJ	Materials		4,855		59,348		0.42
Ferrovial SA	Industrials		2,451		57,414		0.40
Siemens Gamesa Renewable Energy SA	Industrials		3,508		55,869		0.39
Sopra Steria Group	Information Technology		465		54,060		0.38
SBM Offshore NV	Energy		2,737		52,063		0.37
OMV AG	Energy		909		49,346		0.35
Legrand SA	Industrials		735		49,186		0.35
Wienerberger AG	Materials		2,261		48,030		0.34
ASR Nederland NV	Financials		1,110		46,203		0.32
Hella GmbH & Co KGaA	Consumer Discretionary		992		43,651		0.31
Saipem SpA	Energy		7,888		41,735		0.29
Heineken Holding NV	Consumer Staples		408		40,879		0.29
Valmet OYJ	Industrials		1,594		40,362		0.28
Hera SpA	Utilities		10,897		39,422		0.28
Eutelsat Communications SA	Communication Services		2,128		37,244		0.26
Solvay SA	Materials		328		35,464		0.25
Enagas SA	Energy		1,202		34,977		0.25
Electricite de France SA	Utilities		2,261		30,927		0.22
Alten SA	Information Technology		285		30,527		0.21
Colruyt SA	Consumer Staples		392		28,979		0.20
Italgas SpA	Utilities		4,652		28,729		0.20
Aalberts Industries NV	Industrials		808		27,949		0.20
Glanbia PLC	Consumer Staples		1,329		26,003		0.18
Dassault Aviation SA	Industrials		15		22,436		0.16
KION Group AG	Industrials		418		21,875		0.15
Fraport AG Frankfurt Airport Services Wo	Industrials		224.0643		17157.074		0.12
SEB SA	Consumer Discretionary		88.36321		14872.853		0.10

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIVAUK) of common stocks
Common Stocks	Sector	Shares		Value		Weight
British American Tobacco PLC	Consumer Staples		26,421	$	1,096,448		9.78	%
Vodafone Group PLC	Communication Services		533,519		969,083		8.64
Lloyds Banking Group PLC	Financials		954,052		770,301		6.87
Anglo American PLC	Materials		19,315		515,332		4.60
Tesco PLC	Consumer Staples		159,198		480,093		4.28
Royal Dutch Shell PLC	Energy		14,911		467,600		4.17
Standard Life Aberdeen PLC	Financials		126,260		433,008		3.86
BHP Group PLC	Materials		17,642		423,746		3.78
Barclays PLC	Financials		198,284		398,512		3.55
GlaxoSmithKline PLC	Health Care		17,224		357,351		3.19
Aviva PLC	Financials		57,834		309,894		2.76
Standard Chartered PLC	Financials		29,497		226,622		2.02
Tullow Oil PLC	Energy		72,135		225,500		2.01
J Sainsbury PLC	Consumer Staples		72,595		222,322		1.98
CRH PLC	Materials		7,194		221,995		1.98
National Grid PLC	Utilities		19,568		216,312		1.93
Legal & General Group PLC	Financials		58,871		210,582		1.88
Smurfit Kappa Group PLC	Materials		7,044		197,138		1.76
Compass Group PLC	Consumer Discretionary		7,964		186,733		1.67
Rolls-Royce Holdings PLC	Industrials		15,669		183,877		1.64
Wm Morrison Supermarkets PLC	Consumer Staples		55,539		164,206		1.46
ConvaTec Group PLC	Health Care		88,640		163,026		1.45
International Consolidated Airlines Grou	Industrials		22,369		148,808		1.33
Babcock International Group PLC	Industrials		19,132		122,677		1.09
DCC PLC	Industrials		1,233		106,331		0.95
Royal Mail PLC	Industrials		32,044		99,214		0.88
Barratt Developments PLC	Consumer Discretionary		11,925		92,842		0.83
Marks & Spencer Group PLC	Consumer Discretionary		24,314		88,106		0.79
Great Portland Estates PLC	Real Estate		8,686		84,244		0.75
BBA Aviation PLC	Industrials		25,547		82,651		0.74
3i Group PLC	Financials		5,853		74,886		0.67
Meggitt PLC	Industrials		10,655		69,605		0.62
Investec PLC	Financials		11,991		68,908		0.61
Ferrexpo PLC	Materials		20,424		65,707		0.59
Micro Focus International PLC	Information Technology		2,506		65,012		0.58
Berkeley Group Holdings PLC	Consumer Discretionary		1,338		64,145		0.57
Inchcape PLC	Consumer Discretionary		8,506		63,107		0.56
Playtech Plc	Consumer Discretionary		10,575		59,717		0.53
Centrica PLC	Utilities		39,698		58,904		0.53
Redrow PLC	Consumer Discretionary		7,396		57,751		0.51
Paddy Power Betfair PLC	Consumer Discretionary		736		56,872		0.51
Greencore Group PLC	Consumer Staples		20,955		54,998		0.49
Evraz PLC	Materials		6,635		53,485		0.48
Taylor Wimpey PLC	Consumer Discretionary		22,192		50,588		0.45
Rhi Magnesita NV	Materials		839		49,322		0.44
Bellway PLC	Consumer Discretionary		1,210		47,858		0.43
UDG Healthcare PLC	Health Care		6,396		47,036		0.42
Coca-Cola HBC AG	Consumer Staples		1,365		46,368		0.41
Indivior PLC	Health Care		36,390		45,419		0.40
Bunzl PLC	Industrials		1,379		45,380		0.40
Smiths Group PLC	Industrials		2,373		44,252		0.39
Mediclinic International PLC	Health Care		11,141		44,124		0.39
Hays PLC	Industrials		21,192		41,301		0.37
KAZ Minerals PLC	Materials		4,783		40,605		0.36
easyJet PLC	Industrials		2,782		40,399		0.36
Wizz Air Holdings Plc	Industrials		1,024		40,041		0.36
Vesuvius PLC	Industrials		5,099		39,323		0.35
Avast PLC	Information Technology		8,996		33,113		0.30
Saga PLC	Financials		20,413		29,493		0.26
Senior PLC	Industrials		10,356		29,359		0.26
Firstgroup PLC	Industrials		24,208		28,607		0.26
Bovis Homes Group PLC	Consumer Discretionary		2,041		28,206		0.25
Sports Direct International PLC	Consumer Discretionary		6,621		25,138		0.22
Ultra Electronics Holdings PLC	Industrials		1,118		23,190		0.21
Aggreko PLC	Industrials		2,266		23,174		0.21
Just Group PLC	Financials		28,614		22,754		0.20
Hikma Pharmaceuticals PLC	Health Care		872		20,287		0.18
Paragon Banking Group PLC	Financials		3,381		19,146		0.17
Sophos Group PLC	Information Technology		4,767		18,632		0.17
Electrocomponents PLC	Information Technology		2,335		17,041		0.15
Drax Group PLC	Utilities		3,049		14,993		0.13
Equiniti Group PLC	Information Technology		5,508		14,885		0.13
Plus500 Ltd	Financials		1,234		12,053		0.11
William Hill PLC	Consumer Discretionary		5,230		10,910		0.10
National Express Group PLC	Industrials		2,013		10,618		0.09
Countryside Properties PLC	Consumer Discretionary		2,288		9,657		0.09

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPBIVAUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
OneSavings Bank PLC	Financials		1,810	$	9,022		0.08	%
Bank of Georgia Group PLC	Financials		408		8,768		0.08
Man Group PLC	Financials		4,938		8,713		0.08
PZ Cussons PLC	Consumer Staples		3,392		8,648		0.08
Cobham PLC	Industrials		5,652		8,099		0.07
Hochschild Mining PLC	Materials		2,946		7,908		0.07
TI Fluid Systems PLC	Consumer Discretionary		2,908		6,914		0.06
Acacia Mining PLC	Materials		2,643		6,755		0.06
Greene King PLC	Consumer Discretionary		778		6,723		0.06
Charter Court Financial Services Group P	Financials		1,462		6,309		0.06
Computacenter PLC	Information Technology		416		5,973		0.05
EI Group PLC	Consumer Discretionary		2,016		5,580		0.05
Halfords Group PLC	Consumer Discretionary		1,712		5,161		0.05
Dunelm Group PLC	Consumer Discretionary		454		5,134		0.05
TBC Bank Group PLC	Financials		237		4,764		0.04
SIG PLC	Industrials		2,415		4,455		0.04
Mitchells & Butlers PLC	Consumer Discretionary		1,030		3,623		0.03
J D Wetherspoon PLC	Consumer Discretionary		160		2,728		0.02
ContourGlobal PLC	Utilities		1,120		2,513		0.02
QinetiQ Group PLC	Industrials		554		2,168		0.02
Telecom Plus PLC	Utilities		86		1,699		0.02
Renewables Infrastructure Group Ltd/The	Utilities		1,103		1,688		0.02
Rank Group PLC	Consumer Discretionary		154		315		0.00
Millennium & Copthorne Hotels PLC	Consumer Discretionary		49		290		0.00

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSLBUS) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Johnson & Johnson	Health Care		1,449	$	202,590		1.96	%
Walt Disney Co/The	Communication Services		1,593		176,890		1.71
Procter & Gamble Co/The	Consumer Staples		1,637		170,314		1.65
Berkshire Hathaway Inc	Financials		836		167,914		1.62
Verizon Communications Inc	Communication Services		2,800		165,589		1.60
AT&T Inc	Communication Services		4,569		143,283		1.38
Pfizer Inc	Health Care		3,241		137,626		1.33
Coca-Cola Co/The	Consumer Staples		2,845		133,321		1.29
PepsiCo Inc	Consumer Staples		1,048		128,444		1.24
Merck & Co Inc	Health Care		1,419		118,001		1.14
McDonald’s Corp	Consumer Discretionary		609		115,703		1.12
Walmart Inc	Consumer Staples		1,131		110,329		1.07
NextEra Energy Inc	Utilities		567		109,519		1.06
Comcast Corp	Communication Services		2,628		105,081		1.02
Philip Morris International Inc	Consumer Staples		1,167		103,141		1.00
Altria Group Inc	Consumer Staples		1,779		102,184		0.99
Duke Energy Corp	Utilities		1,110		99,863		0.96
Dominion Energy Inc	Utilities		1,283		98,330		0.95
Southern Co/The	Utilities		1,866		96,441		0.93
Eli Lilly & Co	Health Care		717		93,033		0.90
American Tower Corp	Real Estate		464		91,485		0.88
American Electric Power Co Inc	Utilities		1,070		89,590		0.87
Exelon Corp	Utilities		1,767		88,562		0.86
Consolidated Edison Inc	Utilities		1,034		87,700		0.85
Xcel Energy Inc	Utilities		1,521		85,521		0.83
WEC Energy Group Inc	Utilities		1,059		83,747		0.81
Public Storage	Real Estate		379		82,520		0.80
Public Service Enterprise Group Inc	Utilities		1,350		80,202		0.77
DTE Energy Co	Utilities		639		79,750		0.77
CMS Energy Corp	Utilities		1,418		78,739		0.76
Sempra Energy	Utilities		625		78,626		0.76
Medtronic PLC	Health Care		863		78,574		0.76
Ameren Corp	Utilities		1,064		78,288		0.76
AutoZone Inc	Consumer Discretionary		76		77,446		0.75
Entergy Corp	Utilities		801		76,561		0.74
Pinnacle West Capital Corp	Utilities		800		76,444		0.74
American Water Works Co Inc	Utilities		732		76,337		0.74
Simon Property Group Inc	Real Estate		418		76,214		0.74
Eversource Energy	Utilities		1,072		76,075		0.73
Crown Castle International Corp	Real Estate		592		75,732		0.73
Realty Income Corp	Real Estate		1,026		75,484		0.73
Welltower Inc	Real Estate		969		75,168		0.73
PPL Corp	Utilities		2,354		74,713		0.72
AvalonBay Communities Inc	Real Estate		371		74,491		0.72
Alliant Energy Corp	Utilities		1,571		74,029		0.72
FirstEnergy Corp	Utilities		1,762		73,335		0.71
Colgate-Palmolive Co	Consumer Staples		1,062		72,804		0.70
Newmont Mining Corp	Materials		2,010		71,910		0.69
Ventas Inc	Real Estate		1,126		71,832		0.69
Essex Property Trust Inc	Real Estate		245		70,805		0.68
CME Group Inc	Financials		426		70,109		0.68
NiSource Inc	Utilities		2,442		69,978		0.68
Costco Wholesale Corp	Consumer Staples		289		69,946		0.68
General Mills Inc	Consumer Staples		1,350		69,882		0.68
Kimberly-Clark Corp	Consumer Staples		558		69,186		0.67
Mid-America Apartment Communities Inc	Real Estate		632		69,088		0.67
Equity Residential	Real Estate		905		68,132		0.66
Waste Management Inc	Industrials		654		68,005		0.66
Hershey Co/The	Consumer Staples		591		67,894		0.66
Campbell Soup Co	Consumer Staples		1,774		67,641		0.65
Chubb Ltd	Financials		482		67,502		0.65
Edison International	Utilities		1,087		67,317		0.65
Extra Space Storage Inc	Real Estate		656		66,839		0.65
JM Smucker Co/The	Consumer Staples		563		65,532		0.63
UDR Inc	Real Estate		1,412		64,198		0.62
HCP Inc	Real Estate		2,051		64,197		0.62
Clorox Co/The	Consumer Staples		397		63,709		0.62
Bristol-Myers Squibb Co	Health Care		1,330		63,442		0.61
International Business Machines Corp	Information Technology		446		62,905		0.61
Hormel Foods Corp	Consumer Staples		1,391		62,245		0.60
Kellogg Co	Consumer Staples		1,084		62,214		0.60
Regency Centers Corp	Real Estate		920		62,063		0.60
Starbucks Corp	Consumer Discretionary		825		61,311		0.59
United Technologies Corp	Industrials		474		61,128		0.59
Republic Services Inc	Industrials		748		60,117		0.58
Cboe Global Markets Inc	Financials		624		59,565		0.58

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSLBUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
CenterPoint Energy Inc	Utilities		1,922	$	59,009		0.57	%
McCormick & Co Inc/MD	Consumer Staples		388		58,494		0.57
Church & Dwight Co Inc	Consumer Staples		820		58,432		0.56
Mondelez International Inc	Consumer Staples		1,164		58,111		0.56
Digital Realty Trust Inc	Real Estate		484		57,570		0.56
Intercontinental Exchange Inc	Financials		756		57,548		0.56
Tyson Foods Inc	Consumer Staples		822		57,101		0.55
Federal Realty Investment Trust	Real Estate		412		56,845		0.55
Sysco Corp	Consumer Staples		839		56,009		0.54
Equinix Inc	Real Estate		123		55,874		0.54
Constellation Brands Inc	Consumer Staples		314		55,020		0.53
Darden Restaurants Inc	Consumer Discretionary		452		54,896		0.53
Apartment Investment & Management Co	Real Estate		1,083		54,482		0.53
Dollar General Corp	Consumer Discretionary		456		54,453		0.53
Alexandria Real Estate Equities Inc	Real Estate		380		54,232		0.52
NIKE Inc	Consumer Discretionary		641		53,973		0.52
TJX Cos Inc/The	Consumer Discretionary		1,003		53,381		0.52
Duke Realty Corp	Real Estate		1,732		52,961		0.51
Allstate Corp/The	Financials		561		52,817		0.51
Linde PLC	Materials		298		52,406		0.51
Prologis Inc	Real Estate		705		50,735		0.49
Everest Re Group Ltd	Financials		232		50,162		0.48
Dollar Tree Inc	Consumer Discretionary		477		50,112		0.48
SBA Communications Corp	Real Estate		242		48,376		0.47
Travelers Cos Inc/The	Financials		351		48,166		0.47
Kimco Realty Corp	Real Estate		2,547		47,125		0.46
O’Reilly Automotive Inc	Consumer Discretionary		121		46,983		0.45
Brown-Forman Corp	Consumer Staples		876		46,215		0.45
Kroger Co/The	Consumer Staples		1,845		45,391		0.44
Ulta Beauty Inc	Consumer Discretionary		126		44,081		0.43
Marsh & McLennan Cos Inc	Financials		464		43,537		0.42
DENTSPLY SIRONA Inc	Health Care		876		43,432		0.42
Danaher Corp	Health Care		327		43,148		0.42
Baxter International Inc	Health Care		530		43,091		0.42
Macerich Co/The	Real Estate		990		42,908		0.41
Advance Auto Parts Inc	Consumer Discretionary		247		42,121		0.41
Anthem Inc	Health Care		147		42,082		0.41
Aflac Inc	Financials		836		41,778		0.40
Cincinnati Financial Corp	Financials		481		41,290		0.40
Cabot Oil & Gas Corp	Energy		1,578		41,195		0.40
Vornado Realty Trust	Real Estate		602		40,590		0.39
US Bancorp	Financials		831		40,062		0.39
International Flavors & Fragrances Inc	Materials		307		39,512		0.38
Omnicom Group Inc	Communication Services		539		39,376		0.38
Iron Mountain Inc	Real Estate		1,102		39,076		0.38
Boston Properties Inc	Real Estate		289		38,741		0.37
Progressive Corp/The	Financials		535		38,544		0.37
Conagra Brands Inc	Consumer Staples		1,378		38,229		0.37
Genuine Parts Co	Consumer Discretionary		336		37,692		0.36
CH Robinson Worldwide Inc	Industrials		418		36,386		0.35
Estee Lauder Cos Inc/The	Consumer Staples		215		35,634		0.34
Hasbro Inc	Consumer Discretionary		417		35,451		0.34
Becton Dickinson and Co	Health Care		141		35,294		0.34
Target Corp	Consumer Discretionary		432		34,712		0.34
Quest Diagnostics Inc	Health Care		380		34,207		0.33
Nasdaq Inc	Financials		380		33,256		0.32
Yum! Brands Inc	Consumer Discretionary		329		32,831		0.32
Arthur J Gallagher & Co	Financials		419		32,691		0.32
Jack Henry & Associates Inc	Information Technology		233		32,337		0.31
Laboratory Corp of America Holdings	Health Care		211		32,316		0.31
H&R Block Inc	Consumer Discretionary		1,341		32,096		0.31
Aon PLC	Financials		186		31,682		0.31
Foot Locker Inc	Consumer Discretionary		520		31,496		0.30
CVS Health Corp	Health Care		567		30,558		0.30
Henry Schein Inc	Health Care		506		30,435		0.29
Archer-Daniels-Midland Co	Consumer Staples		641		27,657		0.27
Kohl’s Corp	Consumer Discretionary		395		27,194		0.26
Fiserv Inc	Information Technology		305		26,907		0.26
People’s United Financial Inc	Financials		1,572		25,848		0.25
Gap Inc/The	Consumer Discretionary		976		25,541		0.25
Hartford Financial Services Group Inc/Th	Financials		491		24,422		0.24
BB&T Corp	Financials		519		24,170		0.23
Willis Towers Watson PLC	Financials		137		24,050		0.23
Sealed Air Corp	Materials		521		23,976		0.23
Ecolab Inc	Materials		135		23,818		0.23
Cooper Cos Inc/The	Health Care		77		22,872		0.22
WW Grainger Inc	Industrials		75		22,576		0.22
JB Hunt Transport Services Inc	Industrials		222		22,533		0.22

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSLBUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
WellCare Health Plans Inc	Health Care		83	$	22,399		0.22	%
Macy’s Inc	Consumer Discretionary		931		22,362		0.22
Fidelity National Information Services I	Information Technology		190		21,467		0.21
Assurant Inc	Financials		221		20,952		0.20
M&T Bank Corp	Financials		133		20,949		0.20
Verisk Analytics Inc	Industrials		156		20,755		0.20
Loews Corp	Financials		430		20,590		0.20
Nordstrom Inc	Consumer Discretionary		453		20,101		0.19
AES Corp/VA	Utilities		1,075		19,433		0.19
Air Products & Chemicals Inc	Materials		101		19,261		0.19
Motorola Solutions Inc	Information Technology		134		18,762		0.18
Capri Holdings Ltd	Consumer Discretionary		408		18,664		0.18
Broadridge Financial Solutions Inc	Information Technology		180		18,622		0.18
Chipotle Mexican Grill Inc	Consumer Discretionary		24		17,288		0.17
Universal Health Services Inc	Health Care		124		16,588		0.16
Ross Stores Inc	Consumer Discretionary		177		16,440		0.16
PulteGroup Inc	Consumer Discretionary		562		15,708		0.15
HCA Healthcare Inc	Health Care		118		15,371		0.15
Fox Corp	Communication Services		417		15,296		0.15
Zimmer Biomet Holdings Inc	Health Care		118		15,131		0.15
Ball Corp	Materials		252		14,558		0.14
Western Union Co/The	Information Technology		748		13,821		0.13
Paychex Inc	Information Technology		162		13,030		0.13
Fox Corp	Communication Services		335		12,003		0.12
Expeditors International of Washington I	Industrials		157		11,928		0.12
Copart Inc	Industrials		180		10,930		0.11
Torchmark Corp	Financials		131		10,745		0.10
Teleflex Inc	Health Care		32		9,594		0.09
Molson Coors Brewing Co	Consumer Staples		131		7,791		0.08
FLIR Systems Inc	Information Technology		147		6,986		0.07
Alaska Air Group Inc	Industrials		88		4,913		0.05
Leggett & Platt Inc	Consumer Discretionary		115		4,876		0.05

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSMOUS) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Microsoft Corp	Information Technology		8,138	$	959,800		4.43	%
Amazon.com Inc	Consumer Discretionary		416		740,723		3.42
Walt Disney Co/The	Communication Services		4,446		493,641		2.28
Pfizer Inc	Health Care		9,691		411,584		1.90
Merck & Co Inc	Health Care		4,908		408,175		1.89
Visa Inc	Information Technology		2,420		378,058		1.75
Verizon Communications Inc	Communication Services		5,868		346,955		1.60
Johnson & Johnson	Health Care		2,399		335,301		1.55
Eli Lilly & Co	Health Care		2,539		329,424		1.52
Abbott Laboratories	Health Care		4,033		322,436		1.49
Mastercard Inc	Information Technology		1,309		308,149		1.42
UnitedHealth Group Inc	Health Care		1,214		300,149		1.39
salesforce.com Inc	Information Technology		1,829		289,689		1.34
Intuit Inc	Information Technology		1,060		277,210		1.28
Costco Wholesale Corp	Consumer Staples		1,071		259,300		1.20
McCormick & Co Inc/MD	Consumer Staples		1,626		244,909		1.13
Automatic Data Processing Inc	Information Technology		1,523		243,268		1.12
Intel Corp	Information Technology		4,453		239,136		1.10
Boston Scientific Corp	Health Care		6,149		235,988		1.09
Thermo Fisher Scientific Inc	Health Care		860		235,361		1.09
Keysight Technologies Inc	Information Technology		2,672		232,976		1.08
Realty Income Corp	Real Estate		3,158		232,331		1.07
Netflix Inc	Communication Services		649		231,580		1.07
Exelon Corp	Utilities		4,540		227,597		1.05
Chipotle Mexican Grill Inc	Consumer Discretionary		317		225,262		1.04
AES Corp/VA	Utilities		12,394		224,087		1.04
Ball Corp	Materials		3,786		219,045		1.01
NRG Energy Inc	Utilities		5,075		215,592		1.00
Church & Dwight Co Inc	Consumer Staples		3,011		214,442		0.99
Adobe Inc	Information Technology		800		213,142		0.98
Ecolab Inc	Materials		1,205		212,645		0.98
Fortinet Inc	Information Technology		2,513		211,005		0.97
Yum! Brands Inc	Consumer Discretionary		2,061		205,754		0.95
Ulta Beauty Inc	Consumer Discretionary		587		204,827		0.95
Coca-Cola Co/The	Consumer Staples		4,344		203,576		0.94
Illumina Inc	Health Care		653		203,019		0.94
Intuitive Surgical Inc	Health Care		355		202,839		0.94
Verisk Analytics Inc	Industrials		1,510		200,882		0.93
HCP Inc	Real Estate		6,384		199,816		0.92
ResMed Inc	Health Care		1,893		196,771		0.91
Welltower Inc	Real Estate		2,436		188,996		0.87
HCA Healthcare Inc	Health Care		1,447		188,660		0.87
Republic Services Inc	Industrials		2,335		187,655		0.87
Starbucks Corp	Consumer Discretionary		2,510		186,605		0.86
CSX Corp	Industrials		2,479		185,485		0.86
Equity Residential	Real Estate		2,381		179,312		0.83
American Tower Corp	Real Estate		906		178,525		0.82
VeriSign Inc	Information Technology		969		175,991		0.81
AutoZone Inc	Consumer Discretionary		172		175,950		0.81
Hormel Foods Corp	Consumer Staples		3,905		174,771		0.81
Cooper Cos Inc/The	Health Care		588		174,079		0.80
TJX Cos Inc/The	Consumer Discretionary		3,269		173,960		0.80
Rollins Inc	Industrials		4,154		172,897		0.80
Citrix Systems Inc	Information Technology		1,735		172,863		0.80
Advanced Micro Devices Inc	Information Technology		6,723		171,575		0.79
Xilinx Inc	Information Technology		1,351		171,279		0.79
IQVIA Holdings Inc	Health Care		1,189		171,020		0.79
UDR Inc	Real Estate		3,722		169,182		0.78
Ameren Corp	Utilities		2,282		167,830		0.78
PayPal Holdings Inc	Information Technology		1,609		167,101		0.77
Union Pacific Corp	Industrials		987		165,069		0.76
O’Reilly Automotive Inc	Consumer Discretionary		422		163,704		0.76
NiSource Inc	Utilities		5,575		159,783		0.74
Amgen Inc	Health Care		824		156,583		0.72
NextEra Energy Inc	Utilities		809		156,474		0.72
Apartment Investment & Management Co	Real Estate		3,069		154,358		0.71
CMS Energy Corp	Utilities		2,615		145,216		0.67
Edwards Lifesciences Corp	Health Care		753		144,053		0.67
Copart Inc	Industrials		2,372		143,727		0.66
Advance Auto Parts Inc	Consumer Discretionary		836		142,508		0.66
TransDigm Group Inc	Industrials		305		138,295		0.64
Ross Stores Inc	Consumer Discretionary		1,472		137,084		0.63
ConocoPhillips	Energy		2,054		137,081		0.63
WellCare Health Plans Inc	Health Care		508		137,065		0.63
FirstEnergy Corp	Utilities		3,259		135,611		0.63
Lamb Weston Holdings Inc	Consumer Staples		1,809		135,532		0.63

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSMOUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
WEC Energy Group Inc	Utilities		1,677	$	132,583		0.61	%
Tractor Supply Co	Consumer Discretionary		1,353		132,307		0.61
Sysco Corp	Consumer Staples		1,941		129,605		0.60
American Water Works Co Inc	Utilities		1,237		128,952		0.60
Duke Energy Corp	Utilities		1,422		128,016		0.59
Progressive Corp/The	Financials		1,732		124,862		0.58
Fidelity National Information Services I	Information Technology		1,055		119,370		0.55
Broadcom Inc	Information Technology		392		117,999		0.55
AvalonBay Communities Inc	Real Estate		572		114,760		0.53
Atmos Energy Corp	Utilities		1,109		114,109		0.53
Dollar General Corp	Consumer Discretionary		920		109,721		0.51
Eversource Energy	Utilities		1,489		105,668		0.49
Xcel Energy Inc	Utilities		1,864		104,776		0.48
American Electric Power Co Inc	Utilities		1,247		104,440		0.48
Waste Management Inc	Industrials		980		101,806		0.47
ABIOMED Inc	Health Care		353		100,931		0.47
Regeneron Pharmaceuticals Inc	Health Care		243		99,656		0.46
Norfolk Southern Corp	Industrials		514		96,132		0.44
Mid-America Apartment Communities Inc	Real Estate		868		94,943		0.44
Fiserv Inc	Information Technology		1,064		93,929		0.43
Centene Corp	Health Care		1,744		92,613		0.43
Danaher Corp	Health Care		681		89,874		0.42
Ventas Inc	Real Estate		1,348		85,987		0.40
Entergy Corp	Utilities		891		85,180		0.39
Henry Schein Inc	Health Care		1,365		82,066		0.38
Clorox Co/The	Consumer Staples		492		78,990		0.36
NetApp Inc	Information Technology		1,123		77,897		0.36
Simon Property Group Inc	Real Estate		425		77,388		0.36
CME Group Inc	Financials		447		73,641		0.34
Hologic Inc	Health Care		1,414		68,451		0.32
Cintas Corp	Industrials		328		66,329		0.31
Aon PLC	Financials		383		65,310		0.30
Dollar Tree Inc	Consumer Discretionary		601		63,097		0.29
Motorola Solutions Inc	Information Technology		434		60,986		0.28
Extra Space Storage Inc	Real Estate		578		58,858		0.27
Fox Corp	Communication Services		1,551		56,947		0.26
United Continental Holdings Inc	Industrials		711		56,740		0.26
Duke Realty Corp	Real Estate		1,769		54,087		0.25
Fox Corp	Communication Services		1,412		50,664		0.23
Hess Corp	Energy		833		50,157		0.23
Zoetis Inc	Health Care		446		44,939		0.21
Arthur J Gallagher & Co	Financials		564		44,081		0.20
Federal Realty Investment Trust	Real Estate		314		43,228		0.20
F5 Networks Inc	Information Technology		269		42,144		0.19
Essex Property Trust Inc	Real Estate		145		41,913		0.19
Juniper Networks Inc	Information Technology		1,428		37,794		0.17
CenterPoint Energy Inc	Utilities		1,120		34,399		0.16
MSCI Inc	Financials		170		33,789		0.16
Digital Realty Trust Inc	Real Estate		268		31,858		0.15
IHS Markit Ltd	Industrials		560		30,455		0.14
Mosaic Co/The	Materials		1,113		30,401		0.14
WW Grainger Inc	Industrials		66		19,827		0.09
Kimco Realty Corp	Real Estate		1,006		18,619		0.09
Iron Mountain Inc	Real Estate		347		12,303		0.06
Robert Half International Inc	Industrials		180		11,738		0.05

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSQUUS) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		6,139	$	1,166,147		3.65	%
Amazon.com Inc	Consumer Discretionary		553		984,538		3.08
Johnson & Johnson	Health Care		6,307		881,647		2.76
Verizon Communications Inc	Communication Services		9,126		539,644		1.69
Mastercard Inc	Information Technology		2,245		528,657		1.65
JPMorgan Chase & Co	Financials		5,119		518,217		1.62
Alphabet Inc	Communication Services		430		504,420		1.58
Edwards Lifesciences Corp	Health Care		2,628		502,869		1.57
Alphabet Inc	Communication Services		418		491,966		1.54
ResMed Inc	Health Care		4,676		486,147		1.52
Cisco Systems Inc	Information Technology		8,576		463,020		1.45
Cooper Cos Inc/The	Health Care		1,432		424,145		1.33
Sysco Corp	Consumer Staples		6,090		406,555		1.27
Zoetis Inc	Health Care		3,939		396,537		1.24
Walmart Inc	Consumer Staples		4,018		391,889		1.23
Adobe Inc	Information Technology		1,456		387,894		1.21
Merck & Co Inc	Health Care		4,523		376,164		1.18
Intuit Inc	Information Technology		1,433		374,529		1.17
QUALCOMM Inc	Information Technology		6,317		360,238		1.13
Honeywell International Inc	Industrials		2,187		347,625		1.09
PepsiCo Inc	Consumer Staples		2,807		343,953		1.08
Kellogg Co	Consumer Staples		5,893		338,122		1.06
Chevron Corp	Energy		2,640		325,217		1.02
Zimmer Biomet Holdings Inc	Health Care		2,524		322,326		1.01
Electronic Arts Inc	Communication Services		3,155		320,662		1.00
Eli Lilly & Co	Health Care		2,455		318,553		1.00
Boston Scientific Corp	Health Care		7,996		306,895		0.96
TripAdvisor Inc	Communication Services		5,879		302,486		0.95
Hormel Foods Corp	Consumer Staples		6,449		288,643		0.90
Progressive Corp/The	Financials		3,906		281,593		0.88
Marsh & McLennan Cos Inc	Financials		2,959		277,851		0.87
McDonald’s Corp	Consumer Discretionary		1,456		276,531		0.87
S&P Global Inc	Financials		1,313		276,429		0.86
3M Co	Industrials		1,326		275,458		0.86
Aon PLC	Financials		1,575		268,815		0.84
VeriSign Inc	Information Technology		1,474		267,681		0.84
American Express Co	Financials		2,413		263,742		0.83
Moody’s Corp	Financials		1,361		246,477		0.77
Starbucks Corp	Consumer Discretionary		3,268		242,931		0.76
MSCI Inc	Financials		1,213		241,270		0.75
Masco Corp	Industrials		6,117		240,460		0.75
Danaher Corp	Health Care		1,800		237,603		0.74
HCA Healthcare Inc	Health Care		1,816		236,732		0.74
Discovery Inc	Communication Services		8,560		231,302		0.72
PayPal Holdings Inc	Information Technology		2,194		227,856		0.71
United Parcel Service Inc	Industrials		2,000		223,515		0.70
International Business Machines Corp	Information Technology		1,575		222,290		0.70
SBA Communications Corp	Real Estate		1,109		221,337		0.69
Motorola Solutions Inc	Information Technology		1,569		220,252		0.69
Southwest Airlines Co	Industrials		4,230		219,562		0.69
Citrix Systems Inc	Information Technology		2,189		218,154		0.68
Jack Henry & Associates Inc	Information Technology		1,569		217,747		0.68
Aptiv PLC	Consumer Discretionary		2,681		213,101		0.67
Pioneer Natural Resources Co	Energy		1,388		211,410		0.66
Linde PLC	Materials		1,192		209,729		0.66
Equinix Inc	Real Estate		461		208,714		0.65
Altria Group Inc	Consumer Staples		3,607		207,168		0.65
Harley-Davidson Inc	Consumer Discretionary		5,604		199,845		0.63
Chipotle Mexican Grill Inc	Consumer Discretionary		281		199,802		0.63
Allegion PLC	Industrials		2,201		199,613		0.62
Marathon Petroleum Corp	Energy		3,320		198,688		0.62
US Bancorp	Financials		4,121		198,595		0.62
Discovery Inc	Communication Services		7,797		198,198		0.62
AO Smith Corp	Industrials		3,636		193,894		0.61
Ameriprise Financial Inc	Financials		1,487		190,547		0.60
HP Inc	Information Technology		9,768		189,801		0.59
Simon Property Group Inc	Real Estate		1,032		188,025		0.59
Rockwell Automation Inc	Industrials		1,044		183,201		0.57
Omnicom Group Inc	Communication Services		2,477		180,785		0.57
Activision Blizzard Inc	Communication Services		3,955		180,083		0.56
Akamai Technologies Inc	Information Technology		2,484		178,153		0.56
Sherwin-Williams Co/The	Materials		413		178,025		0.56
T Rowe Price Group Inc	Financials		1,766		176,839		0.55
Texas Instruments Inc	Information Technology		1,655		175,533		0.55
Under Armour Inc	Consumer Discretionary		8,262		174,656		0.55
Paychex Inc	Information Technology		2,158		173,097		0.54

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSQUUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Under Armour Inc	Consumer Discretionary		9,160	$	172,853		0.54	%
PPL Corp	Utilities		5,257		166,863		0.52
Qorvo Inc	Information Technology		2,317		166,218		0.52
Discover Financial Services	Financials		2,324		165,342		0.52
EOG Resources Inc	Energy		1,713		163,051		0.51
SVB Financial Group	Financials		729		162,039		0.51
FLIR Systems Inc	Information Technology		3,392		161,394		0.50
Juniper Networks Inc	Information Technology		5,973		158,116		0.49
Kroger Co/The	Consumer Staples		6,418		157,875		0.49
Arista Networks Inc	Information Technology		495		155,557		0.49
Marathon Oil Corp	Energy		9,203		153,788		0.48
Xilinx Inc	Information Technology		1,205		152,735		0.48
Gilead Sciences Inc	Health Care		2,330		151,500		0.47
Noble Energy Inc	Energy		6,046		149,525		0.47
Robert Half International Inc	Industrials		2,292		149,342		0.47
Hasbro Inc	Consumer Discretionary		1,755		149,211		0.47
Nektar Therapeutics	Health Care		4,391		147,541		0.46
Emerson Electric Co	Industrials		2,147		147,030		0.46
Entergy Corp	Utilities		1,536		146,856		0.46
Rollins Inc	Industrials		3,451		143,612		0.45
Costco Wholesale Corp	Consumer Staples		590		142,814		0.45
General Electric Co	Industrials		14,235		142,204		0.44
Arthur J Gallagher & Co	Financials		1,821		142,198		0.44
WEC Energy Group Inc	Utilities		1,788		141,433		0.44
Avery Dennison Corp	Materials		1,202		135,840		0.42
Duke Energy Corp	Utilities		1,457		131,114		0.41
Apache Corp	Energy		3,727		129,172		0.40
Fortune Brands Home & Security Inc	Industrials		2,696		128,380		0.40
Tapestry Inc	Consumer Discretionary		3,886		126,259		0.39
Comerica Inc	Financials		1,587		116,335		0.36
Darden Restaurants Inc	Consumer Discretionary		951		115,465		0.36
Xcel Energy Inc	Utilities		2,049		115,181		0.36
Sealed Air Corp	Materials		2,462		113,421		0.35
CMS Energy Corp	Utilities		2,031		112,818		0.35
Principal Financial Group Inc	Financials		2,248		112,817		0.35
ANSYS Inc	Information Technology		595		108,677		0.34
NetApp Inc	Information Technology		1,508		104,596		0.33
Iron Mountain Inc	Real Estate		2,910		103,184		0.32
Johnson Controls International plc	Industrials		2,730		100,845		0.32
Mattel Inc	Consumer Discretionary		7,732		100,514		0.31
Equity Residential	Real Estate		1,316		99,146		0.31
Occidental Petroleum Corp	Energy		1,497		99,072		0.31
F5 Networks Inc	Information Technology		627		98,400		0.31
Federal Realty Investment Trust	Real Estate		700		96,443		0.30
Synchrony Financial	Financials		3,004		95,840		0.30
Anadarko Petroleum Corp	Energy		2,044		92,967		0.29
Fifth Third Bancorp	Financials		3,618		91,253		0.29
CSX Corp	Industrials		1,205		90,154		0.28
Microchip Technology Inc	Information Technology		1,039		86,179		0.27
News Corp	Communication Services		6,915		86,025		0.27
CH Robinson Worldwide Inc	Industrials		979		85,166		0.27
Charles Schwab Corp/The	Financials		1,991		85,132		0.27
Ulta Beauty Inc	Consumer Discretionary		240		83,582		0.26
Helmerich & Payne Inc	Energy		1,477		82,088		0.26
Exelon Corp	Utilities		1,614		80,920		0.25
AES Corp/VA	Utilities		4,322		78,141		0.24
AvalonBay Communities Inc	Real Estate		380		76,247		0.24
Gap Inc/The	Consumer Discretionary		2,791		73,076		0.23
BlackRock Inc	Financials		169		72,209		0.23
Pentair PLC	Industrials		1,618		72,015		0.23
Ross Stores Inc	Consumer Discretionary		769		71,631		0.22
Kinder Morgan Inc/DE	Energy		3,433		68,695		0.21
Stanley Black & Decker Inc	Industrials		486		66,167		0.21
Illumina Inc	Health Care		207		64,160		0.20
Mosaic Co/The	Materials		2,251		61,464		0.19
Ecolab Inc	Materials		342		60,375		0.19
Huntington Bancshares Inc/OH	Financials		4,626		58,659		0.18
Edison International	Utilities		918		56,844		0.18
Cimarex Energy Co	Energy		733		51,266		0.16
CF Industries Holdings Inc	Materials		1,219		49,846		0.16
United Continental Holdings Inc	Industrials		610		48,702		0.15
Seagate Technology PLC	Information Technology		967		46,302		0.14
E*TRADE Financial Corp	Financials		973		45,195		0.14
Freeport-McMoRan Inc	Materials		3,496		45,063		0.14
Alexandria Real Estate Equities Inc	Real Estate		313		44,650		0.14
Nordstrom Inc	Consumer Discretionary		1,001		44,408		0.14
Maxim Integrated Products Inc	Information Technology		711		37,815		0.12
News Corp	Communication Services		2,798		34,945		0.11

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSQUUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
DXC Technology Co	Information Technology		524	$	33,684		0.11	%
Foot Locker Inc	Consumer Discretionary		366		22,204		0.07
CenterPoint Energy Inc	Utilities		675		20,710		0.06
Torchmark Corp	Financials		231		18,923		0.06
Wabtec Corp	Industrials		76		5,636		0.02

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSVAUS) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		5,740	$	1,090,372		4.30	%
Berkshire Hathaway Inc	Financials		2,841		570,781		2.25
AT&T Inc	Communication Services		13,417		420,747		1.66
Micron Technology Inc	Information Technology		8,687		359,027		1.42
UnitedHealth Group Inc	Health Care		1,436		355,029		1.40
Comcast Corp	Communication Services		8,805		352,023		1.39
Phillips 66	Energy		3,669		349,187		1.38
Western Digital Corp	Information Technology		7,216		346,783		1.37
DXC Technology Co	Information Technology		4,829		310,531		1.23
Citigroup Inc	Financials		4,982		309,989		1.22
Qorvo Inc	Information Technology		4,171		299,211		1.18
MetLife Inc	Financials		7,020		298,856		1.18
International Business Machines Corp	Information Technology		2,092		295,126		1.16
Capital One Financial Corp	Financials		3,591		293,363		1.16
Alliance Data Systems Corp	Information Technology		1,664		291,103		1.15
Bank of America Corp	Financials		10,491		289,448		1.14
Walmart Inc	Consumer Staples		2,827		275,700		1.09
Intel Corp	Information Technology		5,129		275,423		1.09
Verizon Communications Inc	Communication Services		4,604		272,217		1.07
Chevron Corp	Energy		2,179		268,385		1.06
Prudential Financial Inc	Financials		2,814		258,567		1.02
Morgan Stanley	Financials		5,942		250,733		0.99
Juniper Networks Inc	Information Technology		9,468		250,610		0.99
Wells Fargo & Co	Financials		5,185		250,547		0.99
Boeing Co/The	Industrials		655		249,725		0.99
Brighthouse Financial Inc	Financials		6,801		246,811		0.97
PepsiCo Inc	Consumer Staples		1,971		241,531		0.95
Seagate Technology PLC	Information Technology		4,962		237,606		0.94
Lincoln National Corp	Financials		4,027		236,393		0.93
HP Inc	Information Technology		11,651		226,372		0.89
Lam Research Corp	Information Technology		1,262		225,907		0.89
Viacom Inc	Communication Services		8,023		225,200		0.89
CenturyLink Inc	Communication Services		18,716		224,406		0.89
Walt Disney Co/The	Communication Services		2,018		224,011		0.88
Marathon Petroleum Corp	Energy		3,633		217,449		0.86
HollyFrontier Corp	Energy		4,407		217,152		0.86
Principal Financial Group Inc	Financials		4,278		214,720		0.85
Applied Materials Inc	Information Technology		5,303		210,319		0.83
Walgreens Boots Alliance Inc	Consumer Staples		3,225		204,070		0.81
Mylan NV	Health Care		7,132		202,108		0.80
McKesson Corp	Health Care		1,697		198,671		0.78
Symantec Corp	Information Technology		8,518		195,837		0.77
Tyson Foods Inc	Consumer Staples		2,814		195,406		0.77
Molson Coors Brewing Co	Consumer Staples		3,275		195,379		0.77
Perrigo Co PLC	Health Care		4,041		194,593		0.77
Laboratory Corp of America Holdings	Health Care		1,271		194,479		0.77
Invesco Ltd	Financials		9,532		184,062		0.73
Cigna Corp	Health Care		1,143		183,744		0.73
Discovery Inc	Communication Services		6,730		181,834		0.72
Synchrony Financial	Financials		5,652		180,302		0.71
Cardinal Health Inc	Health Care		3,627		174,617		0.69
JM Smucker Co/The	Consumer Staples		1,482		172,626		0.68
Oracle Corp	Information Technology		3,181		170,852		0.67
Amgen Inc	Health Care		877		166,679		0.66
United Parcel Service Inc	Industrials		1,482		165,544		0.65
Valero Energy Corp	Energy		1,933		163,973		0.65
Henry Schein Inc	Health Care		2,677		160,942		0.64
DaVita Inc	Health Care		2,933		159,224		0.63
Delta Air Lines Inc	Industrials		3,050		157,544		0.62
Gilead Sciences Inc	Health Care		2,399		155,932		0.62
Discovery Inc	Communication Services		6,133		155,912		0.62
CVS Health Corp	Health Care		2,872		154,871		0.61
AmerisourceBergen Corp	Health Care		1,882		149,668		0.59
Akamai Technologies Inc	Information Technology		2,057		147,473		0.58
Exelon Corp	Utilities		2,937		147,256		0.58
Zimmer Biomet Holdings Inc	Health Care		1,148		146,561		0.58
ConocoPhillips	Energy		2,184		145,758		0.58
Southwest Airlines Co	Industrials		2,734		141,946		0.56
Universal Health Services Inc	Health Care		1,058		141,554		0.56
Quest Diagnostics Inc	Health Care		1,540		138,460		0.55
United Continental Holdings Inc	Industrials		1,720		137,253		0.54
DowDuPont Inc	Materials		2,548		135,845		0.54
Cognizant Technology Solutions Corp	Information Technology		1,766		127,969		0.51
TE Connectivity Ltd	Information Technology		1,584		127,944		0.51
General Mills Inc	Consumer Staples		2,391		123,713		0.49
Lowe’s Cos Inc	Consumer Discretionary		1,125		123,126		0.49

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSVAUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Ford Motor Co	Consumer Discretionary		13,819	$	121,332		0.48	%
Fifth Third Bancorp	Financials		4,755		119,924		0.47
Fortune Brands Home & Security Inc	Industrials		2,517		119,847		0.47
Starbucks Corp	Consumer Discretionary		1,607		119,456		0.47
Anthem Inc	Health Care		411		118,007		0.47
Hartford Financial Services Group Inc/Th	Financials		2,325		115,589		0.46
News Corp	Communication Services		9,150		113,828		0.45
Kroger Co/The	Consumer Staples		4,581		112,686		0.44
NRG Energy Inc	Utilities		2,647		112,456		0.44
HCA Healthcare Inc	Health Care		852		111,093		0.44
Campbell Soup Co	Consumer Staples		2,899		110,541		0.44
Cummins Inc	Industrials		693		109,429		0.43
Johnson Controls International plc	Industrials		2,953		109,073		0.43
Danaher Corp	Health Care		794		104,759		0.41
Parker-Hannifin Corp	Industrials		590		101,296		0.40
United Rentals Inc	Industrials		884		101,033		0.40
Snap-on Inc	Industrials		638		99,934		0.39
Booking Holdings Inc	Consumer Discretionary		56		98,579		0.39
AES Corp/VA	Utilities		5,404		97,703		0.39
DTE Energy Co	Utilities		779		97,148		0.38
Omnicom Group Inc	Communication Services		1,328		96,913		0.38
Quanta Services Inc	Industrials		2,546		96,092		0.38
Nielsen Holdings PLC	Industrials		4,058		96,055		0.38
Target Corp	Consumer Discretionary		1,173		94,164		0.37
Alaska Air Group Inc	Industrials		1,667		93,566		0.37
Lennar Corp	Consumer Discretionary		1,898		93,154		0.37
Biogen Inc	Health Care		390		92,138		0.36
Eaton Corp PLC	Industrials		1,142		91,960		0.36
Nektar Therapeutics	Health Care		2,696		90,569		0.36
Cerner Corp	Health Care		1,580		90,366		0.36
Kohl’s Corp	Consumer Discretionary		1,288		88,596		0.35
Charter Communications Inc	Communication Services		254		88,149		0.35
Citizens Financial Group Inc	Financials		2,654		86,254		0.34
Conagra Brands Inc	Consumer Staples		3,081		85,472		0.34
PulteGroup Inc	Consumer Discretionary		3,048		85,226		0.34
Macy’s Inc	Consumer Discretionary		3,514		84,436		0.33
Dollar Tree Inc	Consumer Discretionary		797		83,676		0.33
Duke Energy Corp	Utilities		905		81,422		0.32
Skyworks Solutions Inc	Information Technology		987		81,407		0.32
Mondelez International Inc	Consumer Staples		1,615		80,615		0.32
Illinois Tool Works Inc	Industrials		562		80,606		0.32
PVH Corp	Consumer Discretionary		658		80,190		0.32
General Dynamics Corp	Industrials		466		78,822		0.31
Capri Holdings Ltd	Consumer Discretionary		1,713		78,389		0.31
CenterPoint Energy Inc	Utilities		2,474		75,965		0.30
Masco Corp	Industrials		1,931		75,903		0.30
Best Buy Co Inc	Consumer Discretionary		1,067		75,818		0.30
LKQ Corp	Consumer Discretionary		2,664		75,605		0.30
CBS Corp	Communication Services		1,573		74,744		0.30
Harley-Davidson Inc	Consumer Discretionary		2,080		74,163		0.29
NetApp Inc	Information Technology		1,052		72,945		0.29
Edison International	Utilities		1,178		72,935		0.29
State Street Corp	Financials		1,096		72,101		0.28
Consolidated Edison Inc	Utilities		849		72,001		0.28
Advance Auto Parts Inc	Consumer Discretionary		414		70,650		0.28
BorgWarner Inc	Consumer Discretionary		1,824		70,073		0.28
Foot Locker Inc	Consumer Discretionary		1,152		69,785		0.28
Freeport-McMoRan Inc	Materials		5,342		68,859		0.27
Unum Group	Financials		1,962		66,369		0.26
eBay Inc	Consumer Discretionary		1,780		66,099		0.26
LyondellBasell Industries NV	Materials		777		65,352		0.26
Nordstrom Inc	Consumer Discretionary		1,447		64,215		0.25
IHS Markit Ltd	Industrials		1,137		61,851		0.24
Huntington Ingalls Industries Inc	Industrials		294		60,881		0.24
Centene Corp	Health Care		1,144		60,724		0.24
Westrock Co	Materials		1,562		59,903		0.24
Archer-Daniels-Midland Co	Consumer Staples		1,364		58,846		0.23
Dollar General Corp	Consumer Discretionary		479		57,150		0.23
Newell Brands Inc	Consumer Discretionary		3,661		56,165		0.22
CH Robinson Worldwide Inc	Industrials		633		55,047		0.22
Mohawk Industries Inc	Consumer Discretionary		433		54,672		0.22
General Motors Co	Consumer Discretionary		1,458		54,093		0.21
Tapestry Inc	Consumer Discretionary		1,618		52,568		0.21
Genuine Parts Co	Consumer Discretionary		464		51,962		0.21
Whirlpool Corp	Consumer Discretionary		390		51,868		0.20
Nucor Corp	Materials		839		48,950		0.19
AutoZone Inc	Consumer Discretionary		48		48,875		0.19
News Corp	Communication Services		3,774		47,138		0.19

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSVAUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Fortive Corp	Industrials		558	$	46,810		0.18	%
KeyCorp	Financials		2,963		46,668		0.18
Evergy Inc	Utilities		797		46,243		0.18
Mosaic Co/The	Materials		1,692		46,195		0.18
Hanesbrands Inc	Consumer Discretionary		2,557		45,719		0.18
International Paper Co	Materials		980		45,346		0.18
Expedia Group Inc	Consumer Discretionary		370		44,083		0.17
H&R Block Inc	Consumer Discretionary		1,824		43,663		0.17
Sherwin-Williams Co/The	Materials		101		43,444		0.17
Ross Stores Inc	Consumer Discretionary		458		42,606		0.17
Eastman Chemical Co	Materials		559		42,379		0.17
F5 Networks Inc	Information Technology		260		40,766		0.16
Robert Half International Inc	Industrials		624		40,661		0.16
Entergy Corp	Utilities		421		40,236		0.16
Under Armour Inc	Consumer Discretionary		1,882		39,788		0.16
Under Armour Inc	Consumer Discretionary		2,074		39,133		0.15
Ralph Lauren Corp	Consumer Discretionary		271		35,126		0.14
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		626		34,396		0.14
Hilton Worldwide Holdings Inc	Consumer Discretionary		403		33,532		0.13
Republic Services Inc	Industrials		406		32,617		0.13
DENTSPLY SIRONA Inc	Health Care		656		32,519		0.13
Celanese Corp	Materials		315		31,035		0.12
CF Industries Holdings Inc	Materials		755		30,867		0.12
Ball Corp	Materials		531		30,703		0.12
AMETEK Inc	Industrials		354		29,409		0.12
Aptiv PLC	Consumer Discretionary		318		25,243		0.10
DR Horton Inc	Consumer Discretionary		583		24,114		0.10
Packaging Corp of America	Materials		232		23,048		0.09
Coty Inc	Consumer Staples		1,911		21,974		0.09
Gap Inc/The	Consumer Discretionary		802		21,004		0.08
Goodyear Tire & Rubber Co/The	Consumer Discretionary		905		16,425		0.06
Hologic Inc	Health Care		312		15,120		0.06
Pinnacle West Capital Corp	Utilities		124		11,884		0.05

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased & written options contracts:

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Purchased options contracts:
Calls
CBOE Volatility Index	Morgan Stanley Co., Inc.		21.  USD		04/17/2019		610	$	836,310		$	19,825		$	101,053		$	(81,228	)
			19.  USD		05/22/2019		570		781,470			65,550			90,630			(25,080	)
			18.  USD		06/19/2019		660		904,860			107,250			104,874			2,376
Total calls							1,840				$	192,625		$	296,557		$	(103,932	)
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		1,700  USD		04/18/2019		1	$	283,440		$	3		$	361		$	(358	)
			1,900  USD		04/18/2019		4		1,133,760			20			2,283			(2,263	)
			2,050  USD		04/18/2019		7		1,984,080			70			4,870			(4,800	)
			2,100  USD		04/18/2019		18		5,101,920			225			12,567			(12,342	)
			2,150  USD		04/18/2019		7		1,984,080			105			3,715			(3,610	)
			2,300  USD		04/18/2019		3		850,320			83			1,514			(1,431	)
			2,350  USD		04/18/2019		1		283,440			32			310			(278	)
			2,050  USD		05/17/2019		1		283,440			70			1,206			(1,136	)
			2,100  USD		05/17/2019		4		1,133,760			310			3,103			(2,793	)
			2,250  USD		05/17/2019		16		4,535,040			2,040			11,587			(9,547	)
			2,300  USD		05/17/2019		9		2,550,960			1,395			5,291			(3,896	)
			2,350  USD		05/17/2019		10		2,834,400			1,950			7,007			(5,057	)
			2,200  USD		06/21/2019		1		283,440			297			730			(433	)
			2,250  USD		06/21/2019		10		2,834,400			3,600			8,633			(5,033	)
			2,300  USD		06/21/2019		9		2,550,960			4,095			5,813			(1,718	)
			2,350  USD		06/21/2019		12		3,401,280			6,900			8,811			(1,911	)
			2,300  USD		07/19/2019		4		1,133,760			3,100			3,983			(883	)
Total puts							117				$	24,295		$	81,784		$	(57,489	)
Total purchased options contracts							1,957				$	216,920		$	378,341		$	(161,421	)
Written options contracts:
Calls
S&P 500 Index	Morgan Stanley Co., Inc.		2,450  USD		04/18/2019		1	$	(283,440	)	$	(38,525	)	$	(14,269	)	$	(24,256	)
			2,600  USD		04/18/2019		4		(1,133,760	)		(94,580	)		(41,522	)		(53,058	)
			2,650  USD		04/18/2019		7		(1,984,080	)		(131,355	)		(56,695	)		(74,660	)
			2,675  USD		04/18/2019		10		(2,834,400	)		(163,550	)		(65,521	)		(98,029	)
			2,700  USD		04/18/2019		15		(4,251,600	)		(209,925	)		(97,954	)		(111,971	)
			2,775  USD		04/18/2019		4		(1,133,760	)		(29,420	)		(18,762	)		(10,658	)
			2,800  USD		04/18/2019		1		(283,440	)		(5,395	)		(4,539	)		(856	)
			2,700  USD		05/17/2019		5		(1,417,200	)		(76,625	)		(37,766	)		(38,859	)
			2,800  USD		05/17/2019		16		(4,535,040	)		(118,960	)		(83,112	)		(35,848	)
			2,825  USD		05/17/2019		13		(3,684,720	)		(74,815	)		(59,021	)		(15,794	)
			2,850  USD		05/17/2019		7		(1,984,080	)		(29,855	)		(25,585	)		(4,270	)
			2,850  USD		06/21/2019		21		(5,952,240	)		(132,825	)		(107,870	)		(24,955	)
			2,875  USD		06/21/2019		12		(3,401,280	)		(59,340	)		(57,759	)		(1,581	)
			2,875  USD		07/19/2019		3		(850,320	)		(18,975	)		(16,228	)		(2,747	)
			2,900  USD		07/19/2019		1		(283,440	)		(5,035	)		(5,094	)		59
Total calls							120				$	(1,189,180	)	$	(691,697	)	$	(497,483	)
Puts
S&P 500 Index	Morgan Stanley Co., Inc.		2,450  USD		04/18/2019		4	$	(1,133,760	)	$	(230	)	$	(25,877	)	$	25,647
			2,525  USD		04/18/2019		7		(1,984,080	)		(613	)		(44,824	)		44,211
			2,575  USD		04/18/2019		10		(2,834,400	)		(1,250	)		(60,998	)		59,748
			2,600  USD		04/18/2019		15		(4,251,600	)		(2,325	)		(109,489	)		107,164
			2,700  USD		04/18/2019		5		(1,417,200	)		(2,425	)		(21,261	)		18,836
			2,575  USD		05/17/2019		1		(283,440	)		(725	)		(9,014	)		8,289
			2,600  USD		05/17/2019		4		(1,133,760	)		(3,460	)		(26,557	)		23,097
			2,700  USD		05/17/2019		16		(4,535,040	)		(28,960	)		(94,069	)		65,109

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation
Written options contracts: (continued)
Puts (continued)
			2,750  USD		05/17/2019		20	$	(5,668,800	)	$	(52,900	)	$	(106,957	)	$	54,057
			2,725  USD		06/21/2019		1		(283,440	)		(3,890	)		(6,549	)		2,659
			2,750  USD		06/21/2019		20		(5,668,800	)		(88,700	)		(119,135	)		30,435
			2,775  USD		06/21/2019		5		(1,417,200	)		(25,300	)		(32,911	)		7,611
			2,800  USD		06/21/2019		7		(1,984,080	)		(40,355	)		(39,636	)		(719	)
			2,775  USD		07/19/2019		3		(850,320	)		(18,825	)		(23,158	)		4,333
			2,800  USD		07/19/2019		1		(283,440	)		(7,015	)		(7,029	)		14
Total puts							119				$	(276,973	)	$	(727,464	)	$	450,491
Total written options contracts							239				$	(1,466,153	)	$	(1,419,161	)	$	(46,992	)

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 2.3%
FHLMC – 1.2%
$	3,993		5.500	%	01/01/2020	$           4,002
	37,958		5.000		11/01/2025	40,154
	71,967		5.000		08/01/2028	76,239
	11,256		5.000		01/01/2033	12,100
	1,192		5.000		03/01/2033	1,282
	6,381		5.000		04/01/2033	6,861
	942		5.000		05/01/2033	1,013
	3,498		5.000		06/01/2033	3,761
	21,549		5.000		07/01/2033	23,171
	30,383		5.000		08/01/2033	32,671
	2,724		5.000		09/01/2033	2,929
	6,375		5.000		10/01/2033	6,855
	12,647		5.000		11/01/2033	13,599
	7,539		5.000		12/01/2033	8,106
	7,204		5.000		01/01/2034	7,746
	22,155		5.000		02/01/2034	23,823
	9,349		5.000		03/01/2034	10,053
	15,542		5.000		04/01/2034	16,713
	24,765		5.000		05/01/2034	26,629
	314,708		5.000		06/01/2034	338,401
	4,343		5.000		11/01/2034	4,670
	88,426		5.000		04/01/2035	95,082
	1,524,483		5.000		07/01/2035	1,639,369
	10,633		5.000		11/01/2035	11,433
	68,719		5.000		03/01/2036	74,352
	26,014		5.000		03/01/2037	28,109
	75,122		5.000		12/01/2037	81,171
	127,741		5.000		02/01/2038	138,022
	331,504		5.000		03/01/2038	358,071
	164,699		5.000		07/01/2038	177,899
	144,990		5.000		11/01/2038	156,610
	363,205		5.000		12/01/2038	392,452
	203,125		5.000		01/01/2039	219,404
	47,963		5.000		02/01/2039	51,807
	332,641		5.000		06/01/2041	359,427
						4,443,986
FNMA – 1.1%
	71		5.500		04/01/2019	71
	125		5.500		05/01/2019	124
	938		5.500		06/01/2019	938
	4,434		5.500		07/01/2019	4,436
	5,242		5.500		08/01/2019	5,247
	5,721		5.500		09/01/2019	5,730
	1,603		5.500		10/01/2019	1,606
	3,122		5.500		11/01/2019	3,133
	5,338		5.500		12/01/2019	5,356
	351		5.500		01/01/2020	352
	36		5.500		06/01/2020	36
	43,833		5.500		07/01/2020	44,013
	5,072		6.000		03/01/2034	5,649
	9,156		6.000		08/01/2034	10,229
	9,433		6.000		08/01/2034	10,526
	67,983		6.000		08/01/2035	76,460
	108,554		6.000		09/01/2035	122,338
	25,874		6.000		10/01/2035	29,147
	192,871		6.000		11/01/2035	217,298
	497,200		6.000		03/01/2036	559,271
	4,048		6.000		06/01/2036	4,554
	925,871		6.000		09/01/2036	1,017,433
	214,561		6.000		12/01/2036	242,482
	13,865		6.000		02/01/2037	15,619
	2,031		6.000		04/01/2037	2,273

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
FNMA – (continued)
$	3,671		6.000	%	05/01/2037	$           4,136
	92,297		6.000		06/01/2037	104,413
	59,922		6.000		07/01/2037	67,799
	224,001		6.000		08/01/2037	249,648
	61,097		6.000		09/01/2037	68,763
	12,160		6.000		10/01/2037	13,676
	32,267		6.000		11/01/2037	36,388
	2,643		6.000		12/01/2037	2,979
	300,960		6.000		01/01/2038	338,427
	41,981		6.000		03/01/2038	47,400
	2,332		6.000		04/01/2038	2,627
	12,976		6.000		05/01/2038	14,571
	958		6.000		09/01/2038	1,077
	70,154		6.000		10/01/2038	78,798
	2,725		6.000		12/01/2038	3,044
	2,380		6.000		01/01/2039	2,679
	9,515		4.000		08/01/2039	9,894
	26,657		4.500		02/01/2040	28,119
	2,892		6.000		04/01/2040	3,254
	121,098		6.000		06/01/2040	136,279
	280,963		6.000		05/01/2041	317,003
	118,267		4.500		08/01/2041	125,302
						4,040,597
TOTAL MORTGAGE-BACKED SECURITIES (Cost $8,483,781)						$8,484,583
Collateralized Mortgage Obligations – 1.4%
Regular Floater(a) – 0.5%
FHLMC REMIC Series 3371, Class FA(b)
$	184,956		3.084	%	09/15/2037	$ 186,263
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(b)
	225,418		2.931		10/07/2020	225,312
NCUA Guaranteed Notes Trust Series 2011-R2, Class 1A
	793,010		2.881		02/06/2020	792,217
NCUA Guaranteed Notes Trust Series 2011-R3, Class 1A(b)
	425,568		2.891		03/11/2020	425,134
						1,628,926
Sequential Fixed Rate – 0.9%
FHLMC REMIC Series 2755, Class ZA
	426,249		5.000		02/15/2034	460,952
FHLMC REMIC Series 4273, Class PD
	1,119,618		6.500		11/15/2043	1,286,067
FNMA REMIC Series 2012-111, Class B
	330,531		7.000		10/25/2042	377,820
FNMA REMIC Series 2012-153, Class B
	1,170,356		7.000		07/25/2042	1,344,214
						3,469,053
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,026,056)						$5,097,979
Commercial Mortgage-Backed Securities(a) – 5.9%
Agency Multi-Family – 5.9%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K011, Class A2
$	5,393,757		4.084	%	11/25/2020	$5,479,794

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Commercial Mortgage-Backed Securities(a) – (continued)
Agency Multi-Family – (continued)
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K714, Class A2
$	16,202,399		3.034	%	10/25/2020	$  16,246,959
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $22,712,234)						$  21,726,753
Asset-Backed Securities(a) – 0.1%
Home Equity – 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A(b)
$	10,567		7.000	%	09/25/2037	$         10,607
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A(b)
	64,944		7.000		09/25/2037	66,724
NCUA Guaranteed Notes Trust Series 2010-A1, Class A
	216,921		2.842		12/07/2020	217,110
TOTAL ASSET-BACKED SECURITIES (Cost $292,432)						$       294,441
U.S. Treasury Obligations – 11.1%
U.S. Treasury Bonds
$	1,100,000		2.750	%	11/15/2042	$    1,096,664
	1,990,000		3.750		11/15/2043	2,337,514
	7,700,000		3.000	(c)	11/15/2044	8,004,750
	4,780,000		3.000		05/15/2047	4,965,551
U.S. Treasury Notes
	6,620,000		1.125		07/31/2021	6,451,004
	4,610,000		1.875		01/31/2022	4,565,257
	7,070,000		2.125		07/31/2024	7,023,690
	900,000		2.750		06/30/2025	923,646
	2,490,000		2.625		12/31/2025	2,539,178
	2,760,000		2.250		03/31/2026	2,749,203
	410,000		2.250		02/15/2027	407,185
TOTAL U.S. TREASURY OBLIGATIONS (Cost $40,560,924)						$  41,063,642
Shares		Description				Value
Exchange Traded Fund(d) – 20.3%
Goldman Sachs Access Treasury 0-1 Year ETF
	750,000					$  75,202,500
(Cost $75,030,000)

Shares		Dividend Rate	Value
Investment Company(d) – 47.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
	175,372,246	2.437%	$175,372,246
(Cost $175,372,246)
TOTAL INVESTMENTS – 88.5% (Cost $327,477,673)			$327,242,144
OTHER ASSETS IN EXCESS OF     LIABILITIES – 11.5%			42,700,118
NET ASSETS – 100.0%			$369,942,262

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 March 31, 2019.
(b)	Securities with “Call” features. Maturity dates disclosed are the final maturity dates.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Represents an Affiliated Issuer.

Investment Abbreviations:
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
REMIC	— Real Estate Mortgage Investment Conduit
Currency Abbreviation:
USD	— United States Dollar
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 COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury Long Bond	23	06/19/2019	$	3,447,844		$	93,051
Short position contracts:
3 Month Eurodollar	(3)	06/17/2019		(730,875	)		4,120
3 Month Eurodollar	(49)	12/16/2019		(11,952,938	)		(84,919	)
U.S. Treasury 2 Year Note	(39)	06/28/2019		(8,312,484	)		(37,269	)
U.S. Treasury 5 Year Note	(32)	06/28/2019		(3,708,500	)		(6,159	)
U.S. Treasury 10 Year Note	(122)	06/19/2019		(15,164,219	)		(189,527	)
U.S. Treasury Ultra Bond	(114)	06/19/2019		(19,194,750	)		(734,931	)
Total						$	(1,048,685	)
Total Futures Contracts						$	(955,634	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)(b)		Value	Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%	3 Month LIBOR	08/31/2023		USD  10,890	$17,541	$	(750	)	$	18,291

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation/Index(a)	Financing Rate Received (Paid) by the Fund	Counterparty	Termination Date		Notional Amount (000’s)		Unrealized Appreciation/ (Depreciation)(b)
S&P GSCI Energy 1 Month Forward Index	(0.130)%	BNP Paribas SA		04/10/2019	USD	119,957	$	—
Macquarie Investor Product 276E Index(*)	(0.000)	Macquarie Bank Ltd.		08/15/2019	USD	100,811		—
BAML Commodity Excess Return(*)	(0.000)	Merrill Lynch International		05/24/2019	USD	136,158		—
S&P GSCI Energy 1 Month Forward Index	(0.090)	UBS AG		02/07/2020	USD	6,327		—
S&P GSCI Energy 1 Month Forward Index	(0.000)			02/07/2020	USD	6,157		—
TOTAL							$	—

* The components of the basket are shown below.

(a) Payments made monthly.

(b) There are no upfront payments on the swap contracts listed above; therefore the unrealized gains (losses) on the swap contracts are equal to their value.

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (Macquarie Investor Product 278E Index) of commodities
Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		1,000	$	60,140		25.96	%
Brent	Energy		1,000		67,580		18.77
Gasoil	Energy		100		60,725		5.66
Gasoline RBOB	Energy		42,000		79,065		4.52
Copper	Metals		25		162,163		4.45
Heating Oil	Energy		42,000		82,799		4.44
Corn	Grains		5,000		18,750		4.37
Gold	Precious		100		129,850		3.90
Live Cattle	Meats		40,000		47,600		3.76
Aluminum	Metals		25		47,531		3.57
Natural Gas	Energy		10,000		27,970		2.98
Soybeans	Grains		5,000		45,950		2.95
Wheat	Grains		5,000		23,550		2.74
Lean Hogs	Meats		40,000		35,420		2.58
Sugar	Softs		112,000		14,034		1.54
Cotton	Textiles		50,000		38,805		1.41
Feeder Cattle	Meats		50,000		74,388		1.32
Zinc	Metals		25		73,844		1.26
Kansas Wheat	Grains		5,000		22,438		1.05
Nickel	Metals		6		77,706		0.78
Lead	Metals		25		50,338		0.68
Coffee	Softs		37,500		35,438		0.59
Silver	Precious		5,000		75,550		0.40
Cocoa	Softs		10		22,800		0.33
A basket (BAML Commodity Excess Return Strategy Index) of commodities
Description	Sector	Number of Contracts		Value		Weight
WTI	Energy		1,000	$	60,140		25.75	%
Brent	Energy		1,000		67,580		18.67
Gasoil	Energy		100		60,725		5.63
Corn	Grains		5,000		18,750		4.57
Gasoline RBOB	Energy		42,000		79,065		4.50
Copper	Metals		25		162,163		4.43
Heating Oil	Energy		42,000		82,799		4.41
Gold	Precious		100		129,850		3.87
Live Cattle	Meats		40,000		47,600		3.74
Aluminum	Metals		25		47,531		3.55
Natural Gas	Energy		10,000		27,970		3.11
Soybeans	Grains		5,000		45,950		3.05
Wheat	Grains		5,000		23,550		2.80
Lean Hogs	Meats		40,000		35,420		2.57
Sugar	Softs		112,000		14,034		1.53
Cotton	Textiles		50,000		38,805		1.40
Feeder Cattle	Meats		50,000		74,388		1.31
Zinc	Metals		25		73,844		1.25
Kansas Wheat	Grains		5,000		22,438		1.09
Nickel	Metals		6		77,706		0.78
Lead	Metals		25		50,338		0.68
Coffee	Softs		37,500		35,438		0.58
Silver	Precious		5,000		75,550		0.40
Cocoa	Softs		10		22,800		0.33

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options contracts:

Description

Counterparty

Exercise Price

Expiration Date

Number of Contracts

Notional Amount

Value

Premiums Paid (Received) by the Fund

Unrealized Appreciation/ Depreciation

Purchased options contracts:

Puts

3 Month Eurodollar

97.75  USD

06/15/2020

98

$

24,500,000

$

56,350

$

48,950

$

7,400

GOLDMAN SACHS MANAGED FUTURES STRATEGY

Consolidated Schedule of Investments

March 31, 2019 (Unaudited)

Shares	Dividend Rate	Value
Investment Companies(a) – 72.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
166,502,577	2.437%	$166,502,577
TOTAL INVESTMENTS – 72.0% (Cost $166,502,577)		$166,502,577
OTHER ASSETS IN EXCESS OF     LIABILITIES – 28.0%		64,637,236
NET ASSETS – 100.0%		$231,139,813

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

Investment Abbreviations:
BA	— Banker Acceptance Rate
BBR	— Bank Bill Reference Rate
BUBOR	— Budapest Interbank Offered Rate
EURIBOR	— Euro Interbank Offered Rate
JIBAR	— Johannesburg Interbank Agreed Rate
LIBOR	— London Interbank Offered Rate
PRIBOR	— Prague Interbank Offered Rate
STIBOR	— Stockholm Interbank Offered Rate
TIIE	— Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
TRY	— Turkish Lira
USD	— United States Dollar
ZAR	— South African Rand
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 MANAGED FUTURES STRATEGY

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	4,021,000		USD	2,847,065		06/19/2019	$	12,232
	CAD	2,339,000		USD	1,746,681		06/19/2019		7,063
	CHF	593,000		USD	592,035		06/19/2019		7,973
	IDR	157,500,000,000		USD	10,887,599		06/19/2019		33,294
	INR	900,000,000		USD	12,652,854		06/19/2019		177,203
	JPY	776,276,000		USD	7,023,562		06/19/2019		24,032
	MXN	508,000		USD	25,654		06/19/2019		188
	NOK	53,300,000		USD	6,194,149		06/19/2019		4,460
	NZD	6,320,000		USD	4,285,889		06/19/2019		24,591
	PLN	2,220,000		USD	579,259		06/19/2019		399
	RUB	153,000,000		USD	2,295,143		06/19/2019		11,026
	SEK	53,603,000		USD	5,756,831		06/19/2019		42,967
	USD	4,597,500		BRL	17,700,000		04/02/2019		76,831
	USD	2,394,480		BRL	9,320,000		05/03/2019		18,856
	USD	8,584,524		CAD	11,440,000		06/19/2019		6,998
	USD	8,024,918		CLP	5,430,000,000		06/19/2019		45,794
	USD	332,701		COP	1,034,000,000		06/19/2019		9,722
	USD	12,036,451		CZK	271,352,000		06/19/2019		218,298
	USD	42,721,253		EUR	37,553,000		06/19/2019		313,515
	USD	5,255,006		GBP	3,992,000		06/19/2019		35,081
	USD	16,449,848		HUF	4,593,867,000		06/19/2019		313,664
	USD	8,453,636		JPY	922,000,000		06/19/2019		83,055
	USD	13,793,165		KRW	15,500,000,000		06/19/2019		138,828
	USD	771,269		MXN	14,920,000		06/19/2019		12,279
	USD	2,101,073		NZD	3,060,000		06/19/2019		14,036
	USD	10,889,070		PLN	41,224,000		06/19/2019		125,191
	USD	13,106,008		SEK	120,706,000		06/19/2019		45,725
	USD	1,839,465		ZAR	26,627,000		06/19/2019		11,495
	ZAR	10,660,000		USD	729,994		06/19/2019		1,826
TOTAL								$	1,816,622

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	17,700,000	USD	4,701,949		04/02/2019	$	(181,281	)
	BRL	5,740,000	USD	1,473,382		05/03/2019		(10,283	)
	CAD	110,000	USD	82,535		06/19/2019		(59	)
	CLP	820,000,000	USD	1,244,649		06/19/2019		(39,699	)
	CZK	8,999,000	USD	395,078		06/19/2019		(3,146	)
	EUR	11,214,000	USD	12,717,090		06/19/2019		(53,378	)
	GBP	15,225,750	USD	20,044,114		06/19/2019		(134,985	)
	HUF	1,994,414,000	USD	7,168,525		06/19/2019		(163,049	)
	IDR	14,040,000,000	USD	974,486		06/19/2019		(966	)
	JPY	626,000,000	USD	5,690,780		06/19/2019		(7,500	)
	MXN	161,953,000	USD	8,247,925		06/19/2019		(9,266	)
	MYR	52,680,000	USD	12,911,111		06/19/2019		(29,277	)
	NZD	1,740,000	USD	1,198,307		06/19/2019		(11,561	)
	RUB	391,500,000	USD	5,969,276		06/19/2019		(68,194	)
	SEK	15,391,400	USD	1,669,815		06/19/2019		(4,480	)
	TRY	19,780,000	USD	3,439,103		06/19/2019		(135,209	)
	USD	17,507,734	AUD	24,827,000		06/19/2019		(146,522	)
	USD	6,788,681	CAD	9,095,000		06/19/2019		(30,602	)
	USD	2,105,435	CHF	2,093,000		06/19/2019		(12,300	)
	USD	3,943,186	JPY	436,949,000		06/19/2019		(23,752	)
	USD	13,058,981	NOK	112,700,000		06/19/2019		(47,647	)

GOLDMAN SACHS MANAGED FUTURES STRATEGY

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc. (continued)
	USD	257,003		SEK	2,408,000		06/19/2019	$	(3,540	)
	USD	1,533,113		TRY	9,260,000		06/19/2019		(13,605	)
	USD	6,467,374		ZAR	94,920,000		06/19/2019		(48,979	)
	ZAR	66,500,000		USD	4,623,900		06/19/2019		(58,608	)
TOTAL								$	(1,237,888	)

GOLDMAN SACHS MANAGED FUTURES STRATEGY

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold	30	06/26/2019	$	3,890,700		$	14,017
Amsterdam Exchange Index	62	04/18/2019		7,621,681			60,473
Brent Crude Oil	29	04/30/2019		1,959,820			3,546
CAC 40 10 Euro Index	122	04/18/2019		7,312,082			59,618
CBOE Volatility Index	98	04/17/2019		1,492,050			(21,263	)
DAX Index	14	06/21/2019		4,528,589			12,340
DJIA CBOT E-Mini Index	30	06/21/2019		3,889,950			35,257
EURO STOXX 50 Index	121	06/21/2019		4,441,143			71,433
Feeder Cattle	26	05/23/2019		1,937,325			(46,640	)
FTSE 100 Index	80	06/21/2019		7,514,094			52,486
FTSE MIB Index	63	06/21/2019		7,328,858			49,162
FTSE/JSE Top 40 Index	80	06/20/2019		2,815,656			39,882
Hang Seng Index	52	04/29/2019		9,630,660			78,492
HSCEI	69	04/29/2019		4,998,796			38,765
IBEX 35 Index	66	04/18/2019		6,802,678			21,007
KOSPI 200 Index	28	06/13/2019		1,709,453			2,477
Lean Hogs	27	06/14/2019		946,620			(23,100	)
Live Cattle	38	06/28/2019		1,808,800			(10,116	)
LME Aluminum Base Metal	67	04/17/2019		3,182,919			73,011
LME Aluminum Base Metal	28	05/15/2019		1,330,875			15,509
LME Copper Base Metal	24	04/17/2019		3,893,100			86,393
LME Copper Base Metal	25	05/15/2019		4,054,063			42,479
LME Lead Base Metal	15	04/17/2019		753,000			(29,210	)
LME Lead Base Metal	11	05/15/2019		553,712			(27,938	)
LME Nickel Base Metal	29	04/17/2019		2,247,993			14,737
LME Nickel Base Metal	33	05/15/2019		2,564,298			(22,764	)
LME Zinc Base Metal	21	04/17/2019		1,561,744			119,607
LME Zinc Base Metal	37	05/15/2019		2,732,219			148,506
Low Sulphur Gasoil	37	05/10/2019		2,238,500			(11,059	)
MSCI Taiwan Index	107	04/29/2019		4,180,490			30,407
NASDAQ 100 E-Mini Index	22	06/21/2019		3,256,220			104,490
Nikkei 225 Index	3	06/13/2019		574,123			9,480
NY Harbor ULSD	28	04/30/2019		2,315,191			(8,043	)
OMXS30 Index	424	04/17/2019		7,051,617			26,673
RBOB Gasoline	4	04/30/2019		315,739			(3,610	)
S&P 500 E-Mini Index	344	06/21/2019		48,810,160			582,524
S&P/TSX 60 Index	99	06/20/2019		14,180,851			(20,438	)
SGX FTSE China A50 Index	338	04/29/2019		4,436,250			201,898
SPI 200 Index	124	06/20/2019		13,583,327			23,063
TOPIX Index	19	06/13/2019		2,729,225			2,515
WTI Crude Oil	5	04/22/2019		300,750			(2,514	)
Total						$	1,793,552
Short position contracts:
BIST 30 Index	(1,156)	04/30/2019	$	(2,501,505	)	$	(44,035	)
Coffee ‘C’	(72)	05/20/2019		(2,548,800	)		218,417
Corn	(110)	05/14/2019		(1,963,500	)		157,254
Cotton No. 2	(57)	05/08/2019		(2,211,600	)		(82,780	)
KC HRW Wheat	(60)	05/14/2019		(1,291,500	)		155,407
LME Aluminum Base Metal	(67)	04/17/2019		(3,182,919	)		(29,402	)
LME Aluminum Base Metal	(101)	05/15/2019		(4,800,656	)		(67,032	)
LME Copper Base Metal	(24)	04/17/2019		(3,893,100	)		(119,550	)
LME Lead Base Metal	(15)	04/17/2019		(753,000	)		27,902
LME Lead Base Metal	(35)	05/15/2019		(1,761,812	)		19,092

GOLDMAN SACHS MANAGED FUTURES STRATEGY

Consolidated Schedule of Investments (continued)

March 31, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
LME Nickel Base Metal	(29)	04/17/2019	$	(2,247,993	)	$	22,639
LME Zinc Base Metal	(21)	04/17/2019		(1,561,744	)		(112,793	)
LME Zinc Base Metal	(4)	05/15/2019		(295,375	)		(13,584	)
MSCI EAFE E-Mini Index	(196)	06/21/2019		(18,290,720	)		(150,307	)
MSCI Emerging Markets E-Mini Index	(15)	06/21/2019		(793,050	)		(3,946	)
Natural Gas	(40)	04/26/2019		(1,067,600	)		76,690
Russell 2000 E-Mini Index	(164)	06/21/2019		(12,659,160	)		128,786
SET50 Index	(117)	06/27/2019		(798,852	)		4,382
Silver	(1)	05/29/2019		(75,475	)		2,085
Soybean	(46)	05/14/2019		(2,033,200	)		30,580
Sugar No. 11	(2)	04/30/2019		(28,022	)		(498	)
VSTOXX	(689)	04/17/2019		(1,182,515	)		14,289
Wheat	(56)	05/14/2019		(1,285,900	)		80,511
Total						$	314,107
Total Futures Contracts						$	2,107,659

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Termination Date		Notional Amount (000’s)(a)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3 Month BBR(b)	1.750%		06/19/2020	AUD	423,580	$	724,765		$	(560,045	)	$	1,284,810
3 Month BA(c)	2.000		06/19/2020	CAD	394,330		114,328			(1,398,868	)		1,513,196
6 Month LIBOR(c)	0.000		06/19/2020	CHF	323,170		2,194,283			(33,145	)		2,227,428
6 Month EURIBOR(c)	0.000		06/19/2020	EUR	428,760		1,090,966			1,030,086			60,880
6 Month LIBOR(c)	1.000		06/19/2020	GBP	338,830		325,243			(179,977	)		505,220
0.000%(d)	3 Month STIBOR		06/19/2020	SEK	5,172,040		279,248			236,870			42,378
3 Month LIBOR(b)	2.500		06/19/2020	USD	952,790		178,605			(1,264,865	)		1,443,470
0.000(d)	6 Month EURIBOR		06/19/2021	EUR	169,480		(706,757	)		(581,926	)		(124,831	)
1.250(c)	6 Month LIBOR		06/19/2021	GBP	154,450		(1,232,352	)		(757,271	)		(475,081	)
2.500(c)	3 Month LIBOR		06/19/2021	USD	37,550		(123,622	)		25,100			(148,722	)
6 Month PRIBOR(c)	2.000		09/18/2024	CZK	475,870		243,336			(381,729	)		625,065
6 Month BUBOR(c)	2.000		09/18/2024	HUF	5,237,960		510,472			(400,697	)		911,169
1 Month TIIE(e)	8.000		09/18/2024	MXN	131,350		67,102			(4,232	)		71,334
6 Month WIBOR(c)	2.250		09/18/2024	PLN	118,180		366,557			(512,710	)		879,267
3 Month JIBAR(b)	7.750		09/18/2024	ZAR	391,860		219,727			(707,511	)		927,238
3 Month BA(c)	2.500		06/19/2029	CAD	19,790		562,526			(327,747	)		890,273
6 Month LIBOR(c)	0.250		06/19/2029	CHF	22,160		471,240			117,572			353,668
6 Month EURIBOR(c)	1.000		06/19/2029	EUR	105,870		5,848,609			4,715,698			1,132,911
6 Month LIBOR(c)	1.500		06/19/2029	GBP	85,770		3,125,441			1,257,492			1,867,949
3 Month STIBOR(b)	1.000		06/19/2029	SEK	214,580		295,447			(477,149	)		772,596
3 Month LIBOR(b)	2.750		06/19/2029	USD	125,500		3,844,231			1,062,815			2,781,416
1.500(d)	6 Month EURIBOR		06/19/2049	EUR	19,670		(2,505,520	)		(1,965,928	)		(539,592	)
1.500(c)	6 Month LIBOR		06/19/2049	GBP	15,620		(757,279	)		77,296			(834,575	)
2.750(c)	3 Month LIBOR		06/19/2049	USD	44,690		(1,636,383	)		(872,250	)		(764,133	)
TOTAL						$	13,500,213		$	(1,903,121	)	$	15,403,334

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made annually.

(e) Payments made monthly.

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March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — Accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Goldman Sachs Asset Management, L.P. (“GSAM”)’s assumptions in determining fair value measurement).

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

A. 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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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, 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 net asset value (“NAV”) per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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

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March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 G8 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.

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

v. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledge 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 contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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 pledge 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.

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March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 at the applicable forward rate. 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 interest rate and or credit default swap contracts.

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

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

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

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 the 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, a 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

GOLDMAN SACHS SELECT SATELLITE FUNDS

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March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, a Fund 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 a Fund 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 the appreciation in the value of a specified security, basket of investments or indices, index 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.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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 a Fund’s NAV.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	1,131,541		$	—
Asia		—			14,522,867			—
Australia and Oceania		—			955,428			—
Europe		5,735,337			64,974,449			43,250
North America		662,295,838			196,154			—
South America		—			13,178			—
Closed End Fund		—			447			—
Exchange Traded Funds		155,798,050			—			—
Investment Company		1,840,203,295			—			—
Securities Lending Reinvestment Vehicle		10,286,300			—			—
Total	$	2,674,318,820		$	81,794,064		$	43,250
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	1,392,687		$	—
Futures Contracts		16,252,428			—			—
Credit Default Swap Contracts		—			541,409			—
Total Return Swap Contracts		—			1,071,098			—
Total	$	16,252,428		$	3,005,194		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(258,138	)	$	—
Futures Contracts(b)		(3,904,871	)		—			—
Credit Default Swap Contracts(b)		—			(228,417	)		—
Total Return Swap Contracts(b)		—			(1,178,376	)		—
Written Options Contracts		—			(2,138,245	)		—
Total	$	(3,904,871	)	$	(3,803,176	)	$	—
ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	71,607,641		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	720,207		$	—
Futures Contracts(b)		8,720,298			—			—
Credit Default Swap Contracts(b)		—			6,791			—
Total Return Swap Contracts(b)		—			2,493,403			—
Purchased Options Contracts		—			216,920			—
Total	$	8,720,298		$	3,437,321		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(1,322,601	)	$	—
Futures Contracts(b)		(5,643,700	)		—			—
Credit Default Swap Contracts(b)		—			(786	)		—
Total Return Swap Contracts(b)		—			(2,466,776	)		—
Written Options Contracts		—			(1,466,153	)		—
Total	$	(5,643,700	)	$	(5,256,316	)	$	—

GOLDMAN SACHS SELECT SATELLITE FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	8,484,583		$	—
Collateralized Mortgage Obligations		—			5,097,979			—
Commercial Mortgage-Backed Securities		—			21,726,753			—
Asset-Backed Securities		—			294,441			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		41,063,642			—			—
Exchange Traded Fund		75,202,500			—			—
Investment Company		175,372,246			—			—
Total	$	291,638,388		$	35,603,756		$	—
Derivative Type
Assets
Futures Contracts(b)	$	97,171		$	—		$	—
Interest Rate Swap Contracts(b)		—			18,291			—
Purchased Options Contracts		56,350			—			—
Total	$	153,521		$	18,291		$	—
Liabilities(b)
Futures Contracts	$	(1,052,805	)	$	—		$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	166,502,577		$	—		$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	1,816,622		$	—
Futures Contracts		2,958,281			—			—
Interest Rate Swap Contracts		—			18,290,268			—
Total	$	2,958,281		$	20,106,890		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,237,888	)	$	—
Futures Contracts		(850,622	)		—			—
Interest Rate Swap Contracts		—			(2,886,934	)		—
Total	$	(850,622	)	$	(4,124,822	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent third party (fair value) service for certain international equity securities, 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.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund’s securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the

GOLDMAN SACHS SELECT SATELLITE FUNDS

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

Both the Fund and GSAL received compensation relating to the lending of the Fund’s securities.

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

Derivatives Risk — The Funds’ 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 Funds. 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.

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), confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a 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.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the 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.

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an 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.

GOLDMAN SACHS SELECT SATELLITE FUNDS

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March 31, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, 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 the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.

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). 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.

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 a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a 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 a Fund to the markets and therefore could magnify changes to a Fund’s NAV.

Tax Risk — Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. The IRS has issued such PLRs to the Absolute Return Tracker, Alternative Premia and Commodity Strategy Funds. Based on such rulings, these Funds may seek to gain exposure to the commodity markets through investments in commodity-linked notes and/or subsidiaries. The Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. The IRS also recently issued proposed regulations that, if finalized, would generally treat a Fund’s income inclusion with respect to a subsidiary as qualifying income only if there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion. The proposed regulations, if adopted, would apply to taxable years beginning on or after 90 days after the regulations are published as final.

The IRS also recently issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the Investment Company Act of 1940. The Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If a Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.