GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 10.8%
	Automobiles & Components – 0.1%
	1,200	Aptiv plc	$            59,088
	1,400	Bayerische Motoren Werke AG	71,469
	4,800	BorgWarner, Inc.	116,976
	300	Bridgestone Corp.	9,183
	1,900	Cie Generale des Etablissements Michelin SCA	166,411
	1,600	Continental AG	114,077
	3,700	Daimler AG (Registered)	110,497
	200	Denso Corp.	6,391
	2,800	Faurecia SE	81,989
	600	Ferrari NV	92,421
	19,100	Fiat Chrysler Automobiles NV	136,350
	30,500	Ford Motor Co.	147,315
	32,902	General Motors Co.	683,704
	200	Hella GmbH & Co. KGaA	5,736
	3,000	Honda Motor Co. Ltd.	67,129
	1,200	Isuzu Motors Ltd.	7,941
	100	Koito Manufacturing Co. Ltd.	3,362
	200	Mitsubishi Motors Corp.	564
	100	Nifco, Inc.	1,791
	1,400	Nissan Motor Co. Ltd.	4,684
	400	NOK Corp.	4,381
	31,000	Pirelli & C SpA	109,374
	2,300	Renault SA	43,711
	200	Stanley Electric Co. Ltd.	3,926
	1,200	Sumitomo Electric Industries Ltd.	12,538
	3,000	Sumitomo Rubber Industries Ltd.	28,178
	4,400	TI Fluid Systems plc	8,034
	1,600	Tokai Rika Co. Ltd.	19,780
	700	Toyoda Gosei Co. Ltd.	11,913
	1,100	Toyota Boshoku Corp.	13,011
	500	Toyota Industries Corp.	23,840
	1,400	Toyota Motor Corp.	84,371
	500	TS Tech Co. Ltd.	11,747
	5,900	Valeo SA	96,027
	400	Yamaha Motor Co. Ltd.	4,810
	1,300	Yokohama Rubber Co. Ltd. (The)	16,116
			2,378,835
	Banks – 0.5%
	1,200	77 Bank Ltd. (The)	15,414
	33,500	Banco Bilbao Vizcaya Argentaria SA	103,735
	93,000	Banco BPM SpA*	119,968
	66,800	Banco Santander SA	158,905
	139,489	Bank of America Corp.	2,961,352
	100	Bank of Georgia Group plc*	1,135
	27,600	Bank of Ireland Group plc	51,448
	200	Bank of Kyoto Ltd. (The)	6,338
	1,400	Bankinter SA	5,079
	56,400	Barclays plc	64,095
	5,200	BNP Paribas SA	151,815
	1,100	Chiba Bank Ltd. (The)	4,789
	300	Chugoku Bank Ltd. (The)	2,661
	40,098	CIT Group, Inc.	692,092
	9,600	Citigroup, Inc.	404,352
	48,262	Citizens Financial Group, Inc.	907,808
	4,900	Comerica, Inc.	143,766
	2,100	Concordia Financial Group Ltd.	6,112
	17,000	Credit Agricole SA	120,290
	15,200	Cullen/Frost Bankers, Inc.	848,008

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	800	Daishi Hokuetsu Financial Group, Inc.	$            17,385
	28,100	East West Bancorp, Inc.	723,294
	400	Erste Group Bank AG	7,323
	8,900	Fifth Third Bancorp	132,165
	2,700	FinecoBank Banca Fineco SpA	24,292
	300	Fukuoka Financial Group, Inc.	3,957
	4,700	Gunma Bank Ltd. (The)	14,186
	3,100	Hachijuni Bank Ltd. (The)	11,169
	3,200	Hiroshima Bank Ltd. (The)	13,324
	2,200	Hokuhoku Financial Group, Inc.	19,591
	44,400	HSBC Holdings plc	249,251
	9,700	Huntington Bancshares, Inc.	79,637
	16,000	ING Groep NV	81,986
	12,700	Intesa Sanpaolo SpA	20,549
	1,400	Iyo Bank Ltd. (The)	7,040
	37,100	JPMorgan Chase & Co.	3,340,113
	400	KBC Group NV	18,150
	5,400	KeyCorp	55,998
	2,500	Kyushu Financial Group, Inc.	9,519
	500	M&T Bank Corp.	51,715
	9,600	Mebuki Financial Group, Inc.	19,472
	15,900	Mitsubishi UFJ Financial Group, Inc.	59,491
	3,100	Nishi-Nippon Financial Holdings, Inc.	17,390
	1,100	OneSavings Bank plc	3,428
	300	Paragon Banking Group plc	1,227
	1,100	PNC Financial Services Group, Inc. (The)	105,292
	19,700	Popular, Inc.	689,500
	7,300	Raiffeisen Bank International AG	105,005
	73,100	Regions Financial Corp.	655,707
	5,300	Resona Holdings, Inc.	15,891
	66,800	Royal Bank of Scotland Group plc	92,109
	600	Seven Bank Ltd.	1,549
	200	Shiga Bank Ltd. (The)	4,735
	900	Shinsei Bank Ltd.	11,920
	700	Shizuoka Bank Ltd. (The)	4,250
	6,800	Societe Generale SA	111,399
	800	Sumitomo Mitsui Trust Holdings, Inc.	22,984
	200	SVB Financial Group*	30,216
	38,200	Synovus Financial Corp.	670,792
	200	TBC Bank Group plc	1,783
	38,000	TCF Financial Corp.	861,080
	1,200	US Bancorp	41,340
	37,130	Wells Fargo & Co.	1,065,631
	2,900	Yamaguchi Financial Group, Inc.	16,352
			16,258,349
	Capital Goods – 0.6%
	9,189	3M Co.	1,254,390
	200	Aalberts NV	4,792
	5,588	ACS Actividades de Construccion y Servicios SA	110,974
	1,777	Allegion plc	163,520
	2,300	Alstom SA	94,972
	400	Amada Holdings Co. Ltd.	3,135
	1,300	AMETEK, Inc.	93,626
	700	ANDRITZ AG	21,931

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	2,700	AO Smith Corp.	$          102,087
	12,200	Arconic, Inc.	195,932
	1,100	Ashtead Group plc	23,775
	8,600	BAE Systems plc	55,255
	4,654	Boeing Co. (The)	694,098
	1,300	Brenntag AG	47,232
	1,400	Bunzl plc	28,023
	1,700	Caterpillar, Inc.	197,268
	3,700	Cie de Saint-Gobain	88,783
	500	COMSYS Holdings Corp.	12,805
	1,900	Cummins, Inc.	257,108
	300	Daikin Industries Ltd.	36,214
	500	DCC plc	31,226
	1,100	Diploma plc	22,024
	1,000	DMG Mori Co. Ltd.	8,293
	100	Dover Corp.	8,394
	2,500	Eaton Corp. plc	194,225
	1,200	Eiffage SA	85,180
	2,600	Emerson Electric Co.	123,890
	600	Fastenal Co.	18,750
	1,300	Ferguson plc	80,382
	5,700	Ferrovial SA	135,299
	1,000	Flowserve Corp.	23,890
	2,000	Fortive Corp.	110,380
	3,800	Fortune Brands Home & Security, Inc.	164,350
	1,300	Fujikura Ltd.	3,728
	100	Furukawa Electric Co. Ltd.	1,802
	3,900	Galliford Try Holdings plc	6,259
	200	GEA Group AG	4,132
	200	Glory Ltd.	4,595
	500	GS Yuasa Corp.	6,691
	1,700	Hanwa Co. Ltd.	26,323
	50,635	HD Supply Holdings, Inc.*	1,439,553
	1,600	Hino Motors Ltd.	8,533
	500	HOCHTIEF AG	32,830
	9,300	Honeywell International, Inc.	1,244,247
	100	Hoshizaki Corp.	7,480
	2,600	Howden Joinery Group plc	16,356
	700	Huntington Ingalls Industries, Inc.	127,547
	400	Illinois Tool Works, Inc.	56,848
	200	IMCD NV	14,352
	1,800	IMI plc	16,617
	5,400	ITOCHU Corp.	111,751
	2,300	JGC Holdings Corp.	18,359
	900	John Laing Group plc	3,750
	900	Kinden Corp.	13,243
	600	Kingspan Group plc	32,355
	600	KION Group AG	25,823
	100	Knorr-Bremse AG	8,792
	2,300	Kone OYJ Class B	128,802
	900	Kyowa Exeo Corp.	19,958
	900	Kyudenko Corp.	24,249
	1,200	Legrand SA	76,538
	1,300	LIXIL Group Corp.	16,018
	7,400	Marubeni Corp.	36,727
	2,400	Masco Corp.	82,968
	6,500	Meggitt plc	23,365
	9,500	Melrose Industries plc	10,557
	700	MINEBEA MITSUMI, Inc.	10,339
	200	MISUMI Group, Inc.	4,326
	2,800	Mitsubishi Corp.	59,226
	2,400	Mitsubishi Electric Corp.	29,319

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	200	Mitsubishi Heavy Industries Ltd.	$              5,040
	2,000	Mitsui & Co. Ltd.	27,767
	500	Miura Co. Ltd.	17,681
	100	MonotaRO Co. Ltd.	2,642
	500	MTU Aero Engines AG	72,299
	200	Nabtesco Corp.	4,575
	300	Nagase & Co. Ltd.	3,526
	200	NGK Insulators Ltd.	2,603
	200	Nidec Corp.	10,307
	1,300	NSK Ltd.	8,275
	700	NTN Corp.	1,210
	2,600	Obayashi Corp.	22,062
	1,292	Parker-Hannifin Corp.	167,611
	1,100	Penta-Ocean Construction Co. Ltd.	5,759
	2,268	Polypipe Group plc	12,783
	900	Prysmian SpA	14,289
	150,013	Quanta Services, Inc.	4,759,913
	12,200	Rexel SA	89,833
	100	Rheinmetall AG	6,950
	200	Rockwell Automation, Inc.	30,182
	5,700	Rolls-Royce Holdings plc*	24,091
	2,600	Roper Technologies, Inc.	810,706
	2,600	Rotork plc	6,879
	700	Sanwa Holdings Corp.	5,436
	2,000	Schneider Electric SE	169,046
	2,500	Senior plc	2,163
	2,400	Shimizu Corp.	18,676
	2,400	Siemens AG (Registered)	200,964
	3,600	Siemens Gamesa Renewable Energy SA	53,122
	10,200	SIG plc	2,915
	2,900	Signify NV	56,203
	100	SMC Corp.	41,924
	700	Smiths Group plc	10,554
	1,200	Snap-on, Inc.	130,584
	13,200	Sojitz Corp.	30,949
	400	Spirax-Sarco Engineering plc	40,157
	33,651	Spirit AeroSystems Holdings, Inc. Class A	805,268
	1,000	Stanley Black & Decker, Inc.	100,000
	3,600	Sumitomo Corp.	41,055
	200	THK Co. Ltd.	4,030
	100	TOTO Ltd.	3,299
	1,300	Toyota Tsusho Corp.	30,367
	1,300	Trane Technologies plc	107,367
	3,000	TransDigm Group, Inc.	960,570
	1,300	Travis Perkins plc	14,132
	600	Ultra Electronics Holdings plc	14,845
	10,660	United Rentals, Inc.*	1,096,914
	9,800	United Technologies Corp.	924,434
	300	Ushio, Inc.	2,855
	400	Valmet OYJ	7,765
	2,500	Vesuvius plc	10,011
	3,100	Vinci SA	253,299
	3,100	Westinghouse Air Brake Technologies Corp.	149,203
	200	WW Grainger, Inc.	49,700
	600	Xylem, Inc.	39,078
			19,730,429
	Commercial & Professional Services – 0.2%
	3,400	Aggreko plc	20,320

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	4,500	Cintas Corp.	$          779,490
	5,835	Copart, Inc.*	399,814
	1,500	CoStar Group, Inc.*	880,815
	800	Dai Nippon Printing Co. Ltd.	17,001
	200	Elis SA	1,884
	1,600	Equifax, Inc.	191,120
	2,000	Experian plc	55,583
	2,300	HomeServe plc	29,959
	6,400	IHS Markit Ltd.	384,000
	200	Intertek Group plc	11,685
	1,500	Kokuyo Co. Ltd.	20,884
	300	Meitec Corp.	11,897
	11,300	Nielsen Holdings plc	141,702
	400	Nihon M&A Center, Inc.	10,894
	1,400	Pagegroup plc	6,285
	100	Park24 Co. Ltd.	1,474
	200	PayPoint plc	1,331
	800	Persol Holdings Co. Ltd.	8,005
	2,000	Randstad NV*	70,584
	2,100	Recruit Holdings Co. Ltd.	54,246
	4,100	RELX plc	87,504
	6,700	Rentokil Initial plc	31,999
	3,100	Republic Services, Inc.	232,686
	3,625	Robert Half International, Inc.	136,844
	700	Rollins, Inc.	25,298
	11,400	Serco Group plc*	17,217
	300	SMS Co. Ltd.	5,786
	200	Sohgo Security Services Co. Ltd.	9,708
	5,500	SPIE SA	55,323
	29,139	Stericycle, Inc.*	1,415,573
	300	Teleperformance	62,135
	1,600	Toppan Printing Co. Ltd.	24,429
	2,184	Verisk Analytics, Inc.	304,406
	2,900	Waste Management, Inc.	268,424
	300	Wolters Kluwer NV	21,235
			5,797,540
	Consumer Durables & Apparel – 0.2%
	800	adidas AG	177,622
	400	Asics Corp.	3,693
	400	Bandai Namco Holdings, Inc.	19,401
	3,100	Barratt Developments plc	16,757
	800	Bellway plc	21,194
	500	Berkeley Group Holdings plc	22,317
	300	Burberry Group plc	4,876
	6,000	Capri Holdings Ltd.*	64,740
	1,300	Casio Computer Co. Ltd.	18,189
	4,200	Coats Group plc	2,187
	6,000	Countryside Properties plc	21,116
	3,100	Crest Nicholson Holdings plc	6,693
	8,600	DR Horton, Inc.	292,400
	2,200	EssilorLuxottica SA	232,925
	1,300	Fujitsu General Ltd.	23,397
	500	Games Workshop Group plc	26,561
	17,362	Hanesbrands, Inc.	136,639
	1,000	Hasbro, Inc.	71,550
	200	Haseko Corp.	2,127
	100	Hermes International	68,041
	2,200	HUGO BOSS AG	55,071
	100	Kering SA	52,141
	2,700	Leggett & Platt, Inc.	72,036
	6,667	Lennar Corp. Class A	254,679
	5,400	Lululemon Athletica, Inc.*	1,023,570

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	700	LVMH Moet Hennessy Louis Vuitton SE	$          256,726
	4,700	McCarthy & Stone plc	3,726
	1,300	Mohawk Industries, Inc.*	99,112
	300	Moncler SpA	10,902
	8,078	Newell Brands, Inc.	107,276
	100	NVR, Inc.*	256,911
	1,200	Panasonic Corp.	9,084
	14,630	PulteGroup, Inc.	326,542
	1,300	Puma SE	76,382
	14,500	PVH Corp.	545,780
	1,000	Ralph Lauren Corp.	66,830
	3,442	Redrow plc	15,258
	100	Rinnai Corp.	7,049
	100	Sangetsu Corp.	1,480
	900	SEB SA	111,470
	200	Sekisui Chemical Co. Ltd.	2,635
	4,100	Sekisui House Ltd.	67,617
	2,600	Sony Corp.	154,007
	2,200	Tapestry, Inc.	28,490
	8,700	Taylor Wimpey plc	12,519
	16,670	Under Armour, Inc. Class A*	153,531
	10,161	Under Armour, Inc. Class C*	81,898
	2,415	Vistry Group plc	17,214
	1,000	Whirlpool Corp.	85,800
			5,188,161
	Consumer Services – 0.1%
	400	888 Holdings plc	611
	700	Accor SA	18,806
	300	Benesse Holdings, Inc.	7,634
	1,500	Carnival Corp.	19,755
	700	Chipotle Mexican Grill, Inc.*	458,080
	200	Colowide Co. Ltd.	3,024
	6,100	Compass Group plc	95,039
	901	Darden Restaurants, Inc.	49,069
	800	Flutter Entertainment plc	71,730
	36,400	frontdoor, Inc.*	1,265,992
	800	Greggs plc	15,920
	6,000	GVC Holdings plc	41,560
	3,598	H&R Block, Inc.	50,660
	900	Hilton Worldwide Holdings, Inc.	61,416
	200	J D Wetherspoon plc	2,186
	1,400	Las Vegas Sands Corp.	59,458
	9,900	Marston’s plc	5,008
	2,000	McDonald’s Corp.	330,700
	5,100	MGM Resorts International	60,180
	1,400	Mitchells & Butlers plc*	3,131
	2,100	Norwegian Cruise Line Holdings Ltd.*	23,016
	300	Oriental Land Co. Ltd.	38,297
	5,300	Playtech plc	11,002
	1,600	Rank Group plc	2,568
	100	Resorttrust, Inc.	977
	600	Royal Caribbean Cruises Ltd.	19,302
	2,100	Skylark Holdings Co. Ltd.	31,132
	1,000	Sodexo SA	67,155
	600	SSP Group plc	2,261
	1,200	Yoshinoya Holdings Co. Ltd.	23,141
	900	Yum! Brands, Inc.	61,677
			2,900,487

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – 0.4%
	2,500	3i Group plc	$            24,224
	4,300	Acom Co. Ltd.	17,462
	2,200	AJ Bell plc	8,366
	800	American Express Co.	68,488
	500	Ameriprise Financial, Inc.	51,240
	5,700	Ashmore Group plc	25,099
	7,000	Bank of New York Mellon Corp. (The)	235,760
	10,433	Berkshire Hathaway, Inc. Class B*	1,907,465
	900	Brewin Dolphin Holdings plc	2,443
	19,500	Capital One Financial Corp.	983,190
	1,800	Cboe Global Markets, Inc.	160,650
	34,600	Charles Schwab Corp. (The)	1,163,252
	400	Close Brothers Group plc	5,562
	1,100	CME Group, Inc.	190,201
	1,000	Credit Saison Co. Ltd.	11,602
	800	Deutsche Boerse AG	109,907
	4,000	Discover Financial Services	142,680
	300	E*TRADE Financial Corp.	10,296
	300	Euronext NV	22,090
	2,200	EXOR NV	113,386
	5,700	Franklin Resources, Inc.	95,133
	600	Hargreaves Lansdown plc	10,195
	400	Hitachi Capital Corp.	7,524
	600	IG Group Holdings plc	5,148
	2,800	IntegraFin Holdings plc	15,012
	22,636	Interactive Brokers Group, Inc. Class A	977,196
	4,000	Intercontinental Exchange, Inc.	323,000
	2,600	Intermediate Capital Group plc	28,697
	15,865	Invesco Ltd.	144,054
	21,400	Investec plc	39,867
	200	Japan Exchange Group, Inc.	3,510
	46,400	Jefferies Financial Group, Inc.	634,288
	4,200	Jupiter Fund Management plc	10,298
	82,400	M&G plc*	114,619
	4,200	Man Group plc	6,427
	1,600	MarketAxess Holdings, Inc.	532,112
	2,500	Mitsubishi UFJ Lease & Finance Co. Ltd.	12,237
	8,085	Moody’s Corp.	1,709,978
	8,200	Morgan Stanley	278,800
	600	MSCI, Inc.	173,376
	34,900	Natixis SA	111,130
	6,200	Nomura Holdings, Inc.	26,165
	4,200	ORIX Corp.	50,109
	1,200	Plus500 Ltd.	15,873
	400	Raymond James Financial, Inc.	25,280
	2,000	S&P Global, Inc.	490,100
	800	Sanne Group plc	6,150
	300	SBI Holdings, Inc.	4,371
	500	Schroders plc	15,286
	700	St James’s Place plc	6,537
	14,312	Standard Life Aberdeen plc	39,498
	1,800	State Street Corp.	95,886
	14,026	Synchrony Financial	225,678
	600	T. Rowe Price Group, Inc.	58,590
			11,545,487
	Energy – 0.2%
	1,300	Apache Corp.	5,434
	6,200	Baker Hughes Co.	65,100
	61,700	BP plc	253,028

Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	14,600	Cabot Oil & Gas Corp.	$          250,974
	5,300	Cairn Energy plc*	5,024
	20,730	Cheniere Energy, Inc.*	694,455
	5,300	Chevron Corp.	384,038
	23,500	ConocoPhillips	723,800
	1,200	Devon Energy Corp.	8,292
	632	Energean Oil & Gas plc*	4,501
	2,100	Eni SpA	20,869
	3,071	EOG Resources, Inc.	110,310
	1,700	Helmerich & Payne, Inc.	26,605
	8,100	HollyFrontier Corp.	198,531
	7,800	Hunting plc	16,629
	3,000	John Wood Group plc	5,709
	8,900	JXTG Holdings, Inc.	30,326
	25,100	Marathon Petroleum Corp.	592,862
	9,400	National Oilwell Varco, Inc.	92,402
	600	Neste OYJ	19,949
	1,600	OMV AG	43,787
	15,600	ONEOK, Inc.	340,236
	50,873	PBF Energy, Inc. Class A	360,181
	4,000	Petrofac Ltd.	9,575
	300	Phillips 66	16,095
	42,625	Premier Oil plc*	8,798
	411,401	Range Resources Corp.(a)	937,994
	11,114	Repsol SA	99,151
	35,700	Saipem SpA*	86,069
	10,200	TOTAL SA	384,324
	333,200	Tullow Oil plc	42,299
	3,700	Valero Energy Corp.	167,832
	77,547	Williams Cos., Inc. (The)	1,097,290
			7,102,469
	Food & Staples Retailing – 0.1%
	2,000	Aeon Co. Ltd.	44,308
	100	Ain Holdings, Inc.	5,878
	9,677	Carrefour SA	153,422
	1,100	Casino Guichard Perrachon SA(a)	42,097
	200	Colruyt SA	10,842
	3,600	Costco Wholesale Corp.	1,026,468
	64,700	J Sainsbury plc	167,405
	2,000	Jeronimo Martins SGPS SA	36,098
	600	Kesko OYJ Class B	33,929
	800	Kobe Bussan Co. Ltd.	31,440
	9,700	Koninklijke Ahold Delhaize NV	225,977
	15,100	Kroger Co. (The)	454,812
	400	Lawson, Inc.	21,956
	13,400	METRO AG	114,130
	1,700	Seven & i Holdings Co. Ltd.	56,142
	200	Sugi Holdings Co. Ltd.	10,710
	400	Sundrug Co. Ltd.	12,818
	6,300	Sysco Corp.	287,469
	48,900	Tesco plc	138,095
	200	Tsuruha Holdings, Inc.	26,370
	32,964	US Foods Holding Corp.*	583,792
	8,900	Walgreens Boots Alliance, Inc.	407,175
	5,500	Walmart, Inc.	624,910
	400	Welcia Holdings Co. Ltd.	28,087
	63,300	Wm Morrison Supermarkets plc	138,289
			4,682,619
	Food, Beverage & Tobacco – 0.2%
	100	AG Barr plc	597

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	900	Ajinomoto Co., Inc.	$            16,771
	4,100	Anheuser-Busch InBev SA/NV	181,097
	3,300	Archer-Daniels-Midland Co.	116,094
	700	Asahi Group Holdings Ltd.	22,710
	300	Associated British Foods plc	6,720
	200	Bakkavor Group plc	265
	8,800	British American Tobacco plc	299,774
	600	Britvic plc	5,200
	7,000	Brown-Forman Corp. Class B	388,570
	4,360	C&C Group plc	10,617
	100	Calbee, Inc.	2,699
	10,800	Campbell Soup Co.	498,528
	100	Coca-Cola Bottlers Japan Holdings, Inc.	2,052
	11,700	Coca-Cola Co. (The)	517,725
	600	Coca-Cola HBC AG	12,868
	9,712	Conagra Brands, Inc.	284,950
	600	Constellation Brands, Inc. Class A	86,016
	500	Cranswick plc	22,889
	3,400	Danone SA	217,594
	1,200	Diageo plc	38,052
	300	Fuji Oil Holdings, Inc.	7,220
	9,755	General Mills, Inc.	514,771
	2,000	Glanbia plc	21,771
	2,600	Greencore Group plc	5,309
	200	Heineken Holding NV	15,586
	800	Heineken NV	67,891
	3,200	Hershey Co. (The)	424,000
	2,900	Hormel Foods Corp.	135,256
	4,100	Imperial Brands plc	75,667
	2,700	JM Smucker Co. (The)	299,700
	600	Kerry Group plc Class A	69,615
	400	Kewpie Corp.	8,006
	9,200	Kraft Heinz Co. (The)	227,608
	2,600	Lamb Weston Holdings, Inc.	148,460
	500	Maruha Nichiro Corp.	10,434
	3,145	McCormick & Co., Inc. (Non-Voting)	444,106
	100	Megmilk Snow Brand Co. Ltd.	2,271
	6,732	Molson Coors Beverage Co. Class B	262,615
	5,614	Mondelez International, Inc. Class A	281,149
	700	Monster Beverage Corp.*	39,382
	100	NH Foods Ltd.	3,480
	300	Nichirei Corp.	8,447
	4,500	PepsiCo, Inc.	540,450
	800	Sapporo Holdings Ltd.	14,714
	300	Suntory Beverage & Food Ltd.	11,337
	6,600	Tate & Lyle plc	53,697
	8,100	Tyson Foods, Inc. Class A	468,747
	500	Yamazaki Baking Co. Ltd.	10,421
			6,903,898
	Health Care Equipment & Services – 0.8%
	22,000	Abbott Laboratories	1,736,020
	800	Alfresa Holdings Corp.	14,889
	3,153	AmerisourceBergen Corp.	279,040
	3,400	Amplifon SpA	69,065
	7,007	Anthem, Inc.	1,590,869
	300	Asahi Intecc Co. Ltd.	7,420
	18,900	Baxter International, Inc.	1,534,491
	700	Becton Dickinson and Co.	160,839

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	1,300	Boston Scientific Corp.*	$            42,419
	4,900	Cardinal Health, Inc.	234,906
	300	Carl Zeiss Meditec AG	28,566
	27,900	Centene Corp.*	1,657,539
	3,900	Cerner Corp.	245,661
	10,000	Cigna Corp.	1,771,800
	42,880	ConvaTec Group plc	98,592
	24,200	CVS Health Corp.	1,435,786
	17,721	Danaher Corp.	2,452,764
	4,100	DaVita, Inc.*	311,846
	1,800	Dentsply Sirona, Inc.	69,894
	200	DiaSorin SpA	26,363
	3,300	Fresenius Medical Care AG & Co. KGaA	215,411
	6,100	Fresenius SE & Co. KGaA	227,119
	13,400	Guardant Health, Inc.*	932,640
	10,500	HCA Healthcare, Inc.	943,425
	5,100	Henry Schein, Inc.*	257,652
	2,300	Hologic, Inc.*	80,730
	700	Hoya Corp.	59,522
	200	IDEXX Laboratories, Inc.*	48,448
	3,700	Koninklijke Philips NV	151,912
	1,687	Laboratory Corp. of America Holdings*	213,220
	1,700	M3, Inc.	50,145
	1,300	Mani, Inc.	31,884
	2,714	McKesson Corp.	367,096
	10,472	Mediclinic International plc	34,677
	1,400	Medipal Holdings Corp.	26,160
	30,800	Medtronic plc	2,777,544
	300	Miraca Holdings, Inc.	6,322
	1,700	Olympus Corp.	24,506
	1,800	Quest Diagnostics, Inc.	144,540
	2,400	ResMed, Inc.	353,496
	100	Ship Healthcare Holdings, Inc.	4,082
	2,900	Smith & Nephew plc	51,088
	300	Suzuken Co. Ltd.	10,900
	600	Toho Holdings Co. Ltd.	12,560
	7,400	UDG Healthcare plc	57,576
	9,400	UnitedHealth Group, Inc.	2,344,172
	2,600	Universal Health Services, Inc. Class B	257,608
	9,400	Zimmer Biomet Holdings, Inc.	950,152
			24,403,356
	Household & Personal Products – 0.0%
	400	Beiersdorf AG	40,276
	3,400	Church & Dwight Co., Inc.	218,212
	22,001	Coty, Inc. Class A	113,525
	200	Kao Corp.	16,294
	2,300	Kimberly-Clark Corp.	294,101
	100	Lion Corp.	2,133
	300	L’Oreal SA	77,643
	100	Pola Orbis Holdings, Inc.	1,839
	6,500	Procter & Gamble Co. (The)	715,000
	400	PZ Cussons plc	946
	100	Rohto Pharmaceutical Co. Ltd.	2,732
	700	Unilever plc	35,301
			1,518,002
	Insurance – 0.1%
	300	Admiral Group plc	8,262
	68,700	Aegon NV	171,572

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	4,900	Aflac, Inc.	$            167,776
	1,900	Ageas	79,177
	300	Allianz SE (Registered)	51,089
	4,100	Allstate Corp. (The)	376,093
	7,800	American International Group, Inc.	189,150
	512	Aon plc	84,500
	1,900	ASR Nederland NV	47,772
	12,300	Assicurazioni Generali SpA	166,601
	700	Assurant, Inc.	72,863
	44,900	Aviva plc	147,620
	400	Beazley plc	1,929
	2,000	Cincinnati Financial Corp.	150,900
	13,800	CNP Assurances	133,620
	1,800	Dai-ichi Life Holdings, Inc.	21,375
	1,300	Direct Line Insurance Group plc	4,746
	1,700	Everest Re Group Ltd.	327,114
	400	Hannover Rueck SE	56,482
	6,200	Hartford Financial Services Group, Inc. (The)	218,488
	3,800	Japan Post Holdings Co. Ltd.	29,726
	1,300	Japan Post Insurance Co. Ltd.	16,062
	900	Lancashire Holdings Ltd.	6,937
	3,900	Legal & General Group plc	9,215
	5,700	Lincoln National Corp.	150,024
	2,700	Loews Corp.	94,041
	9,800	Mapfre SA	16,625
	900	Marsh & McLennan Cos., Inc.	77,814
	700	MS&AD Insurance Group Holdings, Inc.	19,531
	800	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)	160,856
	6,700	Poste Italiane SpA	56,393
	6,800	Principal Financial Group, Inc.	213,112
	3,000	Progressive Corp. (The)	221,520
	5,100	Prudential Financial, Inc.	265,914
	1,400	Prudential plc	17,542
	800	Sabre Insurance Group plc	2,840
	100	Sompo Holdings, Inc.	3,082
	700	Sony Financial Holdings, Inc.	11,754
	1,100	T&D Holdings, Inc.	8,917
	200	Tokio Marine Holdings, Inc.	9,151
	1,700	Travelers Cos., Inc. (The)	168,895
	14,500	Unum Group	217,645
	2,600	WR Berkley Corp.	135,642
			4,390,367
	Materials – 0.3%
	200	ADEKA Corp.	2,490
	2,020	Air Liquide SA	257,848
	1,100	Air Products & Chemicals, Inc.	219,571
	100	Air Water, Inc.	1,370
	477	Akzo Nobel NV	31,372
	4,600	Anglo American plc	80,609
	3,300	Antofagasta plc	31,517
	9,200	ArcelorMittal SA	86,852
	900	Arkema SA	61,447
	700	Avery Dennison Corp.	71,309
	2,800	Ball Corp.	181,048
	16,400	Celanese Corp.	1,203,596
	7,700	Centamin plc	11,432
	2,400	CF Industries Holdings, Inc.	65,280

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	2,100	Covestro AG	$            63,731
	8,500	CRH plc	230,241
	300	Daicel Corp.	2,183
	3,600	Dow, Inc.	105,264
	300	Dowa Holdings Co. Ltd.	7,832
	1,785	Eastman Chemical Co.	83,145
	200	Ecolab, Inc.	31,166
	500	Essentra plc	1,619
	1,300	Evonik Industries AG	27,148
	12,500	Evraz plc	35,764
	33,000	Ferrexpo plc	47,348
	300	FMC Corp.	24,507
	60,000	Glencore plc*	90,813
	78,300	Graphic Packaging Holding Co.	955,260
	2,400	HeidelbergCement AG	102,535
	100	Hill & Smith Holdings plc	1,175
	2,000	Hitachi Metals Ltd.	20,993
	400	Huhtamaki OYJ	12,807
	3,800	Ibstock plc	7,135
	3,800	International Paper Co.	118,294
	6,400	K+S AG (Registered)(a)	36,823
	900	Kansai Paint Co. Ltd.	17,071
	500	Koninklijke DSM NV	56,244
	200	Kuraray Co. Ltd.	2,012
	700	LANXESS AG	27,863
	6,447	Linde plc	1,115,857
	2,000	LyondellBasell Industries NV Class A	99,260
	3,000	Marshalls plc	21,817
	5,400	Martin Marietta Materials, Inc.	1,021,842
	4,300	Mitsubishi Chemical Holdings Corp.	25,534
	600	Mitsubishi Gas Chemical Co., Inc.	6,475
	700	Mitsubishi Materials Corp.	14,310
	800	Mitsui Chemicals, Inc.	15,058
	500	Mitsui Mining & Smelting Co. Ltd.	8,303
	1,600	Mosaic Co. (The)	17,312
	9,300	Newmont Corp.	421,104
	3,000	Nippon Light Metal Holdings Co. Ltd.	4,671
	600	Nippon Paint Holdings Co. Ltd.	31,231
	200	Nippon Shokubai Co. Ltd.	9,129
	100	Nissan Chemical Corp.	3,622
	100	Nitto Denko Corp.	4,442
	3,600	Nucor Corp.	129,672
	1,000	Oji Holdings Corp.	5,316
	1,000	Packaging Corp. of America	86,830
	2,900	Polymetal International plc	49,635
	1,400	PPG Industries, Inc.	117,040
	1,600	Rengo Co. Ltd.	12,437
	200	Rhi Magnesita NV	5,050
	600	Rio Tinto plc	27,505
	2,200	Sealed Air Corp.	54,362
	2,400	Sherwin-Williams Co. (The)	1,102,848
	300	Shin-Etsu Chemical Co. Ltd.	29,486
	500	Showa Denko KK	10,258
	3,200	Smurfit Kappa Group plc	90,568
	1,200	Solvay SA	86,481
	8,300	Stora Enso OYJ Class R	82,990
	4,200	Sumitomo Chemical Co. Ltd.	12,409
	100	Sumitomo Osaka Cement Co. Ltd.	2,977

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	400	Taiheiyo Cement Corp.	$              6,813
	1,400	Taiyo Nippon Sanso Corp.	20,716
	500	Teijin Ltd.	8,458
	400	Tokai Carbon Co. Ltd.	3,280
	500	Tokuyama Corp.	9,591
	400	Tokyo Ohka Kogyo Co. Ltd.	15,190
	3,000	Toray Industries, Inc.	12,986
	800	Tosoh Corp.	9,041
	700	Toyo Seikan Group Holdings Ltd.	7,985
	700	Ube Industries Ltd.	10,678
	3,400	UPM-Kymmene OYJ	92,708
	4,100	voestalpine AG	82,724
	500	Vulcan Materials Co.	54,035
	4,100	WestRock Co.	115,866
	700	Wienerberger AG	10,936
	100	Yamato Kogyo Co. Ltd.	1,713
	400	Zeon Corp.	2,994
			9,606,259
	Media & Entertainment – 1.5%
	100	4imprint Group plc	2,353
	36,912	Activision Blizzard, Inc.*	2,195,526
	6,936	Alphabet, Inc. Class A*	8,059,285
	3,135	Alphabet, Inc. Class C*	3,645,409
	22,100	Altice Europe NV*	85,294
	1,200	Auto Trader Group plc	6,485
	26,127	Bollore SA	71,004
	100	Capcom Co. Ltd.	3,136
	1,600	Charter Communications, Inc. Class A*	698,096
	89,460	Comcast Corp. Class A	3,075,635
	600	CTS Eventim AG & Co. KGaA	27,455
	20,600	Discovery, Inc. Class C*	361,324
	12,600	Electronic Arts, Inc.*	1,262,142
	52,281	Facebook, Inc. Class A*	8,720,471
	11,600	Fox Corp. Class A	274,108
	11,300	Fox Corp. Class B	258,544
	5,600	Fuji Media Holdings, Inc.	55,622
	2,000	Future plc	24,837
	500	GungHo Online Entertainment, Inc.	6,969
	6,700	Hyve Group plc	1,639
	2,000	Informa plc	10,893
	21,600	Interpublic Group of Cos., Inc. (The)	349,704
	1,000	Kakaku.com, Inc.	18,289
	2,900	Lagardere SCA	36,106
	9,200	Liberty Broadband Corp. Class C*	1,018,624
	36,200	Liberty Media Corp.-Liberty SiriusXM Class C*	1,144,644
	42,563	Liberty Media Corp-Liberty Formula One Class A*	1,098,977
	45,438	Live Nation Entertainment, Inc.*	2,065,612
	3,200	Netflix, Inc.*	1,201,600
	122,100	News Corp. Class A	1,095,848
	3,409	News Corp. Class B	30,647
	16,700	Nexstar Media Group, Inc. Class A	964,091
	200	Nintendo Co. Ltd.	77,731
	5,300	Nippon Television Holdings, Inc.	59,059

Shares		Description	Value
	Common Stocks – (continued)
	Media & Entertainment – (continued)
	4,800	Omnicom Group, Inc.	$          263,520
	900	Pearson plc	6,161
	2,600	ProSiebenSat.1 Media SE	20,401
	2,448	Publicis Groupe SA	69,961
	5,300	Rightmove plc	31,964
	16,000	Roku, Inc.*	1,399,680
	2,000	Scout24 AG	119,558
	100	Shochiku Co. Ltd.	11,196
	600	Square Enix Holdings Co. Ltd.	26,805
	16,100	Take-Two Interactive Software, Inc.*	1,909,621
	100	Telenet Group Holding NV	3,003
	2,900	TV Asahi Holdings Corp.	43,952
	300	Ubisoft Entertainment SA*	21,927
	78,000	ViacomCBS, Inc.	1,092,780
	30,745	Walt Disney Co. (The)	2,969,967
	26,600	World Wrestling Entertainment, Inc. Class A	902,538
	30,500	Zillow Group, Inc. Class A*	1,036,085
	21,800	Zillow Group, Inc. Class C*	785,236
	142,000	Zynga, Inc. Class A*	972,700
			49,694,214
	Pharmaceuticals, Biotechnology & Life Sciences – 0.7%
	6,600	AbbVie, Inc.	502,854
	3,100	Alexion Pharmaceuticals, Inc.*	278,349
	2,100	Astellas Pharma, Inc.	32,355
	2,000	AstraZeneca plc	178,198
	4,600	Bayer AG (Registered)	263,573
	4,700	Biogen, Inc.*	1,486,986
	4,200	Bio-Rad Laboratories, Inc. Class A*	1,472,352
	10,600	Bristol-Myers Squibb Co.	590,844
	500	Chugai Pharmaceutical Co. Ltd.	57,848
	800	Daiichi Sankyo Co. Ltd.	54,941
	500	Dechra Pharmaceuticals plc	14,419
	200	Eisai Co. Ltd.	14,629
	400	Eli Lilly & Co.	55,488
	1,200	Galapagos NV*	235,653
	300	Genus plc	12,123
	20,332	Gilead Sciences, Inc.	1,520,020
	25,800	GlaxoSmithKline plc	484,115
	2,100	Grifols SA	70,261
	3,400	Hikma Pharmaceuticals plc	85,498
	32,400	Horizon Therapeutics plc*	959,688
	1,500	Incyte Corp.*	109,845
	600	Ipsen SA	30,756
	17,649	Johnson & Johnson	2,314,313
	100	Kaken Pharmaceutical Co. Ltd.	4,662
	900	Kissei Pharmaceutical Co. Ltd.	23,074
	400	Kyowa Kirin Co. Ltd.	8,940
	19,500	Merck & Co., Inc.	1,500,330
	600	Merck KGaA	60,577
	200	Mochida Pharmaceutical Co. Ltd.	7,725
	100	MorphoSys AG*	9,629
	76,666	Mylan NV*	1,143,090
	11,395	Neurocrine Biosciences, Inc.*	986,237
	200	Nippon Shinyaku Co. Ltd.	15,661
	600	Ono Pharmaceutical Co. Ltd.	13,788
	800	Orion OYJ Class B	32,557
	1,100	Otsuka Holdings Co. Ltd.	42,920
	3,800	Perrigo Co. plc	182,742
	861	PureTech Health plc*	2,577

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	600	QIAGEN NV*	$            24,226
	100	Recordati SpA	4,213
	2,700	Regeneron Pharmaceuticals, Inc.*	1,318,383
	14,200	Sage Therapeutics, Inc.*	407,824
	2,200	Sanofi	190,465
	1,800	Santen Pharmaceutical Co. Ltd.	30,891
	300	Sartorius Stedim Biotech	59,866
	700	Sawai Pharmaceutical Co. Ltd.	37,507
	600	Shionogi & Co. Ltd.	29,556
	1,500	Sumitomo Dainippon Pharma Co. Ltd.	19,472
	200	Taisho Pharmaceutical Holdings Co. Ltd.	12,276
	1,800	Takeda Pharmaceutical Co. Ltd.	54,807
	6,950	Thermo Fisher Scientific, Inc.	1,971,020
	10,000	United Therapeutics Corp.*	948,250
	11,027	Zoetis, Inc.	1,297,768
			21,266,141
	Real Estate – 0.3%
	200	Aedifica SA (REIT)	20,760
	1,100	Alexandria Real Estate Equities, Inc. (REIT)	150,766
	1,100	alstria office REIT-AG (REIT)	15,786
	12,147	American Tower Corp. (REIT)	2,645,009
	1,900	Aroundtown SA	9,510
	12,028	Assura plc (REIT)	12,468
	400	AvalonBay Communities, Inc. (REIT)	58,868
	500	Big Yellow Group plc (REIT)	6,186
	200	Boston Properties, Inc. (REIT)	18,446
	100	CLS Holdings plc	240
	100	Cofinimmo SA (REIT)	12,987
	400	Covivio (REIT)	22,464
	11,100	Crown Castle International Corp. (REIT)	1,602,840
	600	Derwent London plc (REIT)	24,237
	2,800	Duke Realty Corp. (REIT)	90,664
	3,190	Equinix, Inc. (REIT)	1,992,378
	2,200	Equity Residential (REIT)	135,762
	300	Essex Property Trust, Inc. (REIT)	66,072
	3,200	Extra Space Storage, Inc. (REIT)	306,432
	3,400	GCP Student Living plc (REIT)	5,565
	300	Gecina SA (REIT)	39,477
	5,000	Grainger plc	15,912
	2,600	Great Portland Estates plc (REIT)	21,905
	7,000	Healthpeak Properties, Inc. (REIT)	166,950
	5,800	Host Hotels & Resorts, Inc. (REIT)	64,032
	8,400	Howard Hughes Corp. (The)*	424,368
	1,200	Hulic Co. Ltd.	12,144
	600	ICADE (REIT)	47,093
	300	IMMOFINANZ AG*	5,432
	2,200	Inmobiliaria Colonial SOCIMI SA (REIT)	20,739
	400	Iron Mountain, Inc. (REIT)	9,520
	9,000	IWG plc	19,189
	1,200	Kojamo OYJ	22,662

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	5,615	LondonMetric Property plc (REIT)	$            12,247
	7,500	LXI REIT plc (REIT)	10,037
	400	Merlin Properties Socimi SA (REIT)	3,019
	3,300	Mid-America Apartment Communities, Inc. (REIT)	339,999
	400	Mitsubishi Estate Co. Ltd.	5,908
	1,100	Nomura Real Estate Holdings, Inc.	17,799
	600	Open House Co. Ltd.	12,346
	11,420	Primary Health Properties plc (REIT)	22,675
	5,400	Prologis, Inc. (REIT)	433,998
	800	Public Storage (REIT)	158,888
	2,100	Realty Income Corp. (REIT)	104,706
	1,300	Safestore Holdings plc (REIT)	10,280
	1,200	Savills plc	12,220
	5,056	SBA Communications Corp. (REIT)	1,364,968
	5,033	Segro plc (REIT)	47,579
	300	Simon Property Group, Inc. (REIT)	16,458
	3,600	Sirius Real Estate Ltd.	2,947
	700	St Modwen Properties plc	2,859
	200	Sumitomo Realty & Development Co. Ltd.	4,884
	400	TAG Immobilien AG*	7,867
	1,700	Tokyo Tatemono Co. Ltd.	18,006
	1,700	Tokyu Fudosan Holdings Corp.	8,165
	800	Tritax Big Box REIT plc (REIT)	1,114
	2,537	UNITE Group plc (The) (REIT)	25,318
	1,500	Vonovia SE	74,615
	1,000	Warehouses De Pauw CVA (REIT)	28,545
	3,300	Welltower, Inc. (REIT)	151,074
	1,500	Weyerhaeuser Co. (REIT)	25,425
	700	Workspace Group plc (REIT)	6,567
			10,997,376
	Retailing – 0.6%
	100	ABC-Mart, Inc.	5,005
	1,000	Advance Auto Parts, Inc.	93,320
	4,276	Amazon.com, Inc.*	8,337,003
	100	AutoZone, Inc.*	84,600
	2,500	B&M European Value Retail SA	8,491
	2,200	Best Buy Co., Inc.	125,400
	1,000	Booking Holdings, Inc.*	1,345,320
	15,513	CarMax, Inc.*	835,065
	44,500	Carvana Co.*(a)	2,451,505
	1,300	Delivery Hero SE*	95,581
	14,900	Dixons Carphone plc	14,284
	1,900	Dollar General Corp.	286,919
	12,860	Dollar Tree, Inc.*	944,824
	1,600	Dunelm Group plc	13,858
	3,738	eBay, Inc.	112,364
	31,900	Etsy, Inc.*	1,226,236
	1,300	Expedia Group, Inc.	73,151
	100	Fast Retailing Co. Ltd.	40,804
	6,000	Frasers Group plc*	13,519
	3,830	Gap, Inc. (The)	26,963
	600	Genuine Parts Co.	40,398

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	100	H2O Retailing Corp.	$                 729
	1,400	HelloFresh SE*	45,717
	100	Hikari Tsushin, Inc.	16,733
	9,350	Home Depot, Inc. (The)	1,745,739
	4,100	Inchcape plc	21,881
	1,700	Industria de Diseno Textil SA	44,053
	300	Izumi Co. Ltd.	8,264
	3,200	J Front Retailing Co. Ltd.	26,411
	5,800	JD Sports Fashion plc	32,484
	400	Just Eat Takeaway*	30,249
	7,200	Kingfisher plc	12,647
	4,000	Kohl’s Corp.	58,360
	1,400	K’s Holdings Corp.	13,230
	4,400	L Brands, Inc.	50,864
	5,072	LKQ Corp.*	104,027
	7,600	Lowe’s Cos., Inc.	653,980
	9,600	Macy’s, Inc.	47,136
	11,400	Marks & Spencer Group plc	13,820
	1,300	Marui Group Co. Ltd.	21,747
	400	Next plc	20,068
	200	Nitori Holdings Co. Ltd.	27,028
	500	Nordstrom, Inc.	7,670
	1,200	Ocado Group plc*	18,000
	2,800	O’Reilly Automotive, Inc.*	842,940
	300	PALTAC Corp.	14,858
	1,300	Pan Pacific International Holdings Corp.	24,619
	8,500	Pets at Home Group plc	26,988
	2,400	Rakuten, Inc.	18,094
	877	Ross Stores, Inc.	76,273
	200	Shimamura Co. Ltd.	12,087
	200	Takashimaya Co. Ltd.	1,795
	2,800	Target Corp.	260,316
	2,800	TJX Cos., Inc. (The)	133,868
	1,000	Tractor Supply Co.	84,550
	400	Trainline plc*	1,661
	300	Ulta Beauty, Inc.*	52,710
	300	Vivo Energy plc	252
	1,500	Watches of Switzerland Group plc*	3,452
	300	WH Smith plc	4,214
	4,300	Yamada Denki Co. Ltd.*	17,127
	200	Zalando SE*	7,538
			20,778,789
	Semiconductors & Semiconductor Equipment – 0.6%
	29,700	Advanced Micro Devices, Inc.*	1,350,756
	900	Advantest Corp.	35,847
	10,300	Analog Devices, Inc.	923,395
	26,500	Applied Materials, Inc.	1,214,230
	2,300	ASM International NV	234,006
	1,300	ASML Holding NV	342,699
	1,501	Broadcom, Inc.	355,887
	4,900	Dialog Semiconductor plc*	127,366
	100	Disco Corp.	19,455
	48,700	Entegris, Inc.	2,180,299
	14,700	Intel Corp.	795,564
	6,547	Lam Research Corp.	1,571,280
	700	Lasertec Corp.	32,459
	800	Maxim Integrated Products, Inc.	38,888
	2,700	Microchip Technology, Inc.	183,060
	49,318	Micron Technology, Inc.*	2,074,315
	8,490	NVIDIA Corp.	2,237,964
	4,100	Qorvo, Inc.*	330,583

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	24,759	QUALCOMM, Inc.	$       1,674,947
	4,900	Renesas Electronics Corp.*	17,430
	300	SCREEN Holdings Co. Ltd.	10,979
	9,800	Skyworks Solutions, Inc.	875,924
	20,500	STMicroelectronics NV	434,811
	900	Texas Instruments, Inc.	89,937
	200	Tokyo Electron Ltd.	37,275
	900	Ulvac, Inc.	21,309
	11,300	Xilinx, Inc.	880,722
			18,091,387
	Software & Services – 1.9%
	3,500	Accenture plc Class A	571,410
	4,800	Adobe, Inc.*	1,527,552
	2,300	Akamai Technologies, Inc.*	210,427
	4,200	Alliance Data Systems Corp.	141,330
	900	Alten SA	63,338
	3,000	Amadeus IT Group SA	141,207
	5,600	ANSYS, Inc.*	1,301,832
	1,704	Atos SE	113,530
	9,200	Avast plc	44,479
	700	AVEVA Group plc	30,159
	1,200	Bechtle AG	151,095
	2,400	Broadridge Financial Solutions, Inc.	227,592
	2,700	Cadence Design Systems, Inc.*	178,308
	1,700	Capgemini SE	142,056
	700	Citrix Systems, Inc.	99,085
	8,600	Cognizant Technology Solutions Corp. Class A	399,642
	600	Computacenter plc	10,637
	12,200	Coupa Software, Inc.*	1,704,706
	600	Dassault Systemes SE	87,595
	57,400	DXC Technology Co.	749,070
	1,448	Edenred	60,091
	3,800	Equiniti Group plc	8,193
	8,000	Euronet Worldwide, Inc.*	685,760
	200	FDM Group Holdings plc	1,815
	15,300	Fidelity National Information Services, Inc.	1,861,092
	16,600	Finablr plc*	2,273
	3,700	Fiserv, Inc.*	351,463
	500	FleetCor Technologies, Inc.*	93,270
	840	Fujitsu Ltd.	75,658
	800	Gartner, Inc.*	79,656
	27,876	Genpact Ltd.	813,979
	2,600	Global Payments, Inc.	374,998
	2,000	Infomart Corp.	13,161
	4,200	International Business Machines Corp.	465,906
	1,007	Intuit, Inc.	231,610
	400	Itochu Techno-Solutions Corp.	11,392
	1,594	Kainos Group plc	12,866
	7,000	Leidos Holdings, Inc.	641,550
	23,152	Mastercard, Inc. Class A	5,592,597
	1,196	Micro Focus International plc	5,902
	74,821	Microsoft Corp.	11,800,020
	600	Nemetschek SE	29,249
	1,400	NET One Systems Co. Ltd.	29,131
	100	Network International Holdings plc*	486
	38,900	New Relic, Inc.*	1,798,736
	7,000	Nexi SpA*	91,063
	400	Nihon Unisys Ltd.	10,669

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	1,600	Nomura Research Institute Ltd.	$            33,796
	20,727	NortonLifeLock, Inc.	387,802
	3,900	NTT Data Corp.	37,333
	83,924	Nuance Communications, Inc.*	1,408,245
	200	Obic Co. Ltd.	26,058
	7,800	Okta, Inc.*	953,628
	8,562	Oracle Corp.	421,581
	200	Otsuka Corp.	8,526
	13,244	Palo Alto Networks, Inc.*	2,171,486
	700	Paycom Software, Inc.*	141,407
	50,463	PayPal Holdings, Inc.*	4,831,328
	12,600	Pegasystems, Inc.	897,498
	11,800	Proofpoint, Inc.*	1,210,562
	3,400	Sage Group plc (The)	24,723
	24,157	salesforce.com, Inc.*	3,478,125
	800	SAP SE	89,318
	200	SCSK Corp.	8,848
	5,376	ServiceNow, Inc.*	1,540,654
	1,600	Softcat plc	20,374
	900	Sopra Steria Group	98,445
	1,400	Synopsys, Inc.*	180,306
	900	TIS, Inc.	14,926
	7,600	Trade Desk, Inc. (The) Class A*	1,466,800
	3,400	Tyler Technologies, Inc.*	1,008,304
	1,234	VeriSign, Inc.*	222,231
	27,994	Visa, Inc. Class A	4,510,393
	28,900	Western Union Co. (The)	523,957
	920	Worldline SA*	54,300
	15,800	Zendesk, Inc.*	1,011,358
			59,819,948
	Technology Hardware & Equipment – 0.6%
	2,200	Alps Alpine Co. Ltd.	21,198
	500	Amano Corp.	10,986
	1,800	Amphenol Corp. Class A	131,184
	43,419	Apple, Inc.	11,041,018
	1,000	Arista Networks, Inc.*	202,550
	200	Azbil Corp.	5,168
	900	Brother Industries Ltd.	13,632
	300	Canon Marketing Japan, Inc.	5,934
	400	Canon, Inc.	8,692
	4,100	CDW Corp.	382,407
	19,226	Cisco Systems, Inc.	755,774
	1,200	Citizen Watch Co. Ltd.	4,234
	23,400	Dell Technologies, Inc. Class C*	925,470
	2,400	Electrocomponents plc	15,280
	3,602	F5 Networks, Inc.*	384,081
	2,892	FLIR Systems, Inc.	92,226
	1,100	FUJIFILM Holdings Corp.	54,208
	1,600	Halma plc	37,578
	30,100	Hewlett Packard Enterprise Co.	292,271
	2,720	Hitachi Ltd.	78,136
	200	Horiba Ltd.	9,878
	18,100	HP, Inc.	314,216
	1,200	Ibiden Co. Ltd.	26,189
	300	IPG Photonics Corp.*	33,084
	10,887	Juniper Networks, Inc.	208,377
	100	Keyence Corp.	32,151
	2,600	Keysight Technologies, Inc.*	217,568
	1,800	Konica Minolta, Inc.	7,252
	600	Kyocera Corp.	35,406
	1,314	Motorola Solutions, Inc.	174,657
	500	Murata Manufacturing Co. Ltd.	24,857
	4,421	NetApp, Inc.	184,312

Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	600	Nippon Electric Glass Co. Ltd.	$              7,990
	43,200	Nokia OYJ	133,050
	1,200	Oki Electric Industry Co. Ltd.	11,218
	200	Omron Corp.	10,341
	300	Oxford Instruments plc	4,637
	100	Renishaw plc	3,884
	2,000	Ricoh Co. Ltd.	14,603
	5,500	Seagate Technology plc	268,400
	700	Seiko Epson Corp.	7,534
	4,800	Spirent Communications plc	12,175
	300	Taiyo Yuden Co. Ltd.	7,834
	200	TDK Corp.	15,378
	4,200	TE Connectivity Ltd.	264,516
	2,000	Topcon Corp.	14,680
	24,000	Western Digital Corp.	998,880
	10,589	Zebra Technologies Corp. Class A*	1,944,140
			19,449,234
	Telecommunication Services – 0.2%
	1,300	Airtel Africa plc	654
	81,100	AT&T, Inc.	2,364,065
	3,400	Cellnex Telecom SA	154,233
	44,609	CenturyLink, Inc.	422,001
	13,700	Deutsche Telekom AG (Registered)	176,942
	1,400	Elisa OYJ	86,413
	3,500	KDDI Corp.	103,385
	4,600	Nippon Telegraph & Telephone Corp.	110,016
	2,100	NTT DOCOMO, Inc.	65,674
	800	Proximus SADP	18,372
	1,200	Softbank Corp.	15,286
	211,600	Telecom Italia SpA*	85,650
	2,000	Telefonica Deutschland Holding AG	4,910
	21,400	Telefonica SA	97,393
	33,625	Verizon Communications, Inc.	1,806,671
	174,700	Vodafone Group plc	241,688
			5,753,353
	Transportation – 0.2%
	2,100	Abertis Infraestructuras SA*,(b)	14,985
	19,600	Air France-KLM*	109,019
	4,300	Alaska Air Group, Inc.	122,421
	5,600	Atlantia SpA	69,566
	200	Central Japan Railway Co.	32,054
	3,300	CH Robinson Worldwide, Inc.	218,460
	100	Clarkson plc	2,840
	2,000	CSX Corp.	114,600
	47,953	Delta Air Lines, Inc.	1,368,099
	1,200	Deutsche Lufthansa AG (Registered)	11,224
	4,200	Deutsche Post AG (Registered)	112,596
	2,700	Expeditors International of Washington, Inc.	180,144
	17,500	Firstgroup plc*	10,774
	300	Fraport AG Frankfurt Airport Services Worldwide	12,077
	400	Go-Ahead Group plc (The)	4,051
	700	Hankyu Hanshin Holdings, Inc.	23,517
	300	Japan Airlines Co. Ltd.	5,513
	200	Japan Airport Terminal Co. Ltd.	7,686

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	1,500	JB Hunt Transport Services, Inc.	$          138,345
	700	Kamigumi Co. Ltd.	11,816
	1,200	Kansas City Southern	152,616
	100	Keikyu Corp.	1,683
	400	Kintetsu Group Holdings Co. Ltd.	18,513
	25,600	Macquarie Infrastructure Corp.	646,400
	3,100	National Express Group plc	7,849
	18,200	Royal Mail plc	28,056
	400	Sankyu, Inc.	14,904
	1,600	Seino Holdings Co. Ltd.	17,371
	16,220	Signature Aviation plc	32,959
	6,200	Southwest Airlines Co.	220,782
	6,000	Stagecoach Group plc	5,138
	700	Tobu Railway Co. Ltd.	24,421
	10,100	Union Pacific Corp.	1,424,504
	4,000	United Airlines Holdings, Inc.*	126,200
	200	West Japan Railway Co.	13,679
	800	Wizz Air Holdings plc*	22,517
			5,327,379
	Utilities – 0.4%
	72,900	A2A SpA	89,940
	8,213	AES Corp.	111,697
	8,200	Alliant Energy Corp.	395,978
	2,800	Ameren Corp.	203,924
	6,600	American Electric Power Co., Inc.	527,868
	4,052	American Water Works Co., Inc.	484,457
	3,400	Atmos Energy Corp.	337,382
	8,100	CenterPoint Energy, Inc.	125,145
	36,600	Centrica plc	17,246
	200	Chubu Electric Power Co., Inc.	2,823
	7,240	CMS Energy Corp.	425,350
	5,900	Consolidated Edison, Inc.	460,200
	1,305	ContourGlobal plc	2,319
	4,400	Dominion Energy, Inc.	317,636
	4,400	Drax Group plc	8,321
	2,100	DTE Energy Co.	199,437
	2,100	Duke Energy Corp.	169,848
	4,600	Edison International	252,034
	26,100	EDP - Energias de Portugal SA	105,010
	300	Electric Power Development Co. Ltd.	6,012
	2,795	Electricite de France SA	21,855
	200	Elia Group SA/NV	19,481
	1,600	Endesa SA	33,857
	42,100	Enel SpA	290,399
	4,345	Entergy Corp.	408,300
	9,800	Evergy, Inc.	539,490
	5,600	Eversource Energy	437,976
	5,900	Exelon Corp.	217,179
	9,612	FirstEnergy Corp.	385,153
	4,800	Fortum OYJ	69,826
	20,900	Hera SpA	75,614
	40,200	Iberdrola SA	393,197
	20,500	Italgas SpA	112,163
	2,700	Naturgy Energy Group SA	47,368
	6,900	NextEra Energy, Inc.	1,660,278
	4,000	NiSource, Inc.	99,880
	5,998	NRG Energy, Inc.	163,505
	1,100	Osaka Gas Co. Ltd.	20,655

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	2,800	Pennon Group plc	$            37,439
	1,200	Pinnacle West Capital Corp.	90,948
	2,300	PPL Corp.	56,764
	2,500	Public Service Enterprise Group, Inc.	112,275
	3,700	RWE AG	96,761
	3,600	Sempra Energy	406,764
	900	Severn Trent plc	25,476
	2,200	Shikoku Electric Power Co., Inc.	17,353
	18,900	Snam SpA	86,379
	9,100	Southern Co. (The)	492,674
	8,200	SSE plc	131,766
	8,300	Suez	84,323
	200	Telecom Plus plc	3,085
	4,900	Terna Rete Elettrica Nazionale SpA	30,801
	800	Tokyo Gas Co. Ltd.	18,851
	4,400	United Utilities Group plc	49,253
	5,300	Veolia Environnement SA	111,941
	100	Verbund AG Class A	3,607
	87,848	Vistra Energy Corp.	1,402,054
	5,500	WEC Energy Group, Inc.	484,715
	6,307	Xcel Energy, Inc.	380,312
			13,362,344
	TOTAL COMMON STOCKS (Cost $335,790,946)		$   346,946,423
	Exchange Traded Funds – 4.6%
	60,856	Energy Select Sector SPDR Fund(a)	$       1,768,475
	152,483	Health Care Select Sector SPDR Fund	13,506,944
	68,986	Invesco Emerging Markets Sovereign Debt ETF(a)	1,649,455
	2,007,184	Invesco Senior Loan ETF	41,066,985
	181,792	SPDR Bloomberg Barclays Convertible Securities ETF	8,700,565
	168,414	SPDR Dow Jones International Real Estate ETF	4,508,443
	54,112	SPDR Dow Jones REIT ETF	3,906,886
	2,223,221	Vanguard FTSE Emerging Markets ETF	74,589,065
	TOTAL EXCHANGE TRADED FUNDS (Cost $168,179,574)		$   149,696,818
Shares		Dividend Rate	Value
	Investment Company(c) – 78.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	2,544,764,160	0.333%	$2,544,764,160
	(Cost $2,544,764,160)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,048,734,680)		$3,041,407,401

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle(c) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	6,589,170	0.333%	$       6,589,170
	(Cost $6,589,170)
	TOTAL INVESTMENTS – 94.5% (Cost $3,055,323,850)		$3,047,996,571
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 5.5%		177,601,053
	NET ASSETS – 100.0%		$3,225,597,624

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	Represents an Affiliated Issuer.

Investment Abbreviations:
CVA	— Dutch Certification
EURIBOR	— Euro Interbank Offered Rate
REIT	— Real Estate Investment Trust
SPDR	— Standard and Poor’s Depositary Receipts
Currency Abbreviations:
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
KRW	— South Korean Won
NZD	— New Zealand Dollar
PHP	— Philippines Peso
SEK	— Swedish Krona
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, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Chase Bank NA	CAD	5,150,000	USD	3,658,451		04/23/2020	$	1,980
	CHF	4,330,000	USD	4,417,245		04/23/2020		86,443
	PHP	177,990,000	USD	3,448,750		04/29/2020		27,230
TOTAL							$	115,653
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Chase Bank NA	USD	7,647,821	CAD	10,920,000		04/23/2020	$	(113,713	)
	USD	4,350,537	CHF	4,250,000		04/23/2020		(69,942	)
	USD	23,871,825	EUR	22,250,000		04/23/2020		(688,035	)
	USD	11,099,643	GBP	9,340,000		04/23/2020		(506,919	)
	USD	8,477,245	JPY	933,940,000		04/23/2020		(217,836	)
	USD	4,601,110	KRW	5,734,640,000		04/29/2020		(108,217	)
	USD	4,399,221	NZD	7,630,000		04/23/2020		(152,724	)
	USD	3,326,801	SEK	34,100,000		04/23/2020		(122,023	)
TOTAL							$	(1,979,409	)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold	24		06/26/2020	$	3,817,680		$	(205,026	)
3 Month Canadian Bankers Acceptance	32		06/15/2020		5,647,410			70,163
3 Month Canadian Bankers Acceptance	16		09/14/2020		2,826,121			34,228
3 Month Canadian Bankers Acceptance	22		12/14/2020		3,885,330			44,256
3 Month Eurodollar	57		06/15/2020		14,175,187			247,330
3 Month Eurodollar	21		09/14/2020		5,231,362			129,889
3 Month Eurodollar	23		12/14/2020		5,730,450			143,697
3 Month Eurodollar	24		03/15/2021		5,982,900			133,944
3 Month Eurodollar	19		06/14/2021		4,736,225			88,610
3 Month Eurodollar	31		09/13/2021		7,726,750			104,553
3 Month Eurodollar	34		12/13/2021		8,471,950			112,260
3 Month Eurodollar	38		03/14/2022		9,467,225			90,599
3 Month Sterling	34		06/17/2020		5,256,226			2,402
3 Month Sterling	22		09/16/2020		3,403,820			30,221
3 Month Sterling	26		12/16/2020		4,022,898			40,041
3 Month Sterling	12		03/17/2021		1,857,654			17,556
3 Month Sterling	20		06/16/2021		3,095,313			24,099
3 Month Sterling	20		09/15/2021		3,094,537			12,231
3 Month Sterling	22		12/15/2021		3,403,307			12,406
3 Month Sterling	24		03/16/2022		3,712,513			6,430
ASX 90 Day Bank Accepted Bill	30		06/11/2020		18,437,088			14,164
ASX 90 Day Bank Accepted Bill	37		09/10/2020		22,739,076			25,499
ASX 90 Day Bank Accepted Bill	25		12/10/2020		15,363,862			8,875
Australia 10 Year Bond	73		06/15/2020		6,760,026			(10,313	)
Canada 10 Year Bond	105		06/19/2020		10,990,194			510,160
EURO STOXX 50 Index	1,594		06/19/2020		48,292,881			7,415,467
Euro-Bobl	145		06/08/2020		21,630,847			(140,629	)
Euro-BTP	22		06/08/2020		3,436,239			(164,313	)
Euro-Bund	143		06/08/2020		27,224,712			(357,017	)
Euro-Buxl	15		06/08/2020		3,476,120			(132,850	)
Euro-OAT	38		06/08/2020		7,009,900			(196,511	)
Euro-Schatz	443		06/08/2020		54,806,989			(114,624	)
FTSE 100 Index	222		06/19/2020		15,539,677			990,227
LME Aluminum Base Metal	112		04/15/2020		4,204,200			(500,121	)
Long Gilt	76		06/26/2020		12,876,106			179,120
NASDAQ 100 E-Mini Index	194		06/19/2020		30,210,650			2,875,120
Russell 2000 E-Mini Index	94		06/19/2020		5,393,720			(212,139	)
TOPIX Index	94		06/11/2020		12,265,241			136,627
U.S. Treasury 2 Year Note	182		06/30/2020		40,109,672			543,491
U.S. Treasury 5 Year Note	210		06/30/2020		26,338,594			780,984
U.S. Treasury 10 Year Note	226		06/19/2020		31,382,219			1,276,316
U.S. Treasury Long Bond	46		06/19/2020		8,262,750			594,979
Total							$	14,662,401
Short position contracts:
3 Month Euro Euribor	(25)		06/15/2020	$	(6,918,629	)	$	(561	)
3 Month Euro Euribor	(13)		09/14/2020		(3,598,763	)		(19	)
3 Month Euroswiss	(15)		06/15/2020		(3,922,208	)		(20	)
Copper	(64)		05/27/2020		(3,548,000	)		549,423
Japan 10 Year Bond	(2)		06/15/2020		(2,842,874	)		(9,783	)
LME Aluminum Base Metal	(112)		04/15/2020		(4,204,200	)		607,336
LME Aluminum Base Metal	(97)		05/20/2020		(3,672,056	)		404,989
S&P 500 E-Mini Index	(1,784)		06/19/2020		(229,217,240	)		(13,998,481	)
Soybean	(57)		05/14/2020		(2,523,675	)		26,895
WTI Crude Oil	(133)		04/21/2020		(2,698,570	)		2,821,893
Total							$	(9,598,328	)
Total Futures Contracts							$	5,064,073

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, 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, 2020(b)		Termination Date		Notional Amount(000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
iTraxx Europe Crossover Index		5.000%		5.740%		06/20/2025	EUR	49,700	$	(1,606,264	)	$	(4,338,411	)	$	2,732,147
Markit CDX North America High Yield Index		5.000		6.575		06/20/2025	USD	56,950		(3,601,212	)		(2,956,837	)		(644,375	)
TOTAL									$	(5,207,476	)	$	(7,295,248	)	$	2,087,772

(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)
Alerian MLP Index Total Return(b)		(0.800)%	Bank of America NA		08/17/2020	USD	7,059	$	(1,593	)
Bloomberg Roll Select Commodity Index Total Return(c)		0.000	JPMorgan Chase Bank NA		02/26/2021	USD	20,974		(152,664	)
Euro Stoxx Gross Total Return Index(d)		0.520			06/15/2020	EUR	15,506		(1,176,102	)
FTSE 100 Total Return Index(d)		0.261			09/14/2020	GBP	4,833		(506,477	)
TOTAL								$	(1,836,836	)

(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 made weekly.

(d) Payments received monthly.

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At March 31, 2020, 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.		2,975  USD		04/17/2020		28	$	(7,236,852	)	$	(1,141,420	)	$	(84,969	)	$	(1,056,451	)
			3,000  USD		04/17/2020		27		(6,978,393	)		(1,167,345	)		(50,440	)		(1,116,905	)
			3,025  USD		04/17/2020		27		(6,978,393	)		(1,233,765	)		(97,650	)		(1,136,115	)
			3,050  USD		04/17/2020		26		(6,719,934	)		(1,252,680	)		(61,160	)		(1,191,520	)
			3,075  USD		04/17/2020		26		(6,719,934	)		(1,317,550	)		(67,790	)		(1,249,760	)
			3,100  USD		04/17/2020		25		(6,461,475	)		(1,329,000	)		(120,141	)		(1,208,859	)
			3,125  USD		04/17/2020		25		(6,461,475	)		(1,390,875	)		(101,721	)		(1,289,154	)
			3,150  USD		04/17/2020		25		(6,461,475	)		(1,453,500	)		(145,541	)		(1,307,959	)
			3,175  USD		04/17/2020		24		(6,203,016	)		(1,455,120	)		(95,542	)		(1,359,578	)
			3,200  USD		04/17/2020		24		(6,203,016	)		(1,515,000	)		(105,662	)		(1,409,338	)
			3,225  USD		04/17/2020		24		(6,203,016	)		(1,574,760	)		(175,107	)		(1,399,653	)
			3,250  USD		04/17/2020		23		(5,944,557	)		(1,566,530	)		(134,909	)		(1,431,621	)
			3,275  USD		04/17/2020		23		(5,944,557	)		(1,623,915	)		(140,944	)		(1,482,971	)
			3,300  USD		04/17/2020		22		(5,686,098	)		(1,608,090	)		(213,267	)		(1,394,823	)
			3,325  USD		04/17/2020		22		(5,686,098	)		(1,662,980	)		(206,797	)		(1,456,183	)
			3,025  USD		05/15/2020		25		(6,461,475	)		(1,161,625	)		(63,735	)		(1,097,890	)
			3,050  USD		05/15/2020		24		(6,203,016	)		(1,172,400	)		(67,064	)		(1,105,336	)
			3,075  USD		05/15/2020		24		(6,203,016	)		(1,230,480	)		(87,117	)		(1,143,363	)
			3,100  USD		05/15/2020		24		(6,203,016	)		(1,289,160	)		(135,122	)		(1,154,038	)
			3,125  USD		05/15/2020		23		(5,944,557	)		(1,292,370	)		(85,999	)		(1,206,371	)
			3,150  USD		05/15/2020		23		(5,944,557	)		(1,348,145	)		(94,622	)		(1,253,523	)
			3,175  USD		05/15/2020		23		(5,944,557	)		(1,405,185	)		(158,662	)		(1,246,523	)
			3,200  USD		05/15/2020		22		(5,686,098	)		(1,399,200	)		(117,208	)		(1,281,992	)
			3,225  USD		05/15/2020		22		(5,686,098	)		(1,453,100	)		(120,547	)		(1,332,553	)
			3,250  USD		05/15/2020		22		(5,686,098	)		(1,507,880	)		(193,736	)		(1,314,144	)
			3,275  USD		05/15/2020		21		(5,427,639	)		(1,491,630	)		(167,451	)		(1,324,179	)
			3,300  USD		05/15/2020		21		(5,427,639	)		(1,543,605	)		(154,599	)		(1,389,006	)
			3,325  USD		05/15/2020		21		(5,427,639	)		(1,595,895	)		(237,245	)		(1,358,650	)
			3,350  USD		05/15/2020		20		(5,169,180	)		(1,570,100	)		(192,095	)		(1,378,005	)
			3,375  USD		05/15/2020		20		(5,169,180	)		(1,620,200	)		(200,423	)		(1,419,777	)
			2,175  USD		06/19/2020		6		(1,550,754	)		(50,520	)		(88,556	)		38,036
			2,200  USD		06/19/2020		6		(1,550,754	)		(53,580	)		(92,696	)		39,116
			2,225  USD		06/19/2020		6		(1,550,754	)		(56,790	)		(96,836	)		40,046
			2,250  USD		06/19/2020		6		(1,550,754	)		(60,150	)		(101,696	)		41,546
			2,275  USD		06/19/2020		6		(1,550,754	)		(63,600	)		(106,436	)		42,836
			2,300  USD		06/19/2020		6		(1,550,754	)		(67,200	)		(110,996	)		43,796
			2,325  USD		06/19/2020		6		(1,550,754	)		(70,980	)		(116,189	)		45,209
			2,350  USD		06/19/2020		5		(1,292,295	)		(62,450	)		(101,146	)		38,696
			2,375  USD		06/19/2020		5		(1,292,295	)		(65,825	)		(105,496	)		39,671
			2,400  USD		06/19/2020		5		(1,292,295	)		(69,375	)		(110,246	)		40,871
Total written options contracts							763				$	(42,993,975	)	$	(4,907,558	)	$	(38,086,417	)

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments

March 31, 2020 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(a) – 77.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
36,644,624	0.333%	$36,644,624
TOTAL INVESTMENTS – 77.6% (Cost $36,644,624)		$36,644,624
OTHER ASSETS IN EXCESS OF     LIABILITIES – 22.4%		10,557,875
NET ASSETS – 100.0%		$47,202,499

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
NZD	— New Zealand Dollar
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, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	CZK	7,370,000	USD	295,809		04/23/2020	$	726
	HUF	119,680,000	USD	365,846		04/23/2020		243
	KRW	437,530,000	USD	359,193		04/29/2020		109
	MXN	9,530,000	USD	396,729		04/23/2020		3,634
	NOK	1,190,000	USD	113,464		04/23/2020		1,015
	RUB	14,740,000	USD	184,573		04/29/2020		3,424
	SEK	4,180,000	USD	419,269		04/23/2020		3,491
	USD	413,528	BRL	2,080,000		04/29/2020		13,972
	USD	423,521	CLP	358,550,000		04/29/2020		4,277
	USD	604,667	HUF	196,350,000		04/23/2020		4,054
	USD	288,754	INR	21,930,000		04/29/2020		954
	USD	244,942	MXN	5,810,000		04/23/2020		859
	USD	468,865	THB	15,270,000		04/23/2020		3,541
	USD	423,469	TWD	12,710,000		04/29/2020		1,499
	USD	103,627	ZAR	1,820,000		04/23/2020		2,209
TOTAL							$	44,007
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	BRL	1,210,000	USD	233,185		04/29/2020	$	(751	)
	CLP	189,550,000	USD	223,344		04/29/2020		(1,708	)
	COP	528,110,000	USD	130,179		04/29/2020		(420	)
	IDR	1,114,030,000	USD	68,895		04/29/2020		(746	)
	ILS	540,000	USD	152,695		04/23/2020		(110	)
	INR	25,820,000	USD	339,483		04/29/2020		(632	)
	THB	8,080,000	USD	246,879		04/23/2020		(656	)
	TWD	9,750,000	USD	323,942		04/29/2020		(244	)
	USD	295,585	COP	1,211,900,000		04/29/2020		(2,182	)
	USD	535,230	CZK	13,600,000		04/23/2020		(11,972	)
	USD	255,037	ILS	920,000		04/23/2020		(4,922	)
	USD	539,849	KRW	672,880,000		04/29/2020		(12,725	)
	USD	548,759	NOK	6,190,000		04/23/2020		(46,729	)
	USD	625,361	SEK	6,410,000		04/23/2020		(22,938	)
TOTAL							$	(106,735	)

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australia 10 Year Bond	20		06/15/2020	$	1,852,062		$	33,624
Brent Crude Oil	4		07/31/2020		135,400			(24,768	)
Canada 10 Year Bond	12		06/19/2020		1,256,022			5,904
Cocoa	6		09/15/2020		135,720			(18,259	)
Coffee ‘C’	3		09/18/2020		134,662			5,297
Copper	2		09/28/2020		111,275			(4,537	)
Corn	2		05/14/2020		34,200			119
Corn	7		09/14/2020		122,850			(9,162	)
Cotton No. 2	5		12/08/2020		133,650			(12,546	)
Euro-Schatz	1		06/08/2020		123,718			(243	)
Foreign Exchange AUD/USD	8		06/15/2020		492,240			18,813
Foreign Exchange CAD/USD	2		06/16/2020		142,230			853
Foreign Exchange NZD/USD	8		06/15/2020		477,280			15,975
KC HRW Wheat	5		09/14/2020		126,437			10,984
Lean Hogs	5		08/14/2020		130,600			(22,376	)
Live Cattle	4		08/31/2020		149,800			(20,673	)
LME Aluminum Base Metal	134		04/15/2020		5,030,025			(834,256	)
LME Aluminum Base Metal	53		05/20/2020		2,006,381			(308,524	)
LME Aluminum Base Metal	54		06/17/2020		2,055,375			(389,921	)
LME Aluminum Base Metal	54		07/15/2020		2,063,475			(291,940	)
LME Aluminum Base Metal	7		08/19/2020		269,063			(31,295	)
LME Lead Base Metal	34		04/15/2020		1,478,363			(83,868	)
LME Nickel Base Metal	6		04/15/2020		411,948			(42,494	)
LME Zinc Base Metal	109		04/15/2020		5,171,369			(730,680	)
LME Zinc Base Metal	42		05/20/2020		1,997,625			(307,852	)
LME Zinc Base Metal	44		06/17/2020		2,095,225			(460,663	)
LME Zinc Base Metal	45		07/15/2020		2,145,094			(289,437	)
LME Zinc Base Metal	7		08/19/2020		334,162			(12,435	)
Low Sulphur Gasoil	4		08/12/2020		125,800			(26,483	)
Natural Gas	6		07/29/2020		118,500			(10,137	)
NY Harbor ULSD	3		07/31/2020		134,303			(22,755	)
RBOB Gasoline	4		07/31/2020		126,521			3,089
Soybean	3		11/13/2020		131,625			(2,797	)
Soybean Oil	8		12/14/2020		135,456			(4,347	)
Sugar No. 11	10		09/30/2020		120,736			(14,055	)
U.S. Treasury 5 Year Note	1		06/30/2020		125,422			3,719
U.S. Treasury 10 Year Note	7		06/19/2020		972,016			9,029
Wheat	5		09/14/2020		141,125			9,584
WTI Crude Oil	4		07/21/2020		118,000			(10,951	)
Total							$	(3,870,464	)
Short position contracts:
Brent Crude Oil	(5)		04/30/2020	$	(130,050	)	$	36,876
CBOE Volatility Index	(8)		04/15/2020		(374,200	)		(174,973	)
CBOE Volatility Index	(8)		05/20/2020		(327,400	)		(135,742	)
CBOE Volatility Index	(4)		06/17/2020		(148,900	)		69,940
Cocoa	(3)		05/13/2020		(67,170	)		11,430
Coffee ‘C’	(5)		05/18/2020		(221,438	)		(24,185	)
Copper	(2)		05/27/2020		(110,875	)		(4,481	)
Cotton No. 2	(3)		05/06/2020		(76,650	)		16,875
Euro-Bund	(15)		06/08/2020		(2,855,739	)		41,260
Foreign Exchange CHF/USD	(1)		06/15/2020		(130,387	)		2,310
Foreign Exchange EUR/USD	(6)		06/15/2020		(829,762	)		9,122
Foreign Exchange GBP/USD	(6)		06/15/2020		(466,837	)		5,800

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
Foreign Exchange JPY/USD	(4)		06/15/2020	$	(466,525	)	$	10,092
Japan 10 Year Bond	(1)		06/15/2020		(1,421,437	)		(4,899	)
KC HRW Wheat	(5)		05/14/2020		(122,750	)		(2,466	)
Lean Hogs	(2)		06/12/2020		(49,740	)		6,704
LME Aluminum Base Metal	(134)		04/15/2020		(5,030,025	)		757,734
LME Aluminum Base Metal	(57)		05/20/2020		(2,157,806	)		408,030
LME Aluminum Base Metal	(54)		06/17/2020		(2,055,375	)		289,886
LME Aluminum Base Metal	(54)		07/15/2020		(2,063,475	)		267,178
LME Aluminum Base Metal	(4)		08/19/2020		(153,750	)		(9	)
LME Lead Base Metal	(34)		04/15/2020		(1,478,362	)		78,972
LME Nickel Base Metal	(6)		04/15/2020		(411,948	)		46,627
LME Zinc Base Metal	(109)		04/15/2020		(5,171,369	)		715,923
LME Zinc Base Metal	(45)		05/20/2020		(2,140,313	)		446,286
LME Zinc Base Metal	(44)		06/17/2020		(2,095,225	)		298,650
LME Zinc Base Metal	(45)		07/15/2020		(2,145,094	)		120,389
LME Zinc Base Metal	(4)		08/19/2020		(190,950	)		(9	)
Long Gilt	(5)		06/26/2020		(847,112	)		5,606
Low Sulphur Gasoil	(5)		05/12/2020		(144,500	)		24,015
Natural Gas	(12)		04/28/2020		(198,840	)		12,707
NY Harbor ULSD	(2)		04/30/2020		(83,303	)		13,415
RBOB Gasoline	(5)		04/30/2020		(122,262	)		(16,398	)
Soybean	(9)		05/14/2020		(398,475	)		(9,616	)
Soybean Oil	(8)		05/14/2020		(130,080	)		14,885
Sugar No. 11	(19)		04/30/2020		(222,376	)		80,528
Wheat	(7)		05/14/2020		(198,713	)		(13,610	)
WTI Crude Oil	(7)		04/21/2020		(142,030	)		32,771
Total							$	3,437,623
Total Futures Contracts							$	(432,841	)

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, 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)
A basket (MLGSFDJP) of common stocks(b)(*)		(0.078)%	Bank of America NA		07/28/2020	JPY	314,417	$	14,819
TOPIX Total Return Index(c)		0.078			07/28/2020		296,261		8,998
A basket (JPGSFDEU) of common stocks(b)(*)		(0.443)	JPMorgan Chase Bank NA		06/16/2020	EUR	2,540		66,330
Euro Stoxx Gross Total Return Index(c)		0.443			06/16/2020		2,281		(54,679	)
A basket (JPGSFDUK) of common stocks(b)(*)		(0.248)			08/04/2020	GBP	687		21,809
FTSE 100 Total Return Index(c)		0.248			08/04/2020		602		(22,369	)
A basket (JPGSFDUS) of common stocks(b)(*)		(0.959)			09/01/2020	USD	5,177		(30,461	)
Russell 1000 Index Total Return(c)		0.989			09/01/2020		1,552		10,105
S&P 500 Total Return Index(c)		0.959			09/01/2020		2,849		20,667
TOTAL								$	35,219

(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 shown below.

A basket (MLGSFDJP) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Nintendo Co Ltd	Communication Services		217	$	83,671		2.86	%
NTT DOCOMO Inc	Communication Services		2,266		71,014		2.43
Kao Corp	Consumer Staples		803		65,768		2.25
Hoya Corp	Health Care		759		64,800		2.22
Recruit Holdings Co Ltd	Industrials		2,242		58,149		1.99
Keyence Corp	Information Technology		177		57,121		1.95
Nippon Telegraph & Telephone Corp	Communication Services		2,209		52,782		1.80
M3 Inc	Health Care		1,605		47,582		1.63
ITOCHU Corp	Industrials		2,245		46,707		1.60
FUJIFILM Holdings Corp	Information Technology		912		46,024		1.57
Chugai Pharmaceutical Co Ltd	Health Care		355		41,164		1.41
Eisai Co Ltd	Health Care		553		40,695		1.39
Canon Inc	Information Technology		1,770		38,745		1.32
Seven & i Holdings Co Ltd	Consumer Staples		1,066		35,354		1.21
Tokio Marine Holdings Inc	Financials		743		34,138		1.17
Bridgestone Corp	Consumer Discretionary		1,096		33,794		1.16
ORIX Corp	Financials		2,797		33,746		1.15
Daikin Industries Ltd	Industrials		268		32,777		1.12
SMC Corp/Japan	Industrials		75		31,958		1.09
Nidec Corp	Industrials		592		30,791		1.05
NET One Systems Co Ltd	Information Technology		1,453		30,298		1.04
Pan Pacific International Holdings Corp	Consumer Discretionary		1,560		29,654		1.01
Omron Corp	Information Technology		566		29,550		1.01
Panasonic Corp	Consumer Discretionary		3,690		28,249		0.97
Advantest Corp	Information Technology		661		26,610		0.91
Shionogi & Co Ltd	Health Care		535		26,384		0.90
Fast Retailing Co Ltd	Consumer Discretionary		64		26,325		0.90
Bandai Namco Holdings Inc	Consumer Discretionary		530		25,784		0.88
Denso Corp	Consumer Discretionary		772		25,014		0.86
Sekisui House Ltd	Consumer Discretionary		1,505		24,923		0.85
Nomura Research Institute Ltd	Information Technology		1,140		24,202		0.83
KDDI Corp	Communication Services		797		23,599		0.81
Japan Airlines Co Ltd	Industrials		1,146		21,167		0.72
Nitori Holdings Co Ltd	Consumer Discretionary		153		20,713		0.71
Tokyo Gas Co Ltd	Utilities		846		20,068		0.69
Mitsubishi Estate Co Ltd	Real Estate		1,344		19,884		0.68
Sumitomo Realty & Development Co Ltd	Real Estate		786		19,208		0.66
Mitsubishi Chemical Holdings Corp	Materials		3,130		18,665		0.64
Takeda Pharmaceutical Co Ltd	Health Care		584		17,938		0.61
Mitsubishi Heavy Industries Ltd	Industrials		702		17,806		0.61
Nitto Denko Corp	Materials		385		17,215		0.59
Oriental Land Co Ltd/Japan	Consumer Discretionary		132		16,922		0.58
NTT Data Corp	Information Technology		1,682		16,228		0.55
MS&AD Insurance Group Holdings Inc	Financials		575		16,150		0.55
Olympus Corp	Health Care		1,065		15,429		0.53
Welcia Holdings Co Ltd	Consumer Staples		218		15,300		0.52
Nissan Motor Co Ltd	Consumer Discretionary		4,538		15,015		0.51
Disco Corp	Information Technology		74		14,692		0.50
Chubu Electric Power Co Inc	Utilities		987		13,964		0.48
Toray Industries Inc	Materials		3,157		13,739		0.47
Shimano Inc	Consumer Discretionary		96		13,695		0.47
Sompo Holdings Inc	Financials		434		13,451		0.46
SBI Holdings Inc/Japan	Financials		864		12,644		0.43

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MLGSFDJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Alps Alpine Co Ltd	Information Technology		1,293		12,581		0.43
Skylark Holdings Co Ltd	Consumer Discretionary		842		12,511		0.43
Lion Corp	Consumer Staples		577		12,391		0.42
TOTO Ltd	Industrials		370		12,334		0.42
Nabtesco Corp	Industrials		508		11,755		0.40
Shimizu Corp	Industrials		1,492		11,699		0.40
MISUMI Group Inc	Industrials		525		11,460		0.39
Casio Computer Co Ltd	Consumer Discretionary		768		10,804		0.37
Asics Corp	Consumer Discretionary		1,158		10,731		0.37
THK Co Ltd	Industrials		521		10,689		0.37
JXTG Holdings Inc	Energy		3,101		10,653		0.36
Kintetsu Group Holdings Co Ltd	Industrials		229		10,610		0.36
Amada Co Ltd	Industrials		1,319		10,442		0.36
Japan Tobacco Inc	Consumer Staples		556		10,289		0.35
Central Japan Railway Co	Industrials		64		10,212		0.35
Mitsui Chemicals Inc	Materials		534		10,156		0.35
MEIJI Holdings Co Ltd	Consumer Staples		142		10,135		0.35
East Japan Railway Co	Industrials		133		10,059		0.34
NSK Ltd	Industrials		1,562		10,057		0.34
Nissan Chemical Corp	Materials		270		9,856		0.34
Hulic Co Ltd	Real Estate		965		9,834		0.34
LIXIL Group Corp	Industrials		787		9,824		0.34
Astellas Pharma Inc	Health Care		621		9,630		0.33
Renesas Electronics Corp	Information Technology		2,629		9,490		0.32
Tsuruha Holdings Inc	Consumer Staples		69		9,115		0.31
Ajinomoto Co Inc	Consumer Staples		488		9,104		0.31
Cosmos Pharmaceutical Corp	Consumer Staples		38		9,095		0.31
Nippon Shinyaku Co Ltd	Health Care		116		9,094		0.31
Secom Co Ltd	Industrials		109		9,036		0.31
Lawson Inc	Consumer Staples		163		8,994		0.31
Japan Airport Terminal Co Ltd	Industrials		231		8,933		0.31
Asahi Group Holdings Ltd	Consumer Staples		274		8,913		0.30
Capcom Co Ltd	Communication Services		282		8,879		0.30
Pola Orbis Holdings Inc	Consumer Staples		478		8,852		0.30
Sony Corp	Consumer Discretionary		148		8,839		0.30
Japan Exchange Group Inc	Financials		499		8,819		0.30
Suntory Beverage & Food Ltd	Consumer Staples		232		8,779		0.30
Kirin Holdings Co Ltd	Consumer Staples		438		8,682		0.30
Chugoku Electric Power Co Inc/The	Utilities		618		8,641		0.30
Yoshinoya Holdings Co Ltd	Consumer Discretionary		446		8,608		0.29
Square Enix Holdings Co Ltd	Communication Services		190		8,495		0.29
West Japan Railway Co	Industrials		123		8,411		0.29
Nichirei Corp	Consumer Staples		296		8,400		0.29
Unicharm Corp	Consumer Staples		222		8,345		0.29
Tosoh Corp	Materials		730		8,334		0.28
Hoshizaki Corp	Industrials		109		8,206		0.28
Hikari Tsushin Inc	Consumer Discretionary		49		8,204		0.28
Takashimaya Co Ltd	Consumer Discretionary		903		8,155		0.28
Tobu Railway Co Ltd	Industrials		231		8,080		0.28
Teijin Ltd	Materials		466		7,906		0.27
Calbee Inc	Consumer Staples		288		7,818		0.27
Sundrug Co Ltd	Consumer Staples		241		7,735		0.26
Terumo Corp	Health Care		220		7,598		0.26
Keio Corp	Industrials		126		7,469		0.26
Hitachi Metals Ltd	Materials		691		7,307		0.25
Daicel Corp	Materials		993		7,270		0.25
Toyo Suisan Kaisha Ltd	Consumer Staples		145		7,045		0.24
Aeon Co Ltd	Consumer Staples		316		7,027		0.24
ANA Holdings Inc	Industrials		285		6,973		0.24
Kyushu Electric Power Co Inc	Utilities		850		6,851		0.23
Shiseido Co Ltd	Consumer Staples		115		6,823		0.23
GungHo Online Entertainment Inc	Communication Services		486		6,821		0.23
Osaka Gas Co Ltd	Utilities		360		6,803		0.23
Itochu Techno-Solutions Corp	Information Technology		238		6,798		0.23
Toyota Motor Corp	Consumer Discretionary		112		6,739		0.23
Obic Co Ltd	Information Technology		51		6,715		0.23
Kuraray Co Ltd	Materials		659		6,676		0.23
Goldwin Inc	Consumer Discretionary		120		6,675		0.23
Park24 Co Ltd	Industrials		451		6,652		0.23
Daito Trust Construction Co Ltd	Real Estate		71		6,624		0.23
DMG Mori Co Ltd	Industrials		791		6,622		0.23
Sekisui Chemical Co Ltd	Consumer Discretionary		491		6,530		0.22
Toho Co Ltd/Tokyo	Communication Services		211		6,469		0.22
Electric Power Development Co Ltd	Utilities		319		6,449		0.22
Hankyu Hanshin Holdings Inc	Industrials		191		6,425		0.22
K’s Holdings Corp	Consumer Discretionary		670		6,361		0.22
Shimamura Co Ltd	Consumer Discretionary		104		6,298		0.22
Furukawa Electric Co Ltd	Industrials		344		6,279		0.21
Koito Manufacturing Co Ltd	Consumer Discretionary		184		6,237		0.21
Sawai Pharmaceutical Co Ltd	Health Care		115		6,140		0.21
Tokyu Corp	Industrials		382		6,033		0.21
NH Foods Ltd	Consumer Staples		170		5,922		0.20
Nagoya Railroad Co Ltd	Industrials		210		5,912		0.20

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MLGSFDJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Sugi Holdings Co Ltd	Consumer Staples		109		5,851		0.20
Air Water Inc	Materials		424		5,847		0.20
MonotaRO Co Ltd	Industrials		219		5,834		0.20
Hino Motors Ltd	Industrials		1,069		5,763		0.20
Oracle Corp Japan	Information Technology		65		5,736		0.20
Tohoku Electric Power Co Inc	Utilities		590		5,700		0.19
COMSYS Holdings Corp	Industrials		220		5,678		0.19
Kewpie Corp	Consumer Staples		280		5,605		0.19
Brother Industries Ltd	Information Technology		363		5,564		0.19
Coca-Cola Bottlers Japan Holdings Inc	Consumer Staples		269		5,548		0.19
Fukuoka Financial Group Inc	Financials		404		5,366		0.18
Sumitomo Rubber Industries Ltd	Consumer Discretionary		565		5,342		0.18
Konami Holdings Corp	Communication Services		173		5,332		0.18
Kansai Electric Power Co Inc/The	Utilities		469		5,236		0.18
Miura Co Ltd	Industrials		146		5,235		0.18
SMS Co Ltd	Industrials		268		5,213		0.18
Odakyu Electric Railway Co Ltd	Industrials		235		5,181		0.18
Nissin Foods Holdings Co Ltd	Consumer Staples		62		5,174		0.18
Yamada Denki Co Ltd	Consumer Discretionary		1,275		5,098		0.17
Sohgo Security Services Co Ltd	Industrials		103		5,028		0.17
Nihon Kohden Corp	Health Care		133		5,014		0.17
ABC-Mart Inc	Consumer Discretionary		100		5,002		0.17
Stanley Electric Co Ltd	Consumer Discretionary		251		4,959		0.17
Benesse Holdings Inc	Consumer Discretionary		190		4,852		0.17
Ube Industries Ltd	Materials		313		4,815		0.16
Morinaga Milk Industry Co Ltd	Consumer Staples		124		4,792		0.16
Yamaha Corp	Consumer Discretionary		122		4,779		0.16
Acom Co Ltd	Financials		1,160		4,723		0.16
SCSK Corp	Information Technology		106		4,716		0.16
Ship Healthcare Holdings Inc	Health Care		114		4,689		0.16
Seven Bank Ltd	Financials		1,805		4,674		0.16
Kyowa Exeo Corp	Industrials		206		4,598		0.16
Fujikura Ltd	Industrials		1,570		4,561		0.16
Zensho Holdings Co Ltd	Consumer Discretionary		238		4,549		0.16
Nippon Suisan Kaisha Ltd	Consumer Staples		1,021		4,527		0.15
Rohto Pharmaceutical Co Ltd	Consumer Staples		165		4,518		0.15
Keikyu Corp	Industrials		267		4,496		0.15
Santen Pharmaceutical Co Ltd	Health Care		259		4,463		0.15
Toho Gas Co Ltd	Utilities		96		4,381		0.15
House Foods Group Inc	Consumer Staples		133		4,338		0.15
Mabuchi Motor Co Ltd	Industrials		145		4,329		0.15
Yamazaki Baking Co Ltd	Consumer Staples		206		4,311		0.15
TIS Inc	Information Technology		260		4,307		0.15
Azbil Corp	Information Technology		164		4,267		0.15
Rengo Co Ltd	Materials		545		4,258		0.15
Fuji Media Holdings Inc	Communication Services		426		4,255		0.15
Rinnai Corp	Consumer Discretionary		59		4,180		0.14
Morinaga & Co Ltd/Japan	Consumer Staples		102		4,178		0.14
Fujitsu Ltd	Information Technology		46		4,161		0.14
Nifco Inc/Japan	Consumer Discretionary		231		4,153		0.14
DeNA Co Ltd	Communication Services		378		4,143		0.14
Fuji Oil Holdings Inc	Consumer Staples		171		4,140		0.14
Mitsui Mining & Smelting Co Ltd	Materials		247		4,136		0.14
Taiheiyo Cement Corp	Materials		240		4,128		0.14
Toyoda Gosei Co Ltd	Consumer Discretionary		240		4,122		0.14
Daiichi Sankyo Co Ltd	Health Care		59		4,103		0.14
Hitachi Ltd	Information Technology		139		4,057		0.14
Kakaku.com Inc	Communication Services		218		4,010		0.14
NTN Corp	Industrials		2,286		4,008		0.14
JGC Holdings Corp	Industrials		490		3,948		0.13
Shikoku Electric Power Co Inc	Utilities		496		3,933		0.13
Otsuka Corp	Information Technology		91		3,896		0.13
Ezaki Glico Co Ltd	Consumer Staples		92		3,885		0.13
Ariake Japan Co Ltd	Consumer Staples		61		3,858		0.13
Nippon Television Holdings Inc	Communication Services		343		3,837		0.13
Fujitsu General Ltd	Consumer Discretionary		210		3,811		0.13
Yamaha Motor Co Ltd	Consumer Discretionary		312		3,786		0.13
Horiba Ltd	Information Technology		76		3,781		0.13
Sapporo Holdings Ltd	Consumer Staples		204		3,778		0.13
Nihon Unisys Ltd	Information Technology		140		3,771		0.13
Sankyo Co Ltd	Consumer Discretionary		128		3,742		0.13
Topcon Corp	Information Technology		498		3,704		0.13
Nippon Paper Industries Co Ltd	Materials		253		3,610		0.12
Asahi Intecc Co Ltd	Health Care		144		3,574		0.12
Kagome Co Ltd	Consumer Staples		136		3,528		0.12
Ain Holdings Inc	Consumer Staples		59		3,484		0.12
Ito En Ltd	Consumer Staples		65		3,474		0.12
Yakult Honsha Co Ltd	Consumer Staples		58		3,457		0.12
Keihan Holdings Co Ltd	Industrials		77		3,447		0.12
Infomart Corp	Information Technology		518		3,418		0.12
Izumi Co Ltd	Consumer Discretionary		122		3,364		0.11
Zenkoku Hosho Co Ltd	Financials		105		3,318		0.11
Kinden Corp	Industrials		223		3,306		0.11

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MLGSFDJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Amano Corp	Information Technology		147		3,262		0.11
Meitec Corp	Industrials		81		3,225		0.11
Shimachu Co Ltd	Consumer Discretionary		129		3,198		0.11
Maruha Nichiro Corp	Consumer Staples		151		3,166		0.11
Kyudenko Corp	Industrials		113		3,052		0.10
Nisshin Seifun Group Inc	Consumer Staples		181		3,027		0.10
Tokyo Electron Ltd	Information Technology		16		2,977		0.10
Toyo Seikan Group Holdings Ltd	Materials		259		2,965		0.10
Rakuten Inc	Consumer Discretionary		384		2,919		0.10
Nankai Electric Railway Co Ltd	Industrials		128		2,919		0.10
PALTAC Corp	Consumer Discretionary		58		2,898		0.10
H2O Retailing Corp	Consumer Discretionary		382		2,802		0.10
Shochiku Co Ltd	Communication Services		25		2,778		0.09
Nippon Light Metal Holdings Co Ltd	Materials		1,747		2,739		0.09
Honda Motor Co Ltd	Consumer Discretionary		120		2,714		0.09
Hokuriku Electric Power Co	Utilities		382		2,686		0.09
Dowa Holdings Co Ltd	Materials		101		2,650		0.09
Mitsubishi Gas Chemical Co Inc	Materials		242		2,644		0.09
Kansai Paint Co Ltd	Materials		138		2,631		0.09
Mani Inc	Health Care		105		2,573		0.09
Suzuki Motor Corp	Consumer Discretionary		107		2,565		0.09
NOK Corp	Consumer Discretionary		231		2,560		0.09
FP Corp	Materials		38		2,558		0.09
Kaken Pharmaceutical Co Ltd	Health Care		54		2,542		0.09
Nippon Paint Holdings Co Ltd	Materials		48		2,506		0.09
Taisei Corp	Industrials		80		2,467		0.08
Shin-Etsu Chemical Co Ltd	Materials		25		2,466		0.08
Kobe Bussan Co Ltd	Consumer Staples		62		2,454		0.08
Mitsubishi UFJ Financial Group Inc	Financials		650		2,432		0.08
Seibu Holdings Inc	Industrials		219		2,411		0.08
Mitsubishi Corp	Industrials		112		2,386		0.08
Maruichi Steel Tube Ltd	Materials		99		2,382		0.08
Lasertec Corp	Information Technology		51		2,372		0.08
Obayashi Corp	Industrials		275		2,361		0.08
GS Yuasa Corp	Industrials		174		2,347		0.08
Hokkaido Electric Power Co Inc	Utilities		529		2,299		0.08
Nishi-Nippon Railroad Co Ltd	Industrials		93		2,293		0.08
Sotetsu Holdings Inc	Industrials		89		2,291		0.08
TS Tech Co Ltd	Consumer Discretionary		96		2,279		0.08
Yamato Holdings Co Ltd	Industrials		144		2,275		0.08
Sumitomo Osaka Cement Co Ltd	Materials		74		2,237		0.08
Relo Group Inc	Real Estate		106		2,230		0.08
Iwatani Corp	Energy		66		2,212		0.08
Otsuka Holdings Co Ltd	Health Care		56		2,198		0.08
Colowide Co Ltd	Consumer Discretionary		142		2,156		0.07
Megmilk Snow Brand Co Ltd	Consumer Staples		93		2,118		0.07
Kyocera Corp	Information Technology		36		2,118		0.07
Resorttrust Inc	Consumer Discretionary		212		2,079		0.07
Glory Ltd	Industrials		90		2,068		0.07
Kamigumi Co Ltd	Industrials		119		2,021		0.07
Mitsubishi Motors Corp	Consumer Discretionary		703		1,995		0.07
Ibiden Co Ltd	Information Technology		90		1,979		0.07
Ryohin Keikaku Co Ltd	Consumer Discretionary		176		1,978		0.07
Sanrio Co Ltd	Consumer Discretionary		146		1,949		0.07
Nipro Corp	Health Care		159		1,871		0.06
Toho Holdings Co Ltd	Health Care		89		1,866		0.06
Tokai Rika Co Ltd	Consumer Discretionary		147		1,840		0.06
Murata Manufacturing Co Ltd	Information Technology		36		1,830		0.06
Autobacs Seven Co Ltd	Consumer Discretionary		158		1,821		0.06
CyberAgent Inc	Communication Services		46		1,788		0.06
Oki Electric Industry Co Ltd	Information Technology		185		1,738		0.06
Marui Group Co Ltd	Consumer Discretionary		102		1,715		0.06
TV Asahi Holdings Corp	Communication Services		113		1,711		0.06
Keisei Electric Railway Co Ltd	Industrials		58		1,682		0.06
Sumitomo Corp	Industrials		144		1,658		0.06
Toppan Printing Co Ltd	Industrials		105		1,618		0.06
Taiyo Nippon Sanso Corp	Materials		108		1,610		0.06
Daiichikosho Co Ltd	Communication Services		57		1,525		0.05
Sega Sammy Holdings Inc	Consumer Discretionary		123		1,501		0.05
Kobayashi Pharmaceutical Co Ltd	Consumer Staples		16		1,499		0.05
Tokuyama Corp	Materials		77		1,486		0.05
Marubeni Corp	Industrials		295		1,477		0.05
Kokuyo Co Ltd	Industrials		100		1,399		0.05
Wacoal Holdings Corp	Consumer Discretionary		64		1,395		0.05
Matsui Securities Co Ltd	Financials		187		1,377		0.05
Aozora Bank Ltd	Financials		72		1,372		0.05
Nomura Real Estate Holdings Inc	Real Estate		83		1,354		0.05
Tokyo Tatemono Co Ltd	Real Estate		127		1,354		0.05
Tokyo Ohka Kogyo Co Ltd	Materials		35		1,330		0.05
Duskin Co Ltd	Industrials		50		1,310		0.04
Nagase & Co Ltd	Industrials		109		1,293		0.04
Sojitz Corp	Industrials		527		1,243		0.04

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MLGSFDJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Japan Post Holdings Co Ltd	Financials		156		1,224		0.04
J Front Retailing Co Ltd	Consumer Discretionary		146		1,213		0.04
Softbank Corp	Communication Services		94		1,199		0.04
Toyota Tsusho Corp	Industrials		50		1,185		0.04
Mitsubishi Electric Corp	Industrials		96		1,183		0.04
TDK Corp	Information Technology		15		1,151		0.04
Mitsui & Co Ltd	Industrials		81		1,127		0.04
Hanwa Co Ltd	Industrials		69		1,078		0.04
Open House Co Ltd	Real Estate		51		1,061		0.04
Medipal Holdings Corp	Health Care		56		1,051		0.04
Okumura Corp	Industrials		50		1,037		0.04
Nomura Holdings Inc	Financials		242		1,027		0.04
Mochida Pharmaceutical Co Ltd	Health Care		26		1,012		0.03
Nachi-Fujikoshi Corp	Industrials		37		1,009		0.03
Ulvac Inc	Information Technology		39		932		0.03
Toyota Industries Corp	Consumer Discretionary		19		922		0.03
Nihon M&A Center Inc	Industrials		34		921		0.03
SCREEN Holdings Co Ltd	Information Technology		25		919		0.03
Kissei Pharmaceutical Co Ltd	Health Care		36		916		0.03
Sumitomo Mitsui Trust Holdings Inc	Financials		32		914		0.03
Tsumura & Co	Health Care		35		896		0.03
Sony Financial Holdings Inc	Financials		52		877		0.03
Dai-ichi Life Holdings Inc	Financials		72		870		0.03
MINEBEA MITSUMI Inc	Industrials		56		843		0.03
Hokuhoku Financial Group Inc	Financials		90		805		0.03
Canon Marketing Japan Inc	Information Technology		39		777		0.03
Sumitomo Dainippon Pharma Co Ltd	Health Care		59		768		0.03
Kyowa Kirin Co Ltd	Health Care		34		767		0.03
Mebuki Financial Group Inc	Financials		371		758		0.03
Sangetsu Corp	Consumer Discretionary		49		723		0.02
Seino Holdings Co Ltd	Industrials		64		693		0.02
Nishi-Nippon Financial Holdings Inc	Financials		121		685		0.02
Daishi Hokuetsu Financial Group Inc	Financials		30		659		0.02
Resona Holdings Inc	Financials		216		653		0.02
Yamaguchi Financial Group Inc	Financials		115		651		0.02
Toyobo Co Ltd	Materials		61		647		0.02
Yokohama Rubber Co Ltd/The	Consumer Discretionary		51		641		0.02
Japan Post Insurance Co Ltd	Financials		51		635		0.02
Dai Nippon Printing Co Ltd	Industrials		29		629		0.02
Credit Saison Co Ltd	Financials		53		619		0.02
Tokyu Fudosan Holdings Corp	Real Estate		129		618		0.02
77 Bank Ltd/The	Financials		48		618		0.02
Taisho Pharmaceutical Holdings Co Ltd	Health Care		10		607		0.02
Hitachi Capital Corp	Financials		32		603		0.02
Mitsubishi Materials Corp	Materials		29		599		0.02
Ricoh Co Ltd	Information Technology		80		593		0.02
Gunma Bank Ltd/The	Financials		189		575		0.02
Ono Pharmaceutical Co Ltd	Health Care		25		573		0.02
Alfresa Holdings Corp	Health Care		30		563		0.02
Taiyo Yuden Co Ltd	Information Technology		21		551		0.02
Sankyu Inc	Industrials		14		540		0.02
Hiroshima Bank Ltd/The	Financials		125		524		0.02
Toyota Boshoku Corp	Consumer Discretionary		42		501		0.02
Sumitomo Chemical Co Ltd	Materials		168		501		0.02
Mitsubishi UFJ Lease & Finance Co Ltd	Financials		98		485		0.02
Sumitomo Electric Industries Ltd	Consumer Discretionary		46		481		0.02
Nishimatsu Construction Co Ltd	Industrials		25		473		0.02
Penta-Ocean Construction Co Ltd	Industrials		88		463		0.02
Shinsei Bank Ltd	Financials		34		459		0.02
Hachijuni Bank Ltd/The	Financials		124		449		0.02
Showa Denko KK	Materials		19		396		0.01
Kyushu Financial Group Inc	Financials		101		385		0.01
Suzuken Co Ltd/Aichi Japan	Health Care		10		367		0.01
Nippon Shokubai Co Ltd	Materials		8		357		0.01
T&D Holdings Inc	Financials		43		349		0.01
Nippon Electric Glass Co Ltd	Information Technology		26		346		0.01
Hirose Electric Co Ltd	Information Technology		3		343		0.01
Isuzu Motors Ltd	Consumer Discretionary		47		311		0.01
Seiko Epson Corp	Information Technology		28		309		0.01
Persol Holdings Co Ltd	Industrials		30		297		0.01
Konica Minolta Inc	Information Technology		73		297		0.01
Miraca Holdings Inc	Health Care		14		293		0.01
Iyo Bank Ltd/The	Financials		57		288		0.01
Concordia Financial Group Ltd	Financials		83		243		0.01
Ushio Inc	Industrials		24		233		0.01
Shiga Bank Ltd/The	Financials		10		229		0.01
Bank of Kyoto Ltd/The	Financials		7		218		0.01
NGK Insulators Ltd	Industrials		16		215		0.01
Sanwa Holdings Corp	Industrials		27		214		0.01
Chiba Bank Ltd/The	Financials		47		205		0.01
Oji Holdings Corp	Materials		38		203		0.01

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (MLGSFDJP) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Shizuoka Bank Ltd/The	Financials		29		178		0.01
Haseko Corp	Consumer Discretionary		16		171		0.01
Citizen Watch Co Ltd	Information Technology		46		164		0.01
Tokai Carbon Co Ltd	Materials		18		149		0.01
Zeon Corp	Materials		17		132		0.00
Chugoku Bank Ltd/The	Financials		13		114		0.00
ADEKA Corp	Materials		6		76		0.00
Yamato Kogyo Co Ltd	Materials		4		72		0.00

A basket (JPGSFDEU) of common stocks
Common Stocks	Sector	Shares		Value		Weight
SAP SE	Information Technology		798	$	89,945		3.21	%
L’Oreal SA	Consumer Staples		333		87,186		3.11
Enel SpA	Utilities		11,885		82,654		2.95
TOTAL SA	Energy		1,926		74,768		2.67
Air Liquide SA	Materials		489		62,577		2.24
Bayer AG	Health Care		1,018		59,044		2.11
Allianz SE	Financials		308		52,990		1.89
Deutsche Telekom AG	Communication Services		3,919		50,791		1.81
adidas AG	Consumer Discretionary		222		50,179		1.79
Koninklijke Ahold Delhaize NV	Consumer Staples		2,112		49,312		1.76
Kering SA	Consumer Discretionary		86		44,805		1.60
Industria de Diseno Textil SA	Consumer Discretionary		1,561		40,518		1.45
Anheuser-Busch InBev SA/NV	Consumer Staples		901		39,994		1.43
Deutsche Boerse AG	Financials		282		38,626		1.38
Schneider Electric SE	Industrials		417		35,960		1.28
Nokia Oyj	Information Technology		11,153		35,106		1.25
Sanofi	Health Care		399		35,059		1.25
Merck KGaA	Health Care		320		32,823		1.17
Adyen NV	Information Technology		39		32,685		1.17
Iberdrola SA	Utilities		3,236		31,898		1.14
Dassault Systemes SE	Information Technology		203		30,114		1.08
Akzo Nobel NV	Materials		456		30,042		1.07
Unilever NV	Consumer Staples		601		29,552		1.06
CRH PLC	Materials		1,052		28,685		1.02
Amadeus IT Group SA	Information Technology		599		28,384		1.01
Neste Oyj	Energy		835		28,257		1.01
Wolters Kluwer NV	Industrials		382		26,908		0.96
Covestro AG	Materials		859		26,260		0.94
Deutsche Post AG	Industrials		906		24,617		0.88
Danone SA	Consumer Staples		370		23,813		0.85
Legrand SA	Industrials		366		23,483		0.84
FinecoBank Banca Fineco SpA	Financials		2,493		22,675		0.81
Michelin	Consumer Discretionary		242		21,481		0.77
Ubisoft Entertainment SA	Communication Services		289		21,311		0.76
Vonovia SE	Real Estate		432		21,248		0.76
Eni SpA	Energy		1,975		19,976		0.71
KBC Group NV	Financials		418		19,289		0.69
Intesa Sanpaolo SpA	Financials		11,795		19,260		0.69
HeidelbergCement AG	Materials		443		19,011		0.68
Capgemini SE	Information Technology		222		18,769		0.67
Accor SA	Consumer Discretionary		663		18,179		0.65
Endesa SA	Utilities		847		18,085		0.65
Fortum Oyj	Utilities		1,231		18,068		0.65
Atos SE	Information Technology		256		17,327		0.62
Deutsche Wohnen SE	Real Estate		455		17,321		0.62
Worldline SA/France	Information Technology		292		17,184		0.61
Beiersdorf AG	Consumer Staples		169		17,119		0.61
Pernod Ricard SA	Consumer Staples		120		17,059		0.61
Kerry Group PLC	Consumer Staples		142		16,426		0.59
ING Groep NV	Financials		3,125		16,393		0.59
Continental AG	Consumer Discretionary		225		16,199		0.58
Carrefour SA	Consumer Staples		980		15,491		0.55
Red Electrica Corp SA	Utilities		856		15,372		0.55
EssilorLuxottica SA	Consumer Discretionary		141		15,245		0.54
Munich Re	Financials		75		15,166		0.54
Elisa Oyj	Communication Services		243		15,073		0.54
Terna Rete Elettrica Nazionale SpA	Utilities		2,372		15,016		0.54
Snam SpA	Utilities		3,191		14,717		0.53
Poste Italiane SpA	Financials		1,732		14,673		0.52
Cie de Saint-Gobain	Industrials		603		14,652		0.52
Hermes International	Consumer Discretionary		21		14,183		0.51
Heineken NV	Consumer Staples		169		14,123		0.50
Prysmian SpA	Industrials		858		13,738		0.49
Koninklijke KPN NV	Communication Services		5,721		13,659		0.49
EXOR NV	Financials		260		13,400		0.48
Naturgy Energy Group SA	Utilities		753		13,310		0.48
Pirelli & C SpA	Consumer Discretionary		3,685		13,199		0.47
Valeo SA	Consumer Discretionary		778		13,015		0.46
Suez	Utilities		1,276		12,986		0.46
Evonik Industries AG	Materials		597		12,496		0.45

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Fresenius Medical Care AG & Co KGaA	Health Care		187		12,344		0.44
UCB SA	Health Care		139		12,041		0.43
Fiat Chrysler Automobiles NV	Consumer Discretionary		1,641		11,830		0.42
Hannover Rueck SE	Financials		82		11,750		0.42
Faurecia SE	Consumer Discretionary		363		10,883		0.39
Orange SA	Communication Services		888		10,851		0.39
Enagas SA	Utilities		535		10,628		0.38
Davide Campari-Milano SpA	Consumer Staples		1,475		10,598		0.38
Smurfit Kappa Group PLC	Materials		375		10,584		0.38
Kingspan Group PLC	Industrials		198		10,577		0.38
LEG Immobilien AG	Real Estate		94		10,567		0.38
EDP — Energias de Portugal SA	Utilities		2,592		10,401		0.37
Deutsche Lufthansa AG	Industrials		1,101		10,346		0.37
Proximus SADP	Communication Services		450		10,301		0.37
Moncler SpA	Consumer Discretionary		282		10,295		0.37
Eiffage SA	Industrials		144		10,208		0.36
Thales SA	Industrials		116		9,750		0.35
Randstad NV	Industrials		276		9,734		0.35
Carl Zeiss Meditec AG	Health Care		100		9,683		0.35
Jeronimo Martins SGPS SA	Consumer Staples		523		9,425		0.34
Nemetschek SE	Information Technology		184		9,137		0.33
Orion Oyj	Health Care		223		9,116		0.33
Aroundtown SA	Real Estate		1,825		9,116		0.33
Air France-KLM	Industrials		1,624		9,085		0.32
Kone Oyj	Industrials		159		9,013		0.32
Recordati SpA	Health Care		212		8,944		0.32
Symrise AG	Materials		95		8,836		0.32
DiaSorin SpA	Health Care		66		8,779		0.31
Gecina SA	Real Estate		66		8,745		0.31
ASR Nederland NV	Financials		344		8,664		0.31
Aena SME SA	Industrials		79		8,621		0.31
Orpea	Health Care		82		8,590		0.31
Alstom SA	Industrials		204		8,522		0.30
Ferrovial SA	Industrials		352		8,439		0.30
Hera SpA	Utilities		2,294		8,225		0.29
Valmet Oyj	Industrials		418		8,197		0.29
LANXESS AG	Materials		205		8,184		0.29
Puma SE	Consumer Discretionary		137		8,167		0.29
Veolia Environnement SA	Utilities		381		8,151		0.29
ASML Holding NV	Information Technology		30		8,025		0.29
HelloFresh SE	Consumer Discretionary		235		7,903		0.28
Knorr-Bremse AG	Industrials		87		7,684		0.27
E.ON SE	Utilities		741		7,672		0.27
Saipem SpA	Energy		3,109		7,639		0.27
Amplifon SpA	Health Care		371		7,611		0.27
A2A SpA	Utilities		5,968		7,418		0.26
Zalando SE	Consumer Discretionary		191		7,339		0.26
Telefonica Deutschland Holding AG	Communication Services		2,910		7,212		0.26
Teleperformance	Industrials		34		7,143		0.26
Colruyt SA	Consumer Staples		129		6,950		0.25
OMV AG	Energy		252		6,948		0.25
Erste Group Bank AG	Financials		372		6,891		0.25
Grifols SA	Health Care		203		6,889		0.25
Eutelsat Communications SA	Communication Services		658		6,877		0.25
Sodexo SA	Consumer Discretionary		101		6,821		0.24
Italgas SpA	Utilities		1,240		6,784		0.24
BioMerieux	Health Care		60		6,746		0.24
Solvay SA	Materials		92		6,678		0.24
HOCHTIEF AG	Industrials		100		6,628		0.24
Brenntag AG	Industrials		177		6,553		0.23
Kesko Oyj	Consumer Staples		112		6,351		0.23
MorphoSys AG	Health Care		64		6,303		0.23
Ipsen SA	Health Care		118		6,088		0.22
Signify NV	Industrials		312		6,064		0.22
LVMH Moet Hennessy Louis Vuitton SE	Consumer Discretionary		16		5,919		0.21
Dialog Semiconductor PLC	Information Technology		207		5,602		0.20
voestalpine AG	Materials		258		5,237		0.19
Rheinmetall AG	Industrials		74		5,209		0.19
Linde PLC	Materials		28		4,966		0.18
Verbund AG	Utilities		136		4,921		0.18
Bankinter SA	Financials		1,320		4,841		0.17
Sartorius Stedim Biotech	Health Care		24		4,741		0.17
Cofinimmo SA	Real Estate		36		4,734		0.17
Euronext NV	Financials		63		4,718		0.17
Publicis Groupe SA	Communication Services		165		4,717		0.17
Huhtamaki Oyj	Materials		147		4,700		0.17
GEA Group AG	Industrials		227		4,665		0.17
Flutter Entertainment PLC	Consumer Discretionary		49		4,469		0.16

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
ANDRITZ AG	Industrials		140		4,392		0.16
ASM International NV	Information Technology		43		4,292		0.15
Sampo Oyj	Financials		146		4,261		0.15
QIAGEN NV	Health Care		102		4,109		0.15
Vinci SA	Industrials		49		4,049		0.14
ICADE	Real Estate		51		4,033		0.14
Bureau Veritas SA	Industrials		212		4,026		0.14
KION Group AG	Industrials		92		3,961		0.14
Aeroports de Paris	Industrials		41		3,959		0.14
Klepierre SA	Real Estate		205		3,952		0.14
Warehouses De Pauw CVA	Real Estate		137		3,940		0.14
Galapagos NV	Health Care		20		3,935		0.14
TAG Immobilien AG	Real Estate		194		3,833		0.14
Cellnex Telecom SA	Communication Services		84		3,811		0.14
Telenet Group Holding NV	Communication Services		126		3,804		0.14
Heineken Holding NV	Consumer Staples		49		3,765		0.13
Rubis SCA	Utilities		89		3,729		0.13
Merlin Properties Socimi SA	Real Estate		494		3,726		0.13
ProSiebenSat.1 Media SE	Communication Services		469		3,718		0.13
CTS Eventim AG & Co KGaA	Communication Services		80		3,596		0.13
Covivio	Real Estate		64		3,582		0.13
Rexel SA	Industrials		479		3,561		0.13
Koninklijke Philips NV	Health Care		86		3,486		0.12
Aalberts NV	Industrials		143		3,398		0.12
alstria office REIT-AG	Real Estate		227		3,254		0.12
HUGO BOSS AG	Consumer Discretionary		128		3,238		0.12
Bechtle AG	Information Technology		24		3,124		0.11
Assicurazioni Generali SpA	Financials		220		2,990		0.11
Glanbia PLC	Consumer Staples		272		2,949		0.11
Fraport AG Frankfurt Airport Services Wo	Industrials		73		2,948		0.11
Scout24 AG	Communication Services		48		2,902		0.10
Inmobiliaria Colonial Socimi SA	Real Estate		296		2,802		0.10
Fresenius SE & Co KGaA	Health Care		71		2,638		0.09
IMCD NV	Industrials		37		2,638		0.09
Elia Group SA/NV	Utilities		26		2,574		0.09
Aedifica SA	Real Estate		25		2,556		0.09
Siemens AG	Industrials		28		2,415		0.09
NN Group NV	Financials		89		2,411		0.09
Ferrari NV	Consumer Discretionary		15		2,354		0.08
RWE AG	Utilities		88		2,312		0.08
Kojamo Oyj	Real Estate		118		2,236		0.08
Delivery Hero SE	Consumer Discretionary		30		2,222		0.08
STMicroelectronics NV	Information Technology		100		2,184		0.08
Alten SA	Information Technology		30		2,142		0.08
Grand City Properties SA	Real Estate		98		2,055		0.07
Altice Europe NV	Communication Services		518		2,008		0.07
Aegon NV	Financials		791		2,007		0.07
Sofina SA	Financials		9		1,906		0.07
Lagardere SCA	Communication Services		149		1,875		0.07
Banco Santander SA	Financials		763		1,857		0.07
Ageas	Financials		44		1,812		0.06
Koninklijke Vopak NV	Energy		35		1,802		0.06
BNP Paribas SA	Financials		59		1,784		0.06
Wienerberger AG	Materials		112		1,762		0.06
Getlink SE	Industrials		146		1,758		0.06
GRENKE AG	Financials		29		1,726		0.06
Elis SA	Industrials		177		1,681		0.06
MTU Aero Engines AG	Industrials		11		1,678		0.06
Ackermans & van Haaren NV	Financials		13		1,630		0.06
IMMOFINANZ AG	Real Estate		88		1,577		0.06
CNP Assurances	Financials		161		1,574		0.06
Credit Agricole SA	Financials		195		1,434		0.05
Banco BPM SpA	Financials		1,026		1,351		0.05
METRO AG	Consumer Staples		154		1,326		0.05
Natixis SA	Financials		407		1,326		0.05
Societe Generale SA	Financials		77		1,300		0.05
Daimler AG	Consumer Discretionary		43		1,291		0.05
Raiffeisen Bank International AG	Financials		87		1,276		0.05
SEB SA	Consumer Discretionary		10		1,271		0.05
ACS Actividades de Construccion y Servic	Industrials		63		1,229		0.04
Banco Bilbao Vizcaya Argentaria SA	Financials		384		1,228		0.04
Repsol SA	Energy		126		1,150		0.04
Telefonica SA	Communication Services		251		1,149		0.04
SCOR SE	Financials		52		1,140		0.04
UPM-Kymmene Oyj	Materials		40		1,106		0.04
Sopra Steria Group	Information Technology		10		1,095		0.04
Nexi SpA	Information Technology		80		1,041		0.04
Telecom Italia SpA/Milano	Communication Services		2,489		1,017		0.04

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDEU) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
ArcelorMittal SA	Materials		105		993		0.04
Stora Enso Oyj	Materials		96		973		0.03
Bayerische Motoren Werke AG	Consumer Discretionary		17		861		0.03
Arkema SA	Materials		12		829		0.03
Atlantia SpA	Industrials		64		807		0.03
Bollore SA	Communication Services		291		803		0.03
Koninklijke DSM NV	Materials		6		719		0.03
Edenred	Information Technology		17		700		0.03
SPIE SA	Industrials		64		645		0.02
Just Eat Takeaway	Consumer Discretionary		9		643		0.02
Siemens Gamesa Renewable Energy SA	Industrials		41		619		0.02
Bank of Ireland Group PLC	Financials		308		582		0.02
Renault SA	Consumer Discretionary		25		493		0.02
Casino Guichard Perrachon SA	Consumer Staples		13		491		0.02
Ryanair Holdings PLC	Industrials		47		474		0.02
K+S AG	Materials		74		429		0.02
Electricite de France SA	Utilities		33		260		0.01
Mapfre SA	Financials		113		192		0.01
Hella GmbH & Co KGaA	Consumer Discretionary		2		51		0.00
A basket (JPGSFDUK) of common stocks
Common Stocks	Sector	Shares		Value		Weight
GlaxoSmithKline PLC	Health Care		4,250	$	79,804		9.32	%
AstraZeneca PLC	Health Care		398		35,640		4.16
BP PLC	Energy		5,980		25,520		2.98
Diageo PLC	Consumer Staples		766		24,554		2.87
Unilever PLC	Consumer Staples		440		22,221		2.60
British American Tobacco PLC	Consumer Staples		614		21,005		2.45
RELX PLC	Industrials		946		20,312		2.37
Vodafone Group PLC	Communication Services		12,610		17,667		2.06
SSE PLC	Utilities		1,006		16,278		1.90
Compass Group PLC	Consumer Discretionary		965		15,128		1.77
CRH PLC	Materials		501		13,645		1.59
HSBC Holdings PLC	Financials		2,300		12,950		1.51
Imperial Brands PLC	Consumer Staples		662		12,277		1.43
Tesco PLC	Consumer Staples		3,914		11,102		1.30
Polymetal International PLC	Materials		613		10,477		1.22
Reckitt Benckiser Group PLC	Consumer Staples		128		9,760		1.14
Smith & Nephew PLC	Health Care		503		8,954		1.05
BAE Systems PLC	Industrials		1,374		8,892		1.04
J Sainsbury PLC	Consumer Staples		3,345		8,725		1.02
Ferguson PLC	Industrials		136		8,554		1.00
Wm Morrison Supermarkets PLC	Consumer Staples		3,716		8,201		0.96
Rio Tinto PLC	Materials		175		8,049		0.94
Pennon Group PLC	Utilities		596		8,026		0.94
Segro PLC	Real Estate		806		7,631		0.89
Aviva PLC	Financials		2,288		7,616		0.89
M&G PLC	Financials		5,101		7,122		0.83
United Utilities Group PLC	Utilities		588		6,578		0.77
Tate & Lyle PLC	Consumer Staples		793		6,446		0.75
ConvaTec Group PLC	Health Care		2,683		6,204		0.72
Admiral Group PLC	Financials		222		6,146		0.72
Severn Trent PLC	Utilities		211		5,972		0.70
Prudential PLC	Financials		442		5,681		0.66
Flutter Entertainment PLC	Consumer Discretionary		62		5,586		0.65
Rentokil Initial PLC	Industrials		1,159		5,572		0.65
Experian PLC	Industrials		199		5,559		0.65
Standard Life Aberdeen PLC	Financials		1,957		5,432		0.63
Rightmove PLC	Communication Services		885		5,349		0.62
Coca-Cola HBC AG	Consumer Staples		246		5,294		0.62
Centamin PLC	Materials		3,421		5,158		0.60
Evraz PLC	Materials		1,773		5,090		0.59
Hikma Pharmaceuticals PLC	Health Care		201		5,082		0.59
HomeServe PLC	Industrials		384		5,032		0.59
Plus500 Ltd	Financials		361		4,835		0.56
Royal Bank of Scotland Group PLC	Financials		3,442		4,818		0.56
UDG Healthcare PLC	Health Care		603		4,724		0.55
GVC Holdings PLC	Consumer Discretionary		674		4,688		0.55
Future PLC	Communication Services		374		4,634		0.54
Great Portland Estates PLC	Real Estate		548		4,630		0.54
Glencore PLC	Materials		3,006		4,614		0.54
Primary Health Properties PLC	Real Estate		2,266		4,512		0.53
Avast PLC	Information Technology		918		4,476		0.52
Next PLC	Consumer Discretionary		87		4,379		0.51
Direct Line Insurance Group PLC	Financials		1,193		4,378		0.51
UNITE Group PLC/The	Real Estate		439		4,362		0.51
Games Workshop Group PLC	Consumer Discretionary		80		4,293		0.50
3i Group PLC	Financials		433		4,254		0.50

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
IG Group Holdings PLC	Financials		491		4,211		0.49
Sage Group PLC/The	Information Technology		564		4,134		0.48
Dechra Pharmaceuticals PLC	Health Care		141		4,126		0.48
Derwent London PLC	Real Estate		100		4,062		0.47
Fresnillo PLC	Materials		487		4,023		0.47
Anglo American PLC	Materials		227		3,986		0.47
Tritax Big Box REIT PLC	Real Estate		2,824		3,929		0.46
Pets at Home Group Plc	Consumer Discretionary		1,223		3,904		0.46
DCC PLC	Industrials		62		3,892		0.45
Ashmore Group PLC	Financials		873		3,862		0.45
Cranswick PLC	Consumer Staples		84		3,837		0.45
Spirax-Sarco Engineering PLC	Industrials		37		3,738		0.44
Halma PLC	Information Technology		155		3,683		0.43
Britvic PLC	Consumer Staples		421		3,663		0.43
Intermediate Capital Group PLC	Financials		323		3,587		0.42
JD Sports Fashion PLC	Consumer Discretionary		614		3,486		0.41
Grainger PLC	Real Estate		1,058		3,401		0.40
Greggs PLC	Consumer Discretionary		168		3,360		0.39
Hargreaves Lansdown PLC	Financials		191		3,277		0.38
Barclays PLC	Financials		2,807		3,275		0.38
Bunzl PLC	Industrials		160		3,230		0.38
Royal Mail PLC	Industrials		2,060		3,197		0.37
AVEVA Group PLC	Information Technology		72		3,130		0.37
Intertek Group PLC	Industrials		51		2,965		0.35
Legal & General Group PLC	Financials		1,179		2,833		0.33
Diploma PLC	Industrials		138		2,761		0.32
Domino’s Pizza Group PLC	Consumer Discretionary		771		2,713		0.32
Dunelm Group PLC	Consumer Discretionary		300		2,628		0.31
Signature Aviation PLC	Industrials		1,247		2,552		0.30
Spirent Communications PLC	Information Technology		989		2,551		0.30
Assura PLC	Real Estate		2,462		2,549		0.30
IWG PLC	Real Estate		1,181		2,524		0.29
Investec PLC	Financials		1,268		2,389		0.28
IntegraFin Holdings PLC	Financials		440		2,375		0.28
Ferrexpo PLC	Materials		1,618		2,369		0.28
LondonMetric Property PLC	Real Estate		1,080		2,356		0.28
Ashtead Group PLC	Industrials		106		2,317		0.27
Schroders PLC	Financials		75		2,312		0.27
QinetiQ Group PLC	Industrials		567		2,263		0.26
Moneysupermarket.com Group PLC	Consumer Discretionary		599		2,256		0.26
Informa PLC	Communication Services		408		2,240		0.26
Vistry Group PLC	Consumer Discretionary		307		2,192		0.26
Tullow Oil PLC	Energy		16,477		2,191		0.26
Marshalls PLC	Materials		300		2,178		0.25
Rotork PLC	Industrials		796		2,124		0.25
Safestore Holdings PLC	Real Estate		266		2,113		0.25
SSP Group Plc	Consumer Discretionary		552		2,105		0.25
Pearson PLC	Communication Services		306		2,095		0.24
Lancashire Holdings Ltd	Financials		272		2,091		0.24
Man Group PLC/Jersey	Financials		1,341		2,071		0.24
Countryside Properties PLC	Consumer Discretionary		581		2,054		0.24
Auto Trader Group PLC	Communication Services		376		2,047		0.24
Jupiter Fund Management PLC	Financials		821		2,036		0.24
Softcat PLC	Information Technology		156		1,999		0.23
St James’s Place PLC	Financials		206		1,940		0.23
Ocado Group PLC	Consumer Discretionary		126		1,911		0.22
Hiscox Ltd	Financials		165		1,893		0.22
Ultra Electronics Holdings PLC	Industrials		76		1,890		0.22
Croda International PLC	Materials		36		1,889		0.22
Associated British Foods PLC	Consumer Staples		80		1,803		0.21
Mediclinic International PLC	Health Care		537		1,794		0.21
Big Yellow Group PLC	Real Estate		144		1,788		0.21
Serco Group PLC	Industrials		1,172		1,786		0.21
Meggitt PLC	Industrials		495		1,780		0.21
Computacenter PLC	Information Technology		100		1,767		0.21
John Wood Group PLC	Energy		916		1,767		0.21
UK Commercial Property REIT Ltd	Real Estate		1,881		1,749		0.20
Bellway PLC	Consumer Discretionary		65		1,737		0.20
Barratt Developments PLC	Consumer Discretionary		308		1,684		0.20
Greencore Group PLC	Consumer Staples		815		1,667		0.19
Savills PLC	Real Estate		163		1,666		0.19
Howden Joinery Group PLC	Industrials		255		1,618		0.19
Antofagasta PLC	Materials		166		1,589		0.19
B&M European Value Retail SA	Consumer Discretionary		460		1,572		0.18
Close Brothers Group PLC	Financials		111		1,562		0.18
Berkeley Group Holdings PLC	Consumer Discretionary		34		1,537		0.18
Redrow PLC	Consumer Discretionary		338		1,505		0.18
Electrocomponents PLC	Information Technology		232		1,484		0.17
John Laing Group PLC	Industrials		352		1,483		0.17
Ibstock PLC	Materials		771		1,453		0.17

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Inchcape PLC	Consumer Discretionary		270		1,449		0.17
Shaftesbury PLC	Real Estate		189		1,449		0.17
AJ Bell PLC	Financials		368		1,416		0.17
Wizz Air Holdings Plc	Industrials		49		1,406		0.16
Smurfit Kappa Group PLC	Materials		48		1,364		0.16
Ninety One PLC	Financials		634		1,359		0.16
Petrofac Ltd	Energy		547		1,326		0.15
Polypipe Group plc	Industrials		230		1,311		0.15
Burberry Group PLC	Consumer Discretionary		78		1,276		0.15
Taylor Wimpey PLC	Consumer Discretionary		859		1,252		0.15
Rolls-Royce Holdings PLC	Industrials		291		1,228		0.14
Kainos Group PLC	Information Technology		150		1,227		0.14
Drax Group PLC	Utilities		628		1,197		0.14
Genus PLC	Health Care		29		1,180		0.14
National Express Group PLC	Industrials		451		1,152		0.13
Workspace Group PLC	Real Estate		120		1,128		0.13
Galliford Try Holdings PLC	Industrials		689		1,124		0.13
IMI PLC	Industrials		120		1,116		0.13
OneSavings Bank PLC	Financials		355		1,103		0.13
GCP Student Living PLC	Real Estate		653		1,077		0.13
LXI REIT plc	Real Estate		788		1,063		0.12
WH Smith PLC	Consumer Discretionary		75		1,055		0.12
Frasers Group PLC	Consumer Discretionary		464		1,050		0.12
Aggreko PLC	Industrials		171		1,033		0.12
Melrose Industries PLC	Industrials		904		1,026		0.12
Vesuvius PLC	Industrials		250		1,000		0.12
Energean Oil & Gas PLC	Energy		138		987		0.12
Smiths Group PLC	Industrials		64		974		0.11
Coats Group PLC	Consumer Discretionary		1,832		965		0.11
C&C Group PLC	Consumer Staples		393		958		0.11
Euromoney Institutional Investor PLC	Communication Services		95		957		0.11
Crest Nicholson Holdings plc	Consumer Discretionary		438		952		0.11
Land Securities Group PLC	Real Estate		137		947		0.11
Firstgroup PLC	Industrials		1,482		927		0.11
Centrica PLC	Utilities		1,891		893		0.10
Hunting PLC	Energy		400		869		0.10
Whitbread PLC	Consumer Discretionary		22		808		0.09
Premier Oil PLC	Energy		3,782		808		0.09
Cairn Energy PLC	Energy		806		773		0.09
Dixons Carphone PLC	Consumer Discretionary		784		759		0.09
Marston’s PLC	Consumer Discretionary		1,456		744		0.09
easyJet PLC	Industrials		105		743		0.09
Marks & Spencer Group PLC	Consumer Discretionary		589		725		0.08
Travis Perkins PLC	Industrials		65		709		0.08
Rhi Magnesita NV	Materials		27		693		0.08
Hochschild Mining PLC	Materials		519		685		0.08
Playtech Plc	Consumer Discretionary		322		678		0.08
Beazley PLC	Financials		140		676		0.08
Renishaw PLC	Information Technology		17		666		0.08
Sirius Real Estate Ltd	Real Estate		806		659		0.08
Sanne Group PLC	Financials		83		637		0.07
TalkTalk Telecom Group PLC	Communication Services		601		633		0.07
Pagegroup PLC	Industrials		140		631		0.07
Kingfisher PLC	Consumer Discretionary		352		627		0.07
Telecom Plus PLC	Utilities		40		621		0.07
Oxford Instruments PLC	Information Technology		38		605		0.07
Hill & Smith Holdings PLC	Materials		50		598		0.07
Stagecoach Group PLC	Industrials		679		588		0.07
Brewin Dolphin Holdings PLC	Financials		216		587		0.07
St Modwen Properties PLC	Real Estate		143		585		0.07
J D Wetherspoon PLC	Consumer Discretionary		53		576		0.07
International Consolidated Airlines Grou	Industrials		214		571		0.07
888 Holdings PLC	Consumer Discretionary		365		563		0.07
TI Fluid Systems PLC	Consumer Discretionary		307		559		0.07
Trainline PLC	Consumer Discretionary		132		557		0.07
Micro Focus International PLC	Information Technology		112		554		0.06
Go-Ahead Group PLC/The	Industrials		53		539		0.06
Clarkson PLC	Industrials		18		525		0.06
Hilton Food Group PLC	Consumer Staples		38		514		0.06
Sabre Insurance Group PLC	Financials		141		507		0.06
FDM Group Holdings PLC	Information Technology		55		501		0.06
PZ Cussons PLC	Consumer Staples		201		477		0.06
Rank Group PLC	Consumer Discretionary		276		444		0.05
AG Barr PLC	Consumer Staples		74		443		0.05
Equiniti Group PLC	Information Technology		197		431		0.05
McCarthy & Stone PLC	Consumer Discretionary		508		408		0.05
4imprint Group PLC	Communication Services		17		408		0.05

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUK) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Paragon Banking Group PLC	Financials		94		386		0.05
Bank of Georgia Group PLC	Financials		33		375		0.04
Rathbone Brothers PLC	Financials		20		374		0.04
Mitchells & Butlers PLC	Consumer Discretionary		156		351		0.04
PayPoint PLC	Industrials		53		350		0.04
Hyve Group PLC	Communication Services		1,220		298		0.03
SIG PLC	Industrials		1,008		291		0.03
PureTech Health Plc	Health Care		93		277		0.03
Airtel Africa PLC	Communication Services		396		202		0.02
Senior PLC	Industrials		230		200		0.02
James Fisher & Sons PLC	Industrials		12		194		0.02
Watches of Switzerland Group PLC	Consumer Discretionary		78		180		0.02
Network International Holdings PLC	Information Technology		36		173		0.02
ContourGlobal PLC	Utilities		94		168		0.02
Daejan Holdings PLC	Real Estate		2		163		0.02
Essentra PLC	Materials		45		148		0.02
TBC Bank Group PLC	Financials		16		146		0.02
Finablr PLC	Information Technology		1,068		146		0.02
PPHE Hotel Group Ltd	Consumer Discretionary		12		143		0.02
CLS Holdings PLC	Real Estate		55		132		0.02
Bakkavor Group PLC	Consumer Staples		68		89		0.01
Vivo Energy PLC	Consumer Discretionary		98		82		0.01
A basket (JPGSFDUS) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Apple Inc	Information Technology		544	$	138,224		2.67	%
Johnson & Johnson	Health Care		994		130,300		2.52
Microsoft Corp	Information Technology		609		96,079		1.86
Merck & Co Inc	Health Care		1,213		93,290		1.80
Facebook Inc	Communication Services		509		84,974		1.64
Alphabet Inc	Communication Services		65		75,495		1.46
Procter & Gamble Co/The	Consumer Staples		599		65,897		1.27
Adobe Inc	Information Technology		201		63,976		1.24
JPMorgan Chase & Co	Financials		679		61,120		1.18
Amazon.com Inc	Consumer Discretionary		31		60,654		1.17
Verizon Communications Inc	Communication Services		1,058		56,834		1.10
Walmart Inc	Consumer Staples		420		47,675		0.92
Walt Disney Co/The	Communication Services		476		45,940		0.89
Visa Inc	Information Technology		281		45,219		0.87
Comcast Corp	Communication Services		1,306		44,892		0.87
Costco Wholesale Corp	Consumer Staples		153		43,661		0.84
Pfizer Inc	Health Care		1,321		43,118		0.83
UnitedHealth Group Inc	Health Care		165		41,219		0.80
Intuit Inc	Information Technology		178		40,937		0.79
Bristol-Myers Squibb Co	Health Care		728		40,598		0.78
Newmont Corp	Materials		874		39,587		0.76
Mastercard Inc	Information Technology		154		37,200		0.72
PepsiCo Inc	Consumer Staples		309		37,152		0.72
VeriSign Inc	Information Technology		199		35,768		0.69
Crown Castle International Corp	Real Estate		245		35,374		0.68
Cerner Corp	Health Care		550		34,671		0.67
Southern Co/The	Utilities		619		33,514		0.65
Philip Morris International Inc	Consumer Staples		459		33,472		0.65
Kroger Co/The	Consumer Staples		1,083		32,611		0.63
Chubb Ltd	Financials		289		32,262		0.62
Intel Corp	Information Technology		591		32,007		0.62
ANSYS Inc	Information Technology		136		31,645		0.61
Bank of America Corp	Financials		1,482		31,463		0.61
AT&T Inc	Communication Services		1,061		30,932		0.60
Netflix Inc	Communication Services		82		30,856		0.60
Altria Group Inc	Consumer Staples		794		30,696		0.59
Cadence Design Systems Inc	Information Technology		459		30,315		0.59
Danaher Corp	Health Care		219		30,243		0.58
Chipotle Mexican Grill Inc	Consumer Discretionary		46		30,075		0.58
McCormick & Co Inc/MD	Consumer Staples		198		27,942		0.54
Berkshire Hathaway Inc	Financials		149		27,173		0.52
Cisco Systems Inc	Information Technology		690		27,125		0.52
F5 Networks Inc	Information Technology		253		26,989		0.52
NextEra Energy Inc	Utilities		111		26,773		0.52
Exelon Corp	Utilities		721		26,531		0.51
Campbell Soup Co	Consumer Staples		556		25,659		0.50
Linde PLC	Materials		147		25,445		0.49
Coca-Cola Co/The	Consumer Staples		573		25,376		0.49
Eli Lilly & Co	Health Care		181		25,100		0.48
American Electric Power Co Inc	Utilities		310		24,806		0.48
Sherwin-Williams Co/The	Materials		53		24,268		0.47
WEC Energy Group Inc	Utilities		272		24,011		0.46

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Equinix Inc	Real Estate		38		23,920		0.46
MarketAxess Holdings Inc	Financials		71		23,686		0.46
Zebra Technologies Corp	Information Technology		129		23,661		0.46
Dominion Energy Inc	Utilities		323		23,350		0.45
Progressive Corp/The	Financials		316		23,333		0.45
Fiserv Inc	Information Technology		240		22,817		0.44
PayPal Holdings Inc	Information Technology		236		22,624		0.44
AutoZone Inc	Consumer Discretionary		27		22,623		0.44
American Tower Corp	Real Estate		102		22,253		0.43
Entergy Corp	Utilities		233		21,903		0.42
Thermo Fisher Scientific Inc	Health Care		77		21,837		0.42
American Water Works Co Inc	Utilities		182		21,778		0.42
Ameren Corp	Utilities		299		21,742		0.42
NIKE Inc	Consumer Discretionary		256		21,214		0.41
Wells Fargo & Co	Financials		738		21,185		0.41
CMS Energy Corp	Utilities		354		20,787		0.40
FirstEnergy Corp	Utilities		517		20,709		0.40
Synopsys Inc	Information Technology		160		20,552		0.40
McDonald’s Corp	Consumer Discretionary		123		20,420		0.39
Take-Two Interactive Software Inc	Communication Services		170		20,123		0.39
General Mills Inc	Consumer Staples		381		20,118		0.39
Charles Schwab Corp/The	Financials		598		20,113		0.39
Electronic Arts Inc	Communication Services		199		19,915		0.38
Cognizant Technology Solutions Corp	Information Technology		428		19,908		0.38
CVS Health Corp	Health Care		335		19,860		0.38
Marsh & McLennan Cos Inc	Financials		227		19,624		0.38
Aon PLC	Financials		117		19,284		0.37
Atmos Energy Corp	Utilities		194		19,282		0.37
DTE Energy Co	Utilities		203		19,252		0.37
Incyte Corp	Health Care		260		19,027		0.37
Hartford Financial Services Group Inc/Th	Financials		537		18,935		0.37
Allstate Corp/The	Financials		206		18,928		0.37
S&P Global Inc	Financials		77		18,770		0.36
Amgen Inc	Health Care		92		18,729		0.36
Activision Blizzard Inc	Communication Services		314		18,659		0.36
Medtronic PLC	Health Care		203		18,275		0.35
Travelers Cos Inc/The	Financials		184		18,257		0.35
Monster Beverage Corp	Consumer Staples		324		18,205		0.35
Consolidated Edison Inc	Utilities		232		18,118		0.35
SBA Communications Corp	Real Estate		67		17,994		0.35
Xcel Energy Inc	Utilities		298		17,989		0.35
Eversource Energy	Utilities		220		17,205		0.33
Yum! Brands Inc	Consumer Discretionary		251		17,170		0.33
ConocoPhillips	Energy		549		16,903		0.33
Duke Energy Corp	Utilities		206		16,694		0.32
Cabot Oil & Gas Corp	Energy		968		16,647		0.32
CME Group Inc	Financials		96		16,567		0.32
Hershey Co/The	Consumer Staples		123		16,310		0.32
Public Storage	Real Estate		81		16,094		0.31
Alliant Energy Corp	Utilities		331		15,986		0.31
Realty Income Corp	Real Estate		317		15,829		0.31
Raytheon Technologies Corp	—		168		15,813		0.31
Pinnacle West Capital Corp	Utilities		208		15,786		0.30
Elanco Animal Health Inc	Health Care		703		15,749		0.30
Waste Management Inc	Industrials		167		15,479		0.30
Texas Instruments Inc	Information Technology		154		15,416		0.30
State Street Corp	Financials		289		15,401		0.30
Kimberly-Clark Corp	Consumer Staples		120		15,293		0.30
Moody’s Corp	Financials		72		15,262		0.29
Expeditors International of Washington I	Industrials		228		15,188		0.29
Cincinnati Financial Corp	Financials		200		15,117		0.29
Illumina Inc	Health Care		55		15,084		0.29
Biogen Inc	Health Care		47		14,987		0.29
Sempra Energy	Utilities		132		14,903		0.29
Under Armour Inc	Consumer Discretionary		1,615		14,875		0.29
Hormel Foods Corp	Consumer Staples		319		14,870		0.29
Extra Space Storage Inc	Real Estate		155		14,837		0.29
Skechers U.S.A. Inc	Consumer Discretionary		622		14,772		0.29
Intercontinental Exchange Inc	Financials		181		14,595		0.28
JM Smucker Co/The	Consumer Staples		131		14,513		0.28
Lowe’s Cos Inc	Consumer Discretionary		168		14,425		0.28
Morgan Stanley	Financials		423		14,369		0.28
Las Vegas Sands Corp	Consumer Discretionary		331		14,059		0.27
Willis Towers Watson PLC	Financials		83		14,037		0.27
FedEx Corp	Industrials		115		13,989		0.27
Applied Materials Inc	Information Technology		300		13,752		0.27
Advance Auto Parts Inc	Consumer Discretionary		147		13,713		0.26
3M Co	Industrials		100		13,593		0.26
Mondelez International Inc	Consumer Staples		269		13,493		0.26
Charter Communications Inc	Communication Services		31		13,397		0.26
Prologis Inc	Real Estate		158		12,690		0.25
Kellogg Co	Consumer Staples		211		12,640		0.24

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Church & Dwight Co Inc	Consumer Staples		196		12,600		0.24
NiSource Inc	Utilities		502		12,543		0.24
CH Robinson Worldwide Inc	Industrials		187		12,401		0.24
Mid-America Apartment Communities Inc	Real Estate		120		12,322		0.24
Fair Isaac Corp	Information Technology		40		12,280		0.24
NVIDIA Corp	Information Technology		47		12,274		0.24
PPL Corp	Utilities		493		12,157		0.23
Colgate-Palmolive Co	Consumer Staples		183		12,119		0.23
Public Service Enterprise Group Inc	Utilities		269		12,076		0.23
Digital Realty Trust Inc	Real Estate		86		12,012		0.23
Dollar General Corp	Consumer Discretionary		79		11,922		0.23
Honeywell International Inc	Industrials		88		11,839		0.23
Cboe Global Markets Inc	Financials		131		11,718		0.23
Clorox Co/The	Consumer Staples		67		11,687		0.23
Veeva Systems Inc	Health Care		75		11,662		0.23
Edison International	Utilities		212		11,593		0.22
AmerisourceBergen Corp	Health Care		131		11,583		0.22
Skyworks Solutions Inc	Information Technology		129		11,572		0.22
Chevron Corp	Energy		160		11,568		0.22
US Bancorp	Financials		334		11,516		0.22
McKesson Corp	Health Care		85		11,478		0.22
Tyson Foods Inc	Consumer Staples		198		11,463		0.22
United Rentals Inc	Industrials		110		11,332		0.22
Republic Services Inc	Industrials		151		11,297		0.22
Laboratory Corp of America Holdings	Health Care		89		11,278		0.22
TransDigm Group Inc	Industrials		35		11,144		0.22
Verisk Analytics Inc	Industrials		79		11,079		0.21
HCA Healthcare Inc	Health Care		120		10,824		0.21
Equity Residential	Real Estate		175		10,789		0.21
American Express Co	Financials		123		10,561		0.20
Hanesbrands Inc	Consumer Discretionary		1,332		10,480		0.20
Liberty Broadband Corp	Communication Services		94		10,400		0.20
DuPont de Nemours Inc	Materials		297		10,113		0.20
Essex Property Trust Inc	Real Estate		45		9,915		0.19
Healthpeak Properties Inc	Real Estate		414		9,874		0.19
Fidelity National Information Services I	Information Technology		81		9,873		0.19
Hess Corp	Energy		296		9,854		0.19
Alexandria Real Estate Equities Inc	Real Estate		72		9,835		0.19
Target Corp	Consumer Discretionary		106		9,814		0.19
Brown-Forman Corp	Consumer Staples		177		9,798		0.19
Duke Realty Corp	Real Estate		302		9,782		0.19
AvalonBay Communities Inc	Real Estate		66		9,780		0.19
Illinois Tool Works Inc	Industrials		69		9,759		0.19
Sysco Corp	Consumer Staples		213		9,713		0.19
Welltower Inc	Real Estate		209		9,591		0.19
Hasbro Inc	Consumer Discretionary		133		9,519		0.18
NVR Inc	Consumer Discretionary		4		9,494		0.18
Prudential Financial Inc	Financials		182		9,480		0.18
T Rowe Price Group Inc	Financials		97		9,461		0.18
Starbucks Corp	Consumer Discretionary		142		9,324		0.18
Hubbell Inc	Industrials		81		9,267		0.18
CarMax Inc	Consumer Discretionary		172		9,266		0.18
Ecolab Inc	Materials		59		9,140		0.18
Evergy Inc	Utilities		164		9,021		0.17
CenterPoint Energy Inc	Utilities		577		8,913		0.17
Everest Re Group Ltd	Financials		46		8,908		0.17
Tempur Sealy International Inc	Consumer Discretionary		203		8,890		0.17
Zimmer Biomet Holdings Inc	Health Care		88		8,877		0.17
Air Products & Chemicals Inc	Materials		44		8,852		0.17
UDR Inc	Real Estate		241		8,809		0.17
Credit Acceptance Corp	Financials		34		8,693		0.17
Live Nation Entertainment Inc	Communication Services		189		8,574		0.17
Hologic Inc	Health Care		242		8,502		0.16
Anthem Inc	Health Care		37		8,375		0.16
Baxter International Inc	Health Care		103		8,352		0.16
Under Armour Inc	Consumer Discretionary		982		7,919		0.15
Dollar Tree Inc	Consumer Discretionary		106		7,819		0.15
Zoetis Inc	Health Care		66		7,789		0.15
Iron Mountain Inc	Real Estate		327		7,786		0.15
Walgreens Boots Alliance Inc	Consumer Staples		169		7,740		0.15
Omnicom Group Inc	Communication Services		140		7,713		0.15
Emerson Electric Co	Industrials		161		7,687		0.15
IHS Markit Ltd	Industrials		128		7,660		0.15
Ball Corp	Materials		118		7,655		0.15
Ameriprise Financial Inc	Financials		74		7,602		0.15
Constellation Brands Inc	Consumer Staples		53		7,552		0.15
Ingersoll Rand Inc	Industrials		304		7,551		0.15
EOG Resources Inc	Energy		209		7,525		0.15
Conagra Brands Inc	Consumer Staples		255		7,495		0.14
Cummins Inc	Industrials		55		7,483		0.14
WR Berkley Corp	Financials		142		7,431		0.14
Motorola Solutions Inc	Information Technology		56		7,413		0.14

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
AO Smith Corp	Industrials		196		7,405		0.14
Western Union Co/The	Information Technology		403		7,314		0.14
Citizens Financial Group Inc	Financials		387		7,276		0.14
Darden Restaurants Inc	Consumer Discretionary		132		7,194		0.14
Boston Scientific Corp	Health Care		220		7,187		0.14
Simon Property Group Inc	Real Estate		130		7,110		0.14
O’Reilly Automotive Inc	Consumer Discretionary		24		7,080		0.14
TJX Cos Inc/The	Consumer Discretionary		148		7,077		0.14
Sealed Air Corp	Materials		285		7,051		0.14
Avangrid Inc	Utilities		157		6,883		0.13
Dick’s Sporting Goods Inc	Consumer Discretionary		324		6,881		0.13
Burlington Stores Inc	Consumer Discretionary		43		6,878		0.13
Apartment Investment & Management Co	Real Estate		194		6,832		0.13
Regency Centers Corp	Real Estate		178		6,822		0.13
Boston Properties Inc	Real Estate		74		6,779		0.13
Maxim Integrated Products Inc	Information Technology		139		6,754		0.13
ICU Medical Inc	Health Care		33		6,751		0.13
Lamb Weston Holdings Inc	Consumer Staples		117		6,660		0.13
Aflac Inc	Financials		194		6,653		0.13
Ventas Inc	Real Estate		243		6,517		0.13
Nasdaq Inc	Financials		68		6,437		0.12
News Corp	Communication Services		712		6,390		0.12
Rockwell Automation Inc	Industrials		42		6,368		0.12
Discovery Inc	Communication Services		363		6,363		0.12
Nuance Communications Inc	Information Technology		377		6,320		0.12
Xylem Inc/NY	Industrials		96		6,267		0.12
Federal Realty Investment Trust	Real Estate		83		6,221		0.12
Becton Dickinson and Co	Health Care		27		6,206		0.12
PulteGroup Inc	Consumer Discretionary		272		6,081		0.12
DR Horton Inc	Consumer Discretionary		174		5,921		0.11
Arthur J Gallagher & Co	Financials		72		5,855		0.11
Masco Corp	Industrials		169		5,830		0.11
PPG Industries Inc	Materials		69		5,746		0.11
Old Republic International Corp	Financials		376		5,739		0.11
Quest Diagnostics Inc	Health Care		71		5,692		0.11
Interpublic Group of Cos Inc/The	Communication Services		350		5,667		0.11
SVB Financial Group	Financials		37		5,654		0.11
MKS Instruments Inc	Information Technology		69		5,653		0.11
Copart Inc	Industrials		82		5,649		0.11
Tapestry Inc	Consumer Discretionary		426		5,512		0.11
Henry Schein Inc	Health Care		109		5,506		0.11
DENTSPLY SIRONA Inc	Health Care		141		5,492		0.11
Huntington Ingalls Industries Inc	Industrials		29		5,375		0.10
Jack Henry & Associates Inc	Information Technology		34		5,288		0.10
H&R Block Inc	Consumer Discretionary		375		5,273		0.10
Synchrony Financial	Financials		327		5,267		0.10
Discover Financial Services	Financials		146		5,218		0.10
T-Mobile US Inc	Communication Services		62		5,169		0.10
Allegion plc	Industrials		55		5,101		0.10
Ulta Beauty Inc	Consumer Discretionary		29		5,088		0.10
JB Hunt Transport Services Inc	Industrials		54		5,007		0.10
Citrix Systems Inc	Information Technology		34		4,860		0.09
ResMed Inc	Health Care		33		4,839		0.09
Macquarie Infrastructure Corp	Industrials		190		4,810		0.09
HollyFrontier Corp	Energy		195		4,769		0.09
PTC Inc	Information Technology		78		4,746		0.09
Universal Health Services Inc	Health Care		47		4,700		0.09
Xilinx Inc	Information Technology		60		4,687		0.09
Rollins Inc	Industrials		128		4,614		0.09
Nektar Therapeutics	Health Care		257		4,595		0.09
Avery Dennison Corp	Materials		45		4,552		0.09
Stryker Corp	Health Care		27		4,508		0.09
CenturyLink Inc	Communication Services		473		4,475		0.09
Royal Caribbean Cruises Ltd	Consumer Discretionary		137		4,405		0.09
Broadridge Financial Solutions Inc	Information Technology		46		4,377		0.08
Nucor Corp	Materials		121		4,371		0.08
Weyerhaeuser Co	Real Estate		257		4,354		0.08
Lennar Corp	Consumer Discretionary		112		4,294		0.08
Leidos Holdings Inc	Information Technology		46		4,218		0.08
Comerica Inc	Financials		143		4,199		0.08
OneMain Holdings Inc	Financials		218		4,176		0.08
Cooper Cos Inc/The	Health Care		15		4,168		0.08
Martin Marietta Materials Inc	Materials		22		4,094		0.08
CDK Global Inc	Information Technology		124		4,088		0.08
Tractor Supply Co	Consumer Discretionary		48		4,045		0.08
Assured Guaranty Ltd	Financials		156		4,020		0.08
Parker-Hannifin Corp	Industrials		31		4,018		0.08
Southwest Airlines Co	Industrials		111		3,965		0.08
Assurant Inc	Financials		38		3,917		0.08
M&T Bank Corp	Financials		37		3,878		0.07
Vornado Realty Trust	Real Estate		105		3,786		0.07

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
Host Hotels & Resorts Inc	Real Estate		335		3,696		0.07
Teleflex Inc	Health Care		12		3,542		0.07
Capri Holdings Ltd	Consumer Discretionary		326		3,519		0.07
Howard Hughes Corp/The	Real Estate		69		3,476		0.07
Nexstar Media Group Inc	Communication Services		59		3,394		0.07
Accenture PLC	Information Technology		21		3,368		0.07
AES Corp/VA	Utilities		243		3,309		0.06
Bright Horizons Family Solutions Inc	Consumer Discretionary		32		3,255		0.06
Fastenal Co	Industrials		104		3,240		0.06
Archer-Daniels-Midland Co	Consumer Staples		91		3,203		0.06
Global Payments Inc	Information Technology		22		3,101		0.06
AbbVie Inc	Health Care		41		3,087		0.06
Trane Technologies PLC	Industrials		37		3,080		0.06
QUALCOMM Inc	Information Technology		43		2,918		0.06
Loews Corp	Financials		84		2,909		0.06
Robert Half International Inc	Industrials		76		2,871		0.06
Celanese Corp	Materials		38		2,821		0.05
Phillips 66	Energy		52		2,790		0.05
Ford Motor Co	Consumer Discretionary		576		2,784		0.05
Johnson Controls International plc	Industrials		100		2,692		0.05
Genuine Parts Co	Consumer Discretionary		39		2,615		0.05
International Flavors & Fragrances Inc	Materials		25		2,545		0.05
Garmin Ltd	Consumer Discretionary		31		2,312		0.04
CDW Corp/DE	Information Technology		24		2,206		0.04
Paychex Inc	Information Technology		34		2,143		0.04
LyondellBasell Industries NV	Materials		43		2,127		0.04
WW Grainger Inc	Industrials		8		2,104		0.04
Cigna Corp	Health Care		12		2,048		0.04
Molson Coors Beverage Co	Consumer Staples		51		1,992		0.04
International Business Machines Corp	Information Technology		18		1,975		0.04
News Corp	Communication Services		214		1,926		0.04
E*TRADE Financial Corp	Financials		56		1,923		0.04
Cintas Corp	Industrials		11		1,897		0.04
Stanley Black & Decker Inc	Industrials		19		1,861		0.04
Globe Life Inc	Financials		26		1,842		0.04
Nielsen Holdings PLC	Industrials		146		1,833		0.04
Westinghouse Air Brake Technologies Corp	Industrials		35		1,698		0.03
Oracle Corp	Information Technology		35		1,689		0.03
Howmet Aerospace Inc	Industrials		104		1,674		0.03
Equifax Inc	Industrials		14		1,669		0.03
Dover Corp	Industrials		20		1,652		0.03
Citigroup Inc	Financials		39		1,647		0.03
NortonLifeLock Inc	Information Technology		87		1,624		0.03
Gilead Sciences Inc	Health Care		22		1,607		0.03
Qorvo Inc	Information Technology		20		1,582		0.03
Advanced Micro Devices Inc	Information Technology		35		1,571		0.03
MSCI Inc	Financials		5		1,514		0.03
Packaging Corp of America	Materials		17		1,494		0.03
Broadcom Inc	Information Technology		6		1,466		0.03
HP Inc	Information Technology		83		1,449		0.03
Mylan NV	Health Care		93		1,389		0.03
DaVita Inc	Health Care		18		1,344		0.03
Devon Energy Corp	Energy		190		1,312		0.03
Paycom Software Inc	Information Technology		6		1,276		0.02
Kansas City Southern	Industrials		10		1,248		0.02
Akamai Technologies Inc	Information Technology		14		1,242		0.02
Hewlett Packard Enterprise Co	Information Technology		127		1,231		0.02
Alexion Pharmaceuticals Inc	Health Care		13		1,164		0.02
Fox Corp	Communication Services		48		1,137		0.02
TE Connectivity Ltd	Information Technology		18		1,130		0.02
Seagate Technology PLC	Information Technology		23		1,121		0.02
Fox Corp	Communication Services		47		1,071		0.02
Fortune Brands Home & Security Inc	Industrials		23		1,011		0.02
Cardinal Health Inc	Health Care		20		976		0.02
Kraft Heinz Co/The	Consumer Staples		39		972		0.02
Bank of New York Mellon Corp/The	Financials		29		971		0.02
Huntington Bancshares Inc/OH	Financials		117		960		0.02
Micron Technology Inc	Information Technology		23		955		0.02
Capital One Financial Corp	Financials		19		935		0.02
Keysight Technologies Inc	Information Technology		11		933		0.02
Regeneron Pharmaceuticals Inc	Health Care		2		919		0.02
Juniper Networks Inc	Information Technology		46		881		0.02
Principal Financial Group Inc	Financials		28		863		0.02
Apache Corp	Energy		205		856		0.02
Caterpillar Inc	Industrials		7		850		0.02
Perrigo Co PLC	Health Care		17		840		0.02
Unum Group	Financials		55		831		0.02
Arista Networks Inc	Information Technology		4		830		0.02
DXC Technology Co	Information Technology		62		815		0.02
Centene Corp	Health Care		14		814		0.02
Eaton Corp PLC	Industrials		10		804		0.02

GOLDMAN SACHS ALTERNATIVE PREMIA FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

A basket (JPGSFDUS) of common stocks (continued)
Common Stocks	Sector	Shares		Value		Weight
American International Group Inc	Financials		33		793		0.02
NetApp Inc	Information Technology		19		779		0.02
Microchip Technology Inc	Information Technology		11		765		0.01
Delta Air Lines Inc	Industrials		24		675		0.01
Valero Energy Corp	Energy		15		674		0.01
NRG Energy Inc	Utilities		25		672		0.01
Gartner Inc	Information Technology		7		656		0.01
Best Buy Co Inc	Consumer Discretionary		11		655		0.01
Booking Holdings Inc	Consumer Discretionary		—		633		0.01
Invesco Ltd	Financials		65		588		0.01
Lincoln National Corp	Financials		22		585		0.01
Alliance Data Systems Corp	Information Technology		17		574		0.01
Amphenol Corp	Information Technology		8		563		0.01
Snap-on Inc	Industrials		5		563		0.01
Marathon Petroleum Corp	Energy		24		560		0.01
Fifth Third Bancorp	Financials		37		546		0.01
United Airlines Holdings Inc	Industrials		16		515		0.01
Lam Research Corp	Information Technology		2		500		0.01
Alaska Air Group Inc	Industrials		17		494		0.01
CSX Corp	Industrials		8		485		0.01
International Paper Co	Materials		15		475		0.01
Coty Inc	Consumer Staples		92		474		0.01
BorgWarner Inc	Consumer Discretionary		19		473		0.01
eBay Inc	Consumer Discretionary		16		471		0.01
Fortive Corp	Industrials		8		460		0.01
LKQ Corp	Consumer Discretionary		22		446		0.01
Westrock Co	Materials		16		441		0.01
Newell Brands Inc	Consumer Discretionary		32		429		0.01
Dow Inc	Materials		15		424		0.01
Vulcan Materials Co	Materials		4		421		0.01
PNC Financial Services Group Inc/The	Financials		4		412		0.01
Regions Financial Corp	Financials		45		406		0.01
Mohawk Industries Inc	Consumer Discretionary		5		400		0.01
Franklin Resources Inc	Financials		24		399		0.01
FLIR Systems Inc	Information Technology		12		384		0.01
AMETEK Inc	Industrials		5		373		0.01
FleetCor Technologies Inc	Information Technology		2		363		0.01
National Oilwell Varco Inc	Energy		37		362		0.01
IDEXX Laboratories Inc	Health Care		1		358		0.01
Whirlpool Corp	Consumer Discretionary		4		346		0.01
Ross Stores Inc	Consumer Discretionary		4		339		0.01
Eastman Chemical Co	Materials		7		332		0.01
General Motors Co	Consumer Discretionary		16		330		0.01
PVH Corp	Consumer Discretionary		9		326		0.01
Expedia Group Inc	Consumer Discretionary		5		306		0.01
Leggett & Platt Inc	Consumer Discretionary		11		294		0.01
CF Industries Holdings Inc	Materials		10		278		0.01
Ralph Lauren Corp	Consumer Discretionary		4		269		0.01
Baker Hughes Co	Energy		25		262		0.01
Hilton Worldwide Holdings Inc	Consumer Discretionary		4		248		0.00
MGM Resorts International	Consumer Discretionary		20		239		0.00
Kohl’s Corp	Consumer Discretionary		16		238		0.00
KeyCorp	Financials		22		230		0.00
Aptiv PLC	Consumer Discretionary		5		228		0.00
L Brands Inc	Consumer Discretionary		19		221		0.00
Macy’s Inc	Consumer Discretionary		39		190		0.00
Nordstrom Inc	Consumer Discretionary		12		186		0.00
Western Digital Corp	Information Technology		4		148		0.00
IPG Photonics Corp	Information Technology		1		148		0.00
Raymond James Financial Inc	Financials		2		110		0.00
Gap Inc/The	Consumer Discretionary		15		107		0.00
Helmerich & Payne Inc	Energy		7		105		0.00
FMC Corp	Materials		1		99		0.00
Flowserve Corp	Industrials		4		93		0.00
Norwegian Cruise Line Holdings Ltd	Consumer Discretionary		8		85		0.00
Carnival Corp	Consumer Discretionary		6		78		0.00
Mosaic Co/The	Materials		7		75		0.00

PURCHASED OPTIONS CONTRACTS — At March 31, 2020, 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:
Calls
CBOE Volatility Index	Morgan Stanley Co., Inc.		18.00  USD		04/15/2020		80	$	428,320	$	230,400	$	60,960	$	169,440
			18.00  USD		05/20/2020		80		428,320		184,000		50,889		133,111
			47.50  USD		06/17/2020		30		160,620		14,700		51,800		(37,100	)
Total purchased options contracts							190			$	429,100	$	163,649	$	265,451

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – 4.5%
FHLMC – 2.3%
$	28,999		5.000	%	11/01/2025	$         31,284
	23,731		5.000		08/01/2028	25,839
	10,686		5.000		01/01/2033	11,948
	414		5.000		03/01/2033	463
	5,829		5.000		04/01/2033	6,517
	880		5.000		05/01/2033	984
	2,859		5.000		06/01/2033	3,197
	17,681		5.000		07/01/2033	19,770
	25,262		5.000		08/01/2033	28,229
	2,097		5.000		09/01/2033	2,345
	5,134		5.000		10/01/2033	5,741
	11,523		5.000		11/01/2033	12,883
	6,156		5.000		12/01/2033	6,883
	5,530		5.000		01/01/2034	6,183
	18,870		5.000		02/01/2034	21,068
	7,908		5.000		03/01/2034	8,796
	14,388		5.000		04/01/2034	15,988
	19,137		5.000		05/01/2034	21,388
	269,898		5.000		06/01/2034	301,546
	4,103		5.000		11/01/2034	4,559
	72,903		5.000		04/01/2035	81,501
	1,282,692		5.000		07/01/2035	1,425,377
	3,150		5.000		11/01/2035	3,521
	55,117		5.000		03/01/2036	61,489
	19,935		5.000		03/01/2037	21,978
	60,642		5.000		12/01/2037	66,848
	112,026		5.000		02/01/2038	123,497
	273,821		5.000		03/01/2038	301,617
	136,468		5.000		07/01/2038	150,320
	114,672		5.000		11/01/2038	126,312
	298,348		5.000		12/01/2038	328,923
	168,088		5.000		01/01/2039	185,118
	40,895		5.000		02/01/2039	45,039
	272,623		5.000		06/01/2041	300,507
						3,757,658
UMBS – 2.2%
	4,284		6.000		03/01/2034	4,914
	15,754		6.000		08/01/2034	18,144
	65,421		6.000		08/01/2035	76,110
	104,800		6.000		09/01/2035	122,275
	186,019		6.000		11/01/2035	216,969
	416,193		6.000		03/01/2036	484,029
	3,744		6.000		06/01/2036	4,355
	803,570		6.000		09/01/2036	905,528
	145,120		6.000		12/01/2036	169,700
	10,154		6.000		02/01/2037	11,830
	1,891		6.000		04/01/2037	2,178
	3,250		6.000		05/01/2037	3,787
	89,477		6.000		06/01/2037	104,866
	57,833		6.000		07/01/2037	67,777
	125,368		6.000		08/01/2037	145,382
	55,409		6.000		09/01/2037	64,908
	10,542		6.000		10/01/2037	12,336
	31,371		6.000		11/01/2037	36,870
	2,568		6.000		12/01/2037	3,016
	283,274		6.000		01/01/2038	331,204
	36,515		6.000		03/01/2038	42,670
	2,052		6.000		04/01/2038	2,407
	537		6.000		05/01/2038	600
	895		6.000		09/01/2038	1,050
	58,171		6.000		10/01/2038	68,229
	2,256		6.000		12/01/2038	2,636

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Securities – (continued)
UMBS – (continued)
$	2,039		6.000	%	01/01/2039	$           2,388
	8,226		4.000		08/01/2039	8,938
	25,443		4.500		02/01/2040	27,700
	2,390		6.000		04/01/2040	2,799
	99,229		6.000		06/01/2040	116,232
	228,289		6.000		05/01/2041	266,570
	98,074		4.500		08/01/2041	107,452
						3,435,849
TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,974,187)						$    7,193,507
Collateralized Mortgage Obligations – 2.3%
Regular Floater(a)(b) – 0.2%
FHLMC REMIC Series 3371, Class FA
$	156,734		1.305	%	09/15/2037	$       156,552
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A
	140,097		1.466		10/07/2020	138,986
						295,538
Sequential Fixed Rate – 2.1%
FHLMC REMIC Series 2755, Class ZA
	357,550		5.000		02/15/2034	406,711
FHLMC REMIC Series 4246, Class PT
	194,204		6.500		02/15/2036	231,139
FHLMC REMIC Series 4273, Class PD
	993,541		6.500		11/15/2043	1,204,618
FNMA REMIC Series 2012-111, Class B
	257,373		7.000		10/25/2042	317,597
FNMA REMIC Series 2012-153, Class B
	966,333		7.000		07/25/2042	1,219,630
						3,379,695
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,395,281)						$    3,675,233
Commercial Mortgage-Backed Securities(a) – 11.9%
Agency Multi-Family – 11.9%
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K011, Class A2
$	5,171,628		4.084	%	11/25/2020	$    5,225,062
FHLMC Multifamily Structured Pass-Through Certificates REMIC Series K714, Class A2(b)
	13,934,599		3.034		10/25/2020	13,951,292
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $20,144,390)						$  19,176,354
Asset-Backed Securities(a) – 0.1%
Home Equity– 0.1%
GMACM Home Equity Loan Trust Series 2007-HE3, Class 1A1(b)
$	1,662		7.000	%	09/25/2037	$           1,636
GMACM Home Equity Loan Trust Series 2007-HE3, Class 2A1(b)
	55,503		7.000		09/25/2037	53,199

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Home Equity – (continued)
NCUA Guaranteed Notes Trust Series 2010-A1, Class A
$	178,741		1.075	%	12/07/2020	$       177,484
TOTAL ASSET-BACKED SECURITIES (Cost $235,906)						$       232,319
U.S. Treasury Obligations – 27.9%
U.S. Treasury Bonds
$	900,000		3.125	%	11/15/2041	$    1,219,500
	1,100,000		2.750	(c)	11/15/2042	1,410,750
	1,990,000		3.750	(c)	11/15/2043	2,973,185
	20,000		3.375	(c)	05/15/2044	28,428
	6,600,000		2.875		11/15/2046	8,849,156
	4,780,000		3.000	(c)	05/15/2047	6,565,778
	420,000		3.375		11/15/2048	621,994
	160,000		2.000		02/15/2050	185,825
U.S. Treasury Notes
	6,620,000		1.125		07/31/2021	6,696,026
	4,610,000		1.875		01/31/2022	4,743,798
	20,000		1.875		02/28/2022	20,609
	200,000		2.750		04/30/2023	214,875
	90,000		2.875		11/30/2023	98,283
	700,000		1.125		02/28/2025	726,086
	5,960,000		2.875		05/31/2025	6,702,672
	900,000		2.750		06/30/2025	1,008,000
	2,490,000		2.625		12/31/2025	2,793,469
	40,000		1.375		08/31/2026	42,119
TOTAL U.S. TREASURY OBLIGATIONS (Cost $38,646,399)						$  44,900,553
Shares		Description				Value
Exchange Traded Fund(d) – 12.5%
	200,000		Goldman Sachs Access Treasury 0-1 Year ETF			$  20,154,000
(Cost $20,008,000)
Shares		Dividend Rate				Value
Investment Company(d) – 21.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	34,183,793		0.333%			$  34,183,793
(Cost $34,183,793)
TOTAL INVESTMENTS – 80.4% (Cost $123,587,956)						$129,515,759
OTHER ASSETS IN EXCESS OF     LIABILITIES – 19.6%						31,627,161
NET ASSETS – 100.0%						$161,142,920

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, 2020.
(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
LIBOR	— London Interbank Offered Rate
REMIC	— Real Estate Mortgage Investment Conduit
UMBS	— Uniform Mortgage-Backed Securities
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, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
3 Month Eurodollar	1		12/14/2020	$	249,150		$	4,068
Total							$	4,068
Short position contracts:
U.S. Treasury 2 Year Note	(100)		06/30/2020	$	(22,038,281	)	$	(90,428	)
U.S. Treasury 5 Year Note	(123)		06/30/2020		(15,426,891	)		(435,680	)
U.S. Treasury 10 Year Note	(19)		06/19/2020		(2,638,328	)		(51,629	)
U.S. Treasury 10 Year Ultra Note	(19)		06/19/2020		(2,968,156	)		(30,316	)
U.S. Treasury Long Bond	21		06/19/2020		3,772,125			267,255
U.S. Treasury Ultra Bond	(105)		06/19/2020		(23,346,094	)		(2,061,757	)
Total							$	(2,402,555	)
Total Futures Contracts							$	(2,398,487	)

SWAP CONTRACTS — At March 31, 2020, 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)
1 Month LIBOR	3 Month LIBOR	07/25/2024	USD	9,100	$(9,047)	$	229	$	(9,276	)

(a) Payments made quarterly

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020

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	04/08/2020	USD	38,761	$	0
S&P GSCI Energy 1 Month Forward Index		(0.000)	Macquarie Bank Ltd.	04/16/2020		43,277		0
BAML Commodity Excess Return Strategy Index(*)		(0.000)	Merrill Lynch & Co., Inc.	08/13/2020		72,498		(20,535	)
TOTAL							$	(20,535	)

* The components of the basket 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.

A basket (BAML Commodity Excess Return Strategy Index) of commodities
Description	Sector	Number of Contracts		Value		Weight
Brent	Energy		1,000	$	26,350		9.20	%
Gold	Precious		100		159,660		8.21
WTI	Energy		1,000		20,480		7.43
WTI	Energy		1,000		29,790		7.34
Corn	Grains		5,000		17,038		7.31
Copper	Metals		25		123,663		5.85
Wheat	Grains		5,000		28,438		5.51
Soybeans	Grains		5,000		44,300		5.18
Live Cattle	Meats		40,000		36,830		5.17
Aluminum	Metals		25		37,856		4.97
Gasoil	Energy		100		29,475		4.81
Heating Oil	Energy		42,000		42,063		3.61
Natural Gas	Energy		10,000		16,400		3.12
Brent	Energy		1,000		34,130		3.05
Lean Hogs	Meats		40,000		24,130		2.96
Gasoline RBOB	Energy		42,000		24,893		2.59
Kansas Wheat	Grains		5,000		24,650		2.23
Sugar	Softs		112,000		11,670		2.14
Feeder Cattle	Meats		50,000		61,450		1.84
Cotton	Textiles		50,000		25,565		1.49
Zinc	Metals		25		47,563		1.36
Coffee	Softs		37,500		44,831		1.26
Nickel	Metals		6		68,787		1.19
Lead	Metals		25		43,575		0.99
Silver	Precious		5,000		70,780		0.64
Cocoa	Softs		10		22,490		0.56

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED & WRITTEN OPTIONS CONTRACTS — At March 31, 2020, the Fund had the following purchased & written options contracts:

OVER THE COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount			Market Value		Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
3M IRS	JPMorgan Chase Bank NA		1.770%		04/08/2020		1,600,000	$	1,600,000		$	—	$	19,425		$	(19,425	)
Written option contracts
Puts
3M IRS	JPMorgan Chase Bank NA		2.020%		04/08/2020		(2,400,000)	$	(2,400,000	)	$	—	$	(9,665	)	$	9,665

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments

March 31, 2020 (Unaudited)

Shares	Dividend Rate	Value
Investment Companies(a) – 77.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
248,414,491	0.333%	$248,414,491
TOTAL INVESTMENTS – 77.2% (Cost $248,414,491)		$248,414,491
OTHER ASSETS IN EXCESS OF     LIABILITIES – 22.8%		73,506,665
NET ASSETS – 100.0%		$321,921,156

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
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 FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
Morgan Stanley Co., Inc.	AUD	3,080,000		USD	1,852,238		06/17/2020	$	42,657
	CAD	4,351,000		USD	3,006,458		06/17/2020		87,541
	CHF	860,000		USD	881,677		06/17/2020		15,109
	CZK	28,400,000		USD	1,112,181		06/17/2020		31,696
	EUR	543,000		USD	596,283		06/17/2020		4,354
	GBP	242,000		USD	286,673		06/17/2020		14,319
	JPY	426,000,000		USD	3,973,992		06/17/2020		892
	KRW	2,920,000,000		USD	2,332,448		06/17/2020		69,559
	NOK	26,500,000		USD	2,467,259		06/17/2020		82,433
	NZD	3,100,000		USD	1,814,923		06/17/2020		33,716
	PLN	7,610,000		USD	1,798,962		06/17/2020		40,040
	SEK	9,300,000		USD	914,444		06/17/2020		27,251
	USD	18,336,406		AUD	27,699,000		06/17/2020		1,295,279
	USD	7,874,016		BRL	34,700,000		04/02/2020		1,195,930
	USD	4,703,888		BRL	23,860,000		05/05/2020		122,402
	USD	18,139,596		CAD	24,322,000		06/17/2020		844,205
	USD	7,833,684		CHF	7,387,000		06/17/2020		130,706
	USD	6,736,453		CLP	5,470,000,000		06/17/2020		332,631
	USD	7,475,606		COP	26,202,000,000		06/17/2020		1,061,095
	USD	26,843,740		CZK	636,656,000		06/17/2020		1,200,907
	USD	58,245,099		EUR	51,814,000		06/17/2020		931,284
	USD	29,622,708		GBP	22,971,250		06/17/2020		1,051,754
	USD	12,933,225		HUF	3,937,025,000		06/17/2020		874,109
	USD	14,210,153		IDR	210,240,000,000		06/17/2020		1,481,383
	USD	22,951,193		INR	1,725,000,000		06/17/2020		524,651
	USD	4,409,049		JPY	470,949,000		06/17/2020		14,759
	USD	16,221,662		KRW	19,320,000,000		06/17/2020		328,934
	USD	8,765,714		MXN	186,360,000		06/17/2020		998,787
	USD	9,886,920		NOK	91,800,000		06/17/2020		1,054,404
	USD	7,914,652		NZD	12,600,000		06/17/2020		400,827
	USD	15,896,987		PLN	61,936,000		06/17/2020		929,787
	USD	5,915,001		RUB	420,000,000		06/17/2020		600,086
	USD	12,439,255		SEK	117,831,000		06/17/2020		507,981
	USD	4,553,872		TRY	29,640,000		06/17/2020		169,427
	USD	9,580,704		ZAR	155,994,000		06/17/2020		947,008
TOTAL								$	17,447,903
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
Morgan Stanley Co., Inc.	AUD	10,591,000		USD	6,910,588		06/17/2020	$	(394,735	)
	BRL	34,700,000		USD	6,885,149		04/02/2020		(207,064	)
	CAD	7,236,000		USD	5,255,974		06/17/2020		(110,449	)
	CHF	3,843,000		USD	4,092,368		06/17/2020		(84,983	)
	CLP	780,000,000		USD	916,655		06/17/2020		(3,496	)
	COP	8,800,000,000		USD	2,284,704		06/17/2020		(130,376	)
	CZK	467,183,000		USD	20,415,732		06/17/2020		(1,598,827	)
	EUR	37,599,000		USD	42,390,976		06/17/2020		(801,018	)
	GBP	34,678,000		USD	44,622,526		06/17/2020		(1,491,069	)
	HUF	2,125,333,000		USD	7,011,791		06/17/2020		(501,892	)
	IDR	217,800,000,000		USD	14,936,223		06/17/2020		(1,749,739	)
	INR	1,063,000,000		USD	14,405,746		06/17/2020		(585,796	)
	JPY	2,158,276,000		USD	20,582,481		06/17/2020		(444,226	)
	KRW	3,100,000,000		USD	2,605,540		06/17/2020		(55,465	)

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (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)	MXN	195,600,000		USD	9,931,441		06/17/2020	$	(1,779,419	)
	NOK	36,500,000		USD	3,784,747		06/17/2020		(272,909	)
	NZD	3,520,000		USD	2,205,516		06/17/2020		(106,416	)
	PLN	27,464,000		USD	7,158,539		06/17/2020		(521,700	)
	RUB	259,000,000		USD	3,883,874		06/17/2020		(606,343	)
	SEK	66,722,400		USD	7,032,180		06/17/2020		(276,036	)
	TRY	2,880,000		USD	459,293		06/17/2020		(33,274	)
	USD	142,717		CAD	206,000		06/17/2020		(3,770	)
	USD	461,373		CZK	11,771,000		06/17/2020		(12,732	)
	USD	3,694,216		EUR	3,419,000		06/17/2020		(87,696	)
	USD	22,609,455		GBP	18,845,000		06/17/2020		(829,390	)
	USD	204,060		HUF	66,900,000		06/17/2020		(854	)
	USD	4,110,552		IDR	70,200,000,000		06/17/2020		(139,637	)
	USD	3,664,719		INR	288,000,000		06/17/2020		(79,538	)
	USD	3,836,548		MXN	95,100,000		06/17/2020		(126,935	)
	USD	3,246,388		RUB	260,000,000		06/17/2020		(43,797	)
	USD	1,885,443		SEK	18,849,000		06/17/2020		(23,161	)
	ZAR	5,722,000		USD	357,114		06/17/2020		(40,423	)
TOTAL								$	(13,143,165	)

FUTURES CONTRACTS — At March 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
100 oz Gold		12		06/26/2020	$	1,908,840	$	(116,793)
CBOE Volatility Index		25		04/15/2020		1,169,375		69,965
EURO STOXX 50 Index		101		06/19/2020		3,059,963		537,523
LME Aluminum Base Metal		114		04/15/2020		4,279,275		(580,244)
LME Aluminum Base Metal		13		05/20/2020		492,131		(14,899)
LME Copper Base Metal		32		04/15/2020		3,954,600		(541,076)
LME Copper Base Metal		9		05/20/2020		1,112,962		(10,334)
LME Lead Base Metal		81		04/15/2020		3,521,981		(196,110)
LME Lead Base Metal		9		05/20/2020		392,175		(921)
LME Nickel Base Metal		32		04/15/2020		2,197,056		(229,900)
LME Zinc Base Metal		65		04/15/2020		3,083,844		(150,060)
LME Zinc Base Metal		7		05/20/2020		332,937		(8,067)
MSCI Emerging Markets E-Mini Index		47		06/19/2020		1,980,815		141,796
S&P 500 E-Mini Index		152		06/19/2020		19,529,720		(296,878)
VSTOXX		456		04/15/2020		2,205,315		332,184
Wheat		3		05/14/2020		85,163		1,941
Total							$	(1,061,873)
Short position contracts:
Amsterdam Exchange Index		(15)		04/17/2020	$	(1,597,043)	$	(156,584)
BIST 30 Index		(2,732)		04/30/2020		(4,416,146)		20,856
Brent Crude Oil		(22)		04/30/2020		(572,220)		490,256
Coffee ‘C’		(31)		05/18/2020		(1,372,913)		(159,443)
Corn		(86)		05/14/2020		(1,470,600)		193,329
Cotton No. 2		(76)		05/06/2020		(1,941,800)		445,544

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
DAX Index		(6)		06/19/2020	$	(1,639,047)	$	8,663
DJIA CBOT E-Mini Index		(16)		06/19/2020		(1,740,080)		(105,354)
Feeder Cattle		(18)		05/21/2020		(1,097,550)		92,943
FTSE 100 Index		(25)		06/19/2020		(1,749,964)		(98,779)
FTSE/JSE Top 40 Index		(167)		06/18/2020		(3,831,976)		(383,401)
Hang Seng Index		(25)		04/28/2020		(3,824,449)		(204,224)
HSCEI		(58)		04/28/2020		(3,603,702)		(192,418)
KC HRW Wheat		(48)		05/14/2020		(1,178,400)		(124,917)
KOSPI 200 Index		(42)		06/11/2020		(2,035,569)		(160,678)
Lean Hogs		(57)		06/12/2020		(1,417,590)		383,924
Live Cattle		(30)		06/30/2020		(1,104,900)		101,324
LME Aluminum Base Metal		(114)		04/15/2020		(4,279,275)		610,706
LME Aluminum Base Metal		(106)		05/20/2020		(4,012,763)		502,587
LME Copper Base Metal		(32)		04/15/2020		(3,954,600)		627,787
LME Copper Base Metal		(30)		05/20/2020		(3,709,875)		505,992
LME Lead Base Metal		(81)		04/15/2020		(3,521,981)		163,653
LME Lead Base Metal		(81)		05/20/2020		(3,529,575)		194,715
LME Nickel Base Metal		(32)		04/15/2020		(2,197,056)		263,096
LME Nickel Base Metal		(32)		05/20/2020		(2,201,184)		229,076
LME Zinc Base Metal		(65)		04/15/2020		(3,083,844)		402,053
LME Zinc Base Metal		(65)		05/20/2020		(3,091,562)		154,222
Low Sulphur Gasoil		(29)		05/12/2020		(838,100)		421,167
MSCI EAFE E-Mini Index		(187)		06/19/2020		(14,579,455)		(641,579)
MSCI Taiwan Index		(22)		04/29/2020		(816,200)		(31,838)
NASDAQ 100 E-Mini Index		(4)		06/19/2020		(622,900)		(33,497)
Natural Gas		(137)		04/28/2020		(2,270,090)		172,242
Nikkei 225 Index		(11)		06/11/2020		(1,935,550)		15,456
NY Harbor ULSD		(22)		04/30/2020		(916,331)		399,237
OMXS30 Index		(77)		04/17/2020		(1,151,978)		(116,259)
RBOB Gasoline		(18)		04/30/2020		(440,143)		549,588
Russell 2000 E-Mini Index		(197)		06/19/2020		(11,303,860)		240,207
S&P/TSX 60 Index		(36)		06/18/2020		(4,165,594)		(405,609)
SET50 Index		(862)		06/29/2020		(3,902,673)		(230,132)
SGX FTSE China A50 Index		(182)		04/29/2020		(2,293,200)		(65,033)
Silver		(17)		05/27/2020		(1,203,175)		(61,064)
Soybean		(46)		05/14/2020		(2,036,650)		9,004
SPI 200 Index		(42)		06/18/2020		(3,299,673)		(246,262)
Sugar No. 11		(147)		04/30/2020		(1,720,488)		130,006
TOPIX Index		(15)		06/11/2020		(1,957,219)		45,047
WTI Crude Oil		(23)		04/21/2020		(466,670)		541,356
Total							$	4,496,965
Total Futures Contracts							$	3,435,092

GOLDMAN SACHS MANAGED FUTURES STRATEGY FUND

Consolidated Schedule of Investments (continued)

March 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2020, 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)	0.500%		06/17/2021	AUD	348,960	$	362,857		$	(512,863	)	$	875,720
3 Month BA(c)	1.000		06/17/2021	CAD	195,800		546,892			361,295			185,597
6 Month LIBOR(c)	0.000		06/17/2021	CHF	243,950		1,614,307			2,186,163			(571,856	)
6 Month EURIBOR(c)	0.000		06/17/2021	EUR	740,990		2,731,812			4,143,035			(1,411,223	)
6 Month LIBOR(c)	0.500		06/17/2021	GBP	332,100		162,223			(18,227	)		180,450
0.000%(d)	3 Month STIBOR		06/17/2021	SEK	4,218,180		486,152			620,106			(133,954	)
3 Month LIBOR(b)	0.500		06/17/2021	USD	669,320		814,857			694,540			120,317
0.000(d)	6 Month EURIBOR		06/17/2022	EUR	139,970		(1,015,265	)		(1,559,478	)		544,213
0.500(c)	6 Month LIBOR		06/17/2022	GBP	34,820		(46,940	)		(13,622	)		(33,318	)
3 Month LIBOR(b)	0.500		06/17/2022	USD	284,330		871,463			602,405			269,058
6 Month PRIBOR(c)	1.000		09/16/2025	CZK	401,460		238,371			427,300			(188,929	)
6 Month BUBOR(c)	1.000		09/16/2025	HUF	1,054,550		(9,785	)		61,681			(71,466	)
6 Month WIBOR(c)	1.000		09/16/2025	PLN	82,280		142,586			(701,475	)		844,061
3 Month JIBAR(b)	7.000		09/16/2025	ZAR	15,610		(6,543	)		(6,755	)		212
6.500(e)	1 Month TIIE		09/17/2025	MXN	44,330		1,549			50,419			(48,870	)
3 Month BA(c)	1.000		06/17/2030	CAD	18,490		(159,568	)		(14,000	)		(145,568	)
6 Month LIBOR(c)	0.000		06/17/2030	CHF	11,950		260,815			775,293			(514,478	)
6 Month EURIBOR(c)	0.000		06/17/2030	EUR	17,360		12,285			342,482			(330,197	)
0.500(c)	6 Month LIBOR		06/17/2030	GBP	7,990		81,722			80,285			1,437
3 Month STIBOR(b)	0.250		06/17/2030	SEK	211,740		(355,043	)		30,003			(385,046	)
0.750(c)	3 Month LIBOR		06/17/2030	USD	38,960		(152,583	)		675,881			(828,464	)
6 Month EURIBOR(c)	0.000		06/17/2050	EUR	10,140		(596,589	)		150,146			(746,735	)
6 Month LIBOR(c)	0.500		06/17/2050	GBP	11,570		(399,021	)		27,945			(426,966	)
1.000(c)	3 Month LIBOR		06/17/2050	USD	3,510		(103,631	)		(208,981	)		105,350
TOTAL						$	5,482,923		$	8,193,578		$	(2,710,655	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2020.

(b) Payments made quarterly

(c) Payments made semi-annually.

(d) Payments made annually.

(e) Payments made monthly.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the 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 matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

i. 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.

ii. 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.

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

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

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily 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.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, 2020:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	252		$	174,207		$	—
Asia		28,087			5,919,373			—
Australia and Oceania		—			27,505			—
Europe		1,071,571			23,542,345			14,985
North America		316,056,199			80,382			—
South America		—			31,517			—
Exchange Traded Funds		149,696,818			—			—
Investment Company		2,544,764,160			—			—
Securities Lending Reinvestment Vehicle		6,589,170			—			—
Total	$	3,018,206,257		$	29,775,329		$	14,985
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	115,653		$	—
Futures Contracts		21,106,480			—			—
Credit Default Swap Contracts		—			2,732,147			—
Total	$	21,106,480		$	2,847,800		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(1,979,409	)	$	—
Futures Contracts(b)		(16,042,407	)		—			—
Credit Default Swap Contracts(b)		—			(644,375	)		—
Total Return Swap Contracts(b)		—			(1,836,836	)		—
Written Options Contracts		(42,993,975	)		—			—
Total	$	(59,036,382	)	$	(4,460,620	)	$	—
ALTERNATIVE PREMIA
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	36,644,624		$	—		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	44,007		$	—
Futures Contracts(b)		3,941,001			—			—
Total Return Swap Contracts(b)		—			142,728			—
Purchased Options Contracts		429,100			—			—
Total	$	4,370,101		$	186,735		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(106,735	)	$	—
Futures Contracts(b)		(4,373,842	)		—			—
Total Return Swap Contracts(b)		—			(107,509	)		—
Total	$	(4,373,842	)	$	(214,244	)	$	—

(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.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Securities	$	—		$	7,193,507		$	—
Collateralized Mortgage Obligations		—			3,675,233			—
Commercial Mortgage-Backed Securities		—			19,176,354			—
Asset-Backed Securities		—			232,319			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		44,900,553			—			—
Exchange Traded Fund		20,154,000			—			—
Investment Company		34,183,793			—			—
Total	$	99,238,346		$	30,277,413		$	—
Derivative Type
Assets(b)
Futures Contracts	$	271,323		$	—		$	—
Liabilities(b)
Futures Contracts	$	(2,669,810	)	$	—		$	—
Interest Rate Swap Contracts		—			(9,276	)		—
Total Return Swap Contracts		—			(20,535	)		—
Total	$	(2,669,810	)	$	(29,811	)	$	—
MANAGED FUTURES STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Investment Company	$	248,414,491		$	—		$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	17,447,903		$	—
Futures Contracts		8,997,445			—			—
Interest Rate Swap Contracts		—			3,126,415			—
Total	$	8,997,445		$	20,574,318		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(13,143,165	)	$	—
Futures Contracts		(5,562,353	)		—			—
Interest Rate Swap Contracts		—			(5,837,070	)		—
Total	$	(5,562,353	)	$	(18,980,235	)	$	—

(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.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

For further information regarding security characteristics, see the Consolidated 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 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. 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), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a 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.

GOLDMAN SACHS ALTERNATIVE FUNDS

Schedule of Investments (continued)

March 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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. Redemptions by large shareholders may have a negative impact on a fund’s liquidity.

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

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 (the “Notes Rulings”) 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. However the Managed Futures Strategy Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. The IRS recently issued final regulations that, would generally treat a Fund’s income inclusion with respect to a subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of a subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund’s business of investing in stock, securities, or currencies.

The IRS also 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. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Funds have limited their investments in commodity index-linked structured notes. The Managed Futures Strategy Fund has obtained an opinion of counsel that the Fund’s income from investments in the Subsidiary 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 a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the 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.