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        <name>COMMODITY EXCHANGE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UK CLEARING HOUSE LIMITED</name>
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        <title>IRS ZAR</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UK CLEARING HOUSE LIMITED</name>
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      <invstOrSec>
        <name>Deutsche Bank Securities Inc.</name>
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          <ticker value="N/A"/>
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      <invstOrSec>
        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <title>EUREX EURO STOXX 50</title>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <name>AUSTRALIAN SECURITIES EXCHANGE TRADE24</name>
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        <name>UBS Financial Services Inc.</name>
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      <invstOrSec>
        <name>JPMorgan Chase Bank, National Association</name>
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        <name>EURONEXT PARIS SA</name>
        <lei>969500HMVSZ0TCV65D58</lei>
        <title>EURONEXT CAC 40 INDEX</title>
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        <curCd>USD</curCd>
        <valUSD>40173.74000000</valUSD>
        <pctVal>0.008575419168</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BARCLAYS CAPITAL INC.</counterpartyName>
              <counterpartyLei>AC28XWWI3WIBK2824319</counterpartyLei>
            </counterparties>
            <amtCurSold>-1598132.64000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>624000000.00000000</amtCurPur>
            <curPur>HUF</curPur>
            <settlementDt>2023-03-16</settlementDt>
            <unrealizedAppr>40173.74000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>ICE US MSCI EMERGING MARKETS EM INDEX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="MESH3"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00SNJ0W64"/>
        </identifiers>
        <balance>-335.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>165138.25000000</valUSD>
        <pctVal>0.035250133904</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>MSCI</issuerName>
                <issueTitle>MSCI EMERGING MARKETS INDEX</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="MXEF"/>
                  <other otherDesc="INTERNAL" value="MXEF_INDEX_US"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-17</expDate>
            <notionalAmt>-16235088.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>165138.25000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Financial Services Inc.</name>
        <lei>ETYRV6ORNFJB5NONI676</lei>
        <title>CURRENCY CONTRACT - CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTCHF__00058008"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1697.69000000</valUSD>
        <pctVal>0.000362386060</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS Financial Services Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <amtCurSold>-143281.29000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>133000.00000000</amtCurPur>
            <curPur>CHF</curPur>
            <settlementDt>2023-03-15</settlementDt>
            <unrealizedAppr>1697.69000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Financial Services Inc.</name>
        <lei>ETYRV6ORNFJB5NONI676</lei>
        <title>CURRENCY CONTRACT - EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTEUR__00058098"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>17527.91000000</valUSD>
        <pctVal>0.003741478273</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS Financial Services Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <amtCurSold>-1044275.61000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>987000.00000000</amtCurPur>
            <curPur>EUR</curPur>
            <settlementDt>2023-03-15</settlementDt>
            <unrealizedAppr>17527.91000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANDARD CHARTERED BANK</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00057978"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-20426.03000000</valUSD>
        <pctVal>-0.00436010610</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>STANDARD CHARTERED BANK</counterpartyName>
              <counterpartyLei>RILFO74KP1CM8P6PCT96</counterpartyLei>
            </counterparties>
            <amtCurSold>-136000000.00000000</amtCurSold>
            <curSold>HUF</curSold>
            <amtCurPur>336640.75000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2023-03-16</settlementDt>
            <unrealizedAppr>-20426.03000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>NYBOT CTN Number 2 Cotton</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CTH3"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00SY49QQ7"/>
        </identifiers>
        <balance>-59.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9096.93000000</valUSD>
        <pctVal>0.001941815422</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COTTON NO.2</issuerName>
                <issueTitle>COTTON NO.2</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="COTTONNO2"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-09</expDate>
            <notionalAmt>-2468511.93000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9096.93000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME Zinc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LXF3"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00HS2HYD0"/>
        </identifiers>
        <balance>87.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-141699.21000000</valUSD>
        <pctVal>-0.03024687573</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME ZINC</issuerName>
                <issueTitle>LME ZINC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LMEZINC1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-01-16</expDate>
            <notionalAmt>6645492.96000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-141699.21000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank Securities Inc.</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>CURRENCY CONTRACT - USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTUSD__00060682"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2729.59000000</valUSD>
        <pctVal>-0.00058265370</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Deutsche Bank Securities Inc.</counterpartyName>
              <counterpartyLei>9J6MBOOO7BECTDTUZW19</counterpartyLei>
            </counterparties>
            <amtCurSold>-3521000.00000000</amtCurSold>
            <curSold>MXN</curSold>
            <amtCurPur>175579.16000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2023-03-15</settlementDt>
            <unrealizedAppr>-2729.59000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME Copper</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LPF23"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG003D4Y2L5"/>
        </identifiers>
        <balance>16.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-9445.28000000</valUSD>
        <pctVal>-0.00201617362</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME LEAN FUTURE</issuerName>
                <issueTitle>LME COPPER</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LMECOPPER"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-01-16</expDate>
            <notionalAmt>3358649.28000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-9445.28000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME Zinc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LXG3"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00HZH9PP4"/>
        </identifiers>
        <balance>52.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-165585.16000000</valUSD>
        <pctVal>-0.03534553056</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME ZINC</issuerName>
                <issueTitle>LME ZINC</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LMEZINC1"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-02-13</expDate>
            <notionalAmt>4043810.16000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-165585.16000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS Financial Services Inc.</name>
        <lei>ETYRV6ORNFJB5NONI676</lei>
        <title>CURRENCY CONTRACT - CZK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="N/A"/>
          <other otherDesc="INTERNAL" value="CCTCZK__00057957"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>46219.93000000</valUSD>
        <pctVal>0.009866028746</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS Financial Services Inc.</counterpartyName>
              <counterpartyLei>ETYRV6ORNFJB5NONI676</counterpartyLei>
            </counterparties>
            <amtCurSold>-1893178.28000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>44000000.00000000</amtCurPur>
            <curPur>CZK</curPur>
            <settlementDt>2023-03-15</settlementDt>
            <unrealizedAppr>46219.93000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-02-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs Trust</ncom:nameOfApplicant>
      <ncom:signature>Peter Fortner</ncom:signature>
      <ncom:signerName>Peter Fortner</ncom:signerName>
      <ncom:title>Vice President Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
