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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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            <delta>XXXX</delta>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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        <securityLending>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Options Clearing Corp.</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Global Infrastructure Fund</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF</name>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Futures Europe - Financial Products Division</counterpartyName>
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      <invstOrSec>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Chicago Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Goldman Sachs Access Investment Grade Corporate Bond Etf</name>
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        <name>Morgan Stanley &amp; Co. LLC</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
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        <name>Goldman Sachs Energy Infrastructure Fund</name>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>12.51940000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-12-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3227.09000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>FXO003829 PUT CAD CALL JPY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="FXO003829"/>
        </identifiers>
        <balance>1327000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <currencyConditional curCd="CAD" exchangeRt="1.43905000"/>
        <valUSD>15380.31000000</valUSD>
        <pctVal>0.001639156264</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
                    <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Morgan Stanley &amp; Co. LLC</name>
                    <lei>9R7GPTSO7KV3UQJZQ078</lei>
                    <title>FX Contract</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="AEII29653E"/>
                    </identifiers>
                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>15380.31000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>CA</invCountry>
                  </derivAddlInfo>
                  <amtCurSold>131956880.00000000</amtCurSold>
                  <curSold>JPY</curSold>
                  <amtCurPur>1327000.00000000</amtCurPur>
                  <curPur>CAD</curPur>
                  <settlementDt>2025-09-17</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>99.44000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2025-09-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1621.99000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>3 MONTH SOFR OPT MAR27C 96.5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01FTWB1Y1"/>
        </identifiers>
        <balance>315.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>484312.50000000</valUSD>
        <pctVal>0.051615596071</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
                  <counterparties>
                    <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
                    <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Chicago Mercantile Exchange</name>
                    <lei>SNZ2OJLFK8MNNCLQOF39</lei>
                    <title>CME Three Month SOFR Futures</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="ADI2RB039E"/>
                    </identifiers>
                    <balance>315.00000000</balance>
                    <units>NC</units>
                    <curCd>N/A</curCd>
                    <valUSD>484312.50000000</valUSD>
                    <pctVal>0.05000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <payOffProf>Long</payOffProf>
                  <descRefInstrmnt>
                    <indexBasketInfo>
                      <indexName>CME Three Month SOFR</indexName>
                      <indexIdentifier>SFRM7 Comdty</indexIdentifier>
                    </indexBasketInfo>
                  </descRefInstrmnt>
                  <expDate>2027-06-15</expDate>
                  <notionalAmt>315.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>2500.00000000</shareNo>
            <exercisePrice>96.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-03-12</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>72407.60000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>FXO003731 CALL USD PUT KRW</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="FXO003731"/>
        </identifiers>
        <balance>921000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>11680.12000000</valUSD>
        <pctVal>0.001244808581</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
              <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <fwdDeriv derivCat="FWD">
                  <counterparties>
                    <counterpartyName>Morgan Stanley &amp; Co. LLC</counterpartyName>
                    <counterpartyLei>9R7GPTSO7KV3UQJZQ078</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Morgan Stanley &amp; Co. LLC</name>
                    <lei>9R7GPTSO7KV3UQJZQ078</lei>
                    <title>FX Contract</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="AEII30420E"/>
                    </identifiers>
                    <balance>1.00000000</balance>
                    <units>NC</units>
                    <curCd>USD</curCd>
                    <valUSD>11680.12000000</valUSD>
                    <pctVal>0.00000000</pctVal>
                    <assetCat>DFE</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <amtCurSold>1362444510.00000000</amtCurSold>
                  <curSold>KRW</curSold>
                  <amtCurPur>921000.00000000</amtCurPur>
                  <curPur>USD</curPur>
                  <settlementDt>2025-06-18</settlementDt>
                </fwdDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>1479.31000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2025-06-18</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3234.55000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>3 MONTH SOFR OPT DEC26C 96.5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01C36PB30"/>
        </identifiers>
        <balance>312.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>460200.00000000</valUSD>
        <pctVal>0.049045806813</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
                  <counterparties>
                    <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
                    <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>Chicago Mercantile Exchange</name>
                    <lei>SNZ2OJLFK8MNNCLQOF39</lei>
                    <title>CME Three Month SOFR Futures</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <other otherDesc="Internal Identifier" value="ADI2RB047E"/>
                    </identifiers>
                    <balance>312.00000000</balance>
                    <units>NC</units>
                    <curCd>N/A</curCd>
                    <valUSD>460200.00000000</valUSD>
                    <pctVal>0.05000000</pctVal>
                    <assetCat>DIR</assetCat>
                    <issuerConditional desc="derivative" issuerCat="OTHER"/>
                    <invCountry>US</invCountry>
                  </derivAddlInfo>
                  <payOffProf>Long</payOffProf>
                  <descRefInstrmnt>
                    <indexBasketInfo>
                      <indexName>CME Three Month SOFR</indexName>
                      <indexIdentifier>SFRH7 Comdty</indexIdentifier>
                    </indexBasketInfo>
                  </descRefInstrmnt>
                  <expDate>2027-03-16</expDate>
                  <notionalAmt>312.00000000</notionalAmt>
                  <curCd>USD</curCd>
                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <shareNo>2500.00000000</shareNo>
            <exercisePrice>96.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-12-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>81288.48000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Managed Futures Strategy Fund</name>
        <lei>3J24L49YUVS4LPAV0F85</lei>
        <title>Goldman Sachs Managed Futures Strategy Fund</title>
        <cusip>38150C879</cusip>
        <identifiers>
          <isin value="US38150C8799"/>
        </identifiers>
        <balance>1474356.62000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12885876.82000000</valUSD>
        <pctVal>1.373312092854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-01</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</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
