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        <name>NEW YORK MERCANTILE EXCHANGE, INC.</name>
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        <name>ICE FUTURES EUROPE</name>
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      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
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      <invstOrSec>
        <name>BNP PARIBAS SECURITIES CORP.</name>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>DJIA MINI E-CBOT</title>
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          <ticker value="DMM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01NC6V863"/>
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        <curCd>USD</curCd>
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                <issuerName>DOW JONES</issuerName>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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          <ticker value="ESM5"/>
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        <name>EUREX CLEARING AKTIENGESELLSCHAFT</name>
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        <name>COMMODITY EXCHANGE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME PRI ALUM</title>
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          <other otherDesc="ID_BB_GLOBAL" value="BBG007YZZMV8"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LIVE CATTLE</title>
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          <ticker value="LCM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01KS22FJ3"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>CURRENCY CONTRACT - CZK</title>
        <cusip>000000000</cusip>
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          <ticker value="N/A"/>
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        <curCd>USD</curCd>
        <valUSD>-2135.73000000</valUSD>
        <pctVal>-0.00105826537</pctVal>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>CITIGROUP GLOBAL MARKETS INC.</counterpartyName>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LEAN HOGS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LHM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01KJ7VL34"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-27688.80000000</valUSD>
        <pctVal>-0.01371994504</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
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            <payOffProf>Long</payOffProf>
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            <curCd>USD</curCd>
            <unrealizedAppr>-27688.80000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LEAN HOGS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LHM5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01KJ7VL34"/>
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        <balance>-64.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23538.81000000</valUSD>
        <pctVal>0.011663603324</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>LEAN HOGS</issuerName>
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            <expDate>2025-06-13</expDate>
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            <unrealizedAppr>23538.81000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LLJ5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00R8DQ8X1"/>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-58309.93000000</valUSD>
        <pctVal>-0.02889287493</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
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            <payOffProf>Long</payOffProf>
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            <unrealizedAppr>-58309.93000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LLJ5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00R8DQ8X1"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD</title>
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          <ticker value="LLK5"/>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD</title>
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          <ticker value="LLK5"/>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
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      <invstOrSec>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME COPPER</title>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
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        <name>THE LONDON METAL EXCHANGE</name>
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        <name>ICE FUTURES U.S., INC.</name>
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        <name>ICE FUTURES U.S., INC.</name>
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        <name>ICE FUTURES EUROPE</name>
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      <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__00190459"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-20264.13000000</valUSD>
        <pctVal>-0.01004098227</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>-22849462.38000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>2263419.31000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2025-06-18</settlementDt>
            <unrealizedAppr>-20264.13000000</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>2025-05-23</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>
  <documents>XXXX</documents>
</edgarSubmission>
