FOR VALIDATION PURPOSES ONLY



Shares		Description	Value

	Common Stocks – 95.1%
	Aerospace & Defense – 0.7%
	84	General Dynamics Corp.	$ 15,251
	62	L3Harris Technologies, Inc.	12,566
	32	Northrop Grumman Corp.	10,357

			38,174

	Air Freight & Logistics – 0.8%
	114	C.H. Robinson Worldwide, Inc.	10,879
	119	Expeditors International of Washington, Inc.	12,815
	142	United Parcel Service, Inc. Class B	24,139

			47,833

	*Automobiles – 1.5%**
	125	Tesla, Inc.	83,491

	Beverages – 2.1%
	182	Brown-Forman Corp. Class B	12,553
	65	Constellation Brands, Inc. Class A	14,820
	227	Monster Beverage Corp.*	20,677
	245	PepsiCo, Inc.	34,655
	750	The Coca-Cola Co.	39,533

			122,238

	Biotechnology – 2.1%
	436	AbbVie, Inc.	47,184
	137	Amgen, Inc.	34,087
	326	Gilead Sciences, Inc.	21,069
	47	Incyte Corp.*	3,820
	25	Regeneron Pharmaceuticals, Inc.*	11,828

			117,988

	Building Products – 0.5%
	136	A.O. Smith Corp.	9,195
	179	Johnson Controls International PLC	10,681
	50	Trane Technologies PLC	8,278

			28,154

	Capital Markets – 0.9%
	39	FactSet Research Systems, Inc.	12,035
	179	Intercontinental Exchange, Inc.	19,991
	44	T. Rowe Price Group, Inc.	7,550
	146	Tradeweb Markets, Inc. Class A	10,804

			50,380

	Chemicals – 1.1%
	165	Corteva, Inc.	7,692
	46	International Flavors & Fragrances, Inc.	6,422
	99	Linde PLC	27,734
	58	PPG Industries, Inc.	8,715
	16	The Sherwin-Williams Co.	11,808

			62,371



Shares		Description	Value

	Common Stocks– (continued)
	Commercial Services & Supplies – 0.9%
	17	Cintas Corp.	$ 5,802
	47	Copart, Inc.*	$5,105
	196	IAA, Inc.*	10,807
	57	Republic Services, Inc.	5,663
	104	Rollins, Inc.	3,580
	149	Waste Management, Inc.	19,224

			50,181

	Communications Equipment – 1.6%
	53	Arista Networks, Inc.*	16,000
	808	Cisco Systems, Inc.	41,782
	29	F5 Networks, Inc.*	6,050
	322	Juniper Networks, Inc.	8,156
	51	Motorola Solutions, Inc.	9,591
	33	Ubiquiti, Inc.	9,844

			91,423

	Containers & Packaging – 0.2%
	113	Ball Corp.	9,576

	*Diversified Financial Services – 1.5%**
	333	Berkshire Hathaway, Inc. Class B	85,071

	Diversified Telecommunication Services – 1.7%
	1,607	AT&T, Inc.	48,644
	830	Verizon Communications, Inc.	48,264

			96,908

	Electric Utilities – 0.7%
	95	American Electric Power Co., Inc.	8,046
	85	Edison International	4,981
	327	NextEra Energy, Inc.	24,724
	153	PPL Corp.	4,413

			42,164

	Electrical Equipment – 0.2%
	515	Vertiv Holdings Co.	10,300

	Electronic Equipment, Instruments & Components – 1.0%
	120	Amphenol Corp. Class A	7,916
	53	IPG Photonics Corp.*	11,180
	87	Keysight Technologies, Inc.*	12,476
	73	TE Connectivity Ltd.	9,425
	31	Zebra Technologies Corp. Class A*	15,041

			56,038

	Entertainment – 1.9%
	282	Activision Blizzard, Inc.	26,226
	128	Electronic Arts, Inc.	17,327
	93	Netflix, Inc.*	48,515
	80	Take-Two Interactive Software, Inc.*	14,136

			106,204

	Equity Real Estate Investment Trusts (REITs) – 1.8%
	75	American Tower Corp.	17,929
	84	Crown Castle International Corp.	14,459
	319	CubeSmart	12,068
	62	Digital Realty Trust, Inc.	8,732



Shares		Description	Value

	Common Stocks– (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	23	Equinix, Inc.	$ 15,631
	59	Extra Space Storage, Inc.	7,820
	69	Federal Realty Investment Trust	7,000
	56	Public Storage	13,819
	69	Regency Centers Corp.	3,913

			101,371

	Food & Staples Retailing – 2.4%
	53	Casey’s General Stores, Inc.	11,458
	120	Costco Wholesale Corp.	42,298
	360	Grocery Outlet Holding Corp.*	13,280
	504	The Kroger Co.	18,139
	185	Walgreens Boots Alliance, Inc.	10,156
	300	Walmart, Inc.	40,749

			136,080

	Food Products – 2.9%
	180	Archer-Daniels-Midland Co.	10,260
	76	Beyond Meat, Inc.*	9,889
	275	Campbell Soup Co.	13,824
	353	Conagra Brands, Inc.	13,273
	352	General Mills, Inc.	21,585
	199	Hormel Foods Corp.	9,508
	122	Kellogg Co.	7,723
	156	McCormick & Co., Inc.	13,909
	477	Mondelez International, Inc. Class A	27,919
	307	The Hain Celestial Group, Inc.*	13,385
	66	The Hershey Co.	10,439
	63	The J.M. Smucker Co.	7,971
	149	The Kraft Heinz Co.	5,960

			165,645

	Health Care Equipment & Supplies – 5.3%
	308	Abbott Laboratories	36,911
	40	ABIOMED, Inc.*	12,749
	16	Align Technology, Inc.*	8,665
	196	Baxter International, Inc.	16,531
	83	Becton Dickinson & Co.	20,181
	117	Danaher Corp.	26,334
	52	DexCom, Inc.*	18,688
	130	Edwards Lifesciences Corp.*	10,873
	189	Globus Medical, Inc.*	11,656
	54	Hologic, Inc.*	4,017
	38	IDEXX Laboratories, Inc.*	18,594
	43	Insulet Corp.*	11,220
	26	Intuitive Surgical, Inc.*	19,212
	50	Masimo Corp.*	11,483
	41	Penumbra, Inc.*	11,094
	49	ResMed, Inc.	9,507
	68	Stryker Corp.	16,563
	30	Teleflex, Inc.	12,464
	25	The Cooper Cos., Inc.	9,602
	16	West Pharmaceutical Services, Inc.	4,508
	75	Zimmer Biomet Holdings, Inc.	12,006

			302,858



Shares		Description	Value

	Common Stocks– (continued)
	Health Care Providers & Services – 3.7%
	39	Amedisys, Inc.*	$ 10,327
	117	AmerisourceBergen Corp.	13,814
	50	Anthem, Inc.	17,947
	262	Cardinal Health, Inc.	15,916
	429	CVS Health Corp.	32,274
	92	DaVita, Inc.*	9,915
	69	Guardant Health, Inc.*	10,533
	46	HCA Healthcare, Inc.	8,664
	104	Henry Schein, Inc.*	7,201
	93	McKesson Corp.	18,139
	73	Quest Diagnostics, Inc.	9,369
	158	UnitedHealth Group, Inc.	58,787

			212,886

	Health Care Technology – 0.2%
	183	Cerner Corp.	13,154

	Hotels, Restaurants & Leisure – 1.9%
	8	Booking Holdings, Inc.*	18,639
	13	Chipotle Mexican Grill, Inc.*	18,471
	27	Darden Restaurants, Inc.	3,834
	22	Domino’s Pizza, Inc.	8,091
	41	Expedia Group, Inc.*	7,057
	57	Hilton Worldwide Holdings, Inc.*	6,893
	286	Starbucks Corp.	31,251
	221	Yum China Holdings, Inc.	13,085

			107,321

	Household Durables – 0.3%
	96	Garmin Ltd.	12,657
	246	Newell Brands, Inc.	6,588

			19,245

	Household Products – 1.8%
	67	Church & Dwight Co., Inc.	5,852
	182	Colgate-Palmolive Co.	14,347
	94	Kimberly-Clark Corp.	13,071
	255	Reynolds Consumer Products, Inc.	7,594
	464	The Procter & Gamble Co.	62,840

			103,704

	Industrial Conglomerates – 1.0%
	107	3M Co.	20,617
	128	Honeywell International, Inc.	27,785
	19	Roper Technologies, Inc.	7,663

			56,065

	Insurance – 0.5%
	142	Marsh & McLennan Cos., Inc.	17,296
	141	The Progressive Corp.	13,481

			30,777



Shares		Description	Value

	Common Stocks– (continued)
	*Interactive Media & Services – 6.1%**
	104	Alphabet, Inc. Class A	$ 214,502
	451	Facebook, Inc. Class A	132,833

			347,335

	Internet & Direct Marketing Retail – 4.1%
	72	Amazon.com, Inc.*	222,774
	205	eBay, Inc.	12,554

			235,328

	IT Services – 6.2%
	157	Accenture PLC Class A	43,371
	77	Akamai Technologies, Inc.*	7,846
	100	Automatic Data Processing, Inc.	18,847
	158	Black Knight, Inc.*	11,690
	46	Broadridge Financial Solutions, Inc.	7,043
	130	Cognizant Technology Solutions Corp. Class A	10,156
	22	FleetCor Technologies, Inc.*	5,910
	42	Gartner, Inc.*	7,667
	180	International Business Machines Corp.	23,987
	37	Jack Henry & Associates, Inc.	5,614
	150	Mastercard, Inc. Class A	53,408
	189	Paychex, Inc.	18,526
	211	PayPal Holdings, Inc.*	51,239
	134	The Western Union Co.	3,304
	33	Twilio, Inc. Class A*	11,245
	73	VeriSign, Inc.*	14,509
	290	Visa, Inc. Class A	61,402

			355,764

	Life Sciences Tools & Services – 1.7%
	136	Agilent Technologies, Inc.	17,291
	8	Bio-Rad Laboratories, Inc. Class A*	4,569
	32	Bio-Techne Corp.	12,222
	28	Illumina, Inc.*	10,754
	5	Mettler-Toledo International, Inc.*	5,778
	248	QIAGEN N.V.*	12,075
	75	Thermo Fisher Scientific, Inc.	34,229

			96,918

	Machinery – 1.4%
	106	Caterpillar, Inc.	24,578
	82	Deere & Co.	30,680
	109	Ingersoll Rand, Inc.*	5,364
	155	PACCAR, Inc.	14,403
	14	Snap-on, Inc.	3,230

			78,255

	Media – 1.6%
	42	Charter Communications, Inc. Class A*	25,915
	864	Comcast Corp. Class A	46,751
	212	Discovery, Inc.*	9,214
	314	News Corp. Class A	7,985
	56	Omnicom Group, Inc.	4,152

			94,017



Shares		Description	Value

	Common Stocks– (continued)
	Metals & Mining – 0.2%
	209	Newmont Corp.	$ 12,596

	Multi-Utilities – 0.2%
	68	Consolidated Edison, Inc.	5,086
	110	Public Service Enterprise Group, Inc.	6,623

			11,709

	Multiline Retail – 1.5%
	115	Dollar General Corp.	23,301
	144	Dollar Tree, Inc.*	16,482
	135	Ollie’s Bargain Outlet Holdings, Inc.*	11,745
	165	Target Corp.	32,682

			84,210

	Personal Products – 0.3%
	59	The Estee Lauder Cos., Inc. Class A	17,160

	Pharmaceuticals – 4.9%
	596	Bristol-Myers Squibb Co.	37,625
	132	Eli Lilly & Co.	24,660
	149	Horizon Therapeutics PLC*	13,714
	496	Johnson & Johnson	81,518
	451	Merck & Co., Inc.	34,767
	240	Perrigo Co. PLC	9,713
	1,104	Pfizer, Inc.	39,998
	900	Viatris, Inc.*	12,573
	154	Zoetis, Inc.	24,252

			278,820

	Professional Services – 0.6%
	159	Booz Allen Hamilton Holding Corp.	12,804
	33	Equifax, Inc.	5,978
	104	Leidos Holdings, Inc.	10,013
	42	Verisk Analytics, Inc.	7,421

			36,216

	Road & Rail – 1.2%
	238	CSX Corp.	22,948
	31	J.B. Hunt Transport Services, Inc.	5,210
	51	Norfolk Southern Corp.	13,694
	124	Union Pacific Corp.	27,331

			69,183

	Semiconductors & Semiconductor Equipment – 4.6%
	250	Advanced Micro Devices, Inc.*	19,625
	78	Broadcom, Inc.	36,166
	26	Enphase Energy, Inc.*	4,216
	693	Intel Corp.	44,352
	28	KLA Corp.	9,251
	26	Lam Research Corp.	15,476
	112	NVIDIA Corp.	59,800
	28	Qorvo, Inc.*	5,116
	204	QUALCOMM, Inc.	27,048
	39	Teradyne, Inc.	4,746
	183	Texas Instruments, Inc.	34,585

			260,381



Shares		Description	Value

	Common Stocks– (continued)
	Software – 10.0%
	20	ANSYS, Inc.*	$ 6,791
	54	Atlassian Corp. PLC Class A*	11,381
	46	Autodesk, Inc.*	12,749
	106	Cadence Design Systems, Inc.*	14,521
	39	Citrix Systems, Inc.	5,474
	61	Five9, Inc.*	9,536
	96	Fortinet, Inc.*	17,704
	45	Intuit, Inc.	17,238
	1,255	Microsoft Corp.	295,891
	351	NortonLifeLock, Inc.	7,462
	501	Oracle Corp.	35,155
	264	PagerDuty, Inc.*	10,621
	31	Palo Alto Networks, Inc.*	9,984
	15	Paycom Software, Inc.*	5,551
	89	PTC, Inc.*	12,251
	191	salesforce.com, Inc.*	40,467
	43	ServiceNow, Inc.*	21,505
	48	Synopsys, Inc.*	11,894
	27	Tyler Technologies, Inc.*	11,462
	68	Zscaler, Inc.*	11,674

			569,311

	Specialty Retail – 1.8%
	30	Advance Auto Parts, Inc.	5,505
	12	AutoZone, Inc.*	16,852
	157	Best Buy Co., Inc.	18,025
	71	Five Below, Inc.*	13,546
	153	Lowe’s Cos., Inc.	29,098
	18	O’Reilly Automotive, Inc.*	9,130
	27	Tractor Supply Co.	4,781
	26	Ulta Beauty, Inc.*	8,038

			104,975

	Technology Hardware, Storage & Peripherals – 5.9%
	2,645	Apple, Inc.	323,087
	285	HP, Inc.	9,049
	47	NetApp, Inc.	3,415

			335,551

	Textiles, Apparel & Luxury Goods – 0.8%
	322	NIKE, Inc. Class B	42,791

	Trading Companies & Distributors – 0.4%
	333	Fastenal Co.	16,743
	14	W.W. Grainger, Inc.	5,613

			22,356

	*Wireless Telecommunication Services – 0.4%**
	201	T-Mobile US, Inc.	25,183

	TOTAL COMMON STOCKS (Cost $5,004,827)		$5,425,659



Shares		Dividend Rate	Value

	Investment Company^(a) – 2.1%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	116,952	0.036%	$ 116,952

	TOTAL INVESTMENTS – 97.2% (Cost $5,121,779)		$5,542,611

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.8%		160,410

	NET ASSETS – 100.0%		$5,703,021



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)		Represents an affiliated issuer.



Investment Abbreviations:
PLC		— Public Limited Company


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.

FUTURES CONTRACTS — At March 31, 2021, the Fund had the following futures contracts:

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2021, the Fund had the following purchased and written options:

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

U.S. 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 Fund’s 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 Level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest Level input that is significant to the fair value measurement in its entirety. 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 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 Fund, 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 Fund’s 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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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. Certain equity securities containing unique attributes may be 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 Fair 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Shares class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The 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 the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule 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. 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, the 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 the 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.

ii. Options — When the 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 swap contracts.

Upon the purchase of a call option or a put option by the 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.

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 the 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.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of March 31, 2021:

For further information regarding security characteristics, see the Schedule of Investments.

Derivatives Risk — The Fund’s 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 Fund. 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.

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

Large Shareholder Transactions Risk — The 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 the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the 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 the 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 the 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.

Market and Credit Risks — In the normal course of business, the 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, the 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.


Description	Number of Contracts	Expiration Date	Notional Amount	Unrealized Appreciation/ (Depreciation)

Long position contracts:
S&P 500 E-Mini Index	2	06/18/21	$396,740	$	979


Description	Exercise Price		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Puts
S&P 500 Index		3,850.000		04/30/2021	14	$	1,400		$	51,381		$	48,311		$	3,070

Written option contracts
Calls
S&P 500 Index		4,040.000		04/30/2021	(14)		(1,400	)		(48,860	)		(57,978	)		9,118

Puts
S&P 500 Index		3,610.000		04/30/2021	(14)		(1,400	)		(16,941	)		(16,412	)		(529	)

Total written option contracts					(28)	$	(2,800	)	$	(65,800	)	$	(74,389	)	$	8,589

TOTAL					(14)	$	(1,400	)	$	(14,420	)	$	(26,079	)	$	11,659


DEFENSIVE EQUITY

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Australia and Oceania	$	11,381		$	—	$	—
Europe		123,253			—		—
North America		5,291,025			—		—
Investment Company		116,952			—		—

Total	$	5,542,611		$	—	$	—

Derivative Type
Assets
Futures Contracts^(b)	$	979		$	—	$	—
Options Purchased		51,381			—		—

Total	$	52,360		$	—	$	—

Liabilities
Written option contracts	$	(65,800	)	$	—	$	—