GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 19.5%
	Aerospace & Defense – 0.2%
	3,869	Boeing Co.*	$          741,610
	4,367	Chemring Group PLC	14,786
	311	Dassault Aviation SA	58,577
	2,239	General Dynamics Corp.	494,752
	14,003	Howmet Aerospace, Inc.	647,639
	1,002	Huntington Ingalls Industries, Inc.	204,989
	2,154	L3Harris Technologies, Inc.	375,054
	11,859	Leonardo SpA	170,815
	6,638	QinetiQ Group PLC	25,709
	79,779	Rolls-Royce Holdings PLC*	213,758
	59,225	RTX Corp.	4,262,423
	4,026	Textron, Inc.	314,592
			7,524,704
	Air Freight & Logistics – 0.1%
	2,881	CH Robinson Worldwide, Inc.	248,140
	10,213	Deutsche Post AG	414,398
	2,631	Expeditors International of Washington, Inc.	301,591
	2,130	FedEx Corp.	564,280
	400	Nippon Express Holdings, Inc	20,872
	1,400	SG Holdings Co. Ltd.	17,923
	11,631	United Parcel Service, Inc. Class B	1,812,924
	1,502	Yamato Holdings Co. Ltd.	24,447
			3,404,575
	Automobile Components – 0.0%
	1,000	Aisin Corp.	37,785
	5,962	BorgWarner, Inc.	240,686
	23,607	Dowlais Group PLC	30,934
	5,019	Forvia SE*	103,258
	1,300	JTEKT Corp.	12,268
	7,600	Koito Manufacturing Co. Ltd.	114,606
	2,200	NOK Corp.	29,201
	3,000	Sumitomo Electric Industries Ltd.	36,141
	600	Toyota Boshoku Corp.	10,938
	2,400	TS Tech Co. Ltd.	27,224
	4,686	Valeo SE	80,411
			723,452
	Automobiles – 0.2%
	4,783	Bayerische Motoren Werke AG	485,795
	110,566	General Motors Co.	3,645,361
	17,723	Honda Motor Co. Ltd.	199,378
	3,300	Isuzu Motors Ltd.	41,486
	4,600	Mazda Motor Corp.	52,231
	12,082	Mercedes-Benz Group AG	840,868
	9,600	Mitsubishi Motors Corp.	41,840

Shares		Description	Value
	Common Stocks – (continued)
	Automobiles – (continued)
	46,396	Stellantis NV	$          888,410
	3,700	Subaru Corp.	71,945
			6,267,314
	Banks – 0.8%
	92,008	Banco de Sabadell SA	106,441
	130,674	Banco Santander SA	497,616
	303,727	Bank of America Corp.	8,316,045
	137,382	Barclays PLC	264,794
	66,130	BPER Banca	201,001
	14,944	Citigroup, Inc.	614,647
	8,469	Citizens Financial Group, Inc.	226,969
	3,674	Comerica, Inc.	152,655
	28,206	Credit Agricole SA	346,787
	105,767	ING Groep NV	1,394,016
	84,013	JPMorgan Chase & Co.	12,183,565
	19,138	KeyCorp	205,925
	550,639	Lloyds Banking Group PLC	295,910
	10,743	Mizuho Financial Group, Inc.	182,394
	16,400	Societe Generale SA	396,841
	5,000	Sumitomo Mitsui Financial Group, Inc.	245,630
	13,551	Truist Financial Corp.	387,694
	11,465	Virgin Money U.K. PLC	23,446
	144,491	Wells Fargo & Co.	5,903,902
	4,704	Zions Bancorp NA	164,123
			32,110,401
	Beverages – 0.6%
	24,508	Anheuser-Busch InBev SA	1,358,629
	1,898	Asahi Group Holdings Ltd.	70,899
	177,215	Coca-Cola Co.	9,920,496
	4,234	Constellation Brands, Inc. Class A	1,064,131
	1,900	Heineken Holding NV	143,186
	400	Ito En Ltd.	12,847
	4,745	Molson Coors Beverage Co. Class B	301,735
	45,375	PepsiCo, Inc.	7,688,340
	6,542	Pernod Ricard SA	1,089,177
			21,649,440
	Biotechnology – 0.2%
	9,895	AbbVie, Inc.	1,474,949
	1,606	Biogen, Inc.*	412,758
	9,709	Gilead Sciences, Inc.	727,592
	4,353	Incyte Corp.*	251,473
	836	Regeneron Pharmaceuticals, Inc.*	687,995
	12,846	Vertex Pharmaceuticals, Inc.*	4,467,068
			8,021,835

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Broadline Retail – 0.0%
	7,345	eBay, Inc.	$          323,841
	16,600	Isetan Mitsukoshi Holdings Ltd.	192,313
	1,718	J Front Retailing Co. Ltd.	17,581
	2,000	Pan Pacific International Holdings Corp.	41,974
	9,500	Takashimaya Co. Ltd.	139,166
			714,875
	Building Products – 0.0%
	2,939	A O Smith Corp.	194,356
	1,848	Allegion PLC	192,562
	8,053	Carrier Global Corp.	444,525
	5,040	Cie de Saint-Gobain SA	301,646
	6,668	Johnson Controls International PLC	354,804
	4,148	Masco Corp.	221,711
	4,500	TOTO Ltd.	116,122
			1,825,726
	Capital Markets – 0.6%
	9,019	3i Group PLC	227,014
	1,129	Ameriprise Financial, Inc.	372,209
	2,280	Amundi SA(a)	128,060
	9,129	Azimut Holding SpA	198,661
	9,667	Bank of New York Mellon Corp.	412,297
	1,069	BlackRock, Inc.	691,098
	91,267	Charles Schwab Corp.	5,010,558
	46,054	Deutsche Bank AG	506,146
	10,054	Franklin Resources, Inc.	247,127
	5,942	IG Group Holdings PLC	46,518
	33,429	Intercontinental Exchange, Inc.	3,677,859
	5,394	Intermediate Capital Group PLC	90,541
	16,608	Invesco Ltd.	241,148
	6,135	Investec PLC	36,057
	4,546	Janus Henderson Group PLC	117,378
	6,402	Jefferies Financial Group, Inc.	234,505
	1,936	Liontrust Asset Management PLC	14,278
	49,894	Man Group PLC	135,613
	10,454	Morgan Stanley	853,778
	14,400	Nomura Holdings, Inc.	57,664
	10,601	Northern Trust Corp.	736,557
	8,528	Quilter PLC(a)	8,884
	3,129	Raymond James Financial, Inc.	314,245
	16,018	S&P Global, Inc.	5,853,137
	2,000	SBI Holdings, Inc.	42,092
	2,933	SEI Investments Co.	176,655
	7,006	St. James’s Place PLC	70,683

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	5,309	State Street Corp.	$          355,491
	3,005	T Rowe Price Group, Inc.	315,134
	3,922	TP ICAP Group PLC	8,140
	2,490	TPG, Inc.	74,999
			21,254,526
	Chemicals – 0.4%
	14,822	Albemarle Corp.	2,520,333
	609	Arkema SA	59,950
	2,309	Celanese Corp.	289,826
	3,759	CF Industries Holdings, Inc.	322,297
	4,532	Covestro AG*(a)	243,708
	8,140	Dow, Inc.	419,698
	8,890	Elementis PLC*	13,409
	5,480	Essentra PLC	10,818
	6,539	Johnson Matthey PLC	129,454
	4,468	K&S AG	80,801
	900	Kaneka Corp.	23,333
	1,300	Kansai Paint Co. Ltd.	18,584
	1,700	Kuraray Co. Ltd.	20,139
	17,938	Linde PLC	6,679,214
	3,894	LyondellBasell Industries NV Class A	368,762
	6,100	Mitsubishi Chemical Group Corp.	38,430
	7,558	Mosaic Co.	269,065
	700	Nippon Sanso Holdings Corp.	16,574
	800	Nitto Denko Corp.	52,460
	1,600	Resonac Holdings Corp.	26,766
	15,224	Sherwin-Williams Co.	3,882,881
	930	Solvay SA	102,774
	429	Synthomer PLC*	1,216
	1,100	Teijin Ltd.	10,689
	1,700	Tokyo Ohka Kogyo Co. Ltd.	100,988
	6,400	Toray Industries, Inc.	33,300
	1,104	Victrex PLC	18,925
			15,754,394
	Commerical Services & Supplies – 0.3%
	63,673	Copart, Inc.*	2,743,670
	1,490	Elis SA	26,169
	13,054	Mitie Group PLC	16,287
	733	MSA Safety, Inc.	115,558
	1,400	Park24 Co. Ltd.*	17,739
	26,083	Republic Services, Inc.	3,717,088
	16,691	Serco Group PLC	30,343
	13,683	Tetra Tech, Inc.	2,080,227
	1,000	Toppan, Inc.	23,921
	7,528	Waste Management, Inc.	1,147,568
			9,918,570
	Communications Equipment – 0.2%
	165,034	Cisco Systems, Inc.	8,872,228
	1,467	F5, Inc.*	236,392

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	8,034	Juniper Networks, Inc.	$          223,265
	9,902	Spirent Communications PLC	16,672
			9,348,557
	Construction & Engineering – 0.0%
	413	Ackermans & van Haaren NV	62,408
	2,134	ACS Actividades de Construccion y Servicios SA	76,717
	5,620	Balfour Beatty PLC	22,011
	600	COMSYS Holdings Corp.	12,544
	1,023	Eiffage SA	97,101
	1,500	JGC Holdings Corp.	20,842
	2,600	Obayashi Corp.	22,880
	1,618	Quanta Services, Inc.	302,679
	16,400	Shimizu Corp.	113,919
	4,400	Toda Corp.	23,807
	3,899	Vinci SA	431,350
			1,186,258
	Construction Materials – 0.0%
	7,017	CRH PLC	385,917
	1,980	Heidelberg Materials AG	153,352
	2,776	Marshalls PLC	8,520
			547,789
	Consumer Finance – 0.2%
	30,910	American Express Co.	4,611,463
	4,492	Capital One Financial Corp.	435,948
	1,000	Credit Saison Co. Ltd.	15,856
	3,922	Discover Financial Services	339,763
	9,300	Synchrony Financial	284,301
			5,687,331
	Consumer Staples Distribution & Retail – 0.6%
	8,460	Carrefour SA	145,301
	900	Cosmos Pharmaceutical Corp.	92,014
	15,210	Costco Wholesale Corp.	8,593,042
	18,622	Dollar Tree, Inc.*	1,982,312
	69,468	J Sainsbury PLC	213,929
	2,690	Jeronimo Martins SGPS SA	60,413
	7,454	Kesko Oyj Class B	133,548
	9,980	Koninklijke Ahold Delhaize NV	300,794
	8,279	Kroger Co.	370,485
	700	Kusuri No. Aoki Holdings Co. Ltd.	40,525
	431	Lawson, Inc.	19,814
	26,021	Marks & Spencer Group PLC*	74,842
	8,500	MatsukiyoCocokara & Co.	152,261
	3,172	Seven & i Holdings Co. Ltd.	124,184
	1,100	Sugi Holdings Co. Ltd.	43,694

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Staples Distribution & Retail – (continued)
	1,900	Sundrug Co. Ltd.	$            51,496
	13,985	Sysco Corp.	923,709
	71,152	Tesco PLC	228,859
	58,516	Walmart, Inc.	9,358,464
	1,000	Welcia Holdings Co. Ltd.	17,269
			22,926,955
	Containers & Packaging – 0.1%
	24,874	Crown Holdings, Inc.	2,200,851
	17,849	DS Smith PLC	62,252
	2,107	Huhtamaki Oyj	69,269
	7,199	International Paper Co.	255,349
	1,616	Packaging Corp. of America	248,137
	12,087	Sealed Air Corp.	397,179
	1,395	Smurfit Kappa Group PLC	46,219
	320	Vidrala SA	27,781
	8,055	Westrock Co.	288,369
			3,595,406
	Distributors – 0.0%
	3,836	Inchcape PLC	35,331
	5,098	LKQ Corp.	252,402
			287,733
	Diversified REITs – 0.0%
	28,082	LXI REIT PLC	31,111
	26,447	U.K. Commercial Property REIT Ltd.	17,105
			48,216
	Diversified Telecommunication Services – 0.1%
	55,893	AT&T, Inc.	839,513
	94,489	BT Group PLC	134,180
	107,823	Deutsche Telekom AG	2,261,781
	3,500	Internet Initiative Japan, Inc.	56,524
	134,064	Koninklijke KPN NV	441,696
	25,606	Telefonica Deutschland Holding AG	45,798
	64,353	Telefonica SA	262,904
	28,218	Verizon Communications, Inc.	914,545
			4,956,941
	Electric Utilities – 0.1%
	2,100	Chubu Electric Power Co., Inc.	26,733
	36,638	Edison International	2,318,819
	100,397	EDP - Energias de Portugal SA	417,445
	27,060	Exelon Corp.	1,022,597
	560	Verbund AG	45,557
			3,831,151

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 0.1%
	17,563	Eaton Corp. PLC	$       3,745,837
	800	Fuji Electric Co. Ltd.	36,028
	2,400	Fujikura Ltd.	19,286
	600	Furukawa Electric Co. Ltd.	9,554
	23,300	Mitsubishi Electric Corp.	287,859
	437	Nexans SA	35,430
	4,192	Prysmian SpA	168,260
	18,696	Siemens Energy AG*	243,659
	2,176	Signify NV(a)	58,388
			4,604,301
	Electronic Equipment, Instruments & Components – 0.1%
	1,588	Crane NXT Co.	88,245
	300	Horiba Ltd.	16,208
	2,466	Keysight Technologies, Inc.*	326,276
	16,200	Murata Manufacturing Co. Ltd.	295,523
	491	Oxford Instruments PLC	13,060
	475	Renishaw PLC	20,412
	1,096	Spectris PLC	45,310
	1,900	TDK Corp.	70,243
	3,230	TE Connectivity Ltd.	399,002
	726	Teledyne Technologies, Inc.*	296,629
	4,549	Trimble, Inc.*	245,009
	1,144	Yokogawa Electric Corp.	22,080
	2,463	Zebra Technologies Corp. Class A*	584,942
			2,422,939
	Energy Equipment & Services – 0.0%
	9,264	Halliburton Co.	375,192
	18,732	John Wood Group PLC*	35,294
	15,460	Tenaris SA	244,205
			654,691
	Entertainment – 0.1%
	5,990	Bollore SE	32,150
	11,093	Electronic Arts, Inc.	1,335,597
	3,364	Live Nation Entertainment, Inc.*	279,347
	2,600	Nexon Co. Ltd.	46,458
	11,565	Walt Disney Co.*	937,343
	32,139	Warner Bros Discovery, Inc.*	349,030
			2,979,925
	Financial Services – 1.3%
	36,138	Apollo Global Management, Inc.	3,243,747
	53,976	Berkshire Hathaway, Inc. Class B*	18,907,793
	618	Eurazeo SE	36,774
	705	EXOR NV	62,356
	28,251	Mastercard, Inc. Class A	11,184,853

Shares		Description	Value
	Common Stocks – (continued)
	Financial Services – (continued)
	7,100	Mitsubishi HC Capital, Inc.	$            47,308
	4,700	ORIX Corp.	87,760
	7,517	OSB Group PLC	29,825
	3,350	Paragon Banking Group PLC	20,014
	9,393	PayPal Holdings, Inc.*	549,115
	1,829	Plus500 Ltd.	30,729
	52,571	Visa, Inc. Class A	12,091,856
	12,007	WEX, Inc.*	2,258,397
			48,550,527
	Food Products – 0.2%
	6,009	Archer-Daniels-Midland Co.	453,199
	400	Ariake Japan Co. Ltd.	13,577
	9,655	Associated British Foods PLC	242,570
	23,346	Bunge Ltd.	2,527,204
	6,315	Danone SA	348,321
	21,250	Darling Ingredients, Inc.*	1,109,250
	1,649	Glanbia PLC	27,214
	3,899	JDE Peet’s NV	108,909
	4,498	Kerry Group PLC Class A	375,828
	500	Nichirei Corp.	10,981
	29,028	Post Holdings, Inc.*	2,488,861
	10,887	Tate & Lyle PLC	91,056
	600	Toyo Suisan Kaisha Ltd.	23,530
	20,798	Tyson Foods, Inc. Class A	1,050,091
	506	Viscofan SA	30,892
	600	Yamazaki Baking Co. Ltd.	11,030
			8,912,513
	Gas Utilities – 0.0%
	8,926	Italgas SpA	45,668
	5,362	Naturgy Energy Group SA	145,874
	7,400	Osaka Gas Co. Ltd.	121,766
	907	Rubis SCA	20,314
	1,600	Tokyo Gas Co. Ltd.	36,276
			369,898
	Ground Transportation – 0.3%
	128,873	CSX Corp.	3,962,845
	9,039	Firstgroup PLC	16,619
	4,000	Kintetsu Group Holdings Co. Ltd.	113,411
	16,860	Mobico Group PLC	18,175
	800	Nishi-Nippon Railroad Co. Ltd.	13,275
	6,000	Seino Holdings Co. Ltd.	84,080
	600	Tobu Railway Co. Ltd.	15,421
	33,160	Union Pacific Corp.	6,752,371
			10,976,197
	Health Care Equipment & Supplies – 0.9%
	61,336	Abbott Laboratories	5,940,392
	53,374	Baxter International, Inc.	2,014,335

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	14,269	Becton Dickinson & Co.	$       3,688,965
	1,225	BioMerieux	118,507
	68,108	ConvaTec Group PLC(a)	180,491
	1,692	Cooper Cos., Inc.	538,073
	29,275	Dexcom, Inc.*	2,731,357
	2,203	DiaSorin SpA	200,611
	60,291	Hologic, Inc.*	4,184,195
	10,783	Koninklijke Philips NV	215,145
	80,705	Medtronic PLC	6,324,044
	5,590	Penumbra, Inc.*	1,352,277
	11,713	STERIS PLC	2,570,066
	5,856	Stryker Corp.	1,600,269
	972	Teleflex, Inc.	190,911
	24,156	Zimmer Biomet Holdings, Inc.	2,710,786
			34,560,424
	Health Care Providers & Services – 1.2%
	600	Alfresa Holdings Corp.	9,837
	13,066	Cardinal Health, Inc.	1,134,390
	51,454	Centene Corp.*	3,544,151
	2,487	Cigna Group	711,456
	10,738	CVS Health Corp.	749,727
	2,414	DaVita, Inc.*	228,195
	13,207	Elevance Health, Inc.	5,750,592
	2,384	Fresenius Medical Care AG & Co. KGaA	102,493
	5,246	Fresenius SE & Co. KGaA	162,942
	1,700	H.U. Group Holdings, Inc.	28,847
	15,365	HCA Healthcare, Inc.	3,779,483
	3,419	Henry Schein, Inc.*	253,861
	8,774	Humana, Inc.	4,268,726
	13,151	Laboratory Corp. of America Holdings	2,644,009
	9,943	McKesson Corp.	4,323,714
	600	Medipal Holdings Corp.	10,142
	1,022	Molina Healthcare, Inc.*	335,104
	2,082	Quest Diagnostics, Inc.	253,713
	1,200	Suzuken Co. Ltd.	37,112
	31,774	UnitedHealth Group, Inc.	16,020,133
	2,043	Universal Health Services, Inc. Class B	256,866
			44,605,493
	Health Care REITs – 0.0%
	11,234	Healthpeak Properties, Inc.	206,256
	6,490	Ventas, Inc.	273,424
			479,680
	Hotel & Resort REITs – 0.0%
	17,672	Host Hotels & Resorts, Inc.	283,989
	16,653	Park Hotels & Resorts, Inc.	205,165
			489,154

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 0.4%
	8,462	Accor SA	$          284,614
	2,089	Booking Holdings, Inc.*	6,442,372
	5,507	Caesars Entertainment, Inc.*	255,249
	2,351	Choice Hotels International, Inc.	288,021
	14,856	Churchill Downs, Inc.	1,723,890
	7,776	Entain PLC	88,194
	2,859	Expedia Group, Inc.*	294,677
	1,500	Food & Life Cos. Ltd.	25,155
	1,823	J D Wetherspoon PLC*	15,381
	11,802	Just Eat Takeaway.com NV*(a)	145,914
	2,184	La Francaise des Jeux SAEM(a)	70,936
	8,871	McDonald’s Corp.	2,336,976
	7,196	MGM Resorts International*	264,525
	1,576	Playtech PLC*	8,691
	3,498	Royal Caribbean Cruises Ltd.*	322,306
	1,400	Skylark Holdings Co. Ltd.*	19,151
	3,367	Sodexo SA	346,624
	5,504	SSP Group PLC*	13,606
	7,083	TUI AG*	38,824
	7,967	Yum! Brands, Inc.	995,397
			13,980,503
	Household Durables – 0.1%
	16,351	Barratt Developments PLC	87,668
	1,544	Bellway PLC	42,895
	4,495	Berkeley Group Holdings PLC	224,478
	3,635	DR Horton, Inc.	390,653
	3,448	Lennar Corp. Class A	386,969
	2,342	Mohawk Industries, Inc.*	200,967
	47	NVR, Inc.*	280,275
	11,000	Panasonic Holdings Corp.	124,166
	3,858	PulteGroup, Inc.	285,685
	2,900	Rinnai Corp.	54,227
	254	SEB SA	23,695
	1,000	Sekisui Chemical Co. Ltd.	14,387
	4,400	Sharp Corp.*	27,393
	1,000	Sumitomo Forestry Co. Ltd.	25,364
	55,039	Taylor Wimpey PLC	78,495
	1,400	Whirlpool Corp.	187,180
			2,434,497
	Household Products – 0.3%
	1,400	Lion Corp.	13,808
	88,698	Procter & Gamble Co.	12,937,490
	1,515	Reynolds Consumer Products, Inc.	38,842
			12,990,140

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Independent Power and Renewable Electricity Producers – 0.0%
	8,924	Drax Group PLC	$            47,777
	1,200	Electric Power Development Co. Ltd.	19,377
	1,511	Encavis AG*	21,205
			88,359
	Industrial Conglomerates – 0.2%
	947	DCC PLC	53,022
	7,465	General Electric Co.	825,256
	100	Hikari Tsushin, Inc.	15,229
	2,800	Hitachi Ltd.	173,537
	35,177	Honeywell International, Inc.	6,498,599
			7,565,643
	Industrial REITs – 0.0%
	10,140	Urban Logistics REIT PLC	13,584
	Insurance – 0.5%
	5,702	Aflac, Inc.	437,629
	7,022	Ageas SA	289,211
	7,799	American International Group, Inc.	472,619
	12,220	Aon PLC Class A	3,961,968
	4,417	Arch Capital Group Ltd.*	352,079
	12,762	Arthur J Gallagher & Co.	2,908,843
	58,829	Assicurazioni Generali SpA	1,200,841
	1,354	Assurant, Inc.	194,407
	3,198	Chubb Ltd.	665,760
	723	CNA Financial Corp.	28,450
	4,700	Dai-ichi Life Holdings, Inc.	97,028
	777	Everest Group Ltd.	288,788
	4,378	Globe Life, Inc.	476,020
	11,588	Hartford Financial Services Group, Inc.	821,705
	3,414	Hiscox Ltd.	41,742
	12,492	Japan Post Holdings Co. Ltd.	99,938
	1,088	Japan Post Insurance Co. Ltd.	18,298
	4,369	Loews Corp.	276,601
	20,658	Marsh & McLennan Cos., Inc.	3,931,217
	7,147	MetLife, Inc.	449,618
	7,804	Old Republic International Corp.	210,240
	11,847	Poste Italiane SpA(a)	124,409
	9,467	Principal Financial Group, Inc.	682,287
	4,143	Prudential Financial, Inc.	393,129
	1,819	SCOR SE	56,474
	2,460	Travelers Cos., Inc.	401,743
	4,109	W R Berkley Corp.	260,880
			19,141,924

Shares		Description	Value
	Common Stocks – (continued)
	Interactive Media & Services – 1.0%
	282,038	Alphabet, Inc. Class A*	$     36,907,492
	4,999	Match Group, Inc.*	195,836
	9,291	Moneysupermarket.com Group PLC	27,501
			37,130,829
	IT Services – 0.4%
	32,691	Accenture PLC Class A	10,039,733
	2,908	Akamai Technologies, Inc.*	309,818
	765	Alten SA	100,384
	1,400	BIPROGY, Inc.	34,959
	6,733	Capgemini SE	1,174,867
	6,323	Cognizant Technology Solutions Corp. Class A	428,320
	919	Computacenter PLC	28,298
	11,615	DXC Technology Co.*	241,941
	1,179	EPAM Systems, Inc.*	301,459
	16,600	Finablr PLC*(a)(b)	—
	800	Fujitsu Ltd.	94,089
	971	Gartner, Inc.*	333,645
	6,323	International Business Machines Corp.	887,117
	4,000	Itochu Techno-Solutions Corp.	115,330
	1,154	NEC Corp.	63,727
	800	NET One Systems Co. Ltd.	15,182
	797	Reply SpA	74,784
	700	SCSK Corp.	12,204
	2,409	Softcat PLC	42,883
	117	Sopra Steria Group SACA	24,153
	1,116	TietoEVRY Oyj	25,065
	4,000	TIS, Inc.	87,957
	2,452	VeriSign, Inc.*	496,604
			14,932,519
	Leisure Products – 0.0%
	300	Sankyo Co. Ltd.	13,749
	1,500	Sega Sammy Holdings, Inc.	27,664
	5,100	Yamaha Corp.	139,289
			180,702
	Life Sciences Tools & Services – 0.6%
	11,620	Agilent Technologies, Inc.	1,299,348
	119,068	Avantor, Inc.*	2,509,954
	589	Bio-Rad Laboratories, Inc. Class A*	211,127
	3,703	Charles River Laboratories International, Inc.*	725,714
	4,339	Danaher Corp.	1,076,506
	1,971	Eurofins Scientific SE	111,080
	13,839	IQVIA Holdings, Inc.*	2,722,823
	3,145	Mettler-Toledo International, Inc.*	3,484,880
	19,453	QIAGEN NV*	786,122
	20,322	Thermo Fisher Scientific, Inc.	10,286,387
			23,213,941

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – 0.3%
	5,033	Alstom SA	$          119,620
	1,961	ANDRITZ AG	98,820
	3,424	Bodycote PLC	27,259
	3,316	Caterpillar, Inc.	905,268
	16,149	CNH Industrial NV	196,043
	1,100	DMG Mori Co. Ltd.	18,668
	1,956	Donaldson Co., Inc.	116,656
	1,969	Dover Corp.	274,695
	500	Ebara Corp.	23,393
	4,393	Fortive Corp.	325,785
	4,484	GEA Group AG	165,255
	4,762	IMI PLC	90,618
	17,687	Ingersoll Rand, Inc.	1,127,016
	2,778	Interpump Group SpA	127,078
	19,500	Kubota Corp.	286,861
	1,200	Makita Corp.	29,591
	1,800	Miura Co. Ltd.	36,175
	1,500	NGK Insulators Ltd.	19,880
	2,800	NSK Ltd.	15,744
	7,600	NTN Corp.	14,468
	300	OKUMA Corp.	13,175
	10,972	Otis Worldwide Corp.	881,161
	35,675	PACCAR, Inc.	3,033,089
	8,256	Parker-Hannifin Corp.	3,215,877
	3,192	Pentair PLC	206,682
	934	Snap-on, Inc.	238,226
	800	THK Co. Ltd.	14,603
	1,993	Vesuvius PLC	10,528
	5,372	Weir Group PLC	124,120
	2,562	Westinghouse Air Brake Technologies Corp.	272,264
			12,028,618
	Marine Transportation – 0.1%
	369	Clarkson PLC	12,313
	1,500	Kawasaki Kisen Kaisha Ltd.	51,189
	23,771	Kirby Corp.*	1,968,239
	2,200	Mitsui OSK Lines Ltd.	60,454
	2,900	Nippon Yusen KK	75,298
			2,167,493
	Media – 0.3%
	12,136	Ascential PLC*	30,947
	1,259	Charter Communications, Inc. Class A*	553,734
	170,641	Comcast Corp. Class A	7,566,222
	1,100	Dentsu Group, Inc.	32,353
	33,481	Fox Corp. Class A	1,044,607
	2,117	Future PLC	22,865
	14,796	Informa PLC	135,109

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	45,494	ITV PLC	$            39,081
	12,454	News Corp. Class A	249,827
	2,465	Publicis Groupe SA	186,582
	3,500	TBS Holdings, Inc.	58,849
	35,270	Vivendi SE	308,899
	13,531	WPP PLC	120,552
			10,349,627
	Metals & Mining – 0.1%
	11,858	ArcelorMittal SA	296,877
	23,673	Centamin PLC	24,055
	300	Dowa Holdings Co. Ltd.	9,322
	7,048	Evraz PLC*(b)	—
	95,303	Glencore PLC	542,704
	3,900	JFE Holdings, Inc.	57,113
	3,300	Kobe Steel Ltd.	42,982
	500	Mitsui Mining & Smelting Co. Ltd.	12,676
	4,500	Nippon Steel Corp.	105,426
	2,820	Nucor Corp.	440,907
	7,220	Rio Tinto PLC	453,361
	5,628	SSR Mining, Inc.	74,796
	3,096	Steel Dynamics, Inc.	331,953
	13,112	thyssenkrupp AG	99,682
	1,238	voestalpine AG	33,705
			2,525,559
	Multi-Utilities – 0.1%
	51,090	A2A SpA	90,802
	305,567	Centrica PLC	574,744
	90,062	E.ON SE	1,065,074
	14,333	Hera SpA	39,139
	37,274	National Grid PLC	445,773
	2,198	Telecom Plus PLC	39,958
	21,964	Veolia Environnement SA	634,895
			2,890,385
	Office REITs – 0.1%
	2,644	Alexandria Real Estate Equities, Inc.	264,664
	43,821	Boston Properties, Inc.	2,606,473
	666	Covivio SA	29,542
	1,140	Derwent London PLC	26,728
	2,126	Workspace Group PLC	12,664
			2,940,071
	Oil, Gas & Consumable Fuels – 0.5%
	10,351	Antero Midstream Corp.	124,005
	89,181	BP PLC	574,855
	9,908	Chevron Corp.	1,670,687
	52,662	ConocoPhillips	6,308,908
	11,069	Coterra Energy, Inc.	299,416
	50,393	Eni SpA	809,503
	4,501	EOG Resources, Inc.	570,547
	20,053	Exxon Mobil Corp.	2,357,832

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	8,951	Galp Energia SGPS SA	$          132,583
	16,405	Harbour Energy PLC	51,375
	19,999	Hess Corp.	3,059,847
	6,300	Inpex Corp.	94,489
	300	Iwatani Corp.	15,102
	10,876	Marathon Oil Corp.	290,933
	3,830	Marathon Petroleum Corp.	579,632
	7,586	Occidental Petroleum Corp.	492,180
	1,992	OMV AG	95,147
	4,507	Phillips 66	541,516
	19,695	Repsol SA	323,963
	17,893	Shell PLC	567,105
	21,381	TotalEnergies SE	1,405,786
	3,693	Valero Energy Corp.	523,335
			20,888,746
	Paper & Forest Products – 0.0%
	6,310	Mondi PLC	105,262
	Passenger Airlines – 0.0%
	6,561	Air France-KLM*	82,113
	17,271	American Airlines Group, Inc.*	221,242
	2,900	ANA Holdings, Inc.*	60,720
	8,604	Delta Air Lines, Inc.	318,348
	20,229	Deutsche Lufthansa AG*	160,080
	12,302	easyJet PLC*	63,765
	2,800	Japan Airlines Co. Ltd.	54,402
	6,595	United Airlines Holdings, Inc.*	278,968
			1,239,638
	Personal Products – 0.0%
	59,662	Haleon PLC	247,304
	300	Kose Corp.	21,745
			269,049
	Pharmaceuticals – 0.2%
	7,216	AstraZeneca PLC	973,326
	14,601	Bristol-Myers Squibb Co.	847,442
	30,023	GSK PLC	543,230
	7,529	Hikma Pharmaceuticals PLC	191,185
	2,926	Indivior PLC*	63,289
	320	Ipsen SA	41,927
	14,664	Jazz Pharmaceuticals PLC*	1,898,108
	2,300	JCR Pharmaceuticals Co. Ltd.	22,958
	1,668	Merck KGaA	278,068
	2,600	Nippon Shinyaku Co. Ltd.	109,787
	2,200	Ono Pharmaceutical Co. Ltd.	42,192
	8,701	Otsuka Holdings Co. Ltd.	308,930
	32,750	Pfizer, Inc.	1,086,317
	3,422	Recordati Industria Chimica e Farmaceutica SpA	161,263

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	6,947	Sanofi	$          745,936
	1,500	Shionogi & Co. Ltd.	66,907
	4,743	Takeda Pharmaceutical Co. Ltd.	147,016
	3,204	UCB SA	262,437
	27,377	Viatris, Inc.	269,937
			8,060,255
	Professional Services – 0.2%
	11,955	Broadridge Financial Solutions, Inc.	2,140,543
	4,409	Equifax, Inc.	807,640
	29,362	Hays PLC	38,945
	26,089	KBR, Inc.	1,537,686
	2,920	Leidos Holdings, Inc.	269,107
	4,857	Pagegroup PLC	24,835
	21,948	Paychex, Inc.	2,531,263
	9,000	Persol Holdings Co. Ltd.	14,618
	3,205	Robert Half, Inc.	234,862
	1,614	Teleperformance SE	202,648
	6,625	TransUnion	475,897
			8,278,044
	Real Estate Management & Development – 0.1%
	26,670	CBRE Group, Inc. Class A*	1,969,846
	1,900	Hulic Co. Ltd.	17,037
	5,719	IWG PLC*	9,874
	6,000	Kojamo Oyj	53,161
	3,500	Relo Group, Inc.	37,840
	3,700	Savills PLC	39,072
	4,100	Tokyu Fudosan Holdings Corp.	25,193
			2,152,023
	Residential REITs – 0.0%
	3,708	AvalonBay Communities, Inc.	636,812
	2,414	Camden Property Trust	228,316
	9,191	Equity Residential	539,604
	1,802	Mid-America Apartment Communities, Inc.	231,827
			1,636,559
	Retail REITs – 0.0%
	45,164	Hammerson PLC	13,824
	13,172	Kimco Realty Corp.	231,695
	3,827	Klepierre SA	93,706
	6,853	Realty Income Corp.	342,239
			681,464
	Semiconductors & Semiconductor Equipment – 1.2%
	98,593	Advanced Micro Devices, Inc.*	10,137,332
	30,557	Analog Devices, Inc.	5,350,225
	5,816	Applied Materials, Inc.	805,225

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	2,117	Enphase Energy, Inc.*	$          254,357
	21,789	Infineon Technologies AG	721,668
	1,116	KLA Corp.	511,865
	7,445	Lam Research Corp.	4,666,303
	5,792	Microchip Technology, Inc.	452,066
	67,554	Micron Technology, Inc.	4,595,699
	14,271	MKS Instruments, Inc.	1,235,012
	6,128	Monolithic Power Systems, Inc.	2,831,136
	2,449	NXP Semiconductors NV	489,604
	38,612	ON Semiconductor Corp.*	3,588,985
	2,689	Qorvo, Inc.*	256,719
	7,648	QUALCOMM, Inc.	849,387
	7,150	Renesas Electronics Corp.*	109,216
	732	SCREEN Holdings Co. Ltd.	35,572
	1,000	Shinko Electric Industries Co. Ltd.	38,800
	3,042	Skyworks Solutions, Inc.	299,911
	20,500	STMicroelectronics NV	883,626
	22,636	Sumco Corp.	294,561
	49,714	Texas Instruments, Inc.	7,905,023
			46,312,292
	Software – 2.1%
	2,465	ANSYS, Inc.*	733,461
	7,425	Autodesk, Inc.*	1,536,307
	18,665	Crowdstrike Holdings, Inc. Class A*	3,124,148
	12,721	Dynatrace, Inc.*	594,452
	103,785	Gen Digital, Inc.	1,834,919
	10,518	Intuit, Inc.	5,374,067
	135,437	Microsoft Corp.	42,764,233
	5,587	PTC, Inc.*	791,566
	6,047	Roper Technologies, Inc.	2,928,441
	41,443	Salesforce, Inc.*	8,403,812
	10,860	SAP SE	1,405,740
	9,465	ServiceNow, Inc.*	5,290,556
	8,064	Synopsys, Inc.*	3,701,134
			78,482,836
	Specialized REITs – 0.0%
	6,016	Safestore Holdings PLC	53,748
	Specialty Retail – 0.6%
	11,788	AutoNation, Inc.*	1,784,703
	5,596	Bath & Body Works, Inc.	189,145
	3,648	Best Buy Co., Inc.	253,427
	16,621	Burlington Stores, Inc.*	2,248,821
	16,196	Currys PLC	9,534
	2,205	Dunelm Group PLC	28,248
	31,381	Home Depot, Inc.	9,482,083
	41,200	JD Sports Fashion PLC	74,841
	8,552	Lowe’s Cos., Inc.	1,777,658
	4,971	Pets at Home Group PLC	20,203
	8,914	Ross Stores, Inc.	1,006,836

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	204	Shimamura Co. Ltd.	$            20,162
	50,775	TJX Cos., Inc.	4,512,882
	6,072	Ulta Beauty, Inc.*	2,425,460
	28,100	Yamada Holdings Co. Ltd.	86,416
	5,746	Zalando SE*(a)	127,667
			24,048,086
	Technology Hardware, Storage & Peripherals – 1.0%
	220,304	Apple, Inc.	37,718,248
	1,100	Brother Industries Ltd.	17,719
	19,188	Hewlett Packard Enterprise Co.	333,296
	11,255	HP, Inc.	289,253
	5,100	Konica Minolta, Inc.*	16,603
	2,704	Ricoh Co. Ltd.	23,330
	1,500	Seiko Epson Corp.	23,557
			38,422,006
	Textiles, Apparel & Luxury Goods – 0.1%
	29,033	Coats Group PLC	25,965
	7,287	Lululemon Athletica, Inc.*	2,809,940
	1,508	Ralph Lauren Corp.	175,064
	44,492	Skechers USA, Inc. Class A*	2,177,884
	6,147	Tapestry, Inc.	176,726
			5,365,579
	Trading Companies & Distributors – 0.1%
	2,138	Brenntag SE	165,431
	3,355	Bunzl PLC	119,484
	18,097	Howden Joinery Group PLC	161,924
	4,647	ITOCHU Corp.	167,822
	7,532	Marubeni Corp.	117,411
	4,935	Mitsubishi Corp.	235,154
	5,781	Mitsui & Co. Ltd.	209,677
	3,978	Rexel SA	89,131
	6,248	RS Group PLC	55,802
	2,000	Sojitz Corp.	43,811
	5,700	Sumitomo Corp.	113,760
	1,000	Toyota Tsusho Corp.	58,816
	2,446	Travis Perkins PLC	25,008
	1,405	WW Grainger, Inc.	972,035
			2,535,266
	Transportation Infrastructure – 0.0%
	1,867	Aena SME SA(a)	280,942
	1,800	Kamigumi Co. Ltd.	37,069
			318,011
	Wireless Telecommunication Services – 0.0%
	16,950	Airtel Africa PLC(a)	25,911
	5,111	Freenet AG	119,641
	5,300	KDDI Corp.	162,235

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – (continued)
	702,565	Vodafone Group PLC	$          658,584
			966,371
	TOTAL COMMON STOCKS (Cost $ 685,273,060)		$   745,581,520
Shares		Dividend Rate	Value
	Preferred Stocks – 0.0%
	Household Products – 0.0%
	Henkel AG & Co. KGaA
	2,042	0.000%	$          145,410
	(Cost $ 159,129)
Units		Expiration Date	Value
	Rights* – 0.0%
	Synthomer PLC
	2,492	12/10/23	$                 912
	(Cost $ 5,464)
Shares		Description	Value
	Exchange Traded Funds – 19.2%
	532,373	Invesco Senior Loan ETF(c)	$     11,174,509
	3,565,205	iShares 5-10 Year Investment Grade Corporate Bond ETF	173,447,223
	7,241,027	iShares Core MSCI Emerging Markets ETF	344,600,475
	1,507,914	SPDR Blackstone Senior Loan ETF(c)	63,226,834
	1,672,722	SPDR Bloomberg Convertible Securities ETF	113,410,552
	287,357	VanEck Fallen Angel High Yield Bond ETF	7,775,880

Shares		Description	Value
	Exchange Traded Funds – (continued)
	223,600	Vanguard Real Estate ETF	$     16,917,576
	TOTAL EXCHANGE TRADED FUNDS (Cost $749,481,500)		$   730,553,049
Shares		Dividend Rate	Value
	Investment Company(d) – 57.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,189,646,782	5.240%	$2,189,646,782
	(Cost $2,189,646,782)
	Securities Lending Reinvestment Vehicle(d) – 0.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	14,576,220	5.240%	$     14,576,220
	(Cost $14,576,220)
	TOTAL INVESTMENTS – 96.5% (Cost $3,639,142,155)		$3,680,503,893
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.5%		135,134,711
	NET ASSETS – 100.0%		$3,815,638,604

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(c)	All or a portion of security is on loan.
(d)	Represents an Affiliated Issuer.

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2023, 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 Securities, Inc.	MXN	72,140,000		USD	4,033,229		12/20/23	$	49,548
	USD	11,981,032		CHF	10,720,000		12/20/23		160,793
	USD	5,905,956		CZK	136,530,000		12/20/23		692
	USD	49,253,525		EUR	45,790,000		12/20/23		651,888
	USD	23,931,866		GBP	19,380,000		12/20/23		272,260
	USD	8,157,235		IDR	125,450,430,000		12/20/23		61,692
	USD	28,068,311		JPY	4,077,040,000		12/20/23		410,624
	USD	10,831,223		KRW	14,435,620,000		12/20/23		111,941
	USD	17,128,103		TWD	545,390,000		12/20/23		121,514
TOTAL								$	1,840,952

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	CAD	5,850,000		USD	4,329,253		12/20/23	$	(16,506	)
	CHF	5,730,000		USD	6,493,748		12/20/23		(175,653	)
	USD	13,316,628		AUD	20,790,000		12/20/23		(88,676	)
	USD	20,780,331		CAD	28,330,000		12/20/23		(105,162	)
	USD	7,034,706		CHF	6,380,000		12/20/23		(101	)
	USD	6,240,802		CLP	5,605,800,000		12/20/23		(28,055	)
	USD	3,912,668		IDR	60,742,990,000		12/20/23		(7,188	)
	USD	6,388,752		ILS	24,350,000		12/20/23		(21,898	)
	USD	4,140,683		INR	345,800,000		12/20/23		(3,778	)
	USD	4,869,242		NOK	52,110,000		12/20/23		(13,540	)
	USD	13,028,834		NZD	22,180,000		12/20/23		(265,202	)
	USD	8,424,287		PHP	481,760,000		12/20/23		(83,115	)
	USD	5,925,771		SEK	65,640,000		12/20/23		(107,580	)
	USD	4,224,348		ZAR	81,320,000		12/20/23		(39,569	)
TOTAL								$	(956,023	)

FUTURES CONTRACTS — At September 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.K. Long Gilt	362	12/27/23	$	41,588,228	$	(291,671	)
3M SARON	28	03/19/24		7,513,519		533
Australian 10 Year Government Bonds	161	12/15/23		11,590,856		(312,009	)
Brent Crude	141	10/31/23		13,000,200		217,469
CAC40 Index	97	10/20/23		7,334,096		(96,906	)
Cattle Feeder	27	11/16/23		3,441,150		(77,464	)
Cotton No.2	29	12/06/23		1,263,675		(25,567	)
Dax Index	20	12/15/23		8,207,432		(159,492	)
Euro Stoxx 50 Index	3,338	12/15/23		148,363,398		(1,898,307	)
FTSE 100 Index	740	12/15/23		72,390,821		401,952
Gasoline RBOB	49	10/31/23		4,938,171		(425,632	)
IBEX 35 Index	86	10/20/23		8,583,179		(28,704	)
Japan 10 Year Government Bond	191	12/13/23		185,274,090		(778,203	)
Live Cattle	74	12/29/23		5,562,580		12,754
Lme Lead	49	11/13/23		2,655,800		(76,285	)
Lme Lead	53	10/16/23		2,895,788		(11,006	)
Lme Nickel	13	10/16/23		1,442,766		(111,034	)

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
Lme Pri Alum	59	10/16/23	$	3,450,025		$	264,360
Lme Zinc	9	11/13/23		596,081			27,254
Lme Zinc	41	10/16/23		2,711,894			201,926
Low Sulphur Gas Oil	67	11/10/23		6,473,875			210,090
Nasdaq 100 E-Mini	119	12/15/23		35,382,270			(1,913,731	)
NY Harb ULSD	47	10/31/23		6,515,384			141,786
Omxs30 Index	149	10/20/23		2,945,756			(27,872	)
S&P 500 E-Mini Index	364	12/15/23		78,724,100			(3,884,397	)
Soybean	33	11/14/23		2,103,750			(173,187	)
Sugar	92	02/29/24		2,728,499			(12,154	)
Topix Index	289	12/07/23		44,933,853			(940,892	)
WTI Crude	135	10/20/23		12,256,650			427,453
Total						$	(9,338,936	)
Short position contracts:
10 Year U.S. Treasury Notes	(1,600)	12/19/23		(172,900,000	)		2,518,045
2 Year U.S. Treasury Notes	(145)	12/29/23		(29,393,086	)		51,649
20 Year U.S. Treasury Bonds	(67)	12/19/23		(7,623,344	)		409,165
3 Mont SOFR	(244)	12/16/25		(58,556,950	)		118,133
3 Month SOFR	(348)	03/19/24		(82,258,500	)		216,418
3 Month SOFR	(398)	06/18/24		(94,151,875	)		301,925
3 Month SOFR	(285)	06/17/25		(68,182,687	)		215,576
3 Month SOFR	(340)	12/17/24		(80,826,500	)		382,453
3 Month SOFR	(298)	03/18/25		(71,080,450	)		307,868
3 Month SOFR	(379)	09/17/24		(89,837,212	)		392,604
3 Month SOFR	(275)	09/16/25		(65,920,937	)		157,500
30 Year German Euro-Buxl	(29)	12/07/23		(3,751,589	)		181,782
3M SARON	(6)	06/18/24		(1,609,548	)		(1,128	)
3M SARON	(20)	09/17/24		(5,365,707	)		(6,834	)
3mo Euro Euribor	(168)	09/15/25		(43,045,726	)		15,805
5 Year German Euro-Bobl	(144)	12/07/23		(17,622,245	)		74,202
5 Year German Euro-Bund	(281)	12/07/23		(38,217,307	)		540,464
5 Year German Euro-Oat	(56)	12/07/23		(7,294,180	)		102,937
5 Year U.S. Treasury Notes	(217)	12/29/23		(22,862,984	)		138,045
90-Day Bank Bill	(174)	06/13/24		(110,650,978	)		5,396
90-DAY BANK BILL	(138)	03/07/24		(87,764,094	)		(12,150	)
ASX 90 Day Bank Accepted Bills	(40)	12/07/23		(25,448,178	)		(958	)
Bank Accept	(166)	06/17/24		(28,839,941	)		13,294
Bank Accept Index	(202)	12/18/23		(35,079,514	)		(14,629	)
Bank Accept Index	(191)	03/18/24		(33,160,455	)		4,537
Canada 10 Year Government Bonds	(652)	12/18/23		(55,265,791	)		1,420,861
CBOE Volatility Index	(158)	10/18/23		(2,807,850	)		(5,404	)
CBOE Volatility Index	(130)	11/15/23		(2,372,019	)		39,048
CBOE Volatility Index	(149)	12/20/23		(2,733,211	)		(234,793	)
Coffee	(38)	12/18/23		(2,082,638	)		133,287
Copper	(53)	12/27/23		(4,952,187	)		(52,701	)
Corn	(159)	12/14/23		(3,790,162	)		122,352
E-Mini Russell 2000 Index	(7)	12/15/23		(629,510	)		(1,794	)
Euro-Btp	(33)	12/07/23		(3,828,398	)		53,320
Eurodollars	(226)	12/18/23		(57,348,232	)		4,568
Eurodollars	(267)	03/18/24		(67,783,872	)		40,929
Eurodollars	(299)	09/16/24		(76,180,433	)		43,500
Eurodollars	(309)	06/17/24		(78,560,845	)		58,158

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts: (continued)
Eurodollars	(265)	12/16/24	$	(67,671,869	)	$	11,822
Eurodollars	(234)	03/17/25		(59,857,588	)		(5,844	)
Eurodollars	(201)	06/16/25		(51,471,917	)		1,506
Euro-Schatz	(267)	12/07/23		(29,637,183	)		38,349
FTSE/JSE Top 40 Index	(55)	12/21/23		(1,959,332	)		53,304
Gold 100 Oz	(64)	12/27/23		(11,943,040	)		251,140
Hang Seng IIndex	(27)	10/30/23		(3,083,936	)		(55,765	)
HSCEI	(44)	10/30/23		(1,736,469	)		(10,230	)
Ice 3M Sonia Index	(32)	06/18/24		(9,235,668	)		(59,995	)
Ice 3M Sonia Index	(16)	03/19/24		(4,617,346	)		(24,398	)
Ice 3M Sonia Index	(34)	12/17/24		(9,844,529	)		(65,291	)
Ice 3M Sonia Index	(35)	09/17/24		(10,114,323	)		(68,938	)
Ice 3M Sonia Index	(31)	03/18/25		(8,995,278	)		(57,538	)
Ice 3M Sonia Index	(27)	06/17/25		(7,849,833	)		(49,265	)
Ice 3M Sonia Index	(23)	09/16/25		(6,696,717	)		(38,856	)
Ice 3M Sonia Index	(21)	12/16/25		(6,121,119	)		(35,268	)
Lme Lead	(53)	10/16/23		(2,895,787	)		39,649
Lme Nickel	(28)	11/13/23		(3,121,608	)		160,844
Lme Nickel	(13)	10/16/23		(1,442,766	)		167,558
Lme Pri Alum	(50)	11/13/23		(2,933,125	)		(215,779	)
Lme Pri Alum	(59)	10/16/23		(3,450,025	)		(224,607	)
Lme Zinc	(23)	11/13/23		(1,523,319	)		(117,802	)
Lme Zinc	(41)	10/16/23		(2,711,894	)		(263,240	)
Natural Gas	(107)	10/27/23		(3,134,030	)		20,014
S&P/TSX 60 IX	(12)	12/14/23		(2,078,498	)		3,281
Silver	(18)	12/27/23		(2,020,500	)		35,293
Wheat	(110)	12/14/23		(2,978,250	)		565,358
Total						$	7,788,732
TOTAL FUTURES CONTRACTS						$	(1,550,204	)

SWAP CONTRACTS — At September 30, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2023(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 40		5.000%		4.588%		06/20/28	$	—	$	5,958	$	88	$	5,870
CDX.NA.HY Index 41		5.000		4.803		12/20/28		23,250		216,776		235,160		(18,384	)
CDX.NA.IG Index 41		1.000		0.739		12/20/28		199,800		2,430,185		2,635,649		(205,464	)
ICE CD ITXEB 40		1.000		0.793		12/20/28	EUR	191,050		2,025,887		2,140,241		(114,354	)
ICE CD ITXEX 40		5.000		4.260		12/20/28		19,400		647,947		673,549		(25,602	)
TOTAL									$	5,326,753	$	5,684,687	$	(357,934	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, 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 the term of the swap contract increase.

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Paid/(Received) by the Fund	Counterparty	Termination Date#	Notional Amount (000s)		Unrealized Application/ (Depreciation)*
Russel 1000 TR Index	1M SOFR+0.026%	BofA Securities LLC	02/02/24	$	49,005	$	1,825,521
TUKXG Index	1M SONIA+0.023	BofA Securities LLC	03/18/24	GBP	6,560		113,404
AMZX Index	1M SOFR+0.520	BofA Securities LLC	12/13/23		7,661		149,563
M1WO Index	1M SOFR-0.0185	BofA Securities LLC	02/12/24		7,682		286,512
M1WO Index	12M SOFR-0.015	BofA Securities LLC	01/17/24		31,832		1,187,627
TUKXG Index	12M SONIA+0.020	BofA Securities LLC	06/11/24	GBP	344		5,935
BCOMRS Index	1M SOFR+0.010	JPMorgan Securities, Inc.	12/08/23		6,681		(64,834	)
JPGSGLHN Index	1M SOFR-0.040	JPMorgan Securities, Inc.	11/22/23		33,959		(970,725	)
JPGSGLMN Index	12M SOFR-0.0025	JPMorgan Securities, Inc.	05/22/24		15,828		(626,117	)
JPGSGLTN Index	1M SOFR-0.070	JPMorgan Securities, Inc.	11/22/23		36,299		(1,034,811	)
JPGSMARB Index	12M SOFR+0.089	JPMorgan Securities, Inc.	07/30/24		47,627		289,199
M1WO Index	1M SOFR-0.017	JPMorgan Securities, Inc.	02/28/24		130,604		4,871,811
M1WO Index	1M SOFR-0.015	JPMorgan Securities, Inc.	03/12/24		63,223		2,358,779
M1WO Index	12M SOFR+0.015	JPMorgan Securities, Inc.	03/13/24		8,283		338,318
NDUGWI Index	1M SOFR-0.140	JPMorgan Securities, Inc.	10/13/23		63,261		(2,585,603	)
SXXGT INDEX	1M EURO+0.160	JPMorgan Securities, Inc.	06/19/24	EUR	27,782		878,998
TOTAL						$	7,023,577

* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(a) Payments made at monthly.

A basket (JPGSMARB) of common stocks
Common Stocks	Sector	Shares		Value		Weight
Seagen Inc	Health Care		89	$	18,972		6.6
Avantax Inc	Financials		749		19,151		6.6
New Relic Inc	Information Technology		224		19,158		6.6
Hostess Brands Inc	Consumer Staples		576		19,198		6.6
Origin Energy Ltd	Utilities		2,190		19,228		6.6
Activision Blizzard Inc	Communication Services		206		19,255		6.7
Sovos Brands Inc	Consumer Staples		856		19,297		6.7
Dechra Pharmaceuticals PLC	Health Care		5		19,307		6.7
Horizon Therapeutics Plc	Health Care		167		19,322		6.7
American Equity Investment Life Holding Co	Financials		360		19,327		6.7
iRobot Corp	Consumer Discretionary		511		19,356		6.7
Veritiv Corp	Industrials		115		19,363		6.7
NextGen Healthcare Inc	Health Care		818		19,404		6.7
Splunk Inc	Information Technology		133		19,410		6.7
Capri Holdings Ltd	Consumer Discretionary		370		19,449		6.7

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2023, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
CBOE Volatility Index	$     19.000		10/18/2023		1,580	$	3,002,000		$	172,220		$	360,240		$	(188,020	)
CBOE Volatility Index	21.000		11/15/2023		1,300		2,730,000			187,850			293,800			(105,950	)
CBOE Volatility Index	19.000		12/20/2023		1,490		2,831,000			347,915			269,690			78,225
					4,370	$	8,563,000		$	707,985		$	923,730		$	(215,745	)
Puts
S&P 500 Index	3,760.000		10/31/2023		15		5,640,000			6,300			11,303			(5,003	)
S&P 500 Index	3,950.000		10/31/2023		4		1,580,000			3,860			4,279			(419	)
S&P 500 Index	3,960.000		10/31/2023		7		2,772,000			7,175			4,345			2,830
S&P 500 Index	4,000.000		10/31/2023		11		4,400,000			14,135			6,568			7,567
					37	$	14,392,000		$	31,470		$	26,495		$	4,975
Total purchased option contracts					4,407	$	22,955,000		$	739,455		$	950,225		$	(210,770	)
Written option contracts
Puts
S&P 500 Index	4,210.000		10/31/2023		(15)		(6,315,000	)		(67,650	)		(100,359	)		32,709
S&P 500 Index	4,420.000		10/31/2023		(11)		(4,862,000	)		(157,520	)		(55,902	)		(101,618	)
S&P 500 Index	4,445.000		10/31/2023		(7)		(3,111,500	)		(113,575	)		(38,215	)		(75,360	)
S&P 500 Index	4,485.000		10/31/2023		(4)		(1,794,000	)		(77,040	)		(36,653	)		(40,387	)
Total written option contracts					(37)	$	(16,082,500	)	$	(415,785	)	$	(231,129	)	$	(184,656	)
TOTAL					4,370	$	6,872,500		$	323,670		$	719,096		$	(395,426	)

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CZK	— Czech Republic Koruna
EUR	— Euro
GBP	— British Pound
IDR	— Indonesia Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PHP	— Philippines Peso
SEK	— Swedish Krona
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
ETF	— Exchange Traded Fund
MSCI	— Morgan Stanley Capital International
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
Abbreviations:
BofA Securities LLC	— Bank of America Securities LLC
CDX.NA.HY Ind 40	— CDX North America High Yield Index 40
CDX.NA.HY Ind 41	— CDX North America High Yield Index 41
CDX.NA.IG Ind 41	— CDX North America Investment Grade Index 41
ICE	— Inter-Continental Exchange
ICE CD ITXEB	— iTraxx Europe Index
ICE CD ITXEX	— iTraxx Europe Crossover Index
SOFR	— Secured Overnight Funding Rate
SONIA	— Sterling Overnight Index Average

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments

September 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations(a)(b) – 7.1%
United States Treasury Bills
$	13,200,000		0.000	%	12/05/23	$  13,075,411
	13,600,000		0.000		12/12/23	13,457,888
	2,000,000		0.000		02/01/24	1,964,084
	22,500,000		0.000		03/14/24	21,956,268
TOTAL U.S. TREASURY OBLIGATIONS (Cost $50,449,709)						$  50,453,651

Shares	Dividend Rate			Value
Investment Company(c) – 9.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares
69,256,660		5.240	%	$ 69,256,660
(Cost $69,256,660)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(b) – 83.7%
U.S. Treasury Obligations – 83.7%
United States Treasury Bills
$	20,000,000		0.000	%(a)	10/03/23	$  19,997,075
	103,000,000		0.000		10/10/23	102,879,760
	13,000,000		0.000		10/12/23	12,980,968

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(b) – (continued)
U.S. Treasury Obligations – (continued)
United States Treasury Bills – (continued)
$	85,000,000		0.000	%	10/24/23	$  84,726,217
	108,700,000		0.000		11/28/23	107,784,538
	111,000,000		0.000		11/30/23	110,030,711
	7,800,000		0.000	(a)	12/12/23	7,718,495
	24,000,000		0.000		12/14/23	23,741,930
	15,000,000		0.000		12/28/23	14,807,524
	27,500,000		0.000	(a)	03/14/24	26,835,439
	83,000,000		0.000		03/21/24	80,904,522
TOTAL SHORT- TERM INVESTMENTS (Cost $592,377,178)						$592,407,179
TOTAL INVESTMENTS – 100.6% (Cost $712,083,547)						$712,117,490
OTHER ASSETS IN EXCESS OF     LIABILITIES – (0.6)%						(3,960,369)
NET ASSETS – 100.0%						$708,157,121

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Represents an Affiliated Issuer.

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Brent Crude	812	10/31/23	$	74,866,400		$	(790,012	)
Copper	31	12/27/23		2,896,563			6,769
Gold	270	12/27/23		50,384,700			(3,969,599	)
KC HRW Wheat	88	12/14/23		2,920,500			(354,025	)
Lean Hogs	38	10/13/23		1,219,040			(89,560	)
Lean Hogs	196	12/14/23		5,627,160			(176,427	)
Lme Lead	121	10/16/23		6,611,138			(240,702	)
Lme Nickel	69	10/16/23		7,657,758			(763,124	)
Lme Zinc	369	10/16/23		24,407,044			1,320,828
Low Sulphur Gas Oil	288	11/10/23		27,828,000			149,325
Natural Gas	927	10/27/23		27,151,830			(721,660	)
Platinum	216	01/29/24		9,891,720			(341,612	)
Silver	303	12/27/23		34,011,750			(1,351,283	)
Soybean	522	12/14/23		19,898,640			(1,453,150	)
Soybean Oil	627	12/14/23		21,003,246			(1,827,128	)
Wheat	648	12/14/23		17,544,600			(2,872,815	)
WTI Crude	88	10/20/23		7,989,520			136,034
WTI Crude	125	11/20/23		11,100,000			(107,906	)
Total						$	(13,446,047	)
Short position contracts:
Cocoa	(214)	12/13/23		(7,314,520	)		(644,896	)
Cocoa	(671)	03/13/24		(23,001,880	)		312,520
Coffee	(131)	12/18/23		(7,179,619	)		761,005
Corn	(349)	12/14/23		(8,319,288	)		400,928
Cotton No.2	(188)	12/06/23		(8,192,100	)		(550,709	)
Cotton No.2	(309)	03/06/24		(13,583,640	)		(411,690	)
FCOJ-A	(49)	11/09/23		(2,570,663	)		(464,446	)
FCOJ-A	(54)	01/10/24		(2,714,310	)		(601,267	)
Gasoline RBOB	(19)	12/29/23		(1,854,313	)		25,019
Gasoline RBOB	(133)	01/31/24		(12,950,582	)		673,836
Live Cattle	(168)	12/29/23		(12,628,560	)		(155,311	)
Live Cattle	(213)	02/29/24		(16,401,000	)		(21,833	)
LME PRI	(103)	12/18/23		(6,057,688	)		(409,607	)
Natural Gas	(397)	01/29/24		(13,883,090	)		426,382
Natural Gas	(120)	12/27/23		(4,278,000	)		332,179
NY Harbor ULSD	(21)	12/29/23		(2,703,859	)		(151,058	)
NY Harbor ULSD	(150)	01/31/24		(18,924,570	)		(546,766	)
Soybean	(167)	11/14/23		(10,646,250	)		(517,071	)
Sugar 11	(657)	02/29/24		(19,485,043	)		(683,331	)
WTI Crude	(236)	12/19/23		(20,527,280	)		(1,721,409	)
WTI Crude	(1,058)	01/22/24		(90,215,660	)		(1,648,394	)
Total						$	(5,595,919	)
TOTAL FUTURES CONTRACTS						$	(19,041,966	)

GOLDMAN SACHS COMMODITY STRATEGY FUND

Consolidated Schedule of Investments (continued)

September 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2023, the Fund had the following swap contracts:

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS^#

Reference Obligation/Index(a)	Financing Rate Paid/(Received) by the Fund	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Application/ (Depreciation)*
CRB 3M Forward Index	1 mo. U.S. Treasury Bill Rate+0.24%	Citibank NA	01/31/24	$	136,635	$	—
CRB Future Index	1 mo. U.S. Treasury Bill Rate+0.21%	Citibank NA	01/31/24		111,525		—
CRB 3M Forward Index	1 mo. U.S. Treasury Bill Rate+0.25%	Merrill Lynch International Bank Ltd.	01/31/24		72,272		—
CRB Future Index	1 mo. U.S. Treasury Bill Rate+0.21%	Merrill Lynch International Bank Ltd.	01/31/24		90,092		—
CRB 3M Forward Index	1 mo. U.S. Treasury Bill Rate+0.25%	UBS AG (London)	01/31/24		248,867		—
TOTAL						$	—

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

(a) Payments made monthly.

Currency Abbreviations:
USD	— U.S. Dollar

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (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 — 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 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 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 Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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.

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 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 the Valuation Procedures 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.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the 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 Fund’s shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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. 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.

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 Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the 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 the 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 by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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 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.

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.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of investments 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.

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 the Valuation Procedures. 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.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2023:

ABSOLUTE RETURN TRACKER
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	322,306	$	—	$	—
Asia		400,893		9,205,641		—
Europe		41,731,038		45,460,934		—
North America		648,336,588		124,120		—
Securities Lending Reinvestment Vehicle		14,576,220		—		—
Preferred Stocks		—		145,410		—
Rights		—		912		—
Exchange Traded Funds		730,553,049		—		—
Investment Company		2,189,646,782		—		—
Total	$	3,625,566,876	$	54,937,017	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—	$	1,840,952	$	—
Futures Contracts(b)		11,396,240		—		—
Credit Default Swap Contracts(b)		—		5,870		—
Total Return Swap Contracts(b)		—		12,305,666		—
Purchased Option Contracts		31,470		707,985		—
Total	$	11,427,710	$	14,860,473	$	—

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

ABSOLUTE RETURN TRACKER (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Credit Default Swap Contracts(b)	$	—		$	(363,804	)	$	—
Forward Foreign Currency Exchange Contracts(b)		—			(956,023	)		—
Futures Contracts(b)		(12,946,444	)		—			—
Total Return Swap Contracts(b)		—			(5,282,089	)		—
Written Option Contracts		(415,785	)		—			—
Total	$	(13,362,229	)	$	(6,601,916	)	$	—
COMMODITY STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	50,453,651		$	—		$	—
Investment Company		69,256,660			—			—
Short-term Investments		592,407,179			—			—
Total	$	712,117,490		$	—		$	—
Derivative Type
Assets
Futures Contracts(b)	$	4,544,825		$	—		$	—
Liabilities
Futures Contracts(b)	$	(23,586,791	)	$	—		$	—
Total Return Swap Contracts(b)		—			—			—
Total	$	(23,586,791	)	$	—		$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

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

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligation, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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.

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political, Foreign and Emerging Countries Risk and social stability in the countries in which a Fund invests. The imposition of sanctions, 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 registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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.

Foreign Custody Risk —The Fund invests in foreign securities, and as such 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.

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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“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

GOLDMAN SACHS ALTERNATIVE FUNDS II

Schedule of Investments (continued)

September 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, declining prices of the securities sold, 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 a Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity. 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 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 the Funds’ investments in securities of issuers located in emerging markets countries.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have 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 and the Commodity Strategy Funds. In reliance of such PLRs, these Funds have in the past sought to gain exposure to the commodity markets primarily through investments in commodity-linked notes and/or subsidiaries. Treasury regulations generally treat the Funds’ income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current-year 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 Funds’ 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 Absolute Return Tracker and Commodity Strategy Funds have obtained an opinion of counsel that the Funds’ income from investments in the Subsidiaries should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that a 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 was derived from these investments. If a 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 with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.