NPORT-EX 2 302046GS053124.htm
GOLDMAN
SACHS
ENHANCED
DIVIDEND
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
May
31,
2024
(Unaudited)
Additional
Investment
Information 
Shares
Description
Value
a
a
Underlying
Funds
(Class
R6
Shares)
(a)
–
91.3%
Equity
–
91.3%
15,799,441
Goldman
Sachs  U.S.
Equity
Dividend
and
Premium
Fund
$
255,318,960
11,346,207
Goldman
Sachs
International
Equity
Dividend
and
Premium
Fund
83,508,086
1,044,964
Goldman
Sachs
Small
Cap
Equity
Insights
Fund
29,562,018
1,046,311
Goldman
Sachs
International
Small
Cap
Insights
Fund
13,884,544
1,360,163
Goldman
Sachs
Emerging
Markets
Equity
Insights
Fund
11,806,217
319,685
Goldman
Sachs
Global
Infrastructure
Fund
4,028,032
423,749
Goldman
Sachs
Global
Real
Estate
Securities
Fund
3,936,633
111,639
Goldman
Sachs
MLP
Energy
Infrastructure
Fund
3,911,818
34,824
Goldman
Sachs
Energy
Infrastructure
Fund
439,475
TOTAL
UNDERLYING
FUNDS
(CLASS
R6
SHARES)
(Cost
$268,609,226)
406,395,783
a
Exchange-Traded
Funds
–
0.8%
7,088
Consumer
Staples
Select
Sector
SPDR
Fund
548,186
570
Invesco
Nasdaq
100
ETF
105,946
302
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
4,243
49
iShares
20+
Year
Treasury
Bond
ETF
4,432
14,565
iShares
7-10
Year
Treasury
Bond
ETF
1,351,632
250
iShares
Core
MSCI
Emerging
Markets
ETF
13,148
193
iShares
Core
S&P
500
ETF
102,282
8,246
iShares
MSCI
Mexico
ETF
535,166
Shares
Description
Value
a
Exchange-Traded
Funds
–
(continued)
5,353
Sprott
Physical
Gold
Trust*
$
96,836
19,000
Sprott
Physical
Uranium
Trust*
391,166
54
Vanguard
Real
Estate
ETF
4,495
1,071
Vanguard
Russell
2000
ETF
89,064
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$3,065,275)
3,246,596
Shares
Dividend
Rate
Value
aa
Investment
Company
–
6.2%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
27,487,930
5.227%
27,487,930
(Cost
$27,487,930)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$299,162,431)
$
437,130,309
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
7,753,029
NET
ASSETS
–
100.0%
$
444,883,338
  a
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.
Currency
Abbreviations:
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
SGD
Singapore
Dollar
USD
United
States
Dollar
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
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
Morgan
Stanley
Co.,
Inc.
NOK
50,000
USD
4,614
6/20/2024
$
151
NZD
10,000
USD
5,975
6/20/2024
172
USD
6,278,729
CHF
5,460,844
6/20/2024
215,525
USD
1,427,814
DKK
9,710,000
6/20/2024
14,002
USD
15,879,201
EUR
14,504,225
6/20/2024
129,919
GOLDMAN
SACHS
ENHANCED
DIVIDEND
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
GAIN
(continued)
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Gain
Morgan
Stanley
Co.,
Inc.
(continued)
USD
7,016,346
GBP
5,494,415
6/20/2024
$
14,509
USD
1,161,354
HKD
9,060,000
6/20/2024
2,307
USD
201,731
ILS
720,000
6/20/2024
7,264
USD
12,109,675
JPY
1,758,272,100
6/20/2024
901,172
USD
307,008
NOK
3,200,000
6/20/2024
2,013
USD
98,612
NZD
160,000
6/20/2024
260
USD
1,607,072
SEK
16,425,000
6/20/2024
45,068
USD
594,477
SGD
790,000
6/20/2024
9,350
TOTAL
$
1,341,712
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
CHF
130,000
USD
145,390
6/20/2024
(1,050)
HKD
2,370,000
USD
303,543
6/20/2024
(348)
JPY
201,000,000
USD
1,386,379
6/20/2024
(105,059)
SGD
20,000
USD
14,865
6/20/2024
(52)
USD
3,564,063
AUD
5,379,962
6/20/2024
(17,220)
USD
390,608
DKK
2,690,000
6/20/2024
(1,066)
USD
854,977
EUR
790,000
6/20/2024
(2,838)
USD
183,086
GBP
145,000
6/20/2024
(1,695)
TOTAL
$
(129,328)
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
Stoxx
600
Utilities
Index
Future
27
06/21/24
$
557,510
$
(1,639)
Stoxx
Europe
600
Index
Future
3
06/21/24
84,390
1,525
U.S.
Treasury
10
Year
Note
86
09/19/24
9,372,656
(3,364)
U.S.
Treasury
2
Year
Note
61
09/30/24
12,432,562
9,078
U.S.
Treasury
5
Year
Note
64
09/30/24
6,781,500
6,229
Total
Futures
Contracts
$
11,829
SWAP
CONTRACTS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
swap
contracts:
CENTRALLY
CLEARED
INTEREST
RATE
SWAP
CONTRACTS
Payments
Made
by
the
Fund
(a)
Payments
Received
by
the
Fund
Termination
Date
Notional
Amounts
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
4.325
%
(b)
1
Day
SONIO
9/19/2033
GBP
600
$
16,992
$
–
$
16,992
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
May
31,
2024.
(b)
Payments
made
annually.
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
purchased
and
written
option
contracts:
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Calls
Additional
Investment
Information 
(
continued
)
GOLDMAN
SACHS
ENHANCED
DIVIDEND
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
EUR
REC
1713.82
Morgan
Stanley
Co.,Inc
EUR
1,713.82
03/24/2025
307
$
307
$
39,597
$
31,946
$
7,650
GBP
REC
3.44
Morgan
Stanley
Co.,Inc
GBP
3.44
01/27/2025
630,000
630,000
8,136
22,573
(14,437)
3M
IRS
Bank
of
America
$
4.50
09/16/2024
2,700,000
2,700,000
9,752
19,491
(9,739)
3M
IRS
Bank
of
America
3.20
09/16/2024
2,700,000
2,700,000
448
2,529
(2,080)
6,030,307
$
6,030,307
$
57,933
$
76,539
$
(18,606)
Puts
GBP
REC
3.5000
Morgan
Stanley
Co.,Inc
GBP
3.50
10/17/2024
1,100,000
$
1,100,000
$
8,439
$
27,325
$
(18,886)
3M
IRS
Bank
of
America
$
4.17
09/16/2024
2,800,000
2,800,000
4,863
19,841
(14,978)
3M
IRS
Bank
of
America
3.12
09/16/2024
2,800,000
2,800,000
380
4,369
(3,989)
3M
IRS
Bank
of
America
3.74
08/15/2024
2,700,000
2,700,000
10,606
60,480
(49,874)
Total
purchased
option
contracts
15,430,307
$
15,430,307
$
82,221
$
188,554
$
(106,333)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Calls
EUR
REC
1973.34
Morgan
Stanley
Co.,Inc
EUR
1,973.34
03/24/2025
(307)
$
(307)
$
(10,477)
$
(7,986)
$
(2,490)
GBP
REC
2.9160
Morgan
Stanley
Co.,Inc
GBP
2.92
01/27/2025
(1,260,000)
(1,260,000)
(5,945)
(22,574)
16,628
GBP
PAY
4.3245
Morgan
Stanley
Co.,Inc
4.32
10/17/2024
(1,100,000)
(1,100,000)
(12,559)
(14,293)
1,734
3M
IRS
Bank
of
America
$
3.95
09/16/2024
(5,400,000)
(5,400,000)
(5,628)
(16,417)
10,789
(7,760,307)
$
(7,760,307)
$
(34,609)
$
(61,270)
$
26,661
Puts
EUR
REC
1449.4
Morgan
Stanley
Co.,Inc
EUR
1,449.40
03/24/2025
(307)
$
(307)
$
(15,946)
$
(15,973)
$
27
GBP
REC
3.1000
Morgan
Stanley
Co.,Inc
GBP
3.10
10/17/2024
(1,100,000)
(1,100,000)
(3,049)
(12,330)
9,282
3M
IRS
Bank
of
America
$
3.62
09/16/2024
(5,600,000)
(5,600,000)
(2,634)
(17,799)
15,165
Additional
Investment
Information 
(
continued
)
**End
swaps
header**
(continued)
GOLDMAN
SACHS
ENHANCED
DIVIDEND
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
3M
IRS
Bank
of
America
$
3.39
08/15/2024
(2,700,000)
$
(2,700,000)
$
(2,391)
$
(31,321)
$
28,929
Total
written
option
contracts
(17,160,614)
$
(17,160,614)
$
(58,629)
$
(138,693)
$
80,064
OVER-THE-COUNTER
OPTIONS
ON
FOREIGN
CURRENCY
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Calls
Call
EUR/Put
CHF
J.P.
Morgan
Securities
LLC
EUR
0.96
06/13/2024
730,000
$
730,000
$
15,704
$
4,640
$
11,064
Investment
Abbreviations:
SONIO
—
Sterling
Overnight
Index
Average
Additional
Investment
Information 
(
continued
)
**End
swaps
header**
(continued)
GOLDMAN
SACHS
TAX
-
ADVANTAGED
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
May
31,
2024
(Unaudited)
Additional
Investment
Information 
Shares
Description
Value
a
a
Underlying
Funds
(Class
R6
Shares)
(a)
–
89.6%
Equity
–
89.6%
62,655,512
Goldman
Sachs
U.S.
Tax-
Managed
Equity
Fund
$
2,683,535,591
60,660,016
Goldman
Sachs
International
Tax-Managed
Equity
Fund
784,940,608
10,011,969
Goldman
Sachs
International
Small
Cap
Insights
Fund
132,858,824
13,012,283
Goldman
Sachs
Emerging
Markets
Equity
Insights
Fund
112,946,617
3,023,641
Goldman
Sachs
Global
Infrastructure
Fund
38,097,878
1,062,191
Goldman
Sachs
MLP
Energy
Infrastructure
Fund
37,219,168
3,999,249
Goldman
Sachs
Global
Real
Estate
Securities
Fund
37,153,027
284,979
Goldman
Sachs
Energy
Infrastructure
Fund
3,596,435
TOTAL
UNDERLYING
FUNDS
(CLASS
R6
SHARES)
(Cost
$1,829,567,741)
3,830,348,148
a
Exchange-Traded
Funds
–
0.7%
68,079
Consumer
Staples
Select
Sector
SPDR
Fund
5,265,230
5,499
Invesco
Nasdaq
100
ETF
1,022,099
6,152
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
86,436
474
iShares
20+
Year
Treasury
Bond
ETF
42,873
131,841
iShares
7-10
Year
Treasury
Bond
ETF
12,234,845
2,408
iShares
Core
MSCI
Emerging
Markets
ETF
126,637
1,864
iShares
Core
S&P
500
ETF
987,845
79,716
iShares
MSCI
Mexico
ETF
5,173,568
51,562
Sprott
Physical
Gold
Trust*
932,757
233,000
Sprott
Physical
Uranium
Trust*
4,796,933
521
Vanguard
Real
Estate
ETF
43,368
Shares
Description
Value
a
Exchange-Traded
Funds
–
(continued)
10,321
Vanguard
Russell
2000
ETF
$
858,294
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$29,682,387)
31,570,885
Shares
Dividend
Rate
Value
aa
Investment
Company
–
7.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
337,738,405
5.227%
337,738,405
(Cost
$337,738,405)
TOTAL
INVESTMENTS
–
98.2%
(Cost
$2,196,988,533)
$
4,199,657,438
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.8%
75,849,420
NET
ASSETS
–
100.0%
$
4,275,506,858
  a
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.
Currency
Abbreviations:
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
SGD
Singapore
Dollar
USD
United
States
Dollar
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
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
Morgan
Stanley
Co.,
Inc.
USD
58,105,350
CHF
50,612,984
6/20/2024
$
1,909,479
USD
14,347,251
DKK
97,570,000
6/20/2024
140,701
USD
144,375,385
EUR
131,873,958
6/20/2024
1,181,239
USD
64,240,776
GBP
50,306,169
6/20/2024
132,839
USD
8,958,833
HKD
69,890,000
6/20/2024
17,792
USD
1,876,171
ILS
6,720,000
6/20/2024
61,146
USD
115,696,993
JPY
16,832,154,282
6/20/2024
8,396,621
GOLDMAN
SACHS
TAX
-
ADVANTAGED
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
**End
swaps
header**
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
GAIN
(continued)
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Gain
Morgan
Stanley
Co.,
Inc.
(continued)
USD
2,863,806
NOK
29,850,000
6/20/2024
$
18,782
USD
856,692
NZD
1,390,000
6/20/2024
2,257
USD
13,759,176
SEK
140,625,000
6/20/2024
385,858
USD
5,490,958
SGD
7,300,000
6/20/2024
84,080
TOTAL
$
12,330,794
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
HKD
5,820,000
USD
745,409
6/20/2024
(855)
JPY
1,878,000,000
USD
12,953,842
6/20/2024
(982,106)
USD
34,286,923
AUD
51,784,774
6/20/2024
(184,685)
USD
3,155,359
DKK
21,730,000
6/20/2024
(8,609)
USD
15,313,823
EUR
14,150,000
6/20/2024
(50,826)
USD
4,608,724
GBP
3,650,000
6/20/2024
(42,674)
USD
32,299
NOK
350,000
6/20/2024
(1,060)
USD
47,798
NZD
80,000
6/20/2024
(1,378)
USD
1,469,134
SEK
15,675,000
6/20/2024
(21,545)
TOTAL
$
(1,293,738)
FUTURES
CONTRACTS
—
At
May
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
Stoxx
600
Utilities
Index
Future
257
06/21/24
$
5,306,668
$
(22,509)
Stoxx
Europe
600
Index
Future
36
06/21/24
1,012,678
18,497
TOPIX
Index
3
06/13/24
528,789
6,856
U.S.
Treasury
10
Year
Note
832
09/19/24
90,675,000
(30,608)
U.S.
Treasury
2
Year
Note
593
09/30/24
120,860,812
89,029
U.S.
Treasury
5
Year
Note
616
09/30/24
65,271,938
59,958
Total
Futures
Contracts
$
121,223
SWAP
CONTRACTS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
swap
contracts:
CENTRALLY
CLEARED
INTEREST
RATE
SWAP
CONTRACTS
Payments
Made
by
the
Fund
(a)
Payments
Received
by
the
Fund
Termination
Date
Notional
Amounts
(000's)
Value
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)
4.325
%
(b)
1
Day
SONIO
9/19/2033
GBP
5,400
$
152,925
$
–
$
152,925
(a)
Represents
forward
starting
interest
rate
swaps
whose
effective
dates
of
commencement
of
accruals
and
cash
flows
occur
subsequent
to
May
31,
2024.
(b)
Payments
made
annually.
Additional
Investment
Information 
(
continued
)
GOLDMAN
SACHS
TAX
-
ADVANTAGED
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
OVER-THE-COUNTER
-
INTEREST
RATE
SWAPTIONS
—
At
May
31,
2024
,
the
Portfolio
had
the
following
purchased
and
written
option
contracts:
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Calls
EUR
REC
1713.82
Morgan
Stanley
and
Co.
EUR
1,713.82
03/24/2025
2,938
$
2,938
$
378,940
$
305,723
$
73,216
GBP
REC
3.4400
Morgan
Stanley
and
Co.
GBP
3.44
01/27/2025
5,740,000
5,740,000
74,131
205,669
(131,538)
3M
IRS
Bank
of
America
N.A.
$
4.50
09/16/2024
26,200,000
26,200,000
94,632
189,137
(94,505)
3M
IRS
Bank
of
America
N.A.
3.20
09/16/2024
26,200,000
26,200,000
4,344
24,530
(20,186)
58,142,938
$
58,142,938
$
552,047
$
725,059
$
(173,013)
Puts
GBP
REC
3.5000
JPMorgan
Chase
Bank,
N.A.
GBP
3.50
10/17/2024
10,200,000
$
10,200,000
$
78,252
$
237,649
$
(159,397)
3M
IRS
Bank
of
America
N.A.
$
4.17
09/16/2024
26,100,000
26,100,000
45,333
184,952
(139,619)
3M
IRS
Bank
of
America
N.A.
3.12
09/16/2024
26,100,000
26,100,000
3,539
40,729
(37,190)
3M
IRS
Bank
of
America
N.A.
3.74
08/15/2024
24,800,000
24,800,000
97,417
555,520
(458,103)
Total
purchased
option
contracts
145,342,938
$
145,342,938
$
776,588
$
1,743,909
$
(967,322)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Written
Option
Contracts:
Calls
EUR
REC
1973.34
Morgan
Stanley
and
Co.
EUR
1,973.34
03/24/2025
(2,938)
$
(2,938)
$
(100,261)
$
(76,431)
$
(23,830)
GBP
REC
2.9160
Morgan
Stanley
and
Co.
GBP
2.92
01/27/2025
(11,480,000)
(11,480,000)
(54,165)
(205,670)
151,505
GBP
PAY
4.3245
JPMorgan
Chase
Bank,
N.A.
4.32
10/17/2024
(10,200,000)
(10,200,000)
(116,460)
(129,309)
12,849
3M
IRS
Bank
of
America
N.A.
$
3.95
09/16/2024
(52,400,000)
(52,400,000)
(54,611)
(159,302)
104,691
(74,082,938)
$
(74,082,938)
$
(325,497)
$
(570,712)
$
245,215
Puts
EUR
REC
1449.4
Morgan
Stanley
and
Co.
EUR
1,449.40
03/24/2025
(2,938)
$
(2,938)
$
(152,601)
$
(152,862)
$
261
GBP
REC
3.1000
JPMorgan
Chase
Bank,
N.A.
GBP
3.10
10/17/2024
(10,200,000)
(10,200,000)
(28,277)
(108,340)
80,063
3M
IRS
Bank
of
America
N.A.
$
3.62
09/16/2024
(52,200,000)
(52,200,000)
(24,550)
(165,912)
141,362
Additional
Investment
Information 
(
continued
)
**End
swaps
header**
(continued)
GOLDMAN
SACHS
TAX
-
ADVANTAGED
GLOBAL
EQUITY
PORTFOLIO
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
3M
IRS
Bank
of
America
N.A.
$
3.39
08/15/2024
(24,800,000)
$
(24,800,000)
$
(21,968)
$
(287,680)
$
265,712
Total
written
option
contracts
(161,285,876)
$
(161,285,876)
$
(552,893)
$
(1,285,506)
$
732,613
OVER-THE-COUNTER
OPTIONS
ON
FOREIGN
CURRENCY
Description
Counterparty
Exercise
Rate
Expiration
Date
Number
of
Contracts
Notional
Amount
Market
Value
Premiums
Paid
(Received)
by
the
Fund
Unrealized
Appreciation/
(Depreciation)
Purchased
Option
Contracts:
Calls
Call
EUR/Put
CHF
JPMorgan
Chase
Bank,
N.A.
EUR
0.96
06/13/2024
6,490,000
$
6,490,000
$
143,853
$
42,556
$
101,298
Investment
Abbreviations:
SONIO
—
Sterling
Overnight
Index
Average
Additional
Investment
Information 
(
continued
)
**End
swaps
header**
(continued)
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
May
31,
2024
(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
Portfolios’
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
Portfolios,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Portfolios’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
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
Portfolios’
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
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.
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
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
Portfolios
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Portfolios’
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.
Derivative
Contracts—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Portfolio
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
Portfolio
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
Portfolio,
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
a
Portfolio
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.
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
Portfolio
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
Portfolio
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
the
Portfolio
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Upon
the
purchase
of
a
call
option
or
a
put
option
by
the
Portfolio,
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
Portfolio
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
Portfolio
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
Portfolio
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.
An
interest
rate
swap
is
an
agreement
that
obligates
two
parties
to
exchange
a
series
of
cash
flows
at
specified
intervals,
based
upon
or
calculated
by
reference
to
changes
in
interest
rates
on
a
specified
notional
principal
amount.
The
payment
flows
are
usually
netted
against
each
other,
with
the
difference
being
paid
by
one
party
to
the
other.
A
total
return
swap
is
an
agreement
that
gives
a
Portfolio
the
right
to
receive
or
pay
the
appreciation
or
depreciation,
as
applicable,
in
the
value
of
a
specified
security,
an
index,
a
basket
of
securities
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
Portfolio
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
Portfolio’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
Portfolio’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
Portfolios’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2024:
Enhanced
Dividend
Global
Equity
Portfolio
Investment
Type
Level
1
Level
2
Level
3
Assets
Underlying
Funds
$
406,395,783
$
—
$
—
Exchange
Traded
Funds
3,246,596
—
—
Investment
Companies
27,487,930
—
—
Total
$
437,130,309
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
1,341,712
$
—
Futures
Contracts
(a)
16,832
—
—
Interest
Rate
Swap
Contracts
(a)
—
16,992
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
The
Portfolios’
and
Underlying
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Derivatives
Risk
—
The
Portfolios’
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
Portfolios.
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
obligations,
liquidity
risk,
which
includes
the
risk
that
the
Portfolios
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
Portfolios
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.
Purchased
Options
Contracts
—
$
97,925
$
—
Total
$
16,832
$
1,456,629
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
(129,328)
$
—
Futures
Contracts
(a)
(5,003)
—
—
Written
Options
Contracts
—
(58,629)
—
Total
$
(5,003)
$
(187,957)
$
—
€
1.00
€
1.00
€
1.00
Tax-Advantaged
Global
Equity
Portfolio
Investment
Type
Level
1
Level
2
Level
3
Assets
Underlying
Funds
$
3,830,348,148
$
—
$
—
Exchange
Traded
Funds
31,570,885
—
—
Investment
Companies
337,738,405
—
—
Total
$
4,199,657,438
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
12,330,794
$
—
Futures
Contracts
(a)
174,340
—
—
Interest
Rate
Swap
Contracts
(a)
152,925
—
Purchased
Options
Contracts
920,441
—
Total
$
174,340
$
13,404,160
$
—
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(a)
$
—
$
(1,293,738)
$
—
Futures
Contracts
(a)
(53,117)
—
—
Written
Options
Contracts
—
(552,893)
—
Total
$
(53,117)
$
(1,846,631)
$
—
€
1.00
€
1.00
€
1.00
(a)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
Dividend-Paying
Investments
Risk
—
A
Portfolio’s
investments
in
dividend-paying
securities
could
cause
a
Portfolio
to
underperform
other
funds.
Securities
that
pay
dividends,
as
a
group,
can
fall
out
of
favor
with
the
market,
causing
such
securities
to
underperform
securities
that
do
not
pay
dividends.
Depending
upon
market
conditions
and
political
and
legislative
responses
to
such
conditions,
dividend-paying
securities
that
meet
a
Portfolio’s
investment
criteria
may
not
be
widely
available
and/or
may
be
highly
concentrated
in
only
a
few
market
sectors.
In
addition,
issuers
that
have
paid
regular
dividends
or
distributions
to
shareholders
may
not
continue
to
do
so
at
the
same
level
or
at
all
in
the
future.
This
may
limit
the
ability
of
a
Portfolio
to
produce
current
income.
Expenses
Risk
—
By
investing
in
the
Underlying
Funds
indirectly
through
the
Portfolio,
the
investor
will
incur
not
only
a
proportionate
share
of
the
expenses
of
the
Underlying
Funds
held
by
the
Portfolio
(including
operating
costs
and
investment
management
fees),
but
also
the
expenses
of
the
Portfolio.
Investments
in
the
Underlying
Funds
Risk
—
The
Portfolios
invest
primarily
in
a
combination
of
Underlying
Funds,
and
are
subject
to
the
risk
factors
associated
with
the
investments
of
those
Underlying
Funds
in
direct
proportion
to
the
amount
of
assets
allocated
to
each.
A
strategy
used
by
the
Underlying
Funds
may
fail
to
produce
the
intended
results.
As
of
May
31,
2024,
the
Enhanced
Dividend
Global
Equity
Portfolio
invested
57.4%
and
18.8%
of
its
net
assets
in
the
Goldman
Sachs
U.S.
Equity
Dividend
and
Premium
Fund
(the
“U.S.
Equity
Dividend
and
Premium
Fund”)
and
the
Goldman
Sachs
International
Equity
Dividend
and
Premium
Fund
(the
“International
Equity
Dividend
and
Premium
Fund”),
respectively.
Because
of
the
high
concentration
of
its
assets
in
these
Underlying
Funds,
the
Enhanced
Dividend
Global
Equity
Portfolio
has
greater
exposure
to
the
risks
associated
with
these
Underlying
Funds
than
it
does
to
the
risks
associated
with
the
other
Underlying
Funds
in
which
it
invests.
The
U.S.
Equity
Dividend
and
Premium
Fund
invests
primarily
in
dividend
paying
equity
investments
in
large
capitalization
U.S.
issuers,
with
public
stock
market
capitalizations
within
the
range
of
the
market
capitalization
of
the
S&P
500
®
Index
at
the
time
of
investment.
This
Underlying
Fund
expects
that,
under
normal
circumstances,
it
will
write
(sell)
call
options
on
the
S&P
500
®
Index
or
related
exchange-traded
funds
in
an
amount
that
is
between
20%
and
75%
of
the
value
of
its
portfolio.
The
International
Equity
Dividend
and
Premium
Fund
invests
primarily
in
dividend-paying
equity
investments
in
non-U.S.
issuers
with
public
stock
market
capitalizations
within
the
range
of
capitalization
of
the
Morgan
Stanley
Capital
International
(“MSCI”)
Europe,
Australasia,
Far
East
(“EAFE”)
Index
(“MSCI
EAFE
Index”)
at
the
time
of
investment.
This
Underlying
Fund
expects
that,
under
normal
circumstances,
it
will
write
(sell)
call
options
on
the
MSCI
EAFE
Index,
other
national
or
regional
stock
market
indices
or
related
exchange-traded
funds
in
an
amount
that
is
between
20%
and
75%
of
the
value
of
its
portfolio.
As
of
May
31,
2024,
the
Tax-Advantaged
Global
Equity
Portfolio
invested
62.8%
and
18.4%
of
its
net
assets
in
the
Goldman
Sachs
U.S.
Tax-Managed
Equity
Fund
(the
“U.S.
Tax-Managed
Equity
Fund”)
and
the
Goldman
Sachs
International
Tax-Managed
Equity
Fund
(the
“International
Tax-Managed
Equity
Fund”),
respectively.
Because
of
the
high
concentration
of
its
assets
in
these
Underlying
Funds,
the
Tax-Advantaged
Global
Equity
Portfolio
has
greater
exposure
to
the
risks
associated
with
these
Underlying
Funds
than
it
does
to
the
risks
associated
with
the
other
Underlying
Funds
in
which
it
invests.
The
U.S.
Tax-
Managed
Equity
Fund
invests
primarily
in
equity
investments
in
U.S.
issuers.
This
Underlying
Fund
will
seek
to
maintain
risk,
style,
capitalization
and
industry
characteristics
similar
to
the
Russell
3000
Index.
The
International
Tax-Managed
Equity
Fund
invests
primarily
in
equity
investments
in
non-U.S.
issuers.
This
Underlying
Fund
will
seek
to
maintain
risk,
style,
capitalization
and
industry
characteristics
similar
to
the
MSCI
EAFE
Index.
The
investment
adviser
may
seek
tax-efficiency
by
offsetting
gains
and
losses,
limiting
portfolio
turnover
or
selling
high
tax
basis
securities
for
both
Underlying
Funds.
The
Portfolios
do
not
invest
in
the
Underlying
Funds
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
Portfolios
within
their
principal
investment
strategies
may
represent
a
significant
portion
of
an
Underlying
Fund’s
net
assets.
Large
Shareholder
Transactions
Risk
—
A
Portfolio
or
an
Underlying
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
Portfolio
or
an
Underlying
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Portfolio
or
an
Underlying
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Portfolio
or
an
Underlying
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Global
Tax-Aware
Equity
Portfolios
Schedule
of
Investments
(continued)
May
31,
2024
(Unaudited)
a
Portfolio’s
or
an
Underlying
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
Portfolio’s
or
an
Underlying
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Portfolio’s
or
the
Underlying
Fund’s
expense
ratio.
Similarly,
large
Portfolio
or
Underlying
Fund
share
purchases
may
adversely
affect
a
Portfolio’s
or
an
Underlying
Fund’s
performance
to
the
extent
that
the
Portfolio
or
the
underlying
fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Leverage
Risk
—
Leverage
creates
exposure
to
potential
gains
and
losses
in
excess
of
the
initial
amount
invested.
Borrowing
and
the
use
of
derivatives
may
result
in
leverage
and
may
make
the
Portfolio
more
volatile.
When
the
Portfolio
uses
leverage,
the
sum
of
that
Portfolio’s
investment
exposure
may
significantly
exceed
the
amount
of
assets
invested
in
the
Portfolio,
although
these
exposures
may
vary
over
time.
Relatively
small
market
movements
may
result
in
large
changes
in
the
value
of
a
leveraged
investment.
The
use
of
leverage
may
cause
the
Portfolio
to
liquidate
portfolio
positions
to
satisfy
its
obligations
when
it
may
not
be
advantageous
to
do
so.
The
use
of
leverage
by
the
Portfolio
can
substantially
increase
the
adverse
impact
to
which
the
Portfolio’s
investment
portfolio
may
be
subject.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Portfolio
and
an
Underlying
Fund
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
securities
in
which
a
Portfolio
and/or
an
Underlying
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,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Portfolio
and/or
an
Underlying
Fund
and
their
investments.
Additionally,
a
Portfolio
and/or
an
Underlying
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
Portfolio
and
the
Underlying
Fund
have
unsettled
or
open
transactions
defaults.
Tax-Managed
Investment
Risk
—
Because
the
investment
adviser
balances
investment
considerations
and
tax
considerations,
the
pre-
tax
performance
of
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio
may
be
lower
than
the
performance
of
similar
funds
that
are
not
tax-managed.
This
is
because
the
Investment
Adviser
may
choose
not
to
make
certain
investments
that
may
result
in
taxable
distributions
to
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio.
Even
though
tax-managed
strategies
are
being
used,
they
may
not
reduce
the
amount
of
taxable
income
and
capital
gains
distributed
by
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio
to
shareholders.
A
high
percentage
of
an
Underlying
Fund’s
NAV
may
consist
of
unrealized
capital
gains,
which
represent
a
potential
future
tax
liability
to
shareholders.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)