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)