0000822977gsam:C000025571Memberoef:ConsumerDiscretionarySectorMember2024-10-310000822977gsam:C000025529Membergsam:OtherSectorMember2024-10-310000822977gsam:Russell2000GrowthIndex44457AdditionalIndexMember2013-11-012014-10-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive,
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
| | |
Robert Griffith, Esq. Goldman Sachs & Co. LLC 200 West Street New York, NY 10282 | | Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: October 31
Date of reporting period: October 31, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders for the Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, Goldman Sachs U.S. Equity Insights Fund, Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, Goldman Sachs International Equity Income Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund is filed herewith.
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $155 | 1.39% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $9,016 | $8,520 | $8,547 |
| 10/16 | $9,810 | $9,271 | $9,339 |
| 10/17 | $12,768 | $12,066 | $11,810 |
| 10/18 | $10,967 | $10,363 | $10,331 |
| 10/19 | $11,596 | $10,958 | $11,556 |
| 10/20 | $12,940 | $12,228 | $12,510 |
| 10/21 | $15,088 | $14,258 | $14,631 |
| 10/22 | $10,587 | $10,005 | $10,091 |
| 10/23 | $11,952 | $11,295 | $11,181 |
| 10/24 | $14,708 | $13,899 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 23.06% | 4.86% | 3.93% |
| Class A Including sale charges | 16.32% | 3.69% | 3.35% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38144N585-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $238 | 2.14% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $8,950 | $8,861 | $8,547 |
| 10/16 | $9,665 | $9,568 | $9,339 |
| 10/17 | $12,487 | $12,362 | $11,810 |
| 10/18 | $10,639 | $10,533 | $10,331 |
| 10/19 | $11,181 | $11,069 | $11,556 |
| 10/20 | $12,375 | $12,251 | $12,510 |
| 10/21 | $14,323 | $14,179 | $14,631 |
| 10/22 | $9,974 | $9,875 | $10,091 |
| 10/23 | $11,174 | $11,062 | $11,181 |
| 10/24 | $13,646 | $13,509 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 22.12% | 4.06% | 3.15% |
| Class C Including sale charges | 21.10% | 4.06% | 3.15% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38144N577-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
Institutional Class: GERIX
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $119 | 1.06% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $904,800 | $854,700 |
| 10/16 | $989,670 | $933,931 |
| 10/17 | $1,293,202 | $1,180,955 |
| 10/18 | $1,114,352 | $1,033,100 |
| 10/19 | $1,183,219 | $1,155,625 |
| 10/20 | $1,324,377 | $1,250,964 |
| 10/21 | $1,550,448 | $1,463,128 |
| 10/22 | $1,090,896 | $1,009,119 |
| 10/23 | $1,235,657 | $1,118,104 |
| 10/24 | $1,527,149 | $1,401,208 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 23.59% | 5.23% | 4.32% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38144N569-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $127 | 1.14% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $9,037 | $8,547 |
| 10/16 | $9,864 | $9,339 |
| 10/17 | $12,869 | $11,810 |
| 10/18 | $11,081 | $10,331 |
| 10/19 | $11,752 | $11,556 |
| 10/20 | $13,138 | $12,510 |
| 10/21 | $15,366 | $14,631 |
| 10/22 | $10,804 | $10,091 |
| 10/23 | $12,225 | $11,181 |
| 10/24 | $15,083 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 23.37% | 5.11% | 4.19% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38145C562-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $117 | 1.05% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 10/15 | $9,417 | $9,451 |
| 10/16 | $10,293 | $10,327 |
| 10/17 | $13,457 | $13,059 |
| 10/18 | $11,594 | $11,424 |
| 10/19 | $12,327 | $12,779 |
| 10/20 | $13,787 | $13,833 |
| 10/21 | $16,144 | $16,179 |
| 10/22 | $11,374 | $11,159 |
| 10/23 | $12,885 | $12,364 |
| 10/24 | $15,908 | $15,494 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 23.46% | 5.23% | 5.14% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 4.84% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38147X259-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $183 | 1.64% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $8,994 | $8,547 |
| 10/16 | $9,768 | $9,339 |
| 10/17 | $12,684 | $11,810 |
| 10/18 | $10,865 | $10,331 |
| 10/19 | $11,465 | $11,556 |
| 10/20 | $12,751 | $12,510 |
| 10/21 | $14,846 | $14,631 |
| 10/22 | $10,381 | $10,091 |
| 10/23 | $11,690 | $11,181 |
| 10/24 | $14,355 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 22.80% | 4.59% | 3.68% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38145L224-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $117 | 1.05% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection in the industrials, consumer staples and energy sectors added to the Fund’s returns versus the MSCI Emerging Markets Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund benefited from overweights in Trip.com Group, Hanmi Semiconductor and Kia.
The overweight in Trip.com Group, a China-based travel agency holding company, was driven largely by the High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in Taiwan-based Hanmi Semiconductor was based on our Market Themes & Trends, High Quality Business Models and Sentiment Analysis investment themes.
The Fund was overweight Kia, a South Korean auto maker, mainly due to our High Quality Business Models investment theme.
Top Detractors from Performance:
Stock selection in information technology, utilities and communication services detracted from relative performance.
The Fund was hurt most by an underweight in Taiwan Semiconductor Manufacturing, an overweight in Samsung Electronics and an underweight in PDD Holdings.
The Fund was underweight Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor foundry, mostly because of our High Quality Business Models and Market Themes & Trends investment themes.
The overweight in South Korean electronics manufacturer Samsung Electronics was based mainly on our Market Themes & Trends and High Quality Business Models investment themes.
The Fund’s underweight in PDD Holdings, a China-based commerce group, was the result of our Market Themes & Trends, Sentiment Analysis and High Quality Business Models investment themes.
Country positioning held back the Fund’s relative performance, with underweights in China, Turkey and Brazil detracting most.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Emerging Markets Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $8,284 | $8,360 |
| 10/19 | $8,808 | $9,352 |
| 10/20 | $9,851 | $10,123 |
| 10/21 | $11,536 | $11,840 |
| 10/22 | $8,127 | $8,166 |
| 10/23 | $9,206 | $9,048 |
| 10/24 | $11,366 | $11,339 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 23.47% | 5.22% | 1.97% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 1.94% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,152,192,361 |
| # of Portfolio Holdings | 382 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid | $19,529,355 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
During the period, the Fund’s classification changed from non-diversified to diversified. The Fund was previously registered as a non-diversified investment company.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 23.9% |
| Information Technology | 20.0% |
| Consumer Discretionary | 11.4% |
| Communication Services | 11.1% |
| Industrials | 7.9% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Consumer Staples | 4.0% |
| Utilities | 3.3% |
| Other | 4.9% |
Goldman Sachs Emerging Markets Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Insights Fund
38150B848-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $132 | 1.18% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $10,258 | $9,694 | $9,993 |
| 10/16 | $10,359 | $9,789 | $9,670 |
| 10/17 | $13,266 | $12,537 | $11,937 |
| 10/18 | $12,111 | $11,445 | $11,119 |
| 10/19 | $12,908 | $12,198 | $12,347 |
| 10/20 | $12,074 | $11,410 | $11,500 |
| 10/21 | $15,877 | $15,004 | $15,430 |
| 10/22 | $12,295 | $11,619 | $11,881 |
| 10/23 | $14,406 | $13,614 | $13,592 |
| 10/24 | $17,833 | $16,853 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 23.79% | 6.67% | 5.95% |
| Class A Including sale charges | 16.96% | 5.46% | 5.35% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38142V878-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $215 | 1.93% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $10,182 | $10,080 | $9,993 |
| 10/16 | $10,204 | $10,102 | $9,670 |
| 10/17 | $12,971 | $12,841 | $11,937 |
| 10/18 | $11,745 | $11,628 | $11,119 |
| 10/19 | $12,425 | $12,301 | $12,347 |
| 10/20 | $11,543 | $11,427 | $11,500 |
| 10/21 | $15,067 | $14,916 | $15,430 |
| 10/22 | $11,577 | $11,462 | $11,881 |
| 10/23 | $13,460 | $13,325 | $13,592 |
| 10/24 | $16,536 | $16,370 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 22.85% | 5.87% | 5.15% |
| Class C Including sale charges | 21.83% | 5.87% | 5.15% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38142V852-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
Institutional Class: GCIIX
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $92 | 0.82% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $1,030,500 | $999,300 |
| 10/16 | $1,044,309 | $967,023 |
| 10/17 | $1,342,668 | $1,193,693 |
| 10/18 | $1,228,809 | $1,111,925 |
| 10/19 | $1,315,686 | $1,234,681 |
| 10/20 | $1,235,693 | $1,149,982 |
| 10/21 | $1,630,249 | $1,543,046 |
| 10/22 | $1,267,193 | $1,188,145 |
| 10/23 | $1,490,345 | $1,359,238 |
| 10/24 | $1,851,605 | $1,671,455 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 24.24% | 7.06% | 6.35% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38142V845-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $148 | 1.32% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,248 | $9,993 |
| 10/16 | $10,337 | $9,670 |
| 10/17 | $13,220 | $11,937 |
| 10/18 | $12,041 | $11,119 |
| 10/19 | $12,818 | $12,347 |
| 10/20 | $11,983 | $11,500 |
| 10/21 | $15,728 | $15,430 |
| 10/22 | $12,159 | $11,881 |
| 10/23 | $14,230 | $13,592 |
| 10/24 | $17,597 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 23.66% | 6.54% | 5.81% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38142V837-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $104 | 0.93% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,285 | $9,993 |
| 10/16 | $10,410 | $9,670 |
| 10/17 | $13,371 | $11,937 |
| 10/18 | $12,232 | $11,119 |
| 10/19 | $13,076 | $12,347 |
| 10/20 | $12,261 | $11,500 |
| 10/21 | $16,173 | $15,430 |
| 10/22 | $12,552 | $11,881 |
| 10/23 | $14,744 | $13,592 |
| 10/24 | $18,298 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 24.10% | 6.94% | 6.22% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38145N519-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $91 | 0.81% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 10/15 | $9,644 | $9,481 |
| 10/16 | $9,777 | $9,175 |
| 10/17 | $12,565 | $11,325 |
| 10/18 | $11,499 | $10,550 |
| 10/19 | $12,315 | $11,714 |
| 10/20 | $11,568 | $10,911 |
| 10/21 | $15,266 | $14,640 |
| 10/22 | $11,865 | $11,273 |
| 10/23 | $13,947 | $12,896 |
| 10/24 | $17,343 | $15,858 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 24.35% | 7.08% | 6.12% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.10% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38147X242-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $160 | 1.43% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,232 | $9,993 |
| 10/16 | $10,301 | $9,670 |
| 10/17 | $13,165 | $11,937 |
| 10/18 | $11,979 | $11,119 |
| 10/19 | $12,741 | $12,347 |
| 10/20 | $11,886 | $11,500 |
| 10/21 | $15,593 | $15,430 |
| 10/22 | $12,039 | $11,881 |
| 10/23 | $14,078 | $13,592 |
| 10/24 | $17,380 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 23.46% | 6.40% | 5.68% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38145N527-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $91 | 0.81% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, information technology and energy sectors contributed positively to the Fund’s performance versus the MSCI EAFE Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund was helped by an overweight in SCREEN Holdings, an underweight in Toyota Motor and an overweight in ABB.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was driven mostly by our Sentiment Analysis and Market Themes & Trends investment themes.
The Fund was underweight Japan’s auto maker Toyota Motor primarily because of our Fundamental Mispricings investment theme.
The overweight in ABB, a Swiss/Swedish electrical engineering firm, was largely due to our High Quality Business Models and Market Themes & Trends investment themes.
The Fund benefited from its country positioning, with underweights in France, Germany and Italy contributing most positively.
Top Detractors from Performance:
Stock selection in the materials, communication services and utilities sectors detracted modestly from relative performance.
The Fund was hampered by overweight positions in Honda Motor, Genmab and Panasonic Holdings.
The overweight in Japan-based auto maker Honda Motor was based mainly on our Fundamental Mispricings investment theme.
The Fund was overweight Denmark-based biotechnology firm Genmab primarily because of our Sentiment Analysis investment theme.
Our Fundamental Mispricings and Market Themes & Trends investment themes were largely responsible for the Fund’s overweight in Japanese electronics company Panasonic Holdings.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $8,854 | $9,027 |
| 10/19 | $9,476 | $10,024 |
| 10/20 | $8,900 | $9,336 |
| 10/21 | $11,748 | $12,527 |
| 10/22 | $9,130 | $9,646 |
| 10/23 | $10,733 | $11,035 |
| 10/24 | $13,341 | $13,569 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 24.30% | 7.07% | 4.50% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 4.77% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,810,894,504 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 167% |
| Total Net Advisory Fees Paid | $13,170,398 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 22.3% |
| Industrials | 18.2% |
| Health Care | 13.6% |
| Consumer Discretionary | 10.8% |
| Information Technology | 7.9% |
| Consumer Staples | 7.8% |
| Materials | 6.9% |
| Communication Services | 3.2% |
| Real Estate | 2.3% |
| Other | 4.2% |
Goldman Sachs International Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Insights Fund
38150B590-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $138 | 1.23% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,670 | $10,083 | $10,845 | $10,099 |
| 10/16 | $11,117 | $10,506 | $11,168 | $9,856 |
| 10/17 | $14,231 | $13,448 | $14,241 | $12,223 |
| 10/18 | $12,825 | $12,120 | $13,128 | $11,367 |
| 10/19 | $13,682 | $12,929 | $14,286 | $12,586 |
| 10/20 | $13,136 | $12,413 | $14,092 | $11,819 |
| 10/21 | $17,425 | $16,466 | $19,133 | $15,889 |
| 10/22 | $12,708 | $12,009 | $13,339 | $12,052 |
| 10/23 | $14,048 | $13,276 | $14,202 | $13,649 |
| 10/24 | $17,509 | $16,546 | $17,463 | $16,784 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 24.63% | 5.05% | 5.76% |
| Class A Including sale charges | 17.73% | 3.86% | 5.17% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 5.73% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 5.31% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38144N627-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $221 | 1.98% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $10,596 | $10,490 | $10,845 | $10,099 |
| 10/16 | $10,944 | $10,834 | $11,168 | $9,856 |
| 10/17 | $13,920 | $13,781 | $14,241 | $12,223 |
| 10/18 | $12,446 | $12,322 | $13,128 | $11,367 |
| 10/19 | $13,185 | $13,053 | $14,286 | $12,586 |
| 10/20 | $12,563 | $12,437 | $14,092 | $11,819 |
| 10/21 | $16,542 | $16,376 | $19,133 | $15,889 |
| 10/22 | $11,968 | $11,848 | $13,339 | $12,052 |
| 10/23 | $13,137 | $13,006 | $14,202 | $13,649 |
| 10/24 | $16,249 | $16,087 | $17,463 | $16,784 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 23.69% | 4.26% | 4.97% |
| Class C Including sale charges | 22.67% | 4.26% | 4.97% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 5.73% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 5.31% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38144N619-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
Institutional Class: GICIX
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $98 | 0.87% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,071,100 | $1,084,500 | $1,009,900 |
| 10/16 | $1,119,407 | $1,116,818 | $985,561 |
| 10/17 | $1,439,445 | $1,424,055 | $1,222,293 |
| 10/18 | $1,302,266 | $1,312,836 | $1,136,733 |
| 10/19 | $1,394,727 | $1,428,628 | $1,258,590 |
| 10/20 | $1,344,238 | $1,409,199 | $1,181,942 |
| 10/21 | $1,789,315 | $1,913,269 | $1,588,885 |
| 10/22 | $1,309,778 | $1,333,931 | $1,205,169 |
| 10/23 | $1,453,330 | $1,420,237 | $1,364,854 |
| 10/24 | $1,819,133 | $1,746,323 | $1,678,361 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 25.17% | 5.45% | 6.16% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 5.73% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 5.31% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38144N593-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $110 | 0.98% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,700 | $10,845 | $10,099 |
| 10/16 | $11,164 | $11,168 | $9,856 |
| 10/17 | $14,344 | $14,241 | $12,223 |
| 10/18 | $12,950 | $13,128 | $11,367 |
| 10/19 | $13,858 | $14,286 | $12,586 |
| 10/20 | $13,341 | $14,092 | $11,819 |
| 10/21 | $17,727 | $19,133 | $15,889 |
| 10/22 | $12,958 | $13,339 | $12,052 |
| 10/23 | $14,362 | $14,202 | $13,649 |
| 10/24 | $17,957 | $17,463 | $16,784 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 25.03% | 5.32% | 6.02% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 5.73% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 5.31% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38145C554-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $97 | 0.86% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,712 | $9,791 | $9,522 |
| 10/16 | $10,172 | $10,083 | $9,293 |
| 10/17 | $13,089 | $12,857 | $11,525 |
| 10/18 | $11,836 | $11,852 | $10,718 |
| 10/19 | $12,678 | $12,898 | $11,867 |
| 10/20 | $12,220 | $12,722 | $11,144 |
| 10/21 | $16,267 | $17,273 | $14,981 |
| 10/22 | $11,906 | $12,043 | $11,363 |
| 10/23 | $13,220 | $12,822 | $12,869 |
| 10/24 | $16,539 | $15,766 | $15,825 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 25.10% | 5.46% | 5.58% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 5.04% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 5.08% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38147X234-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Small Cap Insights Fund
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $97 | 0.86% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally led a number of central banks to ease monetary policy. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports, excitement over artificial intelligence capabilities and economic stimulus in China. International equities fell in October, pressured by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection in the industrials, financials and information technology sectors added to the Fund’s performance versus the MSCI EAFE Small Cap Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund benefited from overweights in SCREEN Holdings, Yangzijiang Shipbuilding and Konecranes.
The overweight in SCREEN Holdings, a Japanese semiconductor and electronics company, was mainly due to our Market Themes & Trends and Sentiment Analysis investment themes.
Our Market Themes & Trends and Sentiment Analysis investment themes drove the Fund’s overweight in Yangzijiang Shipbuilding, a China-based shipbuilding and offshore engineering company.
The Fund’s overweight in Konecranes, a Finland-based manufacturer of cranes and lifting equipment, was largely because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary, energy and health care sectors detracted modestly from the Fund’s relative performance.
The Fund was hampered by overweight positions in Towa, a Japanese maker of semiconductor equipment; Signify, a Dutch manufacturer of LED lighting; and PGS, a British marine geophysical company.
The overweight in Towa was mostly the result of our Sentiment Analysis and Market Themes & Trends investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Signify.
The Fund was overweight PGS largely because of our Sentiment Analysis and Market Themes & Trends investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs International Small Cap Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI EAFE Small Cap Index (Net, USD, Unhedged) | MSCI EAFE IMI Index (Net, Unhedged, USD) |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $8,570 | $8,656 | $8,971 |
| 10/19 | $9,179 | $9,420 | $9,933 |
| 10/20 | $8,848 | $9,291 | $9,328 |
| 10/21 | $11,781 | $12,615 | $12,539 |
| 10/22 | $8,623 | $8,795 | $9,511 |
| 10/23 | $9,575 | $9,364 | $10,771 |
| 10/24 | $11,978 | $11,514 | $13,245 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 25.10% | 5.46% | 2.79% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 22.96% | 4.09% | 2.17% |
| MSCI EAFE IMI Index (Net, Unhedged, USD) | 22.97% | 5.92% | 4.38% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the MSCI EAFE IMI Index (Net, Unhedged, USD).
Goldman Sachs International Small Cap Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $3,971,130,304 |
| # of Portfolio Holdings | 440 |
| Portfolio Turnover Rate | 165% |
| Total Net Advisory Fees Paid | $30,443,154 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.3% |
| Financials | 14.5% |
| Consumer Discretionary | 13.1% |
| Materials | 10.8% |
| Real Estate | 10.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.0% |
| Health Care | 5.2% |
| Energy | 2.3% |
| Other | 4.5% |
Goldman Sachs International Small Cap Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Small Cap Insights Fund
38150B574-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $156 | 1.46% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $10,120 | $9,563 | $11,455 |
| 10/16 | $10,519 | $9,940 | $10,826 |
| 10/17 | $13,817 | $13,057 | $14,334 |
| 10/18 | $11,701 | $11,057 | $11,210 |
| 10/19 | $13,987 | $13,218 | $13,115 |
| 10/20 | $20,116 | $19,010 | $17,625 |
| 10/21 | $20,510 | $19,382 | $17,521 |
| 10/22 | $10,146 | $9,588 | $10,061 |
| 10/23 | $11,050 | $10,443 | $11,231 |
| 10/24 | $12,520 | $11,832 | $13,306 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 13.30% | -2.19% | 2.27% |
| Class A Including sale charges | 7.09% | -3.29% | 1.69% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | 2.90% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38141W570-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $235 | 2.21% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $10,043 | $9,943 | $11,455 |
| 10/16 | $10,363 | $10,260 | $10,826 |
| 10/17 | $13,509 | $13,374 | $14,334 |
| 10/18 | $11,355 | $11,242 | $11,210 |
| 10/19 | $13,474 | $13,340 | $13,115 |
| 10/20 | $19,233 | $19,041 | $17,625 |
| 10/21 | $19,468 | $19,273 | $17,521 |
| 10/22 | $9,561 | $9,465 | $10,061 |
| 10/23 | $10,331 | $10,228 | $11,231 |
| 10/24 | $11,612 | $11,496 | $13,306 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 12.40% | -2.93% | 1.50% |
| Class C Including sale charges | 11.40% | -2.93% | 1.50% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | 2.90% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38142B294-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
Institutional Class: GSAIX
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $119 | 1.11% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $1,016,000 | $1,145,500 |
| 10/16 | $1,059,993 | $1,082,612 |
| 10/17 | $1,398,237 | $1,433,378 |
| 10/18 | $1,188,781 | $1,121,045 |
| 10/19 | $1,426,299 | $1,311,511 |
| 10/20 | $2,057,864 | $1,762,539 |
| 10/21 | $2,104,784 | $1,752,140 |
| 10/22 | $1,045,025 | $1,006,079 |
| 10/23 | $1,141,585 | $1,123,086 |
| 10/24 | $1,297,754 | $1,330,632 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 13.68% | -1.87% | 2.64% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | 2.90% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38141W455-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $129 | 1.21% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,146 | $11,455 |
| 10/16 | $10,571 | $10,826 |
| 10/17 | $13,926 | $14,334 |
| 10/18 | $11,822 | $11,210 |
| 10/19 | $14,170 | $13,115 |
| 10/20 | $20,426 | $17,625 |
| 10/21 | $20,879 | $17,521 |
| 10/22 | $10,356 | $10,061 |
| 10/23 | $11,308 | $11,231 |
| 10/24 | $12,846 | $13,306 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 13.60% | -1.94% | 2.53% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | 2.90% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38147X804-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $118 | 1.10% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 2/28/18 | $10,000 | $10,000 |
| 10/18 | $7,966 | $7,405 |
| 10/19 | $9,556 | $8,663 |
| 10/20 | $13,789 | $11,642 |
| 10/21 | $14,105 | $11,574 |
| 10/22 | $7,000 | $6,646 |
| 10/23 | $7,653 | $7,419 |
| 10/24 | $8,696 | $8,789 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced February 28, 2018) | 13.63% | -1.87% | -2.07% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | -1.91% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38148U130-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs China Equity Fund
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $119 | 1.11% |
How did the Fund perform and what affected its performance?
The broad China equity market experienced volatility but gained overall. For most of the annual period, Chinese equities were weak amid economic slowdown, shaky consumer and business confidence, falling exports, sluggish manufacturing, deflationary pressures and a troubled real estate sector. Chinese equities then surged in September 2024 after its central bank implemented long-awaited monetary stimulus measures and property sector supportive policies. Chinese equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
An out-of-MSCI China All Shares Index position in Jentech Precision, a manufacturer of heat spreaders for server and personal computer chips and other metal products, was the Fund’s top relative contributor. Its shares soared on investor sentiment that it may benefit from NVIDIA’s chip shipment ramp into the second half of 2024 and 2025.
An overweight in Zhongji Innolight, a manufacturer of communication transceiver modules and smart equipment, added value, performing well on an improved shipment outlook for select optical transceivers as U.S. hyperscalers, or large-scale data center companies, raise their capital expenditure plans for artificial intelligence servers.
An overweight in Trip.com Group, an online travel agency, boosted results. The company outpaced the overall travel market in terms of the recovery rate in both domestic and outbound travel given some smaller players exiting the market during the past couple of years.
Top Detractors from Performance:
Stock selection overall detracted most from the Fund’s relative performance. Sector allocation as a whole also hurt, albeit more modestly.
The Fund’s top detractor was WuXi AppTech, a pharmaceutical research and manufacturing organization. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight in commercial bank China Construction Bank detracted on the back of headwinds from interest rate cuts and cycle downturns.
An overweight in PetroChina, an oil and gas company that is a subsidiary of the state-owned China National Petroleum Corporation, hurt. As the company has high upstream exposure to oil and gas, the volatility in oil prices acted as a headwind to performance.
Communication Services–SS
The above represents sectors.
Goldman Sachs China Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI China All Shares Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $8,027 | $7,722 |
| 10/19 | $9,631 | $9,034 |
| 10/20 | $13,899 | $12,141 |
| 10/21 | $14,213 | $12,069 |
| 10/22 | $7,057 | $6,930 |
| 10/23 | $7,714 | $7,736 |
| 10/24 | $8,765 | $9,166 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 13.63% | -1.87% | -1.99% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 18.48% | 0.29% | -1.32% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs China Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $35,894,593 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 70% |
| Total Net Advisory Fees Paid | $383,840 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, the Investment Adviser agreed to lower the expense limitation for “other expenses,” resulting in lower Total Annual Fund Operating Expenses After Expense Limitation.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Consumer Discretionary | 25.7% |
| Financials | 19.0% |
| Communication Services | 12.7% |
| Information Technology | 10.7% |
| Industrials | 8.7% |
| Materials | 5.5% |
| Consumer Staples | 5.3% |
| Health Care | 5.2% |
| Energy | 2.8% |
| Other | 4.1% |
Goldman Sachs China Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs China Equity Fund
38150B400-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $149 | 1.33% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $9,219 | $8,712 | $8,547 |
| 10/16 | $10,144 | $9,586 | $9,339 |
| 10/17 | $13,164 | $12,440 | $11,810 |
| 10/18 | $10,884 | $10,286 | $10,331 |
| 10/19 | $12,956 | $12,243 | $11,556 |
| 10/20 | $15,266 | $14,426 | $12,510 |
| 10/21 | $18,336 | $17,327 | $14,631 |
| 10/22 | $10,871 | $10,273 | $10,091 |
| 10/23 | $11,888 | $11,234 | $11,181 |
| 10/24 | $14,700 | $13,892 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 23.66% | 2.55% | 3.92% |
| Class A Including sale charges | 16.85% | 1.41% | 3.34% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38142B450-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $232 | 2.08% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $9,148 | $9,057 | $8,547 |
| 10/16 | $9,987 | $9,887 | $9,339 |
| 10/17 | $12,867 | $12,738 | $11,810 |
| 10/18 | $10,563 | $10,457 | $10,331 |
| 10/19 | $12,477 | $12,352 | $11,556 |
| 10/20 | $14,585 | $14,439 | $12,510 |
| 10/21 | $17,390 | $17,216 | $14,631 |
| 10/22 | $10,236 | $10,133 | $10,091 |
| 10/23 | $11,107 | $10,996 | $11,181 |
| 10/24 | $13,635 | $13,498 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 22.76% | 1.79% | 3.15% |
| Class C Including sale charges | 21.76% | 1.79% | 3.15% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38142B252-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
Institutional Class: GEMIX
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $115 | 1.03% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $925,100 | $854,700 |
| 10/16 | $1,021,865 | $933,931 |
| 10/17 | $1,331,593 | $1,180,955 |
| 10/18 | $1,105,355 | $1,033,100 |
| 10/19 | $1,321,010 | $1,155,625 |
| 10/20 | $1,561,038 | $1,250,964 |
| 10/21 | $1,881,206 | $1,463,128 |
| 10/22 | $1,118,942 | $1,009,119 |
| 10/23 | $1,226,919 | $1,118,104 |
| 10/24 | $1,522,484 | $1,401,208 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 24.09% | 2.88% | 4.29% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38142B369-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $171 | 1.53% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $9,207 | $8,547 |
| 10/16 | $10,122 | $9,339 |
| 10/17 | $13,123 | $11,810 |
| 10/18 | $10,843 | $10,331 |
| 10/19 | $12,886 | $11,556 |
| 10/20 | $15,154 | $12,510 |
| 10/21 | $18,170 | $14,631 |
| 10/22 | $10,757 | $10,091 |
| 10/23 | $11,734 | $11,181 |
| 10/24 | $14,484 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 23.43% | 2.36% | 3.77% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38142B351-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $121 | 1.08% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $9,238 | $8,547 |
| 10/16 | $10,189 | $9,339 |
| 10/17 | $13,256 | $11,810 |
| 10/18 | $10,994 | $10,331 |
| 10/19 | $13,116 | $11,556 |
| 10/20 | $15,488 | $12,510 |
| 10/21 | $18,652 | $14,631 |
| 10/22 | $11,087 | $10,091 |
| 10/23 | $12,151 | $11,181 |
| 10/24 | $15,070 | $14,012 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 24.02% | 2.81% | 4.18% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 3.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38145C596-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $114 | 1.02% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 7/31/15 | $10,000 | $10,000 |
| 10/15 | $9,414 | $9,451 |
| 10/16 | $10,407 | $10,327 |
| 10/17 | $13,566 | $13,059 |
| 10/18 | $11,265 | $11,424 |
| 10/19 | $13,464 | $12,779 |
| 10/20 | $15,913 | $13,833 |
| 10/21 | $19,177 | $16,179 |
| 10/22 | $11,408 | $11,159 |
| 10/23 | $12,508 | $12,364 |
| 10/24 | $15,522 | $15,494 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 24.10% | 2.88% | 4.86% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 4.84% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38147X226-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $114 | 1.02% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection overall contributed most to the Fund’s relative results. Sector allocation as a whole also added value as did a growth tailwind, given the Fund’s growth bias.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Computer Age Management Services, an India-based mutual fund transfer agency, boosted results, as the company demonstrated financial strength and operational efficiency that drove surging revenue and profits.
Top Detractors from Performance:
Country allocation overall detracted from the Fund’s relative performance, albeit modestly.
Stock selection in South Korea, China and Mexico detracted from the Fund’s relative results.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
China’s high-end liquor producer Kweichow Moutai detracted on the back of a decline in wholesale prices for Feitian Moutai, its leading product.
A new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer, hurt. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
Information Technology–SS & OW
Communication Services–SS & UW
The above represents sectors.
Goldman Sachs Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $7,894 | $8,360 |
| 10/19 | $9,431 | $9,352 |
| 10/20 | $11,146 | $10,123 |
| 10/21 | $13,431 | $11,840 |
| 10/22 | $7,990 | $8,166 |
| 10/23 | $8,763 | $9,048 |
| 10/24 | $10,875 | $11,339 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 24.10% | 2.89% | 1.29% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 1.94% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $2,858,901,711 |
| # of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $24,718,354 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 27.5% |
| Financials | 22.5% |
| Consumer Discretionary | 19.6% |
| Communication Services | 8.9% |
| Consumer Staples | 5.8% |
| Industrials | 4.9% |
| Health Care | 4.6% |
| Materials | 3.0% |
| Real Estate | 2.5% |
| Other | 1.7% |
Goldman Sachs Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity Fund
38150B855-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $159 | 1.42% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $9,450 | $10,000 |
| 10/23 | $10,017 | $9,466 | $9,999 |
| 10/24 | $12,480 | $11,794 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class A Excluding sale charges (Commenced December 6, 2022) | 24.59% | 12.34% |
| Class A Including sale charges (Commenced on December 6, 2022) | 17.75% | 9.06% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C440-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $242 | 2.16% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $9,900 | $10,000 |
| 10/23 | $9,946 | $9,847 | $9,999 |
| 10/24 | $12,302 | $12,179 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class C Excluding sale charges (Commenced December 6, 2022) | 23.69% | 11.50% |
| Class C Including sale charges (Commenced on December 6, 2022) | 22.69% | 11.50% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C432-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
Institutional Class: GEMJX
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $119 | 1.06% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $1,000,000 | $1,000,000 |
| 10/23 | $1,004,600 | $999,900 |
| 10/24 | $1,256,152 | $1,271,773 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Institutional (Commenced December 6, 2022) | 25.04% | 12.72% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C424-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $130 | 1.16% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $10,000 |
| 10/23 | $10,033 | $9,999 |
| 10/24 | $12,532 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Investor (Commenced December 6, 2022) | 24.91% | 12.58% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C416-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $118 | 1.05% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $10,000 |
| 10/23 | $10,048 | $9,999 |
| 10/24 | $12,564 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class R6 (Commenced December 6, 2022) | 25.04% | 12.73% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C382-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $187 | 1.67% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $10,000 |
| 10/23 | $9,997 | $9,999 |
| 10/24 | $12,425 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class R (Commenced December 6, 2022) | 24.29% | 12.08% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C390-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Emerging Markets Equity ex. China Fund
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $118 | 1.05% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. There was great regional divergence, with Latin America and Central & Eastern Europe performing better, but Asia facing persistent headwinds from economic concerns and property sector issues. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Sector allocation overall contributed positively to the Fund’s relative performance.
Stock selection in India, Taiwan and Brazil contributed most positively to relative results.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets ex-China Index position in Netweb Technologies, an India-based high-end computing solutions provider, boosted results. Its share price soared after the company’s net profit and revenue from operations jumped.
Top Detractors from Performance:
Country allocation and individual stock selection overall detracted from the Fund’s relative results.
Stock selection in South Korea, Mexico and Thailand detracted from the Fund’s results. An overweight to Mexico also hurt.
The Fund’s top detractor was a new position in Hon Hai Precision, a Taiwanese electronics contract manufacturer. Its shares had doubled through the first six months of 2024, but we initiated the position in October 2024, and its stock price then moderated, likely reflecting some profit taking, as its results remained in line with consensus expectations.
South Korea’s electronic equipment manufacturer Samsung Electronics detracted significantly. Its shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
A new position in SK Hynix, a South Korean memory chip maker and a key supplier to NVIDIA, dampened results. During the period the Fund held the position, its shares fell, hurt primarily by NVIDIA’s fluctuating performance near the end of the annual period.
Consumer Staples –SS & OW
Consumer Discretionary–SS
The above represents sectors.
Goldman Sachs Emerging Markets Equity ex. China Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) |
|---|
| 12/6/22 | $10,000 | $10,000 |
| 10/23 | $10,048 | $9,999 |
| 10/24 | $12,555 | $12,718 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class P (Commenced December 6, 2022) | 24.95% | 12.69% |
MSCI® Emerging Markets ex China Index (Net, USD, Unhedged) | 27.19% | 13.46% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs Emerging Markets Equity ex. China Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $12,096,155 |
| # of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 27% |
| Total Net Advisory Fees Paid | $99,505 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 33.7% |
| Financials | 24.5% |
| Consumer Discretionary | 13.0% |
| Consumer Staples | 6.1% |
| Health Care | 5.3% |
| Communication Services | 4.4% |
| Industrials | 4.2% |
| Energy | 3.3% |
| Materials | 2.4% |
| Other | 3.2% |
Goldman Sachs Emerging Markets Equity ex. China Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Emerging Markets Equity ex. China Fund
38150C374-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $155 | 1.38% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $10,000 | $9,450 | $10,000 |
| 10/18 | $8,400 | $7,938 | $8,654 |
| 10/19 | $9,974 | $9,426 | $9,680 |
| 10/20 | $11,820 | $11,170 | $10,479 |
| 10/21 | $14,128 | $13,351 | $12,256 |
| 10/22 | $8,492 | $8,025 | $8,453 |
| 10/23 | $9,154 | $8,650 | $9,366 |
| 10/24 | $11,394 | $10,767 | $11,738 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class A Excluding sale charges (Commenced May 31, 2018) | 24.47% | 2.70% | 2.05% |
| Class A Including sale charges (Commenced on May 31, 2018) | 17.65% | 1.54% | 1.16% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C861-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $238 | 2.13% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $10,000 | $9,900 | $10,000 |
| 10/18 | $8,370 | $8,286 | $8,654 |
| 10/19 | $9,870 | $9,771 | $9,680 |
| 10/20 | $11,610 | $11,494 | $10,479 |
| 10/21 | $13,769 | $13,632 | $12,256 |
| 10/22 | $8,222 | $8,140 | $8,453 |
| 10/23 | $8,791 | $8,703 | $9,366 |
| 10/24 | $10,852 | $10,744 | $11,738 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class C Excluding sale charges (Commenced May 31, 2018) | 23.45% | 1.91% | 1.28% |
| Class C Including sale charges (Commenced on May 31, 2018) | 22.45% | 1.91% | 1.28% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C853-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
Institutional Class: GEBIX
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $120 | 1.07% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $1,000,000 | $1,000,000 |
| 10/18 | $841,000 | $865,400 |
| 10/19 | $1,002,977 | $968,036 |
| 10/20 | $1,193,241 | $1,047,899 |
| 10/21 | $1,429,622 | $1,225,623 |
| 10/22 | $862,634 | $845,312 |
| 10/23 | $933,284 | $936,606 |
| 10/24 | $1,163,992 | $1,173,755 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Institutional (Commenced May 31, 2018) | 24.72% | 3.02% | 2.39% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C846-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $127 | 1.13% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $10,000 | $10,000 |
| 10/18 | $8,410 | $8,654 |
| 10/19 | $10,010 | $9,680 |
| 10/20 | $11,896 | $10,479 |
| 10/21 | $14,254 | $12,256 |
| 10/22 | $8,595 | $8,453 |
| 10/23 | $9,283 | $9,366 |
| 10/24 | $11,572 | $11,738 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Investor (Commenced May 31, 2018) | 24.66% | 2.94% | 2.30% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C838-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $119 | 1.06% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $10,000 | $10,000 |
| 10/18 | $8,410 | $8,654 |
| 10/19 | $10,030 | $9,680 |
| 10/20 | $11,933 | $10,479 |
| 10/21 | $14,308 | $12,256 |
| 10/22 | $8,629 | $8,453 |
| 10/23 | $9,336 | $9,366 |
| 10/24 | $11,640 | $11,738 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced May 31, 2018) | 24.68% | 3.02% | 2.39% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C812-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $183 | 1.63% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 5/31/18 | $10,000 | $10,000 |
| 10/18 | $8,390 | $8,654 |
| 10/19 | $9,948 | $9,680 |
| 10/20 | $11,755 | $10,479 |
| 10/21 | $14,009 | $12,256 |
| 10/22 | $8,401 | $8,453 |
| 10/23 | $9,038 | $9,366 |
| 10/24 | $11,209 | $11,738 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R (Commenced May 31, 2018) | 24.02% | 2.41% | 1.79% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 3.93% | 2.52% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C820-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs ESG Emerging Markets Equity Fund
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $119 | 1.06% |
How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, supported by the view that U.S. interest rates were likely to fall more quickly than earlier anticipated and as global economic data was encouraging. China’s market was pressured by economic slowdown and a troubled real estate sector but surged in September 2024 after its central bank implemented monetary stimulus measures and property sector supportive policies. Emerging markets equities fell in October due to global market volatility and a strengthening U.S. dollar.
Top Contributors to Performance:
Stock selection, sector allocation and country allocation overall contributed positively to the Fund’s relative results.
Stock selection in India, Brazil and Taiwan contributed most positively. An overweight to India also helped.
India’s online restaurant guide and food ordering platform Zomato was the Fund’s top relative contributor, successfully executing on its growth strategy by expanding its platform and sustaining profitability despite significant capital expenditures.
An overweight in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing added value, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-MSCI Emerging Markets Index position in Brazil-based e-commerce platform Mercado Libre proved beneficial. Its gross merchandise volume growth surpassed consensus expectations, and the company improved its credit growth.
Top Detractors from Performance:
Stock selection in South Korea and Mexico detracted from the Fund’s relative results. An overweight to Mexico and an underweight to South Africa also hurt.
The Fund’s top detractor was South Korea’s electronic equipment manufacturer Samsung Electronics, whose shares fell on concerns around a weaker memory cycle going forward as demand recovery in the personal computer and mobile segments remained subdued. Competitive pressures from Chinese suppliers also weighed on the stock.
WuXi AppTech, a China-based global pharmaceutical research and manufacturing organization, detracted. Its shares fell when the company was named in a draft U.S. Congress bill called the Biosecure Act to restrict federally-funded medical providers from using certain foreign adversary biotech companies. We sold the position.
An overweight to LG Electronics, a South Korean conglomerate, hurt. Its shares fell after the company’s profits fell below its quarterly projections. Due to delayed recovery in consumer demand and intensifying competition, its appliances and TV business saw a decline in revenue on a year-over-year basis.
Consumer Discretionary–SS & OW
Information Technology–SS
The above represents sectors.
Goldman Sachs ESG Emerging Markets Equity Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI Emerging Markets Index (Net, USD, Unhedged) |
|---|
| 1/21/20 | $10,000 | $10,000 |
| 10/20 | $10,828 | $9,976 |
| 10/21 | $12,985 | $11,668 |
| 10/22 | $7,831 | $8,047 |
| 10/23 | $8,473 | $8,917 |
| 10/24 | $10,567 | $11,174 |
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| Class P (Commenced January 21, 2020) | 24.71% | 1.16% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 25.32% | 2.35% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs ESG Emerging Markets Equity Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $22,882,902 |
| # of Portfolio Holdings | 89 |
| Portfolio Turnover Rate | 34% |
| Total Net Advisory Fees Paid | $211,401 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 25.4% |
| Financials | 25.4% |
| Consumer Discretionary | 21.1% |
| Communication Services | 10.4% |
| Consumer Staples | 5.9% |
| Health Care | 4.0% |
| Industrials | 3.5% |
| Real Estate | 2.1% |
| Materials | 1.1% |
| Other | 1.3% |
Goldman Sachs ESG Emerging Markets Equity Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs ESG Emerging Markets Equity Fund
38150C796-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $129 | 1.17% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $10,034 | $9,482 | $9,993 |
| 10/16 | $9,376 | $8,860 | $9,670 |
| 10/17 | $11,559 | $10,924 | $11,937 |
| 10/18 | $10,506 | $9,928 | $11,119 |
| 10/19 | $12,327 | $11,649 | $12,347 |
| 10/20 | $12,735 | $12,035 | $11,500 |
| 10/21 | $18,358 | $17,348 | $15,430 |
| 10/22 | $13,860 | $13,098 | $11,881 |
| 10/23 | $15,387 | $14,541 | $13,592 |
| 10/24 | $18,486 | $17,470 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 20.14% | 8.43% | 6.33% |
| Class A Including sale charges | 13.55% | 7.22% | 5.73% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38141W596-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $210 | 1.92% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $9,958 | $9,858 | $9,993 |
| 10/16 | $9,232 | $9,140 | $9,670 |
| 10/17 | $11,300 | $11,187 | $11,937 |
| 10/18 | $10,194 | $10,092 | $11,119 |
| 10/19 | $11,875 | $11,756 | $12,347 |
| 10/20 | $12,175 | $12,053 | $11,500 |
| 10/21 | $17,420 | $17,246 | $15,430 |
| 10/22 | $13,051 | $12,921 | $11,881 |
| 10/23 | $14,388 | $14,244 | $13,592 |
| 10/24 | $17,150 | $16,979 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 19.20% | 7.62% | 5.54% |
| Class C Including sale charges | 18.19% | 7.62% | 5.54% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38142B328-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
Institutional Class: GSIEX
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $95 | 0.86% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $1,007,400 | $999,300 |
| 10/16 | $944,639 | $967,023 |
| 10/17 | $1,169,274 | $1,193,693 |
| 10/18 | $1,066,846 | $1,111,925 |
| 10/19 | $1,256,318 | $1,234,681 |
| 10/20 | $1,301,922 | $1,149,982 |
| 10/21 | $1,882,839 | $1,543,046 |
| 10/22 | $1,425,874 | $1,188,145 |
| 10/23 | $1,588,852 | $1,359,238 |
| 10/24 | $1,914,566 | $1,671,455 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 20.50% | 8.78% | 6.71% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38141W448-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $150 | 1.36% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,019 | $9,993 |
| 10/16 | $9,350 | $9,670 |
| 10/17 | $11,516 | $11,937 |
| 10/18 | $10,463 | $11,119 |
| 10/19 | $12,263 | $12,347 |
| 10/20 | $12,652 | $11,500 |
| 10/21 | $18,206 | $15,430 |
| 10/22 | $13,720 | $11,881 |
| 10/23 | $15,206 | $13,592 |
| 10/24 | $18,234 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 19.91% | 8.25% | 6.19% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38141W430-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $101 | 0.92% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,056 | $9,993 |
| 10/16 | $9,416 | $9,670 |
| 10/17 | $11,642 | $11,937 |
| 10/18 | $10,603 | $11,119 |
| 10/19 | $12,474 | $12,347 |
| 10/20 | $12,919 | $11,500 |
| 10/21 | $18,670 | $15,430 |
| 10/22 | $14,133 | $11,881 |
| 10/23 | $15,732 | $13,592 |
| 10/24 | $18,947 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 20.44% | 8.71% | 6.59% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38145C588-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $94 | 0.85% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 2/26/16 | $10,000 | $10,000 |
| 10/16 | $10,668 | $10,944 |
| 10/17 | $13,207 | $13,509 |
| 10/18 | $12,053 | $12,584 |
| 10/19 | $14,193 | $13,973 |
| 10/20 | $14,710 | $13,015 |
| 10/21 | $21,278 | $17,463 |
| 10/22 | $16,114 | $13,446 |
| 10/23 | $17,954 | $15,383 |
| 10/24 | $21,643 | $18,916 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced February 26, 2016) | 20.55% | 8.80% | 9.29% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 7.61% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38148U486-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity ESG Fund
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $94 | 0.85% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Sector allocation and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an underweight to France; and stock selection in the U.K. contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to France-based electrical power products manufacturer Schneider Electric proved beneficial. Its stock rose on repeatedly reporting above-consensus earnings and strong organic growth on the back of supplying key electrical products and components to artificial intelligence data centers.
Top Detractors from Performance:
Individual stock selection detracted from the Fund’s relative results.
Stock selection in Finland, Germany and Italy detracted from the Fund’s relative results. An overweight to Finland and underweights to Germany and Italy also hurt.
The Fund’s top detractor was Finland-based renewable diesel manufacturer Neste, whose shares fell on headwinds from reduced demand and delays in its Singapore facility and strikes in Finland. Its revenue and earnings per share declined, and the company announced a deep margin guidance cut. We sold the position.
Shiseido, a Japanese cosmetics developer, detracted. The company suffered from lower demand from China—leading to a cut in its full year profit forecast for 2023 and earnings that missed consensus estimates in 2024.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
The above represents sectors.
Goldman Sachs International Equity ESG Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $8,748 | $9,027 |
| 10/19 | $10,299 | $10,024 |
| 10/20 | $10,678 | $9,336 |
| 10/21 | $15,445 | $12,527 |
| 10/22 | $11,699 | $9,646 |
| 10/23 | $13,032 | $11,035 |
| 10/24 | $15,709 | $13,569 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 20.54% | 8.80% | 7.14% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 4.77% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity ESG Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,071,131,425 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 43% |
| Total Net Advisory Fees Paid | $8,857,061 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Industrials | 21.8% |
| Financials | 18.7% |
| Information Technology | 15.1% |
| Health Care | 12.2% |
| Consumer Staples | 9.4% |
| Utilities | 7.6% |
| Consumer Discretionary | 6.0% |
| Materials | 4.0% |
| Communication Services | 2.6% |
| Other | 2.4% |
Goldman Sachs International Equity ESG Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity ESG Fund
38150B152-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $129 | 1.16% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $9,943 | $9,396 | $9,993 |
| 10/16 | $9,277 | $8,767 | $9,670 |
| 10/17 | $11,446 | $10,816 | $11,937 |
| 10/18 | $10,647 | $10,061 | $11,119 |
| 10/19 | $12,451 | $11,767 | $12,347 |
| 10/20 | $11,049 | $10,442 | $11,500 |
| 10/21 | $14,814 | $13,999 | $15,430 |
| 10/22 | $12,568 | $11,877 | $11,881 |
| 10/23 | $14,878 | $14,060 | $13,592 |
| 10/24 | $18,199 | $17,198 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 22.32% | 7.88% | 6.16% |
| Class A Including sale charges | 15.58% | 6.66% | 5.56% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38144N502-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $211 | 1.91% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $9,867 | $9,768 | $9,993 |
| 10/16 | $9,139 | $9,047 | $9,670 |
| 10/17 | $11,190 | $11,078 | $11,937 |
| 10/18 | $10,340 | $10,237 | $11,119 |
| 10/19 | $11,996 | $11,876 | $12,347 |
| 10/20 | $10,567 | $10,461 | $11,500 |
| 10/21 | $14,056 | $13,916 | $15,430 |
| 10/22 | $11,841 | $11,723 | $11,881 |
| 10/23 | $13,916 | $13,776 | $13,592 |
| 10/24 | $16,884 | $16,715 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 21.33% | 7.07% | 5.37% |
| Class C Including sale charges | 20.30% | 7.07% | 5.37% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38144N700-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
Institutional Class: GSIKX
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $92 | 0.83% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $998,500 | $999,300 |
| 10/16 | $935,295 | $967,023 |
| 10/17 | $1,158,643 | $1,193,693 |
| 10/18 | $1,082,289 | $1,111,925 |
| 10/19 | $1,269,417 | $1,234,681 |
| 10/20 | $1,131,177 | $1,149,982 |
| 10/21 | $1,520,868 | $1,543,046 |
| 10/22 | $1,294,715 | $1,188,145 |
| 10/23 | $1,538,121 | $1,359,238 |
| 10/24 | $1,888,043 | $1,671,455 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 22.75% | 8.25% | 6.56% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38144N809-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $101 | 0.91% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $9,968 | $9,993 |
| 10/16 | $9,325 | $9,670 |
| 10/17 | $11,540 | $11,937 |
| 10/18 | $10,762 | $11,119 |
| 10/19 | $12,614 | $12,347 |
| 10/20 | $11,224 | $11,500 |
| 10/21 | $15,068 | $15,430 |
| 10/22 | $12,822 | $11,881 |
| 10/23 | $15,219 | $13,592 |
| 10/24 | $18,659 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 22.60% | 8.13% | 6.43% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38145N444-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $91 | 0.82% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 2/26/16 | $10,000 | $10,000 |
| 10/16 | $10,599 | $10,944 |
| 10/17 | $13,133 | $13,509 |
| 10/18 | $12,264 | $12,584 |
| 10/19 | $14,399 | $13,973 |
| 10/20 | $12,822 | $13,015 |
| 10/21 | $17,248 | $17,463 |
| 10/22 | $14,680 | $13,446 |
| 10/23 | $17,444 | $15,383 |
| 10/24 | $21,408 | $18,916 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced February 26, 2016) | 22.72% | 8.25% | 9.16% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 7.61% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38148U478-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $155 | 1.40% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $9,916 | $9,993 |
| 10/16 | $9,233 | $9,670 |
| 10/17 | $11,355 | $11,937 |
| 10/18 | $10,539 | $11,119 |
| 10/19 | $12,292 | $12,347 |
| 10/20 | $10,882 | $11,500 |
| 10/21 | $14,540 | $15,430 |
| 10/22 | $12,307 | $11,881 |
| 10/23 | $14,539 | $13,592 |
| 10/24 | $17,739 | $16,715 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 22.01% | 7.60% | 5.89% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 5.27% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38145N451-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs International Equity Income Fund
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $91 | 0.82% |
How did the Fund perform and what affected its performance?
The broad international equity market was volatile amid prolonged higher interest rates, persistent inflation, a weak consumer and heightened geopolitical concerns but performed strongly overall as waning inflation globally indicated central bank tightening cycle peaks and fueled expectations for potential interest rate cuts. Further boosting investor sentiment was generally positive economic data, favorable corporate earnings reports and economic stimulus in China. International equities fell in October, weighed on by U.S. election results uncertainty.
Top Contributors to Performance:
Stock selection and country allocation contributed positively to the Fund’s relative results.
An out-of-MSCI EAFE Index (Index) allocation to Taiwan; stock selection in and an overweight to Italy; and stock selection in and an underweight to Japan contributed most positively.
An out-of-Index position in Taiwan’s semiconductor foundry Taiwan Semiconductor Manufacturing was the Fund’s top relative contributor, benefitting from greater demand for high computing chips and remaining at full capacity utilization rates on these advanced chips.
An out-of-Index position in U.K.-based packaging solutions business DS Smith added value. Its shares rose on multiple bids to be acquired. Ultimately, DS Smith is set to be acquired by International Paper in early 2025.
An overweight to German telecommunication services company Deutsche Telekom, a new position for the Fund, proved beneficial. Its stock rose on strong earnings results.
Top Detractors from Performance:
Sector allocation detracted from the Fund’s relative results. So, too, did a value bias and a defensive portfolio when growth stocks outperformed and the Index rallied.
Stock selection in Switzerland, Australia and the U.K. detracted from the Fund’s relative results. Underweights to Switzerland and Australia also hurt.
The Fund’s top detractor was BP, a U.K. oil and gas company. Its shares fell in line with the broad energy sector as oil prices declined. Also, BP reported weak refining margins and lower oil trading. We sold the position.
An overweight to Swiss food and drink processing conglomerate Nestle hurt. The company reported weak earnings in part due to lower consumer demand in Europe. It also saw a Chief Executive Officer change that took effect September 1, 2024.
Vinci, a French infrastructure company for transportation, energy and construction industries, detracted. High domestic revenue exposure companies suffered most from French market volatility due to the snap legislative election, as they would be most susceptible to increased tax under a potential new right-wing government.
Information Technology–SS
The above represents sectors.
Goldman Sachs International Equity Income Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | MSCI EAFE Index (Net, USD, Unhedged) |
|---|
| 4/16/18 | $10,000 | $10,000 |
| 10/18 | $8,924 | $9,027 |
| 10/19 | $10,471 | $10,024 |
| 10/20 | $9,328 | $9,336 |
| 10/21 | $12,551 | $12,527 |
| 10/22 | $10,681 | $9,646 |
| 10/23 | $12,693 | $11,035 |
| 10/24 | $15,579 | $13,569 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 22.74% | 8.26% | 7.00% |
| MSCI EAFE Index (Net, USD, Unhedged) | 22.97% | 6.24% | 4.77% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs International Equity Income Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,715,319,170 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 41% |
| Total Net Advisory Fees Paid | $10,971,122 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 27.7% |
| Industrials | 11.9% |
| Consumer Staples | 11.3% |
| Utilities | 9.8% |
| Health Care | 8.4% |
| Energy | 7.4% |
| Materials | 6.6% |
| Communication Services | 5.2% |
| Information Technology | 4.5% |
| Other | 7.9% |
Goldman Sachs International Equity Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs International Equity Income Fund
38150B269-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $109 | 0.89% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,796 | $10,202 | $10,918 | $10,486 |
| 10/16 | $11,004 | $10,399 | $11,167 | $10,933 |
| 10/17 | $14,318 | $13,530 | $14,485 | $13,520 |
| 10/18 | $15,313 | $14,471 | $16,036 | $14,464 |
| 10/19 | $17,040 | $16,103 | $18,778 | $16,511 |
| 10/20 | $21,116 | $19,955 | $24,265 | $18,306 |
| 10/21 | $30,131 | $28,473 | $34,750 | $26,270 |
| 10/22 | $22,818 | $21,563 | $26,201 | $21,967 |
| 10/23 | $25,809 | $24,390 | $31,167 | $24,050 |
| 10/24 | $37,424 | $35,365 | $44,808 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 45.00% | 17.02% | 14.10% |
| Class A Including sale charges | 37.05% | 15.70% | 13.45% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38142B435-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $200 | 1.64% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $10,712 | $10,605 | $10,918 | $10,486 |
| 10/16 | $10,839 | $10,731 | $11,167 | $10,933 |
| 10/17 | $14,000 | $13,860 | $14,485 | $13,520 |
| 10/18 | $14,865 | $14,717 | $16,036 | $14,464 |
| 10/19 | $16,414 | $16,250 | $18,778 | $16,511 |
| 10/20 | $20,196 | $19,994 | $24,265 | $18,306 |
| 10/21 | $28,596 | $28,310 | $34,750 | $26,270 |
| 10/22 | $21,493 | $21,278 | $26,201 | $21,967 |
| 10/23 | $24,132 | $23,891 | $31,167 | $24,050 |
| 10/24 | $34,731 | $34,384 | $44,808 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 43.92% | 16.15% | 13.25% |
| Class C Including sale charges | 42.81% | 16.15% | 13.25% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38142B260-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
Institutional Class: GCGIX
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $65 | 0.53% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,084,100 | $1,091,800 | $1,048,600 |
| 10/16 | $1,109,685 | $1,116,693 | $1,093,270 |
| 10/17 | $1,449,581 | $1,448,463 | $1,352,047 |
| 10/18 | $1,556,560 | $1,603,593 | $1,446,420 |
| 10/19 | $1,738,678 | $1,877,807 | $1,651,089 |
| 10/20 | $2,163,089 | $2,426,503 | $1,830,562 |
| 10/21 | $3,097,111 | $3,474,994 | $2,627,040 |
| 10/22 | $2,353,804 | $2,620,146 | $2,196,731 |
| 10/23 | $2,671,803 | $3,116,663 | $2,404,981 |
| 10/24 | $3,889,077 | $4,480,827 | $3,320,557 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 45.56% | 17.45% | 14.53% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38142B385-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $126 | 1.03% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,788 | $10,918 | $10,486 |
| 10/16 | $10,985 | $11,167 | $10,933 |
| 10/17 | $14,285 | $14,485 | $13,520 |
| 10/18 | $15,260 | $16,036 | $14,464 |
| 10/19 | $16,961 | $18,778 | $16,511 |
| 10/20 | $20,989 | $24,265 | $18,306 |
| 10/21 | $29,910 | $34,750 | $26,270 |
| 10/22 | $22,624 | $26,201 | $21,967 |
| 10/23 | $25,545 | $31,167 | $24,050 |
| 10/24 | $37,004 | $44,808 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 44.86% | 16.87% | 13.97% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38142B377-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $79 | 0.64% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,821 | $10,918 | $10,486 |
| 10/16 | $11,057 | $11,167 | $10,933 |
| 10/17 | $14,422 | $14,485 | $13,520 |
| 10/18 | $15,464 | $16,036 | $14,464 |
| 10/19 | $17,252 | $18,778 | $16,511 |
| 10/20 | $21,434 | $24,265 | $18,306 |
| 10/21 | $30,657 | $34,750 | $26,270 |
| 10/22 | $23,268 | $26,201 | $21,967 |
| 10/23 | $26,389 | $31,167 | $24,050 |
| 10/24 | $38,364 | $44,808 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 45.38% | 17.31% | 14.38% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38145N592-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $64 | 0.52% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,983 | $9,949 | $9,880 |
| 10/16 | $10,221 | $10,176 | $10,301 |
| 10/17 | $13,352 | $13,199 | $12,739 |
| 10/18 | $14,336 | $14,613 | $13,628 |
| 10/19 | $16,016 | $17,111 | $15,557 |
| 10/20 | $19,931 | $22,111 | $17,248 |
| 10/21 | $28,539 | $31,666 | $24,752 |
| 10/22 | $21,698 | $23,876 | $20,698 |
| 10/23 | $24,627 | $28,401 | $22,660 |
| 10/24 | $35,848 | $40,831 | $31,287 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 45.56% | 17.46% | 14.78% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.40% |
Russell 1000® Index | 38.07% | 14.98% | 13.10% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38147X523-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $139 | 1.14% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,772 | $10,918 | $10,486 |
| 10/16 | $10,951 | $11,167 | $10,933 |
| 10/17 | $14,215 | $14,485 | $13,520 |
| 10/18 | $15,166 | $16,036 | $14,464 |
| 10/19 | $16,832 | $18,778 | $16,511 |
| 10/20 | $20,807 | $24,265 | $18,306 |
| 10/21 | $29,615 | $34,750 | $26,270 |
| 10/22 | $22,371 | $26,201 | $21,967 |
| 10/23 | $25,234 | $31,167 | $24,050 |
| 10/24 | $36,512 | $44,808 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 44.69% | 16.73% | 13.82% |
Russell 1000® Growth Index | 43.77% | 18.98% | 16.17% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38145N618-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $64 | 0.52% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and information technology sectors contributed positively to the Fund’s performance versus the Russell 1000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Dell Technologies and Burlington Stores. An underweight in Adobe was also advantageous.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models and Market Themes & Trends investment themes led to the Fund’s overweight in off-price retailer Burlington Stores.
The Fund was underweight software company Adobe based primarily on our High Quality Business Models investment theme.
Top Detractors from Performance:
The Fund was held back by stock selection in the materials, financials and consumer staples sectors.
Among individual stock positions, an underweight in NVIDIA detracted from relative returns. Overweights in Dropbox and Five Below also hurt performance.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely because of our High Quality Business Models and Sentiment Analysis investment themes.
Our High Quality Business Models investment theme drove the Fund’s overweight in Dropbox, which designs and develops document management software.
The Fund’s overweight in specialty value retailer Five Below was mostly the result of the High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | Russell 1000® Growth Index | Russell 1000® Index |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $10,025 | $10,366 | $10,193 |
| 10/19 | $11,199 | $12,139 | $11,635 |
| 10/20 | $13,934 | $15,685 | $12,900 |
| 10/21 | $19,954 | $22,463 | $18,513 |
| 10/22 | $15,165 | $16,937 | $15,480 |
| 10/23 | $17,220 | $20,147 | $16,948 |
| 10/24 | $25,064 | $28,965 | $23,400 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 45.55% | 17.46% | 15.06% |
Russell 1000® Growth Index | 43.77% | 18.98% | 17.63% |
Russell 1000® Index | 38.07% | 14.98% | 13.86% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,321,982,195 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 215% |
| Total Net Advisory Fees Paid | $6,215,921 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
The Fund's net expense ratio decreased during the period as a result of a decrease in fees related to management and shareholder meeting expenses.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 49.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 14.5% |
| Health Care | 7.5% |
| Financials | 5.1% |
| Industrials | 3.7% |
| Consumer Staples | 2.0% |
| Materials | 1.6% |
| Other | 0.2% |
Goldman Sachs Large Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Growth Insights Fund
38150B541-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $106 | 0.92% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,182 | $9,622 | $10,053 | $10,486 |
| 10/16 | $10,524 | $9,945 | $10,693 | $10,933 |
| 10/17 | $12,998 | $12,283 | $12,595 | $13,520 |
| 10/18 | $13,495 | $12,753 | $12,976 | $14,464 |
| 10/19 | $14,210 | $13,429 | $14,431 | $16,511 |
| 10/20 | $13,022 | $12,306 | $13,338 | $18,306 |
| 10/21 | $18,605 | $17,581 | $19,175 | $26,270 |
| 10/22 | $17,596 | $16,629 | $17,833 | $21,967 |
| 10/23 | $17,514 | $16,550 | $17,856 | $24,050 |
| 10/24 | $22,866 | $21,608 | $23,388 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 30.56% | 9.97% | 8.62% |
| Class A Including sale charges | 23.37% | 8.73% | 8.00% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38142V225-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $192 | 1.67% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $10,111 | $10,010 | $10,053 | $10,486 |
| 10/16 | $10,371 | $10,267 | $10,693 | $10,933 |
| 10/17 | $12,714 | $12,586 | $12,595 | $13,520 |
| 10/18 | $13,095 | $12,964 | $12,976 | $14,464 |
| 10/19 | $13,688 | $13,551 | $14,431 | $16,511 |
| 10/20 | $12,449 | $12,325 | $13,338 | $18,306 |
| 10/21 | $17,660 | $17,483 | $19,175 | $26,270 |
| 10/22 | $16,575 | $16,410 | $17,833 | $21,967 |
| 10/23 | $16,376 | $16,213 | $17,856 | $24,050 |
| 10/24 | $21,219 | $21,007 | $23,388 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 29.57% | 9.15% | 7.81% |
| Class C Including sale charges | 28.54% | 9.15% | 7.81% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38142V191-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
Institutional Class: GCVIX
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $65 | 0.56% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,022,400 | $1,005,300 | $1,048,600 |
| 10/16 | $1,060,229 | $1,069,338 | $1,093,270 |
| 10/17 | $1,314,896 | $1,259,466 | $1,352,047 |
| 10/18 | $1,370,384 | $1,297,628 | $1,446,420 |
| 10/19 | $1,448,222 | $1,443,092 | $1,651,089 |
| 10/20 | $1,332,364 | $1,333,850 | $1,830,562 |
| 10/21 | $1,910,611 | $1,917,542 | $2,627,040 |
| 10/22 | $1,813,552 | $1,783,314 | $2,196,731 |
| 10/23 | $1,811,738 | $1,785,633 | $2,404,981 |
| 10/24 | $2,374,645 | $2,338,822 | $3,320,557 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 31.07% | 10.38% | 9.03% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38142V183-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $122 | 1.06% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,177 | $10,053 | $10,486 |
| 10/16 | $10,506 | $10,693 | $10,933 |
| 10/17 | $12,961 | $12,595 | $13,520 |
| 10/18 | $13,440 | $12,976 | $14,464 |
| 10/19 | $14,138 | $14,431 | $16,511 |
| 10/20 | $12,942 | $13,338 | $18,306 |
| 10/21 | $18,466 | $19,175 | $26,270 |
| 10/22 | $17,441 | $17,833 | $21,967 |
| 10/23 | $17,333 | $17,856 | $24,050 |
| 10/24 | $22,600 | $23,388 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 30.39% | 9.82% | 8.49% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38142V175-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $77 | 0.67% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,214 | $10,053 | $10,486 |
| 10/16 | $10,580 | $10,693 | $10,933 |
| 10/17 | $13,097 | $12,595 | $13,520 |
| 10/18 | $13,630 | $12,976 | $14,464 |
| 10/19 | $14,386 | $14,431 | $16,511 |
| 10/20 | $13,219 | $13,338 | $18,306 |
| 10/21 | $18,935 | $19,175 | $26,270 |
| 10/22 | $17,956 | $17,833 | $21,967 |
| 10/23 | $17,917 | $17,856 | $24,050 |
| 10/24 | $23,450 | $23,388 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 30.88% | 10.25% | 8.89% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38145N626-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $64 | 0.55% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,859 | $9,809 | $9,880 |
| 10/16 | $10,231 | $10,434 | $10,301 |
| 10/17 | $12,691 | $12,289 | $12,739 |
| 10/18 | $13,223 | $12,661 | $13,628 |
| 10/19 | $13,981 | $14,081 | $15,557 |
| 10/20 | $12,864 | $13,015 | $17,248 |
| 10/21 | $18,449 | $18,710 | $24,752 |
| 10/22 | $17,514 | $17,400 | $20,698 |
| 10/23 | $17,498 | $17,423 | $22,660 |
| 10/24 | $22,931 | $22,821 | $31,287 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 31.05% | 10.39% | 9.37% |
Russell 1000® Value Index | 30.98% | 10.13% | 9.32% |
Russell 1000® Index | 38.07% | 14.98% | 13.10% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38147X515-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $135 | 1.17% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,156 | $10,053 | $10,486 |
| 10/16 | $10,469 | $10,693 | $10,933 |
| 10/17 | $12,897 | $12,595 | $13,520 |
| 10/18 | $13,356 | $12,976 | $14,464 |
| 10/19 | $14,025 | $14,431 | $16,511 |
| 10/20 | $12,819 | $13,338 | $18,306 |
| 10/21 | $18,276 | $19,175 | $26,270 |
| 10/22 | $17,241 | $17,833 | $21,967 |
| 10/23 | $17,115 | $17,856 | $24,050 |
| 10/24 | $22,294 | $23,388 | $33,206 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 30.26% | 9.70% | 8.34% |
Russell 1000® Value Index | 30.98% | 10.13% | 8.86% |
Russell 1000® Index | 38.07% | 14.98% | 12.74% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38145N634-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Large Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $64 | 0.55% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, information technology and materials sectors added to the Fund’s performance versus the Russell 1000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from an underweight in Intel as well as from overweights in Dell Technologies and D.R. Horton.
Our High Quality Business Models investment theme was the primary reason for the Fund’s underweight in Intel, a maker of microprocessors and semiconductor chips.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was largely due to our High Quality Business Models and Sentiment Analysis investment themes.
The Fund’s overweight in home construction company D.R. Horton was mainly due to our High Quality Business Models and Sentiment Analysis investment themes.
Top Detractors from Performance:
Stock selection in the industrials sector and, to a lesser extent, the consumer discretionary and energy sectors detracted from the Fund’s relative results.
Among individual stock positions, the Fund was hampered by an underweight in General Electric. Overweights in Lear and Globe Life also detracted from relative performance.
The underweight in General Electric, a diversified industrial conglomerate, was driven primarily by our High Quality Business Models investment theme.
The High Quality Business Models investment theme led to the Fund’s overweight in Lear, which manufactures automotive seating and electrical systems.
The Fundamental Mispricings and Sentiment Analysis investment themes resulted in the Fund’s overweight in life and supplement health insurance provider Globe Life.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Large Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | Russell 1000® Value Index | Russell 1000® Index |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $9,923 | $9,999 | $10,193 |
| 10/19 | $10,493 | $11,120 | $11,635 |
| 10/20 | $9,654 | $10,278 | $12,900 |
| 10/21 | $13,848 | $14,776 | $18,513 |
| 10/22 | $13,146 | $13,742 | $15,480 |
| 10/23 | $13,134 | $13,759 | $16,948 |
| 10/24 | $17,214 | $18,022 | $23,400 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 31.06% | 10.39% | 8.64% |
Russell 1000® Value Index | 30.98% | 10.13% | 9.41% |
Russell 1000® Index | 38.07% | 14.98% | 13.86% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000® Index.
Goldman Sachs Large Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $384,158,065 |
| # of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $1,937,735 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 21.9% |
| Health Care | 16.4% |
| Industrials | 15.9% |
| Consumer Discretionary | 7.6% |
| Information Technology | 7.6% |
| Energy | 6.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Materials | 4.1% |
| Other | 7.2% |
Goldman Sachs Large Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Large Cap Value Insights Fund
38150B525-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $144 | 1.20% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,466 | $9,890 | $10,034 | $10,449 |
| 10/16 | $10,827 | $10,232 | $10,446 | $10,892 |
| 10/17 | $13,628 | $12,878 | $13,356 | $13,504 |
| 10/18 | $14,162 | $13,383 | $13,603 | $14,395 |
| 10/19 | $14,961 | $14,138 | $14,269 | $16,337 |
| 10/20 | $13,433 | $12,695 | $14,249 | $17,995 |
| 10/21 | $20,718 | $19,579 | $21,488 | $25,895 |
| 10/22 | $17,064 | $16,125 | $17,504 | $21,617 |
| 10/23 | $16,272 | $15,377 | $16,006 | $23,429 |
| 10/24 | $22,786 | $21,532 | $21,459 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 40.03% | 8.77% | 8.58% |
| Class A Including sale charges | 32.32% | 7.55% | 7.97% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38142V506-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $233 | 1.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $10,389 | $10,285 | $10,034 | $10,449 |
| 10/16 | $10,661 | $10,555 | $10,446 | $10,892 |
| 10/17 | $13,319 | $13,186 | $13,356 | $13,504 |
| 10/18 | $13,740 | $13,603 | $13,603 | $14,395 |
| 10/19 | $14,408 | $14,264 | $14,269 | $16,337 |
| 10/20 | $12,844 | $12,716 | $14,249 | $17,995 |
| 10/21 | $19,655 | $19,458 | $21,488 | $25,895 |
| 10/22 | $16,070 | $15,909 | $17,504 | $21,617 |
| 10/23 | $15,213 | $15,061 | $16,006 | $23,429 |
| 10/24 | $21,140 | $20,929 | $21,459 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 38.96% | 7.96% | 7.77% |
| Class C Including sale charges | 37.96% | 7.96% | 7.77% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38142V704-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
Institutional Class: GCSIX
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $101 | 0.84% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,051,300 | $1,003,400 | $1,044,900 |
| 10/16 | $1,091,039 | $1,044,640 | $1,089,204 |
| 10/17 | $1,379,510 | $1,335,572 | $1,350,395 |
| 10/18 | $1,439,105 | $1,360,280 | $1,439,521 |
| 10/19 | $1,525,883 | $1,426,934 | $1,633,712 |
| 10/20 | $1,375,736 | $1,424,936 | $1,799,534 |
| 10/21 | $2,128,676 | $2,148,803 | $2,589,529 |
| 10/22 | $1,760,202 | $1,750,415 | $2,161,739 |
| 10/23 | $1,684,866 | $1,600,580 | $2,342,893 |
| 10/24 | $2,367,405 | $2,145,897 | $3,229,912 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 40.51% | 9.17% | 8.99% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38142V803-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $161 | 1.34% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,456 | $10,034 | $10,449 |
| 10/16 | $10,800 | $10,446 | $10,892 |
| 10/17 | $13,583 | $13,356 | $13,504 |
| 10/18 | $14,101 | $13,603 | $14,395 |
| 10/19 | $14,879 | $14,269 | $16,337 |
| 10/20 | $13,344 | $14,249 | $17,995 |
| 10/21 | $20,557 | $21,488 | $25,895 |
| 10/22 | $16,912 | $17,504 | $21,617 |
| 10/23 | $16,107 | $16,006 | $23,429 |
| 10/24 | $22,513 | $21,459 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 39.77% | 8.62% | 8.45% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38142V886-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $114 | 0.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,499 | $10,034 | $10,449 |
| 10/16 | $10,881 | $10,446 | $10,892 |
| 10/17 | $13,734 | $13,356 | $13,504 |
| 10/18 | $14,310 | $13,603 | $14,395 |
| 10/19 | $15,154 | $14,269 | $16,337 |
| 10/20 | $13,642 | $14,249 | $17,995 |
| 10/21 | $21,091 | $21,488 | $25,895 |
| 10/22 | $17,417 | $17,504 | $21,617 |
| 10/23 | $16,654 | $16,006 | $23,429 |
| 10/24 | $23,373 | $21,459 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 40.34% | 9.04% | 8.85% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38145N576-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $100 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | Russell 2000® Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,812 | $9,414 | $9,843 |
| 10/16 | $10,187 | $9,801 | $10,260 |
| 10/17 | $12,881 | $12,530 | $12,721 |
| 10/18 | $13,442 | $12,762 | $13,560 |
| 10/19 | $14,255 | $13,388 | $15,390 |
| 10/20 | $12,852 | $13,369 | $16,952 |
| 10/21 | $19,898 | $20,160 | $24,393 |
| 10/22 | $16,455 | $16,423 | $20,364 |
| 10/23 | $15,748 | $15,017 | $22,070 |
| 10/24 | $22,132 | $20,133 | $30,426 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 40.54% | 9.19% | 8.95% |
Russell 2000® Index | 34.07% | 8.49% | 7.85% |
Russell 3000® Index | 37.86% | 14.59% | 12.76% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38147X499-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $174 | 1.45% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | Russell 2000® Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,445 | $10,034 | $10,449 |
| 10/16 | $10,771 | $10,446 | $10,892 |
| 10/17 | $13,528 | $13,356 | $13,504 |
| 10/18 | $14,023 | $13,603 | $14,395 |
| 10/19 | $14,774 | $14,269 | $16,337 |
| 10/20 | $13,234 | $14,249 | $17,995 |
| 10/21 | $20,358 | $21,488 | $25,895 |
| 10/22 | $16,728 | $17,504 | $21,617 |
| 10/23 | $15,919 | $16,006 | $23,429 |
| 10/24 | $22,222 | $21,459 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 39.60% | 8.50% | 8.31% |
Russell 2000® Index | 34.07% | 8.49% | 7.93% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38145N584-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $100 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and health care sectors contributed positively to the Fund’s performance versus the Russell 2000® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Among individual stock positions, the Fund was aided by overweights in Viking Therapeutics, Super Micro Computer and Lumen Technologies.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was largely driven by our Sentiment Analysis and High Quality Business Models investment themes.
The Sentiment Analysis and High Quality Business Models investment themes led to the Fund’s overweight in Super Micro Computer, which develops and manufactures high performance server and storage solutions.
The Fund was overweight telecommunications company Lumen Technologies due primarily to our Sentiment Analysis investment theme.
Top Detractors from Performance:
Stock selection in only two sectors—consumer discretionary and real estate—detracted from the Fund’s performance on a relative basis.
In terms of individual stock positions, the Fund was hurt by overweights in Coursera, Goodyear Tire & Rubber and Nordic American Tankers.
The Fund’s overweight in online learning platform Coursera was mostly the result of our Sentiment Analysis and High Quality Business Models investment themes.
The overweight in tire manufacturer Goodyear Tire & Rubber was mainly because of our High Quality Business Models investment theme.
Our Market Themes & Trends and High Quality Business Models investment themes were largely responsible for the Fund’s overweight in shipping company Nordic American Tankers.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | Russell 2000® Index | Russell 3000® Index |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $9,838 | $9,732 | $10,159 |
| 10/19 | $10,434 | $10,209 | $11,529 |
| 10/20 | $9,408 | $10,195 | $12,700 |
| 10/21 | $14,561 | $15,373 | $18,275 |
| 10/22 | $12,040 | $12,523 | $15,256 |
| 10/23 | $11,527 | $11,451 | $16,534 |
| 10/24 | $16,195 | $15,353 | $22,794 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 40.49% | 9.18% | 7.64% |
Russell 2000® Index | 34.07% | 8.49% | 6.76% |
Russell 3000® Index | 37.86% | 14.59% | 13.40% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $432,977,291 |
| # of Portfolio Holdings | 540 |
| Portfolio Turnover Rate | 164% |
| Total Net Advisory Fees Paid | $3,265,777 |
This is a summary of certain changes to the Fund for the period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.
Effective February 29, 2024, investments related to real estate investments trusts was added as a principal risk of the Fund.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 18.3% |
| Industrials | 16.0% |
| Health Care | 15.9% |
| Information Technology | 13.4% |
| Consumer Discretionary | 11.7% |
| Real Estate | 5.0% |
| Communication Services | 4.5% |
| Materials | 4.5% |
| Energy | 3.5% |
| Other | 5.5% |
Goldman Sachs Small Cap Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Equity Insights Fund
38150B368-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $145 | 1.20% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,595 | $10,012 | $10,352 | $10,449 |
| 10/16 | $10,556 | $9,975 | $10,301 | $10,892 |
| 10/17 | $13,673 | $12,921 | $13,495 | $13,504 |
| 10/18 | $14,476 | $13,679 | $14,052 | $14,395 |
| 10/19 | $15,293 | $14,452 | $14,951 | $16,337 |
| 10/20 | $15,148 | $14,315 | $16,950 | $17,995 |
| 10/21 | $21,588 | $20,400 | $23,468 | $25,895 |
| 10/22 | $16,033 | $15,151 | $17,361 | $21,617 |
| 10/23 | $15,368 | $14,522 | $16,037 | $23,429 |
| 10/24 | $21,747 | $20,551 | $21,889 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 41.51% | 7.28% | 8.07% |
| Class A Including sale charges | 33.77% | 6.08% | 7.46% |
Russell 2000® Growth Index | 36.49% | 7.91% | 8.14% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38143H225-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $234 | 1.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $10,518 | $10,413 | $10,352 | $10,449 |
| 10/16 | $10,398 | $10,294 | $10,301 | $10,892 |
| 10/17 | $13,374 | $13,240 | $13,495 | $13,504 |
| 10/18 | $14,047 | $13,906 | $14,052 | $14,395 |
| 10/19 | $14,738 | $14,590 | $14,951 | $16,337 |
| 10/20 | $14,487 | $14,342 | $16,950 | $17,995 |
| 10/21 | $20,495 | $20,290 | $23,468 | $25,895 |
| 10/22 | $15,066 | $14,915 | $17,361 | $21,617 |
| 10/23 | $14,343 | $14,199 | $16,037 | $23,429 |
| 10/24 | $20,132 | $19,930 | $21,889 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 40.36% | 6.43% | 7.24% |
| Class C Including sale charges | 39.36% | 6.43% | 7.24% |
Russell 2000® Growth Index | 36.49% | 7.91% | 8.14% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38143H191-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
Institutional Class: GSIOX
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $102 | 0.84% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,063,900 | $1,035,200 | $1,044,900 |
| 10/16 | $1,064,006 | $1,030,128 | $1,089,204 |
| 10/17 | $1,383,634 | $1,349,467 | $1,350,395 |
| 10/18 | $1,470,249 | $1,405,200 | $1,439,521 |
| 10/19 | $1,559,641 | $1,495,133 | $1,633,712 |
| 10/20 | $1,550,595 | $1,695,032 | $1,799,534 |
| 10/21 | $2,217,971 | $2,346,772 | $2,589,529 |
| 10/22 | $1,652,832 | $1,736,142 | $2,161,739 |
| 10/23 | $1,590,355 | $1,603,674 | $2,342,893 |
| 10/24 | $2,257,986 | $2,188,855 | $3,229,912 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 41.98% | 7.67% | 8.48% |
Russell 2000® Growth Index | 36.49% | 7.91% | 8.14% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38143H183-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $115 | 0.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,623 | $10,352 | $10,449 |
| 10/16 | $10,607 | $10,301 | $10,892 |
| 10/17 | $13,775 | $13,495 | $13,504 |
| 10/18 | $14,620 | $14,052 | $14,395 |
| 10/19 | $15,487 | $14,951 | $16,337 |
| 10/20 | $15,375 | $16,950 | $17,995 |
| 10/21 | $21,970 | $23,468 | $25,895 |
| 10/22 | $16,348 | $17,361 | $21,617 |
| 10/23 | $15,718 | $16,037 | $23,429 |
| 10/24 | $22,287 | $21,889 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 41.79% | 7.54% | 8.34% |
Russell 2000® Growth Index | 36.49% | 7.91% | 8.14% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38145N535-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $100 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,597 | $9,150 | $9,843 |
| 10/16 | $9,604 | $9,105 | $10,260 |
| 10/17 | $12,490 | $11,928 | $12,721 |
| 10/18 | $13,270 | $12,420 | $13,560 |
| 10/19 | $14,077 | $13,215 | $15,390 |
| 10/20 | $13,997 | $14,982 | $16,952 |
| 10/21 | $20,025 | $20,743 | $24,393 |
| 10/22 | $14,929 | $15,346 | $20,364 |
| 10/23 | $14,365 | $14,175 | $22,070 |
| 10/24 | $20,398 | $19,347 | $30,426 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 42.00% | 7.69% | 8.00% |
Russell 2000® Growth Index | 36.49% | 7.91% | 7.38% |
Russell 3000® Index | 37.86% | 14.59% | 12.76% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38147X481-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $175 | 1.45% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,567 | $10,352 | $10,449 |
| 10/16 | $10,500 | $10,301 | $10,892 |
| 10/17 | $13,572 | $13,495 | $13,504 |
| 10/18 | $14,329 | $14,052 | $14,395 |
| 10/19 | $15,106 | $14,951 | $16,337 |
| 10/20 | $14,920 | $16,950 | $17,995 |
| 10/21 | $21,216 | $23,468 | $25,895 |
| 10/22 | $15,717 | $17,361 | $21,617 |
| 10/23 | $15,021 | $16,037 | $23,429 |
| 10/24 | $21,208 | $21,889 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 41.19% | 7.01% | 7.80% |
Russell 2000® Growth Index | 36.49% | 7.91% | 8.14% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38145N543-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Growth Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $100 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, information technology and materials sectors added to the Fund’s returns versus the Russell 2000® Growth Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Viking Therapeutics, IES Holdings and Super Micro Computer.
Our High Quality Business Models and Sentiment Analysis investment themes largely drove the Fund’s overweight in Viking Therapeutics, a clinical stage biopharmaceutical company.
The Fund’s overweight in IES Holdings, a provider of electro-mechanical solutions for industrial operations, was primarily due to our Sentiment Analysis investment theme.
The Fund was overweight Super Micro Computer, which develops and manufactures high performance server and storage solutions, mostly because of our Sentiment Analysis and High Quality Business Models investment themes.
Top Detractors from Performance:
Stock selection in the consumer discretionary sector and, to a lesser extent, the real estate and communication services sectors detracted from the Fund’s relative performance.
Among individual stocks, the Fund was hurt by an overweight in Coursera as well as by underweights in Cytokinetics and Insmed.
The Fund’s overweight in online learning platform Coursera was mainly the result of our High Quality Business Models and Sentiment Analysis investment themes.
Our Market Themes & Trends and High Quality Business Models investment themes led to the Fund’s underweight in Cytokinetics, a biopharmaceutical company concentrating on new medicines for diseases of impaired muscle function.
The Fund was underweight Insmed, a biopharmaceutical company focused on rare and serious diseases, primarily because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Growth Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | Russell 2000® Growth Index | Russell 3000® Index |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $9,831 | $9,680 | $10,159 |
| 10/19 | $10,429 | $10,300 | $11,529 |
| 10/20 | $10,369 | $11,677 | $12,700 |
| 10/21 | $14,835 | $16,166 | $18,275 |
| 10/22 | $11,055 | $11,960 | $15,256 |
| 10/23 | $10,642 | $11,047 | $16,534 |
| 10/24 | $15,107 | $15,078 | $22,794 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 41.96% | 7.68% | 6.50% |
Russell 2000® Growth Index | 36.49% | 7.91% | 6.47% |
Russell 3000® Index | 37.86% | 14.59% | 13.40% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Growth Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $127,399,124 |
| # of Portfolio Holdings | 393 |
| Portfolio Turnover Rate | 166% |
| Total Net Advisory Fees Paid | $948,053 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Health Care | 24.0% |
| Industrials | 21.5% |
| Information Technology | 19.5% |
| Consumer Discretionary | 12.1% |
| Financials | 7.0% |
| Communication Services | 3.5% |
| Materials | 3.4% |
| Consumer Staples | 2.8% |
| Real Estate | 2.3% |
| Other | 2.8% |
Goldman Sachs Small Cap Growth Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Growth Insights Fund
38150B350-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $141 | 1.20% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 | $10,000 |
| 10/15 | $10,053 | $9,500 | $9,712 | $10,449 |
| 10/16 | $10,858 | $10,261 | $10,568 | $10,892 |
| 10/17 | $13,462 | $12,722 | $13,189 | $13,504 |
| 10/18 | $13,742 | $12,986 | $13,112 | $14,395 |
| 10/19 | $14,347 | $13,558 | $13,534 | $16,337 |
| 10/20 | $11,975 | $11,317 | $11,650 | $17,995 |
| 10/21 | $19,729 | $18,644 | $19,141 | $25,895 |
| 10/22 | $17,821 | $16,841 | $17,087 | $21,617 |
| 10/23 | $16,517 | $15,608 | $15,390 | $23,429 |
| 10/24 | $22,425 | $21,192 | $20,280 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 35.77% | 9.33% | 8.41% |
| Class A Including sale charges | 28.31% | 8.11% | 7.80% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.32% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38143H282-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $229 | 1.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 | $10,000 |
| 10/15 | $9,979 | $9,879 | $9,712 | $10,449 |
| 10/16 | $10,694 | $10,588 | $10,568 | $10,892 |
| 10/17 | $13,164 | $13,032 | $13,189 | $13,504 |
| 10/18 | $13,336 | $13,203 | $13,112 | $14,395 |
| 10/19 | $13,826 | $13,687 | $13,534 | $16,337 |
| 10/20 | $11,455 | $11,340 | $11,650 | $17,995 |
| 10/21 | $18,727 | $18,540 | $19,141 | $25,895 |
| 10/22 | $16,793 | $16,625 | $17,087 | $21,617 |
| 10/23 | $15,448 | $15,293 | $15,390 | $23,429 |
| 10/24 | $20,820 | $20,612 | $20,280 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 34.78% | 8.52% | 7.60% |
| Class C Including sale charges | 33.75% | 8.52% | 7.60% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.32% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38143H266-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
Institutional Class: GSITX
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $99 | 0.84% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 | $1,000,000 |
| 10/15 | $1,009,300 | $971,200 | $1,044,900 |
| 10/16 | $1,094,485 | $1,056,763 | $1,089,204 |
| 10/17 | $1,362,524 | $1,318,946 | $1,350,395 |
| 10/18 | $1,396,042 | $1,311,164 | $1,439,521 |
| 10/19 | $1,463,192 | $1,353,383 | $1,633,712 |
| 10/20 | $1,225,716 | $1,164,992 | $1,799,534 |
| 10/21 | $2,026,966 | $1,914,082 | $2,589,529 |
| 10/22 | $1,838,053 | $1,708,701 | $2,161,739 |
| 10/23 | $1,709,757 | $1,539,027 | $2,342,893 |
| 10/24 | $2,329,544 | $2,027,976 | $3,229,912 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 36.25% | 9.74% | 8.82% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.32% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38143H241-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $112 | 0.95% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,076 | $9,712 | $10,449 |
| 10/16 | $10,911 | $10,568 | $10,892 |
| 10/17 | $13,563 | $13,189 | $13,504 |
| 10/18 | $13,879 | $13,112 | $14,395 |
| 10/19 | $14,530 | $13,534 | $16,337 |
| 10/20 | $12,153 | $11,650 | $17,995 |
| 10/21 | $20,072 | $19,141 | $25,895 |
| 10/22 | $18,178 | $17,087 | $21,617 |
| 10/23 | $16,892 | $15,390 | $23,429 |
| 10/24 | $22,996 | $20,280 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 36.13% | 9.60% | 8.67% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.32% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38145N550-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $98 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 7/31/15 | $10,000 | $10,000 | $10,000 |
| 10/15 | $9,836 | $9,694 | $9,843 |
| 10/16 | $10,666 | $10,548 | $10,260 |
| 10/17 | $13,278 | $13,165 | $12,721 |
| 10/18 | $13,609 | $13,087 | $13,560 |
| 10/19 | $14,266 | $13,509 | $15,390 |
| 10/20 | $11,954 | $11,628 | $16,952 |
| 10/21 | $19,767 | $19,105 | $24,393 |
| 10/22 | $17,926 | $17,055 | $20,364 |
| 10/23 | $16,677 | $15,362 | $22,070 |
| 10/24 | $22,726 | $20,242 | $30,426 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 36.27% | 9.75% | 9.27% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.91% |
Russell 3000® Index | 37.86% | 14.59% | 12.76% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38147X473-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $171 | 1.45% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 11/1/14 | $10,000 | $10,000 | $10,000 |
| 10/15 | $10,027 | $9,712 | $10,449 |
| 10/16 | $10,803 | $10,568 | $10,892 |
| 10/17 | $13,360 | $13,189 | $13,504 |
| 10/18 | $13,605 | $13,112 | $14,395 |
| 10/19 | $14,168 | $13,534 | $16,337 |
| 10/20 | $11,796 | $11,650 | $17,995 |
| 10/21 | $19,382 | $19,141 | $25,895 |
| 10/22 | $17,467 | $17,087 | $21,617 |
| 10/23 | $16,147 | $15,390 | $23,429 |
| 10/24 | $21,872 | $20,280 | $32,299 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 35.46% | 9.06% | 8.13% |
Russell 2000® Value Index | 31.77% | 8.42% | 7.32% |
Russell 3000® Index | 37.86% | 14.59% | 12.43% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38145N568-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs Small Cap Value Insights Fund
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $98 | 0.83% |
How did the Fund perform and what affected its performance?
U.S. equities, including small-cap stocks, were broadly volatile amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the industrials, communication services and information technology sectors added to the Fund’s returns versus the Russell 2000® Value Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
In terms of individual stock positions, the Fund was helped by overweights in Lumen Technologies, Viking Therapeutics and Powell Industries.
The Fund’s overweight in telecommunications company Lumen Technologies was driven by our Sentiment Analysis, High Quality Business Models and Market Themes & Trends investment themes.
The overweight in Viking Therapeutics, a clinical stage biopharmaceutical company, was mainly the result of our Sentiment Analysis and High Quality Business Models investment themes.
Our Market Themes & Trends investment theme led to the overweight in Powell Industries, which develops and manufactures custom-engineered equipment and systems for electric energy distribution, control and monitoring.
Top Detractors from Performance:
Stock selection in only two sectors—real estate and consumer discretionary—detracted from the Fund’s relative returns.
In terms of stock positions, the Fund was hindered by its overweights in Service Properties Trust, Goodyear Tire & Rubber and Coursera.
Our Fundamental Mispricings investment theme was primarily responsible for the Fund’s overweight in Service Properties Trust, a real estate investment trust that specializes in hospitality and travel services-focused properties.
The overweight in online learning platform Coursera was mostly due to our High Quality Business Models investment theme.
The Fund was overweight tire manufacturer Goodyear Tire & Rubber largely because of our High Quality Business Models and Sentiment Analysis investment themes.
High Quality Business Models
The above represents investment themes.
Goldman Sachs Small Cap Value Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | Russell 2000® Value Index | Russell 3000® Index |
|---|
| 4/16/18 | $10,000 | $10,000 | $10,000 |
| 10/18 | $9,763 | $9,787 | $10,159 |
| 10/19 | $10,234 | $10,102 | $11,529 |
| 10/20 | $8,574 | $8,696 | $12,700 |
| 10/21 | $14,177 | $14,287 | $18,275 |
| 10/22 | $12,856 | $12,754 | $15,256 |
| 10/23 | $11,960 | $11,488 | $16,534 |
| 10/24 | $16,300 | $15,138 | $22,794 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 36.29% | 9.75% | 7.75% |
Russell 2000® Value Index | 31.77% | 8.42% | 6.53% |
Russell 3000® Index | 37.86% | 14.59% | 13.40% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with changing regulatory requirements, the Fund is now required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000® Index.
Goldman Sachs Small Cap Value Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $968,326,805 |
| # of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 152% |
| Total Net Advisory Fees Paid | $7,246,903 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Financials | 30.1% |
| Industrials | 11.1% |
| Real Estate | 10.6% |
| Consumer Discretionary | 10.5% |
| Health Care | 8.5% |
| Energy | 6.1% |
| Information Technology | 5.4% |
| Materials | 5.0% |
| Communication Services | 4.4% |
| Other | 6.7% |
Goldman Sachs Small Cap Value Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Small Cap Value Insights Fund
38150B335-AR-1024 Class P
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $110 | 0.92% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class A Excluding sale charges | Class A Including sale charges | S&P 500® Index |
|---|
| 11/1/14 | $10,000 | $9,450 | $10,000 |
| 10/15 | $10,386 | $9,815 | $10,520 |
| 10/16 | $10,620 | $10,036 | $10,994 |
| 10/17 | $13,475 | $12,734 | $13,592 |
| 10/18 | $14,274 | $13,489 | $14,591 |
| 10/19 | $15,414 | $14,566 | $16,682 |
| 10/20 | $16,966 | $16,033 | $18,302 |
| 10/21 | $23,966 | $22,648 | $26,156 |
| 10/22 | $20,402 | $19,280 | $22,334 |
| 10/23 | $21,702 | $20,508 | $24,599 |
| 10/24 | $30,137 | $28,479 | $33,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class A Excluding sale charges | 38.87% | 14.34% | 11.65% |
| Class A Including sale charges | 31.25% | 13.05% | 11.02% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38141W620-AR-1024 Class A
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $199 | 1.67% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class C Excluding sale charges | Class C Including sale charges | S&P 500® Index |
|---|
| 11/1/14 | $10,000 | $9,900 | $10,000 |
| 10/15 | $10,309 | $10,206 | $10,520 |
| 10/16 | $10,462 | $10,357 | $10,994 |
| 10/17 | $13,174 | $13,043 | $13,592 |
| 10/18 | $13,853 | $13,714 | $14,591 |
| 10/19 | $14,850 | $14,702 | $16,682 |
| 10/20 | $16,227 | $16,064 | $18,302 |
| 10/21 | $22,753 | $22,526 | $26,156 |
| 10/22 | $19,226 | $19,034 | $22,334 |
| 10/23 | $20,295 | $20,092 | $24,599 |
| 10/24 | $27,975 | $27,695 | $33,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class C Excluding sale charges | 37.84% | 13.49% | 10.82% |
| Class C Including sale charges | 36.81% | 13.49% | 10.82% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38142B278-AR-1024 Class C
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
Institutional Class: GSELX
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $67 | 0.56% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Institutional | S&P 500® Index |
|---|
| 11/1/14 | $1,000,000 | $1,000,000 |
| 10/15 | $1,042,700 | $1,052,000 |
| 10/16 | $1,070,436 | $1,099,445 |
| 10/17 | $1,363,735 | $1,359,244 |
| 10/18 | $1,450,196 | $1,459,149 |
| 10/19 | $1,571,867 | $1,668,245 |
| 10/20 | $1,736,914 | $1,830,231 |
| 10/21 | $2,462,770 | $2,615,583 |
| 10/22 | $2,104,437 | $2,233,447 |
| 10/23 | $2,246,486 | $2,459,918 |
| 10/24 | $3,130,928 | $3,395,179 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Institutional | 39.37% | 14.76% | 12.08% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38141W372-AR-1024 Institutional Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $127 | 1.06% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Service | S&P 500® Index |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,375 | $10,520 |
| 10/16 | $10,598 | $10,994 |
| 10/17 | $13,434 | $13,592 |
| 10/18 | $14,215 | $14,591 |
| 10/19 | $15,332 | $16,682 |
| 10/20 | $16,859 | $18,302 |
| 10/21 | $23,785 | $26,156 |
| 10/22 | $20,222 | $22,334 |
| 10/23 | $21,475 | $24,599 |
| 10/24 | $29,782 | $33,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Service | 38.68% | 14.18% | 11.52% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38141W463-AR-1024 Service Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $80 | 0.67% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Investor | S&P 500® Index |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,412 | $10,520 |
| 10/16 | $10,671 | $10,994 |
| 10/17 | $13,575 | $13,592 |
| 10/18 | $14,417 | $14,591 |
| 10/19 | $15,606 | $16,682 |
| 10/20 | $17,223 | $18,302 |
| 10/21 | $24,389 | $26,156 |
| 10/22 | $20,816 | $22,334 |
| 10/23 | $22,194 | $24,599 |
| 10/24 | $30,894 | $33,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Investor | 39.20% | 14.62% | 11.93% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38145N642-AR-1024 Investor Class
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $66 | 0.55% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R6 | S&P 500® Index |
|---|
| 7/31/15 | $0 | $10,000 |
| 10/15 | $9,863 | $9,937 |
| 10/16 | $10,126 | $10,385 |
| 10/17 | $12,902 | $12,839 |
| 10/18 | $13,724 | $13,783 |
| 10/19 | $14,874 | $15,758 |
| 10/20 | $16,439 | $17,288 |
| 10/21 | $23,307 | $24,706 |
| 10/22 | $19,918 | $21,097 |
| 10/23 | $21,262 | $23,236 |
| 10/24 | $29,640 | $32,070 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class R6 (Commenced July 31, 2015) | 39.40% | 14.77% | 12.45% |
S&P 500® Index | 38.02% | 15.25% | 13.41% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38147X465-AR-1024 Class R6
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R | $140 | 1.17% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class R | S&P 500® Index |
|---|
| 11/1/14 | $10,000 | $10,000 |
| 10/15 | $10,358 | $10,520 |
| 10/16 | $10,564 | $10,994 |
| 10/17 | $13,372 | $13,592 |
| 10/18 | $14,128 | $14,591 |
| 10/19 | $15,218 | $16,682 |
| 10/20 | $16,713 | $18,302 |
| 10/21 | $23,550 | $26,156 |
| 10/22 | $19,999 | $22,334 |
| 10/23 | $21,218 | $24,599 |
| 10/24 | $29,392 | $33,952 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| Class R | 38.52% | 14.05% | 11.37% |
S&P 500® Index | 38.02% | 15.25% | 12.99% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38145N659-AR-1024 Class R
Annual Shareholder Report
October 31, 2024
Goldman Sachs U.S. Equity Insights Fund
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $66 | 0.55% |
How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility amid prolonged higher interest rates, elevated inflation and heightened geopolitical concerns but performed strongly as the disinflation theme gained traction and the Federal Reserve began its long-awaited easing cycle. Further boosting investor sentiment was generally positive economic data supporting the soft landing scenario, favorable corporate earnings reports, an improvement in market breadth and excitement over artificial intelligence capabilities across sectors.
Top Contributors to Performance:
Stock selection in the health care, communication services and materials sectors contributed positively to the Fund’s performance relative to the S&P 500® Index. To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.
Regarding individual stock positions, the Fund benefited from overweights in Dell Technologies, Netflix and Applied Materials.
The overweight in Dell Technologies, a provider of hardware, software and service solutions, was based mostly on the Sentiment Analysis and High Quality Business Models investment themes.
Our High Quality Business Models investment theme was primarily responsible for the Fund’s overweight in Netflix, a subscription video-on-demand streaming service.
The overweight in Applied Materials, a provider of manufacturing equipment, services and software to the semiconductor, display and related industries, was driven mainly by our Sentiment Analysis and Market Themes & Trends investment themes.
Top Detractors from Performance:
Stock selection in the industrials, consumer discretionary and energy sectors modestly detracted from the Fund’s relative returns.
Among individual stock positions, an underweight in NVIDIA hurt relative performance. Overweights in UnitedHealth Group and Lear further detracted from returns.
The Fund’s underweight in NVIDIA, a maker of graphics processing units for gaming and professional markets, was largely the result of our High Quality Business Models and Sentiment Analysis investment themes.
The High Quality Business Models and Sentiment Analysis investment themes led to the Fund’s overweight in UnitedHealth Group, a health insurance and services company.
The overweight in Lear, which manufactures automotive seating and electrical systems, was based on our High Quality Business Models investment theme.
High Quality Business Models
The above represents investment themes.
Goldman Sachs U.S. Equity Insights Fund
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.
| Class P | S&P 500® Index |
|---|
| 4/16/18 | $0 | $10,000 |
| 10/18 | $10,039 | $10,228 |
| 10/19 | $10,882 | $11,694 |
| 10/20 | $12,027 | $12,829 |
| 10/21 | $17,054 | $18,334 |
| 10/22 | $14,575 | $15,655 |
| 10/23 | $15,558 | $17,243 |
| 10/24 | $21,689 | $23,799 |
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| Class P (Commenced April 16, 2018) | 39.40% | 14.77% | 12.54% |
S&P 500® Index | 38.02% | 15.25% | 14.15% |
Performance data quoted above represents past performance. Past performance does not guarantee future results.
The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at:am.gs.comto obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Goldman Sachs U.S. Equity Insights Fund
Key Fund Statistics (as of October 31, 2024)
| Total Net Assets | $1,083,072,603 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 206% |
| Total Net Advisory Fees Paid | $5,320,358 |
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Information Technology | 30.3% |
| Health Care | 12.6% |
| Financials | 11.8% |
| Consumer Discretionary | 11.4% |
| Communication Services | 10.7% |
| Industrials | 8.8% |
| Consumer Staples | 5.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Other | 2.9% |
Goldman Sachs U.S. Equity Insights Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The S&P 500 (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications make any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs U.S. Equity Insights Fund
38150B186-AR-1024 Class P
| | (a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
| | (c) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. |
| | (d) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. |
| | (f) | A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report. |
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.
| | | | | | | | | | | | |
| | | 2024 | | 2023 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit Fees: | | | | | | | | | | | | |
| | | |
• PricewaterhouseCoopers LLP
(“PwC”) | | | $ | 3,874,810 | | | | $ | 4,008,636 | | | Financial Statement audits. |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | $ | 466,200 | | | | $ | 516,600 | | | Other attest services. |
| | | |
Tax Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | $ | 0 | | | | $ | 0 | | | |
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
| | | | | | | | | | | | |
| | | 2024 | | 2023 | | Description of Services Rendered |
| | | |
| | | | | | | | | | | | |
| | | |
Audit-Related Fees: | | | | | | | | | | | | |
| | | |
• PwC | | | $ | 2,122,312 | | | | $ | 2,075,449 | | | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser. |
| * | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended October 31, 2024 and October 31, 2023 were approximately $466,200 and $516,600, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2023 and December 31, 2022 were approximately $18.0 million and $17.1 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2023 and 2022 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
Item 4(i) – Not applicable.
Item 4(j) – Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
Schedule of Investments is included in Item 7 of this report.
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Goldman Sachs Funds Annual Financial Statements October 31, 2024 Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund
Goldman Sachs Domestic Equity Insights Funds
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.3% | |
| |
| | Automobiles – 2.8% | |
| | 148,607 | | Tesla, Inc.* | | $ | 37,129,459 | |
| | | |
| |
| | Banks – 0.3% | |
| | 55,212 | | Prosperity Bancshares, Inc. | | | 4,041,518 | |
| | | |
| |
| | Beverages – 0.3% | |
| | 67,313 | | Monster Beverage Corp.* | | | 3,546,049 | |
| | | |
| |
| | Biotechnology – 0.7% | |
| | 10,026 | | Natera, Inc.* | | | 1,212,745 | |
| | 30,397 | | Neurocrine Biosciences, Inc.* | | | 3,655,847 | |
| | 18,161 | | Sarepta Therapeutics, Inc.* | | | 2,288,286 | |
| | 35,807 | | Ultragenyx Pharmaceutical, Inc.* | | | 1,825,799 | |
| | | | | | | | |
| | | | | 8,982,677 | |
| | | |
| |
| | Broadline Retail – 6.7% | |
| | 478,055 | | Amazon.com, Inc.* | | | 89,109,452 | |
| | | |
| |
| | Capital Markets – 0.4% | |
| | 4,784 | | Coinbase Global, Inc., Class A* | | | 857,532 | |
| | 56,931 | | Franklin Resources, Inc. | | | 1,182,457 | |
| | 6,003 | | Morningstar, Inc. | | | 1,969,284 | |
| | 11,258 | | Northern Trust Corp. | | | 1,131,654 | |
| | 24,286 | | Robinhood Markets, Inc., Class A* | | | 570,478 | |
| | | | | | | | |
| | | | | 5,711,405 | |
| | | |
| |
| | Chemicals – 1.2% | |
| | 65,517 | | Ecolab, Inc. | | | 16,099,492 | |
| | | |
| |
| | Communications Equipment – 0.5% | |
| | 18,339 | | Arista Networks, Inc.* | | | 7,086,923 | |
| | | |
| |
| | Construction & Engineering – 1.2% | |
| | 37,667 | | Comfort Systems USA, Inc. | | | 14,729,304 | |
| | 3,903 | | MasTec, Inc.* | | | 479,639 | |
| | | | | | | | |
| | | | | 15,208,943 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 0.4% | |
| | 5,980 | | Costco Wholesale Corp. | | | 5,227,596 | |
| | | |
| |
| | Diversified Consumer Services – 0.2% | |
| | 19,584 | | Bright Horizons Family Solutions, Inc.* | | | 2,613,876 | |
| | | |
| |
| | Energy Equipment & Services – 0.1% | |
| | 29,047 | | Halliburton Co. | | | 805,764 | |
| | | |
| |
| | Entertainment – 2.4% | |
| | 38,970 | | Netflix, Inc.* | | | 29,462,489 | |
| | 51,126 | | ROBLOX Corp., Class A* | | | 2,644,237 | |
| | | | | | | | |
| | | | | 32,106,726 | |
| | | |
| |
| | Financial Services – 3.5% | |
| | 10,319 | | Affirm Holdings, Inc.* | | | 452,488 | |
| | 179,632 | | Equitable Holdings, Inc. | | | 8,144,515 | |
| | 21,478 | | Fiserv, Inc.* | | | 4,250,496 | |
| | 43,139 | | Mastercard, Inc., Class A | | | 21,551,813 | |
| | 165,532 | | Toast, Inc., Class A* | | | 4,970,926 | |
| | 28,101 | | Visa, Inc., Class A | | | 8,145,075 | |
| | | | | | | | |
| | | | | 47,515,313 | |
| | | |
| |
| | Ground Transportation – 1.3% | |
| | 18,271 | | Old Dominion Freight Line, Inc. | | | 3,678,318 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Ground Transportation – (continued) | |
| | 178,861 | | Uber Technologies, Inc.* | | $ | 12,886,935 | |
| | | | | | | | |
| | | | | 16,565,253 | |
| | | |
| |
| | Health Care Equipment & Supplies – 0.5% | |
| | 2,577 | | Inspire Medical Systems, Inc.* | | | 502,618 | |
| | 26,011 | | Penumbra, Inc.* | | | 5,953,138 | |
| | | | | | | | |
| | | | | 6,455,756 | |
| | | |
| |
| | Health Care Providers & Services – 1.4% | |
| | 56,485 | | Tenet Healthcare Corp.* | | | 8,756,305 | |
| | 50,966 | | Universal Health Services, Inc., Class B | | | 10,412,863 | |
| | | | | | | | |
| | | | | 19,169,168 | |
| | | |
| |
| | Hotel & Resort REITs – 0.1% | |
| | 86,779 | | Park Hotels & Resorts, Inc. REIT | | | 1,205,360 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 3.7% | |
| | 60,398 | | Airbnb, Inc., Class A* | | | 8,141,046 | |
| | 646 | | Booking Holdings, Inc. | | | 3,020,857 | |
| | 2,767 | | Cava Group, Inc.* | | | 369,561 | |
| | 13,873 | | DoorDash, Inc., Class A* | | | 2,173,899 | |
| | 30,804 | | Marriott International, Inc., Class A | | | 8,009,656 | |
| | 77,467 | | Texas Roadhouse, Inc. | | | 14,805,493 | |
| | 5,201 | | Vail Resorts, Inc. | | | 861,754 | |
| | 38,248 | | Wingstop, Inc. | | | 11,003,567 | |
| | | | | | | | |
| | | | | 48,385,833 | |
| | | |
| |
| | Household Products – 1.1% | |
| | 84,954 | | Procter & Gamble Co. (The) | | | 14,032,702 | |
| | | |
| |
| | Insurance – 0.7% | |
| | 17,761 | | Kinsale Capital Group, Inc. | | | 7,603,662 | |
| | 7,781 | | Progressive Corp. (The) | | | 1,889,460 | |
| | | | | | | | |
| | | | | 9,493,122 | |
| | | |
| |
| | Interactive Media & Services – 12.0% | |
| | 180,065 | | Alphabet, Inc., Class A | | | 30,810,922 | |
| | 369,228 | | Alphabet, Inc., Class C | | | 63,761,983 | |
| | 113,406 | | Meta Platforms, Inc., Class A | | | 64,366,978 | |
| | | | | | | | |
| | | | | 158,939,883 | |
| | | |
| |
| | IT Services – 0.4% | |
| | 20,623 | | MongoDB, Inc.* | | | 5,576,459 | |
| | | |
| |
| | Leisure Products – 0.8% | |
| | 160,231 | | Hasbro, Inc. | | | 10,515,961 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.6% | |
| | 64,905 | | IQVIA Holdings, Inc.* | | | 13,358,747 | |
| | 26,457 | | Medpace Holdings, Inc.* | | | 8,313,319 | |
| | | | | | | | |
| | | | | 21,672,066 | |
| | | |
| |
| | Media – 0.1% | |
| | 3,040 | | Charter Communications, Inc., Class A* | | | 995,934 | |
| | | |
| |
| | Metals & Mining – 0.4% | |
| | 43,403 | | Southern Copper Corp. (Mexico) | | | 4,754,799 | |
| | | |
| |
| | Personal Care Products – 0.3% | |
| | 36,303 | | elf Beauty, Inc.* | | | 3,820,891 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Pharmaceuticals – 3.3% | |
| | 24,020 | | Eli Lilly & Co. | | $ | 19,930,355 | |
| | 64,834 | | Merck & Co., Inc. | | | 6,633,815 | |
| | 92,816 | | Zoetis, Inc. | | | 16,593,644 | |
| | | | | | | | |
| | | | | 43,157,814 | |
| | | |
| |
| | Professional Services – 1.4% | |
| | 37,914 | | Booz Allen Hamilton Holding Corp. | | | 6,887,457 | |
| | 8,839 | | Broadridge Financial Solutions, Inc. | | | 1,863,792 | |
| | 33,568 | | Equifax, Inc. | | | 8,896,192 | |
| | | | | | | | |
| | | | | 17,647,441 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 15.6% | |
| | 26,590 | | Applied Materials, Inc. | | | 4,828,212 | |
| | 222,835 | | Broadcom, Inc. | | | 37,830,698 | |
| | 54,256 | | Entegris, Inc. | | | 5,681,146 | |
| | 1,084,223 | | NVIDIA Corp. | | | 143,941,445 | |
| | 89,470 | | QUALCOMM, Inc. | | | 14,563,032 | |
| | | | | | | | |
| | | | | 206,844,533 | |
| | | |
| |
| | Software – 19.9% | |
| | 46,020 | | Adobe, Inc.* | | | 22,001,242 | |
| | 7,096 | | Crowdstrike Holdings, Inc., Class A* | | | 2,106,590 | |
| | 6,840 | | Fair Isaac Corp.* | | | 13,632,872 | |
| | 159,271 | | Fortinet, Inc.* | | | 12,528,257 | |
| | 8,002 | | HubSpot, Inc.* | | | 4,439,430 | |
| | 389,098 | | Microsoft Corp. | | | 158,109,972 | |
| | 23,733 | | Nutanix, Inc., Class A* | | | 1,473,819 | |
| | 156,964 | | Oracle Corp. | | | 26,344,838 | |
| | 10,651 | | ServiceNow, Inc.* | | | 9,937,276 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Software – (continued) | |
| | 132,433 | | Teradata Corp.* | | $ | 4,268,316 | |
| | 12,840 | | Workday, Inc., Class A* | | | 3,002,634 | |
| | 28,298 | | Zscaler, Inc.* | | | 5,115,995 | |
| | | | | | | | |
| | | | | 262,961,241 | |
| | | |
| |
| | Specialty Retail – 0.7% | |
| | 33,048 | | CarMax, Inc.* | | | 2,392,014 | |
| | 3,317 | | Carvana Co.* | | | 820,328 | |
| | 15,111 | | Home Depot, Inc. (The) | | | 5,949,956 | |
| | | | | | | | |
| | | | | 9,162,298 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 12.7% | |
| | 744,266 | | Apple, Inc. | | | 168,137,132 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.6% | |
| | 10,530 | | Birkenstock Holding PLC (Luxembourg)* | | | 484,380 | |
| | 127,310 | | Skechers USA, Inc., Class A* | | | 7,824,473 | |
| | | | | | | | |
| | | | | 8,308,853 | |
| | | |
| | TOTAL INVESTMENTS – 99.3% (Cost $735,476,060) | | $ | 1,312,987,692 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.7% | | | 8,994,503 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,321,982,195 | |
| | | |
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. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | |
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Long position contracts: | | | | | | | | | | | | |
S&P 500 E-Mini Index | | 28 | | 12/20/24 | | $ | 8,033,900 | | | $ | 66,855 | |
| |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 98.4% | |
| |
| | Aerospace & Defense – 3.7% | |
| | 17,329 | | General Dynamics Corp. | | $ | 5,053,310 | |
| | 1,839 | | General Electric Co. | | | 315,903 | |
| | 15,659 | | Huntington Ingalls Industries, Inc. | | | 2,896,289 | |
| | 10,052 | | Northrop Grumman Corp. | | | 5,116,669 | |
| | 8,368 | | Textron, Inc. | | | 672,954 | |
| | | | | | | | |
| | | | | 14,055,125 | |
| | | |
| |
| | Automobile Components – 0.8% | |
| | 30,394 | | Lear Corp. | | | 2,910,529 | |
| | | |
| |
| | Banks – 5.6% | |
| | 66,768 | | Bank of America Corp. | | | 2,792,238 | |
| | 39,087 | | Citigroup, Inc. | | | 2,508,213 | |
| | 35,445 | | Citizens Financial Group, Inc. | | | 1,492,943 | |
| | 20,042 | | Commerce Bancshares, Inc. | | | 1,252,625 | |
| | 64,541 | | FNB Corp. | | | 935,845 | |
| | 51,109 | | JPMorgan Chase & Co. | | | 11,342,109 | |
| | 16,676 | | Prosperity Bancshares, Inc. | | | 1,220,683 | |
| | | | | | | | |
| | | | | 21,544,656 | |
| | | |
| |
| | Beverages – 0.6% | |
| | 1,985 | | Coca-Cola Consolidated, Inc. | | | 2,231,656 | |
| | 2,480 | | Monster Beverage Corp.* | | | 130,647 | |
| | | | | | | | |
| | | | | 2,362,303 | |
| | | |
| |
| | Biotechnology – 2.7% | |
| | 67,570 | | Gilead Sciences, Inc. | | | 6,001,568 | |
| | 5,181 | | Regeneron Pharmaceuticals, Inc.* | | | 4,342,714 | |
| | | | | | | | |
| | | | | 10,344,282 | |
| | | |
| |
| | Broadline Retail – 0.1% | |
| | 1,662 | | Amazon.com, Inc.* | | | 309,797 | |
| | | |
| |
| | Capital Markets – 5.7% | |
| | 36,470 | | Bank of New York Mellon Corp. (The) | | | 2,748,379 | |
| | 24,345 | | CME Group, Inc. | | | 5,486,389 | |
| | 1,600 | | Coinbase Global, Inc., Class A* | | | 286,800 | |
| | 3,145 | | Evercore, Inc., Class A | | | 830,815 | |
| | 122,700 | | Franklin Resources, Inc. | | | 2,548,479 | |
| | 2,090 | | Interactive Brokers Group, Inc., Class A | | | 318,892 | |
| | 18,880 | | Morgan Stanley | | | 2,194,800 | |
| | 21,833 | | Northern Trust Corp. | | | 2,194,653 | |
| | 32,766 | | Robinhood Markets, Inc., Class A* | | | 769,673 | |
| | 35,086 | | Stifel Financial Corp. | | | 3,635,611 | |
| | 24,465 | | Virtu Financial, Inc., Class A | | | 757,437 | |
| | | | | | | | |
| | | | | 21,771,928 | |
| | | |
| |
| | Chemicals – 2.7% | |
| | 37,202 | | Axalta Coating Systems Ltd.* | | | 1,410,700 | |
| | 5,240 | | Ecolab, Inc. | | | 1,287,625 | |
| | 2,386 | | International Flavors & Fragrances, Inc. | | | 237,240 | |
| | 9,175 | | Linde PLC | | | 4,185,176 | |
| | 36,429 | | Mosaic Co. (The) | | | 974,840 | |
| | 2,323 | | NewMarket Corp. | | | 1,219,505 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Chemicals – (continued) | |
| | 8,885 | | PPG Industries, Inc. | | $ | 1,106,272 | |
| | | | | | | | |
| | | | | 10,421,358 | |
| | | |
| |
| | Communications Equipment – 2.0% | |
| | 138,535 | | Cisco Systems, Inc. | | | 7,587,562 | |
| | | |
| |
| | Construction & Engineering – 1.8% | |
| | 13,305 | | AECOM | | | 1,420,974 | |
| | 9,508 | | Comfort Systems USA, Inc. | | | 3,718,008 | |
| | 13,973 | | MasTec, Inc.* | | | 1,717,142 | |
| | | | | | | | |
| | | | | 6,856,124 | |
| | | |
| |
| | Construction Materials – 0.5% | |
| | 18,388 | | CRH PLC | | | 1,754,767 | |
| | | |
| |
| | Consumer Finance – 1.8% | |
| | 24,408 | | Ally Financial, Inc. | | | 855,501 | |
| | 18,034 | | Capital One Financial Corp. | | | 2,935,755 | |
| | 13,720 | | OneMain Holdings, Inc. | | | 681,472 | |
| | 44,667 | | Synchrony Financial | | | 2,462,938 | |
| | | | | | | | |
| | | | | 6,935,666 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 2.0% | |
| | 33,472 | | Target Corp. | | | 5,022,139 | |
| | 4,173 | | US Foods Holding Corp.* | | | 257,265 | |
| | 26,984 | | Walmart, Inc. | | | 2,211,339 | |
| | | | | | | | |
| | | | | 7,490,743 | |
| | | |
| |
| | Containers & Packaging – 0.7% | |
| | 11,248 | | Packaging Corp. of America | | | 2,575,117 | |
| | | |
| |
| | Diversified Consumer Services – 0.6% | |
| | 15,950 | | Bright Horizons Family Solutions, Inc.* | | | 2,128,847 | |
| | | |
| |
| | Electric Utilities – 3.1% | |
| | 38,711 | | Edison International | | | 3,189,787 | |
| | 22,837 | | NextEra Energy, Inc. | | | 1,809,832 | |
| | 93,372 | | PG&E Corp. | | | 1,887,982 | |
| | 74,447 | | Xcel Energy, Inc. | | | 4,973,804 | |
| | | | | | | | |
| | | | | 11,861,405 | |
| | | |
| |
| | Electrical Equipment – 1.8% | |
| | 27,048 | | AMETEK, Inc. | | | 4,958,980 | |
| | 26,634 | | nVent Electric PLC | | | 1,986,098 | |
| | | | | | | | |
| | | | | 6,945,078 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 0.5% | |
| | 14,547 | | Jabil, Inc. | | | 1,790,590 | |
| | | |
| |
| | Energy Equipment & Services – 2.0% | |
| | 7,465 | | Baker Hughes Co. | | | 284,267 | |
| | 143,532 | | Halliburton Co. | | | 3,981,578 | |
| | 45,006 | | NOV, Inc. | | | 698,043 | |
| | 27,234 | | Schlumberger NV | | | 1,091,266 | |
| | 64,547 | | TechnipFMC PLC (United Kingdom) | | | 1,722,760 | |
| | | | | | | | |
| | | | | 7,777,914 | |
| | | |
| |
| | Entertainment – 1.3% | |
| | 2,058 | | Electronic Arts, Inc. | | | 310,449 | |
| | 5,725 | | Netflix, Inc.* | | | 4,328,272 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Entertainment – (continued) | |
| | 4,420 | | ROBLOX Corp., Class A* | | $ | 228,602 | |
| | | | | | | | |
| | | | | | | 4,867,323 | |
| | | |
| |
| | Financial Services – 6.2% | |
| | 4,362 | | Affirm Holdings, Inc.* | | | 191,274 | |
| | 37,407 | | Berkshire Hathaway, Inc., Class B* | | | 16,867,564 | |
| | 15,459 | | Euronet Worldwide, Inc.* | | | 1,522,248 | |
| | 25,985 | | Fiserv, Inc.* | | | 5,142,431 | |
| | | | | | | | |
| | | | | | | 23,723,517 | |
| | | |
| |
| | Gas Utilities – 0.3% | |
| | 7,778 | | Atmos Energy Corp. | | | 1,079,431 | |
| | | |
| |
| | Ground Transportation – 0.7% | |
| | 16,272 | | Landstar System, Inc. | | | 2,860,129 | |
| | 898 | | Uber Technologies, Inc.* | | | 64,701 | |
| | | | | | | | |
| | | | | | | 2,924,830 | |
| | | |
| |
| | Health Care Equipment & Supplies – 1.7% | |
| | 15,156 | | Abbott Laboratories | | | 1,718,236 | |
| | 14,630 | | Edwards Lifesciences Corp.* | | | 980,356 | |
| | 8,927 | | GE HealthCare Technologies, Inc. | | | 779,773 | |
| | 15,476 | | Teleflex, Inc. | | | 3,111,605 | |
| | | | | | | | |
| | | | | | | 6,589,970 | |
| | | |
| |
| | Health Care Providers & Services – 6.3% | |
| | 39,128 | | Encompass Health Corp. | | | 3,891,671 | |
| | 17,378 | | Quest Diagnostics, Inc. | | | 2,690,635 | |
| | 23,689 | | Tenet Healthcare Corp.* | | | 3,672,269 | |
| | 18,170 | | UnitedHealth Group, Inc. | | | 10,256,965 | |
| | 17,439 | | Universal Health Services, Inc., Class B | | | 3,562,962 | |
| | | | | | | | |
| | | | | | | 24,074,502 | |
| | | |
| |
| | Hotel & Resort REITs – 0.6% | |
| | 167,304 | | Park Hotels & Resorts, Inc. REIT | | | 2,323,853 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 1.8% | |
| | 36,734 | | Carnival Corp.* | | | 808,148 | |
| | 19,139 | | Marriott International, Inc., Class A | | | 4,976,522 | |
| | 6,609 | | MGM Resorts International* | | | 243,674 | |
| | 3,078 | | Wingstop, Inc. | | | 885,510 | |
| | | | | | | | |
| | | | | | | 6,913,854 | |
| | | |
| |
| | Household Durables – 1.1% | |
| | 4,332 | | D.R. Horton, Inc. | | | 732,108 | |
| | 11,099 | | Lennar Corp., Class A | | | 1,890,160 | |
| | 189 | | NVR, Inc.* | | | 1,729,881 | |
| | | | | | | | |
| | | | | | | 4,352,149 | |
| | | |
| |
| | Household Products – 2.3% | |
| | 52,362 | | Procter & Gamble Co. (The) | | | 8,649,155 | |
| | 9,779 | | Reynolds Consumer Products, Inc. | | | 263,544 | |
| | | | | | | | |
| | | | | | | 8,912,699 | |
| | | |
| |
| | Industrial REITs – 1.2% | |
| | 23,542 | | First Industrial Realty Trust, Inc. REIT | | | 1,235,720 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Industrial REITs – (continued) | |
| | 23,350 | | Prologis, Inc. REIT | | $ | 2,637,149 | |
| | 18,429 | | Rexford Industrial Realty, Inc. REIT | | | 790,420 | |
| | | | | | | | |
| | | | | 4,663,289 | |
| | | |
| |
| | Insurance – 2.7% | |
| | 2,466 | | American International Group, Inc. | | | 187,120 | |
| | 12,209 | | Arthur J Gallagher & Co. | | | 3,433,171 | |
| | 2,058 | | Brighthouse Financial, Inc.* | | | 97,343 | |
| | 33,894 | | CNA Financial Corp. | | | 1,623,862 | |
| | 19,954 | | Travelers Cos., Inc. (The) | | | 4,907,487 | |
| | | | | | | | |
| | | | | 10,248,983 | |
| | | |
| |
| | Interactive Media & Services – 1.1% | |
| | 16,587 | | Alphabet, Inc., Class A | | | 2,838,201 | |
| | 2,422 | | Meta Platforms, Inc., Class A | | | 1,374,679 | |
| | | | | | | | |
| | | | | 4,212,880 | |
| | | |
| |
| | IT Services – 0.6% | |
| | 79,364 | | Kyndryl Holdings, Inc.* | | | 1,816,642 | |
| | 3,013 | | VeriSign, Inc.* | | | 532,819 | |
| | | | | | | | |
| | | | | 2,349,461 | |
| | | |
| |
| | Leisure Products – 0.2% | |
| | 43,375 | | Mattel, Inc.* | | | 883,982 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.3% | |
| | 19,250 | | IQVIA Holdings, Inc.* | | | 3,962,035 | |
| | 2,940 | | Medpace Holdings, Inc.* | | | 923,807 | |
| | | | | | | | |
| | | | | 4,885,842 | |
| | | |
| |
| | Machinery – 4.2% | |
| | 15,040 | | Illinois Tool Works, Inc. | | | 3,927,395 | |
| | 6,147 | | Middleby Corp. (The)* | | | 797,266 | |
| | 6,134 | | Otis Worldwide Corp. | | | 602,359 | |
| | 48,525 | | PACCAR, Inc. | | | 5,060,187 | |
| | 8,817 | | Parker-Hannifin Corp. | | | 5,590,595 | |
| | 2,275 | | Xylem, Inc. | | | 277,050 | |
| | | | | | | | |
| | | | | 16,254,852 | |
| | | |
| |
| | Media – 1.2% | |
| | 11,464 | | Charter Communications, Inc., Class A* | | | 3,755,721 | |
| | 38,624 | | News Corp., Class A | | | 1,052,504 | |
| | | | | | | | |
| | | | | 4,808,225 | |
| | | |
| |
| | Metals & Mining – 0.3% | |
| | 7,782 | | ATI, Inc.* | | | 410,189 | |
| | 15,419 | | Freeport-McMoRan, Inc. | | | 694,164 | |
| | | | | | | | |
| | | | | 1,104,353 | |
| | | |
| |
| | Multi-Utilities – 0.1% | |
| | 3,517 | | Consolidated Edison, Inc. | | | 357,609 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 4.8% | |
| | 30,928 | | Chevron Corp. | | | 4,602,705 | |
| | 34,262 | | ConocoPhillips | | | 3,753,059 | |
| | 18,510 | | Devon Energy Corp. | | | 715,967 | |
| | 23,650 | | DT Midstream, Inc. | | | 2,132,048 | |
| | 35,053 | | Exxon Mobil Corp. | | | 4,093,489 | |
| | 6,237 | | Marathon Petroleum Corp. | | | 907,296 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Oil, Gas & Consumable Fuels – (continued) | |
| | 26,786 | | Ovintiv, Inc. | | $ | 1,050,011 | |
| | 10,431 | | Valero Energy Corp. | | | 1,353,527 | |
| | | | | | | | |
| | | | | 18,608,102 | |
| | | |
| |
| | Passenger Airlines – 1.0% | |
| | 21,478 | | Alaska Air Group, Inc.* | | | 1,029,011 | |
| | 26,819 | | Delta Air Lines, Inc. | | | 1,534,583 | |
| | 17,160 | | United Airlines Holdings, Inc.* | | | 1,342,942 | |
| | | | | | | | |
| | | | | 3,906,536 | |
| | | |
| |
| | Personal Care Products – 0.0% | |
| | 2,323 | | BellRing Brands, Inc.* | | | 152,923 | |
| | | |
| |
| | Pharmaceuticals – 4.4% | |
| | 71,294 | | Bristol-Myers Squibb Co. | | | 3,976,066 | |
| | 62,766 | | Johnson & Johnson | | | 10,033,773 | |
| | 40,135 | | Viatris, Inc. | | | 465,566 | |
| | 14,579 | | Zoetis, Inc. | | | 2,606,434 | |
| | | | | | | | |
| | | | | 17,081,839 | |
| | | |
| |
| | Professional Services – 1.9% | |
| | 15,953 | | Equifax, Inc. | | | 4,227,864 | |
| | 14,690 | | FTI Consulting, Inc.* | | | 2,865,725 | |
| | 3,742 | | Parsons Corp.* | | | 404,735 | |
| | | | | | | | |
| | | | | 7,498,324 | |
| | | |
| |
| | Real Estate Management & Development – 0.3% | |
| | 6,182 | | CBRE Group, Inc., Class A* | | | 809,656 | |
| | 585 | | Jones Lang LaSalle, Inc.* | | | 158,512 | |
| | | | | | | | |
| | | | | 968,168 | |
| | | |
| |
| | Residential REITs – 2.0% | |
| | 96,041 | | American Homes 4 Rent, Class A REIT | | | 3,384,485 | |
| | 35,251 | | Camden Property Trust REIT | | | 4,081,713 | |
| | 6,582 | | UDR, Inc. REIT | | | 277,694 | |
| | | | | | | | |
| | | | | 7,743,892 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 1.9% | |
| | 30,671 | | Marvell Technology, Inc. | | | 2,457,054 | |
| | 12,180 | | Micron Technology, Inc. | | | 1,213,737 | |
| | 2,934 | | Skyworks Solutions, Inc. | | | 256,959 | |
| | 17,306 | | Texas Instruments, Inc. | | | 3,515,887 | |
| | | | | | | | |
| | | | | 7,443,637 | |
| | | |
| |
| | Software – 2.6% | |
| | 315 | | Fair Isaac Corp.* | | | 627,830 | |
| | 6,220 | | Fortinet, Inc.* | | | 489,265 | |
| | 8,431 | | Microsoft Corp. | | | 3,425,937 | |
| | 1,341 | | MicroStrategy, Inc., Class A* | | | 327,874 | |
| | 19,879 | | Nutanix, Inc., Class A* | | | 1,234,486 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Software – (continued) | |
| | 22,631 | | Oracle Corp. | | $ | 3,798,387 | |
| | | | | | | | |
| | | | | 9,903,779 | |
| | | |
| |
| | Specialized REITs – 0.4% | |
| | 1,712 | | Equinix, Inc. REIT | | | 1,554,633 | |
| | | |
| |
| | Specialty Retail – 1.7% | |
| | 30,203 | | CarMax, Inc.* | | | 2,186,093 | |
| | 1,229 | | Carvana Co.* | | | 303,944 | |
| | 4,133 | | Lowe’s Cos., Inc. | | | 1,082,144 | |
| | 21,696 | | Ross Stores, Inc. | | | 3,031,365 | |
| | | | | | | | |
| | | | | 6,603,546 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 1.3% | |
| | 28,123 | | Birkenstock Holding PLC (Luxembourg)* | | | 1,293,658 | |
| | 61,063 | | Skechers USA, Inc., Class A* | | | 3,752,932 | |
| | | | | | | | |
| | | | | 5,046,590 | |
| | | |
| |
| | Tobacco – 1.5% | |
| | 104,100 | | Altria Group, Inc. | | | 5,669,286 | |
| | | |
| |
| | Trading Companies & Distributors – 0.7% | |
| | 13,784 | | Ferguson Enterprises, Inc. | | | 2,711,864 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $340,506,542) | | | 377,848,514 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.1%(a) | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 453,783 | | 4.766% | | | 453,783 | |
| | (Cost $453,783) | |
| | | |
| | TOTAL INVESTMENTS – 98.5% | |
| | (Cost $340,960,325) | | $ | 378,302,297 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.5% | | | 5,855,768 | |
| | | |
| | |
| | NET ASSETS – 100.0% | | $ | 384,158,065 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 97.4% | |
| |
| | Aerospace & Defense – 1.0% | |
| | 408 | | AeroVironment, Inc.* | | $ | 87,704 | |
| | 27,429 | | Kratos Defense & Security Solutions, Inc.* | | | 623,187 | |
| | 44,763 | | Leonardo DRS, Inc.* | | | 1,346,023 | |
| | 4,847 | | Park Aerospace Corp. | | | 65,580 | |
| | 211,080 | | Rocket Lab USA, Inc.*(a) | | | 2,258,556 | |
| | | | | | | | |
| | | | | 4,381,050 | |
| | | |
| |
| | Automobile Components – 1.5% | |
| | 92,250 | | American Axle & Manufacturing Holdings, Inc.* | | | 521,213 | |
| | 4,133 | | Cooper-Standard Holdings, Inc.* | | | 51,869 | |
| | 21,875 | | Fox Factory Holding Corp.* | | | 787,281 | |
| | 318,139 | | Goodyear Tire & Rubber Co. (The)* | | | 2,548,294 | |
| | 44,929 | | Holley, Inc.* | | | 116,366 | |
| | 417 | | LCI Industries | | | 46,404 | |
| | 19,807 | | Modine Manufacturing Co.* | | | 2,332,670 | |
| | 11,866 | | Stoneridge, Inc.* | | | 82,943 | |
| | | | | | | | |
| | | | | 6,487,040 | |
| | | |
| |
| | Banks – 9.9% | |
| | 27,475 | | Amalgamated Financial Corp. | | | 911,208 | |
| | 30,795 | | Ameris Bancorp | | | 1,908,982 | |
| | 18,643 | | Axos Financial, Inc.* | | | 1,262,504 | |
| | 13,134 | | BancFirst Corp. | | | 1,427,797 | |
| | 20,131 | | Bancorp, Inc. (The)* | | | 1,011,784 | |
| | 37,053 | | BankUnited, Inc. | | | 1,309,453 | |
| | 6,210 | | Banner Corp. | | | 397,688 | |
| | 15,176 | | Berkshire Hills Bancorp, Inc. | | | 413,242 | |
| | 43,997 | | Cadence Bank | | | 1,470,820 | |
| | 6,775 | | Capital City Bank Group, Inc. | | | 237,125 | |
| | 205,398 | | Capitol Federal Financial, Inc. | | | 1,323,790 | |
| | 3,916 | | Central Pacific Financial Corp. | | | 105,497 | |
| | 1,979 | | Civista Bancshares, Inc. | | | 40,312 | |
| | 6,122 | | Community Trust Bancorp, Inc. | | | 317,120 | |
| | 89,363 | | CVB Financial Corp. | | | 1,736,323 | |
| | 15,324 | | Dime Community Bancshares, Inc. | | | 460,793 | |
| | 951 | | Esquire Financial Holdings, Inc. | | | 63,318 | |
| | 6,945 | | First Bancorp, Inc. (The) | | | 179,876 | |
| | 61,156 | | First BanCorp. (Puerto Rico) | | | 1,179,088 | |
| | 48,142 | | First Commonwealth Financial Corp. | | | 791,454 | |
| | 25,568 | | First Financial Bankshares, Inc. | | | 924,028 | |
| | 4,722 | | First Internet Bancorp | | | 165,128 | |
| | 7,656 | | Flushing Financial Corp. | | | 120,008 | |
| | 36,513 | | Fulton Financial Corp. | | | 661,250 | |
| | 38,300 | | Hancock Whitney Corp. | | | 1,994,664 | |
| | 60,108 | | Hanmi Financial Corp. | | | 1,374,670 | |
| | 48,748 | | Heritage Financial Corp. | | | 1,120,717 | |
| | 3,612 | | Home Bancorp, Inc. | | | 170,306 | |
| | 2,460 | | HomeTrust Bancshares, Inc. | | | 81,549 | |
| | 24,519 | | Hope Bancorp, Inc. | | | 303,790 | |
| | 27,077 | | Independent Bank Corp. | | | 1,703,143 | |
| | 6,333 | | Independent Bank Corp. | | | 207,596 | |
| | 28,002 | | International Bancshares Corp. | | | 1,715,403 | |
| | 16,228 | | Live Oak Bancshares, Inc. | | | 644,414 | |
| | 6,385 | | Metrocity Bankshares, Inc. | | | 188,868 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Banks – (continued) | |
| | 18,159 | | Northeast Community Bancorp, Inc. | | $ | 471,408 | |
| | 1,544 | | Northrim BanCorp, Inc. | | | 100,777 | |
| | 35,121 | | OFG Bancorp (Puerto Rico) | | | 1,414,323 | |
| | 57,263 | | Old Second Bancorp, Inc. | | | 940,258 | |
| | 7,191 | | Park National Corp. | | | 1,242,461 | |
| | 22,687 | | PCB Bancorp | | | 425,835 | |
| | 14,062 | | Preferred Bank | | | 1,186,411 | |
| | 15,581 | | Provident Financial Services, Inc. | | | 291,053 | |
| | 1,220 | | Red River Bancshares, Inc. | | | 63,708 | |
| | 42,316 | | Renasant Corp. | | | 1,443,399 | |
| | 3,006 | | ServisFirst Bancshares, Inc. | | | 249,919 | |
| | 4,536 | | Sierra Bancorp | | | 128,822 | |
| | 1,774 | | SmartFinancial, Inc. | | | 58,826 | |
| | 1,605 | | Southern First Bancshares, Inc.* | | | 61,327 | |
| | 38,120 | | Southside Bancshares, Inc. | | | 1,235,088 | |
| | 2,513 | | Stellar Bancorp, Inc. | | | 68,404 | |
| | 10,653 | | Stock Yards Bancorp, Inc. | | | 686,905 | |
| | 24,105 | | Texas Capital Bancshares, Inc.* | | | 1,854,880 | |
| | 4,325 | | Timberland Bancorp, Inc. | | | 124,906 | |
| | 39,394 | | TrustCo Bank Corp. | | | 1,299,214 | |
| | 4,591 | | United Community Banks, Inc. | | | 130,660 | |
| | 5,365 | | Veritex Holdings, Inc. | | | 144,855 | |
| | 2,474 | | Washington Trust Bancorp, Inc. | | | 84,438 | |
| | 27,451 | | WesBanco, Inc. | | | 863,334 | |
| | 9,270 | | Westamerica BanCorp | | | 477,590 | |
| | | | | | | | |
| | | | | 42,972,509 | |
| | | |
| |
| | Biotechnology – 7.6% | |
| | 26,448 | | 89bio, Inc.* | | | 205,765 | |
| | 110,713 | | ACADIA Pharmaceuticals, Inc.* | | | 1,615,303 | |
| | 15,152 | | ADMA Biologics, Inc.* | | | 247,129 | |
| | 105,751 | | Amicus Therapeutics, Inc.* | | | 1,207,676 | |
| | 8,081 | | AnaptysBio, Inc.* | | | 174,792 | |
| | 59,813 | | Annexon, Inc.* | | | 437,831 | |
| | 2,609 | | Apogee Therapeutics, Inc.* | | | 135,772 | |
| | 1,002 | | Arcellx, Inc.* | | | 84,439 | |
| | 7,315 | | Arcturus Therapeutics Holdings, Inc.* | | | 129,695 | |
| | 30,610 | | Ardelyx, Inc.* | | | 179,681 | |
| | 182,626 | | Aurinia Pharmaceuticals, Inc. (Canada)* | | | 1,316,733 | |
| | 6,782 | | Beam Therapeutics, Inc.* | | | 148,594 | |
| | 61,975 | | BioCryst Pharmaceuticals, Inc.* | | | 496,420 | |
| | 27,945 | | Biohaven Ltd.* | | | 1,390,543 | |
| | 8,595 | | Biomea Fusion, Inc.* | | | 80,535 | |
| | 14,412 | | Blueprint Medicines Corp.* | | | 1,261,194 | |
| | 33,542 | | Bridgebio Pharma, Inc.* | | | 785,218 | |
| | 24,511 | | C4 Therapeutics, Inc.* | | | 130,644 | |
| | 11,480 | | CareDx, Inc.* | | | 254,052 | |
| | 106,978 | | Catalyst Pharmaceuticals, Inc.* | | | 2,332,120 | |
| | 43,354 | | Celldex Therapeutics, Inc.* | | | 1,129,805 | |
| | 59,953 | | Denali Therapeutics, Inc.* | | | 1,556,380 | |
| | 50,627 | | Design Therapeutics, Inc.* | | | 265,286 | |
| | 15,114 | | Dyne Therapeutics, Inc.* | | | 436,190 | |
| | 63,807 | | Editas Medicine, Inc.* | | | 185,040 | |
| | 45,602 | | Generation Bio Co.* | | | 99,412 | |
| | 12,608 | | Halozyme Therapeutics, Inc.* | | | 637,587 | |
| | 45,165 | | Heron Therapeutics, Inc.* | | | 78,587 | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Biotechnology – (continued) | |
| | 1,628 | | Immunovant, Inc.* | | $ | 47,635 | |
| | 63,986 | | iTeos Therapeutics, Inc.* | | | 540,682 | |
| | 6,273 | | Keros Therapeutics, Inc.* | | | 364,085 | |
| | 5,203 | | Kiniksa Pharmaceuticals International PLC* | | | 117,536 | |
| | 20,144 | | Kodiak Sciences, Inc.* | | | 76,547 | |
| | 3,617 | | Krystal Biotech, Inc.* | | | 624,041 | |
| | 23,526 | | Larimar Therapeutics, Inc.* | | | 193,501 | |
| | 1,438 | | Madrigal Pharmaceuticals, Inc.* | | | 372,931 | |
| | 71,924 | | MannKind Corp.* | | | 508,503 | |
| | 10,714 | | MeiraGTx Holdings PLC* | | | 59,356 | |
| | 12,038 | | Nurix Therapeutics, Inc.* | | | 295,894 | |
| | 5,048 | | Nuvalent, Inc., Class A* | | | 446,698 | |
| | 7,698 | | ORIC Pharmaceuticals, Inc.* | | | 72,207 | |
| | 83,968 | | Poseida Therapeutics, Inc.* | | | 199,004 | |
| | 22,714 | | Protagonist Therapeutics, Inc.* | | | 1,041,210 | |
| | 18,598 | | Prothena Corp. PLC (Ireland)* | | | 316,166 | |
| | 68,280 | | PTC Therapeutics, Inc.* | | | 2,725,738 | |
| | 62,544 | | RAPT Therapeutics, Inc.* | | | 132,593 | |
| | 3,647 | | Recursion Pharmaceuticals, Inc.,
Class A*(a) | | | 23,049 | |
| | 183,304 | | Relay Therapeutics, Inc.* | | | 1,032,918 | |
| | 1,250 | | Rhythm Pharmaceuticals, Inc.* | | | 59,663 | |
| | 15,579 | | Rocket Pharmaceuticals, Inc.* | | | 259,390 | |
| | 7,785 | | Sage Therapeutics, Inc.* | | | 47,333 | |
| | 2,442 | | Scholar Rock Holding Corp.* | | | 69,450 | |
| | 9,798 | | Solid Biosciences, Inc.* | | | 54,085 | |
| | 15,798 | | SpringWorks Therapeutics, Inc.* | | | 475,994 | |
| | 194,623 | | Sutro Biopharma, Inc.* | | | 632,525 | |
| | 7,758 | | Syndax Pharmaceuticals, Inc.* | | | 146,316 | |
| | 143,130 | | Taysha Gene Therapies, Inc.* | | | 241,890 | |
| | 30,363 | | Tenaya Therapeutics, Inc.* | | | 58,297 | |
| | 74,384 | | TG Therapeutics, Inc.* | | | 1,864,063 | |
| | 11,102 | | Twist Bioscience Corp.* | | | 448,077 | |
| | 36,059 | | Vanda Pharmaceuticals, Inc.* | | | 167,674 | |
| | 950 | | Vaxcyte, Inc.* | | | 101,033 | |
| | 3,096 | | Vera Therapeutics, Inc.* | | | 125,016 | |
| | 35,133 | | Veracyte, Inc.* | | | 1,185,387 | |
| | 55,698 | | Verve Therapeutics, Inc.* | | | 319,150 | |
| | 20,525 | | Viridian Therapeutics, Inc.* | | | 442,724 | |
| | 6,128 | | Xencor, Inc.* | | | 128,749 | |
| | | | | | | | |
| | | | | 33,019,533 | |
| | | |
| |
| | Broadline Retail – 0.1% | |
| | 34,213 | | Savers Value Village, Inc.*(a) | | | 349,999 | |
| | | |
| |
| | Building Products – 0.1% | |
| | 6,967 | | Tecnoglass, Inc. | | | 477,449 | |
| | | |
| |
| | Capital Markets – 0.9% | |
| | 180,471 | | BGC Group, Inc., Class A | | | 1,691,013 | |
| | 8,102 | | Brightsphere Investment Group, Inc. | | | 213,812 | |
| | 8,931 | | Moelis & Co., Class A | | | 593,018 | |
| | 68,923 | | Open Lending Corp.* | | | 385,969 | |
| | 1,382 | | Piper Sandler Cos. | | | 391,991 | |
| | 4,241 | | StoneX Group, Inc.* | | | 381,860 | |
| | 1,660 | | Virtus Investment Partners, Inc. | | | 359,174 | |
| | | | | | | | |
| | | | | 4,016,837 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Chemicals – 1.2% | |
| | 11,917 | | Aspen Aerogels, Inc.* | | $ | 212,599 | |
| | 8,282 | | Hawkins, Inc. | | | 885,346 | |
| | 11,433 | | HB Fuller Co. | | | 836,667 | |
| | 5,405 | | Ingevity Corp.* | | | 225,875 | |
| | 6,618 | | Innospec, Inc. | | | 713,288 | |
| | 35,050 | | Mativ Holdings, Inc. | | | 541,522 | |
| | 7,554 | | Minerals Technologies, Inc. | | | 568,741 | |
| | 4,151 | | Orion SA (Germany) | | | 62,223 | |
| | 4,863 | | PureCycle Technologies, Inc.*(a) | | | 63,316 | |
| | 5,911 | | Stepan Co. | | | 427,602 | |
| | 58,281 | | Tronox Holdings PLC | | | 706,366 | |
| | | | | | | | |
| | | | | 5,243,545 | |
| | | |
| |
| | Commercial Services & Supplies – 1.7% | |
| | 8,409 | | ABM Industries, Inc. | | | 446,182 | |
| | 77,701 | | ACV Auctions, Inc., Class A* | | | 1,343,450 | |
| | 66,432 | | CECO Environmental Corp.* | | | 1,581,082 | |
| | 34,032 | | Deluxe Corp. | | | 638,440 | |
| | 49,301 | | Enviri Corp.* | | | 377,646 | |
| | 208,762 | | Healthcare Services Group, Inc.* | | | 2,290,119 | |
| | 16,028 | | Montrose Environmental Group, Inc.* | | | 422,658 | |
| | 3,405 | | Viad Corp.* | | | 127,483 | |
| | | | | | | | |
| | | | | 7,227,060 | |
| | | |
| |
| | Communications Equipment – 0.7% | |
| | 4,511 | | Applied Optoelectronics, Inc.* | | | 70,462 | |
| | 117,823 | | NetScout Systems, Inc.* | | | 2,477,817 | |
| | 35,673 | | Viasat, Inc.* | | | 342,461 | |
| | | | | | | | |
| | | | | 2,890,740 | |
| | | |
| |
| | Construction & Engineering – 3.2% | |
| | 5,369 | | Construction Partners, Inc., Class A* | | | 422,701 | |
| | 4,891 | | Dycom Industries, Inc.* | | | 852,648 | |
| | 48,202 | | Fluor Corp.* | | | 2,520,001 | |
| | 23,155 | | Great Lakes Dredge & Dock Corp.* | | | 264,662 | |
| | 11,674 | | IES Holdings, Inc.* | | | 2,552,695 | |
| | 21,331 | | Limbach Holdings, Inc.* | | | 1,620,516 | |
| | 33,507 | | Primoris Services Corp. | | | 2,098,208 | |
| | 22,686 | | Sterling Infrastructure, Inc.* | | | 3,503,853 | |
| | | | | | | | |
| | | | | 13,835,284 | |
| | | |
| |
| | Construction Materials – 1.4% | |
| | 21,731 | | Knife River Corp.* | | | 2,114,861 | |
| | 69,704 | | Summit Materials, Inc., Class A* | | | 3,304,667 | |
| | 5,702 | | United States Lime & Minerals, Inc. | | | 643,071 | |
| | | | | | | | |
| | | | | 6,062,599 | |
| | | |
| |
| | Consumer Finance – 1.8% | |
| | 3,577 | | Bread Financial Holdings, Inc. | | | 178,313 | |
| | 14,191 | | Dave, Inc.* | | | 547,205 | |
| | 32,501 | | Encore Capital Group, Inc.* | | | 1,484,646 | |
| | 20,754 | | Enova International, Inc.* | | | 1,803,730 | |
| | 54,752 | | Green Dot Corp., Class A* | | | 621,983 | |
| | 1,232 | | LendingTree, Inc.* | | | 70,261 | |
| | 5,636 | | Moneylion, Inc.* | | | 242,179 | |
| | 92,364 | | Navient Corp. | | | 1,314,340 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Consumer Finance – (continued) | |
| | 3,220 | | PRA Group, Inc.* | | $ | 64,915 | |
| | 8,134 | | PROG Holdings, Inc. | | | 355,212 | |
| | 16,245 | | Regional Management Corp. | | | 466,556 | |
| | 7,032 | | Upstart Holdings, Inc.* | | | 342,318 | |
| | 2,285 | | World Acceptance Corp.* | | | 260,718 | |
| | | | | | | | |
| | | | | 7,752,376 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 1.4% | |
| | 26,777 | | Ingles Markets, Inc., Class A | | | 1,709,979 | |
| | 15,503 | | SpartanNash Co. | | | 326,183 | |
| | 30,503 | | Sprouts Farmers Market, Inc.* | | | 3,917,501 | |
| | 3,244 | | Weis Markets, Inc. | | | 204,015 | |
| | | | | | | | |
| | | | | 6,157,678 | |
| | | |
| |
| | Containers & Packaging – 0.2% | |
| | 95,950 | | O-I Glass, Inc.* | | | 1,066,005 | |
| | | |
| |
| | Diversified Consumer Services – 0.9% | |
| | 212,804 | | Coursera, Inc.* | | | 1,478,988 | |
| | 33,009 | | Mister Car Wash, Inc.* | | | 247,898 | |
| | 25,252 | | OneSpaWorld Holdings Ltd. (Bahamas) | | | 442,162 | |
| | 19,680 | | Strategic Education, Inc. | | | 1,711,373 | |
| | 1,148 | | Stride, Inc.* | | | 107,085 | |
| | | | | | | | |
| | | | | 3,987,506 | |
| | | |
| |
| | Diversified REITs – 0.3% | |
| | 10,081 | | American Assets Trust, Inc. REIT | | | 271,683 | |
| | 63,405 | | Armada Hoffler Properties, Inc. REIT | | | 686,676 | |
| | | | | | | | |
| | | | | 958,359 | |
| | | |
| |
| | Diversified Telecommunication Services – 0.5% | |
| | 13,916 | | AST SpaceMobile, Inc.* | | | 331,340 | |
| | 30,367 | | Bandwidth, Inc., Class A* | | | 592,157 | |
| | 208,462 | | Lumen Technologies, Inc.* | | | 1,332,072 | |
| | | | | | | | |
| | | | | 2,255,569 | |
| | | |
| |
| | Electrical Equipment – 2.1% | |
| | 10,601 | | American Superconductor Corp.* | | | 259,937 | |
| | 31,557 | | Atkore, Inc. | | | 2,706,328 | |
| | 67,686 | | Blink Charging Co.* | | | 134,018 | |
| | 31,323 | | Bloom Energy Corp., Class A* | | | 300,701 | |
| | 7,746 | | Enovix Corp.*(a) | | | 69,753 | |
| | 10,710 | | Fluence Energy, Inc.* | | | 232,942 | |
| | 171,354 | | FuelCell Energy, Inc.*(a) | | | 58,946 | |
| | 39,961 | | GrafTech International Ltd.* | | | 67,934 | |
| | 15,128 | | NEXTracker, Inc., Class A* | | | 602,397 | |
| | 13,108 | | NuScale Power Corp.*(a) | | | 250,887 | |
| | 15,557 | | Plug Power, Inc.*(a) | | | 30,492 | |
| | 4,787 | | Powell Industries, Inc. | | | 1,220,589 | |
| | 113,627 | | Shoals Technologies Group, Inc., Class A* | | | 614,722 | |
| | 49,822 | | Sunrun, Inc.* | | | 719,928 | |
| | 58,381 | | Thermon Group Holdings, Inc.* | | | 1,530,166 | |
| | 20,571 | | TPI Composites, Inc.* | | | 70,044 | |
| | 4,303 | | Vicor Corp.* | | | 196,690 | |
| | | | | | | | |
| | | | | 9,066,474 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Electronic Equipment, Instruments & Components – 2.7% | |
| | 10,518 | | Arlo Technologies, Inc.* | | $ | 106,863 | |
| | 8,742 | | Badger Meter, Inc. | | | 1,748,837 | |
| | 4,192 | | ePlus, Inc.* | | | 372,878 | |
| | 15,783 | | Fabrinet (Thailand)* | | | 3,803,230 | |
| | 18,193 | | Itron, Inc.* | | | 2,033,250 | |
| | 112,335 | | Knowles Corp.* | | | 1,945,642 | |
| | 8,282 | | Napco Security Technologies, Inc. | | | 318,691 | |
| | 38,462 | | nLight, Inc.* | | | 480,006 | |
| | 995 | | Novanta, Inc.* | | | 169,389 | |
| | 26,982 | | Vishay Precision Group, Inc.* | | | 626,252 | |
| | | | | | | | |
| | | | | 11,605,038 | |
| | | |
| |
| | Energy Equipment & Services – 1.7% | |
| | 11,119 | | Archrock, Inc. | | | 222,602 | |
| | 39,743 | | Borr Drilling Ltd. (Mexico)* | | | 166,523 | |
| | 40,635 | | ChampionX Corp. | | | 1,146,720 | |
| | 4,199 | | Nabors Industries Ltd.* | | | 312,448 | |
| | 31,200 | | Newpark Resources, Inc.* | | | 207,792 | |
| | 43,285 | | Oceaneering International, Inc.* | | | 1,056,154 | |
| | 9,500 | | Oil States International, Inc.* | | | 44,935 | |
| | 113,887 | | Patterson-UTI Energy, Inc. | | | 873,513 | |
| | 21,680 | | SEACOR Marine Holdings, Inc.* | | | 147,424 | |
| | 15,204 | | Seadrill Ltd. (Norway)* | | | 598,278 | |
| | 18,685 | | Tidewater, Inc.* | | | 1,122,408 | |
| | 103,201 | | Transocean Ltd.* | | | 447,892 | |
| | 19,358 | | Valaris Ltd.* | | | 979,515 | |
| | | | | | | | |
| | | | | 7,326,204 | |
| | | |
| |
| | Entertainment – 1.2% | |
| | 75,382 | | AMC Entertainment Holdings, Inc., Class A* | | | 330,927 | |
| | 60,579 | | Cinemark Holdings, Inc.* | | | 1,802,225 | |
| | 146,910 | | Eventbrite, Inc., Class A* | | | 470,112 | |
| | 57,761 | | Madison Square Garden Entertainment Corp.* | | | 2,409,211 | |
| | | | | | | | |
| | | | | 5,012,475 | |
| | | |
| |
| | Financial Services – 2.8% | |
| | 4,852 | | Alerus Financial Corp. | | | 98,156 | |
| | 21,388 | | AvidXchange Holdings, Inc.* | | | 176,237 | |
| | 87,622 | | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | | | 2,801,275 | |
| | 6,995 | | Flywire Corp.* | | | 121,853 | |
| | 50,696 | | I3 Verticals, Inc., Class A* | | | 1,165,501 | |
| | 26,433 | | Jackson Financial, Inc., Class A | | | 2,641,979 | |
| | 40,887 | | Merchants Bancorp | | | 1,510,366 | |
| | 5,862 | | Mr Cooper Group, Inc.* | | | 519,080 | |
| | 12,040 | | NCR Atleos Corp.* | | | 315,207 | |
| | 23,221 | | NMI Holdings, Inc., Class A* | | | 898,188 | |
| | 200,269 | | Payoneer Global, Inc.* | | | 1,726,319 | |
| | | | | | | | |
| | | | | 11,974,161 | |
| | | |
| |
| | Food Products – 0.6% | |
| | 16,620 | | BRC, Inc., Class A* | | | 52,021 | |
| | 3,537 | | Dole PLC | | | 57,122 | |
| | 47,915 | | Hain Celestial Group, Inc. (The)* | | | 418,298 | |
| | 5,805 | | Lancaster Colony Corp. | | | 1,007,748 | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Food Products – (continued) | |
| | 51,467 | | WK Kellogg Co. | | $ | 855,896 | |
| | | | | | | | |
| | | | | 2,391,085 | |
| | | |
| |
| | Gas Utilities – 0.4% | |
| | 25,202 | | ONE Gas, Inc. | | | 1,796,147 | |
| | | |
| |
| | Ground Transportation – 0.7% | |
| | 2,411 | | ArcBest Corp. | | | 251,178 | |
| | 3,058 | | Heartland Express, Inc. | | | 33,041 | |
| | 5,009 | | RXO, Inc.* | | | 141,204 | |
| | 69,611 | | Werner Enterprises, Inc. | | | 2,567,950 | |
| | | | | | | | |
| | | | | 2,993,373 | |
| | | |
| |
| | Health Care Equipment & Supplies – 2.0% | |
| | 56,635 | | AtriCure, Inc.* | | | 1,879,149 | |
| | 6,561 | | Avanos Medical, Inc.* | | | 122,559 | |
| | 74,144 | | Embecta Corp. | | | 1,043,948 | |
| | 8,567 | | Inari Medical, Inc.* | | | 414,643 | |
| | 21,122 | | iRadimed Corp. | | | 1,040,681 | |
| | 27,483 | | Lantheus Holdings, Inc.* | | | 3,018,733 | |
| | 7,787 | | Merit Medical Systems, Inc.* | | | 768,265 | |
| | 5,256 | | PROCEPT BioRobotics Corp.* | | | 473,040 | |
| | 16,434 | | Pulmonx Corp.* | | | 102,712 | |
| | | | | | | | |
| | | | | 8,863,730 | |
| | | |
| |
| | Health Care Providers & Services – 3.7% | |
| | 2,687 | | Addus HomeCare Corp.* | | | 334,316 | |
| | 318,447 | | agilon health, Inc.* | | | 812,040 | |
| | 18,990 | | BrightSpring Health Services, Inc.* | | | 284,280 | |
| | 59,065 | | Brookdale Senior Living, Inc.* | | | 370,337 | |
| | 122,562 | | Community Health Systems, Inc.* | | | 496,376 | |
| | 18,206 | | DocGo, Inc.* | | | 63,903 | |
| | 107,502 | | Enhabit, Inc.* | | | 740,689 | |
| | 23,901 | | Ensign Group, Inc. (The) | | | 3,704,416 | |
| | 1,110 | | GeneDx Holdings Corp.* | | | 90,676 | |
| | 38,566 | | Guardant Health, Inc.* | | | 843,824 | |
| | 16,303 | | HealthEquity, Inc.* | | | 1,389,831 | |
| | 64,778 | | Joint Corp. (The)* | | | 715,797 | |
| | 251,192 | | LifeStance Health Group, Inc.* | | | 1,685,498 | |
| | 62,133 | | Pennant Group, Inc. (The)* | | | 1,986,392 | |
| | 4,763 | | Privia Health Group, Inc.* | | | 87,449 | |
| | 21,736 | | Select Medical Holdings Corp. | | | 697,291 | |
| | 29,702 | | Surgery Partners, Inc.* | | | 855,418 | |
| | 92,694 | | Viemed Healthcare, Inc.* | | | 792,534 | |
| | | | | | | | |
| | | | | 15,951,067 | |
| | | |
| |
| | Health Care REITs – 0.1% | |
| | 6,990 | | Universal Health Realty Income Trust REIT | | | 276,525 | |
| | | |
| |
| | Health Care Technology – 0.4% | |
| | 29,186 | | Evolent Health, Inc., Class A* | | | 681,493 | |
| | 30,187 | | Health Catalyst, Inc.* | | | 234,553 | |
| | 81,604 | | LifeMD, Inc.* | | | 332,944 | |
| | 11,315 | | Phreesia, Inc.* | | | 206,951 | |
| | 4,486 | | Waystar Holding Corp.* | | | 127,986 | |
| | | | | | | | |
| | | | | 1,583,927 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Hotel & Resort REITs – 1.4% | |
| | 58,240 | | Apple Hospitality REIT, Inc. REIT | | $ | 860,205 | |
| | 182,012 | | Chatham Lodging Trust REIT | | | 1,437,895 | |
| | 71,409 | | Pebblebrook Hotel Trust REIT | | | 855,480 | |
| | 269,024 | | RLJ Lodging Trust REIT | | | 2,380,862 | |
| | 149,950 | | Service Properties Trust REIT | | | 479,840 | |
| | 17,791 | | Summit Hotel Properties, Inc. REIT | | | 108,881 | |
| | | | | | | | |
| | | | | 6,123,163 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 3.5% | |
| | 63,192 | | BJ’s Restaurants, Inc.* | | | 2,343,791 | |
| | 1,595 | | Brinker International, Inc.* | | | 163,823 | |
| | 22,951 | | Cheesecake Factory, Inc. (The) | | | 1,060,795 | |
| | 14,588 | | Cracker Barrel Old Country Store, Inc. | | | 693,951 | |
| | 184,500 | | Denny’s Corp.* | | | 1,182,645 | |
| | 39,588 | | Dine Brands Global, Inc. | | | 1,205,059 | |
| | 77,567 | | El Pollo Loco Holdings, Inc.* | | | 947,869 | |
| | 9,568 | | Hilton Grand Vacations, Inc.* | | | 352,868 | |
| | 72,737 | | International Game Technology PLC | | | 1,478,016 | |
| | 57,155 | | Life Time Group Holdings, Inc.* | | | 1,273,413 | |
| | 4,569 | | Portillo’s, Inc., Class A* | | | 59,077 | |
| | 22,740 | | RCI Hospitality Holdings, Inc. | | | 987,371 | |
| | 48,724 | | Red Rock Resorts, Inc., Class A | | | 2,507,337 | |
| | 10,890 | | Rush Street Interactive, Inc.* | | | 117,830 | |
| | 7,472 | | Shake Shack, Inc., Class A* | | | 909,118 | |
| | | | | | | | |
| | | | | 15,282,963 | |
| | | |
| |
| | Household Durables – 2.0% | |
| | 3,861 | | Beazer Homes USA, Inc.* | | | 118,764 | |
| | 117,177 | | GoPro, Inc., Class A* | | | 158,189 | |
| | 21,206 | | Green Brick Partners, Inc.* | | | 1,463,426 | |
| | 11,526 | | Installed Building Products, Inc. | | | 2,499,989 | |
| | 1,714 | | KB Home | | | 134,549 | |
| | 15,218 | | Landsea Homes Corp.* | | | 157,963 | |
| | 11,520 | | LGI Homes, Inc.* | | | 1,169,971 | |
| | 20,623 | | M/I Homes, Inc.* | | | 3,126,241 | |
| | | | | | | | |
| | | | | 8,829,092 | |
| | | |
| |
| | Industrial REITs – 0.6% | |
| | 282,834 | | LXP Industrial Trust REIT | | | 2,669,953 | |
| | | |
| |
| | Insurance – 1.7% | |
| | 58,562 | | Ambac Financial Group, Inc.* | | | 662,336 | |
| | 4,619 | | American Coastal Insurance Corp.* | | | 56,121 | |
| | 4,712 | | Baldwin Insurance Group, Inc. (The), Class A* | | | 217,977 | |
| | 1,035 | | Employers Holdings, Inc. | | | 50,425 | |
| | 13,216 | | Genworth Financial, Inc., Class A* | | | 89,076 | |
| | 3,689 | | HCI Group, Inc. | | | 418,001 | |
| | 124,702 | | James River Group Holdings Ltd. | | | 775,646 | |
| | 12,933 | | Lemonade, Inc.*(a) | | | 307,417 | |
| | 34,808 | | Mercury General Corp. | | | 2,354,065 | |
| | 12,207 | | Selective Insurance Group, Inc. | | | 1,108,640 | |
| | 3,442 | | Tiptree, Inc. | | | 70,251 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Insurance – (continued) | |
| | 65,191 | | Universal Insurance Holdings, Inc. | | $ | 1,299,909 | |
| | | | | | | | |
| | | | | 7,409,864 | |
| | | |
| |
| | Interactive Media & Services – 1.5% | |
| | 51,725 | | EverQuote, Inc., Class A* | | | 930,015 | |
| | 171,889 | | fuboTV, Inc.* | | | 299,087 | |
| | 55,095 | | MediaAlpha, Inc., Class A* | | | 943,777 | |
| | 38,638 | | QuinStreet, Inc.* | | | 811,398 | |
| | 49,040 | | Shutterstock, Inc. | | | 1,573,694 | |
| | 343,888 | | Vimeo, Inc.* | | | 1,640,346 | |
| | 25,357 | | ZipRecruiter, Inc., Class A* | | | 235,059 | |
| | | | | | | | |
| | | | | 6,433,376 | |
| | | |
| |
| | IT Services – 0.6% | |
| | 48,741 | | DigitalOcean Holdings, Inc.* | | | 1,929,169 | |
| | 38,133 | | Hackett Group, Inc. (The) | | | 927,395 | |
| | | | | | | | |
| | | | | 2,856,564 | |
| | | |
| |
| | Leisure Products – 0.7% | |
| | 4,729 | | Acushnet Holdings Corp. | | | 289,888 | |
| | 103,525 | | Peloton Interactive, Inc., Class A* | | | 879,962 | |
| | 49,036 | | Smith & Wesson Brands, Inc. | | | 635,261 | |
| | 111,828 | | Topgolf Callaway Brands Corp.* | | | 1,085,850 | |
| | | | | | | | |
| | | | | 2,890,961 | |
| | | |
| |
| | Life Sciences Tools & Services – 0.5% | |
| | 171,127 | | Adaptive Biotechnologies Corp.* | | | 828,255 | |
| | 7,427 | | BioLife Solutions, Inc.* | | | 173,792 | |
| | 36,413 | | Codexis, Inc.* | | | 114,337 | |
| | 95,907 | | Cytek Biosciences, Inc.* | | | 474,260 | |
| | 96,713 | | Maravai LifeSciences Holdings, Inc., Class A* | | | 716,643 | |
| | | | | | | | |
| | | | | 2,307,287 | |
| | | |
| |
| | Machinery – 3.1% | |
| | 2,035 | | Astec Industries, Inc. | | | 64,672 | |
| | 6,937 | | Chart Industries, Inc.* | | | 837,435 | |
| | 58,526 | | Douglas Dynamics, Inc. | | | 1,325,614 | |
| | 3,588 | | ESCO Technologies, Inc. | | | 450,438 | |
| | 35,679 | | Federal Signal Corp. | | | 2,910,336 | |
| | 9,961 | | Gorman-Rupp Co. (The) | | | 368,059 | |
| | 6,790 | | Helios Technologies, Inc. | | | 313,223 | |
| | 45,211 | | Hillman Solutions Corp.* | | | 479,237 | |
| | 9,234 | | Kennametal, Inc. | | | 233,805 | |
| | 14,873 | | Mayville Engineering Co., Inc.* | | | 304,450 | |
| | 17,772 | | Miller Industries, Inc. | | | 1,166,554 | |
| | 19,195 | | Mueller Industries, Inc. | | | 1,573,414 | |
| | 8,250 | | Omega Flex, Inc. | | | 421,740 | |
| | 19,874 | | SPX Technologies, Inc.* | | | 2,851,720 | |
| | 17,276 | | Wabash National Corp. | | | 301,293 | |
| | | | | | | | |
| | | | | 13,601,990 | |
| | | |
| |
| | Marine Transportation – 0.1% | |
| | 72,747 | | Safe Bulkers, Inc. (Monaco) | | | 304,810 | |
| | | |
| |
| | Media – 0.9% | |
| | 32,359 | | AMC Networks, Inc., Class A* | | | 262,108 | |
| | 3,298 | | Cable One, Inc. | | | 1,126,465 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Media – (continued) | |
| | 20,049 | | Entravision Communications Corp., Class A | | $ | 46,514 | |
| | 154,643 | | EW Scripps Co. (The), Class A* | | | 518,827 | |
| | 8,064 | | Gannett Co., Inc.* | | | 37,820 | |
| | 233,237 | | Gray Television, Inc. | | | 1,331,783 | |
| | 5,932 | | Magnite, Inc.* | | | 74,031 | |
| | 6,552 | | PubMatic, Inc., Class A* | | | 96,347 | |
| | 22,059 | | Thryv Holdings, Inc.* | | | 317,209 | |
| | | | | | | | |
| | | | | 3,811,104 | |
| | | |
| |
| | Metals & Mining – 1.4% | |
| | 3,128 | | Caledonia Mining Corp. PLC
(South Africa) | | | 46,638 | |
| | 13,287 | | Carpenter Technology Corp. | | | 1,986,407 | |
| | 96,937 | | Coeur Mining, Inc.* | | | 624,274 | |
| | 362,626 | | Hecla Mining Co. | | | 2,353,443 | |
| | 1,187 | | Kaiser Aluminum Corp. | | | 88,147 | |
| | 3,813 | | Materion Corp. | | | 387,515 | |
| | 8,064 | | Olympic Steel, Inc. | | | 289,336 | |
| | 6,599 | | Worthington Steel, Inc. | | | 252,346 | |
| | | | | | | | |
| | | | | 6,028,106 | |
| | | |
| |
| | Mortgage Real Estate Investment Trusts (REITs) – 1.2% | |
| | 128,210 | | Arbor Realty Trust, Inc. REIT | | | 1,889,815 | |
| | 36,126 | | Blackstone Mortgage Trust, Inc., Class A REIT | | | 657,855 | |
| | 59,567 | | BrightSpire Capital, Inc. REIT | | | 362,167 | |
| | 50,251 | | Ladder Capital Corp. REIT | | | 573,364 | |
| | 65,610 | | Orchid Island Capital, Inc. REIT | | | 496,668 | |
| | 51,727 | | PennyMac Mortgage Investment Trust REIT | | | 697,280 | |
| | 62,757 | | TPG RE Finance Trust, Inc. REIT | | | 552,889 | |
| | | | | | | | |
| | | | | 5,230,038 | |
| | | |
| |
| | Multi-Utilities – 1.0% | |
| | 50,372 | | Black Hills Corp. | | | 2,981,519 | |
| | 19,198 | | Northwestern Energy Group, Inc. | | | 1,026,325 | |
| | 1,973 | | Unitil Corp. | | | 114,217 | |
| | | | | | | | |
| | | | | 4,122,061 | |
| | | |
| |
| | Office REITs – 0.8% | |
| | 46,481 | | COPT Defense Properties REIT | | | 1,496,688 | |
| | 134,845 | | Hudson Pacific Properties, Inc. REIT | | | 582,530 | |
| | 71,749 | | JBG SMITH Properties REIT | | | 1,219,733 | |
| | | | | | | | |
| | | | | 3,298,951 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 1.8% | |
| | 8,736 | | Ardmore Shipping Corp. (Ireland) | | | 123,265 | |
| | 22,236 | | Dorian LPG Ltd. | | | 641,509 | |
| | 41,424 | | Excelerate Energy, Inc., Class A | | | 989,205 | |
| | 31,206 | | Green Plains, Inc.* | | | 381,649 | |
| | 15,612 | | Kinetik Holdings, Inc. | | | 759,836 | |
| | 80,618 | | Kosmos Energy Ltd. (Ghana)* | | | 303,124 | |
| | 21,430 | | Murphy Oil Corp. | | | 674,616 | |
| | 440,673 | | Nordic American Tankers Ltd. | | | 1,441,001 | |
| | 4,827 | | Par Pacific Holdings, Inc.* | | | 74,577 | |
| | 22,768 | | PBF Energy, Inc., Class A | | | 649,343 | |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Oil, Gas & Consumable Fuels – (continued) | |
| | 19,571 | | Peabody Energy Corp. | | $ | 514,130 | |
| | 19,944 | | Scorpio Tankers, Inc. (Monaco) | | | 1,162,137 | |
| | 2,518 | | SM Energy Co. | | | 105,680 | |
| | 4,761 | | Vital Energy, Inc.* | | | 129,833 | |
| | | | | | | | |
| | | | | 7,949,905 | |
| | | |
| |
| | Paper & Forest Products – 0.2% | |
| | 11,380 | | Sylvamo Corp. | | | 967,528 | |
| | | |
| |
| | Passenger Airlines – 1.1% | |
| | 33,300 | | Allegiant Travel Co. | | | 2,164,833 | |
| | 26,522 | | Joby Aviation, Inc.*(a) | | | 127,306 | |
| | 26,382 | | SkyWest, Inc.* | | | 2,511,566 | |
| | | | | | | | |
| | | | | 4,803,705 | |
| | | |
| |
| | Personal Care Products – 0.2% | |
| | 70,914 | | Herbalife Ltd.* | | | 535,401 | |
| | 69,178 | | Nu Skin Enterprises, Inc., Class A | | | 428,212 | |
| | | | | | | | |
| | | | | 963,613 | |
| | | |
| |
| | Pharmaceuticals – 1.7% | |
| | 7,653 | | Amphastar Pharmaceuticals, Inc.* | | | 386,706 | |
| | 24,071 | | Arvinas, Inc.* | | | 636,196 | |
| | 11,090 | | Axsome Therapeutics, Inc.* | | | 987,343 | |
| | 17,216 | | Collegium Pharmaceutical, Inc.* | | | 587,754 | |
| | 6,304 | | Corcept Therapeutics, Inc.* | | | 308,707 | |
| | 22,182 | | Evolus, Inc.* | | | 362,010 | |
| | 7,212 | | Fulcrum Therapeutics, Inc.* | | | 22,790 | |
| | 27,405 | | Innoviva, Inc.* | | | 536,042 | |
| | 896 | | Ligand Pharmaceuticals, Inc.* | | | 94,707 | |
| | 5,933 | | Neumora Therapeutics, Inc.* | | | 67,933 | |
| | 44,873 | | Phibro Animal Health Corp., Class A | | | 1,037,464 | |
| | 58,779 | | Supernus Pharmaceuticals, Inc.* | | | 2,002,600 | |
| | 31,778 | | Theravance Biopharma, Inc.* | | | 261,851 | |
| | | | | | | | |
| | | | | 7,292,103 | |
| | | |
| |
| | Professional Services – 2.0% | |
| | 84,807 | | Conduent, Inc.* | | | 305,305 | |
| | 4,648 | | CSG Systems International, Inc. | | | 216,643 | |
| | 27,110 | | ExlService Holdings, Inc.* | | | 1,129,674 | |
| | 7,200 | | Exponent, Inc. | | | 679,536 | |
| | 28,626 | | Franklin Covey Co.* | | | 1,139,601 | |
| | 29,871 | | Maximus, Inc. | | | 2,582,049 | |
| | 22,315 | | NV5 Global, Inc.* | | | 509,898 | |
| | 18,098 | | TriNet Group, Inc. | | | 1,536,339 | |
| | | | | | | | |
| | | | | 8,099,045 | |
| | | |
| |
| | Real Estate Management & Development – 0.8% | |
| | 197,641 | | Compass, Inc., Class A* | | | 1,255,020 | |
| | 133,607 | | Redfin Corp.* | | | 1,385,505 | |
| | 12,881 | | St Joe Co. (The) | | | 665,948 | |
| | | | | | | | |
| | | | | 3,306,473 | |
| | | |
| |
| | Residential REITs – 0.6% | |
| | 61,867 | | NexPoint Residential Trust, Inc. REIT | | | 2,576,761 | |
| | 6,577 | | Veris Residential, Inc. REIT | | | 108,323 | |
| | | | | | | | |
| | | | | 2,685,084 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Retail REITs – 0.5% | |
| | 2,636 | | Alexander’s, Inc. REIT | | $ | 598,451 | |
| | 33,240 | | Kite Realty Group Trust REIT | | | 853,271 | |
| | 17,484 | | Macerich Co. (The) REIT | | | 326,951 | |
| | 4,956 | | Phillips Edison & Co., Inc. REIT | | | 187,386 | |
| | 5,739 | | Retail Opportunity Investments Corp. REIT | | | 88,955 | |
| | 10,005 | | Tanger, Inc. REIT | | | 332,466 | |
| | | | | | | | |
| | | | | 2,387,480 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 1.5% | |
| | 7,594 | | Ambarella, Inc.* | | | 426,707 | |
| | 5,844 | | Axcelis Technologies, Inc.* | | | 498,552 | |
| | 1,909 | | CEVA, Inc.* | | | 44,546 | |
| | 16,954 | | Credo Technology Group Holding Ltd.* | | | 639,166 | |
| | 27,573 | | FormFactor, Inc.* | | | 1,047,223 | |
| | 3,114 | | Ichor Holdings Ltd.* | | | 84,888 | |
| | 1,688 | | Impinj, Inc.* | | | 320,703 | |
| | 7,786 | | MaxLinear, Inc.* | | | 100,984 | |
| | 39,462 | | PDF Solutions, Inc.* | | | 1,117,564 | |
| | 45,317 | | Semtech Corp.* | | | 2,002,558 | |
| | 6,466 | | Ultra Clean Holdings, Inc.* | | | 216,288 | |
| | 5,312 | | Veeco Instruments, Inc.* | | | 152,879 | |
| | | | | | | | |
| | | | | 6,652,058 | |
| | | |
| |
| | Software – 7.7% | |
| | 60,434 | | A10 Networks, Inc. | | | 885,358 | |
| | 70,104 | | ACI Worldwide, Inc.* | | | 3,449,117 | |
| | 10,163 | | Agilysys, Inc.* | | | 1,016,707 | |
| | 43,628 | | Alarm.com Holdings, Inc.* | | | 2,326,681 | |
| | 71,244 | | Alkami Technology, Inc.* | | | 2,608,243 | |
| | 25,058 | | BlackLine, Inc.* | | | 1,387,461 | |
| | 82,846 | | Blend Labs, Inc., Class A* | | | 300,731 | |
| | 19,692 | | Cleanspark, Inc.* | | | 208,932 | |
| | 74,992 | | Clear Secure, Inc., Class A | | | 2,758,206 | |
| | 50,274 | | Clearwater Analytics Holdings, Inc., Class A* | | | 1,312,654 | |
| | 22,929 | | CommVault Systems, Inc.* | | | 3,581,281 | |
| | 54,452 | | Consensus Cloud Solutions, Inc.* | | | 1,207,745 | |
| | 11,655 | | Intapp, Inc.* | | | 584,731 | |
| | 32,317 | | MARA Holdings, Inc.* | | | 541,956 | |
| | 155,882 | | Olo, Inc., Class A* | | | 780,969 | |
| | 19,079 | | OneSpan, Inc.* | | | 318,238 | |
| | 50,093 | | Pagaya Technologies Ltd., Class A*(a) | | | 577,071 | |
| | 12,578 | | Q2 Holdings, Inc.* | | | 1,064,854 | |
| | 7,718 | | Red Violet, Inc.* | | | 232,158 | |
| | 26,747 | | Riot Platforms, Inc.* | | | 247,142 | |
| | 1,009 | | Sapiens International Corp. NV (Israel) | | | 37,212 | |
| | 7,311 | | SEMrush Holdings, Inc., Class A* | | | 95,847 | |
| | 11,487 | | SoundHound AI, Inc., Class A* | | | 57,780 | |
| | 44,973 | | Terawulf, Inc.* | | | 293,224 | |
| | 53,901 | | Varonis Systems, Inc.* | | | 2,714,993 | |
| | 111,112 | | Verint Systems, Inc.* | | | 2,366,686 | |
| | 15,324 | | Workiva, Inc.* | | | 1,222,242 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Software – (continued) | |
| | 49,352 | | Zeta Global Holdings Corp., Class A* | | $ | 1,366,063 | |
| | | | | | | | |
| | | | | 33,544,282 | |
| | | |
| |
| | Specialized REITs – 0.0% | |
| | 12,033 | | Uniti Group, Inc. REIT | | | 61,007 | |
| | | |
| |
| | Specialty Retail – 2.6% | |
| | 11,043 | | Abercrombie & Fitch Co., Class A* | | | 1,455,357 | |
| | 13,841 | | America’s Car-Mart, Inc.* | | | 540,353 | |
| | 4,110 | | Arko Corp. | | | 27,332 | |
| | 36,543 | | Buckle, Inc. (The) | | | 1,555,270 | |
| | 47,356 | | Haverty Furniture Cos., Inc. | | | 1,048,935 | |
| | 182,012 | | Leslie’s, Inc.* | | | 489,612 | |
| | 32,664 | | Monro, Inc. | | | 895,320 | |
| | 61,116 | | RealReal, Inc. (The)* | | | 177,236 | |
| | 40,548 | | Revolve Group, Inc.* | | | 1,006,401 | |
| | 46,816 | | Shoe Carnival, Inc. | | | 1,604,384 | |
| | 17,366 | | Upbound Group, Inc. | | | 507,782 | |
| | 45,701 | | Warby Parker, Inc., Class A* | | | 773,718 | |
| | 58,799 | | Zumiez, Inc.* | | | 1,211,260 | |
| | | | | | | | |
| | | | | 11,292,960 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 0.1% | |
| | 8,750 | | Corsair Gaming, Inc.* | | | 56,131 | |
| | 26,122 | | Eastman Kodak Co.* | | | 123,296 | |
| | 18,208 | | IonQ, Inc.*(a) | | | 273,666 | |
| | 2,945 | | Turtle Beach Corp.* | | | 47,032 | |
| | | | | | | | |
| | | | | 500,125 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.4% | |
| | 55,595 | | Figs, Inc., Class A* | | | 347,469 | |
| | 27,195 | | G-III Apparel Group Ltd.* | | | 823,464 | |
| | 7,713 | | Steven Madden Ltd. | | | 346,854 | |
| | | | | | | | |
| | | | | 1,517,787 | |
| | | |
| |
| | Tobacco – 0.3% | |
| | 26,684 | | Universal Corp. | | | 1,358,749 | |
| | | |
| |
| | Trading Companies & Distributors – 1.0% | |
| | 10,492 | | DXP Enterprises, Inc.* | | | 514,947 | |
| | 18,093 | | FTAI Aviation Ltd. | | | 2,432,423 | |
| | 7,933 | | H&E Equipment Services, Inc. | | | 414,499 | |
| | 300 | | Herc Holdings, Inc. | | | 62,742 | |
| | 1,342 | | McGrath RentCorp | | | 152,586 | |
| | 77,647 | | MRC Global, Inc.* | | | 951,952 | |
| | | | | | | | |
| | | | | 4,529,149 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Water Utilities – 0.7% | |
| | 26,116 | | California Water Service Group | | $ | 1,356,987 | |
| | 12,232 | | Consolidated Water Co. Ltd. | | | 290,632 | |
| | 23,645 | | SJW Group | | | 1,316,081 | |
| | | | | | | | |
| | | | | 2,963,700 | |
| | | |
| |
| | Wireless Telecommunication Services – 0.4% | |
| | 11,555 | | Spok Holdings, Inc. | | | 179,911 | |
| | 56,776 | | Telephone and Data Systems, Inc. | | | 1,689,086 | |
| | | | | | | | |
| | | | | 1,868,997 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $382,408,448) | | | 421,925,377 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.9%(b) | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 3,881,815 | | 4.766% | | | 3,881,815 | |
| | (Cost $3,881,815) | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $386,290,263) | | | 425,807,192 | |
| | | |
| | | |
| |
| | Securities Lending Reinvestment Vehicle – 0.7%(b) | |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| | 2,996,700 | | 4.766% | | | 2,996,700 | |
| | (Cost $2,996,700) | |
| | | |
| | TOTAL INVESTMENTS – 99.0% (Cost $389,286,963) | | $ | 428,803,892 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.0% | | | 4,173,399 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 432,977,291 | |
| | | |
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) | All or a portion of security is on loan. |
| | (b) | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | |
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | | Unrealized
Appreciation/
(Depreciation) |
| |
Long position contracts: | | | | | | | | | | | | |
Russell 2000 E-Mini Index | | 66 | | 12/20/24 | | $ | 7,288,380 | | | $ | (142,719) | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 97.6% | |
| |
| | Aerospace & Defense – 1.8% | |
| | 1,998 | | AeroVironment, Inc.* | | $ | 429,490 | |
| | 3,318 | | Archer Aviation, Inc., Class A* | | | 10,452 | |
| | 4,955 | | Cadre Holdings, Inc. | | | 172,285 | |
| | 23,940 | | Leonardo DRS, Inc.* | | | 719,876 | |
| | 90,815 | | Rocket Lab USA, Inc.* | | | 971,720 | |
| | | | | | | | |
| | | | | | | 2,303,823 | |
| | | |
| |
| | Automobile Components – 1.6% | |
| | 6,106 | | Dorman Products, Inc.* | | | 696,267 | |
| | 1,910 | | Goodyear Tire & Rubber Co. (The)* | | | 15,299 | |
| | 9,242 | | Holley, Inc.* | | | 23,937 | |
| | 1,614 | | LCI Industries | | | 179,606 | |
| | 9,165 | | Modine Manufacturing Co.* | | | 1,079,362 | |
| | 1,225 | | XPEL, Inc.* | | | 47,248 | |
| | | | | | | | |
| | | | | | | 2,041,719 | |
| | | |
| |
| | Banks – 1.5% | |
| | 11,238 | | Bancorp, Inc. (The)* | | | 564,822 | |
| | 2,113 | | Esquire Financial Holdings, Inc. | | | 140,684 | |
| | 18,099 | | First Financial Bankshares, Inc. | | | 654,098 | |
| | 490 | | First Internet Bancorp | | | 17,135 | |
| | 2,227 | | Hanmi Financial Corp. | | | 50,931 | |
| | 10,813 | | Live Oak Bancshares, Inc. | | | 429,384 | |
| | 542 | | Southern First Bancshares, Inc.* | | | 20,710 | |
| | | | | | | | |
| | | | | | | 1,877,764 | |
| | | |
| |
| | Beverages – 0.0% | |
| | 1,048 | | National Beverage Corp. | | | 47,359 | |
| | | |
| |
| | Biotechnology – 11.8% | |
| | 40,037 | | ACADIA Pharmaceuticals, Inc.* | | | 584,140 | |
| | 21,388 | | ADMA Biologics, Inc.* | | | 348,838 | |
| | 18,078 | | ALX Oncology Holdings, Inc.* | | | 25,852 | |
| | 49,987 | | Amicus Therapeutics, Inc.* | | | 570,852 | |
| | 4,354 | | AnaptysBio, Inc.* | | | 94,177 | |
| | 3,225 | | Apogee Therapeutics, Inc.* | | | 167,829 | |
| | 2,994 | | Arcellx, Inc.* | | | 252,304 | |
| | 4,948 | | Arcturus Therapeutics Holdings, Inc.* | | | 87,728 | |
| | 16,382 | | Ardelyx, Inc.* | | | 96,162 | |
| | 79,417 | | Aurinia Pharmaceuticals, Inc. (Canada)* | | | 572,597 | |
| | 863 | | Avidity Biosciences, Inc.* | | | 36,470 | |
| | 22,748 | | BioCryst Pharmaceuticals, Inc.* | | | 182,211 | |
| | 11,856 | | Biohaven Ltd.* | | | 589,955 | |
| | 5,048 | | Biomea Fusion, Inc.* | | | 47,300 | |
| | 6,781 | | Blueprint Medicines Corp.* | | | 593,405 | |
| | 10,281 | | Bridgebio Pharma, Inc.* | | | 240,678 | |
| | 4,451 | | Capricor Therapeutics, Inc.* | | | 89,465 | |
| | 42,538 | | Catalyst Pharmaceuticals, Inc.* | | | 927,328 | |
| | 18,878 | | Celldex Therapeutics, Inc.* | | | 491,961 | |
| | 5,535 | | Crinetics Pharmaceuticals, Inc.* | | | 309,739 | |
| | 2,644 | | Day One Biopharmaceuticals, Inc.* | | | 38,920 | |
| | 18,463 | | Denali Therapeutics, Inc.* | | | 479,299 | |
| | 8,725 | | Dyne Therapeutics, Inc.* | | | 251,803 | |
| | 4,875 | | Halozyme Therapeutics, Inc.* | | | 246,529 | |
| | 3,795 | | Immunovant, Inc.* | | | 111,042 | |
| | 6,251 | | Insmed, Inc.* | | | 420,567 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Biotechnology – (continued) | |
| | 8,477 | | Iovance Biotherapeutics, Inc.* | | $ | 88,500 | |
| | 5,838 | | Keros Therapeutics, Inc.* | | | 338,837 | |
| | 7,357 | | Kiniksa Pharmaceuticals International PLC* | | | 166,195 | |
| | 2,799 | | Krystal Biotech, Inc.* | | | 482,911 | |
| | 1,011 | | Kymera Therapeutics, Inc.* | | | 46,678 | |
| | 20,211 | | Larimar Therapeutics, Inc.* | | | 166,235 | |
| | 7,323 | | Lexeo Therapeutics, Inc.* | | | 57,852 | |
| | 1,197 | | Madrigal Pharmaceuticals, Inc.* | | | 310,430 | |
| | 37,296 | | MannKind Corp.* | | | 263,683 | |
| | 4,733 | | MeiraGTx Holdings PLC* | | | 26,221 | |
| | 3,489 | | Nurix Therapeutics, Inc.* | | | 85,760 | |
| | 3,983 | | Nuvalent, Inc., Class A* | | | 352,456 | |
| | 10,092 | | Protagonist Therapeutics, Inc.* | | | 462,617 | |
| | 4,715 | | Prothena Corp. PLC (Ireland)* | | | 80,155 | |
| | 20,445 | | PTC Therapeutics, Inc.* | | | 816,164 | |
| | 6,080 | | RAPT Therapeutics, Inc.* | | | 12,890 | |
| | 13,421 | | Recursion Pharmaceuticals, Inc., Class A*(a) | | | 84,821 | |
| | 23,102 | | Relay Therapeutics, Inc.* | | | 130,180 | |
| | 1,053 | | REVOLUTION Medicines, Inc.* | | | 56,335 | |
| | 837 | | Rhythm Pharmaceuticals, Inc.* | | | 39,950 | |
| | 10,878 | | Rocket Pharmaceuticals, Inc.* | | | 181,119 | |
| | 4,334 | | Scholar Rock Holding Corp.* | | | 123,259 | |
| | 10,263 | | SpringWorks Therapeutics, Inc.* | | | 309,224 | |
| | 1,765 | | Summit Therapeutics, Inc.* | | | 32,811 | |
| | 8,494 | | Sutro Biopharma, Inc.* | | | 27,605 | |
| | 6,714 | | Syndax Pharmaceuticals, Inc.* | | | 126,626 | |
| | 42,668 | | Taysha Gene Therapies, Inc.* | | | 72,109 | |
| | 33,477 | | TG Therapeutics, Inc.* | | | 838,934 | |
| | 9,496 | | Twist Bioscience Corp.* | | | 383,259 | |
| | 3,821 | | Tyra Biosciences, Inc.* | | | 63,734 | |
| | 6,477 | | Vaxcyte, Inc.* | | | 688,829 | |
| | 5,634 | | Vera Therapeutics, Inc.* | | | 227,501 | |
| | 2,311 | | Viridian Therapeutics, Inc.* | | | 49,848 | |
| | | | | | | | |
| | | | | | | 15,050,879 | |
| | | |
| |
| | Building Products – 0.3% | |
| | 5,078 | | Tecnoglass, Inc. | | | 347,995 | |
| | | |
| |
| | Capital Markets – 1.6% | |
| | 6,278 | | Brightsphere Investment Group, Inc. | | | 165,676 | |
| | 12,556 | | Moelis & Co., Class A | | | 833,718 | |
| | 5,284 | | Open Lending Corp.* | | | 29,590 | |
| | 19,557 | | Patria Investments Ltd., Class A (Cayman Islands) | | | 227,644 | |
| | 2,795 | | Piper Sandler Cos. | | | 792,774 | |
| | 569 | | Silvercrest Asset Management Group, Inc., Class A | | | 9,918 | |
| | | | | | | | |
| | | | | | | 2,059,320 | |
| | | |
| |
| | Chemicals – 1.0% | |
| | 692 | | Balchem Corp. | | | 115,792 | |
| | 4,216 | | Hawkins, Inc. | | | 450,690 | |
| | 8,122 | | Ingevity Corp.* | | | 339,418 | |
| | 2,975 | | Innospec, Inc. | | | 320,646 | |
| | 3,623 | | Orion SA (Germany) | | | 54,309 | |
| | | | | | | | |
| | | | | | | 1,280,855 | |
| | | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Commercial Services & Supplies – 1.7% | |
| | 36,966 | | ACV Auctions, Inc., Class A* | | $ | 639,142 | |
| | 23,895 | | CECO Environmental Corp.* | | | 568,701 | |
| | 50,475 | | Healthcare Services Group, Inc.* | | | 553,711 | |
| | 9,230 | | Montrose Environmental Group, Inc.* | | | 243,395 | |
| | 2,577 | | Viad Corp.* | | | 96,483 | |
| | | | | | | | |
| | | | | 2,101,432 | |
| | | |
| |
| | Communications Equipment – 0.1% | |
| | 10,943 | | Harmonic, Inc.* | | | 121,358 | |
| | | |
| |
| | Construction & Engineering – 4.4% | |
| | 7,572 | | Construction Partners, Inc., Class A* | | | 596,144 | |
| | 3,505 | | Dycom Industries, Inc.* | | | 611,027 | |
| | 22,169 | | Fluor Corp.* | | | 1,158,995 | |
| | 4,515 | | IES Holdings, Inc.* | | | 987,273 | |
| | 10,118 | | Limbach Holdings, Inc.* | | | 768,664 | |
| | 517 | | MYR Group, Inc.* | | | 67,727 | |
| | 3,408 | | Primoris Services Corp. | | | 213,409 | |
| | 8,072 | | Sterling Infrastructure, Inc.* | | | 1,246,720 | |
| | | | | | | | |
| | | | | 5,649,959 | |
| | | |
| |
| | Construction Materials – 1.1% | |
| | 3,850 | | Knife River Corp.* | | | 374,682 | |
| | 8,920 | | United States Lime & Minerals, Inc. | | | 1,005,998 | |
| | | | | | | | |
| | | | | 1,380,680 | |
| | | |
| |
| | Consumer Finance – 0.6% | |
| | 4,390 | | Dave, Inc.* | | | 169,278 | |
| | 1,111 | | LendingTree, Inc.* | | | 63,360 | |
| | 2,216 | | Moneylion, Inc.* | | | 95,222 | |
| | 8,271 | | Upstart Holdings, Inc.* | | | 402,632 | |
| | 812 | | World Acceptance Corp.* | | | 92,649 | |
| | | | | | | | |
| | | | | 823,141 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 1.3% | |
| | 3,062 | | Ingles Markets, Inc., Class A | | | 195,539 | |
| | 11,805 | | Sprouts Farmers Market, Inc.* | | | 1,516,116 | |
| | | | | | | | |
| | | | | 1,711,655 | |
| | | |
| |
| | Diversified Consumer Services – 1.8% | |
| | 81,361 | | Coursera, Inc.* | | | 565,459 | |
| | 7,182 | | Frontdoor, Inc.* | | | 356,874 | |
| | 15,786 | | Laureate Education, Inc. | | | 271,204 | |
| | 31,171 | | Mister Car Wash, Inc.* | | | 234,094 | |
| | 31,308 | | OneSpaWorld Holdings Ltd. (Bahamas) | | | 548,203 | |
| | 3,226 | | Stride, Inc.* | | | 300,921 | |
| | | | | | | | |
| | | | | 2,276,755 | |
| | | |
| |
| | Diversified Telecommunication Services – 0.4% | |
| | 15,991 | | Bandwidth, Inc., Class A* | | | 311,824 | |
| | 2,232 | | Cogent Communications Holdings, Inc. | | | 179,163 | |
| | | | | | | | |
| | | | | 490,987 | |
| | | |
| |
| | Electrical Equipment – 2.4% | |
| | 6,242 | | American Superconductor Corp.* | | | 153,054 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Electrical Equipment – (continued) | |
| | 10,948 | | Atkore, Inc. | | $ | 938,900 | |
| | 18,035 | | Bloom Energy Corp., Class A* | | | 173,136 | |
| | 9,146 | | Enovix Corp.* | | | 82,360 | |
| | 11,872 | | Fluence Energy, Inc.* | | | 258,216 | |
| | 1,599 | | LSI Industries, Inc. | | | 26,160 | |
| | 4,382 | | NEXTracker, Inc., Class A* | | | 174,491 | |
| | 9,894 | | NuScale Power Corp.* | | | 189,371 | |
| | 2,952 | | Powell Industries, Inc. | | | 752,701 | |
| | 65,790 | | Shoals Technologies Group, Inc., Class A* | | | 355,924 | |
| | | | | | | | |
| | | | | 3,104,313 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 3.2% | |
| | 10,364 | | Arlo Technologies, Inc.* | | | 105,298 | |
| | 4,433 | | Badger Meter, Inc. | | | 886,822 | |
| | 820 | | ePlus, Inc.* | | | 72,939 | |
| | 6,427 | | Fabrinet (Thailand)* | | | 1,548,714 | |
| | 6,771 | | Itron, Inc.* | | | 756,727 | |
| | 5,246 | | Napco Security Technologies, Inc. | | | 201,866 | |
| | 2,668 | | nLight, Inc.* | | | 33,297 | |
| | 2,450 | | Novanta, Inc.* | | | 417,088 | |
| | | | | | | | |
| | | | | 4,022,751 | |
| | | |
| |
| | Energy Equipment & Services – 1.4% | |
| | 22,390 | | ChampionX Corp. | | | 631,846 | |
| | 21,831 | | Oceaneering International, Inc.* | | | 532,676 | |
| | 9,004 | | Tidewater, Inc.* | | | 540,870 | |
| | 1,544 | | Valaris Ltd.* | | | 78,127 | |
| | | | | | | | |
| | | | | 1,783,519 | |
| | | |
| |
| | Entertainment – 0.8% | |
| | 2,716 | | AMC Entertainment Holdings, Inc., Class A* | | | 11,923 | |
| | 18,621 | | Cinemark Holdings, Inc.* | | | 553,975 | |
| | 4,328 | | Eventbrite, Inc., Class A* | | | 13,850 | |
| | 4,054 | | IMAX Corp.* | | | 98,512 | |
| | 10,210 | | Madison Square Garden Entertainment Corp.* | | | 425,859 | |
| | | | | | | | |
| | | | | 1,104,119 | |
| | | |
| |
| | Financial Services – 1.7% | |
| | 27,772 | | AvidXchange Holdings, Inc.* | | | 228,841 | |
| | 1,202 | | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | | | 38,428 | |
| | 2,098 | | EVERTEC, Inc. (Puerto Rico) | | | 68,731 | |
| | 11,877 | | Flywire Corp.* | | | 206,897 | |
| | 4,788 | | I3 Verticals, Inc., Class A* | | | 110,076 | |
| | 8,136 | | Marqeta, Inc., Class A* | | | 46,050 | |
| | 1,385 | | Merchants Bancorp | | | 51,162 | |
| | 24,598 | | NCR Atleos Corp.* | | | 643,976 | |
| | 79,681 | | Payoneer Global, Inc.* | | | 686,850 | |
| | 38,908 | | Paysign, Inc.* | | | 140,458 | |
| | 1,996 | | Remitly Global, Inc.* | | | 35,888 | |
| | | | | | | | |
| | | | | 2,257,357 | |
| | | |
| |
| | Food Products – 1.0% | |
| | 427 | | John B Sanfilippo & Son, Inc. | | | 35,232 | |
| | 4,187 | | Lancaster Colony Corp. | | | 726,863 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Food Products – (continued) | |
| | 30,643 | | WK Kellogg Co. | | $ | 509,593 | |
| | | | | | | | |
| | | | | | | 1,271,688 | |
| | | |
| |
| | Ground Transportation – 0.6% | |
| | 4,205 | | ArcBest Corp. | | | 438,077 | |
| | 3,268 | | PAM Transportation Services, Inc.* | | | 50,589 | |
| | 9,132 | | RXO, Inc.* | | | 257,431 | |
| | 1,280 | | Werner Enterprises, Inc. | | | 47,219 | |
| | | | | | | | |
| | | | | | | 793,316 | |
| | | |
| |
| | Health Care Equipment & Supplies – 3.9% | |
| | 20,578 | | AtriCure, Inc.* | | | 682,778 | |
| | 65,595 | | Cerus Corp.* | | | 102,984 | |
| | 1,035 | | CVRx, Inc.* | | | 13,579 | |
| | 1,006 | | Glaukos Corp.* | | | 133,044 | |
| | 5,300 | | Haemonetics Corp.* | | | 377,148 | |
| | 8,114 | | Inari Medical, Inc.* | | | 392,718 | |
| | 12,173 | | iRadimed Corp. | | | 599,764 | |
| | 2,287 | | iRhythm Technologies, Inc.* | | | 165,670 | |
| | 10,724 | | Lantheus Holdings, Inc.* | | | 1,177,924 | |
| | 1,198 | | LeMaitre Vascular, Inc. | | | 105,891 | |
| | 6,458 | | Merit Medical Systems, Inc.* | | | 637,146 | |
| | 4,264 | | PROCEPT BioRobotics Corp.* | | | 383,760 | |
| | 14,539 | | Pulmonx Corp.* | | | 90,869 | |
| | 371 | | TransMedics Group, Inc.* | | | 30,411 | |
| | 201 | | UFP Technologies, Inc.* | | | 53,667 | |
| | | | | | | | |
| | | | | | | 4,947,353 | |
| | | |
| |
| | Health Care Providers & Services – 4.8% | |
| | 156,451 | | agilon health, Inc.* | | | 398,950 | |
| | 18,970 | | BrightSpring Health Services, Inc.* | | | 283,981 | |
| | 13,563 | | Brookdale Senior Living, Inc.* | | | 85,040 | |
| | 29,209 | | Community Health Systems, Inc.* | | | 118,297 | |
| | 4,424 | | Enhabit, Inc.* | | | 30,481 | |
| | 9,938 | | Ensign Group, Inc. (The) | | | 1,540,291 | |
| | 19,631 | | Guardant Health, Inc.* | | | 429,526 | |
| | 11,012 | | HealthEquity, Inc.* | | | 938,773 | |
| | 4,419 | | InfuSystem Holdings, Inc.* | | | 27,354 | |
| | 17,584 | | Joint Corp. (The)* | | | 194,303 | |
| | 61,352 | | LifeStance Health Group, Inc.* | | | 411,672 | |
| | 2,102 | | National Research Corp. | | | 38,109 | |
| | 1,760 | | PACS Group, Inc.* | | | 75,117 | |
| | 20,888 | | Pennant Group, Inc. (The)* | | | 667,789 | |
| | 10,520 | | Privia Health Group, Inc.* | | | 193,147 | |
| | 4,727 | | Progyny, Inc.* | | | 71,141 | |
| | 1,184 | | RadNet, Inc.* | | | 77,007 | |
| | 5,566 | | Select Medical Holdings Corp. | | | 178,557 | |
| | 659 | | US Physical Therapy, Inc. | | | 52,839 | |
| | 38,352 | | Viemed Healthcare, Inc.* | | | 327,910 | |
| | | | | | | | |
| | | | | | | 6,140,284 | |
| | | |
| |
| | Health Care REITs – 0.0% | |
| | 1,170 | | Universal Health Realty Income Trust REIT | | | 46,285 | |
| | | |
| |
| | Health Care Technology – 0.9% | |
| | 24,083 | | Evolent Health, Inc., Class A* | | | 562,338 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Health Care Technology – (continued) | |
| | 2,190 | | Health Catalyst, Inc.* | | $ | 17,016 | |
| | 48,930 | | LifeMD, Inc.* | | | 199,635 | |
| | 12,647 | | Phreesia, Inc.* | | | 231,314 | |
| | 2,827 | | Waystar Holding Corp.* | | | 80,654 | |
| | | | | | | | |
| | | | | | | 1,090,957 | |
| | | |
| |
| | Hotel & Resort REITs – 0.6% | |
| | 38,262 | | Chatham Lodging Trust REIT | | | 302,270 | |
| | 41,505 | | RLJ Lodging Trust REIT | | | 367,319 | |
| | 714 | | Ryman Hospitality Properties, Inc. REIT | | | 76,434 | |
| | | | | | | | |
| | | | | | | 746,023 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 3.8% | |
| | 19,125 | | BJ’s Restaurants, Inc.* | | | 709,346 | |
| | 3,812 | | Brinker International, Inc.* | | | 391,531 | |
| | 14,503 | | Cheesecake Factory, Inc. (The) | | | 670,329 | |
| | 55,020 | | Denny’s Corp.* | | | 352,678 | |
| | 5,175 | | Dine Brands Global, Inc. | | | 157,527 | |
| | 7,200 | | Hilton Grand Vacations, Inc.* | | | 265,536 | |
| | 425 | | Kura Sushi USA, Inc., Class A* | | | 42,423 | |
| | 1,012 | | Nathan’s Famous, Inc. | | | 85,241 | |
| | 14,875 | | ONE Group Hospitality, Inc. (The)* | | | 50,872 | |
| | 17,071 | | PlayAGS, Inc.* | | | 198,536 | |
| | 8,502 | | Portillo’s, Inc., Class A* | | | 109,931 | |
| | 10,105 | | Potbelly Corp.* | | | 74,575 | |
| | 5,219 | | RCI Hospitality Holdings, Inc. | | | 226,609 | |
| | 13,849 | | Red Rock Resorts, Inc., Class A | | | 712,670 | |
| | 15,656 | | Rush Street Interactive, Inc.* | | | 169,398 | |
| | 4,026 | | Shake Shack, Inc., Class A* | | | 489,843 | |
| | 20,560 | | Super Group SGHC Ltd. (Guernsey) | | | 84,296 | |
| | 323 | | Sweetgreen, Inc., Class A* | | | 11,660 | |
| | 4,444 | | Xponential Fitness, Inc.,
Class A* | | | 54,439 | |
| | | | | | | | |
| | | | | | | 4,857,440 | |
| | | |
| |
| | Household Durables – 1.2% | |
| | 5,043 | | Installed Building Products, Inc. | | | 1,093,827 | |
| | 11,507 | | Landsea Homes Corp.* | | | 119,443 | |
| | 1,667 | | M/I Homes, Inc.* | | | 252,700 | |
| | | | | | | | |
| | | | | | | 1,465,970 | |
| | | |
| |
| | Household Products – 0.2% | |
| | 1,072 | | WD-40 Co. | | | 280,939 | |
| | | |
| |
| | Insurance – 1.5% | |
| | 3,854 | | Ambac Financial Group, Inc.* | | | 43,589 | |
| | 6,426 | | Baldwin Insurance Group, Inc. (The), Class A* | | | 297,267 | |
| | 3,723 | | HCI Group, Inc. | | | 421,853 | |
| | 4,741 | | James River Group Holdings Ltd. | | | 29,489 | |
| | 10,475 | | Lemonade, Inc.*(a) | | | 248,991 | |
| | 7,087 | | Oscar Health, Inc., Class A* | | | 119,061 | |
| | 1,279 | | Palomar Holdings, Inc.* | | | 114,816 | |
| | 6,794 | | Selective Insurance Group, Inc. | | | 617,031 | |
| | | | | | | | |
| | | | | | | 1,892,097 | |
| | | |
| |
| | Interactive Media & Services – 1.7% | |
| | 17,233 | | EverQuote, Inc., Class A* | | | 309,849 | |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Interactive Media & Services – (continued) | |
| | 25,544 | | fuboTV, Inc.* | | $ | 44,447 | |
| | 22,431 | | MediaAlpha, Inc., Class A* | | | 384,243 | |
| | 30,222 | | QuinStreet, Inc.* | | | 634,662 | |
| | 19,968 | | Shutterstock, Inc. | | | 640,773 | |
| | 30,183 | | Vimeo, Inc.* | | | 143,973 | |
| | 4,583 | | ZipRecruiter, Inc., Class A* | | | 42,484 | |
| | | | | | | | |
| | | | | 2,200,431 | |
| | | |
| |
| | IT Services – 1.1% | |
| | 18,566 | | Backblaze, Inc., Class A* | | | 134,047 | |
| | 19,008 | | DigitalOcean Holdings, Inc.* | | | 752,337 | |
| | 21,966 | | Hackett Group, Inc. (The) | | | 534,213 | |
| | | | | | | | |
| | | | | 1,420,597 | |
| | | |
| |
| | Leisure Products – 0.7% | |
| | 6,557 | | Acushnet Holdings Corp. | | | 401,944 | |
| | 1,374 | | Marine Products Corp. | | | 12,929 | |
| | 57,626 | | Peloton Interactive, Inc., Class A* | | | 489,821 | |
| | | | | | | | |
| | | | | 904,694 | |
| | | |
| |
| | Life Sciences Tools & Services – 0.5% | |
| | 21,904 | | Adaptive Biotechnologies Corp.* | | | 106,015 | |
| | 7,307 | | BioLife Solutions, Inc.* | | | 170,984 | |
| | 14,488 | | Codexis, Inc.* | | | 45,492 | |
| | 17,312 | | Cytek Biosciences, Inc.* | | | 85,608 | |
| | 4,697 | | Harvard Bioscience, Inc.* | | | 11,038 | |
| | 34,755 | | Maravai LifeSciences Holdings, Inc., Class A* | | | 257,535 | |
| | | | | | | | |
| | | | | 676,672 | |
| | | |
| |
| | Machinery – 4.0% | |
| | 4,786 | | Chart Industries, Inc.* | | | 577,766 | |
| | 20,874 | | Douglas Dynamics, Inc. | | | 472,796 | |
| | 13,231 | | Federal Signal Corp. | | | 1,079,253 | |
| | 11,076 | | Gorman-Rupp Co. (The) | | | 409,258 | |
| | 1,427 | | Graham Corp.* | | | 39,984 | |
| | 1,187 | | Mayville Engineering Co., Inc.* | | | 24,298 | |
| | 6,074 | | Mueller Industries, Inc. | | | 497,886 | |
| | 30,256 | | Mueller Water Products, Inc., Class A | | | 653,227 | |
| | 4,767 | | Omega Flex, Inc. | | | 243,689 | |
| | 6,781 | | SPX Technologies, Inc.* | | | 973,006 | |
| | 290 | | Standex International Corp. | | | 53,325 | |
| | | | | | | | |
| | | | | 5,024,488 | |
| | | |
| |
| | Media – 0.5% | |
| | 7,832 | | AMC Networks, Inc., Class A* | | | 63,439 | |
| | 39,358 | | Entravision Communications Corp., Class A | | | 91,311 | |
| | 32,760 | | EW Scripps Co. (The), Class A* | | | 109,910 | |
| | 36,716 | | Gray Television, Inc. | | | 209,648 | |
| | 5,367 | | Magnite, Inc.* | | | 66,980 | |
| | 8,437 | | PubMatic, Inc., Class A* | | | 124,066 | |
| | 517 | | Thryv Holdings, Inc.* | | | 7,435 | |
| | | | | | | | |
| | | | | 672,789 | |
| | | |
| |
| | Metals & Mining – 1.3% | |
| | 6,396 | | Carpenter Technology Corp. | | | 956,202 | |
| | 2,080 | | Constellium SE* | | | 23,088 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Metals & Mining – (continued) | |
| | 21,351 | | Hecla Mining Co. | | $ | 138,568 | |
| | 3,247 | | Kaiser Aluminum Corp. | | | 241,122 | |
| | 2,533 | | Materion Corp. | | | 257,429 | |
| | | | | | | | |
| | | | | 1,616,409 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 0.3% | |
| | 1,976 | | Green Plains, Inc.* | | | 24,166 | |
| | 52,409 | | Kosmos Energy Ltd. (Ghana)* | | | 197,058 | |
| | 6,868 | | NextDecade Corp.* | | | 40,109 | |
| | 12,688 | | Uranium Energy Corp.* | | | 94,145 | |
| | | | | | | | |
| | | | | 355,478 | |
| | | |
| |
| | Passenger Airlines – 0.3% | |
| | 4,341 | | Allegiant Travel Co. | | | 282,208 | |
| | 26,665 | | Joby Aviation, Inc.*(a) | | | 127,992 | |
| | 194 | | SkyWest, Inc.* | | | 18,469 | |
| | | | | | | | |
| | | | | 428,669 | |
| | | |
| |
| | Personal Care Products – 0.1% | |
| | 8,946 | | Herbalife Ltd.* | | | 67,542 | |
| | 12,436 | | Nu Skin Enterprises, Inc., Class A | | | 76,979 | |
| | | | | | | | |
| | | | | 144,521 | |
| | | |
| |
| | Pharmaceuticals – 2.1% | |
| | 14,054 | | Amphastar Pharmaceuticals, Inc.* | | | 710,149 | |
| | 12,486 | | Arvinas, Inc.* | | | 330,005 | |
| | 5,452 | | Axsome Therapeutics, Inc.* | | | 485,392 | |
| | 1,412 | | Cassava Sciences, Inc.* | | | 36,437 | |
| | 9,832 | | Collegium Pharmaceutical, Inc.* | | | 335,665 | |
| | 6,837 | | Corcept Therapeutics, Inc.* | | | 334,808 | |
| | 1,318 | | Edgewise Therapeutics, Inc.* | | | 44,245 | |
| | 9,182 | | Evolus, Inc.* | | | 149,850 | |
| | 976 | | Harmony Biosciences Holdings, Inc.* | | | 31,359 | |
| | 9,807 | | Neumora Therapeutics, Inc.* | | | 112,290 | |
| | 3,849 | | scPharmaceuticals, Inc.* | | | 15,973 | |
| | 3,882 | | WaVe Life Sciences Ltd.* | | | 53,222 | |
| | 7,183 | | Xeris Biopharma Holdings, Inc.* | | | 23,129 | |
| | | | | | | | |
| | | | | 2,662,524 | |
| | | |
| |
| | Professional Services – 3.7% | |
| | 6,826 | | CBIZ, Inc.* | | | 470,516 | |
| | 3,731 | | CSG Systems International, Inc. | | | 173,902 | |
| | 23,867 | | ExlService Holdings, Inc.* | | | 994,538 | |
| | 7,049 | | Exponent, Inc. | | | 665,285 | |
| | 8,951 | | Franklin Covey Co.* | | | 356,339 | |
| | 1,254 | | Huron Consulting Group, Inc.* | | | 145,125 | |
| | 13,278 | | Maximus, Inc. | | | 1,147,750 | |
| | 8,060 | | TriNet Group, Inc. | | | 684,213 | |
| | 3,333 | | Upwork, Inc.* | | | 45,196 | |
| | | | | | | | |
| | | | | 4,682,864 | |
| | | |
| |
| | Real Estate Management & Development – 1.2% | |
| | 73,903 | | Compass, Inc., Class A* | | | 469,284 | |
| | 47,455 | | Redfin Corp.* | | | 492,108 | |
| | 10,133 | | St Joe Co. (The) | | | 523,876 | |
| | | | | | | | |
| | | | | 1,485,268 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Retail REITs – 0.5% | |
| | 2,344 | | Alexander’s, Inc. REIT | | $ | 532,159 | |
| | 1,762 | | Tanger, Inc. REIT | | | 58,551 | |
| | | | | | | | |
| | | | | 590,710 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 3.2% | |
| | 435 | | Ambarella, Inc.* | | | 24,443 | |
| | 7,500 | | Axcelis Technologies, Inc.* | | | 639,825 | |
| | 874 | | CEVA, Inc.* | | | 20,395 | |
| | 9,417 | | Credo Technology Group Holding Ltd.* | | | 355,021 | |
| | 16,695 | | FormFactor, Inc.* | | | 634,076 | |
| | 1,699 | | Impinj, Inc.* | | | 322,793 | |
| | 3,612 | | Kulicke & Soffa Industries, Inc. (Singapore) | | | 162,034 | |
| | 6,861 | | MaxLinear, Inc.* | | | 88,987 | |
| | 177 | | NVE Corp. | | | 13,340 | |
| | 20,247 | | PDF Solutions, Inc.* | | | 573,395 | |
| | 3,027 | | Power Integrations, Inc. | | | 182,922 | |
| | 17,008 | | Semtech Corp.* | | | 751,583 | |
| | 74 | | SiTime Corp.* | | | 12,507 | |
| | 3,254 | | Ultra Clean Holdings, Inc.* | | | 108,846 | |
| | 7,565 | | Veeco Instruments, Inc.* | | | 217,721 | |
| | | | | | | | |
| | | | | 4,107,888 | |
| | | |
| |
| | Software – 11.7% | |
| | 29,068 | | A10 Networks, Inc. | | | 425,846 | |
| | 26,134 | | ACI Worldwide, Inc.* | | | 1,285,793 | |
| | 6,714 | | Agilysys, Inc.* | | | 671,669 | |
| | 16,343 | | Alarm.com Holdings, Inc.* | | | 871,572 | |
| | 23,658 | | Alkami Technology, Inc.* | | | 866,119 | |
| | 1,542 | | AudioEye, Inc.* | | | 32,845 | |
| | 16,858 | | BlackLine, Inc.* | | | 933,428 | |
| | 38,224 | | Blend Labs, Inc., Class A* | | | 138,753 | |
| | 1,484 | | Box, Inc., Class A* | | | 47,132 | |
| | 5,640 | | C3.ai, Inc., Class A* | | | 138,913 | |
| | 15,775 | | Cleanspark, Inc.* | | | 167,373 | |
| | 31,353 | | Clear Secure, Inc., Class A | | | 1,153,163 | |
| | 28,436 | | Clearwater Analytics Holdings, Inc., Class A* | | | 742,464 | |
| | 8,751 | | CommVault Systems, Inc.* | | | 1,366,819 | |
| | 12,435 | | Consensus Cloud Solutions, Inc.* | | | 275,808 | |
| | 18,981 | | Freshworks, Inc., Class A* | | | 222,078 | |
| | 9,460 | | Intapp, Inc.* | | | 474,608 | |
| | 17,873 | | MARA Holdings, Inc.* | | | 299,730 | |
| | 18,880 | | Olo, Inc., Class A* | | | 94,589 | |
| | 11,136 | | OneSpan, Inc.* | | | 185,749 | |
| | 6,425 | | PROS Holdings, Inc.* | | | 127,215 | |
| | 5,612 | | Q2 Holdings, Inc.* | | | 475,112 | |
| | 12,722 | | Red Violet, Inc.* | | | 382,678 | |
| | 10,246 | | Sapiens International Corp. NV (Israel) | | | 377,873 | |
| | 15,807 | | SEMrush Holdings, Inc., Class A* | | | 207,230 | |
| | 15,681 | | SoundHound AI, Inc., Class A*(a) | | | 78,875 | |
| | 5,875 | | SoundThinking, Inc.* | | | 62,216 | |
| | 177 | | SPS Commerce, Inc.* | | | 29,205 | |
| | 28,762 | | Terawulf, Inc.* | | | 187,528 | |
| | 21,367 | | Varonis Systems, Inc.* | | | 1,076,256 | |
| | 7,006 | | Viant Technology, Inc., Class A* | | | 81,760 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Software – (continued) | |
| | 8,470 | | Weave Communications, Inc.* | | $ | 118,749 | |
| | 8,458 | | Workiva, Inc.* | | | 674,610 | |
| | 20,575 | | Zeta Global Holdings Corp., Class A* | | | 569,516 | |
| | | | | | | | |
| | | | | 14,843,274 | |
| | | |
| |
| | Specialty Retail – 2.8% | |
| | 3,274 | | Abercrombie & Fitch Co., Class A* | | | 431,480 | |
| | 8,176 | | Arhaus, Inc. | | | 69,333 | |
| | 17,440 | | Buckle, Inc. (The) | | | 742,246 | |
| | 6,656 | | Camping World Holdings, Inc., Class A | | | 133,519 | |
| | 3,641 | | Haverty Furniture Cos., Inc. | | | 80,648 | |
| | 59,120 | | Leslie’s, Inc.* | | | 159,033 | |
| | 3,657 | | Monro, Inc. | | | 100,238 | |
| | 29,215 | | RealReal, Inc. (The)* | | | 84,724 | |
| | 21,787 | | Revolve Group, Inc.* | | | 540,754 | |
| | 20,926 | | Upbound Group, Inc. | | | 611,876 | |
| | 29,389 | | Warby Parker, Inc., Class A* | | | 497,556 | |
| | 6,558 | | Zumiez, Inc.* | | | 135,095 | |
| | | | | | | | |
| | | | | 3,586,502 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 0.2% | |
| | 14,627 | | IonQ, Inc.*(a) | | | 219,844 | |
| | 2,897 | | Turtle Beach Corp.* | | | 46,265 | |
| | | | | | | | |
| | | | | 266,109 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.3% | |
| | 7,710 | | Steven Madden Ltd. | | | 346,719 | |
| | | |
| |
| | Tobacco – 0.0% | |
| | 834 | | Turning Point Brands, Inc. | | | 39,390 | |
| | 269 | | Universal Corp. | | | 13,697 | |
| | | | | | | | |
| | | | | 53,087 | |
| | | |
| |
| | Trading Companies & Distributors – 2.3% | |
| | 740 | | Applied Industrial Technologies, Inc. | | | 171,377 | |
| | 10,215 | | FTAI Aviation Ltd. | | | 1,373,305 | |
| | 6,892 | | H&E Equipment Services, Inc. | | | 360,107 | |
| | 1,759 | | Herc Holdings, Inc. | | | 367,877 | |
| | 5,926 | | McGrath RentCorp | | | 673,786 | |
| | 671 | | Xometry, Inc., Class A* | | | 13,205 | |
| | | | | | | | |
| | | | | 2,959,657 | |
| | | |
| |
| | Water Utilities – 0.1% | |
| | 7,443 | | Global Water Resources, Inc. | | | 92,963 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $109,370,372) | | | 124,492,405 | |
| | | |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 1.1%(b) | |
| |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | 1,341,626 | | 4.766% | | $ | 1,341,626 | |
| | (Cost $1,341,626) | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $110,711,998) | | | 125,834,031 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Securities Lending Reinvestment Vehicle – 0.9%(b) | |
| |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | |
| | 1,099,725 | | 4.766% | | $ | 1,099,725 | |
| | (Cost $1,099,725) | |
| | | |
| | TOTAL INVESTMENTS – 99.6% (Cost $111,811,723) | | $ | 126,933,756 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.4% | | | 465,368 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 127,399,124 | |
| | | |
| | |
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) | | All or a portion of security is on loan. |
| |
| (b) | | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| |
| PLC | | —Public Limited Company |
| |
| REIT | | —Real Estate Investment Trust |
|
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | |
| Description | | Number of
Contracts | | Expiration
Date | | Notional Amount | | | Unrealized
Appreciation/
(Depreciation) | |
| |
Long position contracts: | | | | | | | | | | | | |
Russell 2000 E-Mini Index | | 17 | | 12/20/24 | | $ | 1,877,310 | | | $ | (37,162) | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 97.6% | |
| |
| | Aerospace & Defense – 0.3% | |
| | 37,132 | | AerSale Corp.* | | $ | 195,686 | |
| | 5,147 | | Kratos Defense & Security Solutions, Inc.* | | | 116,940 | |
| | 22,557 | | Mercury Systems, Inc.* | | | 729,719 | |
| | 24,552 | | National Presto Industries, Inc. | | | 1,766,025 | |
| | 59,434 | | Virgin Galactic Holdings, Inc.*(a) | | | 390,481 | |
| | | | | | | | |
| | | | | | | 3,198,851 | |
| | | |
| |
| | Air Freight & Logistics – 0.0% | |
| | 14,429 | | Air Transport Services Group, Inc.* | | | 248,756 | |
| | | |
| |
| | Automobile Components – 1.5% | |
| | 441,375 | | American Axle & Manufacturing Holdings, Inc.* | | | 2,493,769 | |
| | 46,916 | | Cooper-Standard Holdings, Inc.* | | | 588,796 | |
| | 106,784 | | Fox Factory Holding Corp.* | | | 3,843,156 | |
| | 838,777 | | Goodyear Tire & Rubber Co. (The)* | | | 6,718,604 | |
| | 33,718 | | Holley, Inc.* | | | 87,330 | |
| | 78,698 | | Stoneridge, Inc.* | | | 550,099 | |
| | | | | | | | |
| | | | | | | 14,281,754 | |
| | | |
| |
| | Banks – 19.3% | |
| | 43,006 | | 1st Source Corp. | | | 2,547,245 | |
| | 96,079 | | Amalgamated Financial Corp. | | | 3,186,460 | |
| | 95,251 | | Ameris Bancorp | | | 5,904,610 | |
| | 75,703 | | Axos Financial, Inc.* | | | 5,126,607 | |
| | 37,004 | | BancFirst Corp. | | | 4,022,705 | |
| | 140,240 | | BankUnited, Inc. | | | 4,956,082 | |
| | 64,027 | | Banner Corp. | | | 4,100,289 | |
| | 65,001 | | BayCom Corp. | | | 1,615,275 | |
| | 102,016 | | Berkshire Hills Bancorp, Inc. | | | 2,777,896 | |
| | 40,356 | | Business First Bancshares, Inc. | | | 1,056,924 | |
| | 161,057 | | Cadence Bank | | | 5,384,136 | |
| | 26,315 | | Capital Bancorp, Inc. | | | 664,454 | |
| | 541,113 | | Capitol Federal Financial, Inc. | | | 3,487,473 | |
| | 64,101 | | Cathay General Bancorp | | | 2,947,364 | |
| | 40,793 | | Central Pacific Financial Corp. | | | 1,098,963 | |
| | 3,195 | | City Holding Co. | | | 372,537 | |
| | 61,919 | | Community Financial System, Inc. | | | 3,785,728 | |
| | 40,873 | | Community Trust Bancorp, Inc. | | | 2,117,221 | |
| | 253,408 | | CVB Financial Corp. | | | 4,923,717 | |
| | 37,725 | | Dime Community Bancshares, Inc. | | | 1,134,391 | |
| | 63,660 | | Enterprise Financial Services Corp. | | | 3,356,155 | |
| | 9,717 | | Equity Bancshares, Inc., Class A | | | 412,875 | |
| | 20,629 | | Financial Institutions, Inc. | | | 495,302 | |
| | 119,635 | | First BanCorp. (Puerto Rico) | | | 2,306,563 | |
| | 242,552 | | First Commonwealth Financial Corp. | | | 3,987,555 | |
| | 147,682 | | First Financial Bancorp | | | 3,777,706 | |
| | 3,817 | | First Financial Corp. | | | 163,978 | |
| | 60,294 | | Flushing Financial Corp. | | | 945,109 | |
| | 296,924 | | Fulton Financial Corp. | | | 5,377,294 | |
| | 34,943 | | Glacier Bancorp, Inc. | | | 1,822,277 | |
| | 42,507 | | Great Southern Bancorp, Inc. | | | 2,409,722 | |
| | 122,304 | | Hancock Whitney Corp. | | | 6,369,592 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Banks – (continued) | |
| | 149,761 | | Hanmi Financial Corp. | | $ | 3,425,034 | |
| | 119,485 | | Heritage Commerce Corp. | | | 1,160,199 | |
| | 151,839 | | Heritage Financial Corp. | | | 3,490,779 | |
| | 20,488 | | Hilltop Holdings, Inc. | | | 627,547 | |
| | 33,983 | | Home BancShares, Inc. | | | 927,396 | |
| | 34,702 | | HomeTrust Bancshares, Inc. | | | 1,150,371 | |
| | 228,296 | | Hope Bancorp, Inc. | | | 2,828,587 | |
| | 29,713 | | Horizon Bancorp, Inc. | | | 476,002 | |
| | 101,375 | | Independent Bank Corp. | | | 3,323,073 | |
| | 77,117 | | Independent Bank Corp. | | | 4,850,659 | |
| | 83,327 | | International Bancshares Corp. | | | 5,104,612 | |
| | 212,216 | | Kearny Financial Corp. | | | 1,483,390 | |
| | 8,074 | | Lakeland Financial Corp. | | | 525,375 | |
| | 3,393 | | Nicolet Bankshares, Inc. | | | 345,034 | |
| | 29,892 | | Northeast Community Bancorp, Inc. | | | 775,996 | |
| | 38,258 | | OceanFirst Financial Corp. | | | 696,296 | |
| | 98,342 | | OFG Bancorp (Puerto Rico) | | | 3,960,232 | |
| | 81,295 | | Old National Bancorp | | | 1,565,742 | |
| | 207,828 | | Old Second Bancorp, Inc. | | | 3,412,536 | |
| | 72,336 | | Origin Bancorp, Inc. | | | 2,270,627 | |
| | 12,814 | | Pacific Premier Bancorp, Inc. | | | 326,885 | |
| | 10,395 | | Park National Corp. | | | 1,796,048 | |
| | 38,022 | | PCB Bancorp | | | 713,673 | |
| | 12,252 | | Peapack-Gladstone Financial Corp. | | | 393,779 | |
| | 24,560 | | Preferred Bank | | | 2,072,127 | |
| | 132,741 | | Provident Financial Services, Inc. | | | 2,479,602 | |
| | 104,960 | | Renasant Corp. | | | 3,580,186 | |
| | 36,234 | | Seacoast Banking Corp. of Florida | | | 967,448 | |
| | 56,544 | | Sierra Bancorp | | | 1,605,850 | |
| | 16,605 | | SmartFinancial, Inc. | | | 550,622 | |
| | 9,849 | | Southern First Bancshares, Inc.* | | | 376,330 | |
| | 4,089 | | Southern Missouri Bancorp, Inc. | | | 242,478 | |
| | 95,473 | | Southside Bancshares, Inc. | | | 3,093,325 | |
| | 27,502 | | SouthState Corp. | | | 2,682,270 | |
| | 35,923 | | Stock Yards Bancorp, Inc. | | | 2,316,315 | |
| | 72,692 | | Texas Capital Bancshares, Inc.* | | | 5,593,649 | |
| | 8,608 | | Timberland Bancorp, Inc. | | | 248,599 | |
| | 21,803 | | Tompkins Financial Corp. | | | 1,407,166 | |
| | 98,417 | | TrustCo Bank Corp. | | | 3,245,792 | |
| | 33,683 | | UMB Financial Corp. | | | 3,696,036 | |
| | 63,085 | | United Bankshares, Inc. | | | 2,377,043 | |
| | 73,161 | | United Community Banks, Inc. | | | 2,082,162 | |
| | 16,548 | | Unity Bancorp, Inc. | | | 640,077 | |
| | 17,148 | | Valley National Bancorp | | | 162,392 | |
| | 118,647 | | Veritex Holdings, Inc. | | | 3,203,469 | |
| | 7,403 | | Washington Trust Bancorp, Inc. | | | 252,664 | |
| | 117,743 | | WesBanco, Inc. | | | 3,703,017 | |
| | 13,608 | | Westamerica BanCorp | | | 701,084 | |
| | 11,934 | | WSFS Financial Corp. | | | 586,795 | |
| | | | | | | | |
| | | | | | | 186,130,575 | |
| | | |
| |
| | Beverages – 0.0% | |
| | 18,578 | | Primo Water Corp. | | | 487,301 | |
| | | |
| |
| | Biotechnology – 3.7% | |
| | 127,095 | | 89bio, Inc.* | | | 988,799 | |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Biotechnology – (continued) | |
| | 24,316 | | Agios Pharmaceuticals, Inc.* | | $ | 1,080,360 | |
| | 118,546 | | Allogene Therapeutics, Inc.* | | | 302,885 | |
| | 260,653 | | Annexon, Inc.* | | | 1,907,980 | |
| | 116,505 | | Aurinia Pharmaceuticals, Inc. (Canada)* | | | 840,001 | |
| | 49,738 | | Beam Therapeutics, Inc.* | | | 1,089,760 | |
| | 10,961 | | Biohaven Ltd.* | | | 545,419 | |
| | 42,867 | | Bridgebio Pharma, Inc.* | | | 1,003,516 | |
| | 51,294 | | C4 Therapeutics, Inc.* | | | 273,397 | |
| | 20,665 | | Cabaletta Bio, Inc.* | | | 73,361 | |
| | 53,797 | | CareDx, Inc.* | | | 1,190,528 | |
| | 246,653 | | Caribou Biosciences, Inc.* | | | 483,440 | |
| | 52,195 | | Catalyst Pharmaceuticals, Inc.* | | | 1,137,851 | |
| | 36,483 | | Celldex Therapeutics, Inc.* | | | 950,747 | |
| | 116,855 | | Denali Therapeutics, Inc.* | | | 3,033,556 | |
| | 53,796 | | Design Therapeutics, Inc.* | | | 281,891 | |
| | 6,489 | | Dianthus Therapeutics, Inc.* | | | 180,783 | |
| | 188,514 | | Editas Medicine, Inc.* | | | 546,691 | |
| | 34,875 | | Fate Therapeutics, Inc.* | | | 82,654 | |
| | 167,719 | | Generation Bio Co.* | | | 365,627 | |
| | 24,697 | | Intellia Therapeutics, Inc.* | | | 351,191 | |
| | 155,677 | | iTeos Therapeutics, Inc.* | | | 1,315,471 | |
| | 147,010 | | Kodiak Sciences, Inc.* | | | 558,638 | |
| | 53,947 | | Myriad Genetics, Inc.* | | | 1,184,676 | |
| | 10,885 | | ORIC Pharmaceuticals, Inc.* | | | 102,101 | |
| | 103,321 | | Poseida Therapeutics, Inc.* | | | 244,871 | |
| | 19,626 | | Prothena Corp. PLC (Ireland)* | | | 333,642 | |
| | 62,193 | | PTC Therapeutics, Inc.* | | | 2,482,745 | |
| | 61,874 | | RAPT Therapeutics, Inc.* | | | 131,173 | |
| | 540,924 | | Relay Therapeutics, Inc.* | | | 3,048,107 | |
| | 92,172 | | Sage Therapeutics, Inc.* | | | 560,406 | |
| | 467,606 | | Sutro Biopharma, Inc.* | | | 1,519,719 | |
| | 3,509 | | TG Therapeutics, Inc.* | | | 87,935 | |
| | 225,649 | | Vanda Pharmaceuticals, Inc.* | | | 1,049,268 | |
| | 145,954 | | Veracyte, Inc.* | | | 4,924,488 | |
| | 268,968 | | Verve Therapeutics, Inc.* | | | 1,541,187 | |
| | 49,807 | | Zentalis Pharmaceuticals, Inc.* | | | 135,973 | |
| | | | | | | | |
| | | | | | | 35,930,837 | |
| | | |
| |
| | Building Products – 0.1% | |
| | 49,787 | | Masterbrand, Inc.* | | | 894,174 | |
| | 28,461 | | Resideo Technologies, Inc.* | | | 559,828 | |
| | | | | | | | |
| | | | | | | 1,454,002 | |
| | | |
| |
| | Capital Markets – 1.0% | |
| | 785,304 | | BGC Group, Inc., Class A | | | 7,358,299 | |
| | 27,700 | | StoneX Group, Inc.* | | | 2,494,108 | |
| | | | | | | | |
| | | | | | | 9,852,407 | |
| | | |
| |
| | Chemicals – 1.5% | |
| | 53,044 | | Aspen Aerogels, Inc.* | | | 946,305 | |
| | 9,795 | | Avient Corp. | | | 456,545 | |
| | 24,066 | | Core Molding Technologies, Inc.* | | | 362,193 | |
| | 13,376 | | Ecovyst, Inc.* | | | 89,084 | |
| | 19,969 | | Kronos Worldwide, Inc. | | | 230,442 | |
| | 64,607 | | LSB Industries, Inc.* | | | 529,777 | |
| | 118,857 | | Mativ Holdings, Inc. | | | 1,836,341 | |
| | 80,057 | | Minerals Technologies, Inc. | | | 6,027,491 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Chemicals – (continued) | |
| | 40,379 | | PureCycle Technologies, Inc.*(a) | | $ | 525,735 | |
| | 24,590 | | Stepan Co. | | | 1,778,841 | |
| | 181,506 | | Tronox Holdings PLC | | | 2,199,853 | |
| | | | | | | | |
| | | | | | | 14,982,607 | |
| | | |
| |
| | Commercial Services & Supplies – 1.8% | |
| | 103,782 | | ABM Industries, Inc. | | | 5,506,673 | |
| | 30,210 | | ACV Auctions, Inc., Class A* | | | 522,331 | |
| | 7,026 | | CECO Environmental Corp.* | | | 167,219 | |
| | 172,937 | | Deluxe Corp. | | | 3,244,298 | |
| | 200,951 | | Enviri Corp.* | | | 1,539,285 | |
| | 509,129 | | Healthcare Services Group, Inc.* | | | 5,585,145 | |
| | 19,990 | | Matthews International Corp., Class A | | | 465,567 | |
| | 9,153 | | Pitney Bowes, Inc. | | | 65,993 | |
| | | | | | | | |
| | | | | | | 17,096,511 | |
| | | |
| |
| | Communications Equipment – 0.9% | |
| | 18,863 | | Applied Optoelectronics, Inc.* | | | 294,640 | |
| | 9,468 | | NETGEAR, Inc.* | | | 207,538 | |
| | 313,229 | | NetScout Systems, Inc.* | | | 6,587,206 | |
| | 147,821 | | Viasat, Inc.* | | | 1,419,082 | |
| | | | | | | | |
| | | | | | | 8,508,466 | |
| | | |
| |
| | Construction & Engineering – 1.0% | |
| | 19,917 | | Arcosa, Inc. | | | 1,865,028 | |
| | 4,044 | | Fluor Corp.* | | | 211,420 | |
| | 185,275 | | Great Lakes Dredge & Dock Corp.* | | | 2,117,693 | |
| | 32,112 | | Limbach Holdings, Inc.* | | | 2,439,549 | |
| | 13,610 | | Sterling Infrastructure, Inc.* | | | 2,102,064 | |
| | 32,792 | | Tutor Perini Corp.* | | | 849,969 | |
| | | | | | | | |
| | | | | | | 9,585,723 | |
| | | |
| |
| | Construction Materials – 1.1% | |
| | 221,040 | | Summit Materials, Inc., Class A* | | | 10,479,506 | |
| | | |
| |
| | Consumer Finance – 2.0% | |
| | 14,290 | | Bread Financial Holdings, Inc. | | | 712,356 | |
| | 83,876 | | Encore Capital Group, Inc.* | | | 3,831,456 | |
| | 69,502 | | Enova International, Inc.* | | | 6,040,419 | |
| | 261,884 | | Green Dot Corp., Class A* | | | 2,975,002 | |
| | 10,534 | | LendingClub Corp.* | | | 149,372 | |
| | 313,112 | | Navient Corp. | | | 4,455,584 | |
| | 6,681 | | Nelnet, Inc., Class A | | | 752,949 | |
| | 39,484 | | PRA Group, Inc.* | | | 795,997 | |
| | 3,512 | | Regional Management Corp. | | | 100,865 | |
| | | | | | | | |
| | | | | | | 19,814,000 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 0.8% | |
| | 67,146 | | Ingles Markets, Inc., Class A | | | 4,287,944 | |
| | 12,360 | | Natural Grocers by Vitamin Cottage, Inc. | | | 338,417 | |
| | 83,403 | | SpartanNash Co. | | | 1,754,799 | |
| | 24,768 | | Weis Markets, Inc. | | | 1,557,659 | |
| | | | | | | | |
| | | | | | | 7,938,819 | |
| | | |
| |
| | Containers & Packaging – 0.4% | |
| | 373,935 | | O-I Glass, Inc.* | | | 4,154,418 | |
| | | |
| |
| | Diversified Consumer Services – 0.8% | |
| | 2,400 | | Graham Holdings Co., Class B | | | 2,023,920 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Diversified Consumer Services – (continued) | |
| | 62,081 | | Strategic Education, Inc. | | $ | 5,398,564 | |
| | | | | | | | |
| | | | | | | 7,422,484 | |
| | | |
| |
| | Diversified REITs – 1.1% | |
| | 33,109 | | Alexander & Baldwin, Inc. REIT | | | 616,159 | |
| | 160,931 | | American Assets Trust, Inc. REIT | | | 4,337,091 | |
| | 278,433 | | Armada Hoffler Properties, Inc. REIT | | | 3,015,429 | |
| | 154,102 | | Empire State Realty Trust, Inc., Class A REIT | | | 1,633,481 | |
| | 113,421 | | NexPoint Diversified Real Estate Trust REIT | | | 606,802 | |
| | | | | | | | |
| | | | | | | 10,208,962 | |
| | | |
| |
| | Diversified Telecommunication Services – 0.8% | |
| | 86,573 | | AST SpaceMobile, Inc.*(a) | | | 2,061,303 | |
| | 7,301 | | ATN International, Inc. | | | 153,029 | |
| | 5,687 | | Bandwidth, Inc., Class A* | | | 110,897 | |
| | 69,290 | | Consolidated Communications Holdings, Inc.* | | | 321,159 | |
| | 5,991 | | Liberty Latin America Ltd., Class A (Puerto Rico)* | | | 58,652 | |
| | 809,872 | | Lumen Technologies, Inc.* | | | 5,175,082 | |
| | 16,470 | | Shenandoah Telecommunications Co. | | | 227,945 | |
| | | | | | | | |
| | | | | | | 8,108,067 | |
| | | |
| |
| | Electric Utilities – 0.4% | |
| | 73,801 | | Portland General Electric Co. | | | 3,498,167 | |
| | | |
| |
| | Electrical Equipment – 1.3% | |
| | 22,368 | | Atkore, Inc. | | | 1,918,280 | |
| | 1,667,262 | | FuelCell Energy, Inc.*(a) | | | 573,538 | |
| | 274,582 | | Plug Power, Inc.*(a) | | | 538,181 | |
| | 2,195 | | Powell Industries, Inc. | | | 559,681 | |
| | 340,850 | | Sunrun, Inc.* | | | 4,925,283 | |
| | 159,249 | | Thermon Group Holdings, Inc.* | | | 4,173,916 | |
| | 67,272 | | TPI Composites, Inc.* | | | 229,061 | |
| | | | | | | | |
| | | | | | | 12,917,940 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 2.1% | |
| | 9,471 | | Bel Fuse, Inc., Class B | | | 714,303 | |
| | 65,197 | | Benchmark Electronics, Inc. | | | 2,823,030 | |
| | 15,610 | | Fabrinet (Thailand)* | | | 3,761,542 | |
| | 7,893 | | FARO Technologies, Inc.* | | | 138,443 | |
| | 324,936 | | Knowles Corp.* | | | 5,627,892 | |
| | 172,470 | | nLight, Inc.* | | | 2,152,426 | |
| | 8,059 | | PC Connection, Inc. | | | 512,955 | |
| | 30,080 | | Sanmina Corp.* | | | 2,108,608 | |
| | 18,291 | | TTM Technologies, Inc.* | | | 410,450 | |
| | 73,973 | | Vishay Precision Group, Inc.* | | | 1,716,913 | |
| | | | | | | | |
| | | | | | | 19,966,562 | |
| | | |
| |
| | Energy Equipment & Services – 1.8% | |
| | 286,008 | | Borr Drilling Ltd. (Mexico)* | | | 1,198,373 | |
| | 3,187 | | Bristow Group, Inc.* | | | 105,713 | |
| | 7,148 | | Expro Group Holdings NV* | | | 91,137 | |
| | 92,782 | | Helix Energy Solutions Group, Inc.* | | | 858,233 | |
| | 30,569 | | Kodiak Gas Services, Inc. | | | 974,540 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Energy Equipment & Services – (continued) | |
| | 9,550 | | Nabors Industries Ltd.* | | $ | 710,615 | |
| | 236,571 | | Newpark Resources, Inc.* | | | 1,575,563 | |
| | 263,836 | | Oil States International, Inc.* | | | 1,247,944 | |
| | 468,752 | | Patterson-UTI Energy, Inc. | | | 3,595,328 | |
| | 26,888 | | ProPetro Holding Corp.* | | | 185,796 | |
| | 53,287 | | SEACOR Marine Holdings, Inc.* | | | 362,352 | |
| | 78,014 | | Seadrill Ltd. (Norway)* | | | 3,069,851 | |
| | 645,121 | | Transocean Ltd.* | | | 2,799,825 | |
| | 11,786 | | Valaris Ltd.* | | | 596,372 | |
| | | | | | | | |
| | | | | | | 17,371,642 | |
| | | |
| |
| | Entertainment – 0.9% | |
| | 295,816 | | AMC Entertainment Holdings, Inc., Class A*(a) | | | 1,298,632 | |
| | 34,124 | | Cinemark Holdings, Inc.* | | | 1,015,189 | |
| | 148,009 | | Madison Square Garden Entertainment Corp.* | | | 6,173,455 | |
| | 3,408 | | Sphere Entertainment Co.* | | | 142,489 | |
| | | | | | | | |
| | | | | | | 8,629,765 | |
| | | |
| |
| | Financial Services – 3.1% | |
| | 12,150 | | Alerus Financial Corp. | | | 245,795 | |
| | 202,159 | | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | | | 6,463,023 | |
| | 11,449 | | Enact Holdings, Inc. | | | 390,296 | |
| | 43,153 | | Essent Group Ltd. | | | 2,589,612 | |
| | 100,358 | | I3 Verticals, Inc., Class A* | | | 2,307,230 | |
| | 107,942 | | Jackson Financial, Inc., Class A | | | 10,788,803 | |
| | 126,603 | | Merchants Bancorp | | | 4,676,715 | |
| | 87,185 | | NMI Holdings, Inc., Class A* | | | 3,372,316 | |
| | | | | | | | |
| | | | | | | 30,833,790 | |
| | | |
| |
| | Food Products – 0.3% | |
| | 318,337 | | Hain Celestial Group, Inc. (The)* | | | 2,779,082 | |
| | | |
| |
| | Gas Utilities – 1.0% | |
| | 10,599 | | Brookfield Infrastructure Corp., Class A (Canada) | | | 435,407 | |
| | 110,861 | | ONE Gas, Inc. | | | 7,901,064 | |
| | 20,356 | | Spire, Inc. | | | 1,299,934 | |
| | | | | | | | |
| | | | | | | 9,636,405 | |
| | | |
| |
| | Ground Transportation – 0.7% | |
| | 1,249 | | Covenant Logistics Group, Inc. | | | 63,199 | |
| | 23,579 | | FTAI Infrastructure, Inc. | | | 190,283 | |
| | 6,146 | | Heartland Express, Inc. | | | 66,408 | |
| | 170,878 | | Werner Enterprises, Inc. | | | 6,303,689 | |
| | | | | | | | |
| | | | | | | 6,623,579 | |
| | | |
| |
| | Health Care Equipment & Supplies – 1.0% | |
| | 104,185 | | Avanos Medical, Inc.* | | | 1,946,176 | |
| | 224,470 | | Embecta Corp. | | | 3,160,537 | |
| | 2,166 | | iRadimed Corp. | | | 106,719 | |
| | 15,538 | | Lantheus Holdings, Inc.* | | | 1,706,694 | |
| | 2,023 | | OmniAb, Inc. 12.5 Earnout*(b) | | | — | |
| | 2,023 | | OmniAb, Inc. 15.00 Earnout*(b) | | | — | |
| | 34,642 | | Omnicell, Inc.* | | | 1,684,987 | |
| | 4,853 | | OrthoPediatrics Corp.* | | | 128,750 | |
| | 7,237 | | Tactile Systems Technology, Inc.* | | | 105,009 | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Health Care Equipment & Supplies – (continued) | |
| | 17,644 | | Varex Imaging Corp.* | | $ | 231,666 | |
| | | | | | | | |
| | | | | | | 9,070,538 | |
| | | |
| |
| | Health Care Providers & Services – 2.0% | |
| | 2,618 | | Addus HomeCare Corp.* | | | 325,731 | |
| | 175,870 | | agilon health, Inc.* | | | 448,468 | |
| | 277,432 | | Community Health Systems, Inc.* | | | 1,123,600 | |
| | 360,731 | | Enhabit, Inc.* | | | 2,485,437 | |
| | 11,493 | | Ensign Group, Inc. (The) | | | 1,781,300 | |
| | 10,393 | | GeneDx Holdings Corp.* | | | 849,004 | |
| | 29,801 | | Joint Corp. (The)* | | | 329,301 | |
| | 480,914 | | LifeStance Health Group, Inc.* | | | 3,226,933 | |
| | 1,762 | | National HealthCare Corp.* | | | 204,445 | |
| | 72,254 | | NeoGenomics, Inc.* | | | 981,932 | |
| | 31,088 | | Pediatrix Medical Group, Inc.* | | | 383,004 | |
| | 51,129 | | Pennant Group, Inc. (The)* | | | 1,634,594 | |
| | 179,167 | | Surgery Partners, Inc.* | | | 5,160,010 | |
| | | | | | | | |
| | | | | | | 18,933,759 | |
| | | |
| |
| | Health Care REITs – 0.8% | |
| | 243,332 | | CareTrust REIT, Inc. REIT | | | 7,949,657 | |
| | 7,076 | | Sabra Health Care REIT, Inc. REIT | | | 137,274 | |
| | | | | | | | |
| | | | | | | 8,086,931 | |
| | | |
| |
| | Health Care Technology – 0.2% | |
| | 104,408 | | Health Catalyst, Inc.* | | | 811,250 | |
| | 31,727 | | Waystar Holding Corp.* | | | 905,171 | |
| | | | | | | | |
| | | | | | | 1,716,421 | |
| | | |
| |
| | Hotel & Resort REITs – 2.0% | |
| | 204,968 | | Apple Hospitality REIT, Inc. REIT | | | 3,027,377 | |
| | 486,873 | | Chatham Lodging Trust REIT | | | 3,846,297 | |
| | 164,848 | | Pebblebrook Hotel Trust REIT | | | 1,974,879 | |
| | 651,313 | | RLJ Lodging Trust REIT | | | 5,764,120 | |
| | 613,420 | | Service Properties Trust REIT | | | 1,962,944 | |
| | 447,833 | | Summit Hotel Properties, Inc. REIT | | | 2,740,738 | |
| | | | | | | | |
| | | | | | | 19,316,355 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 2.0% | |
| | 117,270 | | BJ’s Restaurants, Inc.* | | | 4,349,544 | |
| | 2,151 | | Cracker Barrel Old Country Store, Inc. | | | 102,323 | |
| | 236,219 | | Denny’s Corp.* | | | 1,514,164 | |
| | 92,617 | | Dine Brands Global, Inc. | | | 2,819,261 | |
| | 210,346 | | El Pollo Loco Holdings, Inc.* | | | 2,570,428 | |
| | 23,294 | | Golden Entertainment, Inc. | | | 684,261 | |
| | 168,718 | | International Game Technology PLC | | | 3,428,350 | |
| | 87,563 | | Life Time Group Holdings, Inc.* | | | 1,950,904 | |
| | 32,994 | | RCI Hospitality Holdings, Inc. | | | 1,432,600 | |
| | 19,095 | | Red Rock Resorts, Inc., Class A | | | 982,629 | |
| | | | | | | | |
| | | | | | | 19,834,464 | |
| | | |
| |
| | Household Durables – 3.2% | |
| | 55,582 | | Beazer Homes USA, Inc.* | | | 1,709,702 | |
| | 7,348 | | Century Communities, Inc. | | | 651,474 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Household Durables – (continued) | |
| | 419,745 | | GoPro, Inc., Class A* | | $ | 566,656 | |
| | 54,021 | | Green Brick Partners, Inc.* | | | 3,727,989 | |
| | 2,098 | | Hovnanian Enterprises, Inc., Class A* | | | 369,332 | |
| | 55,412 | | KB Home | | | 4,349,842 | |
| | 63,912 | | Landsea Homes Corp.* | | | 663,407 | |
| | 52,827 | | LGI Homes, Inc.* | | | 5,365,110 | |
| | 58,067 | | M/I Homes, Inc.* | | | 8,802,377 | |
| | 3,260 | | Meritage Homes Corp. | | | 590,712 | |
| | 61,339 | | Taylor Morrison Home Corp.* | | | 4,201,721 | |
| | | | | | | | |
| | | | | | | 30,998,322 | |
| | | |
| |
| | Independent Power and Renewable Electricity Producers – 0.0% | |
| | 24,175 | | Sunnova Energy International, Inc.* | | | 146,742 | |
| | | |
| |
| | Industrial REITs – 0.7% | |
| | 751,832 | | LXP Industrial Trust REIT | | | 7,097,294 | |
| | 8,724 | | Plymouth Industrial REIT, Inc. REIT | | | 177,272 | |
| | | | | | | | |
| | | | | | | 7,274,566 | |
| | | |
| |
| | Insurance – 2.5% | |
| | 200,528 | | Ambac Financial Group, Inc.* | | | 2,267,972 | |
| | 14,199 | | American Coastal Insurance Corp.* | | | 172,518 | |
| | 102,293 | | CNO Financial Group, Inc. | | | 3,518,879 | |
| | 60,762 | | Employers Holdings, Inc. | | | 2,960,325 | |
| | 18,979 | | Fidelis Insurance Holdings Ltd. (United Kingdom) | | | 327,577 | |
| | 346,393 | | Genworth Financial, Inc., Class A* | | | 2,334,689 | |
| | 1,728 | | Investors Title Co. | | | 399,652 | |
| | 269,340 | | James River Group Holdings Ltd. | | | 1,675,295 | |
| | 102,907 | | Mercury General Corp. | | | 6,959,600 | |
| | 11,747 | | Stewart Information Services Corp. | | | 808,193 | |
| | 142,850 | | Universal Insurance Holdings, Inc. | | | 2,848,429 | |
| | | | | | | | |
| | | | | | | 24,273,129 | |
| | | |
| |
| | Interactive Media & Services – 0.7% | |
| | 512,363 | | fuboTV, Inc.* | | | 891,512 | |
| | 9,584 | | MediaAlpha, Inc., Class A* | | | 164,174 | |
| | 44,595 | | Shutterstock, Inc. | | | 1,431,053 | |
| | 963,543 | | Vimeo, Inc.* | | | 4,596,100 | |
| | | | | | | | |
| | | | | | | 7,082,839 | |
| | | |
| |
| | IT Services – 0.1% | |
| | 10,985 | | DigitalOcean Holdings, Inc.* | | | 434,786 | |
| | 11,279 | | Hackett Group, Inc. (The) | | | 274,305 | |
| | 98,681 | | Rackspace Technology, Inc.*(a) | | | 235,354 | |
| | 22,424 | | Unisys Corp.* | | | 154,950 | |
| | | | | | | | |
| | | | | | | 1,099,395 | |
| | | |
| |
| | Leisure Products – 0.8% | |
| | 32,228 | | Clarus Corp. | | | 135,680 | |
| | 77,711 | | Latham Group, Inc.* | | | 505,121 | |
| | 170,798 | | Smith & Wesson Brands, Inc. | | | 2,212,688 | |
| | 4,349 | | Sturm Ruger & Co., Inc. | | | 171,003 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Leisure Products – (continued) | |
| | 488,761 | | Topgolf Callaway Brands Corp.* | | $ | 4,745,869 | |
| | | | | | | | |
| | | | | | | 7,770,361 | |
| | | |
| |
| | Life Sciences Tools & Services – 0.6% | |
| | 537,931 | | Adaptive Biotechnologies Corp.* | | | 2,603,586 | |
| | 70,643 | | Codexis, Inc.* | | | 221,819 | |
| | 202,041 | | Cytek Biosciences, Inc.* | | | 999,093 | |
| | 128,655 | | MaxCyte, Inc.* | | | 460,585 | |
| | 584,195 | | Pacific Biosciences of California, Inc.*(a) | | | 1,267,703 | |
| | 32,152 | | Quanterix Corp.* | | | 424,888 | |
| | | | | | | | |
| | | | | | | 5,977,674 | |
| | | |
| |
| | Machinery – 1.9% | |
| | 19,819 | | Astec Industries, Inc. | | | 629,848 | |
| | 53,601 | | Columbus McKinnon Corp. | | | 1,705,048 | |
| | 8,678 | | Douglas Dynamics, Inc. | | | 196,557 | |
| | 3,248 | | Enpro, Inc. | | | 472,941 | |
| | 4,810 | | ESCO Technologies, Inc. | | | 603,847 | |
| | 5,426 | | Gencor Industries, Inc.* | | | 108,086 | |
| | 6,711 | | Gorman-Rupp Co. (The) | | | 247,971 | |
| | 4,533 | | Greenbrier Cos., Inc. (The) | | | 268,671 | |
| | 349,326 | | Hillman Solutions Corp.* | | | 3,702,856 | |
| | 146,255 | | Kennametal, Inc. | | | 3,703,177 | |
| | 30,331 | | Manitowoc Co., Inc. (The)* | | | 283,291 | |
| | 94,749 | | Mayville Engineering Co., Inc.* | | | 1,939,512 | |
| | 46,539 | | Miller Industries, Inc. | | | 3,054,820 | |
| | 33,235 | | Proto Labs, Inc.* | | | 910,639 | |
| | 2,221 | | Tennant Co. | | | 194,471 | |
| | | | | | | | |
| | | | | | | 18,021,735 | |
| | | |
| |
| | Marine Transportation – 0.2% | |
| | 33,557 | | Pangaea Logistics Solutions Ltd. | | | 215,436 | |
| | 569,252 | | Safe Bulkers, Inc. (Monaco) | | | 2,385,166 | |
| | | | | | | | |
| | | | | | | 2,600,602 | |
| | | |
| |
| | Media – 1.2% | |
| | 87,346 | | AMC Networks, Inc., Class A* | | | 707,502 | |
| | 28,069 | | Boston Omaha Corp., Class A* | | | 414,298 | |
| | 10,887 | | Cable One, Inc. | | | 3,718,564 | |
| | 591,536 | | EW Scripps Co. (The), Class A* | | | 1,984,603 | |
| | 141,862 | | Gannett Co., Inc.* | | | 665,333 | |
| | 614,315 | | Gray Television, Inc. | | | 3,507,739 | |
| | 409,667 | | iHeartMedia, Inc., Class A* | | | 811,141 | |
| | | | | | | | |
| | | | | | | 11,809,180 | |
| | | |
| |
| | Metals & Mining – 1.7% | |
| | 20,008 | | Caledonia Mining Corp. PLC (South Africa) | | | 298,319 | |
| | 546,701 | | Coeur Mining, Inc.* | | | 3,520,755 | |
| | 1,154,584 | | Hecla Mining Co. | | | 7,493,250 | |
| | 96,803 | | i-80 Gold Corp. (Canada)* | | | 101,643 | |
| | 25,162 | | Novagold Resources, Inc. (Canada)* | | | 87,061 | |
| | 34,165 | | Olympic Steel, Inc. | | | 1,225,840 | |
| | 77,896 | | SSR Mining, Inc. (Canada) | | | 480,618 | |
| | 13,984 | | Warrior Met Coal, Inc. | | | 882,810 | |
| | 59,699 | | Worthington Steel, Inc. | | | 2,282,890 | |
| | | | | | | | |
| | | | | | | 16,373,186 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Mortgage Real Estate Investment Trusts (REITs) – 2.1% | |
| | 12,515 | | Apollo Commercial Real Estate Finance, Inc. REIT | | $ | 111,258 | |
| | 411,775 | | Arbor Realty Trust, Inc. REIT | | | 6,069,564 | |
| | 15,310 | | Blackstone Mortgage Trust, Inc., Class A REIT | | | 278,795 | |
| | 284,572 | | BrightSpire Capital, Inc. REIT | | | 1,730,198 | |
| | 312,698 | | Ladder Capital Corp. REIT | | | 3,567,884 | |
| | 353,679 | | Orchid Island Capital, Inc. REIT | | | 2,677,350 | |
| | 199,446 | | PennyMac Mortgage Investment Trust REIT | | | 2,688,532 | |
| | 338,187 | | TPG RE Finance Trust, Inc. REIT | | | 2,979,427 | |
| | | | | | | | |
| | | | | | | 20,103,008 | |
| | | |
| |
| | Multi-Utilities – 1.8% | |
| | 144,352 | | Avista Corp. | | | 5,410,313 | |
| | 138,672 | | Black Hills Corp. | | | 8,207,996 | |
| | 57,482 | | Northwestern Energy Group, Inc. | | | 3,072,988 | |
| | 6,897 | | Unitil Corp. | | | 399,267 | |
| | | | | | | | |
| | | | | | | 17,090,564 | |
| | | |
| |
| | Office REITs – 2.2% | |
| | 149,089 | | City Office REIT, Inc. REIT | | | 763,336 | |
| | 234,826 | | COPT Defense Properties REIT | | | 7,561,397 | |
| | 71,373 | | Easterly Government Properties, Inc. REIT | | | 967,818 | |
| | 104,039 | | Equity Commonwealth REIT* | | | 2,058,932 | |
| | 867,770 | | Hudson Pacific Properties, Inc. REIT | | | 3,748,766 | |
| | 298,048 | | JBG SMITH Properties REIT | | | 5,066,816 | |
| | 32,514 | | Paramount Group, Inc. REIT | | | 157,693 | |
| | 51,247 | | Piedmont Office Realty Trust, Inc., Class A REIT | | | 509,395 | |
| | 4,837 | | SL Green Realty Corp. REIT | | | 365,726 | |
| | | | | | | | |
| | | | | | | 21,199,879 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 4.3% | |
| | 84,790 | | Ardmore Shipping Corp. (Ireland) | | | 1,196,387 | |
| | 71,257 | | Clean Energy Fuels Corp.* | | | 201,657 | |
| | 39,311 | | CNX Resources Corp.* | | | 1,337,753 | |
| | 17,005 | | CONSOL Energy, Inc. | | | 1,886,195 | |
| | 32,551 | | Dorian LPG Ltd. | | | 939,096 | |
| | 56,077 | | Energy Fuels, Inc.* | | | 337,584 | |
| | 122,191 | | Excelerate Energy, Inc., Class A | | | 2,917,921 | |
| | 133,074 | | Green Plains, Inc.* | | | 1,627,495 | |
| | 5,409 | | International Seaways, Inc. | | | 235,508 | |
| | 60,866 | | Kinetik Holdings, Inc. | | | 2,962,348 | |
| | 153,259 | | Murphy Oil Corp. | | | 4,824,593 | |
| | 1,300,850 | | Nordic American Tankers Ltd. | | | 4,253,780 | |
| | 84,765 | | Par Pacific Holdings, Inc.* | | | 1,309,619 | |
| | 93,343 | | PBF Energy, Inc., Class A | | | 2,662,142 | |
| | 110,001 | | Peabody Energy Corp. | | | 2,889,726 | |
| | 108,920 | | Scorpio Tankers, Inc. (Monaco) | | | 6,346,769 | |
| | 79,623 | | SM Energy Co. | | | 3,341,777 | |
| | 110,784 | | Talos Energy, Inc.* | | | 1,132,213 | |
| | 42,998 | | Vital Energy, Inc.* | | | 1,172,556 | |
| | | | | | | | |
| | | | | | | 41,575,119 | |
| | | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Paper & Forest Products – 0.2% | |
| | 25,816 | | Sylvamo Corp. | | $ | 2,194,876 | |
| | | |
| |
| | Passenger Airlines – 1.6% | |
| | 90,095 | | Allegiant Travel Co. | | | 5,857,076 | |
| | 26,569 | | Blade Air Mobility, Inc.* | | | 95,515 | |
| | 267,561 | | JetBlue Airways Corp.* | | | 1,525,098 | |
| | 84,485 | | SkyWest, Inc.* | | | 8,042,972 | |
| | | | | | | | |
| | | | | | | 15,520,661 | |
| | | |
| |
| | Personal Care Products – 0.2% | |
| | 53,839 | | Honest Co., Inc. (The)* | | | 200,281 | |
| | 223,381 | | Nu Skin Enterprises, Inc., Class A | | | 1,382,728 | |
| | 87,504 | | Olaplex Holdings, Inc.* | | | 155,757 | |
| | 4,686 | | USANA Health Sciences, Inc.* | | | 173,101 | |
| | | | | | | | |
| | | | | | | 1,911,867 | |
| | | |
| |
| | Pharmaceuticals – 1.1% | |
| | 81,482 | | Innoviva, Inc.* | | | 1,593,788 | |
| | 7,959 | | Ligand Pharmaceuticals, Inc.* | | | 841,266 | |
| | 38,166 | | Nuvation Bio, Inc.* | | | 84,347 | |
| | 3,527 | | Phathom Pharmaceuticals, Inc.*(a) | | | 60,488 | |
| | 34,247 | | Phibro Animal Health Corp., Class A | | | 791,791 | |
| | 55,829 | | Pliant Therapeutics, Inc.* | | | 785,514 | |
| | 192,368 | | Supernus Pharmaceuticals, Inc.* | | | 6,553,978 | |
| | 27,393 | | Terns Pharmaceuticals, Inc.* | | | 187,916 | |
| | 17,173 | | Theravance Biopharma, Inc.* | | | 141,505 | |
| | | | | | | | |
| | | | | | | 11,040,593 | |
| | | |
| |
| | Professional Services – 1.3% | |
| | 544,701 | | Alight, Inc., Class A* | | | 3,774,778 | |
| | 691,805 | | Conduent, Inc.* | | | 2,490,498 | |
| | 26,467 | | IBEX Holdings Ltd.* | | | 475,347 | |
| | 52,535 | | Korn Ferry | | | 3,711,598 | |
| | 3,801 | | Maximus, Inc. | | | 328,559 | |
| | 32,506 | | NV5 Global, Inc.* | | | 742,762 | |
| | 285,802 | | Planet Labs PBC* | | | 631,622 | |
| | | | | | | | |
| | | | | | | 12,155,164 | |
| | | |
| |
| | Real Estate Management & Development – 0.5% | |
| | 150,089 | | Anywhere Real Estate, Inc.* | | | 579,344 | |
| | 87,397 | | Compass, Inc., Class A* | | | 554,971 | |
| | 95,428 | | Cushman & Wakefield PLC* | | | 1,293,049 | |
| | 78,115 | | Kennedy-Wilson Holdings, Inc. | | | 835,049 | |
| | 14,558 | | Newmark Group, Inc., Class A | | | 218,225 | |
| | 114,487 | | Redfin Corp.* | | | 1,187,230 | |
| | | | | | | | |
| | | | | | | 4,667,868 | |
| | | |
| |
| | Residential REITs – 1.0% | |
| | 33,166 | | Centerspace REIT | | | 2,310,344 | |
| | 135,664 | | NexPoint Residential Trust, Inc. REIT | | | 5,650,406 | |
| | 100,771 | | Veris Residential, Inc. REIT | | | 1,659,698 | |
| | | | | | | | |
| | | | | | | 9,620,448 | |
| | | |
| |
| | Retail REITs – 2.2% | |
| | 210,505 | | Kite Realty Group Trust REIT | | | 5,403,663 | |
| | 122,142 | | Macerich Co. (The) REIT | | | 2,284,055 | |
| | 200,161 | | Phillips Edison & Co., Inc. REIT | | | 7,568,087 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Retail REITs – (continued) | |
| | 227,060 | | Retail Opportunity Investments Corp. REIT | | $ | 3,519,430 | |
| | 33,461 | | Tanger, Inc. REIT | | | 1,111,909 | |
| | 65,806 | | Urban Edge Properties REIT | | | 1,463,525 | |
| | | | | | | | |
| | | | | | | 21,350,669 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 0.1% | |
| | 5,664 | | ACM Research, Inc., Class A* | | | 106,455 | |
| | 7,110 | | Ambarella, Inc.* | | | 399,511 | |
| | 18,096 | | Ichor Holdings Ltd.* | | | 493,297 | |
| | | | | | | | |
| | | | | | | 999,263 | |
| | | |
| |
| | Software – 2.1% | |
| | 31,289 | | ACI Worldwide, Inc.* | | | 1,539,419 | |
| | 16,188 | | Clear Secure, Inc., Class A | | | 595,395 | |
| | 27,082 | | CommVault Systems, Inc.* | | | 4,229,937 | |
| | 131,524 | | Consensus Cloud Solutions, Inc.* | | | 2,917,202 | |
| | 63,619 | | E2open Parent Holdings, Inc.* | | | 186,404 | |
| | 8,481 | | MARA Holdings, Inc.* | | | 142,226 | |
| | 191,100 | | Olo, Inc., Class A* | | | 957,411 | |
| | 177,041 | | Pagaya Technologies Ltd., Class A*(a) | | | 2,039,512 | |
| | 138,011 | | Riot Platforms, Inc.* | | | 1,275,222 | |
| | 68,780 | | Terawulf, Inc.* | | | 448,446 | |
| | 268,020 | | Verint Systems, Inc.* | | | 5,708,826 | |
| | 44,047 | | Xperi, Inc.* | | | 402,149 | |
| | | | | | | | |
| | | | | | | 20,442,149 | |
| | | |
| |
| | Specialized REITs – 0.1% | |
| | 6,200 | | PotlatchDeltic Corp. REIT | | | 257,734 | |
| | 121,677 | | Uniti Group, Inc. REIT | | | 616,902 | |
| | | | | | | | |
| | | | | | | 874,636 | |
| | | |
| |
| | Specialty Retail – 1.7% | |
| | 45,013 | | America’s Car-Mart, Inc.* | | | 1,757,308 | |
| | 103,993 | | Haverty Furniture Cos., Inc. | | | 2,303,445 | |
| | 62,866 | | Leslie’s, Inc.* | | | 169,110 | |
| | 88,618 | | Monro, Inc. | | | 2,429,019 | |
| | 7,577 | | OneWater Marine, Inc., Class A* | | | 164,951 | |
| | 129,953 | | Petco Health & Wellness Co., Inc.* | | | 554,899 | |
| | 139,999 | | Shoe Carnival, Inc. | | | 4,797,766 | |
| | 17,940 | | Signet Jewelers Ltd. | | | 1,644,739 | |
| | 132,677 | | Zumiez, Inc.* | | | 2,733,146 | |
| | | | | | | | |
| | | | | | | 16,554,383 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 0.1% | |
| | 30,561 | | Corsair Gaming, Inc.* | | | 196,049 | |
| | 3,881 | | Diebold Nixdorf, Inc.* | | | 179,613 | |
| | 101,634 | | Eastman Kodak Co.* | | | 479,712 | |
| | 5,765 | | Turtle Beach Corp.* | | | 92,067 | |
| | | | | | | | |
| | | | | | | 947,441 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.5% | |
| | 189,492 | | Figs, Inc., Class A* | | | 1,184,325 | |
| | 97,100 | | G-III Apparel Group Ltd.* | | | 2,940,188 | |
| | 27,195 | | Movado Group, Inc. | | | 502,292 | |
| | | | | | | | |
| | | | | | | 4,626,805 | |
| | | |
| |
| | Tobacco – 0.5% | |
| | 89,766 | | Universal Corp. | | | 4,570,885 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Trading Companies & Distributors – 0.8% | |
| | 500 | | BlueLinx Holdings, Inc.* | | $ | 54,730 | |
| | 1,038 | | Boise Cascade Co. | | | 138,085 | |
| | 120,218 | | DNOW, Inc.* | | | 1,422,179 | |
| | 62,798 | | DXP Enterprises, Inc.* | | | 3,082,126 | |
| | 253,002 | | MRC Global, Inc.* | | | 3,101,804 | |
| | | | | | | | |
| | | | | | | 7,798,924 | |
| | | |
| |
| | Water Utilities – 1.1% | |
| | 66,654 | | California Water Service Group | | | 3,463,342 | |
| | 23,857 | | Consolidated Water Co. Ltd. | | | 566,842 | |
| | 111,017 | | SJW Group | | | 6,179,206 | |
| | 4,368 | | York Water Co. (The) | | | 153,623 | |
| | | | | | | | |
| | | | | | | 10,363,013 | |
| | | |
| |
| | Wireless Telecommunication Services – 0.8% | |
| | 64,729 | | Spok Holdings, Inc. | | | 1,007,830 | |
| | 205,264 | | Telephone and Data Systems, Inc. | | | 6,106,604 | |
| | | | | | | | |
| | | | | | | 7,114,434 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $883,862,095) | | | 945,249,826 | |
| | | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.7%(c) | |
| | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | |
| | 6,661,301 | | 4.766% | | | 6,661,301 | |
| | (Cost $6,661,301) | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $890,523,396) | | | 951,911,127 | |
| | | |
| | | | | | | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Securities Lending Reinvestment Vehicle – 0.6%(c) | |
| | |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | | | | |
| | 6,197,240 | | 4.766% | | $ | 6,197,240 | |
| | (Cost $6,197,240) | |
| | | |
| | TOTAL INVESTMENTS – 98.9%
(Cost $896,720,636) | | $ | 958,108,367 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.1% | | | 10,218,438 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 968,326,805 | |
| | | |
| | |
| 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) | | All or a portion of security is on loan. |
| (b) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | | Represents an affiliated issuer. |
| | |
|
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | Expiration
Date | | Notional Amount | | | Unrealized
Appreciation/
(Depreciation) | | | | |
| |
Long position contracts: | | | | | | | | | | | | | | | | |
Russell 2000 E-Mini Index | | 164 | | 12/20/24 | | $ | 18,110,520 | | | $ | (32,833) | | | | | |
| |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.0% | |
| |
| | Aerospace & Defense – 1.8% | |
| | 13,802 | | General Dynamics Corp. | | $ | 4,024,801 | |
| | 18,459 | | Huntington Ingalls Industries, Inc. | | | 3,414,177 | |
| | 24,204 | | Northrop Grumman Corp. | | | 12,320,320 | |
| | | | | | | | |
| | | | | | | 19,759,298 | |
| | | |
| |
| | Automobile Components – 0.2% | |
| | 17,938 | | Lear Corp. | | | 1,717,743 | |
| | | |
| |
| | Automobiles – 1.7% | |
| | 74,431 | | Tesla, Inc.* | | | 18,596,585 | |
| | | |
| |
| | Banks – 1.8% | |
| | 17,545 | | Bank of America Corp. | | | 733,732 | |
| | 69,772 | | JPMorgan Chase & Co. | | | 15,483,802 | |
| | 44,831 | | Prosperity Bancshares, Inc. | | | 3,281,629 | |
| | | | | | | | |
| | | | | | | 19,499,163 | |
| | | |
| |
| | Beverages – 0.1% | |
| | 1,097 | | Coca-Cola Consolidated, Inc. | | | 1,233,313 | |
| | | |
| |
| | Biotechnology – 1.8% | |
| | 84,063 | | Gilead Sciences, Inc. | | | 7,466,476 | |
| | 13,091 | | Regeneron Pharmaceuticals, Inc.* | | | 10,972,876 | |
| | 1,335 | | Vertex Pharmaceuticals, Inc.* | | | 635,433 | |
| | | | | | | | |
| | | | | | | 19,074,785 | |
| | | |
| |
| | Broadline Retail – 4.4% | |
| | 254,744 | | Amazon.com, Inc.* | | | 47,484,282 | |
| | | |
| |
| | Capital Markets – 3.3% | |
| | 13,089 | | Ameriprise Financial, Inc. | | | 6,679,317 | |
| | 34,748 | | Bank of New York Mellon Corp. (The) | | | 2,618,609 | |
| | 60,252 | | CME Group, Inc. | | | 13,578,391 | |
| | 2,562 | | Coinbase Global, Inc., Class A* | | | 459,238 | |
| | 219,793 | | Franklin Resources, Inc. | | | 4,565,101 | |
| | 1,120 | | MSCI, Inc. | | | 639,744 | |
| | 37,368 | | Northern Trust Corp. | | | 3,756,231 | |
| | 20,551 | | Robinhood Markets, Inc., Class A* | | | 482,743 | |
| | 30,634 | | Stifel Financial Corp. | | | 3,174,295 | |
| | | | | | | | |
| | | | | | | 35,953,669 | |
| | | |
| |
| | Chemicals – 1.7% | |
| | 49,885 | | Ecolab, Inc. | | | 12,258,241 | |
| | 4,239 | | Linde PLC | | | 1,933,620 | |
| | 17,981 | | Mosaic Co. (The) | | | 481,172 | |
| | 10,998 | | Sherwin-Williams Co. (The) | | | 3,945,752 | |
| | | | | | | | |
| | | | | | | 18,618,785 | |
| | | |
| |
| | Commercial Services & Supplies – 0.2% | |
| | 12,028 | | Cintas Corp. | | | 2,475,483 | |
| | | |
| |
| | Communications Equipment – 1.3% | |
| | 227,847 | | Cisco Systems, Inc. | | | 12,479,180 | |
| | 4,229 | | Motorola Solutions, Inc. | | | 1,900,301 | |
| | | | | | | | |
| | | | | | | 14,379,481 | |
| | | |
| |
| | Construction & Engineering – 1.1% | |
| | 27,079 | | Comfort Systems USA, Inc. | | | 10,588,972 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Construction & Engineering – (continued) | |
| | 12,492 | | MasTec, Inc.* | | $ | 1,535,142 | |
| | | | | | | | |
| | | | | | | 12,124,114 | |
| | | |
| |
| | Construction Materials – 0.4% | |
| | 14,748 | | Vulcan Materials Co. | | | 4,039,920 | |
| | | |
| |
| | Consumer Finance – 0.2% | |
| | 43,956 | | Ally Financial, Inc. | | | 1,540,658 | |
| | 5,803 | | Capital One Financial Corp. | | | 944,670 | |
| | 2,458 | | Synchrony Financial | | | 135,534 | |
| | | | | | | | |
| | | | | | | 2,620,862 | |
| | | |
| |
| | Consumer Staples Distribution & Retail – 2.6% | |
| | 23,291 | | Costco Wholesale Corp. | | | 20,360,526 | |
| | 49,068 | | Target Corp. | | | 7,362,163 | |
| | | | | | | | |
| | | | | | | 27,722,689 | |
| | | |
| |
| | Diversified Consumer Services – 0.3% | |
| | 21,326 | | Bright Horizons Family Solutions, Inc.* | | | 2,846,381 | |
| | | |
| |
| | Electric Utilities – 1.2% | |
| | 14,316 | | Edison International | | | 1,179,638 | |
| | 19,489 | | PG&E Corp. | | | 394,068 | |
| | 165,236 | | Xcel Energy, Inc. | | | 11,039,417 | |
| | | | | | | | |
| | | | | | | 12,613,123 | |
| | | |
| |
| | Electronic Equipment, Instruments & Components – 0.3% | |
| | 25,383 | | Jabil, Inc. | | | 3,124,393 | |
| | | |
| |
| | Energy Equipment & Services – 1.5% | |
| | 23,935 | | Baker Hughes Co. | | | 911,445 | |
| | 404,881 | | Halliburton Co. | | | 11,231,399 | |
| | 23,750 | | NOV, Inc. | | | 368,363 | |
| | 61,230 | | Schlumberger NV | | | 2,453,486 | |
| | 42,686 | | TechnipFMC PLC (United Kingdom) | | | 1,139,289 | |
| | | | | | | | |
| | | | | | | 16,103,982 | |
| | | |
| |
| | Entertainment – 1.9% | |
| | 25,908 | | Netflix, Inc.* | | | 19,587,225 | |
| | 23,388 | | ROBLOX Corp., Class A* | | | 1,209,628 | |
| | | | | | | | |
| | | | | | | 20,796,853 | |
| | | |
| |
| | Financial Services – 5.2% | |
| | 66,195 | | Berkshire Hathaway, Inc., Class B* | | | 29,848,649 | |
| | 17,513 | | Euronet Worldwide, Inc.* | | | 1,724,505 | |
| | 73,065 | | Fiserv, Inc.* | | | 14,459,563 | |
| | 21,616 | | Mastercard, Inc., Class A | | | 10,799,137 | |
| | | | | | | | |
| | | | | | | 56,831,854 | |
| | | |
| |
| | Ground Transportation – 1.2% | |
| | 26,176 | | Old Dominion Freight Line, Inc. | | | 5,269,752 | |
| | 104,322 | | Uber Technologies, Inc.* | | | 7,516,400 | |
| | | | | | | | |
| | | | | | | 12,786,152 | |
| | | |
| |
| | Health Care Equipment & Supplies – 0.8% | |
| | 3,602 | | Align Technology, Inc.* | | | 738,518 | |
| | 48,673 | | Edwards Lifesciences Corp.* | | | 3,261,578 | |
| | 6,102 | | GE HealthCare Technologies, Inc. | | | 533,010 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Health Care Equipment & Supplies – (continued) | |
| | 19,136 | | Teleflex, Inc. | | $ | 3,847,484 | |
| | | | | | | | |
| | | | | | | 8,380,590 | |
| | | |
| |
| | Health Care Providers & Services – 4.0% | |
| | 5,517 | | Cigna Group (The) | | | 1,736,807 | |
| | 47,663 | | Encompass Health Corp. | | | 4,740,562 | |
| | 10,101 | | Quest Diagnostics, Inc. | | | 1,563,938 | |
| | 56,319 | | Tenet Healthcare Corp.* | | | 8,730,571 | |
| | 30,212 | | UnitedHealth Group, Inc. | | | 17,054,674 | |
| | 45,338 | | Universal Health Services, Inc., Class B | | | 9,263,007 | |
| | | | | | | | |
| | | | | | | 43,089,559 | |
| | | |
| |
| | Hotel & Resort REITs – 0.5% | |
| | 366,552 | | Park Hotels & Resorts, Inc. REIT | | | 5,091,407 | |
| | | |
| |
| | Hotels, Restaurants & Leisure – 2.3% | |
| | 5,277 | | Airbnb, Inc., Class A* | | | 711,287 | |
| | 580 | | Booking Holdings, Inc. | | | 2,712,225 | |
| | 3,351 | | Cava Group, Inc.* | | | 447,559 | |
| | 49,266 | | Marriott International, Inc., Class A | | | 12,810,145 | |
| | 9,748 | | MGM Resorts International* | | | 359,409 | |
| | 9,644 | | Texas Roadhouse, Inc. | | | 1,843,161 | |
| | 22,030 | | Wingstop, Inc. | | | 6,337,811 | |
| | | | | | | | |
| | | | | | | 25,221,597 | |
| | | |
| |
| | Household Durables – 0.2% | |
| | 4,551 | | Lennar Corp., Class A | | | 775,035 | |
| | 170 | | NVR, Inc.* | | | 1,555,978 | |
| | | | | | | | |
| | | | | | | 2,331,013 | |
| | | |
| |
| | Household Products – 1.8% | |
| | 118,957 | | Procter & Gamble Co. (The) | | | 19,649,317 | |
| | | |
| |
| | Industrial REITs – 0.3% | |
| | 27,582 | | Prologis, Inc. REIT | | | 3,115,111 | |
| | | |
| |
| | Insurance – 1.2% | |
| | 1,199 | | Kinsale Capital Group, Inc. | | | 513,304 | |
| | 51,420 | | Travelers Cos., Inc. (The) | | | 12,646,235 | |
| | | | | | | | |
| | | | | | | 13,159,539 | |
| | | |
| |
| | Interactive Media & Services – 7.9% | |
| | 69,432 | | Alphabet, Inc., Class A | | | 11,880,509 | |
| | 203,037 | | Alphabet, Inc., Class C | | | 35,062,460 | |
| | 68,900 | | Meta Platforms, Inc., Class A | | | 39,106,262 | |
| | | | | | | | |
| | | | | | | 86,049,231 | |
| | | |
| |
| | IT Services – 0.4% | |
| | 6,321 | | Gartner, Inc.* | | | 3,176,303 | |
| | 3,957 | | MongoDB, Inc.* | | | 1,069,973 | |
| | | | | | | | |
| | | | | | | 4,246,276 | |
| | | |
| |
| | Leisure Products – 0.6% | |
| | 95,544 | | Hasbro, Inc. | | | 6,270,553 | |
| | 12,916 | | Mattel, Inc.* | | | 263,228 | |
| | | | | | | | |
| | | | | | | 6,533,781 | |
| | | |
| |
| | Life Sciences Tools & Services – 1.6% | |
| | 54,801 | | IQVIA Holdings, Inc.* | | | 11,279,142 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Life Sciences Tools & Services – (continued) | |
| | 18,782 | | Medpace Holdings, Inc.* | | $ | 5,901,680 | |
| | | | | | | | |
| | | | | | | 17,180,822 | |
| | | |
| |
| | Machinery – 2.5% | |
| | 47,030 | | Illinois Tool Works, Inc. | | | 12,280,944 | |
| | 41,468 | | PACCAR, Inc. | | | 4,324,283 | |
| | 16,067 | | Parker-Hannifin Corp. | | | 10,187,603 | |
| | | | | | | | |
| | | | | | | 26,792,830 | |
| | | |
| |
| | Media – 0.8% | |
| | 25,906 | | Charter Communications, Inc., Class A* | | | 8,487,065 | |
| | | |
| |
| | Metals & Mining – 0.1% | |
| | 13,740 | | Southern Copper Corp. (Mexico) | | | 1,505,217 | |
| | | |
| |
| | Oil, Gas & Consumable Fuels – 1.6% | |
| | 6,917 | | Cheniere Energy, Inc. | | | 1,323,776 | |
| | 41,147 | | Chevron Corp. | | | 6,123,497 | |
| | 22,261 | | ConocoPhillips | | | 2,438,470 | |
| | 5,426 | | Exxon Mobil Corp. | | | 633,648 | |
| | 41,041 | | Ovintiv, Inc. | | | 1,608,807 | |
| | 41,707 | | Valero Energy Corp. | | | 5,411,900 | |
| | | | | | | | |
| | | | | | | 17,540,098 | |
| | | |
| |
| | Passenger Airlines – 0.3% | |
| | 13,180 | | Delta Air Lines, Inc. | | | 754,160 | |
| | 37,171 | | United Airlines Holdings, Inc.* | | | 2,909,002 | |
| | | | | | | | |
| | | | | | | 3,663,162 | |
| | | |
| |
| | Personal Care Products – 0.0% | |
| | 3,953 | | elf Beauty, Inc.* | | | 416,053 | |
| | | |
| |
| | Pharmaceuticals – 4.5% | |
| | 107,778 | | Bristol-Myers Squibb Co. | | | 6,010,779 | |
| | 10,728 | | Eli Lilly & Co. | | | 8,901,451 | |
| | 125,898 | | Johnson & Johnson | | | 20,126,054 | |
| | 9,443 | | Merck & Co., Inc. | | | 966,208 | |
| | 76,005 | | Viatris, Inc. | | | 881,658 | |
| | 67,937 | | Zoetis, Inc. | | | 12,145,777 | |
| | | | | | | | |
| | | | | | | 49,031,927 | |
| | | |
| |
| | Professional Services – 1.4% | |
| | 43,795 | | Equifax, Inc. | | | 11,606,551 | |
| | 16,798 | | FTI Consulting, Inc.* | | | 3,276,954 | |
| | | | | | | | |
| | | | | | | 14,883,505 | |
| | | |
| |
| | Real Estate Management & Development – 0.1% | |
| | 3,057 | | Jones Lang LaSalle, Inc.* | | | 828,325 | |
| | | |
| |
| | Residential REITs – 0.7% | |
| | 28,807 | | American Homes 4 Rent, Class A REIT | | | 1,015,159 | |
| | 56,751 | | Camden Property Trust REIT | | | 6,571,198 | |
| | | | | | | | |
| | | | | | | 7,586,357 | |
| | | |
| |
| | Semiconductors & Semiconductor Equipment – 10.3% | |
| | 9,336 | | Applied Materials, Inc. | | | 1,695,231 | |
| | 155,564 | | Broadcom, Inc. | | | 26,410,100 | |
| | 35,583 | | Marvell Technology, Inc. | | | 2,850,554 | |
| | 15,679 | | Micron Technology, Inc. | | | 1,562,413 | |
| | 514,343 | | NVIDIA Corp. | | | 68,284,177 | |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Semiconductors & Semiconductor Equipment – (continued) | |
| | 3,034 | | NXP Semiconductors NV (China) | | $ | 711,473 | |
| | 54,877 | | QUALCOMM, Inc. | | | 8,932,329 | |
| | 3,277 | | Texas Instruments, Inc. | | | 665,755 | |
| | | | | | | | |
| | | | | | | 111,112,032 | |
| | | |
| |
| | Software – 11.6% | |
| | 32,668 | | Adobe, Inc.* | | | 15,617,917 | |
| | 14,597 | | Dropbox, Inc., Class A* | | | 377,333 | |
| | 2,457 | | Fair Isaac Corp.* | | | 4,897,071 | |
| | 96,921 | | Fortinet, Inc.* | | | 7,623,806 | |
| | 190,151 | | Microsoft Corp. | | | 77,267,859 | |
| | 32,158 | | Nutanix, Inc., Class A* | | | 1,997,012 | |
| | 105,225 | | Oracle Corp. | | | 17,660,964 | |
| | | | | | | | |
| | | | | | | 125,441,962 | |
| | | |
| |
| | Specialized REITs – 0.2% | |
| | 2,862 | | Equinix, Inc. REIT | | | 2,598,925 | |
| | | |
| |
| | Specialty Retail – 0.9% | |
| | 67,556 | | CarMax, Inc.* | | | 4,889,704 | |
| | 31,967 | | Ross Stores, Inc. | | | 4,466,429 | |
| | | | | | | | |
| | | | | | | 9,356,133 | |
| | | |
| |
| | Technology Hardware, Storage & Peripherals – 6.5% | |
| | 310,557 | | Apple, Inc. | | | 70,157,932 | |
| | | |
| |
| | Textiles, Apparel & Luxury Goods – 0.9% | |
| | 51,334 | | Birkenstock Holding PLC (Luxembourg)* | | | 2,361,364 | |
| | 120,894 | | Skechers USA, Inc., Class A* | | | 7,430,145 | |
| | | | | | | | |
| | | | | | | 9,791,509 | |
| | | |
| |
| | Tobacco – 0.6% | |
| | 115,182 | | Altria Group, Inc. | | | 6,272,812 | |
| | | |
| |
| | Trading Companies & Distributors – 0.2% | |
| | 13,729 | | Ferguson Enterprises, Inc. | | | 2,701,043 | |
| | | |
| | TOTAL INVESTMENTS – 99.0% (Cost $761,098,093) | | $ | 1,072,618,040 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 1.0% | | | 10,454,563 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,083,072,603 | |
| | | |
| | |
| 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. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
| REIT | | —Real Estate Investment Trust |
|
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Statements of Assets and Liabilities October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Large Cap Growth
Insights Fund | | Large Cap Value
Insights Fund | | Small Cap Equity
Insights Fund | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $735,476,060, $340,506,542 and $382,408,448, respectively)(a) | | $ | 1,312,987,692 | | | $ | 377,848,514 | | | $ | 421,925,377 | | | |
| | Investments in affiliated issuers, at value (cost $–, $453,783 and $3,881,815, respectively) | | | — | | | | 453,783 | | | | 3,881,815 | | | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | — | | | | — | | | | 2,996,700 | | | |
| | Cash | | | 8,578,883 | | | | 5,601,601 | | | | 7,296,888 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Fund shares sold | | | 1,529,915 | | | | 54,889 | | | | 345,309 | | | |
| | Collateral on certain derivative contracts | | | 419,325 | | | | — | | | | 425,084 | | | |
| | Reimbursement from investment adviser | | | 406,395 | | | | 102,765 | | | | 155,526 | | | |
| | Dividends | | | 157,739 | | | | 250,178 | | | | 129,846 | | | |
| | Investments sold | | | — | | | | — | | | | 35,300 | | | |
| | Securities lending income | | | — | | | | — | | | | 3,704 | | | |
| | Other assets | | | 76,215 | | | | 77,785 | | | | 76,080 | | | |
| | |
| | Total assets | | | 1,324,156,164 | | | | 384,389,515 | | | | 437,271,629 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Variation margin on futures contracts | | | 158,900 | | | | — | | | | 32,087 | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Fund shares redeemed | | | 1,661,391 | | | | 89,859 | | | | 983,497 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 100,440 | | | | 24,311 | | | | 17,640 | | | |
| | Payable upon return of securities loaned | | | — | | | | — | | | | 2,996,700 | | | |
| | Investments purchased | | | — | | | | — | | | | 142,147 | | | |
| | Accrued expenses | | | 253,238 | | | | 117,280 | | | | 122,267 | | | |
| | |
| | Total liabilities | | | 2,173,969 | | | | 231,450 | | | | 4,294,338 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 593,226,115 | | | | 293,461,755 | | | | 346,455,611 | | | |
| | Total distributable earnings | | | 728,756,080 | | | | 90,696,310 | | | | 86,521,680 | | | |
| | |
| | NET ASSETS | | $ | 1,321,982,195 | | | $ | 384,158,065 | | | $ | 432,977,291 | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 224,690,156 | | | $ | 54,521,379 | | | $ | 31,572,931 | | | |
| | | Class C | | | 24,488,249 | | | | 8,316,918 | | | | 4,744,495 | | | |
| | | Institutional | | | 276,973,540 | | | | 44,596,328 | | | | 120,958,579 | | | |
| | | Service | | | 28,807,254 | | | | 2,546,884 | | | | 963,668 | | | |
| | | Investor | | | 192,123,852 | | | | 61,032,357 | | | | 42,287,231 | | | |
| | | Class R6 | | | 465,405,333 | | | | 162,504,397 | | | | 79,961,289 | | | |
| | | Class R | | | 33,157,400 | | | | 4,874,811 | | | | 3,905,229 | | | |
| | | Class P | | | 76,336,411 | | | | 45,764,991 | | | | 148,583,869 | | | |
| | | Total Net Assets | | $ | 1,321,982,195 | | | $ | 384,158,065 | | | $ | 432,977,291 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 6,967,072 | | | | 2,084,804 | | | | 1,099,666 | | | |
| | | Class C | | | 1,073,626 | | | | 321,805 | | | | 213,545 | | | |
| | | Institutional | | | 7,874,521 | | | | 1,708,179 | | | | 3,959,440 | | | |
| | | Service | | | 932,372 | | | | 96,770 | | | | 34,512 | | | |
| | | Investor | | | 6,095,066 | | | | 2,345,575 | | | | 1,479,624 | | | |
| | | Class R6 | | | 13,250,064 | | | | 6,225,628 | | | | 2,617,256 | | | |
| | | Class R | | | 1,105,047 | | | | 188,143 | | | | 141,264 | | | |
| | | Class P | | | 2,175,262 | | | | 1,754,304 | | | | 4,865,187 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | | | |
| | | Class A | | $ | 32.25 | | | $ | 26.15 | | | $ | 28.71 | | | |
| | | Class C | | | 22.81 | | | | 25.84 | | | | 22.22 | | | |
| | | Institutional | | | 35.17 | | | | 26.11 | | | | 30.55 | | | |
| | | Service | | | 30.90 | | | | 26.32 | | | | 27.92 | | | |
| | | Investor | | | 31.52 | | | | 26.02 | | | | 28.58 | | | |
| | | Class R6 | | | 35.12 | | | | 26.10 | | | | 30.55 | | | |
| | | Class R | | | 30.01 | | | | 25.91 | | | | 27.64 | | | |
| | | Class P | | | 35.09 | | | | 26.09 | | | | 30.54 | | | |
| | (a) | Includes loaned securities having a market value of $–, $– and $2,744,818 for Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund, respectively. |
| | (b) | Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund is $34.13, $27.67 and $30.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Statements of Assets and Liabilities (continued) October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth
Insights Fund | | Small Cap Value
Insights Fund | | U.S. Equity Insights Fund | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $109,370,372, $883,862,095 and $761,098,093, respectively)(a) | | $ | 124,492,405 | | | $ | 945,249,826 | | | $ | 1,072,618,040 | | | |
| | Investments in affiliated issuers, at value (cost $1,341,626, $6,661,301 and $–, respectively) | | | 1,341,626 | | | | 6,661,301 | | | | — | | | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | 1,099,725 | | | | 6,197,240 | | | | — | | | |
| | Cash | | | 1,878,150 | | | | 14,637,696 | | | | 10,064,351 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Collateral on certain derivative contracts | | | 141,500 | | | | 1,276,307 | | | | — | | | |
| | Reimbursement from investment adviser | | | 51,903 | | | | 352,080 | | | | 366,125 | | | |
| | Fund shares sold | | | 21,663 | | | | 797,226 | | | | 190,082 | | | |
| | Investments sold | | | 12,735 | | | | 38,095,068 | | | | — | | | |
| | Dividends | | | 10,210 | | | | 528,782 | | | | 294,883 | | | |
| | Securities lending income | | | 3,847 | | | | 10,875 | | | | — | | | |
| | Foreign tax reclaims | | | — | | | | 18,903 | | | | — | | | |
| | Other assets | | | 49,315 | | | | 56,392 | | | | 59,459 | | | |
| | |
| | Total assets | | | 129,103,079 | | | | 1,013,881,696 | | | | 1,083,592,940 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Variation margin on futures contracts | | | 32,895 | | | | 317,340 | | | | — | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Payable upon return of securities loaned | | | 1,099,725 | | | | 6,197,240 | | | | — | | | |
| | Fund shares redeemed | | | 93,114 | | | | 388,541 | | | | 222,421 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 10,995 | | | | 46,505 | | | | 87,144 | | | |
| | Investments purchased | | | — | | | | 38,419,349 | | | | — | | | |
| | Accrued expenses | | | 467,226 | | | | 185,916 | | | | 210,772 | | | |
| | |
| | Total liabilities | | | 1,703,955 | | | | 45,554,891 | | | | 520,337 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 116,372,687 | | | | 762,978,986 | | | | 622,910,426 | | | |
| | Total distributable earnings | | | 11,026,437 | | | | 205,347,819 | | | | 460,162,177 | | | |
| | |
| | NET ASSETS | | $ | 127,399,124 | | | $ | 968,326,805 | | | $ | 1,083,072,603 | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 34,058,702 | | | $ | 116,692,274 | | | $ | 347,174,682 | | | |
| | | Class C | | | 3,045,956 | | | | 2,942,769 | | | | 14,261,052 | | | |
| | | Institutional | | | 34,738,838 | | | | 344,136,670 | | | | 301,417,980 | | | |
| | | Service | | | — | | | | — | | | | 2,888,310 | | | |
| | | Investor | | | 17,178,867 | | | | 98,435,613 | | | | 51,655,779 | | | |
| | | Class R6 | | | 8,904,841 | | | | 329,749,645 | | | | 30,121,707 | | | |
| | | Class R | | | 3,846,250 | | | | 20,753,689 | | | | 8,733,328 | | | |
| | | Class P | | | 25,625,670 | | | | 55,616,145 | | | | 326,819,765 | | | |
| | | Total Net Assets | | $ | 127,399,124 | | | $ | 968,326,805 | | | $ | 1,083,072,603 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 2,108,093 | | | | 2,840,409 | | | | 5,017,135 | | | |
| | | Class C | | | 117,538 | | | | 138,243 | | | | 245,769 | | | |
| | | Institutional | | | 1,308,494 | | | | 5,419,888 | | | | 4,151,424 | | | |
| | | Service | | | — | | | | — | | | | 42,102 | | | |
| | | Investor | | | 951,737 | | | | 2,406,653 | | | | 759,942 | | | |
| | | Class R6 | | | 334,688 | | | | 5,194,475 | | | | 415,363 | | | |
| | | Class R | | | 280,629 | | | | 524,920 | | | | 129,185 | | | |
| | | Class P | | | 963,629 | | | | 876,252 | | | | 4,506,051 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | | | |
| | | Class A | | $ | 16.16 | | | $ | 41.08 | | | $ | 69.20 | | | |
| | | Class C | | | 25.91 | | | | 21.29 | | | | 58.03 | | | |
| | | Institutional | | | 26.55 | | | | 63.50 | | | | 72.61 | | | |
| | | Service | | | — | | | | — | | | | 68.60 | | | |
| | | Investor | | | 18.05 | | | | 40.90 | | | | 67.97 | | | |
| | | Class R6 | | | 26.61 | | | | 63.48 | | | | 72.52 | | | |
| | | Class R | | | 13.71 | | | | 39.54 | | | | 67.60 | | | |
| | | Class P | | | 26.59 | | | | 63.47 | | | | 72.53 | | | |
| | (a) | Includes loaned securities having a market value of $1,031,108, $5,292,501 and $– for Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund, respectively. |
| | (b) | Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund is $17.10, $43.47 and $73.23, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Statements of Operations For the Fiscal Year Ended October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Large Cap Growth Insights Fund | | | Large Cap Value Insights Fund | | | Small Cap Equity Insights Fund | | | |
| | | | | |
| | | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $– and $14,523, respectively) | | $ | 7,347,256 | | | $ | 7,293,873 | | | $ | 5,344,175 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 92,190 | | | | 16,012 | | | | 113,261 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | | | 250 | | | | 727 | | | | 166,914 | | | |
| | |
| | | | | |
| | Total Investment Income | | | 7,439,696 | | | | 7,310,612 | | | | 5,624,350 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 6,219,121 | | | | 1,938,410 | | | | 3,269,123 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 937,028 | | | | 223,383 | | | | 130,389 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 925,846 | | | | 269,406 | | | | 223,243 | | | |
| | | | | |
| | Registration fees | | | 136,714 | | | | 111,975 | | | | 124,892 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 131,179 | | | | 58,454 | | | | 67,487 | | | |
| | | | | |
| | Professional fees | | | 117,221 | | | | 117,391 | | | | 110,363 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | 66,807 | | | | 6,187 | | | | 2,568 | | | |
| | | | | |
| | Service fees — Class C | | | 60,294 | | | | 20,756 | | | | 11,855 | | | |
| | | | | |
| | Trustee fees | | | 29,228 | | | | 27,325 | | | | 27,397 | | | |
| | | | | |
| | Printing and mailing costs | | | 7,435 | | | | 41,042 | | | | 35,622 | | | |
| | | | | |
| | Other | | | 40,992 | | | | 18,597 | | | | 20,035 | | | |
| | |
| | | | | |
| | Total expenses | | | 8,671,865 | | | | 2,832,926 | | | | 4,022,974 | | | |
| | |
| | | | | |
| | Less — expense reductions | | | (417,274 | ) | | | (360,540 | ) | | | (372,790 | ) | | |
| | |
| | | | | |
| | Net expenses | | | 8,254,591 | | | | 2,472,386 | | | | 3,650,184 | | | |
| | |
| | | | | |
| | NET INVESTMENT INCOME (LOSS) | | | (814,895 | ) | | | 4,838,226 | | | | 1,974,166 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 154,292,972 | | | | 55,281,706 | | | | 76,832,376 | | | |
| | | | | |
| | Futures contracts | | | 2,597,813 | | | | 583,001 | | | | 1,241,444 | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 278,918,312 | | | | 38,814,255 | | | | 52,868,464 | | | |
| | | | | |
| | Futures contracts | | | (140,341 | ) | | | (66,228 | ) | | | (142,719 | ) | | |
| | |
| | | | | |
| | Net realized and unrealized gain | | | 435,668,756 | | | | 94,612,734 | | | | 130,799,565 | | | |
| | |
| | | | | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 434,853,861 | | | $ | 99,450,960 | | | $ | 132,773,731 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class R | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
Large Cap Growth Insights Fund | | $ | 535,377 | | | $ | 180,878 | | | $ | 66,807 | | | $ | 153,966 | | | $ | 321,229 | | | $ | 36,176 | | | $ | 105,377 | | | $ | 10,689 | | | $ | 261,119 | | | $ | 125,735 | | | $ | 46,190 | | | $ | 19,331 | |
Large Cap Value Insights Fund | | | 132,664 | | | | 62,269 | | | | 6,187 | | | | 22,263 | | | | 79,599 | | | | 12,454 | | | | 17,825 | | | | 990 | | | | 92,351 | | | | 46,883 | | | | 6,679 | | | | 12,625 | |
Small Cap Equity Insights Fund | | | 73,400 | | | | 35,565 | | | | 2,568 | | | | 18,856 | | | | 44,040 | | | | 7,113 | | | | 45,257 | | | | 411 | | | | 54,727 | | | | 27,687 | | | | 5,657 | | | | 38,351 | |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Statements of Operations (continued) For the Fiscal Year Ended October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth
Insights Fund | | | Small Cap Value Insights Fund | | | U.S. Equity Insights Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,723, $36,126 and $–, respectively) | | $ | 762,493 | | | $ | 17,551,079 | | | $ | 11,729,776 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | | | 46,188 | | | | 262,835 | | | | 1,046 | | | |
| | Dividends — affiliated issuers | | | 27,811 | | | | 223,894 | | | | 11,892 | | | |
| | |
| | | | | |
| | Total Investment Income | | | 836,492 | | | | 18,037,808 | | | | 11,742,714 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 948,888 | | | | 7,253,765 | | | | 5,320,697 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 121,480 | | | | 408,321 | | | | 977,841 | | | |
| | | | | |
| | Professional fees | | | 108,637 | | | | 100,448 | | | | 109,972 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 104,959 | | | | 582,672 | | | | 820,849 | | | |
| | | | | |
| | Registration fees | | | 87,317 | | | | 121,560 | | | | 127,460 | | | |
| | | | | |
| | Trustee fees | | | 26,788 | | | | 26,202 | | | | 37,250 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 25,881 | | | | 109,897 | | | | 111,774 | | | |
| | | | | |
| | Printing and mailing costs | | | 15,000 | | | | 93,003 | | | | 71,563 | | | |
| | | | | |
| | Service fees — Class C | | | 7,437 | | | | 7,323 | | | | 35,490 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | — | | | | 12,487 | | | |
| | | | | |
| | Other | | | 4,329 | | | | 42,033 | | | | 23,201 | | | |
| | |
| | | | | |
| | Total expenses | | | 1,450,716 | | | | 8,745,224 | | | | 7,648,584 | | | |
| | |
| | | | | |
| | Less — expense reductions | | | (264,040 | ) | | | (463,720 | ) | | | (440,446 | ) | | |
| | |
| | | | | |
| | Net expenses | | | 1,186,676 | | | | 8,281,504 | | | | 7,208,138 | | | |
| | |
| | | | | |
| | NET INVESTMENT INCOME (LOSS) | | | (350,184 | ) | | | 9,756,304 | | | | 4,534,576 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 21,761,841 | | | | 146,483,182 | | | | 151,568,590 | | | |
| | | | | |
| | Futures contracts | | | 365,400 | | | | 2,807,427 | | | | 1,009,298 | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 17,338,924 | | | | 116,317,268 | | | | 170,266,868 | | | |
| | | | | |
| | Futures contracts | | | (16,773 | ) | | | 1,143,287 | | | | — | | | |
| | |
| | | | | |
| | Net realized and unrealized gain | | | 39,449,392 | | | | 266,751,164 | | | | 322,844,756 | | | |
| | |
| | | | | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 39,099,208 | | | $ | 276,507,468 | | | $ | 327,379,332 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class R | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
Small Cap Growth Insights Fund | | | $81,173 | | | | $22,312 | | | | $– | | | | $17,995 | | | | $48,704 | | | | $4,462 | | | | $13,186 | | | | $– | | | | $24,032 | | | | $2,479 | | | | $5,399 | | | | $6,697 | |
Small Cap Value Insights Fund | | | 287,284 | | | | 21,968 | | | | – | | | | 99,069 | | | | 172,372 | | | | 4,394 | | | | 127,671 | | | | – | | | | 141,930 | | | | 90,118 | | | | 29,721 | | | | 16,466 | |
U.S. Equity Insights Fund | | | 817,704 | | | | 106,471 | | | | 12,487 | | | | 41,179 | | | | 490,627 | | | | 21,294 | | | | 117,012 | | | | 1,998 | | | | 79,325 | | | | 8,111 | | | | 12,354 | | | | 90,128 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Growth Insights Fund | | | Large Cap Value Insights Fund |
| | | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | |
| | | | | | |
| | | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income (loss) | | $ | (814,895 | ) | | $ | 409,859 | | | $ | 4,838,226 | | | $ | 5,021,592 | | | |
| | | | | | |
| | Net realized gain | | | 156,890,785 | | | | 88,609,528 | | | | 55,864,707 | | | | 11,015,180 | | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | 278,777,971 | | | | 26,720,592 | | | | 38,748,027 | | | | (13,742,167 | ) | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 434,853,861 | | | | 115,739,979 | | | | 99,450,960 | | | | 2,294,605 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (14,187,844 | ) | | | (30,529,280 | ) | | | (1,802,551 | ) | | | (1,816,486 | ) | | |
| | | | | | |
| | Class C Shares | | | (2,314,652 | ) | | | (5,201,782 | ) | | | (230,118 | ) | | | (228,181 | ) | | |
| | | | | | |
| | Institutional Shares | | | (16,404,919 | ) | | | (43,021,573 | ) | | | (1,628,893 | ) | | | (3,247,658 | ) | | |
| | | | | | |
| | Service Shares | | | (1,787,395 | ) | | | (3,311,373 | ) | | | (76,799 | ) | | | (104,733 | ) | | |
| | | | | | |
| | Investor Shares | | | (10,083,585 | ) | | | (20,289,833 | ) | | | (2,282,761 | ) | | | (2,483,113 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (25,995,687 | ) | | | (35,438,862 | ) | | | (5,935,102 | ) | | | (2,922,586 | ) | | |
| | | | | | |
| | Class R Shares | | | (2,110,858 | ) | | | (3,837,407 | ) | | | (138,695 | ) | | | (141,799 | ) | | |
| | | | | | |
| | Class P Shares | | | (3,665,774 | ) | | | (6,910,344 | ) | | | (1,514,351 | ) | | | (1,710,618 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (76,550,714 | ) | | | (148,540,454 | ) | | | (13,609,270 | ) | | | (12,655,174 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 243,985,250 | | | | 317,730,246 | | | | 29,694,495 | | | | 106,309,376 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 69,201,464 | | | | 125,618,879 | | | | 13,165,028 | | | | 12,218,594 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (344,662,267 | ) | | | (406,338,014 | ) | | | (115,626,004 | ) | | | (107,953,385 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (31,475,553 | ) | | | 37,011,111 | | | | (72,766,481 | ) | | | 10,574,585 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE | | | 326,827,594 | | | | 4,210,636 | | | | 13,075,209 | | | | 214,016 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 995,154,601 | | | $ | 990,943,965 | | | $ | 371,082,856 | | | $ | 370,868,840 | | | |
| | |
| | | | | | |
| | End of year | | $ | 1,321,982,195 | | | $ | 995,154,601 | | | $ | 384,158,065 | | | $ | 371,082,856 | | | |
| | |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | | | Small Cap Growth Insights Fund | | | |
| | | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | |
| | | | | | |
| | | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income (loss) | | $ | 1,974,166 | | | $ | 2,886,984 | | | $ | (350,184 | ) | | $ | (176,155 | ) | | |
| | | | | | |
| | Net realized gain | | | 78,073,820 | | | | 8,675,604 | | | | 22,127,241 | | | | 4,972,329 | | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | 52,725,745 | | | | (23,857,682 | ) | | | 17,322,151 | | | | (7,699,897 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | 132,773,731 | | | | (12,295,094 | ) | | | 39,099,208 | | | | (2,903,723 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (117,628 | ) | | | (155,026 | ) | | | – | | | | (58,136 | ) | | |
| | | | | | |
| | Institutional Shares | | | (824,051 | ) | | | (1,091,362 | ) | | | – | | | | (142,234 | ) | | |
| | | | | | |
| | Service Shares | | | (8,429 | ) | | | (8,258 | ) | | | – | | | | – | | | |
| | | | | | |
| | Investor Shares | | | (239,907 | ) | | | (265,848 | ) | | | – | | | | (63,141 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (812,645 | ) | | | (706,759 | ) | | | – | | | | (55,058 | ) | | |
| | | | | | |
| | Class R Shares | | | – | | | | (29,161 | ) | | | – | | | | – | | | |
| | | | | | |
| | Class P Shares | | | (1,069,929 | ) | | | (1,051,530 | ) | | | – | | | | (19,555 | ) | | |
| | | | | | |
| | From return of capital: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | – | | | | – | | | | – | | | | (5,963 | ) | | |
| | | | | | |
| | Institutional Shares | | | – | | | | – | | | | – | | | | (14,589 | ) | | |
| | | | | | |
| | Investor Shares | | | – | | | | – | | | | – | | | | (6,477 | ) | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | – | | | | – | | | | (5,648 | ) | | |
| | | | | | |
| | Class P Shares | | | – | | | | – | | | | – | | | | (2,006 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (3,072,589 | ) | | | (3,307,944 | ) | | | – | | | | (372,807 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 108,187,255 | | | | 67,624,714 | | | | 30,545,864 | | | | 18,168,095 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 3,025,536 | | | | 3,257,973 | | | | – | | | | 346,761 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (132,061,957 | ) | | | (182,907,367 | ) | | | (30,649,060 | ) | | | (55,225,047 | ) | | |
| | |
| | | | | | |
| | Net decrease in net assets resulting from share transactions | | | (20,849,166 | ) | | | (112,024,680 | ) | | | (103,196 | ) | | | (36,710,191 | ) | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 108,851,976 | | | | (127,627,718 | ) | | | 38,996,012 | | | | (39,986,721 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 324,125,315 | | | $ | 451,753,033 | | | $ | 88,403,112 | | | $ | 128,389,833 | | | |
| | |
| | | | | | |
| | End of year | | $ | 432,977,291 | | | $ | 324,125,315 | | | $ | 127,399,124 | | | $ | 88,403,112 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | | | U.S. Equity Insights Fund | | | |
| | | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 9,756,304 | | | $ | 14,885,608 | | | $ | 4,534,576 | | | $ | 5,808,182 | | | |
| | | | | | |
| | Net realized gain | | | 149,290,609 | | | | 1,070,178 | | | | 152,577,888 | | | | 48,964,086 | | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | 117,460,555 | | | | (79,458,373 | ) | | | 170,266,868 | | | | 5,509,860 | | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from operations | | | 276,507,468 | | | | (63,502,587 | ) | | | 327,379,332 | | | | 60,282,128 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (2,135,387 | ) | | | (4,007,688 | ) | | | (7,596,194 | ) | | | (2,023,196 | ) | | |
| | | | | | |
| | Class C Shares | | | (86,314 | ) | | | (240,343 | ) | | | (342,909 | ) | | | (11,372 | ) | | |
| | | | | | |
| | Institutional Shares | | | (4,379,286 | ) | | | (8,353,206 | ) | | | (7,331,833 | ) | | | (2,676,309 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (136,245 | ) | | | (26,865 | ) | | |
| | | | | | |
| | Investor Shares | | | (1,665,993 | ) | | | (8,237,683 | ) | | | (1,360,524 | ) | | | (1,093,421 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (4,104,364 | ) | | | (6,994,510 | ) | | | (654,438 | ) | | | (187,390 | ) | | |
| | | | | | |
| | Class R Shares | | | (324,677 | ) | | | (596,597 | ) | | | (169,826 | ) | | | – | | | |
| | | | | | |
| | Class P Shares | | | (804,361 | ) | | | (1,225,556 | ) | | | (7,532,922 | ) | | | (2,535,758 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (13,500,382 | ) | | | (29,655,583 | ) | | | (25,124,891 | ) | | | (8,554,311 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 225,980,431 | | | | 219,763,598 | | | | 84,526,269 | | | | 123,346,931 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 13,072,090 | | | | 29,068,208 | | | | 24,656,944 | | | | 8,433,552 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (359,344,327 | ) | | | (473,836,087 | ) | | | (185,971,937 | ) | | | (299,805,688 | ) | | |
| | |
| | | | | | |
| | Net decrease in net assets resulting from share transactions | | | (120,291,806 | ) | | | (225,004,281 | ) | | | (76,788,724 | ) | | | (168,025,205 | ) | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 142,715,280 | | | | (318,162,451 | ) | | | 225,465,717 | | | | (116,297,388 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 825,611,525 | | | $ | 1,143,773,976 | | | $ | 857,606,886 | | | $ | 973,904,274 | | | |
| | |
| | | | | | |
| | End of year | | $ | 968,326,805 | | | $ | 825,611,525 | | | $ | 1,083,072,603 | | | $ | 857,606,886 | | | |
| | |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 23.95 | | | $ | 25.20 | | | $ | 48.76 | | | $ | 37.63 | | | $ | 31.54 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.09 | ) | | | (0.04 | ) | | | 0.03 | (b) | | | (0.09 | ) | | | –(c) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 10.33 | | | | 2.88 | | | | (8.25 | ) | | | 15.02 | | | | 7.31 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 10.24 | | | | 2.84 | | | | (8.22 | ) | | | 14.93 | | | | 7.31 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.02 | ) | | | – | | | | – | | | | (0.10) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94 | ) | | | (4.07 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.94 | ) | | | (4.09 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.22) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 32.25 | | | $ | 23.95 | | | $ | 25.20 | | | $ | 48.76 | | | $ | 37.63 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 45.00 | % | | | 13.11 | % | | | (24.27 | )% | | | 42.69 | % | | | 23.84% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 224,690 | | | $ | 177,858 | | | $ | 211,454 | | | $ | 336,453 | | | $ | 286,777 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.89 | % | | | 0.96 | % | | | 0.92 | % | | | 0.91 | % | | | 0.92% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.92 | % | | | 1.00 | % | | | 0.96 | % | | | 0.94 | % | | | 0.95% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.30 | )% | | | (0.17 | )% | | | 0.10 | %(b) | | | (0.21 | )% | | | (0.01)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 17.56 | | | $ | 19.65 | | | $ | 41.64 | | | $ | 32.87 | | | $ | 27.79 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.21 | ) | | | (0.16 | ) | | | (0.15 | )(b) | | | (0.35 | ) | | | (0.23) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.40 | | | | 2.14 | | | | (6.50 | ) | | | 12.92 | | | | 6.43 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.19 | | | | 1.98 | | | | (6.65 | ) | | | 12.57 | | | | 6.20 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94 | ) | | | (4.07 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.12) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 22.81 | | | $ | 17.56 | | | $ | 19.65 | | | $ | 41.64 | | | $ | 32.87 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 43.92 | % | | | 12.28 | % | | | (24.84 | )% | | | 41.59 | % | | | 22.97% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 24,488 | | | $ | 21,113 | | | $ | 26,260 | | | $ | 47,078 | | | $ | 41,838 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.64 | % | | | 1.71 | % | | | 1.67 | % | | | 1.66 | % | | | 1.67% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.67 | % | | | 1.75 | % | | | 1.71 | % | | | 1.69 | % | | | 1.70% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (1.04 | )% | | | (0.91 | )% | | | (0.64 | )%(b) | | | (0.96 | )% | | | (0.76)% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 25.90 | | | $ | 26.92 | | | $ | 50.98 | | | $ | 39.16 | | | $ | 32.77 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.02 | | | | 0.05 | | | | 0.21 | (b) | | | 0.07 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 11.21 | | | | 3.10 | | | | (8.85 | ) | | | 15.66 | | | | 7.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 11.23 | | | | 3.15 | | | | (8.64 | ) | | | 15.73 | | | | 7.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.02 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.11 | ) | | | (0.23) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94 | ) | | | (4.07 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.96 | ) | | | (4.17 | ) | | | (15.42 | ) | | | (3.91 | ) | | | (1.35) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 35.17 | | | $ | 25.90 | | | $ | 26.92 | | | $ | 50.98 | | | $ | 39.16 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 45.56 | % | | | 13.51 | % | | | (24.00 | )% | | | 43.18 | % | | | 24.33% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 276,974 | | | $ | 221,330 | | | $ | 295,292 | | | $ | 893,602 | | | $ | 741,893 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.53 | % | | | 0.59 | % | | | 0.55 | % | | | 0.54 | % | | | 0.54% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.56 | % | | | 0.63 | % | | | 0.59 | % | | | 0.57 | % | | | 0.58% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.06 | % | | | 0.20 | % | | | 0.64 | %(b) | | | 0.16 | % | | | 0.36% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 23.04 | | | $ | 24.42 | | | $ | 47.77 | | | $ | 36.98 | | | $ | 31.02 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.12 | ) | | | (0.07 | ) | | | – | (b)(c) | | | (0.14 | ) | | | (0.05) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 9.92 | | | | 2.77 | | | | (8.01 | ) | | | 14.73 | | | | 7.20 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 9.80 | | | | 2.70 | | | | (8.01 | ) | | | 14.59 | | | | 7.15 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.01 | ) | | | – | | | | – | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94 | ) | | | (4.07 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.94 | ) | | | (4.08 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 30.90 | | | $ | 23.04 | | | $ | 24.42 | | | $ | 47.77 | | | $ | 36.98 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 44.86 | % | | | 12.91 | % | | | (24.36 | )% | | | 42.50 | % | | | 23.68% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 28,807 | | | $ | 21,347 | | | $ | 19,093 | | | $ | 34,280 | | | $ | 47,346 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.03 | % | | | 1.09 | % | | | 1.05 | % | | | 1.04 | % | | | 1.04% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.06 | % | | | 1.13 | % | | | 1.09 | % | | | 1.07 | % | | | 1.08% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.45 | )% | | | (0.33 | )% | | | 0.01 | %(b) | | | (0.34 | )% | | | (0.13)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 23.39 | | | $ | 24.70 | | | $ | 48.07 | | | $ | 37.12 | | | $ | 31.13 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.02 | ) | | | 0.01 | | | | 0.11 | (b) | | | 0.02 | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 10.09 | | | | 2.82 | | | | (8.09 | ) | | | 14.80 | | | | 7.21 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 10.07 | | | | 2.83 | | | | (7.98 | ) | | | 14.82 | | | | 7.30 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.07 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.19) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94 | ) | | | (4.07 | ) | | | (15.34 | ) | | | (3.80 | ) | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.94 | ) | | | (4.14 | ) | | | (15.39 | ) | | | (3.87 | ) | | | (1.31) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 31.52 | | | $ | 23.39 | | | $ | 24.70 | | | $ | 48.07 | | | $ | 37.12 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 45.38 | % | | | 13.41 | % | | | (24.10 | )% | | | 43.03 | % | | | 24.17% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 192,124 | | | $ | 131,787 | | | $ | 137,645 | | | $ | 271,096 | | | $ | 308,107 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.64 | % | | | 0.71 | % | | | 0.67 | % | | | 0.66 | % | | | 0.67% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.67 | % | | | 0.75 | % | | | 0.71 | % | | | 0.69 | % | | | 0.70% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.06 | )% | | | 0.06 | % | | | 0.36 | %(b) | | | 0.04 | % | | | 0.26% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 25.86 | | | $ | 26.90 | | | $ | 50.95 | | | $ | 39.14 | | | $ | 32.75 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.02 | | | | 0.04 | | | | 0.15 | (b) | | | 0.08 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 11.21 | | | | 3.10 | | | | (8.76) | | | | 15.65 | | | | 7.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 11.23 | | | | 3.14 | | | | (8.61) | | | | 15.73 | | | | 7.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.03) | | | | (0.11) | | | | (0.10) | | | | (0.12) | | | | (0.23) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94) | | | | (4.07) | | | | (15.34) | | | | (3.80) | | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.97) | | | | (4.18) | | | | (15.44) | | | | (3.92) | | | | (1.35) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 35.12 | | | $ | 25.86 | | | $ | 26.90 | | | $ | 50.95 | | | $ | 39.14 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 45.56 | % | | | 13.50 | % | | | (23.97) | % | | | 43.19 | % | | | 24.36% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 465,405 | | | $ | 347,130 | | | $ | 225,067 | | | $ | 295,157 | | | $ | 373,079 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.52 | % | | | 0.58 | % | | | 0.54 | % | | | 0.53 | % | | | 0.53% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.55 | % | | | 0.62 | % | | | 0.58 | % | | | 0.56 | % | | | 0.57% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.07 | % | | | 0.18 | % | | | 0.48 | %(b) | | | 0.17 | % | | | 0.36% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 22.45 | | | $ | 23.91 | | | $ | 47.14 | | | $ | 36.58 | | | $ | 30.73 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.15) | | | | (0.10) | | | | (0.05) | (b) | | | (0.19) | | | | (0.08) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 9.65 | | | | 2.71 | | | | (7.84) | | | | 14.55 | | | | 7.12 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 9.50 | | | | 2.61 | | | | (7.89) | | | | 14.36 | | | | 7.04 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | – | | | | – | | | | – | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94) | | | | (4.07) | | | | (15.34) | | | | (3.80) | | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.94) | | | | (4.07) | | | | (15.34) | | | | (3.80) | | | | (1.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 30.01 | | | $ | 22.45 | | | $ | 23.91 | | | $ | 47.14 | | | $ | 36.58 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 44.69 | % | | | 12.80 | % | | | (24.46) | % | | | 42.33 | % | | | 23.55% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 33,157 | | | $ | 25,326 | | | $ | 22,666 | | | $ | 30,111 | | | $ | 27,314 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.14 | % | | | 1.21 | % | | | 1.17 | % | | | 1.16 | % | | | 1.17% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.17 | % | | | 1.25 | % | | | 1.21 | % | | | 1.19 | % | | | 1.20% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.56) | % | | | (0.44) | % | | | (0.17) | %(b) | | | (0.46) | % | | | (0.25)% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | Large Cap Growth Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 25.84 | | | $ | 26.87 | | | $ | 50.93 | | | $ | 39.12 | | | $ | 32.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.02 | | | | 0.05 | | | | 0.15 | (b) | | | 0.07 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 11.20 | | | | 3.10 | | | | (8.78) | | | | 15.66 | | | | 7.61 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 11.22 | | | | 3.15 | | | | (8.63) | | | | 15.73 | | | | 7.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.03) | | | | (0.11) | | | | (0.09) | | | | (0.12) | | | | (0.24) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.94) | | | | (4.07) | | | | (15.34) | | | | (3.80) | | | | (1.12) | |
| | | |
| | | | | | |
| | Total distributions | | | (1.97) | | | | (4.18) | | | | (15.43) | | | | (3.92) | | | | (1.36) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 35.09 | | | $ | 25.84 | | | $ | 26.87 | | | $ | 50.93 | | | $ | 39.12 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 45.55 | % | | | 13.55 | % | | | (24.00) | % | | | 43.21 | % | | | 24.34% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 76,336 | | | $ | 49,264 | | | $ | 53,467 | | | $ | 78,307 | | | $ | 59,286 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.52 | % | | | 0.58 | % | | | 0.54 | % | | | 0.53 | % | | | 0.53% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.55 | % | | | 0.62 | % | | | 0.58 | % | | | 0.56 | % | | | 0.57% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.06 | % | | | 0.19 | % | | | 0.47 | %(b) | | | 0.17 | % | | | 0.36% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 215 | % | | | 206 | % | | | 200 | % | | | 214 | % | | | 218% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.74 | | | $ | 21.53 | | | $ | 27.15 | | | $ | 19.23 | | | $ | 21.27 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.25 | | | | 0.26 | | | | 0.24 | (b) | | | 0.22 | (c) | | | 0.25 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.97 | | | | (0.33 | ) | | | (1.47 | ) | | | 7.98 | | | | (2.03) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.22 | | | | (0.07 | ) | | | (1.23 | ) | | | 8.20 | | | | (1.78) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.28 | ) | | | (0.26 | ) | | | (0.24 | ) | | | (0.28 | ) | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.81 | ) | | | (0.72 | ) | | | (4.39 | ) | | | (0.28 | ) | | | (0.26) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.15 | | | $ | 20.74 | | | $ | 21.53 | | | $ | 27.15 | | | $ | 19.23 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 30.56 | % | | | (0.47 | )% | | | (5.42 | )% | | | 42.87 | % | | | (8.34)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 54,521 | | | $ | 47,338 | | | $ | 55,887 | | | $ | 62,575 | | | $ | 47,125 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.93 | % | | | 0.93 | % | | | 0.94% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.02 | % | | | 1.02 | % | | | 1.01 | % | | | 1.03 | % | | | 1.05% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.04 | % | | | 1.21 | % | | | 1.04 | %(b) | | | 0.87 | %(c) | | | 1.26% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.51 | | | $ | 21.29 | | | $ | 26.90 | | | $ | 19.05 | | | $ | 21.06 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.07 | | | | 0.10 | | | | 0.07 | (b) | | | 0.04 | (c) | | | 0.10 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.89 | | | | (0.33 | ) | | | (1.46 | ) | | | 7.91 | | | | (2.01) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 5.96 | | | | (0.23 | ) | | | (1.39 | ) | | | 7.95 | | | | (1.91) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.10 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.10 | ) | | | (0.10) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.63 | ) | | | (0.55 | ) | | | (4.22 | ) | | | (0.10 | ) | | | (0.10) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 25.84 | | | $ | 20.51 | | | $ | 21.29 | | | $ | 26.90 | | | $ | 19.05 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 29.57 | % | | | (1.20 | )% | | | (6.14 | )% | | | 41.85 | % | | | (9.02)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,317 | | | $ | 7,544 | | | $ | 8,955 | | | $ | 10,713 | | | $ | 8,773 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.69% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.77 | % | | | 1.77 | % | | | 1.76 | % | | | 1.78 | % | | | 1.80% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.29 | % | | | 0.46 | % | | | 0.32 | %(b) | | | 0.16 | %(c) | | | 0.52% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.70 | | | $ | 21.49 | | | $ | 27.11 | | | $ | 19.20 | | | $ | 21.24 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.34 | | | | 0.34 | | | | 0.32 | (b) | | | 0.31 | (c) | | | 0.33 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.96 | | | | (0.33 | ) | | | (1.47 | ) | | | 7.97 | | | | (2.04) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.30 | | | | 0.01 | | | | (1.15 | ) | | | 8.28 | | | | (1.71) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.36 | ) | | | (0.34 | ) | | | (0.32 | ) | | | (0.37 | ) | | | (0.33) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.89 | ) | | | (0.80 | ) | | | (4.47 | ) | | | (0.37 | ) | | | (0.33) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.11 | | | $ | 20.70 | | | $ | 21.49 | | | $ | 27.11 | | | $ | 19.20 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 31.07 | % | | | (0.10 | )% | | | (5.08 | )% | | | 43.40 | % | | | (7.98)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 44,596 | | | $ | 74,799 | | | $ | 93,154 | | | $ | 114,706 | | | $ | 88,472 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.56 | % | | | 0.57 | % | | | 0.56 | % | | | 0.56 | % | | | 0.56% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.66 | % | | | 0.66 | % | | | 0.64 | % | | | 0.66 | % | | | 0.67% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.41 | % | | | 1.58 | % | | | 1.43 | %(b) | | | 1.26 | %(c) | | | 1.64% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.87 | | | $ | 21.66 | | | $ | 27.28 | | | $ | 19.32 | | | $ | 21.36 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.22 | | | | 0.24 | | | | 0.21 | (b) | | | 0.19 | (c) | | | 0.23 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 6.00 | | | | (0.35 | ) | | | (1.48 | ) | | | 8.02 | | | | (2.04) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.22 | | | | (0.11 | ) | | | (1.27 | ) | | | 8.21 | | | | (1.81) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.24 | ) | | | (0.22 | ) | | | (0.20 | ) | | | (0.25 | ) | | | (0.23) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.77 | ) | | | (0.68 | ) | | | (4.35 | ) | | | (0.25 | ) | | | (0.23) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.32 | | | $ | 20.87 | | | $ | 21.66 | | | $ | 27.28 | | | $ | 19.32 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 30.39 | % | | | (0.62 | )% | | | (5.55 | )% | | | 42.68 | % | | | (8.44)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,547 | | | $ | 2,092 | | | $ | 3,756 | | | $ | 6,769 | | | $ | 5,230 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.06 | % | | | 1.07 | % | | | 1.06 | % | | | 1.06 | % | | | 1.06% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.16 | % | | | 1.16 | % | | | 1.14 | % | | | 1.16 | % | | | 1.17% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.89 | % | | | 1.11 | % | | | 0.93 | %(b) | | | 0.76 | %(c) | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.64 | | | $ | 21.43 | | | $ | 27.04 | | | $ | 19.15 | | | $ | 21.18 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.31 | | | | 0.32 | | | | 0.30 | (b) | | | 0.28 | (c) | | | 0.31 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.94 | | | | (0.34 | ) | | | (1.47 | ) | | | 7.95 | | | | (2.03) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.25 | | | | (0.02 | ) | | | (1.17 | ) | | | 8.23 | | | | (1.72) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.34 | ) | | | (0.31 | ) | | | (0.29 | ) | | | (0.34 | ) | | | (0.31) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.87 | ) | | | (0.77 | ) | | | (4.44 | ) | | | (0.34 | ) | | | (0.31) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.02 | | | $ | 20.64 | | | $ | 21.43 | | | $ | 27.04 | | | $ | 19.15 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 30.88 | % | | | (0.22 | )% | | | (5.17 | )% | | | 43.24 | % | | | (8.09)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 61,032 | | | $ | 55,448 | | | $ | 74,490 | | | $ | 91,133 | | | $ | 70,302 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.67 | % | | | 0.68 | % | | | 0.68 | % | | | 0.68 | % | | | 0.69% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.77 | % | | | 0.78 | % | | | 0.76 | % | | | 0.78 | % | | | 0.80% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.29 | % | | | 1.47 | % | | | 1.31 | %(b) | | | 1.13 | %(c) | | | 1.54% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.70 | | | $ | 21.49 | | | $ | 27.11 | | | $ | 19.20 | | | $ | 21.24 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.34 | | | | 0.34 | | | | 0.32 | (b) | | | 0.31 | (c) | | | 0.32 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.95 | | | | (0.33 | ) | | | (1.47 | ) | | | 7.98 | | | | (2.02) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.29 | | | | 0.01 | | | | (1.15 | ) | | | 8.29 | | | | (1.70) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.36 | ) | | | (0.34 | ) | | | (0.32 | ) | | | (0.38 | ) | | | (0.34) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.89 | ) | | | (0.80 | ) | | | (4.47 | ) | | | (0.38 | ) | | | (0.34) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.10 | | | $ | 20.70 | | | $ | 21.49 | | | $ | 27.11 | | | $ | 19.20 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 31.05 | % | | | (0.09 | )% | | | (5.07 | )% | | | 43.42 | % | | | (7.97)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 162,504 | | | $ | 138,745 | | | $ | 82,457 | | | $ | 79,348 | | | $ | 65,692 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.56 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.63 | % | | | 0.65 | % | | | 0.66% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.40 | % | | | 1.58 | % | | | 1.43 | %(b) | | | 1.26 | %(c) | | | 1.63% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.56 | | | $ | 21.35 | | | $ | 26.96 | | | $ | 19.09 | | | $ | 21.12 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.19 | | | | 0.21 | | | | 0.18 | (b) | | | 0.16 | (c) | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.91 | | | | (0.34 | ) | | | (1.46 | ) | | | 7.93 | | | | (2.01) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.10 | | | | (0.13 | ) | | | (1.28 | ) | | | 8.09 | | | | (1.82) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.22 | ) | | | (0.20 | ) | | | (0.18 | ) | | | (0.22 | ) | | | (0.21) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.75 | ) | | | (0.66 | ) | | | (4.33 | ) | | | (0.22 | ) | | | (0.21) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 25.91 | | | $ | 20.56 | | | $ | 21.35 | | | $ | 26.96 | | | $ | 19.09 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 30.26 | % | | | (0.73 | )% | | | (5.66 | )% | | | 42.57 | % | | | (8.58)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 4,875 | | | $ | 3,313 | | | $ | 4,764 | | | $ | 5,450 | | | $ | 4,885 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.17 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.19% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.27 | % | | | 1.28 | % | | | 1.26 | % | | | 1.28 | % | | | 1.30% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.77 | % | | | 0.98 | % | | | 0.81 | %(b) | | | 0.64 | %(c) | | | 0.99% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Large Cap Value Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.69 | | | $ | 21.48 | | | $ | 27.10 | | | $ | 19.19 | | | $ | 21.23 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.34 | | | | 0.34 | | | | 0.32 | (b) | | | 0.30 | (c) | | | 0.32 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.95 | | | | (0.33 | ) | | | (1.47 | ) | | | 7.99 | | | | (2.02) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.29 | | | | 0.01 | | | | (1.15 | ) | | | 8.29 | | | | (1.70) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.36 | ) | | | (0.34 | ) | | | (0.32 | ) | | | (0.38 | ) | | | (0.34) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (0.53 | ) | | | (0.46 | ) | | | (4.15 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.89 | ) | | | (0.80 | ) | | | (4.47 | ) | | | (0.38 | ) | | | (0.34) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.09 | | | $ | 20.69 | | | $ | 21.48 | | | $ | 27.10 | | | $ | 19.19 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 31.06 | % | | | (0.09 | )% | | | (5.07 | )% | | | 43.44 | % | | | (7.97)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 45,765 | | | $ | 41,804 | | | $ | 47,406 | | | $ | 46,078 | | | $ | 30,086 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.56 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.63 | % | | | 0.65 | % | | | 0.66% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.40 | % | | | 1.58 | % | | | 1.42 | %(b) | | | 1.23 | %(c) | | | 1.63% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 206 | % | | | 208 | % | | | 209 | % | | | 215 | % | | | 212% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.59 | | | $ | 21.70 | | | $ | 35.35 | | | $ | 22.96 | | | $ | 25.62 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.04 | | | | 0.10 | (b) | | | 0.05 | (c) | | | (0.04 | ) | | | (0.01) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 8.18 | | | | (1.11 | ) | | | (5.10 | ) | | | 12.48 | | | | (2.60) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 8.22 | | | | (1.01 | ) | | | (5.05 | ) | | | 12.44 | | | | (2.61) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.10 | ) | | | (0.10 | ) | | | – | | | | (0.05 | ) | | | (0.05) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.10 | ) | | | (0.10 | ) | | | (8.60 | ) | | | (0.05 | ) | | | (0.05) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.71 | | | $ | 20.59 | | | $ | 21.70 | | | $ | 35.35 | | | $ | 22.96 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 40.03 | % | | | (4.64 | )% | | | (17.64 | )% | | | 54.23 | % | | | (10.18)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 31,573 | | | $ | 23,791 | | | $ | 33,325 | | | $ | 44,195 | | | $ | 34,071 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.20 | % | | | 1.21 | % | | | 1.21 | % | | | 1.21 | % | | | 1.22% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.29 | % | | | 1.30 | % | | | 1.29 | % | | | 1.29 | % | | | 1.30% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.17 | % | | | 0.43 | %(b) | | | 0.22 | %(c) | | | (0.13 | )% | | | (0.02)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 15.99 | | | $ | 16.89 | | | $ | 29.67 | | | $ | 19.39 | | | $ | 21.75 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.12 | ) | | | (0.05 | )(b) | | | (0.10 | )(c) | | | (0.24 | ) | | | (0.15) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 6.35 | | | | (0.85 | ) | | | (4.08 | ) | | | 10.52 | | | | (2.21) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 6.23 | | | | (0.90 | ) | | | (4.18 | ) | | | 10.28 | | | | (2.36) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 22.22 | | | $ | 15.99 | | | $ | 16.89 | | | $ | 29.67 | | | $ | 19.39 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 38.96 | % | | | (5.33 | )% | | | (18.24 | )% | | | 53.02 | % | | | (10.82)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 4,744 | | | $ | 3,749 | | | $ | 5,093 | | | $ | 7,503 | | | $ | 5,951 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.95 | % | | | 1.96 | % | | | 1.96 | % | | | 1.96 | % | | | 1.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.04 | % | | | 2.05 | % | | | 2.04 | % | | | 2.04 | % | | | 2.05% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.58 | )% | | | (0.32 | )%(b) | | | (0.53 | )%(c) | | | (0.88 | )% | | | (0.78)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 21.91 | | | $ | 23.09 | | | $ | 36.92 | | | $ | 23.98 | | | $ | 26.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.15 | | | | 0.19 | (b) | | | 0.15 | (c) | | | 0.09 | | | | 0.08 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 8.69 | | | | (1.18 | ) | | | (5.38 | ) | | | 13.00 | | | | (2.69) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 8.84 | | | | (0.99 | ) | | | (5.23 | ) | | | 13.09 | | | | (2.61) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.20 | ) | | | (0.19 | ) | | | – | | | | (0.15 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.20 | ) | | | (0.19 | ) | | | (8.60 | ) | | | (0.15 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 30.55 | | | $ | 21.91 | | | $ | 23.09 | | | $ | 36.92 | | | $ | 23.98 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 40.51 | % | | | (4.28 | )% | | | (17.31 | )% | | | 54.73 | % | | | (9.82)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 120,959 | | | $ | 90,070 | | | $ | 144,712 | | | $ | 226,678 | | | $ | 216,274 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.84 | % | | | 0.85 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.93 | % | | | 0.94 | % | | | 0.92 | % | | | 0.93 | % | | | 0.92% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.53 | % | | | 0.81 | %(b) | | | 0.60 | %(c) | | | 0.28 | % | | | 0.34% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.05 | | | $ | 21.13 | | | $ | 34.68 | | | $ | 22.55 | | | $ | 25.17 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.02 | | | | 0.06 | (b) | | | 0.02 | (c) | | | (0.08 | ) | | | (0.03) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.94 | | | | (1.06 | ) | | | (4.97 | ) | | | 12.25 | | | | (2.56) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.96 | | | | (1.00 | ) | | | (4.95 | ) | | | 12.17 | | | | (2.59) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.09 | ) | | | (0.08 | ) | | | – | | | | (0.04 | ) | | | (0.03) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.09 | ) | | | (0.08 | ) | | | (8.60 | ) | | | (0.04 | ) | | | (0.03) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 27.92 | | | $ | 20.05 | | | $ | 21.13 | | | $ | 34.68 | | | $ | 22.55 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 39.77 | % | | | (4.76 | )% | | | (17.73 | )% | | | 54.06 | % | | | (10.29)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 964 | | | $ | 1,914 | | | $ | 2,357 | | | $ | 3,701 | | | $ | 2,867 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.34 | % | | | 1.35 | % | | | 1.34 | % | | | 1.34 | % | | | 1.34% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.43 | % | | | 1.44 | % | | | 1.42 | % | | | 1.43 | % | | | 1.42% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.10 | % | | | 0.28 | %(b) | | | 0.10 | %(c) | | | (0.26 | )% | | | (0.15)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 20.51 | | | $ | 21.62 | | | $ | 35.18 | | | $ | 22.85 | | | $ | 25.50 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.11 | | | | 0.15 | (b) | | | 0.12 | (c) | | | 0.05 | | | | 0.05 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 8.13 | | | | (1.10 | ) | | | (5.08 | ) | | | 12.40 | | | | (2.58) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 8.24 | | | | (0.95 | ) | | | (4.96 | ) | | | 12.45 | | | | (2.53) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.17 | ) | | | (0.16 | ) | | | – | | | | (0.12 | ) | | | (0.12) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.17 | ) | | | (0.16 | ) | | | (8.60 | ) | | | (0.12 | ) | | | (0.12) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.58 | | | $ | 20.51 | | | $ | 21.62 | | | $ | 35.18 | | | $ | 22.85 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 40.34 | % | | | (4.38 | )% | | | (17.42 | )% | | | 54.61 | % | | | (9.95)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 42,287 | | | $ | 27,490 | | | $ | 30,746 | | | $ | 66,963 | | | $ | 64,724 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.95 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.04 | % | | | 1.05 | % | | | 1.04 | % | | | 1.05 | % | | | 1.05% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.41 | % | | | 0.67 | %(b) | | | 0.50 | %(c) | | | 0.15 | % | | | 0.22% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 21.91 | | | $ | 23.10 | | | $ | 36.93 | | | $ | 23.98 | | | $ | 26.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.15 | | | | 0.19 | (b) | | | 0.15 | (c) | | | 0.11 | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 8.69 | | | | (1.18 | ) | | | (5.38 | ) | | | 13.00 | | | | (2.70) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 8.84 | | | | (0.99 | ) | | | (5.23 | ) | | | 13.11 | | | | (2.61) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.20 | ) | | | (0.20 | ) | | | – | | | | (0.16 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.20 | ) | | | (0.20 | ) | | | (8.60 | ) | | | (0.16 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 30.55 | | | $ | 21.91 | | | $ | 23.10 | | | $ | 36.93 | | | $ | 23.98 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 40.54 | % | | | (4.30 | )% | | | (17.30 | )% | | | 54.82 | % | | | (9.81)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 79,961 | | | $ | 67,575 | | | $ | 83,140 | | | $ | 100,558 | | | $ | 119,496 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.91 | % | | | 0.91 | % | | | 0.91% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.55 | % | | | 0.79 | %(b) | | | 0.59 | %(c) | | | 0.34 | % | | | 0.36% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 60 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.80 | | | $ | 20.86 | | | $ | 34.39 | | | $ | 22.36 | | | $ | 24.96 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.02 | ) | | | 0.05 | (b) | | | (0.01 | )(c) | | | (0.11 | ) | | | (0.06) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.86 | | | | (1.06 | ) | | | (4.92 | ) | | | 12.15 | | | | (2.54) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.84 | | | | (1.01 | ) | | | (4.93 | ) | | | 12.04 | | | | (2.60) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.05 | ) | | | – | | | | (0.01 | ) | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.05 | ) | | | (8.60 | ) | | | (0.01 | ) | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 27.64 | | | $ | 19.80 | | | $ | 20.86 | | | $ | 34.39 | | | $ | 22.36 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 39.60 | % | | | (4.84 | )% | | | (17.83 | )% | | | 53.83 | % | | | (10.39)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,905 | | | $ | 3,035 | | | $ | 12,023 | | | $ | 15,767 | | | $ | 13,817 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.45 | % | | | 1.46 | % | | | 1.46 | % | | | 1.46 | % | | | 1.47% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.54 | % | | | 1.56 | % | | | 1.54 | % | | | 1.54 | % | | | 1.55% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.08 | )% | | | 0.26 | %(b) | | | (0.04 | )%(c) | | | (0.36 | )% | | | (0.28)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Equity Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 21.91 | | | $ | 23.09 | | | $ | 36.92 | | | $ | 23.98 | | | $ | 26.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.15 | | | | 0.19 | (b) | | | 0.15 | (c) | | | 0.08 | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 8.68 | | | | (1.17 | ) | | | (5.38 | ) | | | 13.02 | | | | (2.70) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 8.83 | | | | (0.98 | ) | | | (5.23 | ) | | | 13.10 | | | | (2.61) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.20 | ) | | | (0.20 | ) | | | – | | | | (0.16 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (8.60 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.20 | ) | | | (0.20 | ) | | | (8.60 | ) | | | (0.16 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 30.54 | | | $ | 21.91 | | | $ | 23.09 | | | $ | 36.92 | | | $ | 23.98 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 40.49 | % | | | (4.26 | )% | | | (17.31 | )% | | | 54.78 | % | | | (9.81)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 148,584 | | | $ | 106,501 | | | $ | 140,356 | | | $ | 144,239 | | | $ | 87,170 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.91 | % | | | 0.92 | % | | | 0.91% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.54 | % | | | 0.80 | %(b) | | | 0.58 | %(c) | | | 0.23 | % | | | 0.36% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 164 | % | | | 145 | % | | | 155 | % | | | 165 | % | | | 141% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 11.42 | | | $ | 11.94 | | | $ | 47.18 | | | $ | 34.29 | | | $ | 35.08 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.07 | ) | | | (0.04 | )(b) | | | (0.05 | )(c) | | | (0.28 | ) | | | (0.17) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.81 | | | | (0.46 | ) | | | (6.01 | ) | | | 14.62 | | | | (0.13) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.74 | | | | (0.50 | ) | | | (6.06 | ) | | | 14.34 | | | | (0.30) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.02 | ) | | | – | | | | (0.04 | ) | | | –(d) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.02 | ) | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 16.16 | | | $ | 11.42 | | | $ | 11.94 | | | $ | 47.18 | | | $ | 34.29 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 41.51 | % | | | (4.15 | )% | | | (25.73 | )% | | | 42.51 | % | | | (0.95)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 34,059 | | | $ | 27,037 | | | $ | 32,695 | | | $ | 59,166 | | | $ | 50,865 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.20 | % | | | 1.21 | % | | | 1.21 | % | | | 1.21 | % | | | 1.22% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.43 | % | | | 1.45 | % | | | 1.40 | % | | | 1.33 | % | | | 1.30% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.49 | )% | | | (0.36 | )%(b) | | | (0.37 | )%(c) | | | (0.64 | )% | | | (0.51)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (d) | Amount is less than $0.005 per share. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data* | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.46 | | | $ | 19.39 | | | $ | 306.54 | | | $ | 227.34 | | | $ | 235.44 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.29 | ) | | | (0.22 | )(b) | | | (0.24 | )(c) | | | (4.05 | ) | | | (2.79) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.74 | | | | (0.71 | ) | | | (24.29 | ) | | | 96.30 | | | | (0.90) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.45 | | | | (0.93 | ) | | | (24.53 | ) | | | 92.25 | | | | (3.69) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | – | | | | – | | | | (0.36 | ) | | | –(d) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (262.62 | ) | | | (12.69 | ) | | | (4.41) | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | – | | | | (262.62 | ) | | | (13.05 | ) | | | (4.41) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 25.91 | | | $ | 18.46 | | | $ | 19.39 | | | $ | 306.54 | | | $ | 227.34 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 40.36 | % | | | (4.80 | )% | | | (26.49 | )% | | | 41.47 | % | | | (1.70)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,046 | | | $ | 2,829 | | | $ | 4,687 | | | $ | 7,866 | | | $ | 6,439 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.95 | % | | | 1.96 | % | | | 1.96 | % | | | 1.96 | % | | | 1.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.18 | % | | | 2.21 | % | | | 2.14 | % | | | 2.08 | % | | | 2.05% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (1.23 | )% | | | (1.08 | )%(b) | | | (1.10 | )%(c) | | | (1.39 | )% | | | (1.26)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | * | On June 10, 2022, the Fund’s Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split. |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (d) | Amount is less than $0.005 per share. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.70 | | | $ | 19.51 | | | $ | 57.27 | | | $ | 41.22 | | | $ | 41.92 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.03 | ) | | | – | (b)(c) | | | 0.01 | (d) | | | (0.13 | ) | | | (0.05) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.88 | | | | (0.74 | ) | | | (8.59 | ) | | | 17.63 | | | | (0.16) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.85 | | | | (0.74 | ) | | | (8.58 | ) | | | 17.50 | | | | (0.21) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.06 | ) | | | – | | | | (0.04 | ) | | | –(c) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.07 | ) | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.55 | | | $ | 18.70 | | | $ | 19.51 | | | $ | 57.27 | | | $ | 41.22 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 41.98 | % | | | (3.78 | )% | | | (25.48 | )% | | | 43.04 | % | | | (0.57)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 34,739 | | | $ | 27,490 | | | $ | 43,621 | | | $ | 163,028 | | | $ | 200,116 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.84 | % | | | 0.85 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.07 | % | | | 1.09 | % | | | 1.01 | % | | | 0.96 | % | | | 0.92% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.13 | )% | | | 0.02 | %(b) | | | 0.04 | %(d) | | | (0.25 | )% | | | (0.13)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.73 | | | $ | 13.29 | | | $ | 48.95 | | | $ | 35.44 | | | $ | 36.16 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.04 | ) | | | (0.01 | )(b) | | | (0.02 | )(c) | | | (0.15 | ) | | | (0.09) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.36 | | | | (0.50 | ) | | | (6.46 | ) | | | 15.11 | | | | (0.14) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 5.32 | | | | (0.51 | ) | | | (6.48 | ) | | | 14.96 | | | | (0.23) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.05 | ) | | | – | | | | (0.04 | ) | | | –(d) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.05 | ) | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 18.05 | | | $ | 12.73 | | | $ | 13.29 | | | $ | 48.95 | | | $ | 35.44 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 41.79 | % | | | (3.85 | )% | | | (25.59 | )% | | | 42.89 | % | | | (0.72)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 17,179 | | | $ | 15,956 | | | $ | 20,880 | | | $ | 66,827 | | | $ | 442,743 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.95 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.18 | % | | | 1.21 | % | | | 1.14 | % | | | 1.06 | % | | | 1.05% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.23 | )% | | | (0.11 | )%(b) | | | (0.10 | )%(c) | | | (0.32 | )% | | | (0.26)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (d) | Amount is less than $0.005 per share. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.74 | | | $ | 19.54 | | | $ | 57.31 | | | $ | 41.24 | | | $ | 41.95 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.03 | ) | | | 0.01 | (b) | | | 0.02 | (c) | | | (0.10 | ) | | | (0.05) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.90 | | | | (0.74 | ) | | | (8.61 | ) | | | 17.62 | | | | (0.17) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.87 | | | | (0.73 | ) | | | (8.59 | ) | | | 17.52 | | | | (0.22) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.06 | ) | | | – | | | | (0.04 | ) | | | –(d) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.07 | ) | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.61 | | | $ | 18.74 | | | $ | 19.54 | | | $ | 57.31 | | | $ | 41.24 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 42.00 | % | | | (3.78 | )% | | | (25.45 | )% | | | 43.07 | % | | | (0.57)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,905 | | | $ | 7,222 | | | $ | 17,370 | | | $ | 96,907 | | | $ | 263,023 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.06 | % | | | 1.10 | % | | | 0.99 | % | | | 0.93 | % | | | 0.91% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.12 | )% | | | 0.07 | %(b) | | | 0.07 | %(c) | | | (0.19 | )% | | | (0.12)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (d) | Amount is less than $0.005 per share. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 9.71 | | | $ | 10.16 | | | $ | 44.83 | | | $ | 32.71 | | | $ | 33.58 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.09 | ) | | | (0.06 | )(b) | | | (0.08 | )(c) | | | (0.36 | ) | | | (0.25) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.09 | | | | (0.39 | ) | | | (5.41 | ) | | | 13.93 | | | | (0.13) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.00 | | | | (0.45 | ) | | | (5.49 | ) | | | 13.57 | | | | (0.38) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | – | | | | – | | | | (0.04 | ) | | | –(d) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | – | | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.71 | | | $ | 9.71 | | | $ | 10.16 | | | $ | 44.83 | | | $ | 32.71 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 41.19 | % | | | (4.43 | )% | | | (25.92 | )% | | | 42.20 | % | | | (1.23)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,846 | | | $ | 3,130 | | | $ | 3,863 | | | $ | 6,605 | | | $ | 8,168 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.45 | % | | | 1.46 | % | | | 1.46 | % | | | 1.46 | % | | | 1.47% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.68 | % | | | 1.70 | % | | | 1.65 | % | | | 1.57 | % | | | 1.55% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.74 | )% | | | (0.61 | )%(b) | | | (0.64 | )%(c) | | | (0.86 | )% | | | (0.77)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (d) | Amount is less than $0.005 per share. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Growth Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.73 | | | $ | 19.54 | | | $ | 57.31 | | | $ | 41.24 | | | $ | 41.94 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.04 | ) | | | – | (b)(c) | | | – | (c)(d) | | | (0.13 | ) | | | (0.05) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 7.90 | | | | (0.73 | ) | | | (8.59 | ) | | | 17.65 | | | | (0.16) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 7.86 | | | | (0.73 | ) | | | (8.59 | ) | | | 17.52 | | | | (0.21) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.07 | ) | | | – | | | | (0.04 | ) | | | –(c) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (29.18 | ) | | | (1.41 | ) | | | (0.49) | |
| | | | | | |
| | Distributions to shareholders from return of capital | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | – | | | | (0.08 | ) | | | (29.18 | ) | | | (1.45 | ) | | | (0.49) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 26.59 | | | $ | 18.73 | | | $ | 19.54 | | | $ | 57.31 | | | $ | 41.24 | |
| | | |
| | | | | | |
| | Total Return(e) | | | 41.96 | % | | | (3.74 | )% | | | (25.49 | )% | | | 43.07 | % | | | (0.57)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 25,626 | | | $ | 4,739 | | | $ | 5,274 | | | $ | 10,801 | | | $ | 10,241 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.06 | % | | | 1.08 | % | | | 1.01 | % | | | 0.95 | % | | | 0.91% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.17 | )% | | | 0.02 | %(b) | | | – | %(d) | | | (0.25 | )% | | | (0.12)% | |
| | | | | | |
| | Portfolio turnover rate(f) | | | 166 | % | | | 153 | % | | | 155 | % | | | 170 | % | | | 144% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets. |
| | (e) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 69 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 30.81 | | | $ | 34.42 | | | $ | 53.90 | | | $ | 32.93 | | | $ | 39.69 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.30 | | | | 0.41 | | | | 0.27 | (b) | | | 0.24 | | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 10.63 | | | | (2.86 | ) | | | (4.48 | ) | | | 21.00 | | | | (6.70) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 10.93 | | | | (2.45 | ) | | | (4.21 | ) | | | 21.24 | | | | (6.51) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.66 | ) | | | (0.50 | ) | | | (0.31 | ) | | | (0.27 | ) | | | (0.25) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.66 | ) | | | (1.16 | ) | | | (15.27 | ) | | | (0.27 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 41.08 | | | $ | 30.81 | | | $ | 34.42 | | | $ | 53.90 | | | $ | 32.93 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 35.77 | % | | | (7.32 | )% | | | (9.67 | )% | | | 64.75 | % | | | (16.49)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 116,692 | | | $ | 101,472 | | | $ | 119,953 | | | $ | 154,971 | | | $ | 98,493 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.20 | % | | | 1.21 | % | | | 1.21 | % | | | 1.21 | % | | | 1.22% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.25 | % | | | 1.27 | % | | | 1.26 | % | | | 1.26 | % | | | 1.31% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.78 | % | | | 1.25 | % | | | 0.73 | %(b) | | | 0.49 | % | | | 0.56% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 70 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 16.26 | | | $ | 18.74 | | | $ | 36.61 | | | $ | 22.48 | | | $ | 27.24 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.01 | | | | 0.09 | | | | – | (b)(c) | | | (0.08 | ) | | | (0.04) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 5.57 | | | | (1.53 | ) | | | (2.69 | ) | | | 14.32 | | | | (4.61) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 5.58 | | | | (1.44 | ) | | | (2.69 | ) | | | 14.24 | | | | (4.65) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.55 | ) | | | (0.38 | ) | | | (0.22 | ) | | | (0.11 | ) | | | (0.11) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.55 | ) | | | (1.04 | ) | | | (15.18 | ) | | | (0.11 | ) | | | (0.11) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 21.29 | | | $ | 16.26 | | | $ | 18.74 | | | $ | 36.61 | | | $ | 22.48 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 34.78 | % | | | (8.01 | )% | | | (10.33 | )% | | | 63.49 | % | | | (17.11)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,943 | | | $ | 2,648 | | | $ | 4,536 | | | $ | 7,118 | | | $ | 5,313 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.95 | % | | | 1.96 | % | | | 1.96 | % | | | 1.96 | % | | | 1.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.00 | % | | | 2.02 | % | | | 2.01 | % | | | 2.01 | % | | | 2.06% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.04 | % | | | 0.52 | % | | | (0.02 | )%(b) | | | (0.25 | )% | | | (0.19)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 71 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 47.25 | | | $ | 52.11 | | | $ | 73.39 | | | $ | 44.70 | | | $ | 53.74 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.67 | | | | 0.82 | | | | 0.60 | (b) | | | 0.56 | | | | 0.43 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 16.36 | | | | (4.39 | ) | | | (6.48 | ) | | | 28.53 | | | | (9.07) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 17.03 | | | | (3.57 | ) | | | (5.88 | ) | | | 29.09 | | | | (8.64) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.78 | ) | | | (0.63 | ) | | | (0.44 | ) | | | (0.40 | ) | | | (0.40) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.78 | ) | | | (1.29 | ) | | | (15.40 | ) | | | (0.40 | ) | | | (0.40) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 63.50 | | | $ | 47.25 | | | $ | 52.11 | | | $ | 73.39 | | | $ | 44.70 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 36.25 | % | | | (6.98 | )% | | | (9.32 | )% | | | 65.37 | % | | | (16.19)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 344,137 | | | $ | 269,189 | | | $ | 347,239 | | | $ | 379,380 | | | $ | 190,491 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.84 | % | | | 0.85 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.89 | % | | | 0.90 | % | | | 0.89 | % | | | 0.89 | % | | | 0.93% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.14 | % | | | 1.62 | % | | | 1.09 | %(b) | | | 0.86 | % | | | 0.93% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 72 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 30.62 | | | $ | 34.20 | | | $ | 53.64 | | | $ | 32.77 | | | $ | 39.53 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.40 | | | | 0.51 | | | | 0.37 | (b) | | | 0.36 | | | | 0.25 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 10.57 | | | | (2.87 | ) | | | (4.46 | ) | | | 20.88 | | | | (6.64) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 10.97 | | | | (2.36 | ) | | | (4.09 | ) | | | 21.24 | | | | (6.39) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.69 | ) | | | (0.56 | ) | | | (0.39 | ) | | | (0.37 | ) | | | (0.37) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.69 | ) | | | (1.22 | ) | | | (15.35 | ) | | | (0.37 | ) | | | (0.37) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 40.90 | | | $ | 30.62 | | | $ | 34.20 | | | $ | 53.64 | | | $ | 32.77 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 36.13 | % | | | (7.07 | )% | | | (9.44 | )% | | | 65.17 | % | | | (16.32)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 98,436 | | | $ | 157,291 | | | $ | 336,969 | | | $ | 363,808 | | | $ | 273,560 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.95 | % | | | 0.96 | % | | | 0.96 | % | | | 0.96 | % | | | 0.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.00 | % | | | 1.02 | % | | | 1.01 | % | | | 1.01 | % | | | 1.06% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.09 | % | | | 1.54 | % | | | 0.99 | %(b) | | | 0.75 | % | | | 0.77% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 73 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 47.24 | | | $ | 52.10 | | | $ | 73.38 | | | $ | 44.70 | | | $ | 53.73 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.67 | | | | 0.82 | | | | 0.62 | (b) | | | 0.57 | | | | 0.43 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 16.35 | | | | (4.39 | ) | | | (6.49 | ) | | | 28.51 | | | | (9.06) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 17.02 | | | | (3.57 | ) | | | (5.87 | ) | | | 29.08 | | | | (8.63) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.78 | ) | | | (0.63 | ) | | | (0.45 | ) | | | (0.40 | ) | | | (0.40) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.78 | ) | | | (1.29 | ) | | | (15.41 | ) | | | (0.40 | ) | | | (0.40) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 63.48 | | | $ | 47.24 | | | $ | 52.10 | | | $ | 73.38 | | | $ | 44.70 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 36.27 | % | | | (6.97 | )% | | | (9.31 | )% | | | 65.36 | % | | | (16.17)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 329,750 | | | $ | 243,638 | | | $ | 273,667 | | | $ | 306,101 | | | $ | 158,330 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.88 | % | | | 0.89 | % | | | 0.88 | % | | | 0.88 | % | | | 0.93% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.15 | % | | | 1.62 | % | | | 1.11 | %(b) | | | 0.86 | % | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 74 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 29.68 | | | $ | 33.20 | | | $ | 52.56 | | | $ | 32.21 | | | $ | 38.96 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.19 | | | | 0.32 | | | | 0.17 | (b) | | | 0.11 | | | | 0.10 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 10.26 | | | | (2.77 | ) | | | (4.33 | ) | | | 20.52 | | | | (6.56) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 10.45 | | | | (2.45 | ) | | | (4.16 | ) | | | 20.63 | | | | (6.46) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.59 | ) | | | (0.41 | ) | | | (0.24 | ) | | | (0.28 | ) | | | (0.29) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.59 | ) | | | (1.07 | ) | | | (15.20 | ) | | | (0.28 | ) | | | (0.29) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 39.54 | | | $ | 29.68 | | | $ | 33.20 | | | $ | 52.56 | | | $ | 32.21 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 35.46 | % | | | (7.56 | )% | | | (9.88 | )% | | | 64.31 | % | | | (16.70)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 20,754 | | | $ | 16,443 | | | $ | 18,476 | | | $ | 22,584 | | | $ | 14,038 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.45 | % | | | 1.46 | % | | | 1.46 | % | | | 1.46 | % | | | 1.47% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.50 | % | | | 1.52 | % | | | 1.51 | % | | | 1.51 | % | | | 1.56% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.53 | % | | | 0.99 | % | | | 0.47 | %(b) | | | 0.24 | % | | | 0.30% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 75 |
GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Small Cap Value Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 47.23 | | | $ | 52.09 | | | $ | 73.38 | | | $ | 44.69 | | | $ | 53.72 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.66 | | | | 0.82 | | | | 0.61 | (b) | | | 0.57 | | | | 0.44 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 16.37 | | | | (4.38 | ) | | | (6.49 | ) | | | 28.52 | | | | (9.07) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 17.03 | | | | (3.56 | ) | | | (5.88 | ) | | | 29.09 | | | | (8.63) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.79 | ) | | | (0.64 | ) | | | (0.45 | ) | | | (0.40 | ) | | | (0.40) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.66 | ) | | | (14.96 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.79 | ) | | | (1.30 | ) | | | (15.41 | ) | | | (0.40 | ) | | | (0.40) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 63.47 | | | $ | 47.23 | | | $ | 52.09 | | | $ | 73.38 | | | $ | 44.69 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 36.29 | % | | | (6.97 | )% | | | (9.32 | )% | | | 65.36 | % | | | (16.18)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 55,616 | | | $ | 34,930 | | | $ | 42,933 | | | $ | 45,484 | | | $ | 28,504 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.83 | % | | | 0.84 | % | | | 0.83 | % | | | 0.83 | % | | | 0.83% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.88 | % | | | 0.89 | % | | | 0.88 | % | | | 0.88 | % | | | 0.92% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.14 | % | | | 1.62 | % | | | 1.10 | %(b) | | | 0.88 | % | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 152 | % | | | 136 | % | | | 173 | % | | | 187 | % | | | 153% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 76 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 51.10 | | | $ | 48.39 | | | $ | 72.68 | | | $ | 53.72 | | | $ | 49.48 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.14 | | | | 0.20 | | | | 0.33 | (b) | | | 0.20 | | | | 0.28 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 19.39 | | | | 2.85 | | | | (8.80 | ) | | | 21.27 | | | | 4.67 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 19.53 | | | | 3.05 | | | | (8.47 | ) | | | 21.47 | | | | 4.95 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.22 | ) | | | (0.34 | ) | | | (0.25 | ) | | | (0.28 | ) | | | (0.71) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.43 | ) | | | (0.34 | ) | | | (15.82 | ) | | | (2.51 | ) | | | (0.71) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 69.20 | | | $ | 51.10 | | | $ | 48.39 | | | $ | 72.68 | | | $ | 53.72 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 38.87 | % | | | 6.37 | % | | | (14.87 | )% | | | 41.26 | % | | | 10.04% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 347,175 | | | $ | 276,758 | | | $ | 288,769 | | | $ | 380,721 | | | $ | 294,540 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.93 | % | | | 0.93 | % | | | 0.94% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.96 | % | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 1.00% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.22 | % | | | 0.40 | % | | | 0.62 | %(b) | | | 0.31 | % | | | 0.55% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 77 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 43.18 | | | $ | 40.94 | | | $ | 64.06 | | | $ | 47.71 | | | $ | 44.04 | |
| | | |
| | | | | | |
| | Net investment loss(a) | | | (0.27 | ) | | | (0.14 | ) | | | (0.06 | )(b) | | | (0.25 | ) | | | (0.09) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 16.33 | | | | 2.41 | | | | (7.49 | ) | | | 18.83 | | | | 4.16 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 16.06 | | | | 2.27 | | | | (7.55 | ) | | | 18.58 | | | | 4.07 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.03 | ) | | | – | | | | – | | | | (0.40) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.21 | ) | | | (0.03 | ) | | | (15.57 | ) | | | (2.23 | ) | | | (0.40) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 58.03 | | | $ | 43.18 | | | $ | 40.94 | | | $ | 64.06 | | | $ | 47.71 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 37.84 | % | | | 5.56 | % | | | (15.50 | )% | | | 40.22 | % | | | 9.25% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 14,261 | | | $ | 12,429 | | | $ | 14,311 | | | $ | 19,252 | | | $ | 16,275 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.69% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.71 | % | | | 1.72 | % | | | 1.72 | % | | | 1.72 | % | | | 1.75% | |
| | | | | | |
| | Ratio of net investment loss to average net assets | | | (0.52 | )% | | | (0.34 | )% | | | (0.13 | )%(b) | | | (0.44 | )% | | | (0.20)% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 78 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 53.54 | | | $ | 50.70 | | | $ | 75.37 | | | $ | 55.60 | | | $ | 51.16 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.38 | | | | 0.41 | | | | 0.55 | (b) | | | 0.45 | | | | 0.50 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 20.31 | | | | 2.97 | | | | (9.20 | ) | | | 22.02 | | | | 4.82 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 20.69 | | | | 3.38 | | | | (8.65 | ) | | | 22.47 | | | | 5.32 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.41 | ) | | | (0.54 | ) | | | (0.45 | ) | | | (0.47 | ) | | | (0.88) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.62 | ) | | | (0.54 | ) | | | (16.02 | ) | | | (2.70 | ) | | | (0.88) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 72.61 | | | $ | 53.54 | | | $ | 50.70 | | | $ | 75.37 | | | $ | 55.60 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 39.37 | % | | | 6.75 | % | | | (14.55 | )% | | | 41.79 | % | | | 10.47% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 301,418 | | | $ | 243,864 | | | $ | 253,657 | | | $ | 325,457 | | | $ | 255,177 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.56 | % | | | 0.57 | % | | | 0.56 | % | | | 0.56 | % | | | 0.56% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.60 | % | | | 0.61 | % | | | 0.60 | % | | | 0.60 | % | | | 0.62% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.58 | % | | | 0.77 | % | | | 0.99 | %(b) | | | 0.68 | % | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 79 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 50.69 | | | $ | 48.01 | | | $ | 72.21 | | | $ | 53.38 | | | $ | 49.19 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.09 | | | | 0.13 | | | | 0.26 | (b) | | | 0.11 | | | | 0.22 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 19.19 | | | | 2.82 | | | | (8.74 | ) | | | 21.14 | | | | 4.64 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 19.28 | | | | 2.95 | | | | (8.48 | ) | | | 21.25 | | | | 4.86 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.16 | ) | | | (0.27 | ) | | | (0.15 | ) | | | (0.19 | ) | | | (0.67) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.37 | ) | | | (0.27 | ) | | | (15.72 | ) | | | (2.42 | ) | | | (0.67) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 68.60 | | | $ | 50.69 | | | $ | 48.01 | | | $ | 72.21 | | | $ | 53.38 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 38.68 | % | | | 6.20 | % | | | (14.98 | )% | | | 41.08 | % | | | 9.93% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,888 | | | $ | 5,082 | | | $ | 4,781 | | | $ | 6,302 | | | $ | 5,761 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.06 | % | | | 1.07 | % | | | 1.06 | % | | | 1.06 | % | | | 1.06% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.10 | % | | | 1.11 | % | | | 1.10 | % | | | 1.10 | % | | | 1.12% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.15 | % | | | 0.26 | % | | | 0.49 | %(b) | | | 0.17 | % | | | 0.44% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 80 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 50.18 | | | $ | 47.56 | | | $ | 71.70 | | | $ | 53.02 | | | $ | 48.84 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.29 | | | | 0.35 | | | | 0.46 | (b) | | | 0.36 | | | | 0.42 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 19.02 | | | | 2.76 | | | | (8.63 | ) | | | 20.96 | | | | 4.59 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 19.31 | | | | 3.11 | | | | (8.17 | ) | | | 21.32 | | | | 5.01 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.31 | ) | | | (0.49 | ) | | | (0.40 | ) | | | (0.41 | ) | | | (0.83) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.52 | ) | | | (0.49 | ) | | | (15.97 | ) | | | (2.64 | ) | | | (0.83) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 67.97 | | | $ | 50.18 | | | $ | 47.56 | | | $ | 71.70 | | | $ | 53.02 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 39.20 | % | | | 6.62 | % | | | (14.65 | )% | | | 41.61 | % | | | 10.33% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 51,656 | | | $ | 45,491 | | | $ | 87,159 | | | $ | 127,076 | | | $ | 88,924 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.67 | % | | | 0.68 | % | | | 0.68 | % | | | 0.68 | % | | | 0.69% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.71 | % | | | 0.72 | % | | | 0.72 | % | | | 0.72 | % | | | 0.75% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.48 | % | | | 0.71 | % | | | 0.87 | %(b) | | | 0.56 | % | | | 0.84% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 81 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 53.47 | | | $ | 50.64 | | | $ | 75.30 | | | $ | 55.56 | | | $ | 51.13 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.38 | | | | 0.40 | | | | 0.52 | (b) | | | 0.46 | | | | 0.50 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 20.30 | | | | 2.97 | | | | (9.15 | ) | | | 21.99 | | | | 4.83 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 20.68 | | | | 3.37 | | | | (8.63 | ) | | | 22.45 | | | | 5.33 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.42 | ) | | | (0.54 | ) | | | (0.46 | ) | | | (0.48 | ) | | | (0.90) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.63 | ) | | | (0.54 | ) | | | (16.03 | ) | | | (2.71 | ) | | | (0.90) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 72.52 | | | $ | 53.47 | | | $ | 50.64 | | | $ | 75.30 | | | $ | 55.56 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 39.40 | % | | | 6.75 | % | | | (14.54 | )% | | | 41.78 | % | | | 10.49% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 30,122 | | | $ | 20,915 | | | $ | 17,987 | | | $ | 14,142 | | | $ | 8,871 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.56 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.59 | % | | | 0.60 | % | | | 0.59 | % | | | 0.60 | % | | | 0.61% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.59 | % | | | 0.75 | % | | | 0.95 | %(b) | | | 0.69 | % | | | 0.95% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 82 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 49.94 | | | $ | 47.07 | | | $ | 71.12 | | | $ | 52.63 | | | $ | 48.47 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | (0.02 | ) | | | 0.09 | | | | 0.19 | (b) | | | 0.07 | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 18.96 | | | | 2.78 | | | | (8.58 | ) | | | 20.80 | | | | 4.57 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 18.94 | | | | 2.87 | | | | (8.39 | ) | | | 20.87 | | | | 4.73 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.07 | ) | | | – | | | | (0.09 | ) | | | (0.15 | ) | | | (0.57) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.28 | ) | | | – | | | | (15.66 | ) | | | (2.38 | ) | | | (0.57) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 67.60 | | | $ | 49.94 | | | $ | 47.07 | | | $ | 71.12 | | | $ | 52.63 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 38.52 | % | | | 6.10 | % | | | (15.08 | )% | | | 40.91 | % | | | 9.79% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,733 | | | $ | 6,890 | | | $ | 17,488 | | | $ | 22,030 | | | $ | 41,005 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.17 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.19% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.21 | % | | | 1.22 | % | | | 1.22 | % | | | 1.22 | % | | | 1.25% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.03 | )% | | | 0.18 | % | | | 0.37 | %(b) | | | 0.11 | % | | | 0.31% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 83 |
GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | U.S. Equity Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 53.48 | | | $ | 50.65 | | | $ | 75.31 | | | $ | 55.56 | | | $ | 51.14 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.38 | | | | 0.41 | | | | 0.55 | (b) | | | 0.46 | | | | 0.50 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 20.30 | | | | 2.96 | | | | (9.18 | ) | | | 22.00 | | | | 4.83 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 20.68 | | | | 3.37 | | | | (8.63 | ) | | | 22.46 | | | | 5.33 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.42 | ) | | | (0.54 | ) | | | (0.46 | ) | | | (0.48 | ) | | | (0.91) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | (1.21 | ) | | | – | | | | (15.57 | ) | | | (2.23 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (1.63 | ) | | | (0.54 | ) | | | (16.03 | ) | | | (2.71 | ) | | | (0.91) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 72.53 | | | $ | 53.48 | | | $ | 50.65 | | | $ | 75.31 | | | $ | 55.56 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 39.40 | % | | | 6.75 | % | | | (14.54 | )% | | | 41.80 | % | | | 10.49% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 326,820 | | | $ | 246,177 | | | $ | 289,752 | | | $ | 327,501 | | | $ | 245,632 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.55 | % | | | 0.56 | % | | | 0.55 | % | | | 0.55 | % | | | 0.55% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.59 | % | | | 0.60 | % | | | 0.59 | % | | | 0.59 | % | | | 0.61% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.59 | % | | | 0.78 | % | | | 1.00 | %(b) | | | 0.68 | % | | | 0.94% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 206 | % | | | 203 | % | | | 205 | % | | | 214 | % | | | 213% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 84 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements October 31, 2024 |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-Diversified |
| | |
| Goldman Sachs Large Cap Growth Insights Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Non-Diversified |
| | |
| Goldman Sachs Large Cap Value Insights Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small Cap Equity Insights Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small Cap Growth Insights Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs Small Cap Value Insights Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs U.S. Equity Insights Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| | | | |
| Fund | | Income Distributions Declared/Paid | | Capital Gains Distributions Declared/Paid |
| | |
| Large Cap Growth Insights Fund | | Annually | | Annually |
| | |
| Large Cap Value Insights Fund | | Quarterly | | Annually |
| | |
| Small Cap Equity Insights Fund | | Annually | | Annually |
| | |
| Small Cap Growth Insights Fund | | Annually | | Annually |
| | |
| Small Cap Value Insights Fund | | Annually | | Annually |
| | |
| U.S. Equity Insights Fund | | Annually | | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated 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 Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2024:
| | | | | | | | | | | | |
| Large Cap Growth Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Europe | | $ | 484,380 | | | $ | — | | | $ | — | |
| | | |
North America | | | 1,312,503,312 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 1,312,987,692 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | 66,855 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Large Cap Value Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Europe | | $ | 3,016,418 | | | $ | — | | | $ | — | |
| | | |
North America | | | 374,832,096 | | | | — | | | | — | |
| | | |
Investment Company | | | 453,783 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 378,302,297 | | | $ | — | | | $ | — | |
|
| |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| Small Cap Equity Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 349,762 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 3,840,442 | | | | — | | | | — | |
| | | |
Europe | | | 2,566,879 | | | | — | | | | — | |
| | | |
North America | | | 415,168,294 | | | | — | | | | — | |
| | | |
Investment Company | | | 3,881,815 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 2,996,700 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 428,803,892 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | |
|
| |
| | | |
Liabilities | | | | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | (142,719 | ) | | $ | — | | | $ | — | |
|
| |
| | | |
| Small Cap Growth Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 197,058 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 2,088,621 | | | | — | | | | — | |
| | | |
Europe | | | 218,760 | | | | — | | | | — | |
| | | |
North America | | | 121,987,966 | | | | — | | | | — | |
| | | |
Investment Company | | | 1,341,626 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 1,099,725 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 126,933,756 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | |
|
| |
| | | |
Liabilities | | | | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | (37,162 | ) | | $ | — | | | $ | — | |
|
| |
| | | |
| Small Cap Value Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 298,319 | | | $ | — | | | $ | — | |
| | | |
Asia | | | 3,761,542 | | | | — | | | | — | |
| | | |
Europe | | | 13,659,392 | | | | — | | | | — | |
| | | |
North America | | | 927,530,573 | | | | — | | | | — | |
| | | |
Investment Company | | | 6,661,301 | | | | — | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 6,197,240 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 958,108,367 | | | $ | — | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | |
|
| |
| | | |
Liabilities | | | | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | (32,833 | ) | | $ | — | | | $ | — | |
|
| |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| U.S. Equity Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | 711,473 | | | $ | — | | | $ | — | |
| | | |
Europe | | | 3,500,653 | | | | — | | | | — | |
| | | |
North America | | | 1,068,405,914 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 1,072,618,040 | | | $ | — | | | $ | — | |
|
| |
| | (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
| | (b) | Amount shown represents unrealized gain (loss) at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| | | | | | | | | | | | |
| Large Cap Growth Insights Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | 66,855 | | | Variation margin on futures contracts | | $ | — | |
| | | |
| Small Cap Equity Insights Fund | | | | | | | | | | |
| | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | — | | | Variation margin on futures contracts | | $ | (142,719 | ) |
| | | |
| Small Cap Growth Insights Fund | | | | | | | | | | |
| | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | — | | | Variation margin on futures contracts | | $ | (37,162 | ) |
| | | |
| Small Cap Value Insights Fund | | | | | | | | | | |
| | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | — | | | Variation margin on futures contracts | | $ | (32,833 | ) |
| | 1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of October 31, 2024 is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
4. INVESTMENTS IN DERIVATIVES (continued) |
| | | | | | | | | | | | |
| Large Cap Growth Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | $ | 2,597,813 | | | $ | (140,341 | ) |
| | |
| Large Cap Value Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 583,001 | | | | (66,228 | ) |
| | |
| Small Cap Equity Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 1,241,444 | | | | (142,719 | ) |
| | |
| Small Cap Growth Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 365,400 | | | | (16,773 | ) |
| | |
| Small Cap Value Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 2,807,427 | | | | 1,143,287 | |
| | |
| U.S. Equity Insights Fund | | | | | | | | |
| | | | |
| Risk | | | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | | |
| Equity | | | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 1,009,298 | | | | — | |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended October 31, 2024, the relevant values for each derivative type were as follows:
| | | | |
| Fund | | Average
Number of
Contracts(a) |
|
| |
| |
Large Cap Growth Insights Fund | | | 32 | |
|
| |
| |
Large Cap Value Insights Fund | | | 1 | |
|
| |
| |
Small Cap Equity Insights Fund | | | 52 | |
|
| |
| |
Small Cap Growth Insights Fund | | | 12 | |
|
| |
| |
Small Cap Value Insights Fund | | | 121 | |
|
| |
| |
U.S. Equity Insights Fund | | | 43 | |
|
| |
| | (a) | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2024. |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended October 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective Rate | | Effective Net
Management
Rate^ | |
|
| |
| | | | | | | |
Large Cap Growth Insights Fund | | | 0.52 | % | | | 0.47 | % | | | 0.44 | % | | | 0.44 | % | | | 0.43 | % | | | 0.51 | % | | | 0.51% | |
|
| |
| | | | | | | |
Large Cap Value Insights Fund | | | 0.52 | | | | 0.47 | | | | 0.44 | | | | 0.44 | | | | 0.43 | | | | 0.52 | | | | 0.52 | |
|
| |
| | | | | | | |
Small Cap Equity Insights Fund | | | 0.80 | | | | 0.80 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.80 | | | | 0.80 | |
|
| |
| | | | | | | |
Small Cap Growth Insights Fund | | | 0.80 | | | | 0.80 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.80 | | | | 0.80 | |
|
| |
| | | | | | | |
Small Cap Value Insights Fund | | | 0.80 | | | | 0.80 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.80 | | | | 0.80 | |
|
| |
| | | | | | | |
U.S. Equity Insights Fund | | | 0.52 | | | | 0.47 | | | | 0.44 | | | | 0.44 | | | | 0.43 | | | | 0.52 | | | | 0.52 | |
|
| |
| | ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated underlying funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended October 31, 2024, the management fee waived by GSAM for each Fund was as follows:
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | |
| Fund | | Management
Fee Waived |
|
| |
| |
Large Cap Growth Insights Fund | | $ | 3,200 | |
|
| |
| |
Large Cap Value Insights Fund | | | 675 | |
|
| |
| |
Small Cap Equity Insights Fund | | | 3,346 | |
|
| |
| |
Small Cap Growth Insights Fund | | | 835 | |
|
| |
| |
Small Cap Value Insights Fund | | | 6,862 | |
|
| |
| |
U.S. Equity Insights Fund | | | 339 | |
|
| |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.
| | | | | | | | |
| | | Distribution and/or Service Plan Rates |
| | | | |
| | | Class A* | | Class C | | Service | | Class R* |
|
|
| | | | |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% | | 0.50% |
|
|
| | * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2024, Goldman Sachs retained the following amounts:
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
| | | | | | | | |
| | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | Class A | | | Class C | |
|
| |
| | |
Large Cap Growth Insights Fund | | $ | 17,225 | | | $ | — | |
|
| |
| | |
Large Cap Value Insights Fund | | | 1,400 | | | | 429 | |
|
| |
| | |
Small Cap Equity Insights Fund | | | 7,014 | | | | 428 | |
|
| |
| | |
Small Cap Growth Insights Fund | | | 1,106 | | | | 76 | |
|
| |
| | |
Small Cap Value Insights Fund | | | 3,897 | | | | — | |
|
| |
| | |
U.S. Equity Insights Fund | | | 8,641 | | | | 408 | |
|
| |
D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended October 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | |
| Fund | | Management
Fee Waiver | | Other Expense
Reimbursements | | Total Expense
Reductions | |
|
| |
| | | |
Large Cap Growth Insights Fund | | $ | 3,200 | | | $ | 414,074 | | | $ | 417,274 | |
|
| |
| | | |
Large Cap Value Insights Fund | | | 675 | | | | 359,865 | | | | 360,540 | |
|
| |
| | | |
Small Cap Equity Insights Fund | | | 3,346 | | | | 369,444 | | | | 372,790 | |
|
| |
| | | |
Small Cap Growth Insights Fund | | | 835 | | | | 263,205 | | | | 264,040 | |
|
| |
| | | |
Small Cap Value Insights Fund | | | 6,862 | | | | 456,858 | | | | 463,720 | |
|
| |
| | | |
U.S. Equity Insights Fund | | | 339 | | | | 440,108 | | | | 440,447 | |
|
| |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility — As of October 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2024, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.
As of October 31, 2024, the following Goldman Sachs funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:
| | | | | | | | | | | | | | |
| Fund | | Goldman Sachs Dynamic Global Equity | | | | Goldman Sachs Growth and Income
Strategy Portfolio | | | | Goldman Sachs Growth Strategy
Portfolio | | | | Goldman Sachs Enhanced Dividend Global
Equity |
|
| | | | | | | |
Large Cap Growth Insights Fund | | –% | | | | –% | | | | 5% | | | | –% |
|
|
| | | | | | | |
Large Cap Value Insights Fund | | 8 | | | | 11 | | | | 16 | | | | – |
|
|
| | | | | | | |
Small Cap Equity Insights Fund | | – | | | | – | | | | – | | | | 5 |
|
|
The following table provides information about the Funds’ investments in the Underlying Money Market Fund as of and for the fiscal year ended October 31, 2024:
Large Cap Growth Insights Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | $ | 7,351,815 | | | $ | 93,359,733 | | | $ | (100,711,548 | ) | | $ | – | | | | – | | | $ | 92,190 | |
|
| |
Large Cap Value Insights Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | | 3,387,027 | | | | 25,266,799 | | | | (28,200,043 | ) | | | 453,783 | | | | 453,783 | | | | 16,012 | |
|
| |
Small Cap Equity Insights Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | | 521,166 | | | | 75,528,579 | | | | (72,167,930 | ) | | | 3,881,815 | | | | 3,881,815 | | | | 113,261 | |
|
| |
Small Cap Growth Insights Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | | – | | | | 13,056,183 | | | | (11,714,557 | ) | | | 1,341,626 | | | | 1,341,626 | | | | 27,811 | |
|
| |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Small Cap Value Insights Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | $ | 4,600,596 | | | $ | 113,110,105 | | | $ | (111,049,400 | ) | | $ | 6,661,301 | | | | 6,661,301 | | | $ | 223,894 | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| U.S. Equity Insights Fund | |
| Underlying Fund | | Beginning value
as of October 31,
2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of
October 31, 2024 | | | Shares as of October
31, 2024 | | | Dividend Income | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | | |
| | | – | | | | 9,127,677 | | | | (9,127,677 | ) | | | – | | | | – | | | | 11,892 | |
|
| |
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended October 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
| |
| | |
Large Cap Growth Insights Fund | | $ | 2,552,642,902 | | | $ | 2,621,117,234 | |
|
| |
| | |
Large Cap Value Insights Fund | | | 756,163,611 | | | | 808,653,111 | |
|
| |
| | |
Small Cap Equity Insights Fund | | | 658,726,804 | | | | 684,521,775 | |
|
| |
| | |
Small Cap Growth Insights Fund | | | 193,855,490 | | | | 196,175,340 | |
|
| |
| | |
Small Cap Value Insights Fund | | | 1,362,359,270 | | | | 1,489,141,836 | |
|
| |
| | |
U.S. Equity Insights Fund | | | 2,078,210,658 | | | | 2,179,994,414 | |
|
| |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
7. SECURITIES LENDING (continued) |
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the fiscal year ended October 31, 2024 are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
| | | | | | | | | | | | | | | | | | | | |
| | | For the Fiscal Year ended October 31, 2024 | | | | | | | |
| | | |
| | | | | | | | | | | | |
| Fund | | Earnings of GSAL
Relating to
Securities Loaned | | | | | | Amounts Received
by the Funds
from Lending to
Goldman Sachs | | | | | | Amounts Payable to
Goldman Sachs Upon Return of
Securities Loaned as of
October 31, 2024 | |
| |
| | | | | |
Large Cap Growth Insights Fund | | $ | 28 | | | | | | | $ | — | | | | | | | $ | — | |
|
| |
| | | | | |
Large Cap Value Insights Fund | | | 81 | | | | | | | | 6 | | | | | | | | — | |
|
| |
| | | | | |
Small Cap Equity Insights Fund | | | 18,499 | | | | | | | | 6,858 | | | | | | | | — | |
|
| |
| | | | | |
Small Cap Growth Insights Fund | | | 5,115 | | | | | | | | 2,440 | | | | | | | | — | |
|
| |
| | | | | |
Small Cap Value Insights Fund | | | 29,170 | | | | | | | | 15,796 | | | | | | | | 261,030 | |
|
| |
| | | | | |
U.S. Equity Insights Fund | | | 116 | | | | | | | | — | | | | | | | | — | |
|
| |
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended October 31, 2024.
| | | | | | | | | | | | | | | | |
| Fund | | Beginning value as
of October 31, 2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending value as
of October 31, 2024 | |
| | | | |
Large Cap Growth Insights Fund | | $ | — | | | $ | 1,994,725 | | | $ | (1,994,725 | ) | | $ | — | |
|
| |
| | | | |
Large Cap Value Insights Fund | | | — | | | | 5,879,685 | | | | (5,879,685 | ) | | | — | |
|
| |
| | | | |
Small Cap Equity Insights Fund | | | 1,274,479 | | | | 47,072,158 | | | | (45,349,937 | ) | | | 2,996,700 | |
|
| |
| | | | |
Small Cap Growth Insights Fund | | | 533,001 | | | | 20,440,402 | | | | (19,873,678 | ) | | | 1,099,725 | |
|
| |
| | | | |
Small Cap Value Insights Fund | | | 2,105,092 | | | | 73,100,493 | | | | (69,008,345 | ) | | | 6,197,240 | |
|
| |
| | | | |
U.S. Equity Insights Fund | | | — | | | | 4,873,750 | | | | (4,873,750 | ) | | | — | |
|
| |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
The tax character of distributions paid during the fiscal year ended October 31, 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Growth
Insights Fund | | | Large Cap Value
Insights Fund | | | Small Cap Equity
Insights Fund | | | Small Cap Growth
Insights Fund | | | Small Cap Value
Insights Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 21,916,869 | | | $ | 12,458,625 | | | $ | 3,072,589 | | | $ | — | | | $ | 13,500,382 | |
| | | | | |
Long-term capital gains | | | 54,633,845 | | | | 1,150,645 | | | | — | | | | — | | | | — | |
|
| |
| | | | | |
Total taxable distributions | | $ | 76,550,714 | | | $ | 13,609,270 | | | $ | 3,072,589 | | | $ | — | | | $ | 13,500,382 | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | U.S. Equity Insights
Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | | | | | | | | | | | | | | | | | $ | 11,510,828 | |
| | | | | |
Long-term capital gains | | | | | | | | | | | | | | | | | | | 13,614,063 | |
|
| |
| | | | | |
Total taxable distributions | | | | | | | | | | | | | | | | | | $ | 25,124,891 | |
|
| |
The tax character of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Growth
Insights Fund | | | Large Cap Value
Insights Fund | | | Small Cap Equity
Insights Fund | | | Small Cap Growth
Insights Fund | | | Small Cap Value
Insights Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | $ | 2,678,100 | | | $ | 4,947,151 | | | $ | 3,307,944 | | | $ | 338,124 | | | $ | 13,217,980 | |
| | | | | |
Long-term capital gains | | | 145,862,354 | | | | 7,708,023 | | | | — | | | | — | | | | 16,437,603 | |
|
| |
| | | | | |
Total taxable distributions | | $ | 148,540,454 | | | $ | 12,655,174 | | | $ | 3,307,944 | | | $ | 338,124 | | | $ | 29,655,583 | |
|
| |
| | | | | |
Return of Capital | | $ | — | | | $ | — | | | $ | — | | | $ | 34,683 | | | $ | — | |
|
| |
| | | | | |
| | | | | | | | | | | | | | | U.S. Equity Insights
Fund | |
| | | | | |
Distributions paid from: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ordinary Income | | | | | | | | | | | | | | | | | | $ | 8,554,311 | |
|
| |
| | | | | |
Total taxable distributions | | | | | | | | | | | | | | | | | | $ | 8,554,311 | |
|
| |
As of October 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | |
| Large Cap Growth
Insights Fund |
| |
| Large Cap Value
Insights Fund |
| |
| Small Cap Equity
Insights Fund* |
| |
| Small Cap Growth
Insights Fund* |
| |
| Small Cap Value
Insights Fund* |
|
| | | | | |
Undistributed ordinary income — net | | $ | 144,107,741 | | | $ | 43,208,447 | | | $ | 11,786,967 | | | $ | 1,164,931 | | | $ | 81,408,441 | |
| | | | | |
Undistributed long-term capital gains | | | 14,258,771 | | | | 10,701,592 | | | | 38,537,782 | | | | — | | | | 66,563,521 | |
| | | | | |
Total undistributed earnings | | $ | 158,366,512 | | | $ | 53,910,039 | | | $ | 50,324,749 | | | $ | 1,164,931 | | | $ | 147,971,962 | |
| | | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Perpetual Short-Term | | | — | | | | — | | | | — | | | | (3,226,032 | ) | | | — | |
| | | | | |
Timing differences — (Qualified Late Year Loss Deferral) | | | (1,440,434 | ) | | | — | | | | — | | | | (351,686 | ) | | | — | |
| | | | | |
Unrealized gains (losses) — net | | | 571,830,002 | | | | 36,786,271 | | | | 36,196,931 | | | | 13,439,224 | | | | 57,375,857 | |
| | | | | |
Total accumulated earnings (losses) — net | | $ | 728,756,080 | | | $ | 90,696,310 | | | $ | 86,521,680 | | | $ | 11,026,437 | | | $ | 205,347,819 | |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
8. TAX INFORMATION (continued) |
| | |
| * | | The Small Cap Equity Insights Fund, Small Cap Growth Insights Fund, and Small Cap Value Insights Fund utilized $30,034,632, $21,375,499, and $3,351,400 of capital losses in the current fiscal year, respectively. |
| | | | |
| | |
| U.S. Equity
Insights Fund |
|
| |
Undistributed ordinary income — net | | $ | 128,835,157 | |
| |
Undistributed long-term capital gains | | | 23,047,684 | |
| |
Total undistributed earnings | | $ | 151,882,841 | |
| |
Timing differences — (Other) | | | 2 | |
| |
Unrealized gains (losses) — net | | | 308,279,334 | |
| |
Total accumulated earnings (losses) — net | | $ | 460,162,177 | |
As of October 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | |
| | | |
| | |
| Large Cap Growth
Insights Fund |
| |
| Large Cap Value
Insights Fund |
| |
| Small Cap Equity
Insights Fund |
|
| | | |
Tax Cost | | $ | 741,224,545 | | | $ | 341,516,026 | | | $ | 392,464,242 | |
| | | |
Gross unrealized gain | | | 584,426,090 | | | | 47,644,716 | | | | 62,445,922 | |
Gross unrealized loss | | | (12,596,088 | ) | | | (10,858,445 | ) | | | (26,248,991 | ) |
| | | |
Net unrealized gain (loss) | | $ | 571,830,002 | | | $ | 36,786,271 | | | $ | 36,196,931 | |
| | | |
| | |
| Small Cap Growth
Insights Fund |
| |
| Small Cap Value
Insights Fund |
| |
| U.S. Equity Insights
Fund |
|
| | | |
Tax Cost | | $ | 113,457,370 | | | $ | 900,699,677 | | | $ | 764,338,706 | |
| | | |
Gross unrealized gain | | | 20,581,183 | | | | 117,728,531 | | | | 326,592,644 | |
| | | |
Gross unrealized loss | | | (7,141,959 | ) | | | (60,352,674 | ) | | | (18,313,310 | ) |
| | | |
Net unrealized gain (loss) | | $ | 13,439,224 | | | $ | 57,375,857 | | | $ | 308,279,334 | |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
9. OTHER RISKS (continued) |
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a 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 Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap Growth Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 757,468 | | | $ | 21,470,410 | | | | 1,346,209 | | | $ | 31,026,390 | |
| | | | |
Reinvestment of distributions | | | 472,195 | | | | 11,927,636 | | | | 1,176,826 | | | | 25,306,363 | |
| | | | |
Shares redeemed | | | (1,689,801 | ) | | | (48,701,601 | ) | | | (3,487,349 | ) | | | (82,695,881 | ) |
| | | | |
| | | | (460,138 | ) | | | (15,303,555 | ) | | | (964,314 | ) | | | (26,363,128 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 123,799 | | | | 2,528,084 | | | | 140,855 | | | | 2,436,123 | |
| | | | |
Reinvestment of distributions | | | 125,430 | | | | 2,255,235 | | | | 321,388 | | | | 5,097,219 | |
| | | | |
Shares redeemed | | | (378,134 | ) | | | (7,685,756 | ) | | | (596,145 | ) | | | (10,165,988 | ) |
| | | | |
| | | | (128,905 | ) | | | (2,902,437 | ) | | | (133,902 | ) | | | (2,632,646 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,336,562 | | | | 70,672,170 | | | | 2,043,634 | | | | 51,951,345 | |
| | | | |
Reinvestment of distributions | | | 512,634 | | | | 14,088,375 | | | | 1,300,027 | | | | 30,204,086 | |
| | | | |
Shares redeemed | | | (3,521,817 | ) | | | (109,400,667 | ) | | | (5,764,175 | ) | | | (143,093,681 | ) |
| | | | |
| | | | (672,621 | ) | | | (24,640,122 | ) | | | (2,420,514 | ) | | | (60,938,250 | ) |
| Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 155,105 | | | | 4,306,272 | | | | 274,450 | | | | 6,310,023 | |
| | | | |
Reinvestment of distributions | | | 28,650 | | | | 694,203 | | | | 67,768 | | | | 1,403,355 | |
| | | | |
Shares redeemed | | | (177,726 | ) | | | (5,107,647 | ) | | | (197,893 | ) | | | (4,401,259 | ) |
| | | | |
| | | | 6,029 | | | | (107,172 | ) | | | 144,325 | | | | 3,312,119 | |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,505,919 | | | | 68,299,019 | | | | 2,498,173 | | | | 54,665,433 | |
| | | | |
Reinvestment of distributions | | | 409,390 | | | | 10,083,287 | | | | 966,206 | | | | 20,289,199 | |
| | | | |
Shares redeemed | | | (2,454,550 | ) | | | (68,115,403 | ) | | | (3,401,724 | ) | | | (77,959,584 | ) |
| | | | |
| | | | 460,759 | | | | 10,266,903 | | | | 62,655 | | | | (3,004,952 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,853,677 | | | | 59,000,912 | | | | 5,934,642 | | | | 151,149,652 | |
| | | | |
Reinvestment of distributions | | | 888,387 | | | | 24,388,611 | | | | 1,406,649 | | | | 32,649,484 | |
| | | | |
Shares redeemed | | | (2,914,031 | ) | | | (89,546,092 | ) | | | (2,287,045 | ) | | | (57,494,149 | ) |
| | | | |
| | | | (171,967 | ) | | | (6,156,569 | ) | | | 5,054,246 | | | | 126,304,987 | |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 257,865 | | | | 6,920,001 | | | | 338,749 | | | | 7,433,379 | |
| | | | |
Reinvestment of distributions | | | 89,102 | | | | 2,098,344 | | | | 186,173 | | | | 3,758,829 | |
| | | | |
Shares redeemed | | | (369,959 | ) | | | (9,910,914 | ) | | | (344,904 | ) | | | (7,556,191 | ) |
| | | | |
| | | | (22,992 | ) | | | (892,569 | ) | | | 180,018 | | | | 3,636,017 | |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 343,300 | | | | 10,788,382 | | | | 536,248 | | | | 12,757,901 | |
| | | | |
Reinvestment of distributions | | | 133,678 | | | | 3,665,773 | | | | 298,069 | | | | 6,910,344 | |
| | | | |
Shares redeemed | | | (208,244 | ) | | | (6,194,187 | ) | | | (917,291 | ) | | | (22,971,281 | ) |
| | | | |
| | | | 268,734 | | | | 8,259,968 | | | | (82,974 | ) | | | (3,303,036 | ) |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (721,101 | ) | | $ | (31,475,553 | ) | | | 1,839,540 | | | $ | 37,011,111 | |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Large Cap Value Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 137,867 | | | $ | 3,306,586 | | | | 171,284 | | | $ | 3,662,477 | |
| | | | |
Reinvestment of distributions | | | 72,650 | | | | 1,661,332 | | | | 78,141 | | | | 1,690,923 | |
| | | | |
Shares redeemed | | | (408,273 | ) | | | (9,846,435 | ) | | | (562,515 | ) | | | (12,026,247 | ) |
| | | | |
| | | | (197,756 | ) | | | (4,878,517 | ) | | | (313,090 | ) | | | (6,672,847 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 19,496 | | | | 453,915 | | | | 32,574 | | | | 688,370 | |
| | | | |
Reinvestment of distributions | | | 9,927 | | | | 220,547 | | | | 10,240 | | | | 219,992 | |
| | | | |
Shares redeemed | | | (75,462 | ) | | | (1,788,517 | ) | | | (95,545 | ) | | | (2,012,613 | ) |
| | | | |
| | | | (46,039 | ) | | | (1,114,055 | ) | | | (52,731 | ) | | | (1,104,251 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 258,753 | | | | 6,213,983 | | | | 457,895 | | | | 9,870,669 | |
| | | | |
Reinvestment of distributions | | | 60,329 | | | | 1,384,953 | | | | 138,895 | | | | 2,995,693 | |
| | | | |
Shares redeemed | | | (2,224,160 | ) | | | (48,974,661 | ) | | | (1,317,425 | ) | | | (28,285,198 | ) |
| | | | |
| | | | (1,905,078 | ) | | | (41,375,725 | ) | | | (720,635 | ) | | | (15,418,836 | ) |
| Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 18,578 | | | | 449,144 | | | | 27,458 | | | | 595,910 | |
| | | | |
Reinvestment of distributions | | | 3,320 | | | | 76,301 | | | | 4,787 | | | | 104,309 | |
| | | | |
Shares redeemed | | | (25,363 | ) | | | (618,657 | ) | | | (105,423 | ) | | | (2,290,613 | ) |
| | | | |
| | | | (3,465 | ) | | | (93,212 | ) | | | (73,178 | ) | | | (1,590,394 | ) |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 341,439 | | | | 8,039,269 | | | | 581,203 | | | | 12,428,033 | |
| | | | |
Reinvestment of distributions | | | 99,951 | | | | 2,282,440 | | | | 115,395 | | | | 2,482,854 | |
| | | | |
Shares redeemed | | | (782,674 | ) | | | (18,746,056 | ) | | | (1,486,008 | ) | | | (32,214,271 | ) |
| | | | |
| | | | (341,284 | ) | | | (8,424,347 | ) | | | (789,410 | ) | | | (17,303,384 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 258,819 | | | | 6,516,362 | | | | 3,610,808 | | | | 74,474,367 | |
| | | | |
Reinvestment of distributions | | | 256,370 | | | | 5,886,409 | | | | 133,170 | | | | 2,872,406 | |
| | | | |
Shares redeemed | | | (992,336 | ) | | | (24,123,354 | ) | | | (877,677 | ) | | | (19,239,797 | ) |
| | | | |
| | | | (477,147 | ) | | | (11,720,583 | ) | | | 2,866,301 | | | | 58,106,976 | |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 44,877 | | | | 1,022,377 | | | | 18,286 | | | | 388,602 | |
| | | | |
Reinvestment of distributions | | | 6,139 | | | | 138,695 | | | | 6,601 | | | | 141,799 | |
| | | | |
Shares redeemed | | | (23,978 | ) | | | (565,066 | ) | | | (86,950 | ) | | | (1,859,844 | ) |
| | | | |
| | | | 27,038 | | | | 596,006 | | | | (62,063 | ) | | | (1,329,443 | ) |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 150,437 | | | | 3,692,859 | | | | 198,256 | | | | 4,200,948 | |
| | | | |
Reinvestment of distributions | | | 65,864 | | | | 1,514,351 | | | | 79,366 | | | | 1,710,618 | |
| | | | |
Shares redeemed | | | (482,805 | ) | | | (10,963,258 | ) | | | (463,810 | ) | | | (10,024,802 | ) |
| | | | |
| | | | (266,504 | ) | | | (5,756,048 | ) | | | (186,188 | ) | | | (4,113,236 | ) |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (3,210,235 | ) | | $ | (72,766,481 | ) | | | 669,006 | | | $ | 10,574,585 | |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Small Cap Equity Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 177,270 | | | $ | 4,690,383 | | | | 114,004 | | | $ | 2,510,018 | |
| | | | |
Reinvestment of distributions | | | 4,589 | | | | 111,606 | | | | 7,119 | | | | 148,002 | |
| | | | |
Shares redeemed | | | (237,404 | ) | | | (6,146,615 | ) | | | (501,454 | ) | | | (11,046,019 | ) |
| | | | |
| | | | (55,545 | ) | | | (1,344,626 | ) | | | (380,331 | ) | | | (8,387,999 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 45,999 | | | | 917,231 | | | | 27,271 | | | | 466,579 | |
| | | | |
Shares redeemed | | | (66,961 | ) | | | (1,384,356 | ) | | | (94,282 | ) | | | (1,606,182 | ) |
| | | | |
| | | | (20,962 | ) | | | (467,125 | ) | | | (67,011 | ) | | | (1,139,603 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 815,653 | | | | 22,320,354 | | | | 560,315 | | | | 13,157,646 | |
| | | | |
Reinvestment of distributions | | | 30,406 | | | | 784,182 | | | | 47,619 | | | | 1,049,527 | |
| | | | |
Shares redeemed | | | (997,676 | ) | | | (27,599,249 | ) | | | (2,764,726 | ) | | | (65,178,247 | ) |
| | | | |
| | | | (151,617 | ) | | | (4,494,713 | ) | | | (2,156,792 | ) | | | (50,971,074 | ) |
| Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 4,935 | | | | 130,639 | | | | 6,396 | | | | 136,669 | |
| | | | |
Reinvestment of distributions | | | 356 | | | | 8,429 | | | | 408 | | | | 8,258 | |
| | | | |
Shares redeemed | | | (66,276 | ) | | | (1,600,377 | ) | | | (22,891 | ) | | | (495,536 | ) |
| | | | |
| | | | (60,985 | ) | | | (1,461,309 | ) | | | (16,087 | ) | | | (350,609 | ) |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 524,422 | | | | 13,647,555 | | | | 549,516 | | | | 11,875,830 | |
| | | | |
Reinvestment of distributions | | | 9,934 | | | | 239,907 | | | | 12,874 | | | | 265,847 | |
| | | | |
Shares redeemed | | | (395,186 | ) | | | (10,404,377 | ) | | | (644,078 | ) | | | (14,182,274 | ) |
| | | | |
| | | | 139,170 | | | | 3,483,085 | | | | (81,688 | ) | | | (2,040,597 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,112,938 | | | | 27,854,969 | | | | 237,412 | | | | 5,542,943 | |
| | | | |
Reinvestment of distributions | | | 31,465 | | | | 811,483 | | | | 32,020 | | | | 705,714 | |
| | | | |
Shares redeemed | | | (1,610,795 | ) | | | (46,406,801 | ) | | | (785,530 | ) | | | (18,386,361 | ) |
| | | | |
| | | | (466,392 | ) | | | (17,740,349 | ) | | | (516,098 | ) | | | (12,137,704 | ) |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 18,307 | | | | 456,213 | | | | 73,554 | | | | 1,552,270 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 1,453 | | | | 29,095 | |
| | | | |
Shares redeemed | | | (30,350 | ) | | | (788,863 | ) | | | (498,082 | ) | | | (10,329,835 | ) |
| | | | |
| | | | (12,043 | ) | | | (332,650 | ) | | | (423,075 | ) | | | (8,748,470 | ) |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,400,326 | | | | 38,169,911 | | | | 1,429,805 | | | | 32,382,759 | |
| | | | |
Reinvestment of distributions | | | 41,503 | | | | 1,069,929 | | | | 47,710 | | | | 1,051,530 | |
| | | | |
Shares redeemed | | | (1,438,544 | ) | | | (37,731,319 | ) | | | (2,694,861 | ) | | | (61,682,913 | ) |
| | | | |
| | | | 3,285 | | | | 1,508,521 | | | | (1,217,346 | ) | | | (28,248,624 | ) |
| | | | |
NET DECREASE IN SHARES | | | (625,089 | ) | | $ | (20,849,166 | ) | | | (4,858,428 | ) | | $ | (112,024,680 | ) |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Small Cap Growth Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 162,292 | | | $ | 2,355,153 | | | | 195,137 | | | $ | 2,407,062 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 5,469 | | | | 62,404 | |
| | | | |
Shares redeemed | | | (422,015 | ) | | | (6,132,210 | ) | | | (572,234 | ) | | | (7,014,852 | ) |
| | | | |
| | | | (259,723 | ) | | | (3,777,057 | ) | | | (371,628 | ) | | | (4,545,386 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 12,298 | | | | 284,714 | | | | 17,040 | | | | 328,076 | |
| | | | |
Shares redeemed | | | (48,025 | ) | | | (1,080,838 | ) | | | (105,454 | ) | | | (2,002,074 | ) |
| | | | |
| | | | (35,727 | ) | | | (796,124 | ) | | | (88,414 | ) | | | (1,673,998 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 246,889 | | | | 5,813,130 | | | | 377,413 | | | | 7,609,287 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 7,119 | | | | 132,620 | |
| | | | |
Shares redeemed | | | (408,488 | ) | | | (9,631,039 | ) | | | (1,150,438 | ) | | | (23,138,977 | ) |
| | | | |
| | | | (161,599 | ) | | | (3,817,909 | ) | | | (765,906 | ) | | | (15,397,070) | |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 206,561 | | | | 3,540,573 | | | | 283,871 | | | | 4,071,237 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 5,485 | | | | 69,606 | |
| | | | |
Shares redeemed | | | (508,550 | ) | | | (7,970,227 | ) | | | (606,455 | ) | | | (8,231,356 | ) |
| | | | |
| | | | (301,989 | ) | | | (4,429,654 | ) | | | (317,099 | ) | | | (4,090,513 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 115,091 | | | | 2,765,152 | | | | 106,007 | | | | 2,124,706 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 3,246 | | | | 60,570 | |
| | | | |
Shares redeemed | | | (165,804 | ) | | | (3,956,226 | ) | | | (612,562 | ) | | | (12,293,133 | ) |
| | | | |
| | | | (50,713 | ) | | | (1,191,074 | ) | | | (503,309 | ) | | | (10,107,857 | ) |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 62,929 | | | | 780,847 | | | | 58,733 | | | | 617,401 | |
| | | | |
Shares redeemed | | | (104,553 | ) | | | (1,268,812 | ) | | | (116,798 | ) | | | (1,204,559 | ) |
| | | | |
| | | | (41,624 | ) | | | (487,965 | ) | | | (58,065 | ) | | | (587,158 | ) |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 735,824 | | | | 15,006,295 | | | | 50,103 | | | | 1,010,326 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 1,156 | | | | 21,561 | |
| | | | |
Shares redeemed | | | (25,210 | ) | | | (609,708 | ) | | | (68,094 | ) | | | (1,340,096 | ) |
| | | | |
| | | | 710,614 | | | | 14,396,587 | | | | (16,835 | ) | | | (308,209 | ) |
| | | | |
NET DECREASE IN SHARES | | | (140,761 | ) | | $ | (103,196 | ) | | | (2,121,256 | ) | | $ | (36,710,191 | ) |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Small Cap Value Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 229,044 | | | $ | 8,804,203 | | | | 222,769 | | | $ | 7,365,741 | |
| | | | |
Reinvestment of distributions | | | 54,601 | | | | 1,971,082 | | | | 113,442 | | | | 3,729,582 | |
| | | | |
Shares redeemed | | | (736,839 | ) | | | (27,687,847 | ) | | | (527,810 | ) | | | (17,401,843 | ) |
| | | | |
| | | | (453,194 | ) | | | (16,912,562 | ) | | | (191,599 | ) | | | (6,306,520 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 9,386 | | | | 186,708 | | | | 11,937 | | | | 213,103 | |
| | | | |
Reinvestment of distributions | | | 4,577 | | | | 86,185 | | | | 13,649 | | | | 240,049 | |
| | | | |
Shares redeemed | | | (38,615 | ) | | | (737,634 | ) | | | (104,786 | ) | | | (1,861,072 | ) |
| | | | |
| | | | (24,652 | ) | | | (464,741 | ) | | | (79,200 | ) | | | (1,407,920 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,127,048 | | | | 65,884,567 | | | | 1,485,282 | | | | 75,268,712 | |
| | | | |
Reinvestment of distributions | | | 74,878 | | | | 4,165,461 | | | | 162,034 | | | | 8,111,064 | |
| | | | |
Shares redeemed | | | (1,479,577 | ) | | | (84,579,585 | ) | | | (2,613,954 | ) | | | (132,085,984 | ) |
| | | | |
| | | | (277,651 | ) | | | (14,529,557 | ) | | | (966,638 | ) | | | (48,706,208 | ) |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,152,573 | | | | 45,345,052 | | | | 1,518,816 | | | | 49,925,071 | |
| | | | |
Reinvestment of distributions | | | 46,445 | | | | 1,665,993 | | | | 251,900 | | | | 8,237,437 | |
| | | | |
Shares redeemed | | | (3,928,979 | ) | | | (142,613,518 | ) | | | (6,486,023 | ) | | | (218,244,500 | ) |
| | | | |
| | | | (2,729,961 | ) | | | (95,602,473 | ) | | | (4,715,307 | ) | | | (160,081,992 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,430,234 | | | | 84,015,143 | | | | 1,240,330 | | | | 63,153,530 | |
| | | | |
Reinvestment of distributions | | | 72,925 | | | | 4,055,349 | | | | 138,525 | | | | 6,929,670 | |
| | | | |
Shares redeemed | | | (1,466,534 | ) | | | (85,285,507 | ) | | | (1,474,167 | ) | | | (74,423,430 | ) |
| | | | |
| | | | 36,625 | | | | 2,784,985 | | | | (95,312 | ) | | | (4,340,230 | ) |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 131,807 | | | | 4,797,543 | | | | 133,649 | | | | 4,299,954 | |
| | | | |
Reinvestment of distributions | | | 9,295 | | | | 323,659 | | | | 18,723 | | | | 594,851 | |
| | | | |
Shares redeemed | | | (170,172 | ) | | | (6,227,629 | ) | | | (154,902 | ) | | | (4,935,975 | ) |
| | | | |
| | | | (29,070 | ) | | | (1,106,427 | ) | | | (2,530 | ) | | | (41,170 | ) |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 330,525 | | | | 16,947,215 | | | | 389,657 | | | | 19,537,487 | |
| | | | |
Reinvestment of distributions | | | 14,467 | | | | 804,361 | | | | 24,491 | | | | 1,225,555 | |
| | | | |
Shares redeemed | | | (208,303 | ) | | | (12,212,607 | ) | | | (498,763 | ) | | | (24,883,283 | ) |
| | | | |
| | | | 136,689 | | | | 5,538,969 | | | | (84,615 | ) | | | (4,120,241 | ) |
| | | | |
NET DECREASE IN SHARES | | | (3,341,214 | ) | | $ | (120,291,806 | ) | | | (6,135,201 | ) | | $ | (225,004,281 | ) |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
| 12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | U.S. Equity Insights Fund | |
| | | | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 147,062 | | | $ | 9,213,160 | | | | 103,833 | | | $ | 5,197,419 | |
| | | | |
Reinvestment of distributions | | | 128,431 | | | | 7,180,590 | | | | 40,749 | | | | 1,920,916 | |
| | | | |
Shares redeemed | | | (674,604 | ) | | | (41,876,488 | ) | | | (695,437 | ) | | | (35,154,208 | ) |
| | | | |
| | | | (399,111 | ) | | | (25,482,738 | ) | | | (550,855 | ) | | | (28,035,873 | ) |
| Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 15,629 | | | | 794,230 | | | | 22,725 | | | | 967,804 | |
| | | | |
Reinvestment of distributions | | | 7,295 | | | | 342,786 | | | | 284 | | | | 11,368 | |
| | | | |
Shares redeemed | | | (65,012 | ) | | | (3,427,212 | ) | | | (84,749 | ) | | | (3,605,836 | ) |
| | | | |
| | | | (42,088 | ) | | | (2,290,196 | ) | | | (61,740 | ) | | | (2,626,664 | ) |
| Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 594,086 | | | | 38,404,668 | | | | 664,367 | | | | 34,900,187 | |
| | | | |
Reinvestment of distributions | | | 124,504 | | | | 7,299,271 | | | | 54,069 | | | | 2,662,353 | |
| | | | |
Shares redeemed | | | (1,122,258 | ) | | | (74,659,924 | ) | | | (1,166,355 | ) | | | (61,279,984 | ) |
| | | | |
| | | | (403,668 | ) | | | (28,955,985 | ) | | | (447,919 | ) | | | (23,717,444 | ) |
| Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 7,292 | | | | 430,377 | | | | 6,010 | | | | 304,168 | |
| | | | |
Reinvestment of distributions | | | 2,336 | | | | 129,509 | | | | 545 | | | | 25,514 | |
| | | | |
Shares redeemed | | | (67,779 | ) | | | (4,393,082 | ) | | | (5,886 | ) | | | (289,985 | ) |
| | | | |
| | | | (58,151 | ) | | | (3,833,196 | ) | | | 669 | | | | 39,697 | |
| Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 102,747 | | | | 6,168,035 | | | | 714,386 | | | | 35,232,251 | |
| | | | |
Reinvestment of distributions | | | 24,792 | | | | 1,360,524 | | | | 23,672 | | | | 1,093,421 | |
| | | | |
Shares redeemed | | | (274,236 | ) | | | (17,258,353 | ) | | | (1,664,155 | ) | | | (82,828,652 | ) |
| | | | |
| | | | (146,697 | ) | | | (9,729,794 | ) | | | (926,097 | ) | | | (46,502,980 | ) |
| Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 125,270 | | | | 8,043,887 | | | | 188,915 | | | | 9,698,974 | |
| | | | |
Reinvestment of distributions | | | 10,992 | | | | 643,694 | | | | 3,747 | | | | 184,222 | |
| | | | |
Shares redeemed | | | (112,034 | ) | | | (7,248,809 | ) | | | (156,706 | ) | | | (8,416,319 | ) |
| | | | |
| | | | 24,228 | | | | 1,438,772 | | | | 35,956 | | | | 1,466,877 | |
| Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 17,287 | | | | 1,039,083 | | | | 29,688 | | | | 1,477,601 | |
| | | | |
Reinvestment of distributions | | | 3,074 | | | | 167,845 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (29,139 | ) | | | (1,770,389 | ) | | | (263,253 | ) | | | (12,569,770 | ) |
| | | | |
| | | | (8,778 | ) | | | (563,461 | ) | | | (233,565 | ) | | | (11,092,169 | ) |
| Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 324,618 | | | | 20,432,829 | | | | 693,093 | | | | 35,568,527 | |
| | | | |
Reinvestment of distributions | | | 128,617 | | | | 7,532,725 | | | | 51,561 | | | | 2,535,758 | |
| | | | |
Shares redeemed | | | (550,234 | ) | | | (35,337,680 | ) | | | (1,862,573 | ) | | | (95,660,934 | ) |
| | | | |
| | | | (96,999 | ) | | | (7,372,126 | ) | | | (1,117,919 | ) | | | (57,556,649 | ) |
| | | | |
NET DECREASE IN SHARES | | | (1,131,264 | ) | | $ | (76,788,724 | ) | | | (3,301,470 | ) | | $ | (168,025,205 | ) |
|
Report of Independent Registered Public Accounting Firm |
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund and Goldman Sachs U.S. Equity Insights Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund and Goldman Sachs U.S. Equity Insights Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 20, 2024
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, www.pwc.com/us
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statement Regarding Basis for Approval of Management Agreement (Unaudited) |
Background
The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| | (i) | | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| | (ii) | | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| | (iii) | | trends in employee headcount; |
| | (iv) | | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| | (v) | | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| | (b) | | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Small Cap Growth Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| | (d) | | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (e) | | fee and expense information for the Fund, including: |
| | (i) | | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| | (ii) | | the Fund’s expense trends over time; and |
| | (iii) | | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| | (f) | | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| | (g) | | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued) |
| | (h) | | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| | (i) | | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| | (j) | | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services; |
| | (k) | | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | | information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued) |
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Small Cap Growth Insights Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.
The Trustees noted that the Large Cap Growth Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three , five-, and ten-year periods ended March 31, 2024. They observed that the Large Cap Value Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and ten-year periods and underperformed for the five-year period ended March 31, 2024. The Trustees noted that the Small Cap Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-, three-, five, and ten-year periods ended March 31, 2024. They observed that the Small Cap Growth Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods, in the third quartile for the ten-year period, and in the fourth quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and ten-year periods and underperformed for the five-year period ended March 31, 2024. The Trustees noted that the Small Cap Value Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They observed that the U.S. Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued) |
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Daily Net Assets | | Large Cap Growth
Insights Fund | | Large Cap Value
Insights Fund | | Small Cap Equity
Insights Fund | | Small Cap Growth
Insights Fund | | Small Cap Value
Insights Fund | | U.S. Equity
Insights Fund |
| | | | | | |
First $1 billion | | | | 0.52 | % | | | | 0.52 | % | | | | 0.80 | % | | | | 0.80 | % | | | | 0.80 | % | | | | 0.52 | % |
| | | | | | |
Next $1 billion | | | | 0.47 | | | | | 0.47 | | | | | 0.80 | | | | | 0.80 | | | | | 0.80 | | | | | 0.47 | |
| | | | | | |
Next $3 billion | | | | 0.44 | | | | | 0.44 | | | | | 0.72 | | | | | 0.72 | | | | | 0.72 | | | | | 0.44 | |
| | | | | | |
Next $3 billion | | | | 0.44 | | | | | 0.44 | | | | | 0.68 | | | | | 0.68 | | | | | 0.68 | | | | | 0.44 | |
| | | | | | |
Over $8 billion | | | | 0.43 | | | | | 0.43 | | | | | 0.67 | | | | | 0.67 | | | | | 0.67 | | | | | 0.43 | |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
|
| Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued) |
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2025.
GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS
Goldman Sachs Trust — Domestic Equity Insights Funds — Tax Information (Unaudited)
For the year ended October 31, 2024, 28.16%, 33.96%, 81.69%, 53.48%, and 68.97% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the dividends received deduction available to corporations.
For the year ended October 31, 2024, 3.49%, 5.74%, and 9.66% of the dividend paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualifies as section 199A dividends.
For the year ended October 31, 2024, 28.18%, 48.16%, 100%, 100%, and 86.23% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Growth Insights, Large Cap Value Insights, and U.S. Equity Insights Funds, designate $54,633,845, $1,150,645, and $13,614,063, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2024.
During the fiscal year ended October 31, 2024, the Large Cap Growth Insights, Large Cap Value Insights, and U.S. Equity Insights Funds, designate $21,318,487, $7,354,275, and $6,165,578, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
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$
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary © 2024 Goldman Sachs. All rights reserved. DOMINSAR-24
Goldman Sachs Funds Annual Financial Statements October 31, 2024 Goldman Sachs Fundamental Equity International Funds Goldman Sachs China Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity ex. China Fund Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs International Equity ESG Fund Goldman Sachs International Equity Income FundAsset Management
Goldman Sachs Fundamental Equity International Funds
GOLDMAN SACHS CHINA EQUITY FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 99.5% | |
| |
| | China – 96.0% | |
| | 180,976 | | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | | $ | 2,213,755 | |
| | 12,182 | | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | | | 263,769 | |
| | 46,800 | | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | | | 499,505 | |
| | 412,300 | | Bank of Jiangsu Co. Ltd., Class A (Banks) | | | 510,508 | |
| | 12,100 | | BYD Co. Ltd., Class A (Automobiles & Components) | | | 498,166 | |
| | 18,000 | | BYD Co. Ltd., Class H (Automobiles & Components) | | | 650,135 | |
| | 1,785,000 | | China Construction Bank Corp., Class H (Banks) | | | 1,385,582 | |
| | 128,000 | | China Merchants Bank Co. Ltd., Class A (Banks) | | | 672,235 | |
| | 112,500 | | China Merchants Bank Co. Ltd., Class H (Banks) | | | 550,522 | |
| | 842,000 | | China Petroleum & Chemical Corp., Class H (Energy) | | | 474,291 | |
| | 78,200 | | China Resources Mixc Lifestyle Services Ltd. (Real Estate Management & Development)(a) | | | 322,608 | |
| | 38,720 | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 245,012 | |
| | 2,600,000 | | China Tower Corp. Ltd., Class H (Telecommunication Services)(a) | | | 350,821 | |
| | 224,400 | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 869,052 | |
| | 231,889 | | CITIC Securities Co. Ltd., Class A (Financial Services) | | | 915,638 | |
| | 46,000 | | CITIC Securities Co. Ltd., Class H (Financial Services) | | | 127,045 | |
| | 23,636 | | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | | | 819,660 | |
| | 274,995 | | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | | | 278,530 | |
| | 75,580 | | Fuyao Glass Industry Group Co. Ltd., Class A (Automobiles & Components) | | | 604,251 | |
| | 51,200 | | H World Group Ltd. (Consumer Services) | | | 188,457 | |
| | 5,557 | | H World Group Ltd. ADR (Consumer Services) | | | 203,886 | |
| | 69,599 | | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco) | | | 273,301 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 53,000 | | Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | $ | 230,400 | |
| | 96,100 | | JCET Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | | | 535,642 | |
| | 42,900 | | JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail) | | | 869,979 | |
| | 113,100 | | Jiangsu Expressway Co. Ltd., Class A (Transportation) | | | 200,155 | |
| | 88,740 | | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 581,650 | |
| | 12,633 | | KE Holdings, Inc. ADR (Real Estate Management & Development) | | | 277,042 | |
| | 5,219 | | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | | | 1,120,016 | |
| | 67,190 | | Meituan, Class B (Consumer Services)*(a) | | | 1,587,725 | |
| | 72,400 | | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | | | 725,167 | |
| | 27,946 | | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | | | 268,211 | |
| | 118,936 | | NARI Technology Co. Ltd., Class A (Capital Goods) | | | 434,232 | |
| | 34,800 | | NetEase, Inc. (Media & Entertainment) | | | 559,890 | |
| | 27,772 | | Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components) | | | 168,637 | |
| | 2,586 | | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)* | | | 311,846 | |
| | 684,000 | | PetroChina Co. Ltd., Class H (Energy) | | | 513,626 | |
| | 322,000 | | PICC Property & Casualty Co. Ltd., Class H (Insurance) | | | 488,465 | |
| | 69,700 | | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | | | 547,939 | |
| | 132,500 | | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | | | 820,942 | |
| | 492,055 | | Postal Savings Bank of China Co. Ltd., Class A (Banks) | | | 360,370 | |
| | 525,000 | | Postal Savings Bank of China Co. Ltd., Class H (Banks)(a) | | | 301,498 | |
| | 26,078 | | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | | | 203,446 | |
| | 9,500 | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | | | 355,633 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS CHINA EQUITY FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 45,700 | | Sieyuan Electric Co. Ltd., Class A (Capital Goods) | | $ | 490,273 | |
| | 85,600 | | Sinopharm Group Co. Ltd., Class H (Health Care Equipment & Services) | | | 213,255 | |
| | 28,176 | | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | | | 358,822 | |
| | 27,749 | | Sunresin New Materials Co. Ltd., Class A (Materials) | | | 190,511 | |
| | 59,800 | | Tencent Holdings Ltd. (Media & Entertainment) | | | 3,118,099 | |
| | 20,539 | | Tencent Music Entertainment Group ADR (Media & Entertainment) | | | 228,599 | |
| | 11,000 | | Trip.com Group Ltd. (Consumer Services)* | | | 707,900 | |
| | 58,000 | | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | | | 374,153 | |
| | 58,500 | | Venustech Group, Inc., Class A (Software & Services) | | | 145,543 | |
| | 97,798 | | Weichai Power Co. Ltd., Class A (Capital Goods) | | | 183,465 | |
| | 51,166 | | Wens Foodstuff Group Co. Ltd., Class A (Food, Beverage & Tobacco) | | | 133,881 | |
| | 36,728 | | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)(b) | | | 244,253 | |
| | 318,400 | | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | | | 1,092,079 | |
| | 418,000 | | Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) | | | 214,378 | |
| | 248,370 | | Yunnan Aluminium Co. Ltd., Class A (Materials) | | | 494,929 | |
| | 138,600 | | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | | | 448,179 | |
| | 10,040 | | Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment) | | | 198,221 | |
| | 386,000 | | Zijin Mining Group Co. Ltd., Class H (Materials) | | | 822,208 | |
| | 17,835 | | ZTO Express Cayman, Inc. ADR (Transportation) | | | 412,167 | |
| | | | | | | | |
| | | | | | | 34,450,155 | |
| | | |
| |
| | Hong Kong – 1.3% | |
| | 28,700 | | ASMPT Ltd. (Semiconductors & Semiconductor Equipment) | | | 311,132 | |
| | 3,801 | | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | | | 152,193 | |
| | | | | | | | |
| | | | | | | 463,325 | |
| | | |
| | | | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Taiwan – 2.2% | |
| | 16,000 | | Chroma ATE, Inc. (Technology Hardware & Equipment) | | $ | 202,238 | |
| | 28,000 | | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | | | 179,472 | |
| | 5,000 | | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 224,534 | |
| | 6,000 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 188,157 | |
| | | | | | | | | | |
| | | | | | | | | 794,401 | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $28,001,188) | | | 35,707,881 | |
| | | |
| |
| | | |
| | | Shares | | Dividend Rate | | | |
| |
| | Securities Lending Reinvestment Vehicle – 0.3%(c) | |
| | |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | | | | |
| | 106,400 | | 4.766% | | | 106,400 | |
| | (Cost $106,400) | | | | |
| | | |
| | TOTAL INVESTMENTS – 99.8% (Cost $28,107,588) | | $ | 35,814,281 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2% | | | 80,312 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 35,894,593 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | All or a portion of security is on loan. |
| | (c) | Represents an affiliated issuer. |
| | | | | | | | |
| | | |
| | Investment Abbreviations: ADR —American Depositary Receipt | | | | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
| | | | |
| |
| Sector Name | |
| % of
Market
Value |
|
| |
Consumer Discretionary | | | 25.8 | % |
Financials | | | 19.1 | |
Communication Services | | | 12.7 | |
Information Technology | | | 10.5 | |
Industrials | | | 8.7 | |
Materials | | | 5.5 | |
Consumer Staples | | | 5.3 | |
Health Care | | | 5.2 | |
Energy | | | 2.8 | |
Utilities | | | 2.4 | |
Real Estate | | | 1.7 | |
Securities Lending Reinvestment Vehicle | | | 0.3 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 100.1% | |
| |
| | Brazil – 3.9% | |
| | 260,821 | | Embraer SA ADR (Capital Goods)* | | $ | 8,742,720 | |
| | 16,055 | | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | | | 32,706,925 | |
| | 1,389,372 | | NU Holdings Ltd., Class A | | | | |
| | | | (Banks)* | | | 20,965,623 | |
| | 969,300 | | PRIO SA (Energy) | | | 6,871,233 | |
| | 2,116,900 | | Raia Drogasil SA (Consumer | | | | |
| | | | Staples Distribution & Retail) | | | 8,913,032 | |
| | 2,975,600 | | Rumo SA (Transportation) | | | 10,243,118 | |
| | 2,594,700 | | TIM SA (Telecommunication | | | | |
| | | | Services) | | | 7,441,770 | |
| | 2,802,200 | | TOTVS SA (Software & | | | | |
| | | | Services) | | | 14,464,469 | |
| | | | | | | | |
| | | | | | | 110,348,890 | |
| | | |
| |
| | China – 29.2% | |
| | 6,687,424 | | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | | | 81,802,678 | |
| | 2,261,600 | | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | | | 24,138,486 | |
| | 976,000 | | BYD Co. Ltd., Class H (Automobiles & Components) | | | 35,251,772 | |
| | 9,642,000 | | China Merchants Bank Co. Ltd., Class H (Banks) | | | 47,183,398 | |
| | 2,653,180 | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 10,275,181 | |
| | 534,774 | | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | | | 18,545,127 | |
| | 2,550,000 | | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles &
Components)(a) | | | 18,089,875 | |
| | 470,708 | | H World Group Ltd. ADR (Consumer Services) | | | 17,270,277 | |
| | 859,883 | | KE Holdings, Inc. ADR (Real Estate Management & Development) | | | 18,857,234 | |
| | 220,551 | | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | | | 47,331,029 | |
| | 3,405,000 | | Meituan, Class B (Consumer Services)*(a) | | | 80,461,420 | |
| | 2,038,100 | | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | | | 20,413,850 | |
| | 3,862,032 | | NARI Technology Co. Ltd., Class A (Capital Goods) | | | 14,100,169 | |
| | 13,014,000 | | PICC Property & Casualty Co. Ltd., Class H (Insurance) | | | 19,741,857 | |
| | 5,448,500 | | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | | | 33,757,733 | |
| | 775,500 | | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | | | 4,804,831 | |
| | 445,229 | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | | | 16,667,183 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 1,316,988 | | Silergy Corp. (Semiconductors & Semiconductor Equipment) | | $ | 20,432,240 | |
| | 1,818,220 | | Sunresin New Materials Co. Ltd., Class A (Materials) | | | 12,483,004 | |
| | 3,311,000 | | Tencent Holdings Ltd. (Media & Entertainment) | | | 172,642,595 | |
| | 1,243,446 | | Tencent Music Entertainment Group ADR (Media & Entertainment) | | | 13,839,554 | |
| | 7,317,000 | | Weichai Power Co. Ltd., Class H (Capital Goods) | | | 11,056,442 | |
| | 10,960,400 | | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | | | 37,593,034 | |
| | 10,764,992 | | Yunnan Aluminium Co. Ltd., Class A (Materials) | | | 21,451,511 | |
| | 9,364,000 | | Zijin Mining Group Co. Ltd., Class H (Materials) | | | 19,945,992 | |
| | 708,510 | | ZTO Express Cayman, Inc. ADR (Transportation) | | | 16,373,666 | |
| | | | | | | | |
| | | | | | | 834,510,138 | |
| | | |
| |
| | Egypt – 0.3% | |
| | 5,106,169 | | Commercial International Bank - Egypt (CIB), GDR (Banks) | | | 7,894,137 | |
| | | |
| |
| | Greece – 2.2% | |
| | 529,056 | | JUMBO SA (Consumer Discretionary Distribution & Retail) | | | 14,120,324 | |
| | 290,961 | | Metlen Energy & Metals SA (Capital Goods) | | | 10,221,894 | |
| | 2,643,232 | | National Bank of Greece SA (Banks) | | | 20,709,004 | |
| | 4,507,974 | | Piraeus Financial Holdings SA (Banks) | | | 16,985,312 | |
| | | | | | | | |
| | | | | | | 62,036,534 | |
| | | |
| |
| | India – 20.2% | |
| | 58,999 | | 360 ONE WAM Ltd. (Financial Services) | | | 763,450 | |
| | 212,359 | | Amber Enterprises India Ltd. (Consumer Durables & Apparel)* | | | 15,194,141 | |
| | 305,655 | | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | | | 25,463,873 | |
| | 772,941 | | Archean Chemical Industries Ltd. (Materials) | | | 5,920,354 | |
| | 2,718,412 | | Axis Bank Ltd. (Banks) | | | 37,343,264 | |
| | 329,138 | | Bajaj Finance Ltd. (Financial Services) | | | 26,884,214 | |
| | 541,492 | | Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)* | | | 6,951,190 | |
| | 204,226 | | Coforge Ltd. (Software & Services) | | | 18,413,341 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | India – (continued) | |
| | 540,532 | | Computer Age Management Services Ltd. (Commercial & Professional Services) | | $ | 28,478,374 | |
| | 123,602 | | Craftsman Automation Ltd. (Capital Goods) | | | 7,469,583 | |
| | 1,206,260 | | Five-Star Business Finance Ltd. (Financial Services)* | | | 10,178,580 | |
| | 860,043 | | Godrej Properties Ltd. (Real Estate Management & Development)* | | | 29,272,282 | |
| | 4,694,385 | | ICICI Bank Ltd. (Banks) | | | 72,009,776 | |
| | 197,119 | | Info Edge India Ltd. (Media & Entertainment) | | | 17,392,588 | |
| | 2,166,708 | | Infosys Ltd. (Software & Services) | | | 45,207,590 | |
| | 4,628,180 | | Jio Financial Services Ltd. (Financial Services)* | | | 17,701,958 | |
| | 1,146,842 | | Kalyan Jewellers India Ltd. (Consumer Durables & Apparel) | | | 8,945,543 | |
| | 371,357 | | Navin Fluorine International Ltd. (Materials) | | | 14,666,462 | |
| | 406,285 | | Netweb Technologies India Ltd. (Technology Hardware & Equipment) | | | 12,939,012 | |
| | 1,261,989 | | SBI Life Insurance Co. Ltd. (Insurance)(a) | | | 24,296,779 | |
| | 2,101,183 | | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | | | 17,091,523 | |
| | 1,647,267 | | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 36,149,710 | |
| | 2,299,759 | | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | | | 27,360,714 | |
| | 185,300 | | TeamLease Services Ltd. (Commercial & Professional Services)* | | | 6,141,689 | |
| | 298,720 | | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 11,354,540 | |
| | 18,681,954 | | Zomato Ltd. (Consumer Services)* | | | 53,598,657 | |
| | | | | | | | |
| | | | | | | 577,189,187 | |
| | | |
| |
| | Indonesia – 3.5% | |
| | 67,476,600 | | Bank Central Asia Tbk PT (Banks) | | | 44,067,228 | |
| | 40,865,700 | | Bank Mandiri Persero Tbk PT (Banks) | | | 17,348,271 | |
| | 148,861,000 | | BFI Finance Indonesia Tbk PT (Financial Services) | | | 9,389,767 | |
| | 223,549,600 | | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | | | 15,454,050 | |
| | 399,875,000 | | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a) | | | 5,095,572 | |
| | 8,752,600 | | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a) | | | 111,534 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Indonesia – (continued) | |
| | 307,032,200 | | Pakuwon Jati Tbk PT (Real Estate Management & Development) | | $ | 9,350,837 | |
| | | | | | | | |
| | | | | | | 100,817,259 | |
| | | |
| |
| | Mexico – 2.7% | |
| | 4,687,899 | | Alsea SAB de CV (Consumer Services) | | | 11,334,644 | |
| | 15,862,900 | | America Movil SAB de CV, Series B (Telecommunication Services) | | | 12,533,669 | |
| | 1,432,799 | | Arca Continental SAB de CV (Food, Beverage & Tobacco) | | | 12,266,813 | |
| | 2,713,300 | | Banco del Bajio SA (Banks)(a) | | | 6,031,514 | |
| | 8,732,750 | | Gentera SAB de CV (Financial Services) | | | 11,146,427 | |
| | 4,400,514 | | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | | | 14,728,125 | |
| | 3,411,900 | | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | | | 9,381,681 | |
| | | | | | | | |
| | | | | | | 77,422,873 | |
| | | |
| |
| | Peru – 0.8% | |
| | 116,815 | | Credicorp Ltd. (Banks) | | | 21,509,146 | |
| | | |
| |
| | Philippines – 1.7% | |
| | 6,279,370 | | BDO Unibank, Inc. (Banks) | | | 16,434,262 | |
| | 2,919,670 | | Jollibee Foods Corp. (Consumer Services) | | | 13,302,248 | |
| | 106,600,700 | | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | | | 19,948,047 | |
| | | | | | | | |
| | | | | | | 49,684,557 | |
| | | |
| |
| | Poland – 0.8% | |
| | 1,125,633 | | Allegro.eu SA (Consumer Discretionary Distribution & Retail)*(a) | | | 9,905,038 | |
| | 171,879 | | Dino Polska SA (Consumer Staples Distribution & Retail)*(a) | | | 14,243,274 | |
| | | | | | | | |
| | | | | | | 24,148,312 | |
| | | |
| |
| | Romania – 0.1% | |
| | 138,768 | | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities) | | | 3,675,097 | |
| | | |
| |
| | Russia – 0.0% | |
| | 10,483,256 | | Detsky Mir PJSC (Consumer Discretionary Distribution &
Retail)*(a)(b) | | | — | |
| | 2,495,750 | | Renaissance Insurance Group JSC (Insurance)*(b) | | | — | |
| | 4,327,745 | | Sberbank of Russia PJSC (Banks)*(b) | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Saudi Arabia – 2.2% | |
| | 966,369 | | Al Rajhi Bank (Banks) | | $ | 22,579,804 | |
| | 1,275,089 | | Alinma Bank (Banks) | | | 9,527,090 | |
| | 217,165 | | Co. for Cooperative Insurance (The) (Insurance) | | | 8,100,169 | |
| | 2,364,345 | | Saudi Arabian Oil Co. (Energy)(a) | | | 16,983,235 | |
| | 722,067 | | Saudi National Bank (The) (Banks) | | | 6,347,638 | |
| | | | | | | | |
| | | | | | | 63,537,936 | |
| | | |
| |
| | Singapore – 0.2% | |
| | 7,221,393 | | Nanofilm Technologies International Ltd. (Materials) | | | 4,425,131 | |
| | | |
| |
| | Slovenia – 0.8% | |
| | 800,208 | | Nova Ljubljanska Banka dd, GDR (Banks) | | | 21,499,537 | |
| | | |
| |
| | South Africa – 1.7% | |
| | 1,154,385 | | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | | | 24,642,158 | |
| | 1,569,498 | | JSE Ltd. (Financial Services) | | | 11,160,084 | |
| | 20,554,055 | | Old Mutual Ltd. (Insurance)(c) | | | 14,188,465 | |
| | | | | | | | |
| | | | | | | 49,990,707 | |
| | | |
| |
| | South Korea – 9.7% | |
| | 153,456 | | Hyundai Motor Co. (Automobiles & Components) | | | 23,636,902 | |
| | 242,275 | | JYP Entertainment Corp. (Media & Entertainment) | | | 8,521,711 | |
| | 437,436 | | KB Financial Group, Inc. (Banks) | | | 28,463,438 | |
| | 461,171 | | LG Electronics, Inc. (Consumer Durables & Apparel) | | | 29,698,568 | |
| | 49,552 | | NCSoft Corp. (Media & Entertainment) | | | 7,779,264 | |
| | 35,688 | | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life
Sciences)*(a) | | | 25,811,009 | |
| | 560,843 | | Samsung E&A Co. Ltd. (Capital Goods)* | | | 7,218,009 | |
| | 2,243,839 | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 95,275,625 | |
| | 382,954 | | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | | | 50,133,976 | |
| | | | | | | | |
| | | | | | | 276,538,502 | |
| | | |
| |
| | Taiwan – 18.0% | |
| | 3,157,000 | | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 14,887,771 | |
| | 1,195,273 | | Chailease Holding Co. Ltd. (Financial Services) | | | 5,597,205 | |
| | 1,276,000 | | Chroma ATE, Inc. (Technology | | | | |
| | | | Hardware & Equipment) | | | 16,128,458 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Taiwan – (continued) | |
| | 2,336,000 | | Delta Electronics, Inc. (Technology Hardware & Equipment) | | $ | 28,851,659 | |
| | 1,820,000 | | E Ink Holdings, Inc. (Technology Hardware & Equipment) | | | 17,033,763 | |
| | 6,003,000 | | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | | | 38,477,573 | |
| | 365,000 | | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 16,390,981 | |
| | 1,029,000 | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 40,057,116 | |
| | 1,404,000 | | Merida Industry Co. Ltd. (Consumer Durables & Apparel) | | | 7,647,257 | |
| | 733,000 | | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | | | 10,922,615 | |
| | 9,608,883 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 301,329,651 | |
| | 424,000 | | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | | 611,725 | |
| | 1,013,723 | | Yageo Corp. (Technology Hardware & Equipment) | | | 17,241,823 | |
| | | | | | | | |
| | | | | | | 515,177,597 | |
| | | |
| |
| | Thailand – 0.9% | |
| | 19,849,300 | | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | | | 16,179,941 | |
| | 22,961,100 | | True Corp. PCL, NVDR (Telecommunication Services)* | | | 8,361,614 | |
| | | | | | | | |
| | | | | | | 24,541,555 | |
| | | |
| |
| | United Arab Emirates – 0.6% | |
| | 2,672,127 | | Abu Dhabi Islamic Bank PJSC (Banks) | | | 9,166,442 | |
| | 10,286,793 | | Adnoc Gas PLC (Energy) | | | 9,258,803 | |
| | | | | | | | |
| | | | | | | 18,425,245 | |
| | | |
| |
| | United States – 0.6% | |
| | 763,992 | | GCC SAB de CV (Materials) | | | 6,248,015 | |
| | 5,069,700 | | Samsonite International SA (Consumer Durables & Apparel)(a) | | | 11,913,321 | |
| | | | | | | | |
| | | | | | | 18,161,336 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $2,212,058,100) | | | 2,861,533,676 | |
| | | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
| | | | | | | | | | | | |
| | | Shares | | Description | | Rate | | | Value | |
| |
| | Preferred Stock – 0.6% | |
| |
| | Brazil – 0.6% | |
| | 3,096,900 | | Itau Unibanco Holding SA (Banks) | | | | | |
| | (Cost $16,738,933) | | | 6.71% | | | $ | 18,760,650 | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $2,228,797,033) | | | | 2,880,294,326 | |
| | | |
| | | Shares | | Dividend Rate | | | | |
| |
| | Securities Lending Reinvestment Vehicle – 0.1%(d) | |
| | |
| | Goldman Sachs Financial Square Government
Fund – Institutional Shares | | | | | |
| | 1,500,000 | | 4.766% | | | | 1,500,000 | |
| | (Cost $1,500,000) | | | | | |
| | | |
| | TOTAL INVESTMENTS – 100.8%
(Cost $2,230,297,033) | | | $ | 2,881,794,326 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)% | | | | (22,892,615) | |
| | | |
| | NET ASSETS – 100.0% | | | $ | 2,858,901,711 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | (c) | All or a portion of security is on loan. |
| | (d) | Represents an affiliated issuer. |
| | | | |
| | |
| | | Investment Abbreviations: |
| | ADR | | —American Depositary Receipt |
| | GDR | | —Global Depositary Receipt |
| | NVDR | | —Non-Voting Depository Receipt |
| | PLC | | —Public Limited Company |
| | REIT | | —Real Estate Investment Trust |
| | |
| | | | |
| Sector Name | |
| % of
Market Value |
|
| |
Information Technology | | | 27.3 | % |
Financials | | | 22.2 | |
Consumer Discretionary | | | 19.4 | |
Communication Services | | | 8.8 | |
Consumer Staples | | | 5.7 | |
Industrials | | | 4.8 | |
Health Care | | | 4.6 | |
Materials | | | 3.0 | |
Real Estate | | | 2.5 | |
Energy | | | 1.1 | |
Utilities | | | 0.5 | |
Securities Lending Reinvestment Vehicle | | | 0.1 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – 98.1% | | | | |
| | |
| | Brazil – 5.8% | | | | |
| | 13,000 | | Caixa Seguridade Participacoes SA (Insurance) | | $ | 32,382 | |
| | 1,744 | | Embraer SA ADR (Capital Goods)* | | | 58,459 | |
| | 9,134 | | Fleury SA (Health Care Equipment & Services) | | | 23,416 | |
| | 92 | | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | | | 187,421 | |
| | 6,702 | | NU Holdings Ltd., Class A (Banks)* | | | 101,133 | |
| | 5,100 | | PRIO SA (Energy) | | | 36,153 | |
| | 13,300 | | Raia Drogasil SA (Consumer Staples Distribution & Retail) | | | 55,999 | |
| | 14,800 | | Rumo SA (Transportation) | | | 50,947 | |
| | 7,000 | | Sao Martinho SA (Food, Beverage & Tobacco) | | | 30,660 | |
| | 14,400 | | TIM SA (Telecommunication Services) | | | 41,300 | |
| | 16,100 | | TOTVS SA (Software & Services) | | | 83,105 | |
| | | | | | | | |
| | | | | | | 700,975 | |
| | | |
| | |
| | Egypt – 0.3% | | | | |
| | 19,343 | | Commercial International Bank - Egypt (CIB), GDR (Banks) | | | 29,904 | |
| | | |
| | |
| | Greece – 2.9% | | | | |
| | 3,147 | | Hellenic Telecommunications Organization SA (Telecommunication Services) | | | 52,001 | |
| | 2,604 | | JUMBO SA (Consumer Discretionary Distribution & Retail) | | | 69,500 | |
| | 1,346 | | Metlen Energy & Metals SA (Capital Goods) | | | 47,287 | |
| | 14,085 | | National Bank of Greece SA (Banks) | | | 110,352 | |
| | 20,129 | | Piraeus Financial Holdings SA (Banks) | | | 75,843 | |
| | | | | | | | |
| | | | | | | 354,983 | |
| | | |
| | |
| | India – 27.8% | | | | |
| | 1,209 | | Amber Enterprises India Ltd. (Consumer Durables & Apparel)* | | | 86,503 | |
| | 1,342 | | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | | | 111,801 | |
| | 3,837 | | Archean Chemical Industries Ltd. (Materials) | | | 29,390 | |
| | 13,190 | | Axis Bank Ltd. (Banks) | | | 181,193 | |
| | 1,503 | | Bajaj Finance Ltd. (Financial Services) | | | 122,766 | |
| | 8,713 | | Bharti Airtel Ltd. (Telecommunication Services) | | | 166,771 | |
| | 6,639 | | CMS Info Systems Ltd. (Commercial & Professional Services) | | | 42,291 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | India – (continued) | | | | |
| | 1,024 | | Coforge Ltd. (Software & Services) | | $ | 92,325 | |
| | 1,731 | | Computer Age Management Services Ltd. (Commercial & Professional Services) | | | 91,199 | |
| | 824 | | Craftsman Automation Ltd. (Capital Goods) | | | 49,796 | |
| | 6,461 | | Five-Star Business Finance Ltd. (Financial Services)* | | | 54,519 | |
| | 6,659 | | Godrej Consumer Products Ltd. (Household & Personal Products) | | | 101,462 | |
| | 3,136 | | Godrej Properties Ltd. (Real Estate Management & Development)* | | | 106,736 | |
| | 6,243 | | Gokaldas Exports Ltd. (Consumer Durables & Apparel)* | | | 66,490 | |
| | 16,450 | | Hindalco Industries Ltd. (Materials) | | | 133,482 | |
| | 3,306 | | Home First Finance Co. India Ltd. (Financial Services)(a) | | | 46,277 | |
| | 21,285 | | ICICI Bank Ltd. (Banks) | | | 326,502 | |
| | 765 | | Info Edge India Ltd. (Media & Entertainment) | | | 67,499 | |
| | 9,205 | | Infosys Ltd. (Software & Services) | | | 192,059 | |
| | 19,984 | | Jio Financial Services Ltd. (Financial Services)* | | | 76,435 | |
| | 6,518 | | Kalyan Jewellers India Ltd. (Consumer Durables & Apparel) | | | 50,841 | |
| | 6,249 | | Kfin Technologies Ltd. (Financial Services) | | | 74,136 | |
| | 1,973 | | Navin Fluorine International Ltd. (Materials) | | | 77,922 | |
| | 1,832 | | Netweb Technologies India Ltd. (Technology Hardware & Equipment) | | | 58,344 | |
| | 5,268 | | Reliance Industries Ltd. (Energy) | | | 83,298 | |
| | 4,092 | | SBI Life Insurance Co. Ltd.
(Insurance)(a) | | | 78,782 | |
| | 8,289 | | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | | | 67,425 | |
| | 7,130 | | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 156,470 | |
| | 5,768 | | Suven Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 89,735 | |
| | 10,627 | | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | | | 126,432 | |
| | 986 | | TeamLease Services Ltd. (Commercial & Professional Services)* | | | 32,681 | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | India – (continued) | | | | |
| | 1,347 | | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 51,200 | |
| | 95,385 | | Zomato Ltd. (Consumer Services)* | | | 273,660 | |
| | | | | | | | |
| | | | | | | 3,366,422 | |
| | | |
| | |
| | Indonesia – 4.6% | | | | |
| | 484,100 | | Bank Central Asia Tbk PT (Banks) | | | 316,153 | |
| | 188,300 | | Bank Mandiri Persero Tbk PT (Banks) | | | 79,937 | |
| | 561,200 | | BFI Finance Indonesia Tbk PT (Financial Services) | | | 35,399 | |
| | 1,067,100 | | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | | | 73,769 | |
| | 1,222,000 | | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a) | | | 15,572 | |
| | 1,088,600 | | Pakuwon Jati Tbk PT (Real Estate Management & Development) | | | 33,154 | |
| | | | | | | | |
| | | | | | | 553,984 | |
| | | |
| | |
| | Mexico – 3.6% | | | | |
| | 26,299 | | Alsea SAB de CV (Consumer Services) | | | 63,587 | |
| | 83,700 | | America Movil SAB de CV, Series B (Telecommunication Services) | | | 66,134 | |
| | 6,627 | | Arca Continental SAB de CV (Food, Beverage & Tobacco) | | | 56,737 | |
| | 33,000 | | Bolsa Mexicana de Valores SAB de CV (Financial Services) | | | 53,962 | |
| | 11,900 | | Grupo Financiero Banorte SAB de CV, Class O (Banks) | | | 82,862 | |
| | 17,904 | | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | | | 59,923 | |
| | 19,200 | | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | | | 52,794 | |
| | | | | | | | |
| | | | | | | 435,999 | |
| | | |
| | |
| | Peru – 1.1% | | | | |
| | 703 | | Credicorp Ltd. (Banks) | | | 129,443 | |
| | | |
| | |
| | Philippines – 1.8% | | | | |
| | 27,260 | | BDO Unibank, Inc. (Banks) | | | 71,345 | |
| | 12,220 | | Jollibee Foods Corp. (Consumer Services) | | | 55,675 | |
| | 481,900 | | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | | | 90,177 | |
| | | | | | | | |
| | | | | | | 217,197 | |
| | | |
| | |
| | Poland – 1.0% | | | | |
| | 5,808 | | Allegro.eu SA (Consumer Discretionary Distribution & Retail)*(a) | | | 51,108 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | Poland – (continued) | | | | |
| | 862 | | Dino Polska SA (Consumer Staples Distribution & Retail)*(a) | | $ | 71,432 | |
| | | | | | | | |
| | | | | | | 122,540 | |
| | | |
| | |
| | Romania – 0.4% | | | | |
| | 1,953 | | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities) | | | 51,723 | |
| | | |
| | |
| | Saudi Arabia – 3.7% | | | | |
| | 6,865 | | Al Rajhi Bank (Banks) | | | 160,405 | |
| | 7,973 | | Alinma Bank (Banks) | | | 59,572 | |
| | 1,811 | | Co. for Cooperative Insurance (The) (Insurance) | | | 67,550 | |
| | 16,094 | | Saudi Arabian Oil Co. (Energy)(a) | | | 115,604 | |
| | 4,261 | | Saudi National Bank (The) (Banks) | | | 37,458 | |
| | | | | | | | |
| | | | | 440,589 | |
| | | |
| | |
| | Singapore – 0.2% | | | | |
| | 32,500 | | Nanofilm Technologies International Ltd. (Materials) | | | 19,915 | |
| | | |
| | |
| | Slovenia – 0.8% | | | | |
| | 3,790 | | Nova Ljubljanska Banka dd, GDR (Banks) | | | 101,828 | |
| | | |
| | |
| | South Africa – 2.5% | | | | |
| | 6,905 | | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | | | 147,398 | |
| | 6,930 | | JSE Ltd. (Financial Services) | | | 49,276 | |
| | 82,190 | | Old Mutual Ltd. (Insurance) | | | 56,736 | |
| | 13,264 | | Woolworths Holdings Ltd. (Consumer Discretionary Distribution & Retail) | | | 48,978 | |
| | | | | | | | |
| | | | | | | 302,388 | |
| | | |
| | |
| | South Korea – 12.4% | | | | |
| | 755 | | F&F Co. Ltd. (Consumer Durables & Apparel) | | | 34,004 | |
| | 679 | | Hyundai Motor Co. (Automobiles & Components) | | | 104,587 | |
| | 2,881 | | I-Scream Media Co. Ltd. (Consumer Services)* | | | 31,378 | |
| | 1,137 | | JYP Entertainment Corp. (Media & Entertainment) | | | 39,993 | |
| | 2,070 | | KB Financial Group, Inc. (Banks) | | | 134,692 | |
| | 964 | | Kia Corp. (Automobiles & Components) | | | 63,748 | |
| | 2,205 | | LG Electronics, Inc. (Consumer Durables & Apparel) | | | 141,998 | |
| | 239 | | NCSoft Corp. (Media & Entertainment) | | | 37,521 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| |
| | South Korea – (continued) | |
| | 165 | | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | $ | 119,335 | |
| | 2,913 | | Samsung E&A Co. Ltd. (Capital Goods)* | | | 37,490 | |
| | 12,646 | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 536,962 | |
| | 1,694 | | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | | | 221,768 | |
| | | | | | | | |
| | | | | | | 1,503,476 | |
| | | |
| |
| | Taiwan – 25.2% | |
| | 12,832 | | Chailease Holding Co. Ltd. (Financial Services) | | | 60,090 | |
| | 7,000 | | Chroma ATE, Inc. (Technology Hardware & Equipment) | | | 88,479 | |
| | 13,000 | | Delta Electronics, Inc. (Technology Hardware & Equipment) | | | 160,561 | |
| | 12,000 | | E Ink Holdings, Inc. (Technology Hardware & Equipment) | | | 112,311 | |
| | 27,000 | | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | | | 173,063 | |
| | 2,000 | | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 89,814 | |
| | 6,000 | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 233,569 | |
| | 7,000 | | Merida Industry Co. Ltd. (Consumer Durables & Apparel) | | | 38,127 | |
| | 4,000 | | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | | | 59,605 | |
| | 58,000 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 1,818,850 | |
| | 81,000 | | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | | 116,862 | |
| | 5,974 | | Yageo Corp. (Technology Hardware & Equipment) | | | 101,608 | |
| | | | | | | | |
| | | | | | | 3,052,939 | |
| | | |
| |
| | Thailand – 1.5% | |
| | 29,400 | | Airports of Thailand PCL (Transportation) | | | 53,314 | |
| | 101,100 | | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | | | 82,411 | |
| | 113,400 | | True Corp. PCL, NVDR (Telecommunication Services)* | | | 41,296 | |
| | | | | | | | |
| | | | | | | 177,021 | |
| | | |
| | | | | | | | | | |
| | |
Shares | | Description | | | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | United Arab Emirates – 2.2% | |
| | 20,265 | | Abu Dhabi Islamic Bank PJSC | | | | |
| | | | (Banks) | | $ | 69,517 | |
| | 84,928 | | ADNOC Drilling Co. PJSC | | | | |
| | | | (Energy) | | | 117,228 | |
| | 57,344 | | Adnoc Gas PLC (Energy) | | | 51,614 | |
| | 63,523 | | Emirates Central Cooling | | | | |
| | | | Systems Corp. (Utilities) | | | 30,265 | |
| | | | | | | | | | |
| | | | | | | 268,624 | |
| | | |
| |
| | United States – 0.3% | |
| | 3,952 | | GCC SAB de CV (Materials) | | | 32,320 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $9,622,180) | | | 11,862,270 | |
| | | |
| | | Shares | | Description | | Rate | | Value | |
| |
| | Preferred Stocks – 1.0% | |
| |
| | Brazil – 1.0% | |
| | 13,500 | | Itau Unibanco Holding SA | | | | | | |
| | | | (Banks) | | 6.71% | | | 81,781 | |
| | 28,560 | | Marcopolo SA | | | | | | |
| | | | (Capital Goods) | | 5.85 | | | 41,796 | |
| | | |
| | TOTAL PREFERRED STOCKS (Cost $110,105) | | | 123,577 | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| |
| | Investment Company – 0.8%(b) | |
| | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | | | | |
| | 99,638 | | 4.766% | | | 99,638 | |
| | (Cost $99,638) | | | | |
| | | |
| | TOTAL INVESTMENTS – 99.9% (Cost $9,831,923) | | $ | 12,085,485 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.1% | | | 10,670 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 12,096,155 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | Represents an affiliated issuer. |
| | | | |
| | |
| | | Investment Abbreviations: |
| | ADR | | —American Depositary Receipt |
| | GDR | | —Global Depositary Receipt |
| | NVDR | | —Non-Voting Depository Receipt |
| | PLC | | —Public Limited Company |
| | REIT | | —Real Estate Investment Trust |
| | |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
| | | | |
| |
| Sector Name | |
| % of
Market
Value |
|
| |
Information Technology | | | 33.7 | % |
Financials | | | 24.5 | |
Consumer Discretionary | | | 13.0 | |
Consumer Staples | | | 6.1 | |
Health Care | | | 5.2 | |
Communication Services | | | 4.4 | |
Industrials | | | 4.2 | |
Energy | | | 3.3 | |
Materials | | | 2.4 | |
Real Estate | | | 1.7 | |
Investment Company | | | 0.8 | |
Utilities | | | 0.7 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – 98.9% | | | | |
| | |
| | Brazil – 3.9% | | | | |
| | 214 | | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)* | | $ | 435,956 | |
| | 13,709 | | NU Holdings Ltd., Class A (Banks)* | | | 206,869 | |
| | 18,800 | | Raia Drogasil SA (Consumer Staples Distribution & Retail) | | | 79,156 | |
| | 26,800 | | Rumo SA (Transportation) | | | 92,255 | |
| | 25,500 | | TIM SA (Telecommunication Services) | | | 73,136 | |
| | | | | | | | |
| | | | | | | 887,372 | |
| | | |
| | |
| | China – 31.4% | | | | |
| | 55,827 | | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | | | 682,893 | |
| | 23,600 | | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | | | 251,887 | |
| | 9,000 | | BYD Co. Ltd., Class H (Automobiles & Components) | | | 325,068 | |
| | 99,500 | | China Merchants Bank Co. Ltd., Class H (Banks) | | | 486,906 | |
| | 34,299 | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 132,832 | |
| | 6,260 | | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | | | 217,087 | |
| | 22,400 | | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles &
Components)(a) | | | 158,907 | |
| | 4,410 | | H World Group Ltd. ADR (Consumer Services) | | | 161,803 | |
| | 7,002 | | KE Holdings, Inc. ADR (Real Estate Management & Development) | | | 153,554 | |
| | 31,500 | | Meituan, Class B (Consumer Services)*(a) | | | 744,357 | |
| | 20,878 | | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | | | 209,117 | |
| | 38,500 | | NARI Technology Co. Ltd., Class A (Capital Goods) | | | 140,562 | |
| | 110,000 | | PICC Property & Casualty Co. Ltd., Class H (Insurance) | | | 166,867 | |
| | 62,000 | | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | | | 384,139 | |
| | 4,100 | | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | | | 153,484 | |
| | 12,000 | | Silergy Corp. (Semiconductors & Semiconductor Equipment) | | | 186,172 | |
| | 32,000 | | Tencent Holdings Ltd. (Media & Entertainment) | | | 1,668,548 | |
| | 11,473 | | Tencent Music Entertainment Group ADR (Media & Entertainment) | | | 127,694 | |
| | 58,000 | | Weichai Power Co. Ltd., Class H (Capital Goods) | | | 87,642 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | China – (continued) | | | | |
| | 87,400 | | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | | $ | 299,773 | |
| | 129,600 | | Yunnan Aluminium Co. Ltd., Class A (Materials) | | | 258,255 | |
| | 7,760 | | ZTO Express Cayman, Inc. ADR (Transportation) | | | 179,334 | |
| | | | | | | | |
| | | | | | | 7,176,881 | |
| | | |
| | |
| | Egypt – 0.3% | | | | |
| | 41,356 | | Commercial International Bank - Egypt (CIB), GDR (Banks) | | | 63,936 | |
| | | |
| | |
| | Greece – 2.3% | | | | |
| | 5,702 | | JUMBO SA (Consumer Discretionary Distribution & Retail) | | | 152,184 | |
| | 2,454 | | Metlen Energy & Metals SA (Capital Goods) | | | 86,213 | |
| | 19,967 | | National Bank of Greece SA (Banks) | | | 156,436 | |
| | 36,608 | | Piraeus Financial Holdings SA (Banks) | | | 137,933 | |
| | | | | | | | |
| | | | | | | 532,766 | |
| | | |
| | |
| | Hong Kong – 0.5% | | | | |
| | 3,167 | | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | | | 126,808 | |
| | | |
| | |
| | India – 20.0% | | | | |
| | 3,504 | | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | | | 291,915 | |
| | 24,586 | | Axis Bank Ltd. (Banks) | | | 337,742 | |
| | 3,281 | | Bajaj Finance Ltd. (Financial Services) | | | 267,994 | |
| | 6,642 | | Godrej Properties Ltd. (Real Estate Management & Development)* | | | 226,066 | |
| | 47,959 | | ICICI Bank Ltd. (Banks) | | | 735,670 | |
| | 2,619 | | Info Edge India Ltd. (Media & Entertainment) | | | 231,085 | |
| | 19,281 | | Infosys Ltd. ADR (Software & Services) | | | 403,166 | |
| | 58,597 | | Jio Financial Services Ltd. (Financial Services)* | | | 224,123 | |
| | 10,628 | | Kalyan Jewellers India Ltd. (Consumer Durables & Apparel) | | | 82,900 | |
| | 14,440 | | SBI Life Insurance Co. Ltd. (Insurance)(a) | | | 278,010 | |
| | 19,534 | | Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a) | | | 158,894 | |
| | 14,539 | | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 319,062 | |
| | 35,635 | | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | | | 423,957 | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | India – (continued) | | | | |
| | 207,211 | | Zomato Ltd. (Consumer Services)* | | $ | 594,490 | |
| | | | | | | | |
| | | | | | | 4,575,074 | |
| | | |
| | |
| | Indonesia – 3.0% | | | | |
| | 832,000 | | Bank Central Asia Tbk PT (Banks) | | | 543,358 | |
| | 323,600 | | Bank Mandiri Persero Tbk PT (Banks) | | | 137,374 | |
| | | | | | | | |
| | | | | | | 680,732 | |
| | | |
| | |
| | Mexico – 3.0% | | | | |
| | 53,900 | | Alsea SAB de CV (Consumer Services) | | | 130,322 | |
| | 177,200 | | America Movil SAB de CV, Series B (Telecommunication Services) | | | 140,010 | |
| | 15,699 | | Arca Continental SAB de CV (Food, Beverage & Tobacco) | | | 134,406 | |
| | 23,700 | | Banco del Bajio SA (Banks)(a) | | | 52,684 | |
| | 32,980 | | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | | | 110,381 | |
| | 40,101 | | Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | | | 110,266 | |
| | | | | | | | |
| | | | | | | 678,069 | |
| | | |
| | |
| | Peru – 0.7% | | | | |
| | 922 | | Credicorp Ltd. (Banks) | | | 169,768 | |
| | | |
| | |
| | Philippines – 1.5% | | | | |
| | 38,570 | | BDO Unibank, Inc. (Banks) | | | 100,945 | |
| | 10,400 | | Jollibee Foods Corp. (Consumer Services) | | | 47,383 | |
| | 1,062,400 | | Monde Nissin Corp. (Food, Beverage & Tobacco)(a) | | | 198,806 | |
| | | | | | | | |
| | | | | | | 347,134 | |
| | | |
| | |
| | Poland – 0.5% | | | | |
| | 12,889 | | Allegro.eu SA (Consumer Discretionary Distribution & Retail)*(a) | | | 113,417 | |
| | | |
| | |
| | Romania – 0.3% | | | | |
| | 2,621 | | Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities) | | | 69,414 | |
| | | |
| | |
| | Russia – 0.0% | | | | |
| | 96,162 | | Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(a)(b) | | | — | |
| | 16,753 | | Renaissance Insurance Group JSC (Insurance)*(b) | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | |
| | |
| | Saudi Arabia – 2.2% | | | | |
| | 8,038 | | Al Rajhi Bank (Banks) | | | 187,813 | |
| | | | | | | | |
| | |
Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | Saudi Arabia – (continued) | | | | |
| | 15,908 | | Alinma Bank (Banks) | | $ | 118,860 | |
| | 3,641 | | Co. for Cooperative Insurance (The) (Insurance) | | | 135,808 | |
| | 6,073 | | Saudi National Bank (The) (Banks) | | | 53,387 | |
| | | | | | | | |
| | | | | | | 495,868 | |
| | | |
| | |
| | South Africa – 2.3% | | | | |
| | 19,079 | | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | | | 407,271 | |
| | 182,861 | | Old Mutual Ltd. (Insurance) | | | 126,229 | |
| | | | | | | | |
| | | | | | | 533,500 | |
| | | |
| | |
| | South Korea – 9.4% | | | | |
| | 1,351 | | Hyundai Motor Co. (Automobiles & Components) | | | 208,095 | |
| | 4,091 | | KB Financial Group, Inc. (Banks) | | | 266,197 | |
| | 3,861 | | LG Electronics, Inc. (Consumer Durables & Apparel) | | | 248,641 | |
| | 535 | | NCSoft Corp. (Media & Entertainment) | | | 83,991 | |
| | 21,541 | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 914,652 | |
| | 3,226 | | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | | | 422,328 | |
| | | | | | | | |
| | | | | | | 2,143,904 | |
| | | |
| | |
| | Taiwan – 16.5% | | | | |
| | 30,000 | | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 141,474 | |
| | 12,496 | | Chailease Holding Co. Ltd. (Financial Services) | | | 58,516 | |
| | 23,000 | | Delta Electronics, Inc. (Technology Hardware & Equipment) | | | 284,070 | |
| | 14,000 | | E Ink Holdings, Inc. (Technology Hardware & Equipment) | | | 131,029 | |
| | 12,000 | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 467,139 | |
| | 8,000 | | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | | | 119,210 | |
| | 78,000 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 2,446,040 | |
| | 4,000 | | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | | 5,771 | |
| | 7,169 | | Yageo Corp. (Technology Hardware & Equipment) | | | 121,933 | |
| | | | | | | | |
| | | | | | | 3,775,182 | |
| | | |
| | |
| | Thailand – 0.8% | | | | |
| | 178,800 | | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | | | 145,747 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | | | |
| | |
Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| | | |
| | Thailand – (continued) | | | | | | |
| | 127,500 | | True Corp. PCL, NVDR (Telecommunication Services)* | | $ | 46,431 | |
| | | | | | | | | | |
| | | | | | | | | 192,178 | |
| | | |
| | | |
| | United Arab Emirates – 0.3% | | | | | | |
| | 23,224 | | Abu Dhabi Islamic Bank PJSC (Banks) | | | 79,667 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $17,807,783) | | | 22,641,670 | |
| | | |
| | | Shares | | Description | | Rate | | Value | |
| |
| | Preferred Stock – 0.9% | |
| |
| | Brazil – 0.9% | |
| | 32,900 | | Itau Unibanco
Holding SA (Banks) | | | | |
| | (Cost $166,136) | | 6.71% | | | 199,304 | |
| | | |
| | | Shares | | Dividend Rate | | Value | |
| | | | | | | | | | |
| |
| | Investment Company – 0.4%(c) | |
| | |
| | Goldman Sachs Financial Square Government
Fund - Institutional Shares | | | | |
| | 90,986 | | 4.766% | | | 90,986 | |
| | (Cost $90,986) | | | | |
| | | |
| | TOTAL INVESTMENTS – 100.2% (Cost $18,064,905) | | $ | 22,931,960 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% | | | (49,058) | |
| | | |
| | NET ASSETS – 100.0% | | $ | 22,882,902 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | (c) | Represents an affiliated issuer. |
| | | | |
| | |
| | | Investment Abbreviations: |
| | ADR | | —American Depositary Receipt |
| | GDR | | —Global Depositary Receipt |
| | NVDR | | —Non-Voting Depository Receipt |
| | REIT | | —Real Estate Investment Trust |
| | |
| | | | |
| |
| Sector Name | |
| % of
Market
Value |
|
| |
Information Technology | | | 25.4 | % |
Financials | | | 25.3 | |
Consumer Discretionary | | | 21.0 | |
Communication Services | | | 10.4 | |
Consumer Staples | | | 5.9 | |
Health Care | | | 4.0 | |
Industrials | | | 3.5 | |
Real Estate | | | 2.1 | |
Materials | | | 1.1 | |
Utilities | | | 0.9 | |
Investment Company | | | 0.4 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
|
| Common Stocks – 97.3% | |
| |
| | Denmark – 1.4% | |
| | 129,552 | | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 14,531,202 | |
| | | |
| |
| | France – 6.0% | |
| | 334,397 | | BNP Paribas SA (Banks) | | | 22,837,329 | |
| | 106,135 | | Capgemini SE (Software & Services) | | | 18,412,398 | |
| | 205,544 | | Vinci SA (Capital Goods) | | | 23,025,196 | |
| | | | | | | | |
| | | | | | | 64,274,923 | |
| | | |
| |
| | Germany – 2.7% | |
| | 913,235 | | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | | | 28,880,738 | |
| | | |
| |
| | Hong Kong – 2.8% | |
| | 3,843,000 | | AIA Group Ltd. (Insurance) | | | 30,330,180 | |
| | | |
| |
| | Italy – 1.7% | |
| | 321,164 | | Moncler SpA (Consumer Durables & Apparel) | | | 17,843,079 | |
| | | |
| |
| | Japan – 21.7% | |
| | 163,100 | | Hoya Corp. (Health Care Equipment & Services) | | | 21,821,809 | |
| | 473,100 | | ITOCHU Corp. (Capital Goods) | | | 23,403,231 | |
| | 61,000 | | Keyence Corp. (Technology Hardware & Equipment) | | | 27,536,235 | |
| | 623,800 | | Nomura Research Institute Ltd. (Software & Services) | | | 18,659,985 | |
| | 1,453,600 | | ORIX Corp. (Financial Services) | | | 30,627,180 | |
| | 645,500 | | Shiseido Co. Ltd. (Household & Personal Products) | | | 13,933,064 | |
| | 1,172,500 | | Sony Group Corp. (Consumer Durables & Apparel) | | | 20,633,088 | |
| | 1,973,400 | | Sumitomo Mitsui Financial Group, Inc. (Banks) | | | 41,864,777 | |
| | 1,225,873 | | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 34,203,346 | |
| | | | | | | | |
| | | | | | | 232,682,715 | |
| | | |
| |
| | Netherlands – 6.8% | |
| | 38,206 | | ASML Holding NV (Semiconductors & Semiconductor Equipment) | | | 25,717,676 | |
| | 1,420,804 | | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | | | 46,843,505 | |
| | | | | | | | |
| | | | | | | 72,561,181 | |
| | | |
| |
| | Spain – 9.0% | |
| | 2,205,747 | | Banco Bilbao Vizcaya Argentaria SA (Banks) | | | 21,957,510 | |
| | 746,153 | | Cellnex Telecom SA (Telecommunication
Services)*(a) | | | 27,403,053 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | Spain – (continued) | | | | |
| | 3,196,378 | | Iberdrola SA (Utilities) | | $ | 47,480,750 | |
| | | | | | | | |
| | | | | | | 96,841,313 | |
| | | |
| |
| | Sweden – 2.1% | |
| | 2,338,616 | | Hexagon AB, Class B (Technology Hardware & Equipment) | | | 21,864,022 | |
| | | |
| |
| | Switzerland – 8.2% | |
| | 127,186 | | DSM-Firmenich AG (Materials) | | | 15,082,145 | |
| | 32,987 | | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | 20,297,827 | |
| | 88,481 | | Zurich Insurance Group AG (Insurance) | | | 52,168,859 | |
| | | | | | | | |
| | | | | | | 87,548,831 | |
| | | |
| |
| | Taiwan – 1.9% | |
| | 108,199 | | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | | | 20,616,238 | |
| | | |
| |
| | United Kingdom – 20.7% | |
| | 433,584 | | Ashtead Group PLC (Capital Goods) | | | 32,435,412 | |
| | 281,995 | | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 40,126,108 | |
| | 788,519 | | Compass Group PLC (Consumer Services) | | | 25,608,292 | |
| | 3,879,350 | | DS Smith PLC (Materials) | | | 27,274,388 | |
| | 2,659,584 | | National Grid PLC (Utilities) | | | 33,394,154 | |
| | 769,694 | | RELX PLC (Commercial & Professional Services) | | | 35,297,960 | |
| | 5,435,492 | | Rentokil Initial PLC (Commercial & Professional Services) | | | 27,263,220 | |
| | | | | | | | |
| | | | | | | 221,399,534 | |
| | | |
| |
| | United States – 12.3% | |
| | 474,795 | | Experian PLC (Commercial & Professional Services) | | | 23,172,771 | |
| | 166,757 | | Ferguson Enterprises, Inc. (Capital Goods) | | | 32,807,772 | |
| | 423,176 | | Nestle SA (Food, Beverage & Tobacco) | | | 39,987,019 | |
| | 138,644 | | Schneider Electric SE (Capital Goods) | | | 35,915,571 | |
| | | | | | | | |
| | | | | | | 131,883,133 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $922,123,264) | | | 1,041,257,089 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | | | | | |
| | | | | Shares | | | Dividend Rate | | Value | |
| |
| | Investment Company – 2.3%(b) | |
| |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | | | 25,157,546 | | | 4.766% | | $ | 25,157,546 | |
| | (Cost $25,157,546) | |
| | | |
| | TOTAL INVESTMENTS – 99.6% (Cost $947,280,810) | | $ | 1,066,414,635 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.4% | | | 4,716,790 | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,071,131,425 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | Represents an affiliated issuer. |
| | | | |
| | |
| | | Investment Abbreviations: |
| | ADR | | —American Depositary Receipt |
| | PLC | | —Public Limited Company |
| | |
| | | | |
| Sector Name | | % of Market Value |
| |
Industrials | | | 21.9 | % |
Financials | | | 18.7 | |
Information Technology | | | 15.1 | |
Health Care | | | 12.2 | |
Consumer Staples | | | 9.5 | |
Utilities | | | 7.6 | |
Consumer Discretionary | | | 6.0 | |
Materials | | | 4.0 | |
Communication Services | | | 2.6 | |
Investment Company | | | 2.4 | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 95.3% | |
| |
| | Australia – 5.3% | |
| | 1,032,972 | | Rio Tinto PLC (Materials) | | $ | 66,758,979 | |
| | 2,989,093 | | Transurban Group (Transportation) | | | 24,910,947 | |
| | | | | | | | |
| | | |
| | | | | | | 91,669,926 | |
| | | |
| |
| | Denmark – 1.0% | |
| | 147,393 | | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 16,532,338 | |
| | | |
| |
| | France – 11.1% | |
| | 334,567 | | BNP Paribas SA (Banks) | | | 22,848,939 | |
| | 34,872 | | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | | | 23,215,017 | |
| | 1,200,316 | | Societe Generale SA (Banks) | | | 34,474,875 | |
| | 1,049,774 | | TotalEnergies SE (Energy) | | | 65,879,332 | |
| | 392,493 | | Vinci SA (Capital Goods) | | | 43,967,367 | |
| | | | | | | | |
| | | |
| | | | | | | 190,385,530 | |
| | | |
| |
| | Germany – 3.3% | |
| | 1,902,225 | | Deutsche Telekom AG (Telecommunication Services) | | | 57,510,985 | |
| | | |
| |
| | Italy – 2.9% | |
| | 6,637,328 | | Enel SpA (Utilities) | | | 50,338,027 | |
| | | |
| |
| | Japan – 14.1% | |
| | 1,000,700 | | ITOCHU Corp. (Capital Goods) | | | 49,502,458 | |
| | 449,000 | | Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment) | | | 7,844,530 | |
| | 2,458,900 | | ORIX Corp. (Financial Services) | | | 51,808,732 | |
| | 2,934,800 | | Sumitomo Mitsui Financial Group, Inc. (Banks) | | | 62,260,437 | |
| | 592,400 | | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 16,528,680 | |
| | 197,000 | | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | | | 28,989,152 | |
| | 1,456,900 | | Toyota Motor Corp. (Automobiles & Components) | | | 25,102,964 | |
| | | | | | | | |
| | | |
| | | | | | | 242,036,953 | |
| | | |
| |
| | Netherlands – 6.0% | |
| | 2,129,057 | | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | | | 70,194,406 | |
| | 8,100,818 | | Koninklijke KPN NV (Telecommunication Services) | | | 31,660,325 | |
| | | | | | | | |
| | | |
| | | | | | | 101,854,731 | |
| | | |
| |
| | Singapore – 3.6% | |
| | 1,269,250 | | DBS Group Holdings Ltd. (Banks) | | | 36,801,658 | |
| | 2,832,900 | | Singapore Exchange Ltd. (Financial Services) | | | 24,275,108 | |
| | | | | | | | |
| | | |
| | | | | | | 61,076,766 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Spain – 5.2% | |
| | 2,264,262 | | Banco Bilbao Vizcaya Argentaria SA (Banks) | | $ | 22,540,008 | |
| | 4,495,514 | | Iberdrola SA (Utilities) | | | 66,778,827 | |
| | | | | | | | |
| | | |
| | | | | | | 89,318,835 | |
| | | |
| |
| | Switzerland – 3.7% | |
| | 107,319 | | Zurich Insurance Group AG (Insurance) | | | 63,275,843 | |
| | | |
| |
| | Taiwan – 2.3% | |
| | 1,261,000 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 39,544,314 | |
| | | |
| |
| | United Kingdom – 22.0% | |
| | 426,949 | | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | | | 60,752,147 | |
| | 866,010 | | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | | | 65,816,760 | |
| | 6,524,449 | | DS Smith PLC (Materials) | | | 45,871,178 | |
| | 7,692,675 | | HSBC Holdings PLC (Banks) | | | 70,603,587 | |
| | 4,007,351 | | National Grid PLC (Utilities) | | | 50,316,928 | |
| | 7,519,367 | | NatWest Group PLC (Banks) | | | 35,628,664 | |
| | 807,499 | | Unilever PLC (Household & Personal Products) | | | 49,259,107 | |
| | | | | | | | |
| | | |
| | | | | | | 378,248,371 | |
| | | |
| |
| | United States – 14.8% | |
| | 169,587 | | Ferguson Enterprises, Inc. (Capital Goods) | | | 33,364,546 | |
| | 4,489 | | Ferguson Enterprises, Inc. (Capital Goods) | | | 882,620 | |
| | 87,541 | | Nestle SA (Food, Beverage & Tobacco) | | | 8,271,981 | |
| | 469,860 | | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | 49,654,743 | |
| | 196,645 | | Schneider Electric SE (Capital Goods) | | | 50,940,664 | |
| | 1,807,802 | | Shell PLC (Energy) | | | 60,357,699 | |
| | 397,350 | | Swiss Re AG (Insurance) | | | 50,736,567 | |
| | | | | | | | |
| | | |
| | | | | | | 254,208,820 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $1,428,239,440) | | | 1,636,001,439 | |
| | | |
| | | Shares | | Description | | Value | |
| |
| | Exchange-Traded Fund – 2.9% | |
| |
| | United States – 2.9% | |
| | 625,791 | | iShares MSCI EAFE ETF | | | | |
| | (Cost $51,529,195) | | | 49,575,163 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | Shares | | | Dividend Rate | | Value | |
| |
| | Investment Company – 2.2%(a) | |
| | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | |
| | | | | 37,356,685 | | | | | | | 4.766% | | $ | 37,356,685 | |
| | (Cost $37,356,685) | |
| | | |
| | TOTAL INVESTMENTS – 100.4% (Cost $1,517,125,320) | | $ | 1,722,933,287 | |
| | | |
| | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% | | | (7,614,117) | |
| | | |
| | NET ASSETS – 100.0% | | $ | 1,715,319,170 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| (a) | | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| PLC | | —Public Limited Company |
|
| | | | |
| Sector Name | | % of Market Value | |
| |
Financials | | | 27.6 | % |
Industrials | | | 11.8 | |
Consumer Staples | | | 11.2 | |
Utilities | | | 9.7 | |
Health Care | | | 8.3 | |
Energy | | | 7.3 | |
Materials | | | 6.6 | |
Communication Services | | | 5.2 | |
Information Technology | | | 4.4 | |
Exchange-Traded Fund | | | 2.9 | |
Consumer Discretionary | | | 2.8 | |
Investment Company | | | 2.2 | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Assets and Liabilities October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | | | Emerging Markets Equity Fund | | | Emerging Markets
Equity ex. China Fund | | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $28,001,188, $2,228,797,033 and $9,732,285, respectively)(a) | | $ | 35,707,881 | | | $ | 2,880,294,326 | | | $ | 11,985,847 | | | |
| | Investments in affiliated issuers, at value (cost $–, $– and $99,638, respectively) | | | — | | | | — | | | | 99,638 | | | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | 106,400 | | | | 1,500,000 | | | | — | | | |
| | Cash | | | 360,509 | | | | — | | | | 209,078 | | | |
| | Foreign Currency, at value (cost $27,470, $14,815,003 and $98,235, respectively) | | | 27,040 | | | | 14,797,721 | | | | 96,002 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Investments sold | | | 136,452 | | | | 23,703,638 | | | | — | | | |
| | Dividends | | | 20,339 | | | | 2,514,955 | | | | 10,375 | | | |
| | Reimbursement from investment adviser | | | 2,456 | | | | 1,131,142 | | | | — | | | |
| | Fund shares sold | | | 493 | | | | 470,561 | | | | — | | | |
| | Securities lending income | | | 55 | | | | 7,869 | | | | — | | | |
| | Foreign tax reclaims | | | — | | | | 322,529 | | | | 714 | | | |
| | Other assets | | | 37,571 | | | | 159,251 | | | | 37,025 | | | |
| | |
| | Total assets | | | 36,399,196 | | | | 2,924,901,992 | | | | 12,438,679 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Investments purchased | | | 229,815 | | | | 12,686,727 | | | | — | | | |
| | Payable upon return of securities loaned | | | 106,400 | | | | 1,500,000 | | | | — | | | |
| | Fund shares redeemed | | | 13,101 | | | | 1,364,904 | | | | 8,000 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 2,286 | | | | 136,155 | | | | 266 | | | |
| | Due to custodian | | | — | | | | 21,689,390 | | | | — | | | |
| | Foreign capital gains taxes | | | — | | | | 27,886,044 | | | | 165,990 | | | |
| | Management fees | | | — | | | | — | | | | 5,290 | | | |
| | Accrued expenses | | | 153,001 | | | | 737,061 | | | | 162,978 | | | |
| | |
| | Total liabilities | | | 504,603 | | | | 66,000,281 | | | | 342,524 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 78,820,945 | | | | 3,246,422,916 | | | | 10,153,168 | | | |
| | Total distributable earnings (loss) | | | (42,926,352 | ) | | | (387,521,205 | ) | | | 1,942,987 | | | |
| | |
| | NET ASSETS | | $ | 35,894,593 | | | $ | 2,858,901,711 | | | $ | 12,096,155 | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 8,408,728 | | | $ | 121,953,798 | | | $ | 117,341 | | | |
| | | Class C | | | 753,574 | | | | 9,696,855 | | | | 61,546 | | | |
| | | Institutional | | | 6,843,498 | | | | 2,081,733,707 | | | | 7,240,445 | | | |
| | | Service | | | — | | | | 19,671,829 | | | | — | | | |
| | | Investor | | | 210,549 | | | | 80,605,027 | | | | 62,680 | | | |
| | | Class R6 | | | 531,070 | | | | 113,102,019 | | | | 62,854 | | | |
| | | Class R | | | — | | | | — | | | | 62,127 | | | |
| | | Class P | | | 19,147,174 | | | | 432,138,476 | | | | 4,489,162 | | | |
| | | Total Net Assets | | $ | 35,894,593 | | | $ | 2,858,901,711 | | | $ | 12,096,155 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 414,153 | | | | 5,424,633 | | | | 9,482 | | | |
| | | Class C | | | 43,158 | | | | 493,553 | | | | 5,013 | | | |
| | | Institutional | | | 310,580 | | | | 86,008,199 | | | | 583,157 | | | |
| | | Service | | | — | | | | 911,522 | | | | — | | | |
| | | Investor | | | 9,615 | | | | 3,354,412 | | | | 5,053 | | | |
| | | Class R6 | | | 24,196 | | | | 4,652,126 | | | | 5,062 | | | |
| | | Class R | | | — | | | | — | | | | 5,031 | | | |
| | | Class P | | | 871,932 | | | | 17,770,386 | | | | 361,850 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | | | |
| | | Class A | | $ | 20.30 | | | $ | 22.48 | | | $ | 12.38 | | | |
| | | Class C | | | 17.46 | | | | 19.65 | | | | 12.28 | | | |
| | | Institutional | | | 22.03 | | | | 24.20 | | | | 12.42 | | | |
| | | Service | | | — | | | | 21.58 | | | | — | | | |
| | | Investor | | | 21.90 | | | | 24.03 | | | | 12.40 | | | |
| | | Class R6 | | | 21.95 | | | | 24.31 | | | | 12.42 | | | |
| | | Class R | | | — | | | | — | | | | 12.35 | | | |
| | | Class P | | | 21.96 | | | | 24.32 | | | | 12.41 | | | |
| | (a) | Includes loaned securities having a market value of $101,085, $1,380,600 and $– for China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund, respectively. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Assets and Liabilities (continued) October 31, 2024 |
| | (b) | Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $21.48, $23.79 and $13.10, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Assets and Liabilities (continued) October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets
Equity Fund | | | International Equity
ESG Fund | | | International Equity
Income Fund | | | |
| | | | | |
| | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $17,973,919, $922,123,264 and $1,479,768,635, respectively) | | $ | 22,840,974 | | | $ | 1,041,257,089 | | | $ | 1,685,576,602 | | | |
| | Investments in affiliated issuers, at value (cost $90,986, $25,157,546 and $37,356,685, respectively) | | | 90,986 | | | | 25,157,546 | | | | 37,356,685 | | | |
| | Cash | | | 86,246 | | | | — | | | | 1,134,485 | | | |
| | Foreign Currency, at value (cost $122,948, $3,430 and $2,210, respectively) | | | 122,000 | | | | 1,434 | | | | 2,061 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Investments sold | | | 75,395 | | | | — | | | | — | | | |
| | Dividends | | | 19,234 | | | | 2,408,352 | | | | 3,398,009 | | | |
| | Foreign tax reclaims | | | 2,658 | | | | 2,199,858 | | | | 3,182,800 | | | |
| | Fund shares sold | | | 1,958 | | | | 465,256 | | | | 896,489 | | | |
| | Securities lending income | | | — | | | | 10,169 | | | | 5,207 | | | |
| | Reimbursement from investment adviser | | | — | | | | 415,251 | | | | 614,340 | | | |
| | Other assets | | | 45,433 | | | | 62,745 | | | | 133,231 | | | |
| | |
| | Total assets | | | 23,284,884 | | | | 1,071,977,700 | | | | 1,732,299,909 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Foreign capital gains taxes | | | 210,475 | | | | — | | | | — | | | |
| | Investments purchased | | | 54,160 | | | | — | | | | 16,273,712 | | | |
| | Fund shares redeemed | | | 30,500 | | | | 529,045 | | | | 447,467 | | | |
| | Management fees | | | 4,199 | | | | — | | | | — | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 753 | | | | 34,999 | | | | 58,591 | | | |
| | Due to custodian | | | — | | | | 88,212 | | | | — | | | |
| | Accrued expenses | | | 101,895 | | | | 194,019 | | | | 200,969 | | | |
| | |
| | Total liabilities | | | 401,982 | | | | 846,275 | | | | 16,980,739 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 87,257,567 | | | | 972,655,309 | | | | 1,513,900,862 | | | |
| | Total distributable earnings (loss) | | | (64,374,665 | ) | | | 98,476,116 | | | | 201,418,308 | | | |
| | |
| | NET ASSETS | | $ | 22,882,902 | | | $ | 1,071,131,425 | | | $ | 1,715,319,170 | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 1,889,229 | | | $ | 103,205,307 | | | $ | 77,112,070 | | | |
| | | Class C | | | 85,204 | | | | 7,533,210 | | | | 5,429,776 | | | |
| | | Institutional | | | 15,574,536 | | | | 643,319,379 | | | | 1,033,131,322 | | | |
| | | Service | | | — | | | | 1,253,660 | | | | — | | | |
| | | Investor | | | 452,347 | | | | 120,244,111 | | | | 440,373,061 | | | |
| | | Class R6 | | | 44,254 | | | | 100,478,955 | | | | 98,678,131 | | | |
| | | Class R | | | 189,301 | | | | — | | | | 1,497,986 | | | |
| | | Class P | | | 4,648,031 | | | | 95,096,803 | | | | 59,096,824 | | | |
| | | Total Net Assets | | $ | 22,882,902 | | | $ | 1,071,131,425 | | | $ | 1,715,319,170 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 182,026 | | | | 3,689,303 | | | | 4,524,050 | | | |
| | | Class C | | | 8,464 | | | | 295,739 | | | | 369,536 | | | |
| | | Institutional | | | 1,497,267 | | | | 22,339,247 | | | | 56,905,684 | | | |
| | | Service | | | — | | | | 42,897 | | | | — | | | |
| | | Investor | | | 43,527 | | | | 4,206,418 | | | | 25,885,249 | | | |
| | | Class R6 | | | 4,247 | | | | 3,510,152 | | | | 5,443,644 | | | |
| | | Class R | | | 18,449 | | | | — | | | | 87,418 | | | |
| | | Class P | | | 446,734 | | | | 3,320,910 | | | | 3,261,842 | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | | | |
| | | Class A | | $ | 10.38 | | | $ | 27.97 | | | $ | 17.04 | | | |
| | | Class C | | | 10.07 | | | | 25.47 | | | | 14.69 | | | |
| | | Institutional | | | 10.40 | | | | 28.80 | | | | 18.16 | | | |
| | | Service | | | — | | | | 29.22 | | | | — | | | |
| | | Investor | | | 10.39 | | | | 28.59 | | | | 17.01 | | | |
| | | Class R6 | | | 10.42 | | | | 28.63 | | | | 18.13 | | | |
| | | Class R | | | 10.26 | | | | — | | | | 17.14 | | | |
| | | Class P | | | 10.40 | | | | 28.64 | | | | 18.12 | | | |
| | (a) | Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $10.98, $29.60 and $18.03, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Operations For the Fiscal Year Ended October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | | | Emerging Markets
Equity Fund | | | Emerging Markets
Equity ex. China
Fund | | | |
| | | | | |
| | | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $85,540, $7,663,710 and $36,036, respectively) | | $ | 981,782 | | | $ | 60,663,748 | | | $ | 231,102 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 8,555 | | | | 368,584 | | | | 4,299 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | | | 55 | | | | 58,030 | | | | — | | | |
| | |
| | Total Investment Income | | | 990,392 | | | | 61,090,362 | | | | 235,401 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 384,105 | | | | 27,279,064 | | | | 99,642 | | | |
| | | | | |
| | Professional fees | | | 105,582 | | | | 137,412 | | | | 161,991 | | | |
| | | | | |
| | Registration fees | | | 92,706 | | | | 226,040 | | | | 76,568 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 79,230 | | | | 2,199,446 | | | | 48,453 | | | |
| | | | | |
| | Printing and mailing costs | | | 39,695 | | | | 182,399 | | | | 34,765 | | | |
| | | | | |
| | Trustee fees | | | 26,614 | | | | 32,313 | | | | 18,404 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 26,162 | | | | 427,723 | | | | 974 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 22,924 | | | | 1,281,339 | | | | 4,323 | | | |
| | | | | |
| | Service fees — Class C | | | 2,087 | | | | 29,781 | | | | 149 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | 48,712 | | | | — | | | |
| | | | | |
| | Other | | | 1,128 | | | | 88,903 | | | | 28,571 | | | |
| |
| | |
| | Total expenses | | | 780,233 | | | | 31,933,132 | | | | 473,840 | | | |
| |
| | |
| | Less — expense reductions | | | (317,379 | ) | | | (2,972,953 | ) | | | (355,159 | ) | | |
| |
| | |
| | Net expenses | | | 462,854 | | | | 28,960,179 | | | | 118,681 | | | |
| |
| | |
| | NET INVESTMENT INCOME | | | 527,538 | | | | 32,130,183 | | | | 116,720 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (6,410,223 | ) | | | (42,864,017 | ) | | | (110,738 | ) | | |
| | | | | |
| | Futures contracts | | | (173,299 | ) | | | — | | | | — | | | |
| | | | | |
| | Foreign currency transactions | | | (7,165 | ) | | | (762,556 | ) | | | (2,564 | ) | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $(23,000,803) and $(150,149), respectively) | | | 10,414,337 | | | | 597,959,261 | | | | 2,174,819 | | | |
| | | | | |
| | Foreign currency translations | | | 479 | | | | (69,787 | ) | | | (2,435 | ) | | |
| | |
| | Net realized and unrealized gain | | | 3,824,129 | | | | 554,262,901 | | | | 2,059,082 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,351,667 | | | $ | 586,393,084 | | | $ | 2,175,802 | | | |
| | |
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | | Transfer Agency Fees | |
| Fund | | | | | Class A | | | Class C | | | Service | | | Class R | | | | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | | | | |
China Equity Fund | | | | | | | $19,901 | | | | $6,261 | | | | $– | | | | $– | | | | | | | | | | | | $11,940 | | | | $1,252 | | | | $2,743 | | | | $– | | | | $203 | | | | $150 | | | | $– | | | | $6,636 | | | | | |
Emerging Markets Equity Fund | | | | | | | 289,669 | | | | 89,342 | | | | 48,712 | | | | – | | | | | | | | | | | | 173,801 | | | | 17,868 | | | | 780,080 | | | | 7,794 | | | | 133,397 | | | | 35,708 | | | | – | | | | 132,691 | | | | | |
Emerging Markets Equity ex. China Fund | | | | | | | 225 | | | | 448 | | | | – | | | | 301 | | | | | | | | | | | | 135 | | | | 89 | | | | 2,710 | | | | – | | | | 91 | | | | 18 | | | | 90 | | | | 1,190 | | | | | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Operations (continued) For the Fiscal Year Ended October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | ESG Emerging
Markets Equity
Fund | | | International
Equity ESG Fund | | | International Equity
Income Fund | | | |
| | | | | |
| | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $66,956, $3,144,633 and $5,136,077, respectively) | | $ | 500,855 | | | $ | 28,054,954 | | | $ | 54,640,472 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 9,981 | | | | 927,770 | | | | 2,187,754 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | | | — | | | | 91,361 | | | | 174,857 | | | |
| | |
| | Total Investment Income | | | 510,836 | | | | 29,074,085 | | | | 57,003,083 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 227,994 | | | | 9,142,306 | | | | 11,038,712 | | | |
| | | | | |
| | Professional fees | | | 144,041 | | | | 184,863 | | | | 156,216 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 109,006 | | | | 289,085 | | | | 346,389 | | | |
| | | | | |
| | Registration fees | | | 96,751 | | | | 163,683 | | | | 243,963 | | | |
| | | | | |
| | Trustee fees | | | 26,581 | | | | 28,935 | | | | 29,636 | | | |
| | | | | |
| | Printing and mailing costs | | | 18,730 | | | | 119,864 | | | | 153,559 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 11,807 | | | | 677,747 | | | | 1,041,184 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 6,221 | | | | 343,795 | | | | 228,008 | | | |
| | | | | |
| | Service fees — Class C | | | 205 | | | | 20,424 | | | | 12,231 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | 2,550 | | | | — | | | |
| | | | | |
| | Other | | | 5,585 | | | | 29,998 | | | | 44,957 | | | |
| | |
| | Total expenses | | | 646,921 | | | | 11,003,250 | | | | 13,294,855 | | | |
| |
| | |
| | Less — expense reductions | | | (389,825 | ) | | | (1,178,369 | ) | | | (975,591 | ) | | |
| | |
| | Net expenses | | | 257,096 | | | | 9,824,881 | | | | 12,319,264 | | | |
| | |
| | NET INVESTMENT INCOME | | | 253,740 | | | | 19,249,204 | | | | 44,683,819 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | (555,251 | ) | | | 1,159,073 | | | | 3,600,549 | | | |
| | | | | |
| | Forward foreign currency exchange contracts | | | — | | | | 227,397 | | | | 12,371 | | | |
| | | | | |
| | Foreign currency transactions | | | (6,188 | ) | | | 1,866 | | | | (183,384 | ) | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(168,055), $– and $–, respectively) | | | 5,573,087 | | | | 170,945,461 | | | | 208,953,787 | | | |
| | | | | |
| | Foreign currency translations | | | (527 | ) | | | (21,133 | ) | | | (73,813 | ) | | |
| | |
| | Net realized and unrealized gain | | | 5,011,121 | | | | 172,312,664 | | | | 212,309,510 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 5,264,861 | | | $ | 191,561,868 | | | $ | 256,993,329 | | | |
| | |
| (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | | Transfer Agency Fees | |
| Fund | | | | | Class A | | | Class C | | | Service | | | Class R | | | | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | | | | |
ESG Emerging Markets Equity Fund | | | | | | | $4,666 | | | | $614 | | | | $– | | | | $941 | | | | | | | | | | | | $2,799 | | | | $123 | | | | $6,007 | | | | $– | | | | $953 | | | | $8 | | | | $282 | | | | $1,635 | | | | | |
International Equity ESG Fund | | | | | | | 279,974 | | | | 61,271 | | | | 2,550 | | | | – | | | | | | | | | | | | 167,985 | | | | 12,254 | | | | 257,888 | | | | 408 | | | | 179,879 | | | | 30,275 | | | | – | | | | 29,058 | | | | | |
International Equity Income Fund | | | | | | | 185,918 | | | | 36,694 | | | | – | | | | 5,396 | | | | | | | | | | | | 111,551 | | | | 7,339 | | | | 340,405 | | | | – | | | | 541,328 | | | | 22,063 | | | | 1,619 | | | | 16,879 | | | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | | | Emerging Markets Equity Fund | | | |
| | | | | | |
| | | | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal
Year Ended
October 31, 2023 | | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal
Year Ended
October 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 527,538 | | | $ | 235,529 | | | $ | 32,130,183 | | | $ | 29,092,374 | | | |
| | | | | | |
| | Net realized loss | | | (6,590,687 | ) | | | (13,634,350 | ) | | | (43,626,573 | ) | | | (314,742,255 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 10,414,816 | | | | 20,759,741 | | | | 597,889,474 | | | | 562,564,843 | | | |
| | |
| | Net increase in net assets resulting from operations | | | 4,351,667 | | | | 7,360,920 | | | | 586,393,084 | | | | 276,914,962 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (78,216 | ) | | | – | | | | (1,171,626 | ) | | | – | | | |
| | | | | | |
| | Class C Shares | | | (838 | ) | | | – | | | | (54,328 | ) | | | – | | | |
| | | | | | |
| | Institutional Shares | | | (79,737 | ) | | | (20,976 | ) | | | (25,625,540 | ) | | | (4,294,893 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (170,765 | ) | | | – | | | |
| | | | | | |
| | Investor Shares | | | (1,342 | ) | | | (623 | ) | | | (1,299,258 | ) | | | (148,052 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (6,706 | ) | | | (2,577 | ) | | | (1,579,416 | ) | | | (353,363 | ) | | |
| | | | | | |
| | Class P Shares | | | (366,992 | ) | | | (118,395 | ) | | | (6,102,843 | ) | | | (1,133,494 | ) | | |
| | |
| | Total distributions to shareholders | | | (533,831 | ) | | | (142,571 | ) | | | (36,003,776 | ) | | | (5,929,802 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 10,537,290 | | | | 16,754,308 | | | | 621,504,121 | | | | 826,358,897 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 524,821 | | | | 140,777 | | | | 33,534,121 | | | | 5,557,410 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (28,742,050 | ) | | | (31,065,290 | ) | | | (947,977,680 | ) | | | (1,266,732,598 | ) | | |
| | |
| | | | | | |
| | Net decrease in net assets resulting from share transactions | | | (17,679,939 | ) | | | (14,170,205 | ) | | | (292,939,438 | ) | | | (434,816,291 | ) | | |
| | |
| | TOTAL INCREASE (DECREASE) | | | (13,862,103 | ) | | | (6,951,856 | ) | | | 257,449,870 | | | | (163,831,131 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 49,756,696 | | | $ | 56,708,552 | | | $ | 2,601,451,841 | | | $ | 2,765,282,972 | | | |
| | |
| | End of year | | $ | 35,894,593 | | | $ | 49,756,696 | | | $ | 2,858,901,711 | | | $ | 2,601,451,841 | | | |
| | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | | | ESG Emerging Markets Equity Fund | | | |
| | | | | | |
| | | | | For the Fiscal Year Ended
October 31, 2024 | | | For the Period
December 6, 2022* to October 31, 2023 | | | For the Fiscal
Year Ended
October 31, 2024 | | | For the Fiscal
Year Ended
October 31, 2023 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 116,720 | | | $ | 82,884 | | | $ | 253,740 | | | $ | 306,086 | | | |
| | | | | | |
| | Net realized loss | | | (113,302 | ) | | | (126,171 | ) | | | (561,439 | ) | | | (5,648,221 | ) | | |
| | | | | | |
| | Net change in unrealized gain (loss) | | | 2,172,384 | | | | (87,518 | ) | | | 5,572,560 | | | | 8,608,994 | | | |
| | |
| | Net increase (decrease) in net assets resulting from operations | | | 2,175,802 | | | | (130,805 | ) | | | 5,264,861 | | | | 3,266,859 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (396 | ) | | | (129 | ) | | | (23,675 | ) | | | (223 | ) | | |
| | | | | | |
| | Class C Shares | | | – | | | | (129 | ) | | | (389 | ) | | | – | | | |
| | | | | | |
| | Institutional Shares | | | (56,292 | ) | | | (11,750 | ) | | | (236,421 | ) | | | (66,147 | ) | | |
| | | | | | |
| | Investor Shares | | | (461 | ) | | | (112 | ) | | | (8,507 | ) | | | (3,402 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (532 | ) | | | (134 | ) | | | (349 | ) | | | (190 | ) | | |
| | | | | | |
| | Class R Shares | | | (188 | ) | | | (129 | ) | | | (2,902 | ) | | | – | | | |
| | | | | | |
| | Class P Shares | | | (33,781 | ) | | | (134 | ) | | | (101,718 | ) | | | (58,578 | ) | | |
| | |
| | Total distributions to shareholders | | | (91,650 | ) | | | (12,517 | ) | | | (373,961 | ) | | | (128,540 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 2,319,386 | | | | 8,459,845 | | | | 3,409,377 | | | | 13,006,177 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 91,651 | | | | 12,516 | | | | 373,737 | | | | 128,536 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (614,963 | ) | | | (113,110 | ) | | | (11,102,107 | ) | | | (18,038,073 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 1,796,074 | | | | 8,359,251 | | | | (7,318,993 | ) | | | (4,903,360 | ) | | |
| | |
| | TOTAL INCREASE (DECREASE) | | | 3,880,226 | | | | 8,215,929 | | | | (2,428,093 | ) | | | (1,765,041 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of period | | $ | 8,215,929 | | | $ | – | | | $ | 25,310,995 | | | $ | 27,076,036 | | | |
| | |
| | End of period | | $ | 12,096,155 | | | $ | 8,215,929 | | | $ | 22,882,902 | | | $ | 25,310,995 | | | |
| | |
| | * | Commencement of operations. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | | | International Equity Income Fund | | | |
| | | | | | |
| | | | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended
October 31, 2023 | | | For the Fiscal Year Ended
October 31, 2024 | | | For the Fiscal Year Ended
October 31, 2023 | | | |
| | | | | | |
| | | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 19,249,204 | | | $ | 14,684,797 | | | $ | 44,683,819 | | | $ | 24,679,067 | | | |
| | | | | | |
| | Net realized gain (loss) | | | 1,388,336 | | | | (21,040,619 | ) | | | 3,429,536 | | | | (7,795,080 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 170,924,328 | | | | 38,086,589 | | | | 208,879,974 | | | | 36,084,160 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 191,561,868 | | | | 31,730,767 | | | | 256,993,329 | | | | 52,968,147 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (1,671,550 | ) | | | (830,089 | ) | | | (2,477,947 | ) | | | (1,433,042 | ) | | |
| | | | | | |
| | Class C Shares | | | (67,969 | ) | | | – | | | | (157,719 | ) | | | (73,150 | ) | | |
| | | | | | |
| | Institutional Shares | | | (9,517,753 | ) | | | (2,890,896 | ) | | | (29,355,570 | ) | | | (11,619,052 | ) | | |
| | | | | | |
| | Service Shares | | | (10,514 | ) | | | (3,920 | ) | | | – | | | | – | | | |
| | | | | | |
| | Investor Shares | | | (1,780,835 | ) | | | (862,387 | ) | | | (12,925,592 | ) | | | (5,086,390 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (1,652,881 | ) | | | (591,041 | ) | | | (2,576,510 | ) | | | (1,062,104 | ) | | |
| | | | | | |
| | Class R Shares | | | – | | | | – | | | | (33,162 | ) | | | (13,644 | ) | | |
| | | | | | |
| | Class P Shares | | | (1,569,940 | ) | | | (920,626 | ) | | | (1,910,659 | ) | | | (1,175,049 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (16,271,442 | ) | | | (6,098,959 | ) | | | (49,437,159 | ) | | | (20,462,431 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 338,348,301 | | | | 627,717,749 | | | | 734,224,622 | | | | 871,606,758 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 12,269,837 | | | | 5,682,821 | | | | 49,006,081 | | | | 20,239,545 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (393,895,485 | ) | | | (291,296,213 | ) | | | (349,973,827 | ) | | | (206,958,270 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | (43,277,347 | ) | | | 342,104,357 | | | | 433,256,876 | | | | 684,888,033 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE | | | 132,013,079 | | | | 367,736,165 | | | | 640,813,046 | | | | 717,393,749 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 939,118,346 | | | $ | 571,382,181 | | | $ | 1,074,506,124 | | | $ | 357,112,375 | | | |
| | |
| | | | | | |
| | End of year | | $ | 1,071,131,425 | | | $ | 939,118,346 | | | $ | 1,715,319,170 | | | $ | 1,074,506,124 | | | |
| | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.09 | | | $ | 16.62 | | | $ | 35.80 | | | $ | 36.99 | | | $ | 25.87 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.21 | | | | 0.02 | | | | (0.15 | ) | | | (0.15 | ) | | | (0.07) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.16 | | | | 1.45 | | | | (16.89 | ) | | | 0.93 | | | | 11.35 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.37 | | | | 1.47 | | | | (17.04 | ) | | | 0.78 | | | | 11.28 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.16 | ) | | | – | | | | – | | | | – | | | | (0.16) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.16 | ) | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | (0.16) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 20.30 | | | $ | 18.09 | | | $ | 16.62 | | | $ | 35.80 | | | $ | 36.99 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 13.30 | % | | | 8.91 | % | | | (50.53 | )% | | | 1.96 | % | | | 43.67% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 8,409 | | | $ | 9,149 | | | $ | 9,664 | | | $ | 22,002 | | | $ | 18,617 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.46 | % | | | 1.48 | % | | | 1.47 | % | | | 1.45 | % | | | 1.47% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.30 | % | | | 1.92 | % | | | 1.81 | % | | | 1.77 | % | | | 2.11% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 1.15 | % | | | 0.11 | % | | | (0.55 | )% | | | (0.38 | )% | | | (0.24)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 15.55 | | | $ | 14.39 | | | $ | 31.53 | | | $ | 33.03 | | | $ | 23.14 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.06 | | | | (0.12 | ) | | | (0.36 | ) | | | (0.40 | ) | | | (0.26) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.87 | | | | 1.28 | | | | (14.64 | ) | | | 0.87 | | | | 10.15 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.93 | | | | 1.16 | | | | (15.00 | ) | | | 0.47 | | | | 9.89 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.02 | ) | | | – | | | | – | | | | – | | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.02 | ) | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 17.46 | | | $ | 15.55 | | | $ | 14.39 | | | $ | 31.53 | | | $ | 33.03 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 12.40 | % | | | 8.06 | % | | | (50.89 | )% | | | 1.22 | % | | | 42.60% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 754 | | | $ | 831 | | | $ | 1,042 | | | $ | 1,737 | | | $ | 973 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 2.21 | % | | | 2.23 | % | | | 2.22 | % | | | 2.20 | % | | | 2.21% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 3.06 | % | | | 2.68 | % | | | 2.56 | % | | | 2.54 | % | | | 2.85% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.40 | % | | | (0.67 | )% | | | (1.56 | )% | | | (1.17 | )% | | | (0.98)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.63 | | | $ | 18.01 | | | $ | 38.50 | | | $ | 39.52 | | | $ | 27.63 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.29 | | | | 0.10 | | | | 0.01 | | | | 0.03 | | | | 0.05 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.34 | | | | 1.57 | | | | (18.36 | ) | | | 0.92 | | | | 12.09 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.63 | | | | 1.67 | | | | (18.35 | ) | | | 0.95 | | | | 12.14 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.23 | ) | | | (0.05 | ) | | | – | | | | – | | | | (0.25) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.23 | ) | | | (0.05 | ) | | | (2.14 | ) | | | (1.97 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 22.03 | | | $ | 19.63 | | | $ | 18.01 | | | $ | 38.50 | | | $ | 39.52 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 13.68 | % | | | 9.24 | % | | | (50.35 | )% | | | 2.28 | % | | | 44.13% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 6,843 | | | $ | 6,778 | | | $ | 8,320 | | | $ | 23,762 | | | $ | 10,824 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.11 | % | | | 1.16 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.95 | % | | | 1.56 | % | | | 1.44 | % | | | 1.40 | % | | | 1.74% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.50 | % | | | 0.46 | % | | | 0.03 | % | | | 0.07 | % | | | 0.17% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.47 | | | $ | 17.87 | | | $ | 38.24 | | | $ | 39.28 | | | $ | 27.46 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.18 | | | | 0.08 | | | | (0.06 | ) | | | (0.01 | ) | | | 0.01 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.43 | | | | 1.56 | | | | (18.17 | ) | | | 0.94 | | | | 12.03 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.61 | | | | 1.64 | | | | (18.23 | ) | | | 0.93 | | | | 12.04 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.18 | ) | | | (0.04 | ) | | | – | | | | – | | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.18 | ) | | | (0.04 | ) | | | (2.14 | ) | | | (1.97 | ) | | | (0.22) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 21.90 | | | $ | 19.47 | | | $ | 17.87 | | | $ | 38.24 | | | $ | 39.28 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 13.60 | % | | | 9.19 | % | | | (50.40 | )% | | | 2.22 | % | | | 44.01% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 211 | | | $ | 262 | | | $ | 298 | | | $ | 636 | | | $ | 762 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.21 | % | | | 1.23 | % | | | 1.22 | % | | | 1.20 | % | | | 1.22% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.03 | % | | | 1.68 | % | | | 1.56 | % | | | 1.49 | % | | | 1.86% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.94 | % | | | 0.37 | % | | | (0.20 | )% | | | (0.02 | )% | | | 0.04% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.56 | | | $ | 17.95 | | | $ | 38.37 | | | $ | 39.39 | | | $ | 27.54 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.29 | | | | 0.11 | | | | (0.05 | ) | | | 0.03 | | | | (0.02) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.33 | | | | 1.56 | | | | (18.23 | ) | | | 0.92 | | | | 12.13 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.62 | | | | 1.67 | | | | (18.28 | ) | | | 0.95 | | | | 12.11 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.23 | ) | | | (0.06 | ) | | | – | | | | – | | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.23 | ) | | | (0.06 | ) | | | (2.14 | ) | | | (1.97 | ) | | | (0.26) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 21.95 | | | $ | 19.56 | | | $ | 17.95 | | | $ | 38.37 | | | $ | 39.39 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 13.63 | % | | | 9.32 | % | | | (50.37 | )% | | | 2.29 | % | | | 44.15% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 531 | | | $ | 659 | | | $ | 734 | | | $ | 1,389 | | | $ | 631 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.10 | % | | | 1.15 | % | | | 1.14 | % | | | 1.14 | % | | | 1.14% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.93 | % | | | 1.55 | % | | | 1.43 | % | | | 1.38 | % | | | 1.71% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 1.48 | % | | | 0.51 | % | | | (0.18 | )% | | | 0.08 | % | | | (0.07)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS CHINA EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | China Equity Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.57 | | | $ | 17.95 | | | $ | 38.39 | | | $ | 39.40 | | | $ | 27.55 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.28 | | | | 0.10 | | | | (0.02 | ) | | | – | (b) | | | 0.01 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.34 | | | | 1.58 | | | | (18.28 | ) | | | 0.96 | | | | 12.10 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.62 | | | | 1.68 | | | | (18.30 | ) | | | 0.96 | | | | 12.11 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.23 | ) | | | (0.06 | ) | | | – | | | | – | | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (2.14 | ) | | | (1.97 | ) | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.23 | ) | | | (0.06 | ) | | | (2.14 | ) | | | (1.97 | ) | | | (0.26) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 21.96 | | | $ | 19.57 | | | $ | 17.95 | | | $ | 38.39 | | | $ | 39.40 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 13.63 | % | | | 9.31 | % | | | (50.35 | )% | | | 2.26 | % | | | 44.17% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 19,147 | | | $ | 32,077 | | | $ | 36,651 | | | $ | 90,250 | | | $ | 56,345 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.11 | % | | | 1.15 | % | | | 1.14 | % | | | 1.14 | % | | | 1.14% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.92 | % | | | 1.55 | % | | | 1.43 | % | | | 1.39 | % | | | 1.71% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 1.45 | % | | | 0.46 | % | | | (0.07 | )% | | | 0.01 | % | | | 0.04% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 70 | % | | | 73 | % | | | 37 | % | | | 46 | % | | | 106% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 18.37 | | | $ | 16.80 | | | $ | 28.53 | | | $ | 23.76 | | | $ | 20.35 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.19 | | | | 0.13 | | | | 0.08 | | | | (0.02 | ) | | | 0.11 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.13 | | | | 1.44 | | | | (11.63 | ) | | | 4.81 | | | | 3.49 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.32 | | | | 1.57 | | | | (11.55 | ) | | | 4.79 | | | | 3.60 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.21 | ) | | | – | | | | (0.18 | ) | | | (0.02 | ) | | | (0.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 22.48 | | | $ | 18.37 | | | $ | 16.80 | | | $ | 28.53 | | | $ | 23.76 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.66 | % | | | 9.35 | % | | | (40.71 | )% | | | 20.11 | % | | | 17.77% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 121,954 | | | $ | 104,938 | | | $ | 165,155 | | | $ | 265,040 | | | $ | 247,765 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.33 | % | | | 1.33 | % | | | 1.31 | % | | | 1.34 | % | | | 1.49% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.50 | % | | | 1.48 | % | | | 1.47 | % | | | 1.48 | % | | | 1.54% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.92 | % | | | 0.66 | % | | | 0.37 | % | | | (0.08 | )% | | | 0.51% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 16.06 | | | $ | 14.80 | | | $ | 25.23 | | | $ | 21.16 | | | $ | 18.12 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.02 | | | | (0.01 | ) | | | (0.07 | ) | | | (0.21 | ) | | | (0.06) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 3.64 | | | | 1.27 | | | | (10.28 | ) | | | 4.28 | | | | 3.12 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.66 | | | | 1.26 | | | | (10.35 | ) | | | 4.07 | | | | 3.06 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.07 | ) | | | – | | | | (0.08 | ) | | | – | | | | (0.02) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 19.65 | | | $ | 16.06 | | | $ | 14.80 | | | $ | 25.23 | | | $ | 21.16 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.76 | % | | | 8.51 | % | | | (41.14 | )% | | | 19.23 | % | | | 16.85% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 9,697 | | | $ | 14,191 | | | $ | 18,128 | | | $ | 36,367 | | | $ | 23,425 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 2.08 | % | | | 2.08 | % | | | 2.06 | % | | | 2.09 | % | | | 2.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.24 | % | | | 2.23 | % | | | 2.22 | % | | | 2.23 | % | | | 2.29% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.11 | % | | | (0.07 | )% | | | (0.36 | )% | | | (0.81 | )% | | | (0.34)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.77 | | | $ | 18.07 | | | $ | 30.67 | | | $ | 25.54 | | | $ | 21.85 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.27 | | | | 0.21 | | | | 0.17 | | | | 0.07 | | | | 0.21 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.45 | | | | 1.53 | | | | (12.49 | ) | | | 5.15 | | | | 3.73 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.72 | | | | 1.74 | | | | (12.32 | ) | | | 5.22 | | | | 3.94 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.04 | ) | | | (0.28 | ) | | | (0.09 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.20 | | | $ | 19.77 | | | $ | 18.07 | | | $ | 30.67 | | | $ | 25.54 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.09 | % | | | 9.65 | % | | | (40.52 | )% | | | 20.51 | % | | | 18.11% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,081,734 | | | $ | 1,804,776 | | | $ | 1,798,319 | | | $ | 2,699,332 | | | $ | 1,479,859 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.03 | % | | | 1.03 | % | | | 1.00 | % | | | 1.03 | % | | | 1.16% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.14 | % | | | 1.12 | % | | | 1.10 | % | | | 1.11 | % | | | 1.17% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.19 | % | | | 1.00 | % | | | 0.70 | % | | | 0.24 | % | | | 0.93% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 17.64 | | | $ | 16.17 | | | $ | 27.54 | | | $ | 22.97 | | | $ | 19.68 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.14 | | | | 0.09 | | | | 0.04 | | | | (0.07 | ) | | | 0.07 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 3.98 | | | | 1.38 | | | | (11.20 | ) | | | 4.64 | | | | 3.38 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.12 | | | | 1.47 | | | | (11.16 | ) | | | 4.57 | | | | 3.45 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.18 | ) | | | – | | | | (0.21 | ) | | | – | | | | (0.16) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 21.58 | | | $ | 17.64 | | | $ | 16.17 | | | $ | 27.54 | | | $ | 22.97 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.43 | % | | | 9.09 | % | | | (40.80 | )% | | | 19.90 | % | | | 17.55% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 19,672 | | | $ | 17,321 | | | $ | 19,903 | | | $ | 32,940 | | | $ | 26,329 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.53 | % | | | 1.53 | % | | | 1.50 | % | | | 1.53 | % | | | 1.65% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.64 | % | | | 1.62 | % | | | 1.60 | % | | | 1.61 | % | | | 1.67% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.72 | % | | | 0.49 | % | | | 0.19 | % | | | (0.26 | )% | | | 0.35% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.62 | | | $ | 17.92 | | | $ | 30.43 | | | $ | 25.33 | | | $ | 21.66 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.24 | | | | 0.19 | | | | 0.17 | | | | 0.06 | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.44 | | | | 1.53 | | | | (12.42 | ) | | | 5.11 | | | | 3.73 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.68 | | | | 1.72 | | | | (12.25 | ) | | | 5.17 | | | | 3.89 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.27 | ) | | | (0.02 | ) | | | (0.26 | ) | | | (0.07 | ) | | | (0.22) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.03 | | | $ | 19.62 | | | $ | 17.92 | | | $ | 30.43 | | | $ | 25.33 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.02 | % | | | 9.60 | % | | | (40.56 | )% | | | 20.43 | % | | | 18.02% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 80,605 | | | $ | 107,702 | | | $ | 140,457 | | | $ | 295,910 | | | $ | 147,386 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.08 | % | | | 1.08 | % | | | 1.06 | % | | | 1.08 | % | | | 1.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.24 | % | | | 1.23 | % | | | 1.22 | % | | | 1.23 | % | | | 1.29% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.09 | % | | | 0.93 | % | | | 0.69 | % | | | 0.20 | % | | | 0.70% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.86 | | | $ | 18.15 | | | $ | 30.81 | | | $ | 25.65 | | | $ | 21.94 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.28 | | | | 0.21 | | | | 0.14 | | | | 0.07 | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.46 | | | | 1.55 | | | | (12.52 | ) | | | 5.19 | | | | 3.80 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.74 | | | | 1.76 | | | | (12.38 | ) | | | 5.26 | | | | 3.96 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.05 | ) | | | (0.28 | ) | | | (0.10 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.31 | | | $ | 19.86 | | | $ | 18.15 | | | $ | 30.81 | | | $ | 25.65 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.10 | % | | | 9.64 | % | | | (40.51 | )% | | | 20.51 | % | | | 18.13% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 113,102 | | | $ | 112,783 | | | $ | 132,040 | | | $ | 141,786 | | | $ | 53,424 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.02 | % | | | 1.02 | % | | | 0.99 | % | | | 1.02 | % | | | 1.15% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.13 | % | | | 1.11 | % | | | 1.09 | % | | | 1.10 | % | | | 1.16% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.23 | % | | | 1.00 | % | | | 0.59 | % | | | 0.22 | % | | | 0.71% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 19.86 | | | $ | 18.15 | | | $ | 30.81 | | | $ | 25.65 | | | $ | 21.94 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.27 | | | | 0.21 | | | | 0.18 | | | | 0.08 | | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.48 | | | | 1.55 | | | | (12.56 | ) | | | 5.18 | | | | 3.77 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.75 | | | | 1.76 | | | | (12.38 | ) | | | 5.26 | | | | 3.96 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.05 | ) | | | (0.28 | ) | | | (0.10 | ) | | | (0.25) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 24.32 | | | $ | 19.86 | | | $ | 18.15 | | | $ | 30.81 | | | $ | 25.65 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.10 | % | | | 9.67 | % | | | (40.51 | )% | | | 20.50 | % | | | 18.14% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 432,138 | | | $ | 439,740 | | | $ | 491,281 | | | $ | 963,360 | | | $ | 471,690 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.02 | % | | | 1.02 | % | | | 0.99 | % | | | 1.01 | % | | | 1.15% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.13 | % | | | 1.11 | % | | | 1.09 | % | | | 1.10 | % | | | 1.15% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.20 | % | | | 1.00 | % | | | 0.72 | % | | | 0.27 | % | | | 0.86% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 36 | % | | | 32 | % | | | 51 | % | | | 52 | % | | | 31% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Class A Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 9.99 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.08 | | | | 0.10 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.38 | | | | (0.08) | |
| | | |
| | | |
| | Total from investment operations | | | 2.46 | | | | 0.02 | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.07 | ) | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.38 | | | $ | 9.99 | |
| | | |
| | | |
| | Total Return(c) | | | 24.59 | % | | | 0.17% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 117 | | | $ | 58 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.42 | % | | | 1.41%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.61 | % | | | 10.78%(d) | |
| | | |
| | Ratio of net investment income to average net assets | | | 0.69 | % | | | 1.03%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27 | % | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Class C Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 9.93 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income (loss)(b) | | | (0.01) | | | | 0.02 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.36 | | | | (0.06) | |
| | | |
| | | |
| | Total from investment operations | | | 2.35 | | | | (0.04) | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | – | | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.28 | | | $ | 9.93 | |
| | | |
| | | |
| | Total Return(c) | | | 23.69% | | | | (0.54)% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 62 | | | $ | 50 | |
| | | |
| | Ratio of net expenses to average net assets | | | 2.16% | | | | 2.21%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 5.44% | | | | 11.66%(d) | |
| | | |
| | Ratio of net investment income (loss) to average net assets | | | (0.04)% | | | | 0.25%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Institutional Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 10.03 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.13 | | | | 0.13 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.37 | | | | (0.07) | |
| | | |
| | | |
| | Total from investment operations | | | 2.50 | | | | 0.06 | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.11) | | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.42 | | | $ | 10.03 | |
| | | |
| | | |
| | Total Return(c) | | | 25.04% | | | | 0.46% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 7,240 | | | $ | 5,056 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.06% | | | | 1.05%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.27% | | | | 10.46%(d) | |
| | | |
| | Ratio of net investment income to average net assets | | | 1.07% | | | | 1.41%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Investor Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 10.01 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.11 | | | | 0.12 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.37 | | | | (0.09) | |
| | | |
| | | |
| | Total from investment operations | | | 2.48 | | | | 0.03 | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.09) | | | | (0.02) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.40 | | | $ | 10.01 | |
| | | |
| | | |
| | Total Return(c) | | | 24.91% | | | | 0.33% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 63 | | | $ | 50 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.16% | | | | 1.17%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.44% | | | | 10.62%(d) | |
| | | |
| | Ratio of net investment income to average net assets | | | 0.96% | | | | 1.29%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Class R6 Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 10.03 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.13 | | | | 0.13 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.37 | | | | (0.07) | |
| | | |
| | | |
| | Total from investment operations | | | 2.50 | | | | 0.06 | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.11) | | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.42 | | | $ | 10.03 | |
| | | |
| | | |
| | Total Return(c) | | | 25.04% | | | | 0.48% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 63 | | | $ | 50 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.05% | | | | 1.04%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.32% | | | | 10.49%(d) | |
| | | |
| | Ratio of net investment income to average net assets | | | 1.07% | | | | 1.42%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Class R Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 9.97 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.05 | | | | 0.07 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.37 | | | | (0.07) | |
| | | |
| | | |
| | Total from investment operations | | | 2.42 | | | | –(c) | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.04) | | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.35 | | | $ | 9.97 | |
| | | |
| | | |
| | Total Return(d) | | | 24.29% | | | | (0.03)% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 62 | | | $ | 50 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.67% | | | | 1.67%(e) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.94% | | | | 11.12%(e) | |
| | | |
| | Ratio of net investment income to average net assets | | | 0.46% | | | | 0.79%(e) | |
| | | |
| | Portfolio turnover rate(f) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | |
| | | | | Emerging Markets Equity ex. China Fund | |
| | |
| | | | | Class P Shares | |
| | | |
| | | | | For the Fiscal
Year Ended October
31, 2024 | | | Period Ended
October 31, 2023(a) | |
| | | |
| | Per Share Data | | | | | | | | |
| | | |
| | Net asset value, beginning of period | | $ | 10.02 | | | $ | 10.00 | |
| | | |
| | | |
| | Net investment income(b) | | | 0.13 | | | | 0.11 | |
| | | |
| | Net realized and unrealized gain (loss) | | | 2.37 | | | | (0.06) | |
| | | |
| | | |
| | Total from investment operations | | | 2.50 | | | | 0.05 | |
| | | |
| | | |
| | Distributions to shareholders from net investment income | | | (0.11) | | | | (0.03) | |
| | | |
| | | |
| | Net asset value, end of period | | $ | 12.41 | | | $ | 10.02 | |
| | | |
| | | |
| | Total Return(c) | | | 24.95% | | | | 0.48% | |
| | | |
| | | |
| | Net assets, end of period (in 000’s) | | $ | 4,489 | | | $ | 2,902 | |
| | | |
| | Ratio of net expenses to average net assets | | | 1.05% | | | | 1.04%(d) | |
| | | |
| | Ratio of total expenses to average net assets | | | 4.25% | | | | 9.69%(d) | |
| | | |
| | Ratio of net investment income to average net assets | | | 1.06% | | | | 1.20%(d) | |
| | | |
| | Portfolio turnover rate(e) | | | 27% | | | | 26% | |
| | | |
| | (a) | Commenced operations on December 6, 2022. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.45 | | | $ | 7.84 | | | $ | 14.02 | | | $ | 11.73 | | | $ | 9.95 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.08 | | | | 0.06 | | | | 0.04 | | | | (0.02 | ) | | | –(b) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.97 | | | | 0.55 | | | | (5.28 | ) | | | 2.31 | | | | 1.84 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.05 | | | | 0.61 | | | | (5.24 | ) | | | 2.29 | | | | 1.84 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.12 | ) | | | – | (b) | | | (0.04 | ) | | | – | | | | (0.06) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.12 | ) | | | – | (b) | | | (0.94 | ) | | | – | | | | (0.06) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.38 | | | $ | 8.45 | | | $ | 7.84 | | | $ | 14.02 | | | $ | 11.73 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 24.47 | % | | | 7.79 | % | | | (39.89 | )% | | | 19.52 | % | | | 18.46% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,889 | | | $ | 1,841 | | | $ | 1,979 | | | $ | 4,072 | | | $ | 92 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.38 | % | | | 1.41 | % | | | 1.44 | % | | | 1.47 | % | | | 1.49% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 3.10 | % | | | 3.04 | % | | | 2.89 | % | | | 3.64 | % | | | 6.33% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.83 | % | | | 0.62 | % | | | 0.39 | % | | | (0.17 | )% | | | 0.02% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.19 | | | $ | 7.66 | | | $ | 13.77 | | | $ | 11.61 | | | $ | 9.87 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.01 | | | | (0.01 | ) | | | (0.07 | ) | | | (0.14 | ) | | | (0.09) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.91 | | | | 0.54 | | | | (5.14 | ) | | | 2.30 | | | | 1.83 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.92 | | | | 0.53 | | | | (5.21 | ) | | | 2.16 | | | | 1.74 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.04 | ) | | | – | | | | – | | | | – | | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.04 | ) | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.07 | | | $ | 8.19 | | | $ | 7.66 | | | $ | 13.77 | | | $ | 11.61 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.45 | % | | | 6.92 | % | | | (40.29 | )% | | | 18.60 | % | | | 17.58% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 85 | | | $ | 74 | | | $ | 117 | | | $ | 137 | | | $ | 58 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 2.13 | % | | | 2.16 | % | | | 2.19 | % | | | 2.20 | % | | | 2.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 3.85 | % | | | 3.80 | % | | | 3.65 | % | | | 3.64 | % | | | 6.94% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.09 | % | | | (0.07 | )% | | | (0.64 | )% | | | (0.96 | )% | | | (0.84)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.48 | | | $ | 7.87 | | | $ | 14.06 | | | $ | 11.77 | | | $ | 9.98 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.11 | | | | 0.08 | | | | 0.09 | | | | 0.01 | | | | 0.03 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.96 | | | | 0.57 | | | | (5.31 | ) | | | 2.32 | | | | 1.85 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.07 | | | | 0.65 | | | | (5.22 | ) | | | 2.33 | | | | 1.88 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.15 | ) | | | (0.04 | ) | | | (0.07 | ) | | | (0.04 | ) | | | (0.09) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.15 | ) | | | (0.04 | ) | | | (0.97 | ) | | | (0.04 | ) | | | (0.09) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.40 | | | $ | 8.48 | | | $ | 7.87 | | | $ | 14.06 | | | $ | 11.77 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.72 | % | | | 8.20 | % | | | (39.66 | )% | | | 19.81 | % | | | 18.91% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 15,575 | | | $ | 16,404 | | | $ | 10,245 | | | $ | 5,008 | | | $ | 8,631 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.07 | % | | | 1.08 | % | | | 1.10 | % | | | 1.14 | % | | | 1.14% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.75 | % | | | 2.65 | % | | | 2.27 | % | | | 3.16 | % | | | 5.83% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.12 | % | | | 0.90 | % | | | 0.86 | % | | | 0.06 | % | | | 0.26% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.47 | | | $ | 7.87 | | | $ | 14.06 | | | $ | 11.76 | | | $ | 9.97 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.12 | | | | 0.08 | | | | 0.06 | | | | 0.01 | | | | 0.02 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.94 | | | | 0.55 | | | | (5.28 | ) | | | 2.32 | | | | 1.85 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.06 | | | | 0.63 | | | | (5.22 | ) | | | 2.33 | | | | 1.87 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.14 | ) | | | (0.03 | ) | | | (0.07 | ) | | | (0.03 | ) | | | (0.08) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.14 | ) | | | (0.03 | ) | | | (0.97 | ) | | | (0.03 | ) | | | (0.08) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.39 | | | $ | 8.47 | | | $ | 7.87 | | | $ | 14.06 | | | $ | 11.76 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.66 | % | | | 8.00 | % | | | (39.70 | )% | | | 19.82 | % | | | 18.79% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 452 | | | $ | 503 | | | $ | 829 | | | $ | 1,088 | | | $ | 59 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.13 | % | | | 1.16 | % | | | 1.19 | % | | | 1.22 | % | | | 1.24% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.84 | % | | | 2.75 | % | | | 2.64 | % | | | 3.33 | % | | | 5.94% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.24 | % | | | 0.93 | % | | | 0.61 | % | | | 0.08 | % | | | 0.15% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.49 | | | $ | 7.87 | | | $ | 14.07 | | | $ | 11.77 | | | $ | 9.98 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.10 | | | | 0.09 | | | | 0.11 | | | | 0.02 | | | | 0.03 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.98 | | | | 0.56 | | | | (5.33 | ) | | | 2.32 | | | | 1.85 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.08 | | | | 0.65 | | | | (5.22 | ) | | | 2.34 | | | | 1.88 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.15 | ) | | | (0.03 | ) | | | (0.08 | ) | | | (0.04 | ) | | | (0.09) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.15 | ) | | | (0.03 | ) | | | (0.98 | ) | | | (0.04 | ) | | | (0.09) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.42 | | | $ | 8.49 | | | $ | 7.87 | | | $ | 14.07 | | | $ | 11.77 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.68 | % | | | 8.19 | % | | | (39.69 | )% | | | 19.90 | % | | | 18.92% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 44 | | | $ | 19 | | | $ | 57 | | | $ | 17 | | | $ | 65 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.06 | % | | | 1.08 | % | | | 1.09 | % | | | 1.13 | % | | | 1.13% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.77 | % | | | 3.00 | % | | | 2.05 | % | | | 3.00 | % | | | 5.84% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.05 | % | | | 0.97 | % | | | 1.09 | % | | | 0.13 | % | | | 0.26% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 8.37 | | | $ | 7.78 | | | $ | 13.92 | | | $ | 11.68 | | | $ | 9.94 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.05 | | | | 0.04 | | | | 0.02 | | | | (0.07 | ) | | | (0.03) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.94 | | | | 0.55 | | | | (5.25 | ) | | | 2.31 | | | | 1.83 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.99 | | | | 0.59 | | | | (5.23 | ) | | | 2.24 | | | | 1.80 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.10 | ) | | | – | | | | (0.01 | ) | | | – | | | | (0.06) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.10 | ) | | | – | | | | (0.91 | ) | | | – | | | | (0.06) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 10.26 | | | $ | 8.37 | | | $ | 7.78 | | | $ | 13.92 | | | $ | 11.68 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 24.02 | % | | | 7.58 | % | | | (40.03 | )% | | | 19.18 | % | | | 18.11% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 189 | | | $ | 214 | | | $ | 199 | | | $ | 267 | | | $ | 255 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.63 | % | | | 1.65 | % | | | 1.69 | % | | | 1.72 | % | | | 1.74% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 3.35 | % | | | 3.29 | % | | | 3.10 | % | | | 4.12 | % | | | 6.53% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.53 | % | | | 0.39 | % | | | 0.15 | % | | | (0.47 | )% | | | (0.34)% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | ESG Emerging Markets Equity Fund | |
| | |
| | | | | Class P Shares | |
| | | |
| | | | | Year Ended October 31, | | | Period Ended
October 31, 2020(a) | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of period | | $ | 8.48 | | | $ | 7.87 | | | $ | 14.07 | | | $ | 11.77 | | | $ | 10.87 | |
| | | |
| | | | | | |
| | Net investment income(b) | | | 0.11 | | | | 0.09 | | | | 0.08 | | | | 0.02 | | | | 0.03 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.96 | | | | 0.56 | | | | (5.30 | ) | | | 2.32 | | | | 0.87 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.07 | | | | 0.65 | | | | (5.22 | ) | | | 2.34 | | | | 0.90 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.15 | ) | | | (0.04 | ) | | | (0.08 | ) | | | (0.04 | ) | | | – | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.90 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.15 | ) | | | (0.04 | ) | | | (0.98 | ) | | | (0.04 | ) | | | – | |
| | | |
| | | | | | |
| | Net asset value, end of period | | $ | 10.40 | | | $ | 8.48 | | | $ | 7.87 | | | $ | 14.07 | | | $ | 11.77 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 24.71 | % | | | 8.20 | % | | | (39.69 | )% | | | 19.92 | % | | | 8.28% | |
| | | |
| | | | | | |
| | Net assets, end of period (in 000’s) | | $ | 4,648 | | | $ | 6,256 | | | $ | 13,651 | | | $ | 20,156 | | | $ | 86 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.06 | % | | | 1.08 | % | | | 1.10 | % | | | 1.13 | % | | | 1.08%(d) | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.72 | % | | | 2.73 | % | | | 2.46 | % | | | 3.46 | % | | | 6.51%(d) | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.10 | % | | | 1.02 | % | | | 0.73 | % | | | 0.17 | % | | | 0.30%(d) | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 34 | % | | | 54 | % | | | 65 | % | | | 116 | % | | | 28% | |
| | | |
| | (a) | Commenced operations on January 21, 2020. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 23.61 | | | $ | 21.44 | | | $ | 30.27 | | | $ | 21.01 | | | $ | 20.67 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.40 | | | | 0.42 | (b) | | | 0.29 | | | | 0.23 | | | | 0.04 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.33 | | | | 1.94 | | | | (7.31 | ) | | | 9.03 | | | | 0.66 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.73 | | | | 2.36 | | | | (7.02 | ) | | | 9.26 | | | | 0.70 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.37 | ) | | | (0.19 | ) | | | (0.33 | ) | | | – | (c) | | | (0.36) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.37 | ) | | | (0.19 | ) | | | (1.81 | ) | | | – | | | | (0.36) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 27.97 | | | $ | 23.61 | | | $ | 21.44 | | | $ | 30.27 | | | $ | 21.01 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 20.14 | % | | | 11.02 | % | | | (24.50 | )% | | | 44.15 | % | | | 3.30% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 103,205 | | | $ | 108,276 | | | $ | 87,228 | | | $ | 62,250 | | | $ | 33,927 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.17 | % | | | 1.18 | % | | | 1.18 | % | | | 1.18 | % | | | 1.20% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.32 | % | | | 1.35 | % | | | 1.36 | % | | | 1.47 | % | | | 1.69% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.46 | % | | | 1.66 | %(b) | | | 1.19 | % | | | 0.82 | % | | | 0.21% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 21.54 | | | $ | 19.54 | | | $ | 27.80 | | | $ | 19.44 | | | $ | 19.16 | |
| | | |
| | | | | | |
| | Net investment income (loss)(a) | | | 0.19 | | | | 0.20 | (b) | | | 0.12 | | | | – | (c) | | | (0.10) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 3.93 | | | | 1.80 | | | | (6.72 | ) | | | 8.36 | | | | 0.60 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.12 | | | | 2.00 | | | | (6.60 | ) | | | 8.36 | | | | 0.50 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.19 | ) | | | – | | | | (0.18 | ) | | | – | | | | (0.22) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.19 | ) | | | – | | | | (1.66 | ) | | | – | | | | (0.22) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 25.47 | | | $ | 21.54 | | | $ | 19.54 | | | $ | 27.80 | | | $ | 19.44 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 19.20 | % | | | 10.24 | % | | | (25.08 | )% | | | 43.08 | % | | | 2.53% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 7,533 | | | $ | 7,639 | | | $ | 7,481 | | | $ | 8,953 | | | $ | 9,369 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.92 | % | | | 1.93 | % | | | 1.93 | % | | | 1.93 | % | | | 1.95% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.07 | % | | | 2.10 | % | | | 2.11 | % | | | 2.23 | % | | | 2.44% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 0.75 | % | | | 0.86 | %(b) | | | 0.52 | % | | | (0.01 | )% | | | (0.54)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 24.30 | | | $ | 22.03 | | | $ | 31.04 | | | $ | 21.53 | | | $ | 21.17 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.52 | | | | 0.50 | (b) | | | 0.44 | | | | 0.35 | | | | 0.15 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.43 | | | | 2.01 | | | | (7.57 | ) | | | 9.23 | | | | 0.63 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.95 | | | | 2.51 | | | | (7.13 | ) | | | 9.58 | | | | 0.78 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.45 | ) | | | (0.24 | ) | | | (0.40 | ) | | | (0.07 | ) | | | (0.42) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.45 | ) | | | (0.24 | ) | | | (1.88 | ) | | | (0.07 | ) | | | (0.42) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.80 | | | $ | 24.30 | | | $ | 22.03 | | | $ | 31.04 | | | $ | 21.53 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 20.50 | % | | | 11.43 | % | | | (24.27 | )% | | | 44.62 | % | | | 3.62% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 643,319 | | | $ | 530,652 | | | $ | 256,615 | | | $ | 111,615 | | | $ | 23,137 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.86 | % | | | 0.86 | % | | | 0.86 | % | | | 0.86 | % | | | 0.86% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.96 | % | | | 0.98 | % | | | 0.98 | % | | | 1.09 | % | | | 1.33% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.84 | % | | | 1.91 | %(b) | | | 1.77 | % | | | 1.20 | % | | | 0.72% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 24.65 | | | $ | 22.38 | | | $ | 31.63 | | | $ | 22.00 | | | $ | 21.63 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.37 | | | | 0.40 | (b) | | | 0.32 | | | | 0.17 | | | | 0.01 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.51 | | | | 2.02 | | | | (7.71 | ) | | | 9.46 | | | | 0.70 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.88 | | | | 2.42 | | | | (7.39 | ) | | | 9.63 | | | | 0.71 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.31 | ) | | | (0.15 | ) | | | (0.38 | ) | | | – | | | | (0.34) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.31 | ) | | | (0.15 | ) | | | (1.86 | ) | | | – | | | | (0.34) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 29.22 | | | $ | 24.65 | | | $ | 22.38 | | | $ | 31.63 | | | $ | 22.00 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 19.91 | % | | | 10.83 | % | | | (24.64 | )% | | | 43.90 | % | | | 3.16% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,254 | | | $ | 893 | | | $ | 575 | | | $ | 260 | | | $ | 4 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.36 | % | | | 1.36 | % | | | 1.36 | % | | | 1.36 | % | | | 1.34% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.46 | % | | | 1.48 | % | | | 1.48 | % | | | 1.58 | % | | | 1.79% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.28 | % | | | 1.52 | %(b) | | | 1.27 | % | | | 0.57 | % | | | 0.07% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 24.12 | | | $ | 21.88 | | | $ | 30.85 | | | $ | 21.41 | | | $ | 21.06 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.49 | | | | 0.50 | (b) | | | 0.46 | | | | 0.34 | | | | 0.09 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.41 | | | | 1.97 | | | | (7.55 | ) | | | 9.17 | | | | 0.68 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.90 | | | | 2.47 | | | | (7.09 | ) | | | 9.51 | | | | 0.77 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.43 | ) | | | (0.23 | ) | | | (0.40 | ) | | | (0.07 | ) | | | (0.42) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.43 | ) | | | (0.23 | ) | | | (1.88 | ) | | | (0.07 | ) | | | (0.42) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.59 | | | $ | 24.12 | | | $ | 21.88 | | | $ | 30.85 | | | $ | 21.41 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 20.44 | % | | | 11.31 | % | | | (24.30 | )% | | | 44.52 | % | | | 3.56% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 120,244 | | | $ | 109,162 | | | $ | 78,730 | | | $ | 31,735 | | | $ | 1,298 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.93 | % | | | 0.93 | % | | | 0.95% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.07 | % | | | 1.10 | % | | | 1.10 | % | | | 1.20 | % | | | 1.44% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.74 | % | | | 1.93 | %(b) | | | 1.86 | % | | | 1.15 | % | | | 0.44% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 60 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 24.15 | | | $ | 21.90 | | | $ | 30.87 | | | $ | 21.41 | | | $ | 21.06 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.50 | | | | 0.51 | (b) | | | 0.44 | | | | 0.36 | | | | 0.14 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.43 | | | | 1.99 | | | | (7.53 | ) | | | 9.17 | | | | 0.64 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.93 | | | | 2.50 | | | | (7.09 | ) | | | 9.53 | | | | 0.78 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.45 | ) | | | (0.25 | ) | | | (0.40 | ) | | | (0.07 | ) | | | (0.43) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.45 | ) | | | (0.25 | ) | | | (1.88 | ) | | | (0.07 | ) | | | (0.43) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.63 | | | $ | 24.15 | | | $ | 21.90 | | | $ | 30.87 | | | $ | 21.41 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 20.55 | % | | | 11.42 | % | | | (24.27 | )% | | | 44.65 | % | | | 3.63% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 100,479 | | | $ | 86,937 | | | $ | 50,922 | | | $ | 15,095 | | | $ | 1,981 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.95 | % | | | 0.97 | % | | | 0.97 | % | | | 1.08 | % | | | 1.32% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.80 | % | | | 1.96 | %(b) | | | 1.81 | % | | | 1.23 | % | | | 0.69% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity ESG Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 24.16 | | | $ | 21.91 | | | $ | 30.87 | | | $ | 21.42 | | | $ | 21.05 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.50 | | | | 0.50 | (b) | | | 0.39 | | | | 0.33 | | | | 0.11 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 4.43 | | | | 1.99 | | | | (7.47 | ) | | | 9.19 | | | | 0.69 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 4.93 | | | | 2.49 | | | | (7.08 | ) | | | 9.52 | | | | 0.80 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.45 | ) | | | (0.24 | ) | | | (0.40 | ) | | | (0.07 | ) | | | (0.43) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.48 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.45 | ) | | | (0.24 | ) | | | (1.88 | ) | | | (0.07 | ) | | | (0.43) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 28.64 | | | $ | 24.16 | | | $ | 21.91 | | | $ | 30.87 | | | $ | 21.42 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 20.54 | % | | | 11.39 | % | | | (24.25 | )% | | | 44.64 | % | | | 3.67% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 95,097 | | | $ | 95,559 | | | $ | 89,831 | | | $ | 132,657 | | | $ | 64,838 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.86% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.95 | % | | | 0.97 | % | | | 0.98 | % | | | 1.09 | % | | | 1.30% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.80 | % | | | 1.93 | %(b) | | | 1.52 | % | | | 1.16 | % | | | 0.55% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 43 | % | | | 23 | % | | | 35 | % | | | 39 | % | | | 55% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 14.42 | | | $ | 12.47 | | | $ | 15.13 | | | $ | 11.54 | | | $ | 13.50 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.45 | | | | 0.43 | | | | 0.39 | | | | 0.39 | | | | 0.23 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.73 | | | | 1.87 | | | | (2.64 | ) | | | 3.53 | | | | (1.69) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.18 | | | | 2.30 | | | | (2.25 | ) | | | 3.92 | | | | (1.46) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.56 | ) | | | (0.34 | ) | | | (0.41 | ) | | | (0.33 | ) | | | (0.50) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.56 | ) | | | (0.35 | ) | | | (0.41 | ) | | | (0.33 | ) | | | (0.50) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 17.04 | | | $ | 14.42 | | | $ | 12.47 | | | $ | 15.13 | | | $ | 11.54 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.32 | % | | | 18.38 | % | | | (15.16 | )% | | | 34.07 | % | | | (11.23)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 77,112 | | | $ | 68,183 | | | $ | 32,121 | | | $ | 20,086 | | | $ | 13,669 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.16 | % | | | 1.19 | % | | | 1.19 | % | | | 1.20 | % | | | 1.23% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.25 | % | | | 1.29 | % | | | 1.42 | % | | | 1.69 | % | | | 1.92% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.75 | % | | | 2.86 | % | | | 2.80 | % | | | 2.71 | % | | | 1.87% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.51 | | | $ | 10.87 | | | $ | 13.24 | | | $ | 10.14 | | | $ | 11.89 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.30 | | | | 0.26 | | | | 0.24 | | | | 0.25 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.35 | | | | 1.66 | | | | (2.30 | ) | | | 3.09 | | | | (1.50) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.65 | | | | 1.92 | | | | (2.06 | ) | | | 3.34 | | | | (1.37) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.47 | ) | | | (0.27 | ) | | | (0.31 | ) | | | (0.24 | ) | | | (0.38) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.47 | ) | | | (0.28 | ) | | | (0.31 | ) | | | (0.24 | ) | | | (0.38) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.69 | | | $ | 12.51 | | | $ | 10.87 | | | $ | 13.24 | | | $ | 10.14 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 21.33 | % | | | 17.52 | % | | | (15.76 | )% | | | 33.02 | % | | | (11.88)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 5,430 | | | $ | 3,899 | | | $ | 1,653 | | | $ | 2,149 | | | $ | 1,514 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.91 | % | | | 1.94 | % | | | 1.94 | % | | | 1.95 | % | | | 1.97% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.00 | % | | | 2.04 | % | | | 2.19 | % | | | 2.44 | % | | | 2.67% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.08 | % | | | 2.04 | % | | | 1.92 | % | | | 1.92 | % | | | 1.19% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 15.32 | | | $ | 13.22 | | | $ | 16.01 | | | $ | 12.20 | | | $ | 14.26 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.57 | | | | 0.50 | | | | 0.41 | | | | 0.47 | | | | 0.31 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.88 | | | | 1.99 | | | | (2.75 | ) | | | 3.71 | | | | (1.80) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.45 | | | | 2.49 | | | | (2.34 | ) | | | 4.18 | | | | (1.49) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.61 | ) | | | (0.38 | ) | | | (0.45 | ) | | | (0.37 | ) | | | (0.57) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.61 | ) | | | (0.39 | ) | | | (0.45 | ) | | | (0.37 | ) | | | (0.57) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 18.16 | | | $ | 15.32 | | | $ | 13.22 | | | $ | 16.01 | | | $ | 12.20 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.75 | % | | | 18.80 | % | | | (14.87 | )% | | | 34.45 | % | | | (10.86)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,033,131 | | | $ | 615,042 | | | $ | 207,340 | | | $ | 24,118 | | | $ | 10,051 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.82 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.88 | % | | | 0.92 | % | | | 1.03 | % | | | 1.30 | % | | | 1.55% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 3.20 | % | | | 3.17 | % | | | 2.87 | % | | | 3.05 | % | | | 2.36% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 14.39 | | | $ | 12.44 | | | $ | 15.09 | | | $ | 11.52 | | | $ | 13.51 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.51 | | | | 0.46 | | | | 0.40 | | | | 0.42 | | | | 0.29 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.71 | | | | 1.88 | | | | (2.61 | ) | | | 3.51 | | | | (1.72) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.22 | | | | 2.34 | | | | (2.21 | ) | | | 3.93 | | | | (1.43) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.60 | ) | | | (0.38 | ) | | | (0.44 | ) | | | (0.36 | ) | | | (0.56) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.60 | ) | | | (0.39 | ) | | | (0.44 | ) | | | (0.36 | ) | | | (0.56) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 17.01 | | | $ | 14.39 | | | $ | 12.44 | | | $ | 15.09 | | | $ | 11.52 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.60 | % | | | 18.70 | % | | | (14.91 | )% | | | 34.25 | % | | | (10.99)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 440,373 | | | $ | 285,524 | | | $ | 60,051 | | | $ | 20,450 | | | $ | 8,958 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.91 | % | | | 0.94 | % | | | 0.94 | % | | | 0.95 | % | | | 0.98% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.99 | % | | | 1.04 | % | | | 1.16 | % | | | 1.43 | % | | | 1.71% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 3.06 | % | | | 3.07 | % | | | 2.95 | % | | | 2.92 | % | | | 2.39% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 15.30 | | | $ | 13.20 | | | $ | 15.99 | | | $ | 12.18 | | | $ | 14.25 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.55 | | | | 0.51 | | | | 0.42 | | | | 0.47 | | | | 0.28 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.89 | | | | 1.99 | | | | (2.76 | ) | | | 3.72 | | | | (1.78) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.44 | | | | 2.50 | | | | (2.34 | ) | | | 4.19 | | | | (1.50) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.61 | ) | | | (0.39 | ) | | | (0.45 | ) | | | (0.38 | ) | | | (0.57) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.61 | ) | | | (0.40 | ) | | | (0.45 | ) | | | (0.38 | ) | | | (0.57) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 18.13 | | | $ | 15.30 | | | $ | 13.20 | | | $ | 15.99 | | | $ | 12.18 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.72 | % | | | 18.83 | % | | | (14.89 | )% | | | 34.52 | % | | | (10.93)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 98,678 | | | $ | 51,429 | | | $ | 22,020 | | | $ | 6,050 | | | $ | 2,304 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.81 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.87 | % | | | 0.92 | % | | | 1.03 | % | | | 1.29 | % | | | 1.59% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 3.12 | % | | | 3.23 | % | | | 2.90 | % | | | 3.03 | % | | | 2.22% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 14.50 | | | $ | 12.53 | | | $ | 15.19 | | | $ | 11.60 | | | $ | 13.55 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.42 | | | | 0.36 | | | | 0.34 | | | | 0.41 | | | | 0.24 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.74 | | | | 1.92 | | | | (2.64 | ) | | | 3.48 | | | | (1.74) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.16 | | | | 2.28 | | | | (2.30 | ) | | | 3.89 | | | | (1.50) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.52 | ) | | | (0.30 | ) | | | (0.36 | ) | | | (0.30 | ) | | | (0.45) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.52 | ) | | | (0.31 | ) | | | (0.36 | ) | | | (0.30 | ) | | | (0.45) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 17.14 | | | $ | 14.50 | | | $ | 12.53 | | | $ | 15.19 | | | $ | 11.60 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.01 | % | | | 18.14 | % | | | (15.36 | )% | | | 33.62 | % | | | (11.44)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,498 | | | $ | 832 | | | $ | 514 | | | $ | 620 | | | $ | 173 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.40 | % | | | 1.44 | % | | | 1.44 | % | | | 1.44 | % | | | 1.48% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.49 | % | | | 1.54 | % | | | 1.69 | % | | | 1.91 | % | | | 2.19% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.52 | % | | | 2.42 | % | | | 2.39 | % | | | 2.79 | % | | | 1.96% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Income Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 15.29 | | | $ | 13.20 | | | $ | 15.98 | | | $ | 12.17 | | | $ | 14.23 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.56 | | | | 0.50 | | | | 0.44 | | | | 0.47 | | | | 0.30 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.88 | | | | 1.98 | | | | (2.77 | ) | | | 3.72 | | | | (1.79) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.44 | | | | 2.48 | | | | (2.33 | ) | | | 4.19 | | | | (1.49) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.61 | ) | | | (0.38 | ) | | | (0.45 | ) | | | (0.38 | ) | | | (0.57) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | (0.01 | ) | | | – | | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.61 | ) | | | (0.39 | ) | | | (0.45 | ) | | | (0.38 | ) | | | (0.57) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 18.12 | | | $ | 15.29 | | | $ | 13.20 | | | $ | 15.98 | | | $ | 12.17 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.74 | % | | | 18.84 | % | | | (14.90 | )% | | | 34.55 | % | | | (10.89)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 59,097 | | | $ | 49,599 | | | $ | 33,413 | | | $ | 28,616 | | | $ | 20,799 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.82 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.88 | % | | | 0.92 | % | | | 1.06 | % | | | 1.32 | % | | | 1.51% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 3.17 | % | | | 3.21 | % | | | 2.95 | % | | | 3.05 | % | | | 2.33% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 41 | % | | | 18 | % | | | 12 | % | | | 28 | % | | | 51% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 69 |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements October 31, 2024 |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-Diversified |
| | |
| Goldman Sachs China Equity Fund | | A, C, Institutional, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs Emerging Markets Equity Fund | | A, C, Institutional, Service, Investor, R6 and P | | Non-Diversified |
| | |
| Goldman Sachs Emerging Markets Equity ex. China Fund | | A, C, Institutional, Investor, R6, R and P | | Non-Diversified |
| | |
| Goldman Sachs ESG Emerging Markets Equity Fund | | A, C, Institutional, Investor, R6, R and P | | Non-Diversified |
| | |
| Goldman Sachs International Equity ESG Fund | | A, C, Institutional, Service, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs International Equity Income Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule.
| | | | |
| Fund | | Income Distributions Declared/Paid | | Capital Gains Distributions Declared/Paid |
| | |
| China Equity Fund | | Annually | | Annually |
| | |
| Emerging Markets Equity Fund | | Annually | | Annually |
| | |
| Emerging Markets Equity ex. China Fund | | Annually | | Annually |
| | |
| ESG Emerging Markets Equity Fund | | Annually | | Annually |
| | |
| International Equity ESG Fund | | Annually | | Annually |
| | |
| International Equity Income Fund | | Semi-Annually | | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated 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 Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ 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 Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2024:
| | | | | | | | | | | | |
| China Equity Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | 4,082,656 | | | $ | 31,625,225 | | | $ | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 106,400 | | | | — | | | | — | |
|
| |
| | | |
Total | | $ | 4,189,056 | | | $ | 31,625,225 | | | $ | — | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| Emerging Markets Equity Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 35,802,242 | | | $ | 22,082,602 | | | $ | — | |
| | | |
Asia | | | 187,341,217 | | | | 2,277,505,890 | | | | — | |
| | | |
Europe | | | 14,243,274 | | | | 97,116,206 | | | | — | |
| | | |
North America | | | 83,670,888 | | | | 11,913,321 | | | | — | |
| | | |
South America | | | 131,858,036 | | | | 18,760,650 | | | | — | |
| | | |
Securities Lending Reinvestment Vehicle | | | 1,500,000 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 454,415,657 | | | $ | 2,427,378,669 | | | $ | — | |
|
| |
| | | |
| Emerging Markets Equity ex. China Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 245,652 | | | $ | 86,640 | | | $ | — | |
| | | |
Asia | | | 722,435 | | | | 8,877,732 | | | | — | |
| | | |
Europe | | | 71,432 | | | | 559,642 | | | | — | |
| | | |
North America | | | 468,319 | | | | — | | | | — | |
| | | |
South America | | | 830,418 | | | | 123,577 | | | | — | |
| | | |
Investment Company | | | 99,638 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 2,437,894 | | | $ | 9,647,591 | | | $ | — | |
|
| |
| | | |
| ESG Emerging Markets Equity Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Africa | | $ | 407,271 | | | $ | 190,165 | | | $ | — | |
| | | |
Asia | | | 1,940,315 | | | | 17,653,113 | | | | — | |
| | | |
Europe | | | — | | | | 715,597 | | | | — | |
| | | |
North America | | | 678,069 | | | | — | | | | — | |
| | | |
South America | | | 1,057,140 | | | | 199,304 | | | | — | |
| | | |
Investment Company | | | 90,986 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 4,173,781 | | | $ | 18,758,179 | | | $ | — | |
|
| |
| | | |
| International Equity ESG Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | 20,616,238 | | | $ | 263,012,895 | | | $ | — | |
| | | |
Europe | | | 46,843,505 | | | | 578,901,318 | | | | — | |
| | | |
North America | | | 32,807,772 | | | | 99,075,361 | | | | — | |
| | | |
Investment Company | | | 25,157,546 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 125,425,061 | | | $ | 940,989,574 | | | $ | — | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| International Equity Income Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
| | | |
Asia | | $ | — | | | $ | 342,658,033 | | | $ | — | |
| | | |
Europe | | | 167,671,491 | | | | 779,793,169 | | | | — | |
| | | |
North America | | | 33,364,546 | | | | 220,844,274 | | | | — | |
| | | |
Oceania | | | — | | | | 91,669,926 | | | | — | |
| | | |
Exchange-Traded Fund | | | 49,575,163 | | | | — | | | | — | |
| | | |
Investment Company | | | 37,356,685 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 287,967,885 | | | $ | 1,434,965,402 | | | $ | — | |
|
| |
| | (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| | | | | | | | | | |
| China Equity Fund | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | |
| | | |
| Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | $ | (173,299 | ) | | $ | — | |
| | |
| International Equity ESG Fund | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | | 227,397 | | | | – | |
| | |
| International Equity Income Fund | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | | 12,371 | | | | – | |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended October 31, 2024, the relevant values for each derivative type were as follows:
| | | | | | |
| | | Average number of Contracts or Notional Amounts(a) |
| |
| | | |
| | |
| Fund | | Futures Contracts | | | Forward Contracts |
|
|
| | |
China Equity Fund | | | 26 | | | – |
|
|
| | |
International Equity ESG Fund | | | — | | | 23,607,522 |
|
|
| | |
International Equity Income Fund | | | — | | | 3,947,415 |
|
|
| | (a) | Amounts disclosed represent average number of futures contracts, and notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2024. |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended October 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective Rate | | Effective Net Management Rate^ |
|
|
| | | | | | | |
China Equity Fund | | | 1.00 | % | | | 0.90 | % | | | 0.86 | % | | | 0.84 | % | | | 0.82 | % | | | 1.00 | % | | 1.00% |
|
|
| | | | | | | |
Emerging Markets Equity Fund | | | 1.02 | | | | 1.02 | | | | 0.92 | | | | 0.87 | | | | 0.85 | | | | 0.99 | | | 0.90 (1) |
|
|
| | | | | | | |
Emerging Markets Equity ex. China Fund | | | 0.90 | | | | 0.90 | | | | 0.81 | | | | 0.77 | | | | 0.75 | | | | 0.90 | | | 0.90 |
|
|
| | | | | | | |
ESG Emerging Markets Equity Fund | | | 0.98 | | | | 0.98 | | | | 0.88 | | | | 0.84 | | | | 0.82 | | | | 0.98 | | | 0.91 (2) |
|
|
| | | | | | | |
International Equity ESG Fund | | | 0.85 | | | | 0.77 | | | | 0.73 | | | | 0.71 | | | | 0.70 | | | | 0.84 | | | 0.82 (3) |
|
|
| | | | | | | |
International Equity Income Fund | | | 0.80 | | | | 0.72 | | | | 0.68 | | | | 0.67 | | | | 0.66 | | | | 0.78 | | | 0.78 |
|
|
| | ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
| | (1) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
| | (2) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
| | (3) | GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2024, GSAM waived $265, $11,165, $137, $307, $29,398 and $67,590 of the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds’ management fees, respectively.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.
| | | | | | | | |
| | | Distribution and/or Service Plan Rates |
| | | | |
| | | Class A* | | Class C | | Service | | Class R* |
|
|
| | | | |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% | | 0.50% |
|
|
| | * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2024, Goldman Sachs retained the following amounts:
| | | | | | | | |
| | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | Class A | | | Class C | |
|
| |
| | |
China Equity Fund | | $ | 75 | | | $ | — | |
|
| |
| | |
Emerging Markets Equity Fund | | | 2,776 | | | | — | |
|
| |
| | |
International Equity ESG Fund | | | 1,770 | | | | 207 | |
|
| |
| | |
International Equity Income Fund | | | 9,608 | | | | — | |
|
| |
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.
For the fiscal year ended October 31, 2024, the transfer agency fee waivers were as follows:
| | | | | | | | | | | | |
| | | China Equity Fund | | Emerging Markets Equity Fund | | Emerging Markets
Equity ex. China Fund | | ESG Emerging Markets Equity Fund | | International Equity ESG Fund | | International Equity Income Fund |
| |
| | |
| | | | | | |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) * | | –%(a) | | 0.06% | | 0.01%(b)
| | 0.05% | | 0.05% | | 0.03% |
| |
| | |
| | * | These arrangements will remain in effect through at least February 28, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees. |
| | (a) | Prior to February 28, 2024, the waiver was 0.04%. |
| | (b) | Prior to February 28, 2024, the waiver was 0.00%. |
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.054%, 0.104%, 0.124%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitation was 0.114% for China Equity. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended October 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Management Fee Waiver | | | Transfer Agency Waiver/Credits | | | Other Expense Reimbursements | | | Total Expense Reductions | |
|
| |
| | | | |
China Equity Fund | | $ | 265 | | | $ | 1,236 | | | $ | 315,878 | | | $ | 317,379 | |
|
| |
| | | | |
Emerging Markets Equity Fund | | | 2,560,710 | | | | 130,027 | | | | 282,216 | | | | 2,972,953 | |
|
| |
| | | | |
Emerging Markets Equity ex. China Fund | | | 137 | | | | 22 | | | | 355,000 | | | | 355,159 | |
|
| |
| | | | |
ESG Emerging Markets Equity Fund | | | 16,593 | | | | 1,386 | | | | 371,846 | | | | 389,825 | |
|
| |
| | | | |
International Equity ESG Fund | | | 285,245 | | | | 120,040 | | | | 773,084 | | | | 1,178,369 | |
|
| |
| | | | |
International Equity Income Fund | | | 67,590 | | | | 132,367 | | | | 775,634 | | | | 975,591 | |
|
| |
G. Line of Credit Facility — As of October 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024 the facility was $1,110,000,000.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2024, Goldman Sachs earned $303 and $3 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity and ESG Emerging Markets Equity, respectively.
The following table provides information about the Fund’s investments in the Underlying Fund as of and for the fiscal year ended October 31, 2024:
China Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | $ | 72,364 | | | $ | 9,713,273 | | | $ | (9,785,637 | ) | | $ | – | | | | – | | | $ | 8,555 | |
|
| |
|
| Emerging Markets Equity Fund | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | – | | | | 422,043,441 | | | | (422,043,441 | ) | | | – | | | | – | | | | 368,584 | |
|
| |
|
| Emerging Markets Equity ex. China Fund | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 29,365 | | | | 2,233,646 | | | | (2,163,373 | ) | | | 99,638 | | | | 99,638 | | | | 4,299 | |
|
| |
|
| ESG Emerging Markets Equity Fund | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 359,954 | | | | 6,941,107 | | | | (7,210,075 | ) | | | 90,986 | | | | 90,986 | | | | 9,981 | |
|
| |
|
| International Equity ESG Fund | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 15,842,119 | | | | 397,205,765 | | | | (387,890,338 | ) | | | 25,157,546 | | | | 25,157,546 | | | | 927,770 | |
|
| |
|
| International Equity Income Fund | |
| Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | | | Shares as of
October 31, 2024 | | | Dividend Income | |
|
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | 15,186,704 | | | | 668,101,693 | | | | (645,931,712 | ) | | | 37,356,685 | | | | 37,356,685 | | | | 2,187,754 | |
|
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
As of October 31, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:
| | | | | | | | | | | | |
| Fund | | Class A | | Class C | | Class R | | Class R6 | | Institutional | | Investor |
|
| | | | | | |
Emerging Markets Equity ex. China Fund | | 53% | | 100% | | 100% | | 100% | | 82% | | 100% |
|
| | | | | | |
ESG Emerging Markets Equity Fund | | – | | 10 | | – | | 19 | | – | | – |
|
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended October 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
| |
| | |
China Equity Fund | | $ | 26,711,259 | | | $ | 43,774,502 | |
| |
| | |
Emerging Markets Equity Fund | | | 996,004,659 | | | | 1,286,036,747 | |
| |
| | |
Emerging Markets Equity ex. China Fund | | | 4,380,762 | | | | 2,991,515 | |
| |
| | |
ESG Emerging Markets Equity Fund | | | 7,774,753 | | | | 15,110,521 | |
| |
| | |
International Equity ESG Fund | | | 457,080,592 | | | | 512,304,493 | |
| |
| | |
International Equity Income Fund | | | 982,791,106 | | | | 566,571,362 | |
| |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
7. SECURITIES LENDING (continued) |
from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the fiscal year ended October 31, 2024 are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
| | | | | | | | | | | | |
| | | For the Fiscal Year ended October 31, 2024 | | | | |
Fund | | Earnings of GSAL Relating to Securities Loaned | | | Amounts Received by the Funds from Lending to Goldman Sachs | | | Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of October 31, 2024 | |
| |
| | | |
China Equity Fund | | $ | 6 | | | $ | — | | | $ | — | |
| |
| | | |
Emerging Markets Equity Fund | | | 6,439 | | | | 7,136 | | | | — | |
| |
| | | |
International Equity ESG Fund | | | 10,151 | | | | 2,047 | | | | — | |
| |
| | | |
International Equity Income Fund | | | 19,428 | | | | 1,508 | | | | — | |
| |
The following table provides information about the Funds’ investments in the Government Money Market Fund for the fiscal year ended October 31, 2024.
| | | | | | | | | | | | | | | | |
| Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of October 31, 2024 | |
| |
| | | | |
China Equity Fund | | $ | — | | | $ | 134,520 | | | $ | (28,120 | ) | | $ | 106,400 | |
|
| |
| | | | |
Emerging Markets Equity Fund | | | 7,590,000 | | | | 53,950,048 | | | | (60,040,048 | ) | | | 1,500,000 | |
|
| |
| | | | |
International Equity ESG Fund | | | — | | | | 170,520,814 | | | | (170,520,814 | ) | | | — | |
|
| |
| | | | |
International Equity Income Fund | | | — | | | | 293,130,735 | | | | (293,130,735 | ) | | | — | |
| |
The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:
| | | | | | | | | | | | |
| | | |
| | | China Equity Fund | | | Emerging Markets Equity Fund | | | Emerging Markets Equity ex. China Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 533,831 | | | $ | 36,003,776 | | | $ | 91,650 | |
| |
| | | |
Total taxable distributions | | $ | 533,831 | | | $ | 36,003,776 | | | $ | 91,650 | |
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
8. TAX INFORMATION (continued) |
| | | | | | | | | | | | |
| | | ESG Emerging
Markets Equity Fund | | | International Equity
ESG Fund | | | International Equity
Income Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 373,961 | | | $ | 16,271,442 | | | $ | 49,437,159 | |
| |
| | | |
Total taxable distributions | | $ | 373,961 | | | $ | 16,271,442 | | | $ | 49,437,159 | |
| |
| |
The tax character of distributions paid during the fiscal year ended October 31, 2023 was as follows: | | | | | |
| | | |
| | | China Equity Fund | | | Emerging Markets Equity Fund | | | Emerging Markets Equity ex. China Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 142,571 | | | $ | 5,929,802 | | | $ | 12,517 | |
| |
| | | |
Total taxable distributions | | $ | 142,571 | | | $ | 5,929,802 | | | $ | 12,517 | |
| |
| | | |
| | | ESG Emerging
Markets Equity Fund | | | International Equity
ESG Fund | | | International Equity
Income Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 128,540 | | | $ | 6,098,959 | | | $ | 20,462,431 | |
| |
| | | |
Total taxable distributions | | $ | 128,540 | | | $ | 6,098,959 | | | $ | 20,462,431 | |
| |
As of October 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | China Equity Fund | | | Emerging Markets
Equity Fund | | | Emerging Markets
Equity ex. China Fund | | | ESG Emerging
Markets Equity Fund | | | International
Equity ESG Fund* | | | International Equity Income Fund* | |
| |
| | | | | | |
| Undistributed ordinary income — net | | $ | 520,357 | | | $ | 28,085,498 | | | $ | 114,993 | | | $ | 191,893 | | | $ | 24,589,763 | | | $ | 8,881,147 | |
| |
| | | | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Perpetual Short-Term | | | (18,652,267 | ) | | | (479,028,994 | ) | | | (7,082 | ) | | | (35,277,437 | ) | | | (8,557,460 | ) | | | (806,215) | |
| | | | | | |
Perpetual Long-Term | | | (29,290,732 | ) | | | (503,906,104 | ) | | | (189,776 | ) | | | (33,151,795 | ) | | | (20,449,574 | ) | | | — | |
| |
| | | | | | |
Total capital loss carryforwards | | | (47,942,999 | ) | | | (982,935,098 | ) | | | (196,858 | ) | | | (68,429,232 | ) | | | (29,007,034 | ) | | | (806,215) | |
| |
| | | | | | |
| Unrealized gains (losses) — net | | | 4,496,290 | | | | 567,328,395 | | | | 2,024,852 | | | | 3,862,674 | | | | 102,893,387 | | | | 193,343,376 | |
| |
| | | | | | |
| Total accumulated earnings (losses) — net | | $ | (42,926,352 | ) | | $ | (387,521,205 | ) | | $ | 1,942,987 | | | $ | (64,374,665 | ) | | $ | 98,476,116 | | | $ | 201,418,308 | |
| |
| | * | The International Equity ESG Fund, and International Equity Income Fund utilized $989,031, and $4,836,616 of capital losses in the current fiscal year, respectively. |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
8. TAX INFORMATION (continued) |
As of October 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | |
| | | |
| | | China Equity Fund | | | Emerging Markets Equity Fund | | | Emerging Markets Equity ex. China Fund | |
| |
| | | |
Tax Cost | | $ | 31,317,543 | | | $ | 2,286,288,157 | | | $ | 9,891,937 | |
| |
| | | |
Gross unrealized gain | | | 5,195,391 | | | | 740,206,187 | | | | 2,620,777 | |
| | | |
Gross unrealized loss | | | (699,101) | | | | (172,877,792) | | | | (595,925) | |
| |
| | | |
Net unrealized gain (loss) | | $ | 4,496,290 | | | $ | 567,328,395 | | | $ | 2,024,852 | |
| |
| | | |
| | | ESG Emerging Markets Equity Fund | | | International Equity
ESG Fund | | | International Equity
Income Fund | |
| |
| | | |
Tax Cost | | $ | 18,859,044 | | | $ | 963,441,614 | | | $ | 1,529,466,546 | |
| |
| | | |
Gross unrealized gain | | | 4,846,836 | | | | 165,896,868 | | | | 223,584,588 | |
| | | |
Gross unrealized loss | | | (984,162) | | | | (63,003,481) | | | | (30,241,212) | |
| |
| | | |
Net unrealized gain (loss) | | $ | 3,862,674 | | | $ | 102,893,387 | | | $ | 193,343,376 | |
| |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’ performance depending on whether such investments are in or out of favor. For example, the Funds generally will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies).
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
9. OTHER RISKS (continued) |
invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a 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 Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
9. OTHER RISKS (continued) |
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — Emerging Markets Equity, Emerging Markets Equity ex. China and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | China Equity Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 354,499 | | | $ | 6,374,263 | | | | 522,132 | | | $ | 11,471,241 | |
| | | | |
Reinvestment of distributions | | | 4,480 | | | | 76,127 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (450,477 | ) | | | (8,007,859 | ) | | | (598,072 | ) | | | (13,094,268 | ) |
| | | | |
| | | | (91,498 | ) | | | (1,557,469 | ) | | | (75,940 | ) | | | (1,623,027 | ) |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 34,543 | | | | 525,035 | | | | 11,389 | | | | 203,717 | |
| | | | |
Reinvestment of distributions | | | 57 | | | | 838 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (44,891 | ) | | | (696,594 | ) | | | (30,345 | ) | | | (515,271 | ) |
| | | | |
| | | | (10,291 | ) | | | (170,721 | ) | | | (18,956 | ) | | | (311,554 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 163,812 | | | | 3,127,664 | | | | 103,103 | | | | 2,374,978 | |
| | | | |
Reinvestment of distributions | | | 4,205 | | | | 77,290 | | | | 884 | | | | 20,319 | |
| | | | |
Shares redeemed | | | (202,702 | ) | | | (4,084,508 | ) | | | (220,681 | ) | | | (4,918,187 | ) |
| | | | |
| | | | (34,685 | ) | | | (879,554 | ) | | | (116,694 | ) | | | (2,522,890 | ) |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,423 | | | | 115,268 | | | | 3,861 | | | | 91,757 | |
| | | | |
Reinvestment of distributions | | | 73 | | | | 1,342 | | | | 27 | | | | 623 | |
| | | | |
Shares redeemed | | | (9,350 | ) | | | (175,389 | ) | | | (7,101 | ) | | | (151,354 | ) |
| | | | |
| | | | (3,854 | ) | | | (58,779 | ) | | | (3,213 | ) | | | (58,974 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 12,476 | | | | 279,299 | | | | 8,701 | | | | 195,854 | |
| | | | |
Reinvestment of distributions | | | 366 | | | | 6,706 | | | | 113 | | | | 2,578 | |
| | | | |
Shares redeemed | | | (22,349 | ) | | | (447,245 | ) | | | (16,014 | ) | | | (347,809 | ) |
| | | | |
| | | | (9,507 | ) | | | (161,240 | ) | | | (7,200 | ) | | | (149,377 | ) |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,331 | | | | 115,761 | | | | 118,908 | | | | 2,416,761 | |
| | | | |
Reinvestment of distributions | | | 19,788 | | | | 362,518 | | | | 5,118 | | | | 117,257 | |
| | | | |
Shares redeemed | | | (792,625 | ) | | | (15,330,455 | ) | | | (526,005 | ) | | | (12,038,401 | ) |
| | | | |
| | | | (767,506 | ) | | | (14,852,176 | ) | | | (401,979 | ) | | | (9,504,383 | ) |
| | | | |
NET DECREASE IN SHARES | | | (917,341 | ) | | $ | (17,679,939 | ) | | | (623,982 | ) | | $ | (14,170,205 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Emerging Markets Equity Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,620,328 | | | $ | 33,473,289 | | | | 2,218,109 | | | $ | 43,698,783 | |
| | | | |
Reinvestment of distributions | | | 56,617 | | | | 1,093,268 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (1,965,514 | ) | | | (40,532,588 | ) | | | (6,335,950 | ) | | | (120,458,719 | ) |
| | | | |
| | | | (288,569 | ) | | | (5,966,031 | ) | | | (4,117,841 | ) | | | (76,759,936 | ) |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 52,829 | | | | 919,284 | | | | 79,616 | | | | 1,376,192 | |
| | | | |
Reinvestment of distributions | | | 2,972 | | | | 50,502 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (445,878 | ) | | | (8,009,447 | ) | | | (421,037 | ) | | | (7,164,658 | ) |
| | | | |
| | | | (390,077 | ) | | | (7,039,661 | ) | | | (341,421 | ) | | | (5,788,466 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 21,219,030 | | | | 477,092,890 | | | | 26,437,597 | | | | 554,154,884 | |
| | | | |
Reinvestment of distributions | | | 1,122,121 | | | | 23,272,793 | | | | 193,789 | | | | 3,928,108 | |
| | | | |
Shares redeemed | | | (27,615,919 | ) | | | (611,547,042 | ) | | | (34,887,257 | ) | | | (726,294,309 | ) |
| | | | |
| | | | (5,274,768 | ) | | | (111,181,359 | ) | | | (8,255,871 | ) | | | (168,211,317 | ) |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 116,633 | | | | 2,328,879 | | | | 108,541 | | | | 2,041,057 | |
| | | | |
Reinvestment of distributions | | | 9,126 | | | | 169,483 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (196,107 | ) | | | (4,018,539 | ) | | | (357,862 | ) | | | (6,786,729 | ) |
| | | | |
| | | | (70,348 | ) | | | (1,520,177 | ) | | | (249,321 | ) | | | (4,745,672 | ) |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,576,175 | | | | 34,697,238 | | | | 2,138,571 | | | | 44,825,723 | |
| | | | |
Reinvestment of distributions | | | 62,500 | | | | 1,287,501 | | | | 7,304 | | | | 147,033 | |
| | | | |
Shares redeemed | | | (3,772,364 | ) | | | (82,074,389 | ) | | | (4,495,027 | ) | | | (92,863,166 | ) |
| | | | |
| | | | (2,133,689 | ) | | | (46,089,650 | ) | | | (2,349,152 | ) | | | (47,890,410 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,084,640 | | | | 24,428,749 | | | | 2,647,769 | | | | 56,176,690 | |
| | | | |
Reinvestment of distributions | | | 74,890 | | | | 1,559,956 | | | | 17,157 | | | | 349,131 | |
| | | | |
Shares redeemed | | | (2,187,229 | ) | | | (49,655,280 | ) | | | (4,260,913 | ) | | | (88,077,469 | ) |
| | | | |
| | | | (1,027,699 | ) | | | (23,666,575 | ) | | | (1,595,987 | ) | | | (31,551,648 | ) |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,239,233 | | | | 48,563,792 | | | | 5,959,069 | | | | 124,085,568 | |
| | | | |
Reinvestment of distributions | | | 292,736 | | | | 6,100,618 | | | | 55,655 | | | | 1,133,138 | |
| | | | |
Shares redeemed | | | (6,900,199 | ) | | | (152,140,395 | ) | | | (10,944,800 | ) | | | (225,087,548 | ) |
| | | | |
| | | | (4,368,230 | ) | | | (97,475,985 | ) | | | (4,930,076 | ) | | | (99,868,842 | ) |
| | | | |
NET DECREASE IN SHARES | | | (13,553,380 | ) | | $ | (292,939,438 | ) | | | (21,839,669 | ) | | $ | (434,816,291 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Emerging Markets Equity ex. China Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,055 | | | $ | 62,209 | | | | 6,781 | | | $ | 69,250 | |
| | | | |
Reinvestment of distributions | | | 36 | | | | 396 | | | | 13 | | | | 129 | |
| | | | |
Shares redeemed | | | (1,384 | ) | | | (16,723 | ) | | | (1,019 | ) | | | (11,000 | ) |
| | | | |
| | | | 3,707 | | | | 45,882 | | | | 5,775 | | | | 58,379 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 5,000 | | | | 50,000 | |
| | | | |
Reinvestment of distributions | | | — | | | | — | | | | 13 | | | | 129 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | — | | | | — | | | | 5,013 | | | | 50,129 | |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 79,626 | | | | 906,654 | | | | 503,103 | | | | 5,043,855 | |
| | | | |
Reinvestment of distributions | | | 5,081 | | | | 56,292 | | | | 1,211 | | | | 11,750 | |
| | | | |
Shares redeemed | | | (5,864 | ) | | | (70,561 | ) | | | — | | | | — | |
| | | | |
| | | | 78,843 | | | | 892,385 | | | | 504,314 | | | | 5,055,605 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 5,000 | | | | 50,000 | |
| | | | |
Reinvestment of distributions | | | 41 | | | | 462 | | | | 12 | | | | 112 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | 41 | | | | 462 | | | | 5,012 | | | | 50,112 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 5,000 | | | | 50,000 | |
| | | | |
Reinvestment of distributions | | | 48 | | | | 532 | | | | 14 | | | | 133 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | 48 | | | | 532 | | | | 5,014 | | | | 50,133 | |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 5,000 | | | | 50,000 | |
| | | | |
Reinvestment of distributions | | | 18 | | | | 188 | | | | 13 | | | | 129 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| | | | |
| | | | 18 | | | | 188 | | | | 5,013 | | | | 50,129 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 113,698 | | | | 1,350,523 | | | | 299,259 | | | | 3,146,740 | |
| | | | |
Reinvestment of distributions | | | 3,051 | | | | 33,781 | | | | 14 | | | | 134 | |
| | | | |
Shares redeemed | | | (44,602 | ) | | | (527,679 | ) | | | (9,570 | ) | | | (102,110 | ) |
| | | | |
| | | | 72,147 | | | | 856,625 | | | | 289,703 | | | | 3,044,764 | |
| | | | |
NET INCREASE IN SHARES | | | 154,804 | | | $ | 1,796,074 | | | | 819,844 | | | $ | 8,359,251 | |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | ESG Emerging Markets Equity Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,563 | | | $ | 33,825 | | | | 3,872 | | | $ | 34,558 | |
| | | | |
Reinvestment of distributions | | | 2,670 | | | | 23,462 | | | | 25 | | | | 222 | |
| | | | |
Shares redeemed | | | (41,953 | ) | | | (390,660 | ) | | | (38,471 | ) | | | (347,514 | ) |
| | | | |
| | | | (35,720 | ) | | | (333,373 | ) | | | (34,574 | ) | | | (312,734 | ) |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | 148 | | | | 1,248 | |
| | | | |
Reinvestment of distributions | | | 45 | | | | 389 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (559 | ) | | | (5,284 | ) | | | (6,441 | ) | | | (58,844 | ) |
| | | | |
| | | | (514 | ) | | | (4,895 | ) | | | (6,293 | ) | | | (57,596 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 251,983 | | | | 2,404,119 | | | | 1,243,398 | | | | 10,600,148 | |
| | | | |
Reinvestment of distributions | | | 26,925 | | | | 236,409 | | | | 7,551 | | | | 66,144 | |
| | | | |
Shares redeemed | | | (716,836 | ) | | | (6,596,573 | ) | | | (617,221 | ) | | | (5,437,178 | ) |
| | | | |
| | | | (437,928 | ) | | | (3,956,045 | ) | | | 633,728 | | | | 5,229,114 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 31,861 | | | | 290,616 | | | | 24,183 | | | | 212,037 | |
| | | | |
Reinvestment of distributions | | | 969 | | | | 8,507 | | | | 388 | | | | 3,402 | |
| | | | |
Shares redeemed | | | (48,743 | ) | | | (485,070 | ) | | | (70,491 | ) | | | (658,695 | ) |
| | | | |
| | | | (15,913 | ) | | | (185,947 | ) | | | (45,920 | ) | | | (443,256 | ) |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,209 | | | | 31,767 | | | | 1,547 | | | | 14,102 | |
| | | | |
Reinvestment of distributions | | | 40 | | | | 350 | | | | 22 | | | | 189 | |
| | | | |
Shares redeemed | | | (1,297 | ) | | | (11,760 | ) | | | (6,474 | ) | | | (57,807 | ) |
| | | | |
| | | | 1,952 | | | | 20,357 | | | | (4,905 | ) | | | (43,516 | ) |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 6,592 | | | | 61,480 | | | | 6,434 | | | | 56,526 | |
| | | | |
Reinvestment of distributions | | | 333 | | | | 2,902 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (14,005 | ) | | | (128,502 | ) | | | (6,430 | ) | | | (58,794 | ) |
| | | | |
| | | | (7,080 | ) | | | (64,120 | ) | | | 4 | | | | (2,268 | ) |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 66,067 | | | | 587,570 | | | | 226,923 | | | | 2,087,558 | |
| | | | |
Reinvestment of distributions | | | 11,572 | | | | 101,718 | | | | 6,687 | | | | 58,579 | |
| | | | |
Shares redeemed | | | (368,741 | ) | | | (3,484,258 | ) | | | (1,229,915 | ) | | | (11,419,241 | ) |
| | | | |
| | | | (291,102 | ) | | | (2,794,970 | ) | | | (996,305 | ) | | | (9,273,104 | ) |
| | | | |
NET DECREASE IN SHARES | | | (786,305 | ) | | $ | (7,318,993 | ) | | | (454,265 | ) | | $ | (4,903,360 | ) |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | International Equity ESG Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 495,169 | | | $ | 13,385,188 | | | | 1,520,008 | | | $ | 37,886,745 | |
| | | | |
Reinvestment of distributions | | | 47,226 | | | | 1,226,923 | | | | 26,816 | | | | 627,502 | |
| | | | |
Shares redeemed | | | (1,438,379 | ) | | | (39,015,402 | ) | | | (1,030,328 | ) | | | (25,899,474 | ) |
| | | | |
| | | | (895,984 | ) | | | (24,403,291 | ) | | | 516,496 | | | | 12,614,773 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 27,289 | | | | 683,927 | | | | 75,202 | | | | 1,755,235 | |
| | | | |
Reinvestment of distributions | | | 2,614 | | | | 62,231 | | | | — | | | | — | |
| | | | |
Shares redeemed | | | (88,902 | ) | | | (2,218,879 | ) | | | (103,344 | ) | | | (2,384,435 | ) |
| | | | |
| | | | (58,999 | ) | | | (1,472,721 | ) | | | (28,142 | ) | | | (629,200 | ) |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 8,891,626 | | | | 245,292,145 | | | | 15,925,342 | | | | 422,982,651 | |
| | | | |
Reinvestment of distributions | | | 229,772 | | | | 6,128,037 | | | | 112,666 | | | | 2,705,106 | |
| | | | |
Shares redeemed | | | (8,621,651 | ) | | | (240,322,603 | ) | | | (5,845,609 | ) | | | (149,458,170 | ) |
| | | | |
| | | | 499,747 | | | | 11,097,579 | | | | 10,192,399 | | | | 276,229,587 | |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 13,222 | | | | 396,885 | | | | 22,136 | | | | 574,768 | |
| | | | |
Reinvestment of distributions | | | 374 | | | | 10,169 | | | | 154 | | | | 3,753 | |
| | | | |
Shares redeemed | | | (6,918 | ) | | | (194,816 | ) | | | (11,785 | ) | | | (314,573 | ) |
| | | | |
| | | | 6,678 | | | | 212,238 | | | | 10,505 | | | | 263,948 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,474,940 | | | | 40,842,238 | | | | 3,527,560 | | | | 91,064,905 | |
| | | | |
Reinvestment of distributions | | | 67,228 | | | | 1,780,835 | | | | 36,154 | | | | 862,275 | |
| | | | |
Shares redeemed | | | (1,861,759 | ) | | | (51,429,116 | ) | | | (2,636,677 | ) | | | (68,563,752 | ) |
| | | | |
| | | | (319,591 | ) | | | (8,806,043 | ) | | | 927,037 | | | | 23,363,428 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,202,175 | | | | 33,326,211 | | | | 2,172,795 | | | | 56,434,224 | |
| | | | |
Reinvestment of distributions | | | 56,269 | | | | 1,491,701 | | | | 23,609 | | | | 563,559 | |
| | | | |
Shares redeemed | | | (1,347,725 | ) | | | (37,732,142 | ) | | | (921,763 | ) | | | (23,560,158 | ) |
| | | | |
| | | | (89,281 | ) | | | (2,914,230 | ) | | | 1,274,641 | | | | 33,437,625 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 161,333 | | | | 4,421,707 | | | | 648,259 | | | | 17,019,221 | |
| | | | |
Reinvestment of distributions | | | 59,198 | | | | 1,569,941 | | | | 38,568 | | | | 920,626 | |
| | | | |
Shares redeemed | | | (854,929 | ) | | | (22,982,527 | ) | | | (832,326 | ) | | | (21,115,651 | ) |
| | | | |
| | | | (634,398 | ) | | | (16,990,879 | ) | | | (145,499 | ) | | | (3,175,804 | ) |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | (1,491,828 | ) | | $ | (43,277,347 | ) | | | 12,747,437 | | | $ | 342,104,357 | |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | International Equity Income Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,443,354 | | | $ | 23,663,097 | | | | 3,075,301 | | | $ | 46,164,191 | |
| | | | |
Reinvestment of distributions | | | 147,267 | | | | 2,388,535 | | | | 94,779 | | | | 1,409,114 | |
| | | | |
Shares redeemed | | | (1,795,173 | ) | | | (28,998,956 | ) | | | (1,018,054 | ) | | | (15,262,818 | ) |
| | | | |
| | | | (204,552 | ) | | | (2,947,324 | ) | | | 2,152,026 | | | | 32,310,487 | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 130,178 | | | | 1,892,847 | | | | 183,122 | | | | 2,391,125 | |
| | | | |
Reinvestment of distributions | | | 10,645 | | | | 150,086 | | | | 5,619 | | | | 73,161 | |
| | | | |
Shares redeemed | | | (83,001 | ) | | | (1,206,865 | ) | | | (29,083 | ) | | | (374,861 | ) |
| | | | |
| | | | 57,822 | | | | 836,068 | | | | 159,658 | | | | 2,089,425 | |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 24,005,530 | | | | 422,249,334 | | | | 30,764,963 | | | | 486,910,614 | |
| | | | |
Reinvestment of distributions | | | 1,676,829 | | | | 29,021,536 | | | | 724,273 | | | | 11,420,083 | |
| | | | |
Shares redeemed | | | (8,913,342 | ) | | | (155,853,812 | ) | | | (7,033,646 | ) | | | (110,702,242 | ) |
| | | | |
| | | | 16,769,017 | | | | 295,417,058 | | | | 24,455,590 | | | | 387,628,455 | |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 13,844,214 | | | | 226,719,775 | | | | 18,931,206 | | | | 282,880,284 | |
| | | | |
Reinvestment of distributions | | | 797,641 | | | | 12,925,592 | | | | 341,949 | | | | 5,086,390 | |
| | | | |
Shares redeemed | | | (8,593,633 | ) | | | (137,620,093 | ) | | | (4,262,870 | ) | | | (62,834,181 | ) |
| | | | |
| | | | 6,048,222 | | | | 102,025,274 | | | | 15,010,285 | | | | 225,132,493 | |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,038,657 | | | | 53,796,066 | | | | 2,334,027 | | | | 36,819,574 | |
| | | | |
Reinvestment of distributions | | | 149,061 | | | | 2,576,510 | | | | 67,543 | | | | 1,062,104 | |
| | | | |
Shares redeemed | | | (1,105,243 | ) | | | (19,360,109 | ) | | | (708,322 | ) | | | (11,162,120 | ) |
| | | | |
| | | | 2,082,475 | | | | 37,012,467 | | | | 1,693,248 | | | | 26,719,558 | |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 34,591 | | | | 587,573 | | | | 21,868 | | | | 332,020 | |
| | | | |
Reinvestment of distributions | | | 2,018 | | | | 33,162 | | | | 913 | | | | 13,644 | |
| | | | |
Shares redeemed | | | (6,541 | ) | | | (102,651 | ) | | | (6,440 | ) | | | (95,644 | ) |
| | | | |
| | | | 30,068 | | | | 518,084 | | | | 16,341 | | | | 250,020 | |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 300,779 | | | | 5,315,930 | | | | 1,048,719 | | | | 16,108,950 | |
| | | | |
Reinvestment of distributions | | | 111,070 | | | | 1,910,660 | | | | 75,170 | | | | 1,175,049 | |
| | | | |
Shares redeemed | | | (393,395 | ) | | | (6,831,341 | ) | | | (412,744 | ) | | | (6,526,404 | ) |
| | | | |
| | | | 18,454 | | | | 395,249 | | | | 711,145 | | | | 10,757,595 | |
| | | | |
NET INCREASE IN SHARES | | | 24,801,506 | | | $ | 433,256,876 | | | | 44,198,293 | | | $ | 684,888,033 | |
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund and Goldman Sachs International Equity Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
| | | | | | | | |
| Fund | | Statement of
operations | | Statement of changes in
net assets | | Financial highlights | | |
| Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund and Goldman Sachs International Equity Income Fund | | For the year ended October 31, 2024 | | For the two years ended October 31, 2024 | | For each of the periods indicated therein |
| Goldman Sachs Emerging Markets Equity ex. China Fund | | For the year ended October 31, 2024 | | For the year ended October 31, 2024 and for the period December 6, 2022 (commencement of operations) through October 31, 2023 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 20, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, Goldman Sachs International Equity Income Fund, and Goldman Sachs Emerging Markets Equity ex. China Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| | (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| | (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| | (iii) | trends in employee headcount; |
| | (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| | (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| | (b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Emerging Markets Equity ex. China Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| | (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (e) | fee and expense information for the Fund, including: |
| | (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| | (ii) | the Fund’s expense trends over time (except for the Emerging Markets Equity ex. China Fund, which commenced operations on December 6, 2022); and |
| | (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| | (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| | (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund (with the exception of the Emerging Markets Equity ex. China Fund, which commenced operations on December 6, 2022) to the Investment Adviser and its affiliates; |
| | (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services; |
| | (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Equity ex. China Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees considered that the International Equity ESG Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods, and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2024. They also noted that in February 2018, the Fund had been repositioned from the Goldman Sachs Focused International Equity Fund, which involved changes to the Fund’s investment strategy. The Trustees considered that the International Equity Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2024. They also noted that in February 2018 the International Equity Income Fund had been repositioned from the Goldman Sachs Strategic International Equity Fund, which involved changes to the Fund’s investment objective and investment strategy. The Trustees observed that the China Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, in the third quartile for the one-year period, and in the fourth quartile for the three-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They considered that in November 2019, the Fund had been repositioned from the Goldman Sachs Asia Equity Fund, which involved changes to the Fund’s principal investment strategy and benchmark index. The Trustees observed that the Emerging Markets Equity Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the ten-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the three-year period, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2024. They noted that the ESG Emerging Markets Equity Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the five-year period and in the fourth quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2024. The Trustees observed that the Emerging Markets Equity ex. China Fund’s Institutional Shares had placed in top half of the Fund’s peer group for the one-year period, and had underperformed the Fund’s benchmark index for the one-year period ended March 31, 2024.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Emerging Markets Equity ex. China Fund and ESG Emerging Markets Equity Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | | | | | | | |
Average Daily Net Assets | | China Equity Fund | | Emerging Markets Equity Fund | | Emerging Markets
Equity ex. China
Fund | | ESG Emerging
Markets Equity
Fund | | International
Equity ESG Fund | | International
Equity Income
Fund |
|
|
| | | | | | |
First $1 billion | | 1.00% | | 1.02% | | 0.90% | | 0.98% | | 0.85% | | 0.80% |
| | | | | | |
Next $1 billion | | 0.90 | | 1.02 | | 0.90 | | 0.98 | | 0.77 | | 0.72 |
| | | | | | |
Next $3 billion | | 0.86 | | 0.92 | | 0.81 | | 0.88 | | 0.73 | | 0.68 |
| | | | | | |
Next $3 billion | | 0.84 | | 0.87 | | 0.77 | | 0.84 | | 0.71 | | 0.67 |
| | | | | | |
Over $8 billion | | 0.82 | | 0.85 | | 0.75 | | 0.82 | | 0.70 | | 0.66 |
|
|
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the ESG Emerging Markets Equity Fund, Emerging Markets Equity Fund, and International Equity ESG Fund) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Funds’ Class A, Class C, Investor and Class R Shares, as applicable (with the exception of the China Equity Fund). Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Emerging Markets Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2025.
GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS
Goldman Sachs Trust – Fundamental Equity International Funds - Tax Information (Unaudited)
From distributions paid during the year ended October 31, 2024, the total amount of income received by the China Equity, Emerging Markets Equity, Emerging Markets Equity Ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds from sources within foreign countries and possessions of the United States was $0.2555, $0.3434, $0.1178, $0.1956, $0.3345, and $0.3269 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the China Equity, Emerging Markets Equity, Emerging Markets Equity Ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds was 99.34%, 93.90%, 97.55%, 97.27%, 70.51% and 79.78%. The total amount of taxes paid by the China Equity, Emerging Markets Equity, Emerging Markets Equity Ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds to such countries was $0.0365, 0.0936, $0.0253, $0.0349, $0.0217 and $0.0317 per share.
For the year ended October 31, 2024, 100%, 91.23%, 100%, 97.00%, 88.71% and 92.16% of the dividends paid from net investment company taxable income by the China Equity, Emerging Markets Equity, Emerging Markets Equity Ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds, respectively qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the year ended October 31, 2024, 0.22% and 0.91% of the dividends paid from net investment company taxable income by the International Equity ESG and International Equity Income Funds qualify for the dividends received deduction available to corporations.
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Goldman Sachs Funds Annual Financial Statements October 31, 2024 Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund
Goldman Sachs International Equity Insights Funds
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 95.6% | |
| |
| | Brazil – 3.0% | |
| | 607,900 | | Allos SA (Real Estate Management & Development) | | $ | 2,326,065 | |
| | 79,000 | | Alupar Investimento SA (Utilities) | | | 400,951 | |
| | 45,200 | | Banco Bradesco SA (Banks) | | | 99,612 | |
| | 408,800 | | Banco BTG Pactual SA (Financial Services) | | | 2,299,672 | |
| | 1,033,900 | | BB Seguridade Participacoes SA (Insurance) | | | 6,129,107 | |
| | 308,300 | | Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR (Utilities) | | | 4,898,887 | |
| | 834,700 | | Cia de Saneamento de Minas Gerais Copasa MG (Utilities) | | | 3,328,173 | |
| | 174,900 | | Cury Construtora e Incorporadora SA (Consumer Durables & Apparel) | | | 739,427 | |
| | 1,543,600 | | Cyrela Brazil Realty SA Empreendimentos e Participacoes (Consumer Durables & Apparel) | | | 5,804,955 | |
| | 247,650 | | Embraer SA ADR (Capital Goods)* | | | 8,301,228 | |
| | 843,400 | | Energisa SA (Utilities) | | | 6,295,336 | |
| | 4,111,700 | | Lojas Renner SA (Consumer Discretionary Distribution & Retail) | | | 13,208,025 | |
| | 74,600 | | Telefonica Brasil SA ADR (Telecommunication Services) | | | 679,606 | |
| | 557,700 | | Transmissora Alianca de Energia Eletrica SA (Utilities) | | | 3,378,480 | |
| | 198,900 | | Ultrapar Participacoes SA (Energy) | | | 718,750 | |
| | 459,200 | | Vale SA ADR (Materials) | | | 4,913,440 | |
| | | | | | | | |
| | | | | | | 63,521,714 | |
| | | |
| |
| | Chile – 1.0% | |
| | 99,416,710 | | Banco de Chile (Banks) | | | 11,581,485 | |
| | 69,924 | | Banco de Credito e Inversiones SA (Banks) | | | 2,050,984 | |
| | 63,434,371 | | Cia Sud Americana de Vapores SA (Transportation) | | | 3,424,355 | |
| | 7,868,391 | | Colbun SA (Utilities) | | | 973,912 | |
| | 21,643,711 | | Enel Americas SA (Utilities) | | | 2,027,227 | |
| | 195,497 | | Falabella SA (Consumer Discretionary Distribution & Retail)* | | | 701,733 | |
| | | | | | | | |
| | | | | | | 20,759,696 | |
| | | |
| |
| | China – 27.8% | |
| | 1,085,000 | | 3SBio, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | | 813,839 | |
| | 2,468,000 | | Agricultural Bank of China Ltd., Class H (Banks) | | | 1,212,644 | |
| | 21,000 | | Airtac International Group (Capital Goods) | | | 581,279 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 5,307,700 | | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | | $ | 64,925,459 | |
| | 304,000 | | Aluminum Corp. of China Ltd., Class H (Materials) | | | 193,694 | |
| | 1,722,000 | | Bank of China Ltd., Class H (Banks) | | | 817,313 | |
| | 3,637,000 | | Bank of Communications Co. Ltd., Class H (Banks) | | | 2,754,611 | |
| | 850,000 | | Beijing Jingneng Clean Energy Co. Ltd., Class H (Utilities) | | | 207,338 | |
| | 8,446,000 | | Bosideng International Holdings Ltd. (Consumer Durables & Apparel) | | | 4,736,826 | |
| | 4,835,000 | | CGN Power Co. Ltd., Class H (Utilities)(a) | | | 1,737,885 | |
| | 12,128,000 | | China CITIC Bank Corp. Ltd., Class H (Banks) | | | 7,558,725 | |
| | 451,000 | | China Coal Energy Co. Ltd., Class H (Energy) | | | 562,613 | |
| | 5,462,000 | | China Communications Services Corp. Ltd., Class H (Capital Goods) | | | 2,934,452 | |
| | 10,794,000 | | China Construction Bank Corp., Class H (Banks) | | | 8,378,698 | |
| | 813,000 | | China Feihe Ltd. (Food, Beverage & Tobacco)(a) | | | 613,607 | |
| | 2,212,000 | | China Galaxy Securities Co. Ltd., Class H (Financial Services) | | | 1,969,076 | |
| | 123,800 | | China Gas Holdings Ltd. (Utilities) | | | 106,314 | |
| | 2,091,000 | | China Hongqiao Group Ltd. (Materials) | | | 3,359,600 | |
| | 1,352,000 | | China Life Insurance Co. Ltd., Class H (Insurance) | | | 2,865,892 | |
| | 4,746,000 | | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,747,193 | |
| | 1,007,500 | | China Overseas Land & Investment Ltd. (Real Estate Management & Development) | | | 1,925,149 | |
| | 984,813 | | China Pacific Insurance Group Co. Ltd., Class A (Insurance) | | | 5,092,150 | |
| | 4,560,000 | | China Pacific Insurance Group Co. Ltd., Class H (Insurance) | | | 15,836,212 | |
| | 3,418,000 | | China Resources Land Ltd. (Real Estate Management & Development) | | | 11,393,684 | |
| | 308,000 | | China Resources Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)(a) | | | 217,903 | |
| | 695,769 | | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,402,675 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 385,300 | | China Shenhua Energy Co. Ltd., Class A (Energy) | | $ | 2,166,878 | |
| | 188,000 | | China Shineway Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 222,834 | |
| | 5,839,000 | | China Taiping Insurance Holdings Co. Ltd. (Insurance) | | | 10,057,384 | |
| | 1,111,896 | | China Yangtze Power Co. Ltd., Class A (Utilities) | | | 4,306,128 | |
| | 2,607,000 | | Chongqing Rural Commercial Bank Co. Ltd., Class H (Banks) | | | 1,413,866 | |
| | 1,772,000 | | Consun Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,888,440 | |
| | 35,300 | | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | | | 1,224,149 | |
| | 2,393,000 | | Geely Automobile Holdings Ltd. (Automobiles & Components) | | | 4,206,655 | |
| | 1,721,800 | | GoerTek, Inc., Class A (Technology Hardware & Equipment) | | | 5,647,921 | |
| | 475,200 | | Goldwind Science & Technology Co. Ltd., Class A (Capital Goods) | | | 726,559 | |
| | 482,100 | | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Durables & Apparel) | | | 2,947,172 | |
| | 1,542,000 | | Haidilao International Holding Ltd. (Consumer Services)(a) | | | 3,110,091 | |
| | 1,680,000 | | Hansoh Pharmaceutical Group Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)(a) | | | 3,917,005 | |
| | 300,100 | | Industrial Bank Co. Ltd., Class A (Banks) | | | 770,781 | |
| | 469,000 | | Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | | 2,038,826 | |
| | 764,471 | | JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail) | | | 15,502,881 | |
| | 1,221,542 | | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 8,006,641 | |
| | 81,000 | | KE Holdings, Inc. ADR (Real Estate Management & Development) | | | 1,776,330 | |
| | 2,216,300 | | Kuaishou Technology (Media & Entertainment)*(a) | | | 13,060,674 | |
| | 928,000 | | Lenovo Group Ltd. (Technology Hardware & Equipment) | | | 1,223,695 | |
| | 335,100 | | Livzon Pharmaceutical Group, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,724,435 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 123,900 | | Livzon Pharmaceutical Group, Inc., Class H (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 417,227 | |
| | 1,130,500 | | Luye Pharma Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | | 406,056 | |
| | 1,777,360 | | Meituan, Class B (Consumer Services)*(a) | | | 41,999,680 | |
| | 863,600 | | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | | | 8,649,919 | |
| | 2,032,900 | | NetEase, Inc. (Media & Entertainment) | | | 32,706,923 | |
| | 428,300 | | New China Life Insurance Co. Ltd., Class H (Insurance) | | | 1,445,409 | |
| | 148,900 | | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)* | | | 17,955,851 | |
| | 36,082,000 | | People’s Insurance Co. Group of China Ltd. (The), Class H (Insurance) | | | 18,212,557 | |
| | 4,200,000 | | PICC Property & Casualty Co. Ltd., Class H (Insurance) | | | 6,371,277 | |
| | 1,872,339 | | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | | | 14,719,195 | |
| | 163,500 | | Shanghai Conant Optical Co. Ltd., Class H (Health Care Equipment & Services) | | | 320,097 | |
| | 642,400 | | Shanghai Pudong Development Bank Co. Ltd., Class A (Banks) | | | 889,326 | |
| | 988,500 | | Sinotruk Hong Kong Ltd. (Capital Goods) | | | 2,670,213 | |
| | 2,115,200 | | Tencent Holdings Ltd. (Media & Entertainment) | | | 110,291,035 | |
| | 975,600 | | Tongcheng Travel Holdings Ltd. (Consumer Services) | | | 2,207,227 | |
| | 417,750 | | Trip.com Group Ltd. (Consumer Services)* | | | 26,884,097 | |
| | 4,799,000 | | Uni-President China Holdings Ltd. (Food, Beverage & Tobacco) | | | 4,491,629 | |
| | 735,000 | | Want Want China Holdings Ltd. (Food, Beverage & Tobacco) | | | 457,596 | |
| | 5,910,400 | | Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a) | | | 20,272,058 | |
| | 69,160 | | Yealink Network Technology Corp. Ltd., Class A (Technology Hardware & Equipment) | | | 378,424 | |
| | 381,700 | | Yunnan Baiyao Group Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,063,321 | |
| | 33,400 | | Yutong Bus Co. Ltd., Class A (Capital Goods) | | | 113,659 | |
| | 4,723,793 | | Zijin Mining Group Co. Ltd., Class A (Materials) | | | 11,071,358 | |
| | 11,920,000 | | Zijin Mining Group Co. Ltd., Class H (Materials) | | | 25,390,456 | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | China – (continued) | |
| | 440,400 | | ZTE Corp., Class A (Technology Hardware & Equipment) | | $ | 1,867,616 | |
| | 3,998,200 | | ZTE Corp., Class H (Technology Hardware & Equipment) | | | 9,951,007 | |
| | | | | | | | |
| | | | | | | 599,087,389 | |
| | | |
| |
| | Czech Republic – 0.3% | |
| | 126,800 | | Komercni Banka AS (Banks) | | | 4,381,483 | |
| | 277,783 | | Moneta Money Bank AS (Banks)(a) | | | 1,384,267 | |
| | | | | | | | |
| | | | | | | 5,765,750 | |
| | | |
| |
| | Egypt – 0.0% | |
| | 499,713 | | Talaat Moustafa Group (Real Estate Management & Development) | | | 603,433 | |
| | | |
| |
| | Hong Kong – 0.5% | |
| | 14,155,000 | | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 6,430,153 | |
| | 1,384,000 | | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,878,626 | |
| | 3,772,000 | | WH Group Ltd. (Food, Beverage & Tobacco)(a) | | | 2,935,810 | |
| | | | | | | | |
| | | | | | | 11,244,589 | |
| | | |
| |
| | India – 19.0% | |
| | 264,953 | | ABB India Ltd. (Capital Goods) | | | 23,336,985 | |
| | 177,849 | | Aditya Birla Capital Ltd. (Financial Services)* | | | 428,833 | |
| | 4,501 | | AGI Greenpac Ltd. (Materials) | | | 50,311 | |
| | 88,008 | | Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,205,090 | |
| | 159,737 | | Alkem Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 10,961,734 | |
| | 135,557 | | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | | | 11,293,145 | |
| | 53,741 | | Arvind Fashions Ltd. (Consumer Discretionary Distribution & Retail) | | | 361,091 | |
| | 501,595 | | Ashoka Buildcon Ltd. (Capital Goods)* | | | 1,423,915 | |
| | 694,179 | | Axis Bank Ltd. (Banks) | | | 9,536,049 | |
| | 2,112,794 | | Bank of Baroda (Banks) | | | 6,283,034 | |
| | 3,902 | | BASF India Ltd. (Materials) | | | 355,377 | |
| | 2,118,753 | | Bharat Electronics Ltd. (Capital Goods) | | | 7,152,058 | |
| | 1,348,136 | | Bharti Airtel Ltd. (Telecommunication Services) | | | 25,803,981 | |
| | 201,072 | | Biocon Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 754,475 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | India – (continued) | |
| | 136,622 | | Central Depository Services India Ltd. (Financial Services) | | $ | 2,503,953 | |
| | 31,060 | | Cholamandalam Investment and Finance Co. Ltd. (Financial Services) | | | 468,232 | |
| | 703,574 | | Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 12,943,460 | |
| | 71,296 | | Coal India Ltd. (Energy) | | | 382,429 | |
| | 4,673 | | CRISIL Ltd. (Financial Services) | | | 304,253 | |
| | 257,284 | | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | | | 1,194,126 | |
| | 6,517 | | Dixon Technologies India Ltd. (Consumer Durables & Apparel) | | | 1,087,294 | |
| | 81,768 | | Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences) | | | 6,042,655 | |
| | 13,043 | | Eris Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a) | | | 204,729 | |
| | 39,402 | | Finolex Cables Ltd. (Capital Goods) | | | 572,220 | |
| | 31,232 | | GlaxoSmithKline Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,006,191 | |
| | 200,332 | | Glenmark Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,030,670 | |
| | 272,854 | | Godrej Properties Ltd. (Real Estate Management & Development)* | | | 9,286,814 | |
| | 100,960 | | Great Eastern Shipping Co. Ltd. (The) (Energy) | | | 1,541,902 | |
| | 1,830,111 | | Gujarat Pipavav Port Ltd. (Transportation) | | | 4,278,219 | |
| | 41,740 | | Havells India Ltd. (Capital Goods) | | | 812,315 | |
| | 517,210 | | HCL Technologies Ltd. (Software & Services) | | | 10,822,424 | |
| | 1,386,870 | | Hindalco Industries Ltd. (Materials) | | | 11,253,629 | |
| | 1,120,245 | | Hindustan Zinc Ltd. (Materials) | | | 7,350,224 | |
| | 29,166 | | ICICI Lombard General Insurance Co. Ltd. (Insurance)(a) | | | 662,571 | |
| | 410,138 | | IDBI Bank Ltd. (Banks) | | | 405,778 | |
| | 320,397 | | Indus Towers Ltd. (Telecommunication Services)* | | | 1,292,781 | |
| | 327,454 | | InterGlobe Aviation Ltd. (Transportation)*(a) | | | 15,730,719 | |
| | 673,327 | | ITD Cementation India Ltd. (Capital Goods) | | | 4,502,758 | |
| | 19,046,177 | | Jaiprakash Power Ventures Ltd. (Utilities)* | | | 4,115,165 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | India – (continued) | |
| | 98,511 | | JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 2,295,234 | |
| | 38,952 | | Jubilant Foodworks Ltd. (Consumer Services) | | | 266,120 | |
| | 18,389 | | Kfin Technologies Ltd. (Financial Services) | | | 218,160 | |
| | 3,044 | | Larsen & Toubro Ltd. (Capital Goods) | | | 130,760 | |
| | 614,363 | | Lupin Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 15,940,752 | |
| | 60,299 | | Macrotech Developers Ltd. (Real Estate Management & Development)(a) | | | 862,061 | |
| | 317,648 | | Mahanagar Gas Ltd. (Utilities) | | | 5,431,562 | |
| | 7,100 | | MakeMyTrip Ltd. (Consumer Services)* | | | 720,579 | |
| | 51,413 | | Motilal Oswal Financial Services Ltd. (Financial Services) | | | 571,093 | |
| | 52,402 | | Mphasis Ltd. (Software & Services) | | | 1,786,171 | |
| | 41,304 | | Narayana Hrudayalaya Ltd. (Health Care Equipment & Services) | | | 624,102 | |
| | 78,059 | | Nippon Life India Asset Management Ltd. (Financial Services)(a) | | | 655,110 | |
| | 479,692 | | Oberoi Realty Ltd. (Real Estate Management & Development) | | | 11,176,765 | |
| | 29,775 | | Oil & Natural Gas Corp. Ltd. (Energy) | | | 93,902 | |
| | 201,872 | | Patanjali Foods Ltd. (Food, Beverage & Tobacco) | | | 4,300,384 | |
| | 72,693 | | PB Fintech Ltd. (Insurance)* | | | 1,468,723 | |
| | 686,680 | | PC Jeweller Ltd. (Consumer Discretionary Distribution & Retail)* | | | 1,268,182 | |
| | 13,555 | | Persistent Systems Ltd. (Software & Services) | | | 863,067 | |
| | 6,844,805 | | Petronet LNG Ltd. (Energy) | | | 27,010,245 | |
| | 81,653 | | PI Industries Ltd. (Materials) | | | 4,343,444 | |
| | 3,845,480 | | Power Finance Corp. Ltd. (Financial Services) | | | 20,658,866 | |
| | 3,820,796 | | Power Grid Corp. of India Ltd. (Utilities) | | | 14,534,232 | |
| | 2,744,584 | | PTC India Ltd. (Utilities) | | | 5,914,800 | |
| | 2,821,581 | | Punjab National Bank (Banks) | | | 3,277,264 | |
| | 623,228 | | REC Ltd. (Financial Services) | | | 3,847,917 | |
| | 300,400 | | Reliance Industries Ltd. (Energy) | | | 4,749,917 | |
| | 94,187 | | Shriram Finance Ltd. (Financial Services) | | | 3,496,902 | |
| | 24,969 | | Solar Industries India Ltd. (Materials) | | | 3,027,938 | |
| | 1,882,629 | | State Bank of India (Banks) | | | 18,320,352 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | India – (continued) | |
| | 81,271 | | Sumitomo Chemical India Ltd. (Materials) | | $ | 553,468 | |
| | 772,066 | | Suzlon Energy Ltd. (Capital Goods)* | | | 612,241 | |
| | 453,855 | | Tata Motors Ltd. (Automobiles & Components) | | | 4,489,098 | |
| | 284,705 | | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 10,821,821 | |
| | 237,273 | | Torrent Power Ltd. (Utilities) | | | 5,132,910 | |
| | 52,012 | | Triveni Turbine Ltd. (Capital Goods) | | | 426,427 | |
| | 66,755 | | UltraTech Cement Ltd. (Materials) | | | 8,765,992 | |
| | 18,070,512 | | Vodafone Idea Ltd. (Telecommunication Services)* | | | 1,737,552 | |
| | 456,367 | | Wipro Ltd. (Software & Services) | | | 2,970,683 | |
| | 700,926 | | Zomato Ltd. (Consumer Services)* | | | 2,010,962 | |
| | 886,696 | | Zydus Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 10,532,123 | |
| | | | | | | | |
| | | | | | | 409,649,470 | |
| | | |
| |
| | Indonesia – 2.1% | |
| | 18,293,700 | | Aneka Tambang Tbk (Materials) | | | 1,859,833 | |
| | 2,652,600 | | Astra International Tbk PT (Capital Goods) | | | 861,160 | |
| | 19,135,200 | | Bank Central Asia Tbk PT (Banks) | | | 12,496,706 | |
| | 39,526,800 | | Bank Mandiri Persero Tbk PT (Banks) | | | 16,779,883 | |
| | 756,400 | | Bank Negara Indonesia Persero Tbk PT (Banks) | | | 252,287 | |
| | 4,051,300 | | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks) | | | 252,964 | |
| | 37,116,900 | | Bank Rakyat Indonesia Persero Tbk PT (Banks) | | | 11,315,240 | |
| | 1,477,500 | | Bukit Asam Tbk PT (Energy) | | | 278,300 | |
| | 79,700 | | Indo Tambangraya Megah Tbk PT (Energy) | | | 127,332 | |
| | 551,200 | | Indocement Tunggal Prakarsa Tbk PT (Materials) | | | 252,334 | |
| | 719,300 | | Indofood CBP Sukses Makmur Tbk PT (Food, Beverage & Tobacco) | | | 564,853 | |
| | 1,953,200 | | Telkom Indonesia Persero Tbk PT (Telecommunication Services) | | | 349,121 | |
| | | | | | | | |
| | | | | | | 45,390,013 | |
| | | |
| |
| | Kuwait – 0.2% | |
| | 203,410 | | Agility Public Warehousing Co. KSC (Transportation) | | | 165,062 | |
| | 516,258 | | Kuwait Finance House KSCP (Banks) | | | 1,212,046 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Kuwait – (continued) | |
| | 841,090 | | National Bank of Kuwait SAKP (Banks) | | $ | 2,329,068 | |
| | 172,510 | | National Investments Co. KSCP (Financial Services) | | | 145,672 | |
| | | | | | | | |
| | | | | | | 3,851,848 | |
| | | |
| |
| | Luxembourg – 0.0% | |
| | 13,650 | | Reinet Investments SCA (Financial Services) | | | 378,832 | |
| | | |
| |
| | Mexico – 1.8% | |
| | 219,032 | | Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco) | | | 18,260,698 | |
| | 98,880 | | Gruma SAB de CV, Class B (Food, Beverage & Tobacco) | | | 1,708,033 | |
| | 131,400 | | Grupo Aeroportuario del Centro Norte SAB de CV (Transportation) | | | 1,095,881 | |
| | 260,970 | | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | | | 4,525,158 | |
| | 6,186 | | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation) | | | 1,665,766 | |
| | 272,306 | | Grupo Financiero Banorte SAB de CV, Class O (Banks) | | | 1,896,119 | |
| | 426,215 | | Grupo Financiero Inbursa SAB de CV, Class O (Banks)* | | | 957,037 | |
| | 286,723 | | Grupo Mexico SAB de CV, Series B (Materials) | | | 1,504,438 | |
| | 4,410,039 | | Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products) | | | 6,354,053 | |
| | 93,968 | | Promotora y Operadora de Infraestructura SAB de CV (Transportation) | | | 819,622 | |
| | 82,200 | | Regional SAB de CV (Banks) | | | 522,914 | |
| | | | | | | | |
| | | | | | | 39,309,719 | |
| | | |
| |
| | Peru – 0.0% | |
| | 300 | | Credicorp Ltd. (Banks) | | | 55,239 | |
| | | |
| |
| | Philippines – 0.6% | |
| | 173,100 | | Aboitiz Power Corp. (Utilities) | | | 111,577 | |
| | 930,379 | | Bank of the Philippine Islands (Banks) | | | 2,285,390 | |
| | 962,960 | | BDO Unibank, Inc. (Banks) | | | 2,520,243 | |
| | 885,750 | | International Container Terminal Services, Inc. (Transportation) | | | 6,036,087 | |
| | 146,650 | | Jollibee Foods Corp. (Consumer Services) | | | 668,149 | |
| | 1,632,960 | | Metropolitan Bank & Trust Co. (Banks) | | | 2,128,469 | |
| | | | | | | | |
| | | | | | | 13,749,915 | |
| | | |
| |
| | Poland – 0.6% | |
| | 238,381 | | Bank Pekao SA (Banks) | | | 8,340,058 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Poland – (continued) | |
| | 19,306 | | KGHM Polska Miedz SA (Materials) | | $ | 722,579 | |
| | 343,928 | | Powszechny Zaklad Ubezpieczen SA (Insurance) | | | 3,410,804 | |
| | 58,295 | | XTB SA (Financial Services)(a) | | | 944,512 | |
| | | | | | | | |
| | | | | | | 13,417,953 | |
| | | |
| |
| | Qatar – 0.3% | |
| | 616,365 | | Commercial Bank PSQC (The) (Banks) | | | 719,410 | |
| | 646,904 | | Ooredoo QPSC (Telecommunication Services) | | | 2,032,568 | |
| | 1,003,605 | | Qatar Aluminum Manufacturing Co. (Materials) | | | 353,646 | |
| | 1,525,507 | | Qatar Gas Transport Co. Ltd. (Energy) | | | 1,792,532 | |
| | 127,049 | | Qatar Islamic Bank (Banks) | | | 714,409 | |
| | 222,511 | | Qatar National Bank QPSC (Banks) | | | 1,059,055 | |
| | | | | | | | |
| | | | | | | 6,671,620 | |
| | | |
| |
| | Russia – 0.0% | |
| | 106,118 | | PhosAgro PJSC, GDR
(Materials)*(b) | | | — | |
| | 683 | | PhosAgro PJSC NPV
(Materials)*(b) | | | — | |
| | 18,426 | | Polyus PJSC, GDR (Materials)*(b) | | | — | |
| | 2,789,380 | | Sberbank of Russia PJSC
(Banks)*(b) | | | — | |
| | 54,816 | | VTB Bank PJSC (Banks)*(b) | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | |
| |
| | Saudi Arabia – 3.8% | |
| | 178,635 | | Al Hammadi Holding (Health Care Equipment & Services) | | | 1,895,079 | |
| | 248,469 | | Al Rajhi Bank (Banks) | | | 5,805,631 | |
| | 1,453,120 | | Alinma Bank (Banks) | | | 10,857,285 | |
| | 1,598,817 | | Arab National Bank (Banks) | | | 8,040,844 | |
| | 145,728 | | Arabian Centres Co. (Real Estate Management & Development)(a) | | | 797,656 | |
| | 12,496 | | Astra Industrial Group (Capital Goods) | | | 592,243 | |
| | 13,902 | | Bank AlBilad (Banks) | | | 135,998 | |
| | 46,437 | | Banque Saudi Fransi (Banks) | | | 384,533 | |
| | 24,768 | | Bupa Arabia for Cooperative Insurance Co. (Insurance) | | | 1,328,188 | |
| | 15,261 | | Co. for Cooperative Insurance (The) (Insurance) | | | 569,229 | |
| | 10,433 | | Elm Co. (Software & Services) | | | 2,834,048 | |
| | 2,076,300 | | Riyad Bank (Banks) | | | 14,192,004 | |
| | 10,861 | | SABIC Agri-Nutrients Co. (Materials) | | | 328,494 | |
| | 300,879 | | Saudi Arabian Mining Co. (Materials)* | | | 4,504,409 | |
| | 1,005,260 | | Saudi Awwal Bank (Banks) | | | 9,048,666 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Saudi Arabia – (continued) | |
| | 269,672 | | Saudi Chemical Co. Holding (Health Care Equipment & Services) | | $ | 834,517 | |
| | 84,151 | | Saudi Investment Bank (The) (Banks) | | | 294,962 | |
| | 225,937 | | Saudi National Bank (The) (Banks) | | | 1,986,196 | |
| | 1,336,633 | | Saudi Telecom Co. (Telecommunication Services) | | | 15,001,367 | |
| | 40,706 | | United Electronics Co. (Consumer Discretionary Distribution & Retail) | | | 1,090,790 | |
| | | | | | | | |
| | | | | | | 80,522,139 | |
| | | |
| |
| | South Africa – 2.5% | |
| | 6,605,774 | | FirstRand Ltd. (Financial Services) | | | 29,023,756 | |
| | 87,768 | | Foschini Group Ltd. (The) (Consumer Discretionary Distribution & Retail) | | | 763,875 | |
| | 512,083 | | Gold Fields Ltd. ADR (Materials) | | | 8,439,128 | |
| | 372,454 | | Hyprop Investments Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 881,806 | |
| | 303,568 | | Investec Ltd. (Financial Services) | | | 2,367,589 | |
| | 1,583,249 | | Life Healthcare Group Holdings Ltd. (Health Care Equipment & Services) | | | 1,432,378 | |
| | 114,728 | | Mr Price Group Ltd. (Consumer Discretionary Distribution & Retail) | | | 1,673,518 | |
| | 13,490 | | Naspers Ltd., Class N (Consumer Discretionary Distribution & Retail) | | | 3,188,327 | |
| | 501,885 | | Pan African Resources PLC (Materials) | | | 229,176 | |
| | 1,382,277 | | Redefine Properties Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 383,400 | |
| | 817,241 | | Sanlam Ltd. (Insurance) | | | 4,066,736 | |
| | 1,058,145 | | Vukile Property Fund Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,116,364 | |
| | | | | | | | |
| | | | | | | 53,566,053 | |
| | | |
| |
| | South Korea – 11.0% | |
| | 11,986 | | Daou Technology, Inc. (Financial Services) | | | 158,679 | |
| | 156,144 | | DB Insurance Co. Ltd. (Insurance) | | | 12,307,135 | |
| | 295,521 | | Hana Financial Group, Inc. (Banks) | | | 12,750,105 | |
| | 133,151 | | Hanwha General Insurance Co. Ltd. (Insurance) | | | 460,171 | |
| | 551,469 | | Hanwha Life Insurance Co. Ltd. (Insurance) | | | 1,176,591 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | South Korea – (continued) | |
| | 68,794 | | HD Hyundai Electric Co. Ltd. (Capital Goods) | | $ | 16,101,483 | |
| | 1,076 | | HD Hyundai Heavy Industries Co. Ltd. (Capital Goods)* | | | 141,681 | |
| | 4,418 | | HD HYUNDAI MIPO (Capital Goods)* | | | 349,455 | |
| | 177,610 | | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods)* | | | 23,499,737 | |
| | 73,965 | | HDC Hyundai Development Co.-Engineering & Construction, Class E (Capital Goods) | | | 1,060,251 | |
| | 103,561 | | HD-Hyundai Marine Engine (Capital Goods)* | | | 1,426,599 | |
| | 8,749 | | Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 1,720,937 | |
| | 11,669 | | Hyundai Glovis Co. Ltd. (Transportation) | | | 1,026,665 | |
| | 89,091 | | Hyundai Marine & Fire Insurance Co. Ltd. (Insurance) | | | 1,954,812 | |
| | 6,351 | | JW Pharmaceutical Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 123,546 | |
| | 105,646 | | KB Financial Group, Inc. (Banks) | | | 6,874,259 | |
| | 75,672 | | Kia Corp. (Automobiles & Components) | | | 5,004,110 | |
| | 115,716 | | Korea Aerospace Industries Ltd. (Capital Goods) | | | 4,880,388 | |
| | 10,444 | | Korea Electric Terminal Co. Ltd. (Capital Goods) | | | 576,054 | |
| | 54,481 | | KT Corp. (Telecommunication Services) | | | 1,737,134 | |
| | 255,138 | | KT&G Corp. (Food, Beverage & Tobacco) | | | 20,266,689 | |
| | 22,084 | | Meritz Financial Group, Inc. (Financial Services) | | | 1,634,423 | |
| | 65,597 | | NAVER Corp. (Media & Entertainment) | | | 8,023,942 | |
| | 2,052 | | Samsung C&T Corp. (Capital Goods) | | | 173,263 | |
| | 2,185,767 | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 92,809,830 | |
| | 37,666 | | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | | | 9,131,776 | |
| | 12,682 | | Samsung Life Insurance Co. Ltd. (Insurance) | | | 927,999 | |
| | 80,761 | | Samsung Securities Co. Ltd. (Financial Services) | | | 2,665,058 | |
| | 144,242 | | Shinhan Financial Group Co. Ltd. (Banks) | | | 5,373,043 | |
| | 8,762 | | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,147,067 | |
| | 17,668 | | SK Square Co. Ltd. (Capital Goods)* | | | 1,066,968 | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | South Korea – (continued) | |
| | 6,403 | | Yuhan Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | | $ | 639,171 | |
| | | | | | | | |
| | | | | | | 237,189,021 | |
| | | |
| |
| | Taiwan – 17.8% | |
| | 234,000 | | Accton Technology Corp. (Technology Hardware & Equipment) | | | 3,932,061 | |
| | 391,000 | | Advancetek Enterprise Co. Ltd. (Real Estate Management & Development) | | | 775,678 | |
| | 202,455 | | Advantech Co. Ltd. (Technology Hardware & Equipment) | | | 1,984,073 | |
| | 202,000 | | Catcher Technology Co. Ltd. (Technology Hardware & Equipment) | | | 1,470,190 | |
| | 3,129,000 | | Cathay Financial Holding Co. Ltd. (Insurance) | | | 6,608,279 | |
| | 1,337,000 | | Chicony Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 6,742,617 | |
| | 18,000 | | Chief Telecom, Inc. (Telecommunication Services) | | | 261,229 | |
| | 103,000 | | Chroma ATE, Inc. (Technology Hardware & Equipment) | | | 1,301,905 | |
| | 1,351,000 | | Chunghwa Telecom Co. Ltd. (Telecommunication Services) | | | 5,128,312 | |
| | 1,619,000 | | Compal Electronics, Inc. (Technology Hardware & Equipment) | | | 1,777,254 | |
| | 6,803,000 | | CTBC Financial Holding Co. Ltd. (Banks) | | | 7,541,635 | |
| | 773,800 | | Da-Li Development Co. Ltd. (Real Estate Management & Development) | | | 1,026,824 | |
| | 2,608,000 | | E.Sun Financial Holding Co. Ltd. (Banks) | | | 2,217,665 | |
| | 10,679,000 | | Eva Airways Corp. (Transportation) | | | 12,333,197 | |
| | 89,000 | | Everlight Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 231,237 | |
| | 2,122,000 | | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) | | | 5,859,664 | |
| | 76,000 | | Foxsemicon Integrated Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 798,574 | |
| | 6,299,750 | | Fubon Financial Holding Co. Ltd. (Insurance) | | | 17,598,093 | |
| | 1,318,000 | | Gamania Digital Entertainment Co. Ltd. (Media & Entertainment) | | | 3,215,697 | |
| | 6,000 | | General Interface Solution Holding Ltd. (Technology Hardware & Equipment)* | | | 10,549 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Taiwan – (continued) | |
| | 211,000 | | Genesys Logic, Inc. (Semiconductors & Semiconductor Equipment) | | $ | 952,743 | |
| | 63,000 | | Genius Electronic Optical Co. Ltd. (Technology Hardware & Equipment) | | | 868,243 | |
| | 431,000 | | Giant Manufacturing Co. Ltd. (Consumer Durables & Apparel) | | | 2,429,996 | |
| | 517,000 | | Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,595,710 | |
| | 513,000 | | Goldsun Building Materials Co. Ltd. (Materials) | | | 849,298 | |
| | 125,000 | | Greatek Electronics, Inc. (Semiconductors & Semiconductor Equipment) | | | 223,712 | |
| | 1,082,000 | | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | | | 6,935,321 | |
| | 176,000 | | Huang Hsiang Construction Corp. (Real Estate Management & Development) | | | 311,254 | |
| | 291,000 | | Integrated Service Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,688,007 | |
| | 234,000 | | International Games System Co. Ltd. (Media & Entertainment) | | | 7,383,229 | |
| | 959,000 | | ITE Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,998,519 | |
| | 193,000 | | Keystone Microtech Corp. (Semiconductors & Semiconductor Equipment) | | | 1,966,298 | |
| | 1,660,000 | | KGI Financial Holding Co. Ltd. (Insurance) | | | 855,356 | |
| | 523,000 | | Kindom Development Co. Ltd. (Real Estate Management & Development) | | | 734,049 | |
| | 872,000 | | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | | | 33,945,389 | |
| | 269,000 | | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | | | 4,008,436 | |
| | 428,000 | | Pixart Imaging, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,189,636 | |
| | 855,000 | | President Chain Store Corp. (Consumer Staples Distribution & Retail) | | | 7,850,468 | |
| | 18,000 | | RDC Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)* | | | 120,371 | |
| | 118,000 | | Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | | 1,731,352 | |
| | 10,279,000 | | Ruentex Development Co. Ltd. (Real Estate Management & Development) | | | 14,756,608 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Taiwan – (continued) | |
| | 75,000 | | Shinkong Insurance Co. Ltd. (Insurance) | | $ | 228,145 | |
| | 474,000 | | Sigurd Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | | 1,071,862 | |
| | 1,932,124 | | SinoPac Financial Holdings Co. Ltd. (Banks) | | | 1,371,572 | |
| | 1,131,000 | | Sunplus Technology Co. Ltd. (Semiconductors & Semiconductor Equipment)* | | | 1,017,773 | |
| | 553,000 | | Syncmold Enterprise Corp. (Technology Hardware & Equipment) | | | 1,723,212 | |
| | 569,184 | | Taichung Commercial Bank Co. Ltd. (Banks) | | | 313,175 | |
| | 383,760 | | Taishin Financial Holding Co. Ltd. (Banks) | | | 203,899 | |
| | 5,754,000 | | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 180,442,494 | |
| | 74,000 | | Thinking Electronic Industrial Co. Ltd. (Technology Hardware & Equipment) | | | 372,824 | |
| | 271,000 | | Tigerair Taiwan Co. Ltd. (Transportation)* | | | 529,087 | |
| | 172,000 | | Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 1,660,435 | |
| | 823,000 | | Tripod Technology Corp. (Technology Hardware & Equipment) | | | 4,857,822 | |
| | 2,149,000 | | Uni-President Enterprises Corp. (Food, Beverage & Tobacco) | | | 6,018,058 | |
| | 105,000 | | Yankey Engineering Co. Ltd. (Capital Goods) | | | 1,006,874 | |
| | 1,551,000 | | Yuanta Financial Holding Co. Ltd. (Financial Services) | | | 1,555,602 | |
| | 333,000 | | Zippy Technology Corp. (Capital Goods) | | | 748,104 | |
| | | | | | | | |
| | | | | | | 382,329,666 | |
| | | |
| |
| | Thailand – 1.7% | |
| | 1,516,500 | | Bangkok Airways PCL (Transportation) | | | 1,143,050 | |
| | 1,041,400 | | Bangkok Commercial Asset Management PCL (Financial Services) | | | 255,921 | |
| | 688,400 | | Bumrungrad Hospital PCL (Health Care Equipment & Services) | | | 5,555,822 | |
| | 1,037,800 | | Central Pattana PCL (Real Estate Management & Development) | | | 1,930,832 | |
| | 8,424,500 | | Charoen Pokphand Foods PCL | | | | |
| | | | (Food, Beverage & Tobacco) | | | 6,200,674 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Thailand – (continued) | |
| | 3,106,200 | | Com7 PCL, Class F (Consumer Discretionary Distribution & Retail) | | $ | 2,571,372 | |
| | 2,787,700 | | CP ALL PCL (Consumer Staples Distribution & Retail) | | | 5,225,210 | |
| | 1,858,900 | | KCE Electronics PCL (Technology Hardware & Equipment) | | | 1,966,648 | |
| | 155,900 | | Kiatnakin Phatra Bank PCL (Banks) | | | 251,575 | |
| | 9,764,300 | | Krung Thai Bank PCL (Banks) | | | 5,930,568 | |
| | 1,373,700 | | SCB X PCL (Banks) | | | 4,619,871 | |
| | 1,561,100 | | Supalai PCL (Real Estate Management & Development) | | | 906,526 | |
| | | | | | | | |
| | | | | | | 36,558,069 | |
| | | |
| |
| | Turkey – 0.6% | |
| | 353,818 | | Aygaz AS (Utilities) | | | 1,557,393 | |
| | 4,982,400 | | Enka Insaat ve Sanayi AS (Capital Goods) | | | 6,845,802 | |
| | 109,825 | | KOC Holding AS (Capital Goods) | | | 541,600 | |
| | 53,545 | | Pegasus Hava Tasimaciligi AS (Transportation)* | | | 362,661 | |
| | 2,997,574 | | Turk Telekomunikasyon AS (Telecommunication Services)* | | | 4,133,487 | |
| | 65,036 | | Yapi ve Kredi Bankasi AS (Banks) | | | 46,515 | |
| | | | | | | | |
| | | | | | | 13,487,458 | |
| | | |
| |
| | United Arab Emirates – 0.8% | |
| | 358,912 | | Abu Dhabi National Energy Co. PJSC (Utilities) | | | 277,099 | |
| | 204,786 | | ADNOC Drilling Co. PJSC (Energy) | | | 282,671 | |
| | 1,503,005 | | Dubai Islamic Bank PJSC (Banks) | | | 2,554,016 | |
| | 253,056 | | Emaar Development PJSC (Real Estate Management & Development) | | | 638,328 | |
| | 1,067,977 | | Emaar Properties PJSC (Real Estate Management & Development) | | | 2,525,060 | |
| | 2,135,717 | | Emirates NBD Bank PJSC (Banks) | | | 11,047,664 | |
| | | | | | | | |
| | | | | | | 17,324,838 | |
| | | |
| |
| | United Kingdom – 0.2% | |
| | 140,959 | | Anglogold Ashanti PLC (Materials) | | | 3,932,634 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $1,786,642,540) | | | 2,058,367,058 | |
| | | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
| | | | | | | | | | | | |
| | | Shares | | Description | | Rate | | | Value | |
| |
| | Preferred Stocks – 2.3% | |
| |
| | Brazil – 1.8% | |
| | 3,759,300 | | Cia Paranaense de Energia - Copel (Utilities) | | | 2.19 | % | | $ | 6,379,410 | |
| | 3,258,100 | | Itau Unibanco Holding SA (Banks) | | | 6.71 | | | | 19,737,180 | |
| | 7,109,200 | | Itausa SA (Banks) | | | 6.48 | | | | 13,047,901 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,164,491 | |
| | | |
| |
| | South Korea – 0.5% | |
| | 284,543 | | Mirae Asset Securities Co. Ltd., N.A. (Financial Services) | | | 3.76 | | | | 829,565 | |
| | 211,570 | | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 3.00 | | | | 7,278,068 | |
| | 9,072 | | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | | | 5.97 | | | | 1,712,174 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,819,807 | |
| | | |
| | TOTAL PREFERRED STOCKS (Cost $50,649,740) | | | | 48,984,298 | |
| | | |
| | TOTAL INVESTMENTS – 97.9% (Cost $1,837,292,280) | | | $ | 2,107,351,356 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1% | | | | 44,841,005 | |
| | | |
| | NET ASSETS – 100.0% | | | $ | 2,152,192,361 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | | | | | | | |
| | | |
| | Investment Abbreviations: ADR —American Depositary Receipt | | | | |
| | GDR —Global Depositary Receipt PLC —Public Limited Company REIT —Real Estate Investment Trust | | | | |
| | | |
| | | | |
| |
| Sector Name | |
| % of
Market
Value |
|
| |
Financials | | | 24.4 | % |
Information Technology | | | 20.3 | |
Consumer Discretionary | | | 11.7 | |
Communication Services | | | 11.3 | |
Industrials | | | 8.1 | |
Health Care | | | 6.8 | |
Materials | | | 4.9 | |
Consumer Staples | | | 4.0 | |
Utilities | | | 3.4 | |
Real Estate | | | 3.2 | |
Energy | | | 1.9 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | |
| Description | | Number of Contracts | | Expiration Date | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) |
| |
Long position contracts: | | | | | | | | | | | | |
MSCI Emerging Markets Index | | 308 | | 12/20/24 | | $ | 17,348,100 | | | $ | 426,725 | |
| |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 95.9% | |
| |
| | Australia – 6.7% | |
| | 71,866 | | AGL Energy Ltd. (Utilities) | | $ | 493,433 | |
| | 246,961 | | AMP Ltd. (Financial Services) | | | 230,697 | |
| | 571,714 | | BHP Group Ltd. (Materials) | | | 15,883,694 | |
| | 289,507 | | Brambles Ltd. (Commercial & Professional Services) | | | 3,485,671 | |
| | 199,843 | | Commonwealth Bank of Australia (Banks) | | | 18,640,242 | |
| | 903,749 | | Deterra Royalties Ltd. (Materials) | | | 2,186,448 | |
| | 520,328 | | Fortescue Ltd. (Materials) | | | 6,515,991 | |
| | 358,187 | | Glencore PLC (Materials)* | | | 1,878,563 | |
| | 115,460 | | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | | | 6,195,848 | |
| | 21,317 | | Macquarie Group Ltd. (Financial Services) | | | 3,226,252 | |
| | 1,056,077 | | National Australia Bank Ltd. (Banks) | | | 26,766,416 | |
| | 905,321 | | Northern Star Resources Ltd. (Materials) | | | 10,505,704 | |
| | 410,352 | | Perseus Mining Ltd. (Materials) | | | 767,209 | |
| | 121,812 | | Premier Investments Ltd. (Consumer Discretionary Distribution & Retail) | | | 2,680,587 | |
| | 11,716 | | Pro Medicus Ltd. (Health Care Equipment & Services) | | | 1,484,128 | |
| | 1,095,022 | | Qantas Airways Ltd. (Transportation)* | | | 5,797,580 | |
| | 942,496 | | Resolute Mining Ltd. (Materials)* | | | 503,943 | |
| | 67,249 | | Rio Tinto PLC ADR (Materials) | | | 4,363,788 | |
| | 1,516,892 | | Scentre Group REIT (Equity Real Estate Investment Trusts (REITs)) | | | 3,477,729 | |
| | 1,800,877 | | Telstra Group Ltd. (Telecommunication Services) | | | 4,508,360 | |
| | 17,317 | | Westpac Banking Corp. (Banks) | | | 363,688 | |
| | 7,341 | | WiseTech Global Ltd. (Software & Services) | | | 563,629 | |
| | | | | | | | |
| | | | | 120,519,600 | |
| | | |
| |
| | Austria – 0.2% | |
| | 42,013 | | BAWAG Group AG (Banks)*(a) | | | 3,256,413 | |
| | | |
| |
| | Belgium – 0.0% | |
| | 12,694 | | Colruyt Group NV (Consumer Staples Distribution & Retail) | | | 592,359 | |
| | | |
| |
| | China – 1.3% | |
| | 268,000 | | Lenovo Group Ltd. (Technology Hardware & Equipment) | | | 353,394 | |
| | 379,110 | | Prosus NV (Consumer Discretionary Distribution & Retail)* | | | 15,977,550 | |
| | 3,802,300 | | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | | | 7,387,093 | |
| | | | | | | | |
| | | | | 23,718,037 | |
| | | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Denmark – 4.0% | |
| | 44,698 | | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | | $ | 10,010,444 | |
| | 466,316 | | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | | | 52,304,340 | |
| | 33,156 | | Pandora A/S (Consumer Durables & Apparel) | | | 5,013,063 | |
| | 34,273 | | Sydbank AS (Banks) | | | 1,635,684 | |
| | 198,524 | | Vestas Wind Systems A/S | | | | |
| | | | (Capital Goods)* | | | 3,783,339 | |
| | | | | | | | |
| | | | | 72,746,870 | |
| | | |
| |
| | Finland – 0.3% | |
| | 371,690 | | Nokia OYJ (Technology | | | | |
| | | | Hardware & Equipment) | | | 1,758,847 | |
| | 329,990 | | Nordea Bank Abp (Banks) | | | 3,863,191 | |
| | 30,270 | | Wartsila OYJ Abp (Capital Goods) | | | 579,745 | |
| | | | | | | | |
| | | | | 6,201,783 | |
| | | |
| |
| | France – 9.4% | |
| | 156,654 | | Air Liquide SA (Materials) | | | 28,088,294 | |
| | 36,447 | | Bouygues SA (Capital Goods) | | | 1,171,463 | |
| | 12,305 | | Capgemini SE (Software & Services) | | | 2,134,683 | |
| | 59,071 | | Cie de Saint-Gobain SA (Capital Goods) | | | 5,356,853 | |
| | 78,454 | | Cie Generale des Etablissements Michelin SCA (Automobiles & Components) | | | 2,651,395 | |
| | 170,727 | | Danone SA (Food, Beverage & Tobacco) | | | 12,196,494 | |
| | 41,103 | | Dassault Aviation SA (Capital Goods) | | | 8,299,256 | |
| | 130,423 | | Dassault Systemes (Software & Services) | | | 4,463,753 | |
| | 110,289 | | Eiffage SA (Capital Goods) | | | 10,265,010 | |
| | 38,683 | | EssilorLuxottica SA (Health Care Equipment & Services) | | | 9,073,408 | |
| | 14,743 | | Gecina SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,575,557 | |
| | 3,428 | | Hermes International SCA (Consumer Durables & Apparel) | | | 7,791,000 | |
| | 16,329 | | ICADE REIT (Equity Real Estate Investment Trusts (REITs)) | | | 427,101 | |
| | 57,770 | | Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,847,000 | |
| | 162,354 | | Legrand SA (Capital Goods) | | | 18,324,651 | |
| | 17,630 | | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | | | 11,736,658 | |
| | 11,917 | | Publicis Groupe SA (Media & Entertainment) | | | 1,266,580 | |
| | 121,298 | | Rexel SA (Capital Goods) | | | 3,341,938 | |
| | 98,279 | | Safran SA (Capital Goods) | | | 22,247,005 | |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | France – (continued) | |
| | 26,465 | | SCOR SE (Insurance) | | $ | 569,391 | |
| | 25,317 | | Thales SA (Capital Goods) | | | 4,081,066 | |
| | 367,683 | | Valeo SE (Automobiles & Components) | | | 3,574,671 | |
| | 308,416 | | Veolia Environnement SA (Utilities) | | | 9,792,120 | |
| | | | | | | | |
| | | | | 170,275,347 | |
| | | |
| |
| | Georgia – 0.0% | |
| | 8,810 | | Bank of Georgia Group PLC (Banks) | | | 472,579 | |
| | | |
| |
| | Germany – 11.8% | |
| | 97,307 | | Allianz SE (Insurance) | | | 30,632,779 | |
| | 173,041 | | BASF SE (Materials) | | | 8,411,980 | |
| | 39,708 | | Continental AG (Automobiles & Components) | | | 2,478,192 | |
| | 381,370 | | Deutsche Bank AG (Financial Services) | | | 6,479,392 | |
| | 130,441 | | Deutsche Post AG (Transportation) | | | 5,239,756 | |
| | 56,281 | | Deutsche Telekom AG (Telecommunication Services) | | | 1,701,574 | |
| | 144,069 | | E.ON SE (Utilities) | | | 1,944,224 | |
| | 58,164 | | Fresenius Medical Care AG (Health Care Equipment & Services) | | | 2,276,830 | |
| | 268,797 | | Fresenius SE & Co. KGaA (Health Care Equipment & Services)* | | | 9,813,959 | |
| | 164,581 | | GEA Group AG (Capital Goods) | | | 8,106,585 | |
| | 66,837 | | Hannover Rueck SE (Insurance) | | | 17,551,007 | |
| | 30,085 | | Henkel AG & Co. KGaA (Household & Personal Products) | | | 2,346,380 | |
| | 15,292 | | HOCHTIEF AG (Capital Goods) | | | 1,872,719 | |
| | 132,496 | | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | | | 4,190,140 | |
| | 74,816 | | Knorr-Bremse AG (Capital Goods) | | | 6,171,643 | |
| | 26,871 | | MTU Aero Engines AG (Capital Goods) | | | 8,782,553 | |
| | 33,212 | | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) | | | 16,983,968 | |
| | 36,016 | | Nemetschek SE (Software & Services) | | | 3,880,806 | |
| | 182,205 | | SAP SE (Software & Services) | | | 42,542,170 | |
| | 34,281 | | Scout24 SE (Media & Entertainment)(a) | | | 2,961,378 | |
| | 92,891 | | Siemens AG (Capital Goods) | | | 18,071,939 | |
| | 106,687 | | Siemens Energy AG (Capital Goods)* | | | 4,381,967 | |
| | 5,865 | | Symrise AG (Materials) | | | 705,740 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Germany – (continued) | |
| | 132,517 | | TeamViewer SE (Software & Services)* | | $ | 1,909,081 | |
| | 114,804 | | Zalando SE (Consumer Discretionary Distribution & Retail)*(a) | | | 3,475,426 | |
| | | | | | | | |
| | | | | 212,912,188 | |
| | | |
| |
| | Hong Kong – 1.9% | |
| | 1,461,400 | | AIA Group Ltd. (Insurance) | | | 11,533,834 | |
| | 329,000 | | CK Asset Holdings Ltd. (Real Estate Management & Development) | | | 1,344,941 | |
| | 189,500 | | CLP Holdings Ltd. (Utilities) | | | 1,609,727 | |
| | 500,000 | | Power Assets Holdings Ltd. (Utilities) | | | 3,330,634 | |
| | 71,350 | | Prudential PLC (Insurance) | | | 593,979 | |
| | 281,000 | | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | | | 3,042,658 | |
| | 717,000 | | Swire Pacific Ltd., Class A (Capital Goods) | | | 6,005,357 | |
| | 7,237,500 | | WH Group Ltd. (Food, Beverage & Tobacco)(a) | | | 5,633,065 | |
| | 260,000 | | Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel) | | | 546,553 | |
| | | | | | | | |
| | | | | 33,640,748 | |
| | | |
| |
| | Ireland – 0.0% | |
| | 48,210 | | Bank of Ireland Group PLC (Banks) | | | 446,821 | |
| | | |
| |
| | Israel – 0.1% | |
| | 37,715 | | Plus500 Ltd. (Financial Services) | | | 1,138,953 | |
| | | |
| |
| | Italy – 3.2% | |
| | 643,916 | | A2A SpA (Utilities) | | | 1,471,893 | |
| | 66,814 | | Azimut Holding SpA (Financial Services) | | | 1,652,611 | |
| | 65,760 | | Banca Generali SpA (Financial Services) | | | 2,914,192 | |
| | 1,050,858 | | Banca Mediolanum SpA (Financial Services) | | | 12,989,458 | |
| | 533,522 | | Banca Monte dei Paschi di Siena SpA (Banks) | | | 2,927,978 | |
| | 72,728 | | Banca Popolare di Sondrio SpA (Banks) | | | 542,433 | |
| | 1,851,284 | | Banco BPM SpA (Banks) | | | 12,487,088 | |
| | 412,403 | | BPER Banca SpA (Banks) | | | 2,510,959 | |
| | 18,452 | | Ferrari NV (Automobiles & Components) | | | 8,808,421 | |
| | 387,437 | | Pirelli & C SpA (Automobiles & Components)(a) | | | 2,117,089 | |
| | 8,863,937 | | Telecom Italia SpA (Telecommunication Services)* | | | 2,245,284 | |
| | 152,028 | | UniCredit SpA (Banks) | | | 6,725,602 | |
| | 29,771 | | Unipol Gruppo SpA (Insurance) | | | 369,994 | |
| | | | | | | | |
| | | | | 57,763,002 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – 22.9% | |
| | 14,000 | | AGC, Inc. (Capital Goods) | | $ | 429,032 | |
| | 22,500 | | Air Water, Inc. (Materials) | | | 283,029 | |
| | 20,600 | | Alfresa Holdings Corp. (Health Care Equipment & Services) | | | 297,218 | |
| | 381,800 | | Asahi Kasei Corp. (Materials) | | | 2,633,919 | |
| | 37,700 | | Bic Camera, Inc. (Consumer Discretionary Distribution & Retail) | | | 419,595 | |
| | 204,700 | | Brother Industries Ltd. (Technology Hardware & Equipment) | | | 3,986,992 | |
| | 49,200 | | Capcom Co. Ltd. (Media & Entertainment) | | | 973,592 | |
| | 283,000 | | Central Japan Railway Co. (Transportation) | | | 5,860,713 | |
| | 90,400 | | Chubu Electric Power Co., Inc. (Utilities) | | | 1,039,163 | |
| | 72,100 | | Dai-ichi Life Holdings, Inc. (Insurance) | | | 1,797,476 | |
| | 394,800 | | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 12,850,046 | |
| | 223,800 | | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | | | 6,675,655 | |
| | 1,061,800 | | Daiwa Securities Group, Inc. (Financial Services) | | | 6,946,598 | |
| | 117,000 | | DIC Corp. (Materials) | | | 2,547,237 | |
| | 153,800 | | Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,210,762 | |
| | 42,600 | | Electric Power Development Co. Ltd. (Utilities) | | | 711,906 | |
| | 163,300 | | ENEOS Holdings, Inc. (Energy) | | | 823,775 | |
| | 225,500 | | Food & Life Cos. Ltd. (Consumer Services) | | | 4,446,776 | |
| | 62,600 | | H.U. Group Holdings, Inc. (Health Care Equipment & Services) | | | 1,077,197 | |
| | 58,700 | | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | | | 785,539 | |
| | 120,200 | | Hitachi Ltd. (Capital Goods) | | | 3,020,008 | |
| | 609,000 | | Hulic Co. Ltd. (Real Estate Management & Development) | | | 5,639,565 | |
| | 258,300 | | Inpex Corp. (Energy) | | | 3,404,925 | |
| | 61,200 | | J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 649,924 | |
| | 425,900 | | Japan Post Bank Co. Ltd. (Banks) | | | 3,803,861 | |
| | 60,700 | | JGC Holdings Corp. (Capital Goods) | | | 521,006 | |
| | 71,000 | | Kawasaki Heavy Industries Ltd. (Capital Goods) | | | 2,718,472 | |
| | 52,800 | | Kawasaki Kisen Kaisha Ltd. (Transportation) | | | 729,381 | |
| | 222,100 | | KDDI Corp. (Telecommunication Services) | | | 6,924,944 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 58,300 | | Kewpie Corp. (Food, Beverage & Tobacco) | | $ | 1,378,697 | |
| | 1,900 | | Keyence Corp. (Technology Hardware & Equipment) | | | 857,686 | |
| | 401,500 | | Kikkoman Corp. (Food, Beverage & Tobacco) | | | 4,710,700 | |
| | 84,900 | | Konami Group Corp. (Media & Entertainment) | | | 7,781,924 | |
| | 163,300 | | Kyowa Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 2,691,473 | |
| | 2,500 | | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | | | 339,239 | |
| | 16,300 | | Lintec Corp. (Materials) | | | 338,252 | |
| | 19,900 | | Mars Group Holdings Corp. (Consumer Durables & Apparel) | | | 409,506 | |
| | 716,100 | | Mitsubishi Chemical Group Corp. (Materials) | | | 3,864,140 | |
| | 1,043,900 | | Mitsubishi Electric Corp. (Capital Goods) | | | 18,364,843 | |
| | 841,300 | | Mitsubishi HC Capital, Inc. (Financial Services) | | | 5,633,546 | |
| | 208,300 | | Mitsui & Co. Ltd. (Capital Goods) | | | 4,246,747 | |
| | 65,700 | | Mitsui Chemicals, Inc. (Materials) | | | 1,500,970 | |
| | 28,000 | | Mitsui Mining & Smelting Co. Ltd. (Materials) | | | 889,608 | |
| | 271,700 | | Mitsui OSK Lines Ltd. (Transportation) | | | 9,250,180 | |
| | 474,100 | | Mizuho Financial Group, Inc. (Banks) | | | 9,847,533 | |
| | 196,800 | | Modec, Inc. (Energy) | | | 4,285,199 | |
| | 21,800 | | Morinaga & Co. Ltd. (Food, Beverage & Tobacco) | | | 407,762 | |
| | 233,000 | | MS&AD Insurance Group Holdings, Inc. (Insurance) | | | 5,153,805 | |
| | 132,800 | | Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment) | | | 2,320,164 | |
| | 350,300 | | Nexon Co. Ltd. (Media & Entertainment) | | | 6,071,385 | |
| | 644,800 | | NGK Insulators Ltd. (Capital Goods) | | | 7,943,352 | |
| | 24,900 | | Nichirei Corp. (Food, Beverage & Tobacco) | | | 695,835 | |
| | 53,200 | | Nippon Kayaku Co. Ltd. (Materials) | | | 420,828 | |
| | 7,503,900 | | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | | | 7,240,029 | |
| | 290,000 | | Nippon Yusen KK (Transportation) | | | 9,709,037 | |
| | 208,000 | | Nitto Denko Corp. (Materials) | | | 3,422,378 | |
| | 1,397,800 | | Nomura Holdings, Inc. (Financial Services) | | | 7,167,785 | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 538,200 | | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | | $ | 13,250,333 | |
| | 41,500 | | Nomura Research Institute Ltd. (Software & Services) | | | 1,241,407 | |
| | 19,800 | | NS United Kaiun Kaisha Ltd. (Transportation) | | | 560,291 | |
| | 626,100 | | Oji Holdings Corp. (Materials) | | | 2,328,218 | |
| | 90,400 | | Omron Corp. (Technology Hardware & Equipment) | | | 3,569,112 | |
| | 779,500 | | ORIX Corp. (Financial Services) | | | 16,423,973 | |
| | 89,100 | | Sankyo Co. Ltd. (Consumer Durables & Apparel) | | | 1,183,457 | |
| | 325,700 | | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 3,895,000 | |
| | 110,400 | | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 1,478,876 | |
| | 370,300 | | SBI Holdings, Inc. (Financial Services) | | | 8,131,461 | |
| | 369,600 | | Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel) | | | 5,216,129 | |
| | 811,500 | | Sekisui House Ltd. (Consumer Durables & Apparel) | | | 19,598,998 | |
| | 91,900 | | Shikoku Electric Power Co., Inc. (Utilities) | | | 822,466 | |
| | 18,300 | | Shimamura Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 942,011 | |
| | 857,900 | | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 12,253,173 | |
| | 130,500 | | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | | | 745,333 | |
| | 2,630,800 | | SoftBank Corp. (Telecommunication Services) | | | 3,311,923 | |
| | 37,700 | | SoftBank Group Corp. (Telecommunication Services) | | | 2,247,617 | |
| | 354,600 | | Sojitz Corp. (Capital Goods) | | | 7,246,864 | |
| | 210,700 | | Sumitomo Chemical Co. Ltd. (Materials) | | | 562,514 | |
| | 673,600 | | Sumitomo Electric Industries Ltd. (Automobiles & Components) | | | 10,361,695 | |
| | 151,700 | | Sumitomo Heavy Industries Ltd. (Capital Goods) | | | 3,380,326 | |
| | 85,000 | | Sumitomo Metal Mining Co. Ltd. (Materials) | | | 2,350,130 | |
| | 191,100 | | Sumitomo Mitsui Financial Group, Inc. (Banks) | | | 4,054,099 | |
| | 635,800 | | Sumitomo Mitsui Trust Holdings, Inc. (Banks) | | | 13,943,298 | |
| | 80,400 | | Sumitomo Rubber Industries Ltd. (Automobiles & Components) | | | 823,991 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 61,400 | | Suzuki Motor Corp. (Automobiles & Components) | | $ | 609,293 | |
| | 66,000 | | T&D Holdings, Inc. (Insurance) | | | 1,053,508 | |
| | 376,700 | | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 2,982,548 | |
| | 246,700 | | TDK Corp. (Technology Hardware & Equipment) | | | 2,900,032 | |
| | 37,400 | | Toho Holdings Co. Ltd. (Health Care Equipment & Services) | | | 1,113,239 | |
| | 223,100 | | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | | | 683,129 | |
| | 54,200 | | Tokio Marine Holdings, Inc. (Insurance) | | | 1,952,076 | |
| | 73,700 | | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | | | 10,845,180 | |
| | 481,500 | | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | | | 3,004,757 | |
| | 160,100 | | TOPPAN Holdings, Inc. (Commercial & Professional Services) | | | 4,683,125 | |
| | 77,800 | | Toyo Seikan Group Holdings Ltd. (Materials) | | | 1,161,401 | |
| | 521,700 | | Toyota Motor Corp. (Automobiles & Components) | | | 8,989,098 | |
| | 240,600 | | Trend Micro, Inc. (Software & Services) | | | 12,588,772 | |
| | 8,900 | | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | | | 416,141 | |
| | 34,500 | | Unicharm Corp. (Household & Personal Products) | | | 1,112,452 | |
| | 940,300 | | Yamada Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 2,700,067 | |
| | 14,000 | | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 233,889 | |
| | 204,700 | | Yokogawa Electric Corp. (Technology Hardware & Equipment) | | | 4,538,569 | |
| | | | | | | | |
| | | | | 415,640,880 | |
| | | |
| |
| | Macau – 0.0% | |
| | 385,200 | | MGM China Holdings Ltd. (Consumer Services) | | | 499,893 | |
| | | |
| |
| | Netherlands – 3.5% | |
| | 332,974 | | ABN AMRO Bank NV (Banks)(a) | | | 5,502,632 | |
| | 245,037 | | Aegon Ltd. (Insurance) | | | 1,546,631 | |
| | 13,393 | | Arcadis NV (Commercial & Professional Services) | | | 927,383 | |
| | 8,970 | | ASM International NV (Semiconductors & Semiconductor Equipment) | | | 5,009,812 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Netherlands – (continued) | |
| | 37,346 | | ASML Holding NV (Semiconductors & Semiconductor Equipment) | | $ | 25,138,783 | |
| | 617,259 | | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | | | 20,350,854 | |
| | 36,633 | | Wolters Kluwer NV (Commercial & Professional Services) | | | 6,157,413 | |
| | | | | | | | |
| | | | | 64,633,508 | |
| | | |
| |
| | Norway – 0.5% | |
| | 100,935 | | DNB Bank ASA (Banks) | | | 2,091,675 | |
| | 62,837 | | Kongsberg Gruppen ASA (Capital Goods) | | | 6,559,633 | |
| | | | | | | | |
| | | | | 8,651,308 | |
| | | |
| |
| | Singapore – 0.5% | |
| | 215,200 | | Oversea-Chinese Banking Corp. Ltd. (Banks) | | | 2,469,012 | |
| | 115,400 | | Singapore Exchange Ltd. (Financial Services) | | | 988,862 | |
| | 940,500 | | Singapore Technologies Engineering Ltd. (Capital Goods) | | | 3,224,506 | |
| | 662,100 | | Singapore Telecommunications Ltd. (Telecommunication Services) | | | 1,562,048 | |
| | | | | | | | |
| | | | | 8,244,428 | |
| | | |
| |
| | South Africa – 0.2% | |
| | 139,137 | | Anglo American PLC (Materials) | | | 4,313,308 | |
| | | |
| |
| | Spain – 1.3% | |
| | 73,726 | | Banco Bilbao Vizcaya Argentaria SA (Banks) | | | 733,919 | |
| | 623,374 | | Banco Santander SA (Banks) | | | 3,045,429 | |
| | 318,103 | | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)(b) | | | 18,136,548 | |
| | 1,637,444 | | Unicaja Banco SA (Banks)(a) | | | 2,058,435 | |
| | | | | | | | |
| | | | | 23,974,331 | |
| | | |
| |
| | Sweden – 5.1% | |
| | 246,606 | | Alfa Laval AB (Capital Goods) | | | 10,917,180 | |
| | 39,285 | | Boliden AB (Materials) | | | 1,228,998 | |
| | 411,301 | | Essity AB, Class B (Household & Personal Products) | | | 11,611,879 | |
| | 133,478 | | Evolution AB (Consumer
Services)(a) | | | 12,619,923 | |
| | 164,246 | | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary Distribution & Retail)(b) | | | 2,448,463 | |
| | 350,169 | | Hexagon AB, Class B (Technology Hardware & Equipment) | | | 3,273,775 | |
| | 61,080 | | Hexpol AB (Materials) | | | 580,813 | |
| | 41,835 | | Indutrade AB (Capital Goods) | | | 1,138,362 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Sweden – (continued) | |
| | 642,135 | | Investor AB, Class B (Financial Services) | | $ | 18,175,029 | |
| | 194,077 | | Sandvik AB (Capital Goods) | | | 3,820,134 | |
| | 418,673 | | SSAB AB, Class A (Materials) | | | 2,014,419 | |
| | 1,365,811 | | SSAB AB, Class B (Materials) | | | 6,442,779 | |
| | 480,908 | | Svenska Handelsbanken AB, Class A (Banks) | | | 4,996,942 | |
| | 445,018 | | Swedbank AB, Class A (Banks) | | | 9,029,648 | |
| | 407,876 | | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | | | 3,419,676 | |
| | | | | | | | |
| | | | | 91,718,020 | |
| | | |
| |
| | Switzerland – 4.5% | |
| | 15,263 | | Baloise Holding AG (Insurance) | | | 2,921,024 | |
| | 4,041 | | Belimo Holding AG (Capital Goods) | | | 2,676,891 | |
| | 7,616 | | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,686,338 | |
| | 336,948 | | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | 36,560,975 | |
| | 29,597 | | Sika AG (Materials) | | | 8,243,274 | |
| | 845,617 | | UBS Group AG (Financial Services) | | | 25,865,722 | |
| | | | | | | | |
| | | | | 80,954,224 | |
| | | |
| |
| | United Kingdom – 9.7% | |
| | 117,953 | | Associated British Foods PLC (Food, Beverage & Tobacco) | | | 3,390,174 | |
| | 253,620 | | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life
Sciences)(b) | | | 18,045,063 | |
| | 181,899 | | Auto Trader Group PLC (Media & Entertainment)(a) | | | 1,964,054 | |
| | 1,002,439 | | Aviva PLC (Insurance) | | | 5,874,599 | |
| | 527,371 | | B&M European Value Retail SA (Consumer Discretionary Distribution & Retail) | | | 2,638,436 | |
| | 48,040 | | Babcock International Group PLC (Capital Goods) | | | 292,381 | |
| | 391,985 | | BAE Systems PLC (Capital Goods) | | | 6,317,747 | |
| | 228,289 | | Barclays PLC (Banks) | | | 699,821 | |
| | 472,714 | | Barratt Redrow PLC (Consumer Durables & Apparel) | | | 2,723,585 | |
| | 251,015 | | Beazley PLC (Insurance) | | | 2,446,963 | |
| | 21,753 | | Bellway PLC (Consumer Durables & Apparel) | | | 795,482 | |
| | 74,235 | | British American Tobacco PLC (Food, Beverage & Tobacco) | | | 2,595,933 | |
| | 1,301,970 | | BT Group PLC (Telecommunication Services) | | | 2,324,786 | |
| | 17,483 | | DCC PLC (Capital Goods) | | | 1,106,046 | |
| | 182,032 | | Entain PLC (Consumer Services) | | | 1,750,694 | |
| | 23,797 | | Halma PLC (Technology Hardware & Equipment) | | | 760,212 | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| | |
| | Common Stocks – (continued) | | | | |
| | |
| | United Kingdom – (continued) | | | | |
| | 1,268,336 | | HSBC Holdings PLC (Banks) | | $ | 11,640,823 | |
| | 100,055 | | IG Group Holdings PLC (Financial Services) | | | 1,157,701 | |
| | 674,548 | | Imperial Brands PLC (Food, Beverage & Tobacco) | | | 20,356,540 | |
| | 72,952 | | Informa PLC (Media & Entertainment) | | | 762,120 | |
| | 105,136 | | Investec PLC (Financial Services) | | | 806,628 | |
| | 241,591 | | J Sainsbury PLC (Consumer Staples Distribution & Retail) | | | 831,748 | |
| | 131,103 | | JET2 PLC (Transportation) | | | 2,436,613 | |
| | 58,942 | | Just Eat Takeaway.com NV (Consumer Services)*(a) | | | 673,585 | |
| | 252,099 | | Kingfisher PLC (Consumer Discretionary Distribution & Retail) | | | 953,389 | |
| | 100,557 | | Lancashire Holdings Ltd. (Insurance) | | | 818,175 | |
| | 88,232 | | Land Securities Group PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 685,270 | |
| | 3,453,122 | | Lloyds Banking Group PLC (Banks) | | | 2,370,224 | |
| | 1,296,048 | | M&G PLC (Financial Services) | | | 3,246,923 | |
| | 964,361 | | Man Group PLC (Financial Services) | | | 2,467,990 | |
| | 1,013,244 | | Marks & Spencer Group PLC (Consumer Staples Distribution & Retail) | | | 4,916,155 | |
| | 124,439 | | Melrose Industries PLC (Capital Goods) | | | 762,114 | |
| | 700,371 | | National Grid PLC (Utilities) | | | 8,793,968 | |
| | 2,328,292 | | NatWest Group PLC (Banks) | | | 11,032,037 | |
| | 66,112 | | Next PLC (Consumer Discretionary Distribution & Retail) | | | 8,364,134 | |
| | 167,290 | | Persimmon PLC (Consumer Durables & Apparel) | | | 3,170,361 | |
| | 78,877 | | RELX PLC (Commercial & Professional Services) | | | 3,617,278 | |
| | 964,712 | | Rolls-Royce Holdings PLC (Capital Goods)* | | | 6,656,901 | |
| | 260,463 | | Smiths Group PLC (Capital Goods) | | | 5,139,678 | |
| | 195,602 | | SSE PLC (Utilities) | | | 4,444,743 | |
| | 69,456 | | Tate & Lyle PLC (Food, Beverage & Tobacco) | | | 671,701 | |
| | 3,584,851 | | Taylor Wimpey PLC (Consumer Durables & Apparel) | | | 6,777,821 | |
| | 482,930 | | Tesco PLC (Consumer Staples Distribution & Retail) | | | 2,132,461 | |
| | 285,737 | | Tritax Big Box REIT PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 519,874 | |
| | 15,959 | | United Utilities Group PLC (Utilities) | | | 210,618 | |
| | | | | | | | | | | | |
| | | Shares | | Description | | | | | Value | |
| | |
| | Common Stocks – (continued) | | | | | |
| | |
| | United Kingdom – (continued) | | | | | |
| | 154,130 | | Vistry Group PLC (Consumer Durables & Apparel)* | | | $ | 1,811,301 | |
| | 347,832 | | Vodafone Group PLC ADR (Telecommunication Services) | | | | 3,224,403 | |
| | | | | | | | | | | | |
| | | | | | 175,179,253 | |
| | | |
| | |
| | United States – 8.8% | | | | | |
| | 20,033 | | Alcon AG (Health Care Equipment & Services) | | | | 1,840,087 | |
| | 440,068 | | BP PLC ADR (Energy) | | | | 12,920,397 | |
| | 47,499 | | Experian PLC (Commercial & Professional Services) | | | | 2,318,229 | |
| | 501,756 | | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | | | | 18,444,550 | |
| | 312,946 | | Nestle SA (Food, Beverage & Tobacco) | | | | 29,571,095 | |
| | 119,455 | | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | | 37,019,524 | |
| | 33,933 | | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | | | | 3,586,035 | |
| | 131,726 | | Schneider Electric SE (Capital Goods) | | | | 34,123,471 | |
| | 366,241 | | Shell PLC (Energy) | | | | 12,326,532 | |
| | 13,736 | | Signify NV (Capital Goods)(a) | | | | 336,321 | |
| | 56,350 | | Swiss Re AG (Insurance) | | | | 7,195,182 | |
| | | | | | | | | | | | |
| | | | | | 159,681,423 | |
| | | |
| | TOTAL COMMON STOCKS (Cost $1,596,499,516) | | | | 1,737,175,276 | |
| | | |
| | | Shares | | Description | | Rate | | | Value | |
| |
| | Preferred Stocks – 0.9% | |
| |
| | Germany – 0.9% | |
| | 183,943 | | Henkel AG & Co. KGaA (Household & Personal Products) | | | 2.33 | % | | | 15,928,180 | |
| | 2,543 | | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) | | | 0.31 | | | | 658,780 | |
| | | |
| | TOTAL PREFERRED STOCKS (Cost $14,735,880) | | | | 16,586,960 | |
| | | |
| | | Shares | | Dividend Rate | | | Value | |
| |
| | Investment Company – 0.4%(c) | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | | | | | |
| | 6,782,167 | | 4.766% | | | | 6,782,167 | |
| | (Cost $6,782,167) | | | | | |
| | | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,618,017,563) | | | | 1,760,544,403 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | | | | | |
| | | Shares | | Dividend Rate | | | Value | |
| |
| | Securities Lending Reinvestment Vehicle – 1.1%(c) | |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | | | | | |
| | 19,792,150 | | 4.766% | | | | | | $ | 19,792,150 | |
| | (Cost $19,792,150) | | | | | |
| | | |
| | TOTAL INVESTMENTS – 98.3% (Cost $1,637,809,713) | | | $ | 1,780,336,553 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7% | | | | 30,557,951 | |
| | | |
| | NET ASSETS – 100.0% | | | | | | $ | 1,810,894,504 | |
| | | |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
| | | | |
| |
| Sector Name | |
| % of
Market
Value |
|
| |
Financials | | | 22.6 | % |
Industrials | | | 18.5 | |
Health Care | | | 13.8 | |
Consumer Discretionary | | | 11.0 | |
Information Technology | | | 8.1 | |
Consumer Staples | | | 8.0 | |
Materials | | | 7.1 | |
Communication Services | | | 3.2 | |
Real Estate | | | 2.4 | |
Utilities | | | 1.9 | |
Energy | | | 1.9 | |
Investment Company | | | 0.4 | |
Securities Lending Reinvestment Vehicle | | | 1.1 | |
| |
| | | | | |
| |
TOTAL INVESTMENTS | | | 100.0 | % |
| |
| | | | | |
| | * | Non-income producing security. |
| | (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (b) | All or a portion of security is on loan. |
| | (c) | Represents an affiliated issuer. |
| | | | | | | | |
| | | |
| | Investment Abbreviations: ADR —American Depositary Receipt | | | | |
| | PLC —Public Limited Company REIT —Real Estate Investment Trust | | | | |
| | | |
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of Contracts | | | Expiration Date | | | Notional Amount | | | Unrealized Appreciation/ (Depreciation) |
| |
Long position contracts: | | | | | | | | | | | | | | | | |
EURO STOXX 50 Index | | | 260 | | | | 12/20/24 | | | $ | 13,671,283 | | | $ | (62,052) | |
FTSE 100 Index | | | 51 | | | | 12/20/24 | | | | 5,344,477 | | | | (142,265) | |
Hang Seng Index | | | 11 | | | | 11/28/24 | | | | 1,439,717 | | | | (18,006) | |
MSCI Singapore Index | | | 19 | | | | 11/28/24 | | | | 487,770 | | | | (14,999) | |
SPI 200 Index | | | 17 | | | | 12/19/24 | | | | 2,285,088 | | | | (4,114) | |
TOPIX Index | | | 41 | | | | 12/12/24 | | | | 7,270,929 | | | | 461,705 | |
| |
| | | | |
| Total Futures Contracts | | | | | | | | | | | | | | $ | 220,269 | |
| |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – 96.5% | |
| |
| | Australia – 9.6% | |
| | 1,048,223 | | AGL Energy Ltd. (Utilities) | | $ | 7,197,114 | |
| | 25,652,325 | | AMP Ltd. (Financial Services) | | | 23,962,972 | |
| | 85,650 | | Breville Group Ltd. (Consumer Durables & Apparel) | | | 1,780,279 | |
| | 67,047 | | Capricorn Metals Ltd. (Materials)* | | | 275,594 | |
| | 2,574,776 | | Challenger Ltd. (Financial Services) | | | 10,197,526 | |
| | 3,839,298 | | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | | | 37,885,504 | |
| | 7,571,739 | | Charter Hall Retail REIT (Equity Real Estate Investment Trusts (REITs)) | | | 16,763,090 | |
| | 9,002,324 | | Deterra Royalties Ltd. (Materials) | | | 21,779,405 | |
| | 1,698,455 | | Emerald Resources NL (Materials)* | | | 4,664,914 | |
| | 353,624 | | Evolution Mining Ltd. (Materials) | | | 1,212,419 | |
| | 174,599 | | Flight Centre Travel Group Ltd. (Consumer Services) | | | 1,826,140 | |
| | 8,328,655 | | Gold Road Resources Ltd. (Materials) | | | 10,862,845 | |
| | 407,872 | | HomeCo Daily Needs REIT REIT (Equity Real Estate Investment Trusts (REITs)) | | | 323,476 | |
| | 60,250 | | HUB24 Ltd. (Financial Services) | | | 2,711,694 | |
| | 181,154 | | IGO Ltd. (Materials) | | | 620,573 | |
| | 722,968 | | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | | | 38,796,118 | |
| | 44,703 | | Magellan Financial Group Ltd. (Financial Services) | | | 313,190 | |
| | 114,662 | | Megaport Ltd. (Software & Services)* | | | 520,409 | |
| | 13,192 | | Monadelphous Group Ltd. (Capital Goods) | | | 108,755 | |
| | 361,273 | | Netwealth Group Ltd. (Financial Services) | | | 6,518,320 | |
| | 244,962 | | Neuren Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 1,971,557 | |
| | 75,711 | | Nick Scali Ltd. (Consumer Discretionary Distribution & Retail) | | | 696,136 | |
| | 508,472 | | Nuix Ltd. (Software & Services)* | | | 2,567,999 | |
| | 88,355 | | Perpetual Ltd. (Financial Services) | | | 1,172,412 | |
| | 17,326,788 | | Perseus Mining Ltd. (Materials) | | | 32,394,803 | |
| | 113,673 | | Pinnacle Investment Management Group Ltd. (Financial Services) | | | 1,493,015 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Australia – (continued) | |
| | 1,050,893 | | Premier Investments Ltd. (Consumer Discretionary Distribution & Retail) | | $ | 23,125,883 | |
| | 15,374,822 | | Ramelius Resources Ltd. (Materials) | | | 23,988,225 | |
| | 1,149,608 | | Regis Resources Ltd. (Materials)* | | | 2,025,037 | |
| | 45,526,132 | | Resolute Mining Ltd. (Materials)* | | | 24,342,365 | |
| | 839,013 | | Technology One Ltd. (Software & Services) | | | 13,372,190 | |
| | 908,469 | | Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)* | | | 6,863,620 | |
| | 42,073,967 | | Vault Minerals Ltd. (Materials)* | | | 10,836,959 | |
| | 2,754,422 | | Ventia Services Group Pty Ltd. (Capital Goods) | | | 8,272,379 | |
| | 3,139,823 | | Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 5,115,677 | |
| | 162,440 | | WEB Travel Group, Ltd. (Consumer Services)* | | | 426,595 | |
| | 1,708,849 | | West African Resources Ltd. (Materials)* | | | 2,051,463 | |
| | 13,765,541 | | Westgold Resources Ltd. (Materials) | | | 28,975,429 | |
| | 490,810 | | Yancoal Australia Ltd. (Energy) | | | 2,100,249 | |
| | | | | | | | |
| | | | | 380,112,330 | |
| | | |
| |
| | Austria – 1.1% | |
| | 520,665 | | BAWAG Group AG (Banks)*(a) | | | 40,356,565 | |
| | 62,207 | | EVN AG (Utilities) | | | 1,728,858 | |
| | 4,904 | | Raiffeisen Bank International AG (Banks) | | | 87,849 | |
| | | | | | | | |
| | | | | 42,173,272 | |
| | | |
| |
| | Belgium – 0.7% | |
| | 147,619 | | Aedifica SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 9,529,953 | |
| | 291,912 | | Colruyt Group NV (Consumer Staples Distribution & Retail) | | | 13,621,926 | |
| | 9,025 | | KBC Ancora (Banks) | | | 458,090 | |
| | 60,722 | | Proximus SADP (Telecommunication Services) | | | 441,877 | |
| | 259,301 | | Umicore SA (Materials) | | | 3,121,826 | |
| | | | | | | | |
| | | | | 27,173,672 | |
| | | |
| |
| | Brazil – 0.0% | |
| | 33,278 | | Pluxee NV (Commercial & Professional Services)* | | | 700,412 | |
| | | |
| |
| | China – 1.2% | |
| | 23,912,600 | | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | | | 46,457,301 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Denmark – 1.8% | |
| | 31,751 | | ALK-Abello A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | | $ | 743,462 | |
| | 6,441 | | Jyske Bank A/S (Banks) | | | 449,139 | |
| | 470,797 | | NKT A/S (Capital Goods)* | | | 44,140,522 | |
| | 515,236 | | Sydbank AS (Banks) | | | 24,589,723 | |
| | | | | | | | |
| | | | | 69,922,846 | |
| | | |
| |
| | Finland – 2.4% | |
| | 480,030 | | Cargotec OYJ, Class B (Capital Goods) | | | 29,021,255 | |
| | 326,335 | | Huhtamaki OYJ (Materials) | | | 12,790,634 | |
| | 258,412 | | Kalmar OYJ, Class B (Capital Goods)* | | | 8,047,198 | |
| | 577,768 | | Konecranes OYJ (Capital Goods) | | | 39,886,456 | |
| | 691,705 | | Mandatum OYJ (Insurance) | | | 3,194,224 | |
| | 156,813 | | Tokmanni Group Corp. (Consumer Discretionary Distribution & Retail) | | | 1,787,609 | |
| | | | | | | | |
| | | | | 94,727,376 | |
| | | |
| |
| | France – 2.5% | |
| | 517,305 | | Coface SA (Insurance) | | | 8,342,170 | |
| | 221,590 | | Elis SA (Commercial & Professional Services) | | | 5,041,012 | |
| | 281,805 | | ICADE REIT (Equity Real Estate Investment Trusts (REITs)) | | | 7,370,889 | |
| | 247,641 | | IPSOS SA (Media & Entertainment) | | | 12,160,632 | |
| | 11,681 | | JCDecaux SE (Media & Entertainment)* | | | 220,593 | |
| | 341,472 | | Mercialys SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 4,028,845 | |
| | 14,740 | | Nexans SA (Capital Goods) | | | 2,051,849 | |
| | 1,470,128 | | SCOR SE (Insurance) | | | 31,629,624 | |
| | 3,104,023 | | Valeo SE (Automobiles & Components) | | | 30,177,792 | |
| | | | | | | | |
| | | | | 101,023,406 | |
| | | |
| |
| | Georgia – 0.4% | |
| | 231,149 | | Bank of Georgia Group PLC (Banks) | | | 12,399,098 | |
| | 125,804 | | TBC Bank Group PLC (Banks) | | | 4,460,997 | |
| | | | | | | | |
| | | | | 16,860,095 | |
| | | |
| |
| | Germany – 2.7% | |
| | 535,943 | | Aroundtown SA (Real Estate Management & Development)* | | | 1,595,786 | |
| | 8,439 | | Bilfinger SE (Commercial & Professional Services) | | | 405,638 | |
| | 238,868 | | Duerr AG (Capital Goods) | | | 5,535,546 | |
| | 78,219 | | Freenet AG (Telecommunication Services) | | | 2,324,701 | |
| | 2,540,868 | | HelloFresh SE (Consumer Staples Distribution & Retail)* | | | 28,140,262 | |
| | 92,409 | | Hensoldt AG (Capital Goods) | | | 3,144,166 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Germany – (continued) | |
| | 527,772 | | Nordex SE (Capital Goods)* | | $ | 7,521,044 | |
| | 15,744 | | Softwareone Holding AG (Technology Hardware & Equipment)* | | | 142,207 | |
| | 35,466 | | Stroeer SE & Co. KGaA (Media & Entertainment) | | | 2,104,416 | |
| | 1,276,607 | | TAG Immobilien AG (Real Estate Management & Development)* | | | 21,222,070 | |
| | 2,185,653 | | TeamViewer SE (Software & Services)* | | | 31,487,199 | |
| | 132,466 | | United Internet AG (Telecommunication Services) | | | 2,712,032 | |
| | | | | | | | |
| | | | | 106,335,067 | |
| | | |
| |
| | Hong Kong – 1.3% | |
| | 1,179,000 | | Hysan Development Co. Ltd. (Real Estate Management & Development) | | | 1,912,280 | |
| | 3,876,000 | | Kerry Properties Ltd. (Real Estate Management & Development) | | | 8,186,964 | |
| | 253,000 | | Stella International Holdings Ltd. (Consumer Durables & Apparel) | | | 472,281 | |
| | 10,450,000 | | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | | | 14,184,713 | |
| | 873,600 | | VTech Holdings Ltd. (Technology Hardware & Equipment) | | | 6,502,974 | |
| | 10,275,500 | | Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel) | | | 21,600,412 | |
| | | | | | | | |
| | | | | 52,859,624 | |
| | | |
| |
| | Indonesia – 0.1% | |
| | 9,798,000 | | First Pacific Co. Ltd. (Food, Beverage & Tobacco) | | | 5,509,652 | |
| | | |
| |
| | Ireland – 0.0% | |
| | 740,075 | | Greencore Group PLC (Food, Beverage & Tobacco)* | | | 1,984,924 | |
| | | |
| |
| | Israel – 3.2% | |
| | 88,576 | | Airport City Ltd. (Real Estate Management & Development)* | | | 1,345,641 | |
| | 341,428 | | Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development) | | | 2,758,685 | |
| | 423,704 | | Amot Investments Ltd. (Real Estate Management & Development) | | | 2,061,193 | |
| | 8,369,425 | | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | | | 10,725,956 | |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Israel – (continued) | |
| | 14,177 | | Big Shopping Centers Ltd. (Real Estate Management & Development)* | | $ | 1,694,969 | |
| | 30,649 | | Camtek Ltd. (Semiconductors & Semiconductor Equipment) | | | 2,430,545 | |
| | 88,190 | | Clal Insurance Enterprises Holdings Ltd. (Insurance)* | | | 1,689,912 | |
| | 11,296 | | Elco Ltd. (Capital Goods) | | | 346,853 | |
| | 8,237 | | Enlight Renewable Energy Ltd. (Utilities)* | | | 130,773 | |
| | 20,001 | | Fattal Holdings 1998 Ltd. (Consumer Services)* | | | 2,517,433 | |
| | 135,197 | | First International Bank Of Israel Ltd. (The) (Banks) | | | 5,999,298 | |
| | 20,415 | | Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail) | | | 1,498,681 | |
| | 211,479 | | G City Ltd. (Real Estate Management &
Development)(b) | | | 785,843 | |
| | 765,415 | | Harel Insurance Investments & Financial Services Ltd. (Insurance) | | | 7,980,962 | |
| | 52,712 | | Israel Canada T.R Ltd. (Real Estate Management & Development)(b) | | | 197,476 | |
| | 10,822 | | Israel Corp. Ltd. (Materials) | | | 2,364,244 | |
| | 23,279 | | Melisron Ltd. (Real Estate Management & Development) | | | 1,844,885 | |
| | 2,501,692 | | Mivne Real Estate KD Ltd. (Real Estate Management & Development) | | | 6,821,343 | |
| | 99,020 | | Nova Ltd. (Semiconductors & Semiconductor Equipment)* | | | 18,621,234 | |
| | 42,324 | | Perion Network Ltd. (Media & Entertainment)* | | | 344,079 | |
| | 788,659 | | Phoenix Financial Ltd. (Insurance) | | | 9,144,509 | |
| | 1,146,477 | | Plus500 Ltd. (Financial Services) | | | 34,622,386 | |
| | 53,961 | | Shapir Engineering and Industry Ltd. (Capital Goods)* | | | 353,883 | |
| | 695,036 | | Shufersal Ltd. (Consumer Staples Distribution & Retail) | | | 6,154,262 | |
| | 19,049 | | Strauss Group Ltd. (Food, Beverage & Tobacco) | | | 320,981 | |
| | 86,547 | | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)* | | | 3,650,159 | |
| | | | | | | | |
| | | | | 126,406,185 | |
| | | |
| |
| | Italy – 5.2% | |
| | 13,111,048 | | A2A SpA (Utilities) | | | 29,969,831 | |
| | 573,879 | | Anima Holding SpA (Financial Services)(a) | | | 3,477,044 | |
| | 1,420,996 | | Azimut Holding SpA (Financial Services) | | | 35,147,623 | |
| | 696,286 | | Banca Generali SpA (Financial Services) | | | 30,856,317 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Italy – (continued) | |
| | 5,571,570 | | Banca Monte dei Paschi di Siena SpA (Banks) | | $ | 30,576,868 | |
| | 4,004,965 | | Banca Popolare di Sondrio SpA (Banks) | | | 29,870,558 | |
| | 2,027,940 | | BPER Banca SpA (Banks) | | | 12,347,325 | |
| | 201,712 | | d’Amico International Shipping SA (Energy) | | | 1,083,897 | |
| | 275,979 | | De’ Longhi SpA (Consumer Durables & Apparel) | | | 8,625,696 | |
| | 3,001,939 | | Pirelli & C SpA (Automobiles & Components)(a) | | | 16,403,627 | |
| | 23,059 | | Reply SpA (Software & Services) | | | 3,515,504 | |
| | 301,798 | | Unipol Gruppo SpA (Insurance) | | | 3,750,743 | |
| | | | | | | | |
| | | | | 205,625,033 | |
| | | |
| |
| | Japan – 35.6% | |
| | 116,300 | | ABC-Mart, Inc. (Consumer Discretionary Distribution & Retail) | | | 2,278,759 | |
| | 12,914 | | Activia Properties, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 27,541,736 | |
| | 52,400 | | ADEKA Corp. (Materials) | | | 945,328 | |
| | 7,682 | | AEON REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 6,420,254 | |
| | 1,284,700 | | Air Water, Inc. (Materials) | | | 16,160,318 | |
| | 599,100 | | Alfresa Holdings Corp. (Health Care Equipment & Services) | | | 8,643,852 | |
| | 85,800 | | Aoyama Trading Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 735,788 | |
| | 193,500 | | Artience Co. Ltd. (Materials) | | | 4,637,791 | |
| | 945,200 | | Bic Camera, Inc. (Consumer Discretionary Distribution & Retail) | | | 10,519,918 | |
| | 130,200 | | BIPROGY, Inc. (Software & Services) | | | 4,108,592 | |
| | 190,000 | | Central Glass Co. Ltd. (Capital Goods) | | | 4,328,108 | |
| | 67,400 | | Chugoku Electric Power Co., Inc. (The) (Utilities) | | | 490,515 | |
| | 571,400 | | Citizen Watch Co. Ltd. (Technology Hardware & Equipment) | | | 3,397,047 | |
| | 874,900 | | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | | | 11,206,430 | |
| | 19,197 | | Daiwa House REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 29,240,047 | |
| | 857,100 | | DCM Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 8,022,250 | |
| | 1,031,400 | | DIC Corp. (Materials) | | | 22,454,878 | |
| | 235,000 | | Doutor Nichires Holdings Co. Ltd. (Consumer Services) | | | 3,445,887 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 94,000 | | Dowa Holdings Co. Ltd. (Materials) | | $ | 3,193,666 | |
| | 555,900 | | EDION Corp. (Consumer Discretionary Distribution & Retail) | | | 6,438,306 | |
| | 209,000 | | Electric Power Development Co. Ltd. (Utilities) | | | 3,492,685 | |
| | 155,100 | | Exedy Corp. (Automobiles & Components) | | | 4,266,607 | |
| | 28,600 | | Financial Partners Group Co. Ltd. (Financial Services) | | | 447,051 | |
| | 2,236,300 | | Food & Life Cos. Ltd. (Consumer Services) | | | 44,098,999 | |
| | 7,800 | | Freee KK (Software & Services)* | | | 145,559 | |
| | 1,095 | | Frontier Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 2,907,810 | |
| | 67,000 | | Fuji Corp. (Capital Goods) | | | 985,890 | |
| | 8,500 | | Fujita Kanko, Inc. (Consumer Services)* | | | 518,458 | |
| | 288,800 | | Fujitsu General Ltd. (Consumer Durables & Apparel) | | | 3,601,554 | |
| | 440,200 | | Furukawa Electric Co. Ltd. (Capital Goods) | | | 10,826,259 | |
| | 240 | | Global One Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 154,627 | |
| | 392,700 | | Glory Ltd. (Capital Goods) | | | 6,369,407 | |
| | 45,100 | | GMO internet group, Inc. (Software & Services) | | | 779,423 | |
| | 65,700 | | GMO Payment Gateway, Inc. (Financial Services) | | | 3,935,241 | |
| | 120,300 | | GS Yuasa Corp. (Capital Goods) | | | 2,128,324 | |
| | 49,300 | | Gunma Bank Ltd. (The) (Banks) | | | 277,637 | |
| | 1,041,600 | | H.U. Group Holdings, Inc. (Health Care Equipment & Services) | | | 17,923,449 | |
| | 2,202,100 | | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | | | 29,469,070 | |
| | 664,700 | | Hachijuni Bank Ltd. (The) (Banks) | | | 3,647,699 | |
| | 1,188,200 | | Hazama Ando Corp. (Capital Goods) | | | 8,776,652 | |
| | 64,900 | | Heiwa Corp. (Consumer Services) | | | 886,251 | |
| | 1,276 | | Heiwa Real Estate REIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,019,495 | |
| | 1,440,300 | | HIS Co. Ltd. (Consumer Services) | | | 16,506,133 | |
| | 162,000 | | Hokkaido Electric Power Co., Inc. (Utilities) | | | 1,042,144 | |
| | 411,400 | | Hokuhoku Financial Group, Inc. (Banks) | | | 4,299,741 | |
| | 1,038,200 | | Hokuriku Electric Power Co. (Utilities) | | | 7,200,306 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 36,600 | | House Foods Group, Inc. (Food, Beverage & Tobacco) | | $ | 713,422 | |
| | 2,813 | | Hulic Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 2,436,043 | |
| | 2,022 | | Ichigo Office REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,037,991 | |
| | 1,997,500 | | Iino Kaiun Kaisha Ltd. (Transportation) | | | 14,654,802 | |
| | 147,100 | | Internet Initiative Japan, Inc. (Telecommunication Services) | | | 2,824,461 | |
| | 460,700 | | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | | | 6,855,318 | |
| | 36,400 | | Izumi Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 768,187 | |
| | 576,700 | | J Front Retailing Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 6,124,366 | |
| | 61,400 | | JAFCO Group Co. Ltd. (Financial Services) | | | 825,085 | |
| | 1,096,800 | | Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment) | | | 20,346,497 | |
| | 2,816 | | Japan Excellent, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 2,177,834 | |
| | 79,100 | | Jeol Ltd. (Technology Hardware & Equipment) | | | 2,934,256 | |
| | 3,595,400 | | JGC Holdings Corp. (Capital Goods) | | | 30,860,355 | |
| | 441,000 | | Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) | | | 8,006,502 | |
| | 310,500 | | Kagome Co. Ltd. (Food, Beverage & Tobacco) | | | 6,150,810 | |
| | 170,500 | | Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,356,784 | |
| | 64,100 | | Kamigumi Co. Ltd. (Transportation) | | | 1,337,869 | |
| | 142,400 | | Kaneka Corp. (Materials) | | | 3,490,398 | |
| | 519,400 | | Kawasaki Heavy Industries Ltd. (Capital Goods) | | | 19,886,961 | |
| | 40,741 | | KDX Realty Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 38,755,175 | |
| | 1,067,400 | | Kewpie Corp. (Food, Beverage & Tobacco) | | | 25,242,217 | |
| | 86,300 | | Kobe Steel Ltd. (Materials) | | | 930,116 | |
| | 198,200 | | Kohnan Shoji Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 4,699,788 | |
| | 361,000 | | Kokuyo Co. Ltd. (Commercial & Professional Services) | | | 5,807,895 | |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 6,434,500 | | Konica Minolta, Inc.
(Technology Hardware & Equipment) | | $ | 26,860,574 | |
| | 49,600 | | Kumagai Gumi Co. Ltd. (Capital Goods) | | | 1,146,945 | |
| | 140,700 | | Kura Sushi, Inc. (Consumer
Services)(b) | | | 3,694,787 | |
| | 32,600 | | Kurita Water Industries Ltd. (Capital Goods) | | | 1,222,654 | |
| | 435,300 | | Kyoritsu Maintenance Co. Ltd. (Consumer Services) | | | 6,988,663 | |
| | 50,300 | | Life Corp. (Consumer Staples Distribution & Retail) | | | 1,092,913 | |
| | 649,100 | | Lintec Corp. (Materials) | | | 13,469,890 | |
| | 92,900 | | M&A Research Institute Holdings, Inc. (Financial Services)* | | | 1,344,787 | |
| | 149,000 | | Mabuchi Motor Co. Ltd. (Capital Goods) | | | 2,132,125 | |
| | 241,100 | | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | | | 4,729,207 | |
| | 280,900 | | Maxell Ltd. (Technology Hardware & Equipment) | | | 3,429,083 | |
| | 245,900 | | Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco) | | | 4,255,194 | |
| | 8,500 | | MEITEC Group Holdings, Inc. (Commercial & Professional Services) | | | 162,888 | |
| | 279,200 | | Mitsubishi Gas Chemical Co., Inc. (Materials) | | | 4,852,334 | |
| | 57,500 | | Mitsubishi Logistics Corp. (Transportation) | | | 385,471 | |
| | 55,200 | | Mitsubishi Research Institute, Inc. (Software & Services) | | | 1,525,380 | |
| | 112,600 | | Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail) | | | 3,572,719 | |
| | 475,700 | | Mitsui Mining & Smelting Co. Ltd. (Materials) | | | 15,113,798 | |
| | 1,253,000 | | Mizuho Leasing Co. Ltd. (Financial Services) | | | 8,200,265 | |
| | 1,756,300 | | Modec, Inc. (Energy) | | | 38,242,353 | |
| | 94,700 | | Money Forward, Inc. (Software & Services)* | | | 3,089,644 | |
| | 9,525 | | Mori Trust Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 3,847,891 | |
| | 1,044,500 | | Morinaga & Co. Ltd. (Food, Beverage & Tobacco) | | | 19,537,038 | |
| | 309,800 | | Namura Shipbuilding Co. Ltd. (Capital Goods)(b) | | | 3,192,961 | |
| | 1,020,900 | | NEC Networks & System Integration Corp. (Software & Services) | | | 21,567,770 | |
| | 2,609,200 | | NGK Insulators Ltd. (Capital Goods) | | | 32,142,979 | |
| | 383,000 | | Nichirei Corp. (Food, Beverage & Tobacco) | | | 10,702,998 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 29,200 | | Nikkon Holdings Co. Ltd. (Transportation) | | $ | 373,831 | |
| | 505,800 | | Nippn Corp. (Food, Beverage & Tobacco) | | | 7,292,634 | |
| | 999,500 | | Nippon Kayaku Co. Ltd. (Materials) | | | 7,906,341 | |
| | 228,300 | | Nippon Light Metal Holdings Co. Ltd. (Materials) | | | 2,440,009 | |
| | 203,100 | | Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 5,448,962 | |
| | 761,400 | | Nippon Shokubai Co. Ltd. (Materials) | | | 8,565,657 | |
| | 177,200 | | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | | | 6,022,042 | |
| | 305,400 | | Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco) | | | 3,565,557 | |
| | 1,451,500 | | Nisshinbo Holdings, Inc. (Capital Goods) | | | 9,216,421 | |
| | 941,000 | | Nissui Corp. (Food, Beverage & Tobacco) | | | 5,716,031 | |
| | 36,400 | | NOK Corp. (Automobiles & Components) | | | 521,890 | |
| | 437 | | Nomura Real Estate Master Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 412,535 | |
| | 52,700 | | Noritsu Koki Co. Ltd. (Capital Goods) | | | 1,362,837 | |
| | 804,800 | | NS United Kaiun Kaisha Ltd. (Transportation) | | | 22,773,828 | |
| | 1,391,700 | | NSK Ltd. (Capital Goods) | | | 6,345,752 | |
| | 375,600 | | Nxera Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)* | | | 2,998,473 | |
| | 60,900 | | OBIC Business Consultants Co. Ltd. (Software & Services) | | | 2,692,149 | |
| | 5,330,600 | | Oji Holdings Corp. (Materials) | | | 19,822,393 | |
| | 725,700 | | Okamura Corp. (Commercial & Professional Services) | | | 9,120,166 | |
| | 2,340,600 | | Okasan Securities Group, Inc. (Financial Services) | | | 9,293,919 | |
| | 1,717,100 | | Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment) | | | 11,224,656 | |
| | 203,400 | | Optorun Co. Ltd. (Semiconductors & Semiconductor Equipment) | | | 2,539,992 | |
| | 170,000 | | OSG Corp. (Capital Goods) | | | 2,006,514 | |
| | 84,200 | | PKSHA Technology, Inc. (Software & Services)*(b) | | | 1,936,645 | |
| | 7,300 | | Rakus Co. Ltd. (Software & Services) | | | 97,611 | |
| | 248,600 | | Relo Group, Inc. (Real Estate Management & Development) | | | 3,024,063 | |
| | 205,100 | | Resorttrust, Inc. (Consumer Services) | | | 3,726,719 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 14,900 | | Rinnai Corp. (Consumer Durables & Apparel) | | $ | 326,414 | |
| | 234,700 | | Round One Corp. (Consumer Services) | | | 1,485,415 | |
| | 87,200 | | Sangetsu Corp. (Consumer Durables & Apparel) | | | 1,596,473 | |
| | 424,700 | | Sankyo Co. Ltd. (Consumer Durables & Apparel) | | | 5,641,015 | |
| | 3,333,100 | | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 39,860,068 | |
| | 2,527,400 | | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 33,856,076 | |
| | 20,700 | | Seiko Group Corp. (Consumer Durables & Apparel) | | | 521,764 | |
| | 1,351,600 | | Shikoku Electric Power Co., Inc. (Utilities) | | | 12,096,251 | |
| | 458,400 | | Shimamura Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 23,596,593 | |
| | 156,600 | | Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)* | | | 5,600,235 | |
| | 4,926,300 | | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | | | 28,135,885 | |
| | 208,900 | | Skylark Holdings Co. Ltd. (Consumer Services)* | | | 3,235,499 | |
| | 1,944,900 | | Sojitz Corp. (Capital Goods) | | | 39,747,395 | |
| | 58,900 | | Sotetsu Holdings, Inc. (Transportation) | | | 924,095 | |
| | 93,300 | | Stanley Electric Co. Ltd. (Automobiles & Components) | | | 1,595,732 | |
| | 4,083,400 | | Sumitomo Chemical Co. Ltd. (Materials) | | | 10,901,618 | |
| | 1,047,600 | | Sumitomo Heavy Industries Ltd. (Capital Goods) | | | 23,343,634 | |
| | 493,800 | | Sumitomo Mitsui Construction Co. Ltd. (Capital Goods) | | | 1,255,107 | |
| | 71,400 | | Sumitomo Osaka Cement Co. Ltd. (Materials) | | | 1,759,389 | |
| | 55,700 | | Sumitomo Rubber Industries Ltd. (Automobiles & Components) | | | 570,850 | |
| | 480,000 | | Suzuken Co. Ltd. (Health Care Equipment & Services) | | | 15,693,096 | |
| | 473,100 | | Systena Corp. (Software & Services) | | | 1,123,648 | |
| | 303,200 | | Taiheiyo Cement Corp. (Materials) | | | 6,605,302 | |
| | 139,100 | | Taikisha Ltd. (Capital Goods) | | | 4,424,812 | |
| | 3,586,800 | | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 28,398,732 | |
| | 56,200 | | Tamron Co. Ltd. (Consumer Durables & Apparel) | | | 1,581,539 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Japan – (continued) | |
| | 113,400 | | TechnoPro Holdings, Inc. (Commercial & Professional Services) | | $ | 2,024,007 | |
| | 135,100 | | THK Co. Ltd. (Capital Goods) | | | 2,230,427 | |
| | 156,800 | | Toa Corp. (Capital Goods) | | | 1,009,411 | |
| | 412,900 | | Toda Corp. (Capital Goods) | | | 2,499,138 | |
| | 12,500 | | Toei Animation Co. Ltd. (Media & Entertainment) | | | 283,902 | |
| | 534,200 | | Toho Holdings Co. Ltd. (Health Care Equipment & Services) | | | 15,900,865 | |
| | 2,553,400 | | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | | | 7,818,479 | |
| | 188,600 | | Tokuyama Corp. (Materials) | | | 3,301,999 | |
| | 786,700 | | Tokyo Century Corp. (Financial Services) | | | 8,003,690 | |
| | 4,700 | | Tokyo Kiraboshi Financial Group, Inc. (Banks) | | | 126,427 | |
| | 291,700 | | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) | | | 4,763,403 | |
| | 5,982,900 | | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | | | 37,335,747 | |
| | 195,800 | | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,012,633 | |
| | 1,333,300 | | Toyo Seikan Group Holdings Ltd. (Materials) | | | 19,903,549 | |
| | 123,500 | | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) | | | 4,036,508 | |
| | 10,200 | | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail) | | | 570,545 | |
| | 91,900 | | UACJ Corp. (Materials) | | | 3,024,866 | |
| | 30,700 | | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,435,453 | |
| | 7,049 | | United Urban Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | | | 6,321,481 | |
| | 59,800 | | UT Group Co. Ltd. (Commercial & Professional Services) | | | 1,014,660 | |
| | 6,129,900 | | Yamada Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail) | | | 17,601,982 | |
| | 939,400 | | Yamazaki Baking Co. Ltd. (Food, Beverage & Tobacco) | | | 19,077,926 | |
| | 11,100 | | Yodogawa Steel Works Ltd. (Materials) | | | 392,280 | |
| | 226,800 | | Zeon Corp. (Materials) | | | 2,111,633 | |
| | | | | | | | |
| | | | | 1,412,767,659 | |
| | | |
| |
| | Jersey – 0.0% | |
| | 33,988 | | JTC PLC (Financial Services)(a) | | | 450,530 | |
| | | |
| |
| | Netherlands – 1.9% | |
| | 191,947 | | Aalberts NV (Capital Goods) | | | 6,926,473 | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Netherlands – (continued) | |
| | 564,699 | | Arcadis NV (Commercial & Professional Services) | | $ | 39,101,923 | |
| | 2,221,570 | | Koninklijke BAM Groep NV (Capital Goods) | | | 10,253,466 | |
| | 102,057 | | Koninklijke Vopak NV (Energy) | | | 4,704,697 | |
| | 303,151 | | Van Lanschot Kempen NV (Financial Services) | | | 13,856,459 | |
| | | | | | | | |
| | | | | 74,843,018 | |
| | | |
| |
| | Norway – 2.2% | |
| | 3,850,007 | | Aker Solutions ASA (Energy) | | | 18,242,624 | |
| | 86,992 | | Crayon Group Holding ASA (Software & Services)*(a) | | | 861,592 | |
| | 1,813,484 | | Europris ASA (Consumer Discretionary Distribution & Retail)(a) | | | 11,190,041 | |
| | 1,646,966 | | Hoegh Autoliners ASA (Transportation) | | | 17,333,062 | |
| | 5,162,813 | | MPC Container Ships ASA (Transportation) | | | 10,175,621 | |
| | 6,822,494 | | Norwegian Air Shuttle ASA (Transportation)* | | | 6,616,133 | |
| | 231,728 | | Schibsted ASA, Class B (Media & Entertainment) | | | 7,267,384 | |
| | 201,908 | | Stolt-Nielsen Ltd. (Transportation) | | | 5,745,096 | |
| | 249,903 | | Storebrand ASA (Insurance) | | | 2,849,716 | |
| | 632,157 | | Wallenius Wilhelmsen ASA (Transportation) | | | 6,285,135 | |
| | | | | | | | |
| | | | | 86,566,404 | |
| | | |
| |
| | Portugal – 0.2% | |
| | 7,562,677 | | Sonae SGPS SA (Consumer Staples Distribution & Retail) | | | 7,477,712 | |
| | | |
| |
| | Singapore – 0.6% | |
| | 3,331,843 | | Hafnia Ltd. (Energy) | | | 19,611,184 | |
| | 21,909 | | Kenon Holdings Ltd. (Utilities) | | | 624,424 | |
| | 162,600 | | Venture Corp. Ltd. (Technology Hardware & Equipment) | | | 1,630,848 | |
| | 1,438,600 | | Yangzijiang Financial Holding Ltd. (Financial Services) | | | 435,774 | |
| | | | | | | | |
| | | | | 22,302,230 | |
| | | |
| |
| | Spain – 1.3% | |
| | 152,938 | | Fluidra SA (Capital Goods) | | | 4,133,729 | |
| | 965,741 | | Indra Sistemas SA (Software & Services) | | | 17,025,524 | |
| | 3,286,150 | | Inmobiliaria Colonial Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 19,917,323 | |
| | 57,817 | | Logista Integral SA (Transportation) | | | 1,771,374 | |
| | 70,244 | | Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) | | | 783,804 | |
| | 6,197,833 | | Unicaja Banco SA (Banks)(a) | | | 7,791,310 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Spain – (continued) | |
| | 6,297 | | Viscofan SA (Food, Beverage & Tobacco) | | $ | 420,563 | |
| | | | | | | | |
| | | | | 51,843,627 | |
| | | |
| |
| | Sweden – 4.9% | |
| | 828,215 | | AAK AB (Food, Beverage & Tobacco) | | | 23,775,338 | |
| | 50,716 | | Ambea AB (Health Care Equipment & Services)(a) | | | 434,618 | |
| | 1,328,820 | | Arjo AB, Class B (Health Care Equipment & Services) | | | 4,382,842 | |
| | 18,673 | | Avanza Bank Holding AB (Financial Services) | | | 388,957 | |
| | 427,496 | | Axfood AB (Consumer Staples Distribution & Retail)(b) | | | 9,545,340 | |
| | 1,545,966 | | Betsson AB, Class B (Consumer Services)* | | | 20,563,450 | |
| | 625,659 | | Bravida Holding AB (Commercial & Professional Services)(a) | | | 4,644,755 | |
| | 34,012 | | Catena AB (Real Estate Management & Development) | | | 1,559,055 | |
| | 132,143 | | Dometic Group AB (Automobiles & Components)(a) | | | 717,591 | |
| | 1,755,561 | | Elekta AB, Class B (Health Care Equipment & Services) | | | 10,575,654 | |
| | 2,801,290 | | Fortnox AB (Software & Services) | | | 17,102,619 | |
| | 454,298 | | Hemnet Group AB (Media & Entertainment) | | | 14,258,439 | |
| | 266,543 | | Hexatronic Group AB (Capital Goods)*(b) | | | 1,091,737 | |
| | 1,400,568 | | Hexpol AB (Materials) | | | 13,318,064 | |
| | 346,426 | | Inwido AB (Capital Goods) | | | 6,288,279 | |
| | 149,776 | | Loomis AB (Commercial & Professional Services) | | | 4,692,357 | |
| | 63,924 | | MEKO AB (Consumer Discretionary Distribution & Retail) | | | 860,356 | |
| | 440,778 | | Mycronic AB (Technology Hardware & Equipment) | | | 17,171,552 | |
| | 1,075,927 | | Samhallsbyggnadsbolaget i Norden AB (Real Estate Management & Development)(b) | | | 571,923 | |
| | 1,403,771 | | SSAB AB, Class A (Materials) | | | 6,754,158 | |
| | 7,759,790 | | SSAB AB, Class B (Materials) | | | 36,604,340 | |
| | | | | | | | |
| | | | | 195,301,424 | |
| | | |
| |
| | Switzerland – 4.1% | |
| | 5,409 | | ALSO Holding AG (Technology Hardware & Equipment) | | | 1,438,621 | |
| | 7,302,521 | | Aryzta AG (Food, Beverage & Tobacco)* | | | 12,914,278 | |
| | 65,361 | | Belimo Holding AG (Capital Goods) | | | 43,297,268 | |
| | 7,946 | | Burckhardt Compression Holding AG (Capital Goods) | | | 5,841,752 | |
| | 17,806 | | Cembra Money Bank AG (Financial Services) | | | 1,603,490 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | Switzerland – (continued) | |
| | 62,115 | | DKSH Holding AG (Capital Goods) | | $ | 4,438,070 | |
| | 2,379 | | dormakaba Holding AG (Capital Goods) | | | 1,814,064 | |
| | 492 | | Forbo Holding AG (Capital Goods) | | | 483,696 | |
| | 37,050 | | Huber + Suhner AG (Capital Goods) | | | 3,506,647 | |
| | 4,439 | | Inficon Holding AG (Technology Hardware & Equipment) | | | 5,318,602 | |
| | 7,668 | | Landis+Gyr Group AG (Technology Hardware & Equipment)* | | | 617,695 | |
| | 287,275 | | PSP Swiss Property AG (Real Estate Management & Development) | | | 40,795,914 | |
| | 148,122 | | Sulzer AG (Capital Goods) | | | 22,835,054 | |
| | 37,389 | | Ypsomed Holding AG (Health Care Equipment & Services) | | | 16,583,519 | |
| | 31,637 | | Zehnder Group AG (Capital Goods) | | | 1,766,768 | |
| | | | | | | | |
| | | | | 163,255,438 | |
| | | |
| |
| | United Kingdom – 12.4% | |
| | 676,148 | | abrdn PLC (Financial Services) | | | 1,151,926 | |
| | 5,333,664 | | B&M European Value Retail SA (Consumer Discretionary Distribution & Retail) | | | 26,684,310 | |
| | 3,494,701 | | Babcock International Group PLC (Capital Goods) | | | 21,269,476 | |
| | 84,288 | | Balfour Beatty PLC (Capital Goods) | | | 483,432 | |
| | 3,278,501 | | Beazley PLC (Insurance) | | | 31,959,720 | |
| | 1,016,134 | | Bellway PLC (Consumer Durables & Apparel) | | | 37,158,825 | |
| | 117,005 | | Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 1,822,536 | |
| | 1,351,161 | | Breedon Group PLC (Materials) | | | 7,665,924 | |
| | 4,668,121 | | British Land Co. PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) | | | 24,021,943 | |
| | 573,396 | | Bytes Technology Group PLC (Software & Services) | | | 3,339,175 | |
| | 839,107 | | Chemring Group PLC (Capital Goods) | | | 3,870,495 | |
| | 63,922 | | Clarkson PLC (Transportation) | | | 2,908,151 | |
| | 68,594 | | Computacenter PLC (Software & Services) | | | 1,930,065 | |
| | 999,839 | | ConvaTec Group PLC (Health Care Equipment & Services)(a) | | | 2,757,990 | |
| | 35,223 | | Cranswick PLC (Food, Beverage & Tobacco) | | | 2,302,709 | |
| | 496,868 | | Deliveroo PLC (Consumer
Services)*(a) | | | 882,866 | |
| | 26,380 | | Derwent London PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 744,944 | |
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | United Kingdom – (continued) | |
| | 27,830 | | Diploma PLC (Capital Goods) | | $ | 1,529,919 | |
| | 845,186 | | Direct Line Insurance Group PLC (Insurance) | | | 1,787,163 | |
| | 79,073 | | Dunelm Group PLC (Consumer Discretionary Distribution & Retail) | | | 1,133,084 | |
| | 725,840 | | easyJet PLC (Transportation) | | | 4,783,052 | |
| | 14,943 | | Frasers Group PLC (Consumer Discretionary Distribution & Retail)* | | | 147,780 | |
| | 99,181 | | Gamma Communications PLC (Telecommunication Services) | | | 2,030,878 | |
| | 1,022,640 | | Grainger PLC (Real Estate Management & Development) | | | 2,993,322 | |
| | 247,853 | | Greggs PLC (Consumer Services) | | | 8,787,458 | |
| | 169,164 | | Hammerson PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 626,902 | |
| | 162,273 | | Harbour Energy PLC (Energy) | | | 577,381 | |
| | 67,131 | | Hiscox Ltd. (Insurance)(b) | | | 936,602 | |
| | 2,217,270 | | IG Group Holdings PLC (Financial Services) | | | 25,655,236 | |
| | 82,787 | | IMI PLC (Capital Goods) | | | 1,763,305 | |
| | 165,815 | | Intermediate Capital Group PLC (Financial Services) | | | 4,404,781 | |
| | 671,200 | | Investec PLC (Financial Services) | | | 5,149,602 | |
| | 808,204 | | JET2 PLC (Transportation) | | | 15,020,865 | |
| | 66,965 | | Johnson Matthey PLC (Materials) | | | 1,288,591 | |
| | 829,292 | | Just Eat Takeaway.com NV (Consumer Services)*(a) | | | 9,477,085 | |
| | 67,473 | | Keller Group PLC (Capital Goods) | | | 1,414,215 | |
| | 824,999 | | Kier Group PLC (Capital Goods) | | | 1,526,397 | |
| | 1,102,083 | | Lancashire Holdings Ltd. (Insurance) | | | 8,967,026 | |
| | 8,866,493 | | Man Group PLC (Financial Services) | | | 22,691,106 | |
| | 8,499,522 | | Marks & Spencer Group PLC (Consumer Staples Distribution & Retail) | | | 41,238,799 | |
| | 5,597,471 | | Mitie Group PLC (Commercial & Professional Services) | | | 8,396,972 | |
| | 563,409 | | Ocado Group PLC (Consumer Staples Distribution & Retail)* | | | 2,537,697 | |
| | 479,662 | | OSB Group PLC (Financial Services) | | | 2,171,229 | |
| | 1,243,734 | | Paragon Banking Group PLC (Financial Services) | | | 11,001,613 | |
| | 605,447 | | Playtech PLC (Consumer Services)* | | | 5,667,839 | |
| | 5,715,263 | | QinetiQ Group PLC (Capital Goods) | | | 33,737,174 | |
| | 36,575 | | Renew Holdings PLC (Capital Goods) | | | 515,949 | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
| | | | | | | | |
| | | Shares | | Description | | Value | |
| |
| | Common Stocks – (continued) | |
| |
| | United Kingdom – (continued) | |
| | 477,369 | | Rightmove PLC (Media & Entertainment) | | $ | 3,634,959 | |
| | 226,457 | | Rotork PLC (Capital Goods) | | | 878,792 | |
| | 4,262,685 | | Serco Group PLC (Commercial & Professional Services) | | | 9,631,589 | |
| | 1,591,483 | | Serica Energy PLC (Energy) | | | 2,931,431 | |
| | 2,523,992 | | Shaftesbury Capital PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 4,429,438 | |
| | 160,109 | | Spectris PLC (Technology Hardware & Equipment) | | | 5,212,987 | |
| | 214,312 | | Subsea 7 SA (Energy) | | | 3,293,941 | |
| | 403,521 | | Supermarket Income Reit PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 369,128 | |
| | 2,068,403 | | Tate & Lyle PLC (Food, Beverage & Tobacco) | | | 20,003,278 | |
| | 2,237,913 | | TP ICAP Group PLC (Financial Services) | | | 6,478,348 | |
| | 88,368 | | Trainline PLC (Consumer Services)*(a) | | | 443,479 | |
| | 870,097 | | Travis Perkins PLC (Capital Goods) | | | 9,065,334 | |
| | 1,946,417 | | Tritax Big Box REIT PLC REIT (Equity Real Estate Investment Trusts (REITs)) | | | 3,541,340 | |
| | 288,258 | | Trustpilot Group PLC (Media & Entertainment)*(a) | | | 921,802 | |
| | 221,462 | | UNITE Group PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) | | | 2,505,191 | |
| | 1,346,775 | | Vistry Group PLC (Consumer Durables & Apparel)* | | | 15,826,992 | |
| | 103,781 | | Weir Group PLC (The) (Capital Goods) | | | 2,794,831 | |
| | 50,716 | | XPS Pensions Group PLC (Financial Services) | | | 234,117 | |
| | 126,697 | | Yellow Cake PLC (Energy)*(a) | | | 884,480 | |
| | 78,841 | | YouGov PLC (Media & Entertainment) | | | 471,710 | |
| | 314,392 | | Zigup PLC (Transportation) | | | 1,433,574 | |
| | | | | | | | |
| | | | | 493,900,250 | |
| | | |
| |
| | United States – 1.1% | |
| | 155,090 | | Carnival PLC ADR (Consumer Services)* | | | 3,101,800 | |
| | 1,604,495 | | Signify NV (Capital Goods)(a) | | | 39,285,529 | |
| | 663,730 | | Sinch AB (Software & Services)*(a) | | | 1,982,085 | |
| | | | | | | | |
| | | | | 44,369,414 | |
| | | |
| | |
| | TOTAL COMMON STOCKS (Cost $3,508,415,130) | | | 3,830,948,901 | |
| | | |
| | | | | | | | | | |
| | | Shares | | Description | | Rate | | | Value |
| |
| | Preferred Stock – 0.2% |
| |
| | Germany – 0.2% |
| | 200,870 | | FUCHS SE
(Materials) | | | | | | |
| | (Cost $7,744,226) | | | 2.61% | | | $ 9,375,001 |
| | |
| | | Units | | Description | | Expiration Month | | | Value |
| |
| | Right – 0.0% |
| |
| | Italy – 0.0% |
| | 24,644 | | Reply SpA* | | | | | | |
| | (Cost $0) | | | | | | 1 |
| | |
| | | Shares | | Dividend Rate | | | Value |
| |
| | Investment Company – 0.6%(c) |
| | |
| | Goldman Sachs Financial Square Government Fund - Institutional Shares | | | |
| | 22,810,226 | | 4.766% | | | 22,810,226 |
| | (Cost $22,810,226) |
| | |
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,538,969,582) | | | 3,863,134,129 |
| | |
| | |
| | |
| |
| | Securities Lending Reinvestment Vehicle – 0.6%(c) |
| | |
| | Goldman Sachs Financial Square Government Fund – Institutional Shares | | | |
| | 23,329,427 | | 4.766% | | | 23,329,427 |
| | (Cost $23,329,427) |
| | |
| | TOTAL INVESTMENTS – 97.9% (Cost $3,562,299,009) | | | $ 3,886,463,556 |
| | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1% | | | 84,666,748 |
| | |
| | NET ASSETS – 100.0% | | | $ 3,971,130,304 |
| | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Non-income producing security. |
| |
| (a) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| |
| (b) | | All or a portion of security is on loan. |
| |
| (c) | | Represents an affiliated issuer. |
| | |
|
| Investment Abbreviations: |
| |
| ADR | | —American Depositary Receipt |
| |
| PLC | | —Public Limited Company |
| |
| REIT | | —Real Estate Investment Trust |
|
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Schedule of Investments (continued) October 31, 2024 |
| | | | |
| Sector Name | | % of Market Value | |
| |
Industrials | | | 21.8 | % |
| |
Financials | | | 14.8 | |
| |
Consumer Discretionary | | | 13.4 | |
| |
Materials | | | 11.0 | |
| |
Real Estate | | | 10.4 | |
| |
Consumer Staples | | | 8.7 | |
| |
Information Technology | | | 7.2 | |
| |
Health Care | | | 5.3 | |
| |
Energy | | | 2.3 | |
| |
Communication Services | | | 2.3 | |
| |
Utilities | | | 1.6 | |
| |
Investment Company | | | 0.6 | |
| |
Securities Lending Reinvestment Vehicle | | | 0.6 | |
| | |
TOTAL INVESTMENTS | | | 100.0 | % |
|
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At October 31, 2024, the Fund had the following futures contracts:
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional Amount | | | Unrealized
Appreciation/
(Depreciation) |
|
| |
Long position contracts: | | | | | | | | | | | | | | | | |
EURO STOXX 50 Index | | | 360 | | | | 12/20/24 | | | $ | 18,929,469 | | | $ | (568,962) | |
FTSE 100 Index | | | 81 | | | | 12/20/24 | | | | 8,488,287 | | | | (147,990) | |
Hang Seng Index | | | 8 | | | | 11/28/24 | | | | 1,047,066 | | | | (13,026) | |
MSCI Singapore Index | | | 35 | | | | 11/28/24 | | | | 898,523 | | | | (27,630) | |
SPI 200 Index | | | 33 | | | | 12/19/24 | | | | 4,435,760 | | | | (40,079) | |
TOPIX Index | | | 84 | | | | 12/12/24 | | | | 14,896,538 | | | | (75,438) | |
|
| |
| | | | |
| Total Futures Contracts | | | | | | | | | | | | | | $ | (873,125) | |
|
| |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Statements of Assets and Liabilities October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | | International Equity Insights Fund | | International Small Cap Insights Fund | | |
| | | | | |
| | | Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Investments in unaffiliated issuers, at value (cost $1,837,292,280, $1,611,235,396 and $3,516,159,356, respectively)(a) | | $ | 2,107,351,356 | | | $ | 1,753,762,236 | | | $ | 3,840,323,903 | | | |
| | Investments in affiliated issuers, at value (cost $–, $6,782,167 and $22,810,226, respectively) | | | — | | | | 6,782,167 | | | | 22,810,226 | | | |
| | Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | | | — | | | | 19,792,150 | | | | 23,329,427 | | | |
| | Cash | | | 23,885,480 | | | | 26,723,626 | | | | 59,637,473 | | | |
| | Foreign Currency, at value (cost $38,579,396, $13,727,292 and $20,482,292, respectively) | | | 14,697,107 | | | | 13,672,027 | | | | 20,413,935 | | | |
| | Receivables: | | | | | | | | | | | | | | |
| | Investments sold | | | 6,064,429 | | | | 643,696 | | | | 136,874,273 | | | |
| | Dividends | | | 2,073,843 | | | | 5,556,619 | | | | 15,931,371 | | | |
| | Fund shares sold | | | 1,260,664 | | | | 1,237,149 | | | | 4,598,171 | | | |
| | Reimbursement from investment adviser | | | 939,512 | | | | 663,544 | | | | 1,548,716 | | | |
| | Collateral on certain derivative contracts | | | 552,200 | | | | 3,307 | | | | 3,190,718 | | | |
| | Foreign tax reclaims | | | 477,235 | | | | 7,682,347 | | | | 9,278,813 | | | |
| | Securities lending income | | | 17,088 | | | | 4,854 | | | | 17,842 | | | |
| | Other assets | | | 71,340 | | | | 73,006 | | | | 91,726 | | | |
| | |
| | Total assets | | | 2,157,390,254 | | | | 1,836,596,728 | | | | 4,138,046,594 | | | |
| | |
| | | | | |
| | Liabilities: | | | | | | | | | | | | | | |
| | | | | |
| | Variation margin on futures contracts | | | 73,431 | | | | 300,258 | | | | 426,603 | | | |
| | Payables: | | | | | | | | | | | | | | |
| | Foreign capital gains taxes | | | 2,726,360 | | | | — | | | | — | | | |
| | Fund shares redeemed | | | 1,007,083 | | | | 429,515 | | | | 2,516,139 | | | |
| | Investments purchased | | | 777,231 | | | | 4,866,821 | | | | 139,954,226 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 52,599 | | | | 54,213 | | | | 87,894 | | | |
| | Payable upon return of securities loaned | | | — | | | | 19,792,150 | | | | 23,329,427 | | | |
| | Accrued expenses | | | 561,189 | | | | 259,267 | | | | 602,001 | | | |
| | |
| | Total liabilities | | | 5,197,893 | | | | 25,702,224 | | | | 166,916,290 | | | |
| | |
| | | | | |
| | Net Assets: | | | | | | | | | | | | | | |
| | | | | |
| | Paid-in capital | | | 2,214,052,918 | | | | 1,579,641,424 | | | | 3,799,233,132 | | | |
| | Total distributable earnings (loss) | | | (61,860,557 | ) | | | 231,253,080 | | | | 171,897,172 | | | |
| | |
| | NET ASSETS | | $ | 2,152,192,361 | | | $ | 1,810,894,504 | | | $ | 3,971,130,304 | | | |
| | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | |
| | | Class A | | $ | 31,583,968 | | | $ | 77,366,950 | | | $ | 70,997,052 | | | |
| | | Class C | | | 3,197,936 | | | | 5,442,597 | | | | 6,375,517 | | | |
| | | Institutional | | | 1,328,130,952 | | | | 877,283,267 | | | | 3,347,607,516 | | | |
| | | Service | | | — | | | | 2,021,859 | | | | — | | | |
| | | Investor | | | 106,734,390 | | | | 112,897,112 | | | | 104,274,591 | | | |
| | | Class R6 | | | 602,473,229 | | | | 325,564,861 | | | | 405,863,401 | | | |
| | | Class R | | | 23,785,679 | | | | 6,541,081 | | | | — | | | |
| | | Class P | | | 56,286,207 | | | | 403,776,777 | | | | 36,012,227 | | | |
| | | Total Net Assets | | $ | 2,152,192,361 | | | $ | 1,810,894,504 | | | $ | 3,971,130,304 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | |
| | | Class A | | | 3,505,671 | | | | 5,277,364 | | | | 5,357,976 | | | |
| | | Class C | | | 360,504 | | | | 379,114 | | | | 497,664 | | | |
| | | Institutional | | | 147,944,973 | | | | 57,795,145 | | | | 253,126,787 | | | |
| | | Service | | | — | | | | 136,064 | | | | — | | | |
| | | Investor | | | 11,910,995 | | | | 7,834,999 | | | | 7,918,283 | | | |
| | | Class R6 | | | 67,182,710 | | | | 21,465,125 | | | | 30,606,009 | | | |
| | | Class R | | | 2,703,172 | | | | 461,445 | | | | — | | | |
| | | Class P | | | 6,276,964 | | | | 26,647,984 | | | | 2,716,164 | | | |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | | | | | | | | | |
| | | Class A | | $ | 9.01 | | | $ | 14.66 | | | $ | 13.25 | | | |
| | | Class C | | | 8.87 | | | | 14.36 | | | | 12.81 | | | |
| | | Institutional | | | 8.98 | | | | 15.18 | | | | 13.23 | | | |
| | | Service | | | — | | | | 14.86 | | | | — | | | |
| | | Investor | | | 8.96 | | | | 14.41 | | | | 13.17 | | | |
| | | Class R6 | | | 8.97 | | | | 15.17 | | | | 13.26 | | | |
| | | Class R | | | 8.80 | | | | 14.18 | | | | — | | | |
| | | Class P | | | 8.97 | | | | 15.15 | | | | 13.26 | | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Statements of Assets and Liabilities (continued) October 31, 2024 |
| | (a) | Includes loaned securities having a market value of $–, $18,370,476 and $23,883,332 for Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund, respectively. |
| | (b) | Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $9.53, $15.51 and $14.02, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Statements of Operations For the Fiscal Year Ended October 31, 2024 |
| | | | | | | | | | | | | | | | |
| | | | | Emerging Markets
Equity Insights
Fund | | | International Equity
Insights Fund | | | International Small
Cap Insights Fund | | | |
| | | | | |
| | | Investment income: | | | | | | | | | | | | | | |
| | | | | |
| | Dividends — unaffiliated issuers (net of foreign withholding taxes of $7,550,931, $4,796,683 and $16,697,298, respectively) | | $ | 58,483,042 | | | $ | 46,827,319 | | | $ | 137,277,076 | | | |
| | | | | |
| | Dividends — affiliated issuers | | | 202,524 | | | | 215,128 | | | | 207,133 | | | |
| | | | | |
| | Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | | | 46,802 | | | | 58,088 | | | | 656,851 | | | |
| | |
| | Total Investment Income | | | 58,732,368 | | | | 47,100,535 | | | | 138,141,060 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Expenses: | | | | | | | | | | | | | | |
| | | | | |
| | Management fees | | | 19,535,183 | | | | 13,177,063 | | | | 30,449,397 | | | |
| | | | | |
| | Custody, accounting and administrative services | | | 1,610,711 | | | | 458,875 | | | | 1,160,731 | | | |
| | | | | |
| | Transfer Agency fees(a) | | | 863,876 | | | | 806,225 | | | | 1,638,436 | | | |
| | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 215,546 | | | | 278,549 | | | | 245,838 | | | |
| | | | | |
| | Professional fees | | | 163,489 | | | | 161,860 | | | | 204,515 | | | |
| | | | | |
| | Registration fees | | | 143,723 | | | | 161,414 | | | | 243,300 | | | |
| | | | | |
| | Printing and mailing costs | | | 106,265 | | | | 14,252 | | | | 500,867 | | | |
| | | | | |
| | Trustee fees | | | 30,691 | | | | 30,136 | | | | 34,583 | | | |
| | | | | |
| | Service fees — Class C | | | 8,445 | | | | 15,885 | | | | 21,827 | | | |
| | | | | |
| | Shareholder Administration fees — Service Shares | | | — | | | | 5,901 | | | | — | | | |
| | | | | |
| | Other | | | 24,253 | | | | 52,694 | | | | 185,471 | | | |
| | |
| | Total expenses | | | 22,702,182 | | | | 15,162,854 | | | | 34,684,965 | | | |
| | |
| | Less — expense reductions | | | (1,654,210 | ) | | | (818,075 | ) | | | (1,808,330 | ) | | |
| | |
| | Net expenses | | | 21,047,972 | | | | 14,344,779 | | | | 32,876,635 | | | |
| | |
| | NET INVESTMENT INCOME | | | 37,684,396 | | | | 32,755,756 | | | | 105,264,425 | | | |
| | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | |
| | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers | | | 118,012,931 | | | | 187,649,239 | | | | 303,828,295 | | | |
| | | | | |
| | Futures contracts | | | 948,478 | | | | 1,602,860 | | | | 7,389,171 | | | |
| | | | | |
| | Foreign currency transactions | | | (1,633,739 | ) | | | (49,790 | ) | | | 1,870,805 | | | |
| | | | | |
| | Forward foreign currency exchange contracts | | | (228,395 | ) | | | (1,287 | ) | | | 68,298 | | | |
| | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | |
| | | | | |
| | Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $618,235, $– and $–, respectively) | | | 228,447,558 | | | | 116,625,833 | | | | 350,482,334 | | | |
| | | | | |
| | Futures contracts | | | 426,725 | | | | 204,810 | | | | 1,283,290 | | | |
| | | | | |
| | Foreign currency translations | | | (11,324 | ) | | | 127,645 | | | | 35,203 | | | |
| | |
| | Net realized and unrealized gain | | | 345,962,234 | | | | 306,159,310 | | | | 664,957,396 | | | |
| | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 383,646,630 | | | $ | 338,915,066 | | | $ | 770,221,821 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service (12b-1) Fees | | | | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class R | | | | | | Class A | | | Class C | | | Institutional | | | Service | | | Investor | | | Class R6 | | | Class R | | | Class P | |
Emerging Markets Equity Insights Fund | | | $75,962 | | | | $25,336 | | | | $– | | | | $114,248 | | | | | | | | $45,577 | | | | $5,067 | | | | $498,998 | | | | $– | | | | $102,751 | | | | $159,474 | | | | $34,274 | | | | $17,735 | |
International Equity Insights Fund | | | 193,467 | | | | 47,656 | | | | 5,901 | | | | 31,525 | | | | | | | | 116,080 | | | | 9,531 | | | | 321,731 | | | | 944 | | | | 136,069 | | | | 92,005 | | | | 9,457 | | | | 120,408 | |
International Small Cap Insights Fund | | | 180,358 | | | | 65,480 | | | | – | | | | – | | | | | | | | 108,215 | | | | 13,096 | | | | 1,220,581 | | | | – | | | | 137,073 | | | | 148,474 | | | | – | | | | 10,997 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | | | International Equity Insights Fund | | | |
| | | | | | |
| | | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | |
| | | | | | |
| | | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 37,684,396 | | | $ | 44,831,788 | | | $ | 32,755,756 | | | $ | 41,963,742 | | | |
| | | | | | |
| | Net realized gain (loss) | | | 117,099,275 | | | | (79,645,622 | ) | | | 189,201,022 | | | | 62,052,922 | | | |
| | | | | | |
| | Net change in unrealized gain | | | 228,862,959 | | | | 240,570,276 | | | | 116,958,288 | | | | 162,158,919 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 383,646,630 | | | | 205,756,442 | | | | 338,915,066 | | | | 266,175,583 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (987,303 | ) | | | (648,747 | ) | | | (1,901,154 | ) | | | (2,661,485 | ) | | |
| | | | | | |
| | Class C Shares | | | (92,251 | ) | | | (50,511 | ) | | | (113,202 | ) | | | (214,926 | ) | | |
| | | | | | |
| | Institutional Shares | | | (44,413,799 | ) | | | (27,005,939 | ) | | | (20,182,549 | ) | | | (26,688,204 | ) | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (56,767 | ) | | | (69,208 | ) | | |
| | | | | | |
| | Investor Shares | | | (1,997,983 | ) | | | (1,951,545 | ) | | | (1,916,004 | ) | | | (2,637,002 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (17,515,640 | ) | | | (12,780,576 | ) | | | (7,577,922 | ) | | | (16,439,891 | ) | | |
| | | | | | |
| | Class R Shares | | | (738,041 | ) | | | (384,153 | ) | | | (141,376 | ) | | | (194,401 | ) | | |
| | | | | | |
| | Class P Shares | | | (2,787,817 | ) | | | (1,800,643 | ) | | | (10,730,751 | ) | | | (13,005,096 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (68,532,834 | ) | | | (44,622,114 | ) | | | (42,619,725 | ) | | | (61,910,213 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 562,785,498 | | | | 543,708,456 | | | | 362,948,714 | | | | 275,247,102 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 59,020,622 | | | | 39,227,947 | | | | 29,400,825 | | | | 44,885,211 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (498,098,725 | ) | | | (564,060,858 | ) | | | (360,458,380 | ) | | | (621,302,000 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 123,707,395 | | | | 18,875,545 | | | | 31,891,159 | | | | (301,169,687 | ) | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 438,821,191 | | | | 180,009,873 | | | | 328,186,500 | | | | (96,904,317 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of year | | $ | 1,713,371,170 | | | $ | 1,533,361,297 | | | $ | 1,482,708,004 | | | $ | 1,579,612,321 | | | |
| | |
| | | | | | |
| | End of year | | $ | 2,152,192,361 | | | $ | 1,713,371,170 | | | $ | 1,810,894,504 | | | $ | 1,482,708,004 | | | |
| | |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund |
| | | | |
| | | | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | | | |
| | | | |
| | From operations: | | | | | | | | | | |
| | | | |
| | Net investment income | | $ | 105,264,425 | | | $ | 81,502,859 | | | |
| | | | |
| | Net realized gain (loss) | | | 313,156,569 | | | | (15,791,068 | ) | | |
| | | | |
| | Net change in unrealized gain | | | 351,800,827 | | | | 240,681,019 | | | |
| | |
| | | | |
| | Net increase in net assets resulting from operations | | | 770,221,821 | | | | 306,392,810 | | | |
| | |
| | | | | | | | | | | | |
| | | | |
| | Distributions to shareholders: | | | | | | | | | | |
| | | | |
| | From distributable earnings: | | | | | | | | | | |
| | | | |
| | Class A Shares | | | (1,857,791 | ) | | | (1,933,210 | ) | | |
| | | | |
| | Class C Shares | | | (192,065 | ) | | | (224,982 | ) | | |
| | | | |
| | Institutional Shares | | | (82,101,317 | ) | | | (68,595,559 | ) | | |
| | | | |
| | Investor Shares | | | (2,363,189 | ) | | | (2,541,993 | ) | | |
| | | | |
| | Class R6 Shares | | | (14,626,286 | ) | | | (15,528,105 | ) | | |
| | | | |
| | Class P Shares | | | (1,174,223 | ) | | | (1,171,633 | ) | | |
| | |
| | | | |
| | Total distributions to shareholders | | | (102,314,871 | ) | | | (89,995,482 | ) | | |
| | |
| | | | | | | | | | | | |
| | | | |
| | From share transactions: | | | | | | | | | | |
| | | | |
| | Proceeds from sales of shares | | | 1,045,699,623 | | | | 787,848,859 | | | |
| | | | |
| | Reinvestment of distributions | | | 98,971,715 | | | | 87,292,254 | | | |
| | | | |
| | Cost of shares redeemed | | | (838,884,619 | ) | | | (878,910,381 | ) | | |
| | |
| | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 305,786,719 | | | | (3,769,268 | ) | | |
| | |
| | | | |
| | TOTAL INCREASE | | | 973,693,669 | | | | 212,628,060 | | | |
| | |
| | | | | | | | | | | | |
| | | | |
| | Net Assets: | | | | | | | | | | |
| | | | |
| | Beginning of year | | $ | 2,997,436,635 | | | $ | 2,784,808,575 | | | |
| | |
| | | | |
| | End of year | | $ | 3,971,130,304 | | | $ | 2,997,436,635 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.59 | | | $ | 6.86 | | | $ | 11.87 | | | $ | 10.25 | | | $ | 9.34 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.14 | | | | 0.17 | | | | 0.21 | | | | 0.18 | | | | 0.10 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.57 | | | | 0.72 | | | | (3.18 | ) | | | 1.53 | | | | 0.96 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.71 | | | | 0.89 | | | | (2.97 | ) | | | 1.71 | | | | 1.06 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.29 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.09 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.29 | ) | | | (0.16 | ) | | | (2.04 | ) | | | (0.09 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 9.01 | | | $ | 7.59 | | | $ | 6.86 | | | $ | 11.87 | | | $ | 10.25 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.06% | | | | 12.89% | | | | (29.83)% | | | | 16.60% | | | | 11.56% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 31,584 | | | $ | 26,139 | | | $ | 27,678 | | | $ | 50,146 | | | $ | 52,068 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.39% | | | | 1.42% | | | | 1.46% | | | | 1.46% | | | | 1.47% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.50% | | | | 1.52% | | | | 1.51% | | | | 1.51% | | | | 1.53% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.64% | | | | 2.19% | | | | 2.30% | | | | 1.45% | | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.47 | | | $ | 6.75 | | | $ | 11.69 | | | $ | 10.10 | | | $ | 9.19 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.07 | | | | 0.11 | | | | 0.14 | | | | 0.09 | | | | 0.04 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.55 | | | | 0.71 | | | | (3.13 | ) | | | 1.50 | | | | 0.94 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.62 | | | | 0.82 | | | | (2.99 | ) | | | 1.59 | | | | 0.98 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.22 | ) | | | (0.10 | ) | | | (0.08 | ) | | | – | | | | (0.07) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.22 | ) | | | (0.10 | ) | | | (1.95 | ) | | | – | | | | (0.07) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.87 | | | $ | 7.47 | | | $ | 6.75 | | | $ | 11.69 | | | $ | 10.10 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.12% | | | | 12.03% | | | | (30.36)% | | | | 15.74% | | | | 10.65% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,198 | | | $ | 3,279 | | | $ | 3,163 | | | $ | 5,817 | | | $ | 5,905 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 2.14% | | | | 2.17% | | | | 2.21% | | | | 2.21% | | | | 2.21% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.26% | | | | 2.26% | | | | 2.26% | | | | 2.26% | | | | 2.28% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.87% | | | | 1.44% | | | | 1.56% | | | | 0.74% | | | | 0.41% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.56 | | | $ | 6.85 | | | $ | 11.86 | | | $ | 10.24 | | | $ | 9.33 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.17 | | | | 0.19 | | | | 0.24 | | | | 0.23 | | | | 0.14 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.57 | | | | 0.72 | | | | (3.17 | ) | | | 1.52 | | | | 0.96 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.74 | | | | 0.91 | | | | (2.93 | ) | | | 1.75 | | | | 1.10 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.32 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.13 | ) | | | (0.19) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.32 | ) | | | (0.20 | ) | | | (2.08 | ) | | | (0.13 | ) | | | (0.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.98 | | | $ | 7.56 | | | $ | 6.85 | | | $ | 11.86 | | | $ | 10.24 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.59% | | | | 13.28% | | | | (29.64)% | | | | 17.07% | | | | 11.90% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 1,328,131 | | | $ | 1,074,796 | | | $ | 925,443 | | | $ | 1,029,785 | | | $ | 961,138 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.06% | | | | 1.09% | | | | 1.09% | | | | 1.09% | | | | 1.09% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.14% | | | | 1.15% | | | | 1.13% | | | | 1.14% | | | | 1.16% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.96% | | | | 2.49% | | | | 2.76% | | | | 1.88% | | | | 1.53% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.55 | | | $ | 6.84 | | | $ | 11.83 | | | $ | 10.22 | | | $ | 9.32 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.15 | | | | 0.19 | | | | 0.22 | | | | 0.22 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.57 | | | | 0.71 | | | | (3.14 | ) | | | 1.51 | | | | 0.95 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.72 | | | | 0.90 | | | | (2.92 | ) | | | 1.73 | | | | 1.08 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.31 | ) | | | (0.19 | ) | | | (0.20 | ) | | | (0.12 | ) | | | (0.18) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.31 | ) | | | (0.19 | ) | | | (2.07 | ) | | | (0.12 | ) | | | (0.18) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.96 | | | $ | 7.55 | | | $ | 6.84 | | | $ | 11.83 | | | $ | 10.22 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.37% | | | | 13.16% | | | | (29.69)% | | | | 16.96% | | | | 11.76% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 106,734 | | | $ | 48,549 | | | $ | 64,188 | | | $ | 103,200 | | | $ | 89,556 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.14% | | | | 1.17% | | | | 1.21% | | | | 1.21% | | | | 1.22% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.25% | | | | 1.27% | | | | 1.26% | | | | 1.26% | | | | 1.28% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.74% | | | | 2.44% | | | | 2.51% | | | | 1.78% | | | | 1.39% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.56 | | | $ | 6.84 | | | $ | 11.85 | | | $ | 10.23 | | | $ | 9.33 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.17 | | | | 0.20 | | | | 0.24 | | | | 0.23 | | | | 0.14 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.56 | | | | 0.72 | | | | (3.17 | ) | | | 1.52 | | | | 0.95 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.73 | | | | 0.92 | | | | (2.93 | ) | | | 1.75 | | | | 1.09 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.32 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.13 | ) | | | (0.19) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.32 | ) | | | (0.20 | ) | | | (2.08 | ) | | | (0.13 | ) | | | (0.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.97 | | | $ | 7.56 | | | $ | 6.84 | | | $ | 11.85 | | | $ | 10.23 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.46% | | | | 13.29% | | | | (29.55)% | | | | 17.10% | | | | 11.81% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 602,473 | | | $ | 487,451 | | | $ | 417,309 | | | $ | 572,973 | | | $ | 465,604 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.05% | | | | 1.08% | | | | 1.08% | | | | 1.08% | | | | 1.08% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.13% | | | | 1.14% | | | | 1.13% | | | | 1.13% | | | | 1.15% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.92% | | | | 2.52% | | | | 2.72% | | | | 1.90% | | | | 1.53% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.42 | | | $ | 6.72 | | | $ | 11.66 | | | $ | 10.08 | | | $ | 9.20 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.12 | | | | 0.15 | | | | 0.18 | | | | 0.13 | | | | 0.08 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.53 | | | | 0.70 | | | | (3.10 | ) | | | 1.52 | | | | 0.95 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.65 | | | | 0.85 | | | | (2.92 | ) | | | 1.65 | | | | 1.03 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.27 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.07 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.27 | ) | | | (0.15 | ) | | | (2.02 | ) | | | (0.07 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.80 | | | $ | 7.42 | | | $ | 6.72 | | | $ | 11.66 | | | $ | 10.08 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 22.80% | | | | 12.61% | | | | (30.08)% | | | | 16.43% | | | | 11.19% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 23,786 | | | $ | 19,937 | | | $ | 17,352 | | | $ | 24,710 | | | $ | 29,635 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.64% | | | | 1.67% | | | | 1.71% | | | | 1.71% | | | | 1.72% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.76% | | | | 1.76% | | | | 1.76% | | | | 1.76% | | | | 1.78% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.37% | | | | 1.92% | | | | 2.08% | | | | 1.11% | | | | 0.91% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | Emerging Markets Equity Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 7.56 | | | $ | 6.84 | | | $ | 11.85 | | | $ | 10.23 | | | $ | 9.33 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.16 | | | | 0.20 | | | | 0.25 | | | | 0.24 | | | | 0.14 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 1.57 | | | | 0.72 | | | | (3.18 | ) | | | 1.51 | | | | 0.95 | |
| | | |
| | | | | | |
| | Total from investment operations | | | 1.73 | | | | 0.92 | | | | (2.93 | ) | | | 1.75 | | | | 1.09 | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.32 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.13 | ) | | | (0.19) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (1.87 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.32 | ) | | | (0.20 | ) | | | (2.08 | ) | | | (0.13 | ) | | | (0.19) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 8.97 | | | $ | 7.56 | | | $ | 6.84 | | | $ | 11.85 | | | $ | 10.23 | |
| | | |
| | | | | | |
| | Total Return(b) | | | 23.47% | | | | 13.27% | | | | (29.55)% | | | | 17.10% | | | | 11.80% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 56,286 | | | $ | 53,221 | | | $ | 78,229 | | | $ | 139,870 | | | $ | 112,229 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.05% | | | | 1.08% | | | | 1.08% | | | | 1.08% | | | | 1.08% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.13% | | | | 1.14% | | | | 1.13% | | | | 1.13% | | | | 1.15% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.91% | | | | 2.55% | | | | 2.73% | | | | 1.92% | | | | 1.48% | |
| | | | | | |
| | Portfolio turnover rate(c) | | | 168% | | | | 165% | | | | 167% | | | | 189% | | | | 178% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.14 | | | $ | 10.75 | | | $ | 14.76 | | | $ | 11.40 | | | $ | 12.46 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.23 | (b) | | | 0.27 | (c) | | | 0.31 | | | | 0.22 | | | | 0.14 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.63 | | | | 1.54 | | | | (3.46 | ) | | | 3.35 | | | | (0.92) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.86 | | | | 1.81 | | | | (3.15 | ) | | | 3.57 | | | | (0.78) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.34 | ) | | | (0.42 | ) | | | (0.41 | ) | | | (0.21 | ) | | | (0.28) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.34 | ) | | | (0.42 | ) | | | (0.86 | ) | | | (0.21 | ) | | | (0.28) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.66 | | | $ | 12.14 | | | $ | 10.75 | | | $ | 14.76 | | | $ | 11.40 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 23.79 | % | | | 17.17 | % | | | (22.56 | )% | | | 31.50 | % | | | (6.44)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 77,367 | | | $ | 68,093 | | | $ | 69,254 | | | $ | 103,852 | | | $ | 204,087 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.18 | % | | | 1.19 | % | | | 1.18 | % | | | 1.17 | % | | | 1.17% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.23 | % | | | 1.24 | % | | | 1.22 | % | | | 1.21 | % | | | 1.23% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.58 | %(b) | | | 2.26 | %(c) | | | 2.44 | % | | | 1.55 | % | | | 1.22% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 11.88 | | | $ | 10.49 | | | $ | 14.42 | | | $ | 11.13 | | | $ | 12.13 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.11 | (b) | | | 0.18 | (c) | | | 0.21 | | | | 0.15 | | | | 0.05 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.59 | | | | 1.51 | | | | (3.39 | ) | | | 3.24 | | | | (0.90) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.70 | | | | 1.69 | | | | (3.18 | ) | | | 3.39 | | | | (0.85) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.22 | ) | | | (0.30 | ) | | | (0.30 | ) | | | (0.10 | ) | | | (0.15) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.22 | ) | | | (0.30 | ) | | | (0.75 | ) | | | (0.10 | ) | | | (0.15) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.36 | | | $ | 11.88 | | | $ | 10.49 | | | $ | 14.42 | | | $ | 11.13 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 22.85 | % | | | 16.26 | % | | | (23.16 | )% | | | 30.53 | % | | | (7.08)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 5,443 | | | $ | 6,529 | | | $ | 8,393 | | | $ | 14,406 | | | $ | 13,484 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.93 | % | | | 1.94 | % | | | 1.93 | % | | | 1.92 | % | | | 1.92% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.98 | % | | | 1.99 | % | | | 1.97 | % | | | 1.96 | % | | | 1.98% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 0.82 | %(b) | | | 1.48 | %(c) | | | 1.69 | % | | | 1.05 | % | | | 0.42% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.56 | | | $ | 11.11 | | | $ | 15.23 | | | $ | 11.76 | | | $ | 12.83 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.29 | (b) | | | 0.33 | (c) | | | 0.36 | | | | 0.33 | | | | 0.18 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.72 | | | | 1.59 | | | | (3.57 | ) | | | 3.40 | | | | (0.93) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.01 | | | | 1.92 | | | | (3.21 | ) | | | 3.73 | | | | (0.75) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.39 | ) | | | (0.47 | ) | | | (0.46 | ) | | | (0.26 | ) | | | (0.32) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.39 | ) | | | (0.47 | ) | | | (0.91 | ) | | | (0.26 | ) | | | (0.32) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 15.18 | | | $ | 12.56 | | | $ | 11.11 | | | $ | 15.23 | | | $ | 11.76 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 24.24 | % | | | 17.61 | % | | | (22.27 | )% | | | 31.93 | % | | | (6.07)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 877,283 | | | $ | 667,420 | | | $ | 675,506 | | | $ | 1,227,429 | | | $ | 810,510 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.80 | % | | | 0.79% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.87 | % | | | 0.87 | % | | | 0.85 | % | | | 0.84 | % | | | 0.85% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.96 | %(b) | | | 2.60 | %(c) | | | 2.74 | % | | | 2.25 | % | | | 1.54% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Service Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.31 | | | $ | 10.88 | | | $ | 14.91 | | | $ | 11.52 | | | $ | 12.57 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.22 | (b) | | | 0.26 | (c) | | | 0.30 | | | | 0.25 | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.66 | | | | 1.57 | | | | (3.52 | ) | | | 3.33 | | | | (0.91) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.88 | | | | 1.83 | | | | (3.22 | ) | | | 3.58 | | | | (0.79) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.33 | ) | | | (0.40 | ) | | | (0.36 | ) | | | (0.19 | ) | | | (0.26) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.33 | ) | | | (0.40 | ) | | | (0.81 | ) | | | (0.19 | ) | | | (0.26) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.86 | | | $ | 12.31 | | | $ | 10.88 | | | $ | 14.91 | | | $ | 11.52 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 23.66 | % | | | 17.03 | % | | | (22.69 | )% | | | 31.25 | % | | | (6.50)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 2,022 | | | $ | 2,153 | | | $ | 1,887 | | | $ | 2,927 | | | $ | 3,675 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.32 | % | | | 1.32 | % | | | 1.31 | % | | | 1.30 | % | | | 1.29% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.37 | % | | | 1.37 | % | | | 1.35 | % | | | 1.34 | % | | | 1.35% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.54 | %(b) | | | 2.13 | %(c) | | | 2.33 | % | | | 1.71 | % | | | 1.03% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 11.94 | | | $ | 10.58 | | | $ | 14.55 | | | $ | 11.19 | | | $ | 12.23 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.27 | (b) | | | 0.30 | (c) | | | 0.34 | | | | 0.25 | | | | 0.16 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.57 | | | | 1.51 | | | | (3.42 | ) | | | 3.30 | | | | (0.89) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.84 | | | | 1.81 | | | | (3.08 | ) | | | 3.55 | | | | (0.73) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.37 | ) | | | (0.45 | ) | | | (0.44 | ) | | | (0.19 | ) | | | (0.31) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.37 | ) | | | (0.45 | ) | | | (0.89 | ) | | | (0.19 | ) | | | (0.31) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.41 | | | $ | 11.94 | | | $ | 10.58 | | | $ | 14.55 | | | $ | 11.19 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 24.10 | % | | | 17.48 | % | | | (22.39 | )% | | | 31.90 | % | | | (6.21)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 112,897 | | | $ | 61,176 | | | $ | 69,844 | | | $ | 96,352 | | | $ | 311,446 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.93 | % | | | 0.94 | % | | | 0.93 | % | | | 0.92 | % | | | 0.92% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.98 | % | | | 0.99 | % | | | 0.97 | % | | | 0.96 | % | | | 0.98% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.91 | %(b) | | | 2.47 | %(c) | | | 2.73 | % | | | 1.86 | % | | | 1.42% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.55 | | | $ | 11.10 | | | $ | 15.22 | | | $ | 11.75 | | | $ | 12.82 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.29 | (b) | | | 0.33 | (c) | | | 0.37 | | | | 0.33 | | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.72 | | | | 1.59 | | | | (3.58 | ) | | | 3.40 | | | | (0.94) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.01 | | | | 1.92 | | | | (3.21 | ) | | | 3.73 | | | | (0.75) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.39 | ) | | | (0.47 | ) | | | (0.46 | ) | | | (0.26 | ) | | | (0.32) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.39 | ) | | | (0.47 | ) | | | (0.91 | ) | | | (0.26 | ) | | | (0.32) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 15.17 | | | $ | 12.55 | | | $ | 11.10 | | | $ | 15.22 | | | $ | 11.75 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 24.35 | % | | | 17.55 | % | | | (22.28 | )% | | | 31.97 | % | | | (6.06)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 325,565 | | | $ | 327,287 | | | $ | 407,364 | | | $ | 627,430 | | | $ | 522,707 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.81 | % | | | 0.81 | % | | | 0.80 | % | | | 0.79 | % | | | 0.78% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.86 | % | | | 0.86 | % | | | 0.84 | % | | | 0.83 | % | | | 0.84% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.96 | %(b) | | | 2.59 | %(c) | | | 2.85 | % | | | 2.24 | % | | | 1.61% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Class R Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 11.76 | | | $ | 10.41 | | | $ | 14.32 | | | $ | 11.08 | | | $ | 12.10 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.19 | (b) | | | 0.24 | (c) | | | 0.27 | | | | 0.21 | | | | 0.11 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.54 | | | | 1.50 | | | | (3.37 | ) | | | 3.21 | | | | (0.89) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.73 | | | | 1.74 | | | | (3.10 | ) | | | 3.42 | | | | (0.78) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.31 | ) | | | (0.39 | ) | | | (0.36 | ) | | | (0.18 | ) | | | (0.24) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.31 | ) | | | (0.39 | ) | | | (0.81 | ) | | | (0.18 | ) | | | (0.24) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 14.18 | | | $ | 11.76 | | | $ | 10.41 | | | $ | 14.32 | | | $ | 11.08 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 23.46 | % | | | 16.93 | % | | | (22.79 | )% | | | 31.19 | % | | | (6.69)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 6,541 | | | $ | 5,254 | | | $ | 5,383 | | | $ | 7,896 | | | $ | 8,321 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.43 | % | | | 1.44 | % | | | 1.43 | % | | | 1.42 | % | | | 1.42% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.48 | % | | | 1.49 | % | | | 1.47 | % | | | 1.46 | % | | | 1.48% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.35 | %(b) | | | 1.99 | %(c) | | | 2.20 | % | | | 1.56 | % | | | 0.99% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Equity Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 12.54 | | | $ | 11.09 | | | $ | 15.21 | | | $ | 11.74 | | | $ | 12.81 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.29 | (b) | | | 0.33 | (c) | | | 0.38 | | | | 0.33 | | | | 0.19 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.71 | | | | 1.59 | | | | (3.59 | ) | | | 3.40 | | | | (0.94) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 3.00 | | | | 1.92 | | | | (3.21 | ) | | | 3.73 | | | | (0.75) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.39 | ) | | | (0.47 | ) | | | (0.46 | ) | | | (0.26 | ) | | | (0.32) | |
| | | | | | |
| | Distributions to shareholders from net realized gains | | | – | | | | – | | | | (0.45 | ) | | | – | | | | – | |
| | | |
| | | | | | |
| | Total distributions | | | (0.39 | ) | | | (0.47 | ) | | | (0.91 | ) | | | (0.26 | ) | | | (0.32) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 15.15 | | | $ | 12.54 | | | $ | 11.09 | | | $ | 15.21 | | | $ | 11.74 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 24.30 | % | | | 17.56 | % | | | (22.29 | )% | | | 32.00 | % | | | (6.06)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 403,777 | | | $ | 344,796 | | | $ | 341,982 | | | $ | 470,881 | | | $ | 357,875 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.81 | % | | | 0.81 | % | | | 0.80 | % | | | 0.79 | % | | | 0.78% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.86 | % | | | 0.86 | % | | | 0.84 | % | | | 0.83 | % | | | 0.84% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 1.96 | %(b) | | | 2.61 | %(c) | | | 2.95 | % | | | 2.24 | % | | | 1.62% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 167 | % | | | 157 | % | | | 151 | % | | | 164 | % | | | 160% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Class A Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.92 | | | $ | 10.14 | | | $ | 14.32 | | | $ | 10.96 | | | $ | 11.77 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.31 | (b) | | | 0.26 | | | | 0.32 | | | | 0.27 | | | | 0.08 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.34 | | | | 0.81 | | | | (4.10 | ) | | | 3.28 | | | | (0.52) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.65 | | | | 1.07 | | | | (3.78 | ) | | | 3.55 | | | | (0.44) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.32 | ) | | | (0.29 | ) | | | (0.40 | ) | | | (0.19 | ) | | | (0.37) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.25 | | | $ | 10.92 | | | $ | 10.14 | | | $ | 14.32 | | | $ | 10.96 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 24.63 | % | | | 10.55 | % | | | (27.07 | )% | | | 32.65 | % | | | (3.98)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 70,997 | | | $ | 71,921 | | | $ | 69,230 | | | $ | 150,934 | | | $ | 120,602 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.23 | % | | | 1.24 | % | | | 1.24 | % | | | 1.24 | % | | | 1.25% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.28 | % | | | 1.29 | % | | | 1.28 | % | | | 1.30 | % | | | 1.31% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.42 | %(b) | | | 2.25 | % | | | 2.63 | % | | | 1.96 | % | | | 0.76% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Class C Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.55 | | | $ | 9.77 | | | $ | 13.81 | | | $ | 10.56 | | | $ | 11.34 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.19 | (b) | | | 0.16 | | | | 0.23 | | | | 0.16 | | | | –(c) | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.29 | | | | 0.79 | | | | (3.98 | ) | | | 3.17 | | | | (0.51) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.48 | | | | 0.95 | | | | (3.75 | ) | | | 3.33 | | | | (0.51) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.22 | ) | | | (0.17 | ) | | | (0.29 | ) | | | (0.08 | ) | | | (0.27) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 12.81 | | | $ | 10.55 | | | $ | 9.77 | | | $ | 13.81 | | | $ | 10.56 | |
| | | |
| | | | | | |
| | Total Return(d) | | | 23.69 | % | | | 9.77 | % | | | (27.65 | )% | | | 31.67 | % | | | (4.71)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 6,376 | | | $ | 10,025 | | | $ | 13,111 | | | $ | 28,406 | | | $ | 29,190 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 1.98 | % | | | 1.99 | % | | | 1.99 | % | | | 1.99 | % | | | 2.00% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 2.03 | % | | | 2.04 | % | | | 2.03 | % | | | 2.05 | % | | | 2.06% | |
| | | | | | |
| | Ratio of net investment income (loss) to average net assets | | | 1.53 | %(b) | | | 1.48 | % | | | 1.92 | % | | | 1.20 | % | | | (0.01)% | |
| | | | | | |
| | Portfolio turnover rate(e) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Amount is less than $0.005 per share. |
| | (d) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Institutional Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.90 | | | $ | 10.13 | | | $ | 14.33 | | | $ | 10.97 | | | $ | 11.78 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.36 | (b) | | | 0.30 | | | | 0.38 | | | | 0.33 | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.34 | | | | 0.81 | | | | (4.11 | ) | | | 3.27 | | | | (0.52) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.70 | | | | 1.11 | | | | (3.73 | ) | | | 3.60 | | | | (0.40) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.37 | ) | | | (0.34 | ) | | | (0.47 | ) | | | (0.24 | ) | | | (0.41) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.23 | | | $ | 10.90 | | | $ | 10.13 | | | $ | 14.33 | | | $ | 10.97 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 25.17 | % | | | 10.96 | % | | | (26.80 | )% | | | 33.11 | % | | | (3.61)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 3,347,608 | | | $ | 2,353,230 | | | $ | 2,097,460 | | | $ | 2,579,024 | | | $ | 1,608,195 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.87 | % | | | 0.88 | % | | | 0.87 | % | | | 0.87 | % | | | 0.87% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.92 | % | | | 0.93 | % | | | 0.91 | % | | | 0.92 | % | | | 0.93% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.82 | %(b) | | | 2.64 | % | | | 3.14 | % | | | 2.39 | % | | | 1.13% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Investor Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.85 | | | $ | 10.08 | | | $ | 14.26 | | | $ | 10.92 | | | $ | 11.72 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.34 | (b) | | | 0.28 | | | | 0.36 | | | | 0.30 | | | | 0.10 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.33 | | | | 0.81 | | | | (4.09 | ) | | | 3.26 | | | | (0.51) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.67 | | | | 1.09 | | | | (3.73 | ) | | | 3.56 | | | | (0.41) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.35 | ) | | | (0.32 | ) | | | (0.45 | ) | | | (0.22 | ) | | | (0.39) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.17 | | | $ | 10.85 | | | $ | 10.08 | | | $ | 14.26 | | | $ | 10.92 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 25.03 | % | | | 10.83 | % | | | (26.90 | )% | | | 32.88 | % | | | (3.72)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 104,275 | | | $ | 74,012 | | | $ | 89,627 | | | $ | 141,731 | | | $ | 131,558 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.98 | % | | | 1.00 | % | | | 0.99 | % | | | 0.99 | % | | | 1.00% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 1.03 | % | | | 1.04 | % | | | 1.03 | % | | | 1.05 | % | | | 1.06% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.69 | %(b) | | | 2.48 | % | | | 2.98 | % | | | 2.21 | % | | | 0.95% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Class R6 Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.93 | | | $ | 10.15 | | | $ | 14.36 | | | $ | 10.99 | | | $ | 11.80 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.36 | (b) | | | 0.30 | | | | 0.38 | | | | 0.31 | | | | 0.13 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.34 | | | | 0.82 | | | | (4.12 | ) | | | 3.29 | | | | (0.52) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.70 | | | | 1.12 | | | | (3.74 | ) | | | 3.60 | | | | (0.39) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.37 | ) | | | (0.34 | ) | | | (0.47 | ) | | | (0.23 | ) | | | (0.42) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.26 | | | $ | 10.93 | | | $ | 10.15 | | | $ | 14.36 | | | $ | 10.99 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 25.10 | % | | | 11.04 | % | | | (26.81 | )% | | | 33.12 | % | | | (3.60)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 405,863 | | | $ | 452,434 | | | $ | 479,843 | | | $ | 878,443 | | | $ | 963,821 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.86 | % | | | 0.87 | % | | | 0.86 | % | | | 0.86 | % | | | 0.86% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.90 | % | | | 0.92 | % | | | 0.90 | % | | | 0.91 | % | | | 0.92% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.85 | %(b) | | | 2.64 | % | | | 3.06 | % | | | 2.26 | % | | | 1.19% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Year |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | International Small Cap Insights Fund | |
| | |
| | | | | Class P Shares | |
| | |
| | | | | Year Ended October 31, | |
| | | | | | |
| | | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | |
| | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net asset value, beginning of year | | $ | 10.93 | | | $ | 10.15 | | | $ | 14.36 | | | $ | 10.99 | | | $ | 11.80 | |
| | | |
| | | | | | |
| | Net investment income(a) | | | 0.35 | (b) | | | 0.30 | | | | 0.38 | | | | 0.33 | | | | 0.12 | |
| | | | | | |
| | Net realized and unrealized gain (loss) | | | 2.35 | | | | 0.82 | | | | (4.12 | ) | | | 3.28 | | | | (0.51) | |
| | | |
| | | | | | |
| | Total from investment operations | | | 2.70 | | | | 1.12 | | | | (3.74 | ) | | | 3.61 | | | | (0.39) | |
| | | |
| | | | | | |
| | Distributions to shareholders from net investment income | | | (0.37 | ) | | | (0.34 | ) | | | (0.47 | ) | | | (0.24 | ) | | | (0.42) | |
| | | |
| | | | | | |
| | Net asset value, end of year | | $ | 13.26 | | | $ | 10.93 | | | $ | 10.15 | | | $ | 14.36 | | | $ | 10.99 | |
| | | |
| | | | | | |
| | Total Return(c) | | | 25.10 | % | | | 11.04 | % | | | (26.81 | )% | | | 33.15 | % | | | (3.60)% | |
| | | |
| | | | | | |
| | Net assets, end of year (in 000’s) | | $ | 36,012 | | | $ | 35,815 | | | $ | 35,538 | | | $ | 59,410 | | | $ | 43,631 | |
| | | | | | |
| | Ratio of net expenses to average net assets | | | 0.86 | % | | | 0.87 | % | | | 0.86 | % | | | 0.86 | % | | | 0.86% | |
| | | | | | |
| | Ratio of total expenses to average net assets | | | 0.90 | % | | | 0.92 | % | | | 0.90 | % | | | 0.92 | % | | | 0.92% | |
| | | | | | |
| | Ratio of net investment income to average net assets | | | 2.78 | %(b) | | | 2.65 | % | | | 3.15 | % | | | 2.41 | % | | | 1.08% | |
| | | | | | |
| | Portfolio turnover rate(d) | | | 165 | % | | | 163 | % | | | 156 | % | | | 185 | % | | | 149% | |
| | | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets. |
| | (c) | Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements October 31, 2024 |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-Diversified |
| | |
| Goldman Sachs Emerging Markets Equity Insights Fund | | A, C, Institutional, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs International Equity Insights Fund | | A, C, Institutional, Service, Investor, R6, R and P | | Diversified |
| | |
| Goldman Sachs International Small Cap Insights Fund | | A, C, Institutional, Investor, R6 and P | | Diversified |
Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated 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 Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market 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 Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of October 31, 2024:
| | | | | | | | | | | | |
| Emerging Markets Equity Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | 20,054,709 | | | $ | 34,114,776 | | | $ | — | |
Asia | | | 81,824,532 | | | | 1,785,051,310 | | | | — | |
Europe | | | 1,763,099 | | | | 21,732,070 | | | | — | |
North America | | | 39,309,719 | | | | — | | | | — | |
South America | | | 84,336,649 | | | | 39,164,491 | | | | — | |
| |
| | | |
Total | | $ | 227,288,708 | | | $ | 1,880,062,647 | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
| Assets | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | 426,725 | | | $ | — | | | $ | — | |
| |
| | | | | | | | | | | | |
International Equity Insights Fund | |
| | | |
| Investment Type | | | Level 1 | | | | Level 2 | | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Africa | | $ | — | | | $ | 4,313,308 | | | $ | — | |
Asia | | | 17,116,503 | | | | 465,766,436 | | | | — | |
Europe | | | 60,547,758 | | | | 925,817,208 | | | | — | |
North America | | | 31,364,947 | | | | 128,316,476 | | | | — | |
Oceania | | | 4,363,788 | | | | 116,155,812 | | | | — | |
Investment Company | | | 6,782,167 | | | | — | | | | — | |
Securities Lending Reinvestment Vehicle | | | 19,792,150 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 139,967,313 | | | $ | 1,640,369,240 | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
| Assets | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | 461,705 | | | $ | — | | | $ | — | |
| |
| | | |
| Liabilities | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | (241,436 | ) | | $ | — | | | $ | — | |
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| International Small Cap Insights Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Common Stock and/or Other Equity Investments(a) | | | | | | | | | | | | |
Asia | | $ | 35,505,211 | | | $ | 1,630,797,441 | | | $ | — | |
Europe | | | 288,549,475 | | | | 1,460,289,620 | | | | — | |
North America | | | 3,101,800 | | | | 41,267,614 | | | | — | |
Oceania | | | — | | | | 380,112,330 | | | | — | |
South America | | | — | | | | 700,412 | | | | — | |
Investment Company | | | 22,810,226 | | | | — | | | | — | |
Securities Lending Reinvestment Vehicle | | | 23,329,427 | | | | — | | | | — | |
| |
| | | |
Total | | $ | 373,296,139 | | | $ | 3,513,167,417 | | | $ | — | |
|
| |
| | | |
| Derivative Type | | | | | | | | | |
|
| |
| | | |
| Liabilities | | | | | | | | | |
| | | |
Futures Contracts(b) | | $ | (873,125 | ) | | $ | — | | | $ | — | |
| |
| | (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. |
| | (b) | Amount shown represents unrealized gain (loss) at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:
| | | | | | | | | | | | |
Emerging Markets Equity Insights Fund | | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | 426,725 | | | Variation margin on futures contracts | | $ | — | |
| | | | | | | | | | | | |
International Equity Insights Fund | | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | 461,705 | | | Variation margin on futures contracts | | $ | (241,436 | ) |
| | | | | | | | | | | | |
International Small Cap Insights Fund | | | | | | | | | | |
| Risk | | Statement of Assets and Liabilities | | Assets1 | | | Statement of Assets and Liabilities | | Liabilities1 | |
| Equity | | Variation margin on futures contracts | | $ | — | | | Variation margin on futures contracts | | $ | (873,125 | ) |
| | 1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of October 31, 2024 is reported within the Statements of Assets and Liabilities. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
4. INVESTMENTS IN DERIVATIVES (continued) |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| | | | | | | | | | |
| Emerging Markets Equity Insights Fund | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | $ | (228,395 | ) | | $ | – | |
| | | |
| Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 948,478 | | | | 426,725 | |
| | | |
Total | | | | $ | 720,083 | | | $ | 426,725 | |
| | | | | | | | | | |
| International Equity Insights Fund | | | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | | (1,287 | ) | | | – | |
| | | |
| Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 1,602,860 | | | | 204,810 | |
| | | |
Total | | | | $ | 1,601,573 | | | $ | 204,810 | |
| | | | | | | | | | |
| International Small Cap Insights Fund | | | | | | | | | | |
| | | |
Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | | Net Change in
Unrealized
Gain (Loss) | |
| | | |
| Currency | | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | | | 68,298 | | | | – | |
| | | |
| Equity | | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | | | 7,389,171 | | | | 1,283,290 | |
| | | |
Total | | | | $ | 7,457,469 | | | $ | 1,283,290 | |
For the fiscal year ended October 31, 2024, the relevant values for each derivative type was as follows:
| | | | | | |
| | | Average number of Contracts or Notional Amounts(a) |
| |
| | | |
| | |
| Fund | | Futures Contracts | | | Forward Contracts |
|
|
| | |
Emerging Markets Equity Insights Fund | | | 525 | | | 585,747 |
|
|
| | |
International Equity Insights Fund | | | 305 | | | – |
|
|
| | |
International Small Cap Insights Fund | | | 807 | | | 7,503,726 |
|
|
| | (a) | Amounts disclosed represent average number of contracts for futures, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2024. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the fiscal year ended October 31, 2024, contractual and effective net management fees with GSAM were at the following rates:
| | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective
Rate | | Effective Net
Management
Rate^ |
|
|
| | | | | | | |
Emerging Markets Equity Insights Fund | | 1.00% | | 1.00% | | 0.90% | | 0.86% | | 0.84% | | 1.00% | | 1.00% |
|
|
| | | | | | | |
International Equity Insights Fund | | 0.81 | | 0.73 | | 0.69 | | 0.68 | | 0.67 | | 0.78 | | 0.78 |
|
|
| | | | | | | |
International Small Cap Insights Fund | | 0.85 | | 0.85 | | 0.77 | | 0.73 | | 0.72 | | 0.81 | | 0.81 |
|
|
| | ^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2024, GSAM waived $5,828, $6,665 and $6,243 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| | | | | | | | |
| | | Distribution and/or Service Plan Rates |
| | | | |
| | | Class A* | | Class C | | Service | | Class R* |
|
|
| | | | |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% | | 0.50% |
|
|
| | * | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the fiscal year ended October 31, 2024, Goldman Sachs retained the following amounts:
| | | | | | | | |
| | | Front End
Sales Charge | | | Contingent Deferred
Sales Charge | |
| Fund | | Class A | | | Class C | |
|
| |
| | |
Emerging Markets Equity Insights Fund | | $ | 2,769 | | | $ | — | |
|
| |
| | |
International Equity Insights Fund | | | 2,111 | | | | — | |
|
| |
| | |
International Small Cap Insights Fund | | | 4,455 | | | | — | |
|
| |
D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2024, Goldman Sachs has agreed to waive 0.02% of the average daily net assets of Class A, Class C, Investor, and Class R Shares of the Emerging Markets Equity Insights Fund through at least February 28, 2025. Prior to February 28, 2024, Goldman Sachs waived its transfer agent fee equal to 0.06% as an annual rate of the average net assets attributable to Class A, Class C, Investor, and Class R6 Shares of the Emerging Markets Equity Insights Fund.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.014%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitations as an annual percentage rate of average daily net assets for the Emerging Markets Equity Insights Fund was 0.054%. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the fiscal year ended October 31, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | |
| Fund | | Management
Fee Waiver | | | Transfer Agency
Waiver/Credits | | | Other Expense
Reimbursements | | | Total Expense
Reductions | |
|
| |
| | | | |
Emerging Markets Equity Insights Fund | | $ | 5,828 | | | $ | 38,940 | | | $ | 1,609,442 | | | $ | 1,654,210 | |
|
| |
| | | | |
International Equity Insights Fund | | | 6,665 | | | | – | | | | 811,410 | | | | 818,075 | |
|
| |
| | | | |
International Small Cap Insights Fund | | | 6,243 | | | | – | | | | 1,802,087 | | | | 1,808,330 | |
|
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Line of Credit Facility — As of October 31, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Emerging Markets Equity Insights Fund | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of
October 31, 2024 | | | Shares as of
October 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | $ | – | | | $ | 479,345,005 | | | $ | (479,345,005 | ) | | $ | – | | | $ | – | | | $ | – | | | | – | | | $ | 202,524 | | | $ | – | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International Equity Insights Fund | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of
October 31, 2024 | | | Shares as of
October 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | – | | | | 167,640,751 | | | | (160,858,584 | ) | | | – | | | | – | | | | 6,782,167 | | | | 6,782,167 | | | | 215,128 | | | | – | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International Small Cap Insights Fund | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Underlying Fund | | Beginning value as of October 31, 2023 | | | Purchases at Cost | | | Proceeds from
Sales | | | Realized Gain
(Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of
October 31, 2024 | | | Shares as of
October 31,
2024 | | | Dividend
Income | | | Capital Gain
Distribution | |
| |
|
Goldman Sachs Financial Square Government Fund - Institutional Shares | |
| | | – | | | | 180,981,576 | | | | (158,171,350 | ) | | | – | | | | – | | | | 22,810,226 | | | | 22,810,226 | | | | 207,133 | | | | – | |
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2024, were as follows:
| | | | | | | | |
| Fund | | Purchases | | | Sales | |
| |
| | |
Emerging Markets Equity Insights Fund | | $ | 3,238,184,448 | | | $ | 3,207,090,703 | |
| |
| | |
International Equity Insights Fund | | | 2,741,252,713 | | | | 2,745,134,795 | |
| |
| | |
International Small Cap Insights Fund | | | 6,283,972,461 | | | | 5,988,008,139 | |
| |
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2024, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
7. SECURITIES LENDING (continued) |
| | | | | | | | | | | | |
| | | For the Fiscal Year ended October 31, 2024 | | | | |
| Fund | | Earnings of GSAL Relating to Securities Loaned | | | Amounts Received
by the Funds
from Lending to
Goldman Sachs | | | Amounts Payable to
Goldman Sachs Upon Return of
Securities Loaned as of
October 31, 2024 | |
| |
| | | |
Emerging Markets Equity Insights Fund | | $ | 5,193 | | | $ | — | | | $ | — | |
| |
| | | |
International Equity Insights Fund | | | 6,467 | | | | 4,059 | | | | — | |
| |
| | | |
International Small Cap Insights Fund | | | 72,138 | | | | 81,822 | | | | — | |
| |
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended October 31, 2024.
| | | | | | | | | | | | | | | | |
| Fund | | Beginning value as
of October 31, 2023 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Ending value as
of October 31, 2024 | |
| |
| | | | |
Emerging Markets Equity Insights Fund | | $ | 344,000 | | | $ | 66,726,625 | | | $ | (67,070,625 | ) | | $ | — | |
|
| |
| | | | |
International Equity Insights Fund | | | 19,690,260 | | | | 207,126,779 | | | | (207,024,889 | ) | | | 19,792,150 | |
|
| |
| | | | |
International Small Cap Insights Fund | | | 20,934,214 | | | | 666,494,564 | | | | (664,099,351 | ) | | | 23,329,427 | |
|
| |
The tax character of distributions paid during the fiscal year ended October 31, 2024 were as follows:
| | | | | | | | | | | | |
| | | Emerging Markets
Equity Insights Fund | | | International Equity
Insights Fund | | | International Small
Cap Insights Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 68,532,834 | | | $ | 42,619,725 | | | $ | 102,314,871 | |
|
| |
| | | |
Total taxable distributions | | $ | 68,532,834 | | | $ | 42,619,725 | | | $ | 102,314,871 | |
| |
The tax character of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| | | | | | | | | | | | |
| | | Emerging Markets
Equity Insights Fund | | | International Equity
Insights Fund | | | International Small
Cap Insights Fund | |
| |
| | | |
Distributions paid from: | | | | | | | | | | | | |
| | | |
Ordinary Income | | $ | 44,622,114 | | | $ | 61,910,213 | | | $ | 89,995,482 | |
|
| |
| | | |
Total taxable distributions | | $ | 44,622,114 | | | $ | 61,910,213 | | | $ | 89,995,482 | |
| |
As of October 31, 2024, the components of accumulated earnings (losses) on a tax-basis were as follows:
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
8. TAX INFORMATION (continued) |
| | | | | | | | | | | | |
| | | Emerging Markets Equity Insights
Fund* | | | International Equity Insights Fund* | | | International Small Cap Insights Fund* |
| | | |
Undistributed ordinary income — net | | $ | 28,640,109 | | | $ | 42,560,460 | | | $ | 163,794,906 | |
| | | |
Undistributed long-term capital gains | | | — | | | | 59,032,451 | | | | — | |
| | | | |
Total undistributed earnings | | $ | 28,640,109 | | | $ | 101,592,911 | | | $ | 163,794,906 | |
| | | |
Capital loss carryforwards: | | | | | | | | | | | | |
| | | |
Perpetual Short-Term | | | (314,354,623 | ) | | | — | | | | (240,529,449 | ) |
| | | |
Perpetual Long-Term | | | (10,014,511 | ) | | | — | | | | — | |
| | | | |
Total capital loss carryforwards | | | (324,369,134 | ) | | | — | | | | (240,529,449 | ) |
| | | |
Unrealized gains (losses) — net | | | 233,868,468 | | | | 129,660,169 | | | | 248,631,715 | |
| | | |
Total accumulated earnings (losses) — net | | $ | (61,860,557 | ) | | $ | 231,253,080 | | | $ | 171,897,172 | |
* The Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund utilized $102,015,610, $119,340,705, and $267,058,255 of capital losses in the current fiscal year, respectively.
As of October 31, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.
| | | | | | | | | | | | |
| | | Emerging Markets Equity Insights Fund | | | International Equity Insights Fund | | | International Small Cap Insights Fund | |
| | | |
Tax Cost | | $ | 1,872,306,112 | | | $ | 1,650,606,498 | | | $ | 3,635,907,624 | |
| | | |
Gross unrealized gain | | | 321,156,392 | | | | 186,490,561 | | | | 385,509,100 | |
| | | |
Gross unrealized loss | | | (87,287,924 | ) | | | (56,830,392 | ) | | | (136,877,385 | ) |
| | | | |
Net unrealized gain (loss) | | $ | 233,868,468 | | | $ | 129,660,169 | | | $ | 248,631,715 | |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
9. OTHER RISKS (continued) |
sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a 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 Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
9. OTHER RISKS (continued) |
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
|
|
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Emerging Markets Equity Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,052,104 | | | $ | 9,193,791 | | | | 996,500 | | | $ | 7,732,206 | |
| | | | |
Reinvestment of distributions | | | 124,725 | | | | 984,081 | | | | 86,134 | | | | 646,869 | |
| | | | |
Shares redeemed | | | (1,115,617 | ) | | | (9,652,744 | ) | | | (1,670,888 | ) | | | (13,070,206) | |
| |
| | | | |
| | | 61,212 | | | | 525,128 | | | | (588,254 | ) | | | (4,691,131) | |
| |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 19,803 | | | | 171,586 | | | | 112,179 | | | | 858,313 | |
| | | | |
Reinvestment of distributions | | | 11,797 | | | | 92,252 | | | | 6,789 | | | | 50,511 | |
| | | | |
Shares redeemed | | | (110,081 | ) | | | (932,283 | ) | | | (148,347 | ) | | | (1,153,684) | |
| |
| | | | |
| | | (78,481 | ) | | | (668,445 | ) | | | (29,379 | ) | | | (244,860) | |
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
|
| |
| | | Emerging Markets Equity Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 32,534,663 | | | $ | 279,879,535 | | | | 46,936,674 | | | $ | 362,557,037 | |
| | | | |
Reinvestment of distributions | | | 4,813,416 | | | | 37,737,184 | | | | 3,109,679 | | | | 23,198,208 | |
| | | | |
Shares redeemed | | | (31,489,873 | ) | | | (266,482,737 | ) | | | (43,063,312 | ) | | | (331,377,624) | |
|
| |
| | | | |
| | | 5,858,206 | | | | 51,133,982 | | | | 6,983,041 | | | | 54,377,621 | |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 7,506,615 | | | | 66,541,436 | | | | 3,582,105 | | | | 27,800,712 | |
| | | | |
Reinvestment of distributions | | | 255,164 | | | | 1,997,938 | | | | 261,952 | | | | 1,951,545 | |
| | | | |
Shares redeemed | | | (2,281,307 | ) | | | (19,677,061 | ) | | | (6,803,777 | ) | | | (53,519,654) | |
|
| |
| | | | |
| | | 5,480,472 | | | | 48,862,313 | | | | (2,959,720 | ) | | | (23,767,397) | |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 20,067,709 | | | | 176,275,110 | | | | 15,715,063 | | | | 121,608,329 | |
| | | | |
Reinvestment of distributions | | | 1,875,263 | | | | 14,683,309 | | | | 1,502,821 | | | | 11,196,018 | |
| | | | |
Shares redeemed | | | (19,272,647 | ) | | | (161,119,440 | ) | | | (13,693,737 | ) | | | (107,034,069) | |
|
| |
| | | | |
| | | 2,670,325 | | | | 29,838,979 | | | | 3,524,147 | | | | 25,770,278 | |
|
| |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 461,023 | | | | 3,901,916 | | | | 557,955 | | | | 4,231,561 | |
| | | | |
Reinvestment of distributions | | | 95,601 | | | | 738,041 | | | | 52,195 | | | | 384,153 | |
| | | | |
Shares redeemed | | | (539,905 | ) | | | (4,525,066 | ) | | | (507,468 | ) | | | (3,928,904) | |
|
| |
| | | | |
| | | 16,719 | | | | 114,891 | | | | 102,682 | | | | 686,810 | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,270,888 | | | | 26,822,124 | | | | 2,500,065 | | | | 18,920,298 | |
| | | | |
Reinvestment of distributions | | | 356,043 | | | | 2,787,817 | | | | 241,697 | | | | 1,800,643 | |
| | | | |
Shares redeemed | | | (4,393,115 | ) | | | (35,709,394 | ) | | | (7,131,624 | ) | | | (53,976,717) | |
|
| |
| | | | |
| | | (766,184 | ) | | | (6,099,453 | ) | | | (4,389,862 | ) | | | (33,255,776) | |
|
| |
| | | | |
NET INCREASE IN SHARES | | | 13,242,269 | | | $ | 123,707,395 | | | | 2,642,655 | | | $ | 18,875,545 | |
|
| |
| | | | | | | | | | | | | | | | |
| | | International Equity Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 710,806 | | | $ | 10,081,919 | | | | 801,820 | | | $ | 9,807,431 | |
| | | | |
Reinvestment of distributions | | | 125,043 | | | | 1,640,559 | | | | 205,096 | | | | 2,342,201 | |
| | | | |
Shares redeemed | | | (1,165,571 | ) | | | (16,436,796 | ) | | | (1,844,402 | ) | | | (22,777,717) | |
|
| |
| | | | |
| | | (329,722 | ) | | | (4,714,318 | ) | | | (837,486 | ) | | | (10,628,085) | |
|
| |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 14,864 | | | | 210,948 | | | | 37,441 | | | | 442,775 | |
| | | | |
Reinvestment of distributions | | | 7,592 | | | | 98,164 | | | | 15,940 | | | | 179,321 | |
| | | | |
Shares redeemed | | | (193,043 | ) | | | (2,675,070 | ) | | | (304,160 | ) | | | (3,640,739) | |
|
| |
| | | | |
| | | (170,587 | ) | | | (2,365,958 | ) | | | (250,779 | ) | | | (3,018,643) | |
|
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
Notes to Financial Statements (continued) October 31, 2024 |
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
|
| |
| | | International Equity Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 13,645,477 | | | $ | 202,460,556 | | | | 12,179,148 | | | $ | 154,986,550 | |
| | | | |
Reinvestment of distributions | | | 658,887 | | | | 8,921,323 | | | | 1,053,147 | | | | 12,406,075 | |
| | | | |
Shares redeemed | | | (9,635,738 | ) | | | (140,256,154 | ) | | | (20,929,953 | ) | | | (261,177,988) | |
|
| |
| | | | |
| | | 4,668,626 | | | | 71,125,725 | | | | (7,697,658 | ) | | | (93,785,363) | |
|
| |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 32,286 | | | | 449,571 | | | | 25,525 | | | | 318,132 | |
| | | | |
Reinvestment of distributions | | | 4,081 | | | | 54,354 | | | | 5,584 | | | | 64,720 | |
| | | | |
Shares redeemed | | | (75,221 | ) | | | (1,093,126 | ) | | | (29,603 | ) | | | (365,537) | |
|
| |
| | | | |
| | | (38,854 | ) | | | (589,201 | ) | | | 1,506 | | | | 17,315 | |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,738,050 | | | | 52,824,814 | | | | 1,502,091 | | | | 18,184,930 | |
| | | | |
Reinvestment of distributions | | | 148,874 | | | | 1,916,004 | | | | 235,236 | | | | 2,637,002 | |
| | | | |
Shares redeemed | | | (1,174,001 | ) | | | (16,353,329 | ) | | | (3,218,560 | ) | | | (38,763,011) | |
|
| |
| | | | |
| | | 2,712,923 | | | | 38,387,489 | | | | (1,481,233 | ) | | | (17,941,079) | |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,060,197 | | | | 74,819,341 | | | | 3,833,962 | | | | 49,258,970 | |
| | | | |
Reinvestment of distributions | | | 436,112 | | | | 5,900,598 | | | | 1,194,421 | | | | 14,058,339 | |
| | | | |
Shares redeemed | | | (10,106,894 | ) | | | (137,416,924 | ) | | | (15,662,192 | ) | | | (196,568,662) | |
|
| |
| | | | |
| | | (4,610,585 | ) | | | (56,696,985 | ) | | | (10,633,809 | ) | | | (133,251,353) | |
|
| |
| | | | |
Class R Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 99,240 | | | | 1,368,340 | | | | 63,377 | | | | 759,411 | |
| | | | |
Reinvestment of distributions | | | 10,942 | | | | 139,072 | | | | 17,370 | | | | 192,457 | |
| | | | |
Shares redeemed | | | (95,647 | ) | | | (1,315,988 | ) | | | (150,755 | ) | | | (1,800,839) | |
|
| |
| | | | |
| | | 14,535 | | | | 191,424 | | | | (70,008 | ) | | | (848,971) | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,468,063 | | | | 20,733,225 | | | | 3,427,765 | | | | 41,488,903 | |
| | | | |
Reinvestment of distributions | | | 793,695 | | | | 10,730,751 | | | | 1,105,875 | | | | 13,005,096 | |
| | | | |
Shares redeemed | | | (3,106,938 | ) | | | (44,910,993 | ) | | | (7,883,339 | ) | | | (96,207,507) | |
|
| |
| | | | |
| | | (845,180 | ) | | | (13,447,017 | ) | | | (3,349,699 | ) | | | (41,713,508) | |
|
| |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | 1,401,156 | | | $ | 31,891,159 | | | | (24,319,166 | ) | | $ | (301,169,687) | |
|
| |
| | | | | | | | | | | | | | | | |
| | | International Small Cap Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 851,238 | | | $ | 10,854,176 | | | | 1,266,122 | | | $ | 14,298,588 | |
| | | | |
Reinvestment of distributions | | | 145,370 | | | | 1,729,909 | | | | 163,045 | | | | 1,773,932 | |
| | | | |
Shares redeemed | | | (2,225,798 | ) | | | (27,218,180 | ) | | | (1,672,165 | ) | | | (19,124,963) | |
|
| |
| | | | |
| | | (1,229,190 | ) | | | (14,634,095 | ) | | | (242,998 | ) | | | (3,052,443) | |
|
| |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
|
|
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
|
| |
| | | International Small Cap Insights Fund | |
| | |
| | | For the Fiscal Year Ended October 31, 2024 | | | For the Fiscal Year Ended October 31, 2023 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 10,731 | | | $ | 130,306 | | | | 14,373 | | | $ | 159,636 | |
| | | | |
Reinvestment of distributions | | | 16,580 | | | | 191,994 | | | | 21,115 | | | | 223,401 | |
| | | | |
Shares redeemed | | | (480,136 | ) | | | (5,917,702 | ) | | | (427,137 | ) | | | (4,748,163) | |
|
| |
| | | | |
| | | (452,825 | ) | | | (5,595,402 | ) | | | (391,649 | ) | | | (4,365,126) | |
|
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 72,157,475 | | | | 915,754,478 | | | | 61,522,295 | | | | 697,981,368 | |
| | | | |
Reinvestment of distributions | | | 6,697,408 | | | | 79,297,310 | | | | 6,116,747 | | | | 66,244,372 | |
| | | | |
Shares redeemed | | | (41,597,942 | ) | | | (532,394,344 | ) | | | (58,855,175 | ) | | | (669,583,688) | |
|
| |
| | | | |
| | | 37,256,941 | | | | 462,657,444 | | | | 8,783,867 | | | | 94,642,052 | |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,849,849 | | | | 36,785,973 | | | | 1,611,722 | | | | 18,426,944 | |
| | | | |
Reinvestment of distributions | | | 200,270 | | | | 2,363,189 | | | | 235,588 | | | | 2,541,993 | |
| | | | |
Shares redeemed | | | (1,950,311 | ) | | | (24,549,725 | ) | | | (3,918,701 | ) | | | (44,316,906) | |
|
| |
| | | | |
| | | 1,099,808 | | | | 14,599,437 | | | | (2,071,391 | ) | | | (23,347,969) | |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 6,293,267 | | | | 81,852,739 | | | | 4,891,142 | | | | 56,256,590 | |
| | | | |
Reinvestment of distributions | | | 1,199,400 | | | | 14,236,876 | | | | 1,415,374 | | | | 15,356,814 | |
| | | | |
Shares redeemed | | | (18,285,363 | ) | | | (240,497,090 | ) | | | (12,170,056 | ) | | | (136,666,528) | |
|
| |
| | | | |
| | | (10,792,696 | ) | | | (144,407,475 | ) | | | (5,863,540 | ) | | | (65,053,124) | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 23,987 | | | | 321,951 | | | | 62,751 | | | | 725,733 | |
| | | | |
Reinvestment of distributions | | | 97,088 | | | | 1,152,437 | | | | 106,151 | | | | 1,151,742 | |
| | | | |
Shares redeemed | | | (682,370 | ) | | | (8,307,578 | ) | | | (391,956 | ) | | | (4,470,133) | |
|
| |
| | | | |
| | | (561,295 | ) | | | (6,833,190 | ) | | | (223,054 | ) | | | (2,592,658) | |
|
| |
| | | | |
NET INCREASE (DECREASE) IN SHARES | | | 25,320,743 | | | $ | 305,786,719 | | | | (8,765 | ) | | $ | (3,769,268) | |
|
| |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund and Goldman Sachs International Small Cap Insights Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the five years in the period ended October 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 20, 2024
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| | (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| | (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| | (iii) | trends in employee headcount; |
| | (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| | (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| | (b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of each of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| | (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (e) | fee and expense information for the Fund, including: |
| | (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| | (ii) | the Fund’s expense trends over time; and |
| | (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| | (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| | (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| | (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| | (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services; |
| | (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Trustees also received information (in the case of each of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) comparing the Fund performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.
The Trustees observed that the Emerging Markets Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They considered that the International Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees noted that the Emerging Markets Equity Insights Fund and International Equity Insights Fund had experienced certain portfolio management changes in 2022. They observed that the International Small Cap Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing expense limitation arrangements of the Emerging Markets Equity Insights Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | |
Average Daily Net Assets | | Emerging Markets Equity Insights Fund | | International Equity Insights Fund | | International Small Cap Insights Fund |
| | | |
First $1 billion | | 1.00% | | 0.81% | | 0.85% |
| | | |
Next $1 billion | | 1.00 | | 0.73 | | 0.85 |
| | | |
Next $3 billion | | 0.90 | | 0.69 | | 0.77 |
| | | |
Next $3 billion | | 0.86 | | 0.68 | | 0.73 |
| | | |
Over $8 billion | | 0.84 | | 0.67 | | 0.72 |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Emerging Markets Equity Insights Fund’s Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the International Equity Insights Fund and International Small Cap Insights Fund, each of which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2025.
GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS
Goldman Sachs Trust – International Equity Insights Funds - Tax Information (Unaudited)
From distributions paid during the year ended October 31, 2024, the total amount of income received by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds from sources within foreign countries and possessions of the United States was $0.2796, $0.3383, and $0.3050 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds were 76.26%, 75.45%, and 77.89%, respectively. The total amount of taxes paid by the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds to such countries was $0.0396, $0.0015, and $0.0318 per share, respectively.
For the year ended October 31, 2024, 53.74%, 90.82% and 77.33% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the year ended October 31, 2024, 0.12% and 0.04% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights Fund and International Equity Insights Fund qualify for the dividends received deduction available to corporations.
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TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 © 2024 Goldman Sachs. All rights reserved. INTINAR-24
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The aggregate remuneration paid to the Funds’ trustees, officers and others, if any, is included in Item 7 of this report.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The Funds’ statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| | (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| | | | Goldman Sachs Trust |
| | |
| By: | | | | /s/ James A. McNamara |
| | |
| | | | James A. McNamara |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | January 3, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | |
| By: | | | | /s/ James A. McNamara |
| | |
| | | | James A. McNamara |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | January 3, 2025 |
| | |
| By: | | | | /s/ Joseph F. DiMaria |
| | |
| | | | Joseph F. DiMaria |
| | | | Principal Financial Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | January 3, 2025 |
