Goldman Sachs Mid Cap Value Fund (GCMAX) NPORT-P Goldman Sachs ESG Emerging Markets Equity Fund (Jul 2024 report)

GOLDMAN

SACHS

CHINA

EQUITY

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.4%

China

–

93.1%

156,776

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

$

1,542,711

15,178

Anji

Microelectronics

Technology

Shanghai

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

242,036

54,000

ANTA

Sports

Products

Ltd.

(Consumer

Durables

&

Apparel)

483,346

40,550

Baidu,

Inc.,

Class

A

(Media

&

Entertainment)*

449,603

370,900

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Banks)

394,867

13,200

BYD

Co.

Ltd.,

Class

A

(Automobiles

&

Components)

451,471

19,500

BYD

Co.

Ltd.,

Class

H

(Automobiles

&

Components)

577,293

2,375,000

China

Construction

Bank

Corp.,

Class

H

(Banks)

1,658,429

132,500

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Banks)

600,000

124,000

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Banks)

513,959

956,000

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

612,685

96,000

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)

(a)

269,108

42,720

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

244,104

3,130,000

China

Tower

Corp.

Ltd.,

Class

H

(Telecommunication

Services)

(a)

384,047

285,000

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

1,177,983

153,500

CITIC

Securities

Co.

Ltd.,

Class

H

(Financial

Services)

230,850

27,436

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

707,147

90,080

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Automobiles

&

Components)

561,231

56,000

H

World

Group

Ltd.

(Consumer

Services)

168,422

6,077

H

World

Group

Ltd.

ADR

(Consumer

Services)

182,310

79,100

Hualan

Biological

Engineering,

Inc.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

180,568

45,800

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Food,

Beverage

&

Tobacco)

159,162

67,500

Innovent

Biologics,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

334,147

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

45,600

JCET

Group

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

$

211,411

44,500

JD.com,

Inc.,

Class

A

(Consumer

Discretionary

Distribution

&

Retail)

586,759

141,500

Jiangsu

Expressway

Co.

Ltd.,

Class

A

(Transportation)

252,164

90,240

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

527,088

8,954

KE

Holdings,

Inc.

ADR

(Real

Estate

Management

&

Development)

124,013

5,519

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Food,

Beverage

&

Tobacco)

1,085,436

85,390

Meituan,

Class

B

(Consumer

Services)*

(a)

1,182,367

73,500

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Durables

&

Apparel)

648,479

36,527

Montage

Technology

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

301,664

126,036

NARI

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

418,914

37,372

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

(Automobiles

&

Components)

189,937

3,896

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary

Distribution

&

Retail)*

502,155

808,000

PetroChina

Co.

Ltd.,

Class

H

(Energy)

701,647

408,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Insurance)

535,019

72,100

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Insurance)

424,977

147,000

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Insurance)

638,365

495,555

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Banks)

331,277

663,000

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Banks)

(a)

354,530

22,250

SG

Micro

Corp.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

243,247

17,978

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

116,000

9,800

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care

Equipment

&

Services)

349,101

51,500

Sieyuan

Electric

Co.

Ltd.,

Class

A

(Capital

Goods)

473,381

GOLDMAN

SACHS

CHINA

EQUITY

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

57,200

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care

Equipment

&

Services)

$

134,165

353,100

Sinotrans

Ltd.,

Class

A

(Transportation)

239,496

33,376

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Capital

Goods)

318,696

32,649

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

179,112

78,700

Tencent

Holdings

Ltd.

(Media

&

Entertainment)

3,631,726

33,405

Tencent

Music

Entertainment

Group

ADR

(Media

&

Entertainment)

473,683

14,950

Trip.com

Group

Ltd.

(Consumer

Services)*

638,241

54,000

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Food,

Beverage

&

Tobacco)

344,984

60,500

Venustech

Group,

Inc.,

Class

A

(Software

&

Services)

129,447

14,198

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

152,452

219,498

Weichai

Power

Co.

Ltd.,

Class

A

(Capital

Goods)

420,059

70,366

Wens

Foodstuffs

Group

Co.

Ltd.,

Class

A

(Food,

Beverage

&

Tobacco)

194,219

18,039

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Semiconductors

&

Semiconductor

Equipment)*

257,442

19,028

WuXi

AppTec

Co.

Ltd.,

Class

H

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

(a)

77,838

329,600

Xiaomi

Corp.,

Class

B

(Technology

Hardware

&

Equipment)*

(a)

707,925

274,070

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

458,768

23,640

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

430,582

536,000

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

1,087,204

26,046

ZTO

Express

Cayman,

Inc.

ADR

(Transportation)

493,572

32,693,021

Hong

Kong

–

1.9%

29,500

ASMPT

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

308,439

6,701

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financial

Services)

197,660

162,000

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

167,566

673,665

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

2.4%

26,000

Chroma

ATE,

Inc.

(Technology

Hardware

&

Equipment)

$

242,084

11,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

395,229

7,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

204,199

841,512

TOTAL

COMMON

STOCKS

(Cost

$32,189,735)

34,208,198

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.2%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

436,488

5.220%

436,488

(Cost

$436,488)

TOTAL

INVESTMENTS

–

98.6%

(Cost

$32,626,223)

$

34,644,686

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

490,140

NET

ASSETS

–

100.0%

$

35,134,826

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

Sector

Name

%

of

Market

Value

Consumer

Discretionary

22.3

%

Financials

17.0

Communication

Services

14.3

Information

Technology

10.5

Industrials

9.9

Materials

5.4

Health

Care

5.3

Consumer

Staples

5.2

Energy

3.8

Utilities

3.4

Real

Estate

1.6

Investment

Company

1.3

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

99.6%

Brazil

–

4.4%

2,737,979

Caixa

Seguridade

Participacoes

SA

(Insurance)

$

6,980,306

1,725,382

Fleury

SA

(Health

Care

Equipment

&

Services)

4,624,487

17,423

MercadoLibre,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

29,077,245

1,447,261

NU

Holdings

Ltd.,

Class

A

(Banks)*

17,555,276

472,027

Odontoprev

SA

(Health

Care

Equipment

&

Services)

944,697

958,900

PRIO

SA

(Energy)

8,146,026

2,094,200

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

10,218,951

3,162,400

Rumo

SA

(Transportation)

12,384,247

5,654,000

Sendas

Distribuidora

SA

(Consumer

Staples

Distribution

&

Retail)*

9,816,267

2,566,900

TIM

SA

(Telecommunication

Services)

7,937,392

2,772,200

TOTVS

SA

(Software

&

Services)

13,600,868

121,285,762

China

–

24.8%

4,813,124

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

47,362,221

2,021,200

ANTA

Sports

Products

Ltd.

(Consumer

Durables

&

Apparel)

18,091,449

987,000

BYD

Co.

Ltd.,

Class

H

(Automobiles

&

Components)

29,219,914

9,166,000

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Banks)

37,991,481

3,761,780

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

15,548,462

529,074

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

13,636,585

2,864,400

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Automobiles

&

Components)

(a)

14,958,372

465,666

H

World

Group

Ltd.

ADR

(Consumer

Services)

13,969,980

1,106,054

KE

Holdings,

Inc.

ADR

(Real

Estate

Management

&

Development)

15,318,848

246,951

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Food,

Beverage

&

Tobacco)

48,568,512

3,675,800

Meituan,

Class

B

(Consumer

Services)*

(a)

50,897,591

1,771,700

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Durables

&

Apparel)

15,631,434

3,820,632

NARI

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

12,698,892

13,158,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Insurance)

17,254,351

775,500

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Insurance)

3,367,703

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,294,500

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Insurance)

$

18,649,390

385,929

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care

Equipment

&

Services)

13,747,767

1,332,988

Silergy

Corp.

(Semiconductors

&

Semiconductor

Equipment)

18,429,227

1,598,040

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

8,766,844

3,471,200

Tencent

Holdings

Ltd.

(Media

&

Entertainment)

160,183,574

925,692

Tencent

Music

Entertainment

Group

ADR

(Media

&

Entertainment)

13,126,313

10,015,000

Weichai

Power

Co.

Ltd.,

Class

H

(Capital

Goods)

16,028,484

1,107,216

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Semiconductors

&

Semiconductor

Equipment)*

15,801,560

11,065,792

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

18,523,138

773,495

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

14,088,542

9,614,000

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

19,500,704

700,919

ZTO

Express

Cayman,

Inc.

ADR

(Transportation)

13,282,415

684,643,753

Egypt

–

0.4%

6,322,255

Commercial

International

Bank

-

Egypt

(CIB),

GDR

(Banks)

10,419,076

Greece

–

2.4%

522,297

JUMBO

SA

(Consumer

Discretionary

Distribution

&

Retail)

13,995,743

286,079

Metlen

Energy

&

Metals

SA

(Capital

Goods)

11,305,704

3,236,246

National

Bank

of

Greece

SA

(Banks)

28,404,698

2,859,022

Piraeus

Financial

Holdings

SA

(Banks)

12,079,256

65,785,401

India

–

20.9%

219,646

Amber

Enterprises

India

Ltd.

(Consumer

Durables

&

Apparel)*

11,398,608

264,083

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Equipment

&

Services)

20,908,868

756,393

Archean

Chemical

Industries

Ltd.

(Materials)

6,995,332

2,507,657

Axis

Bank

Ltd.

(Banks)

35,030,219

304,225

Bajaj

Finance

Ltd.

(Financial

Services)

24,790,336

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

529,897

Cartrade

Tech

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)*

$

5,501,677

199,853

Coforge

Ltd.

(Software

&

Services)

15,105,714

572,155

Computer

Age

Management

Services

Ltd.

(Commercial

&

Professional

Services)

31,065,868

120,956

Craftsman

Automation

Ltd.

(Capital

Goods)

8,085,447

1,033,211

Five-Star

Business

Finance

Ltd.

(Financial

Services)*

9,355,003

519,843

Gland

Pharma

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

13,322,879

864,004

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)*

33,307,239

4,795,760

ICICI

Bank

Ltd.

(Banks)

69,905,278

201,681

Info

Edge

India

Ltd.

(Media

&

Entertainment)

16,960,063

1,940,607

Infosys

Ltd.

(Software

&

Services)

43,032,595

4,751,186

Jio

Financial

Services

Ltd.

(Financial

Services)*

18,709,185

363,405

Navin

Fluorine

International

Ltd.

(Materials)

16,534,236

397,587

Netweb

Technologies

India

Ltd.

(Technology

Hardware

&

Equipment)*

11,023,233

1,164,070

SBI

Life

Insurance

Co.

Ltd.

(Insurance)

(a)

24,429,728

2,149,813

Sona

Blw

Precision

Forgings

Ltd.

(Automobiles

&

Components)

(a)

17,464,530

1,685,391

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

34,665,053

2,430,030

Tata

Consumer

Products

Ltd.

(Food,

Beverage

&

Tobacco)

34,576,404

258,956

TeamLease

Services

Ltd.

(Commercial

&

Professional

Services)*

10,888,125

22,668,008

Zomato

Ltd.

(Consumer

Services)*

62,337,189

575,392,809

Indonesia

–

2.8%

67,989,900

Bank

Central

Asia

Tbk

PT

(Banks)

42,964,097

146,177,800

BFI

Finance

Indonesia

Tbk

PT

(Financial

Services)

8,046,072

236,628,300

Map

Aktif

Adiperkasa

PT

(Consumer

Discretionary

Distribution

&

Retail)

11,787,757

399,875,000

Nusantara

Sejahtera

Raya

Tbk

PT

(Media

&

Entertainment)

(a)

5,656,288

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

300,456,400

Pakuwon

Jati

Tbk

PT

(Real

Estate

Management

&

Development)

$

7,881,293

76,335,507

Mexico

–

3.2%

4,637,699

Alsea

SAB

de

CV

(Consumer

Services)

14,001,963

15,693,000

America

Movil

SAB

de

CV,

Series

B

(Telecommunication

Services)

13,106,279

1,417,399

Arca

Continental

SAB

de

CV

(Food,

Beverage

&

Tobacco)

13,948,040

2,684,200

Banco

del

Bajio

SA

(Banks)

(a)

7,998,861

8,732,750

Gentera

SAB

de

CV

(Financial

Services)

10,354,057

5,386,414

Prologis

Property

Mexico

SA

de

CV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

17,982,661

3,375,300

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

11,225,033

88,616,894

Peru

–

0.7%

119,522

Credicorp

Ltd.

(Banks)

20,395,234

Philippines

–

1.5%

6,150,380

BDO

Unibank,

Inc.

(Banks)

14,467,506

2,859,700

Jollibee

Foods

Corp.

(Consumer

Services)

11,285,445

105,398,400

Monde

Nissin

Corp.

(Food,

Beverage

&

Tobacco)

(a)

16,567,239

42,320,190

Poland

–

0.9%

1,101,901

Allegro.eu

SA

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

10,122,091

177,245

Dino

Polska

SA

(Consumer

Staples

Distribution

&

Retail)*

(a)

15,740,404

25,862,495

Romania

–

0.3%

304,877

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA

(Utilities)

8,258,662

Russia

–

0.0%

10,483,256

Detsky

Mir

PJSC

(Consumer

Discretionary

Distribution

&

Retail)*

(b)

—

2,495,750

Renaissance

Insurance

Group

JSC

(Insurance)

(b)

—

4,327,745

Sberbank

of

Russia

PJSC

(Banks)

(b)

—

—

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

2.4%

945,670

Al

Rajhi

Bank

(Banks)

$

21,562,032

1,247,783

Alinma

Bank

(Banks)

10,777,183

212,514

Co.

for

Cooperative

Insurance

(The)

(Insurance)

8,154,364

2,338,767

Saudi

Arabian

Oil

Co.

(Energy)

(a)

17,205,899

714,329

Saudi

National

Bank

(The)

(Banks)

7,217,841

64,917,319

Singapore

–

0.2%

7,221,393

Nanofilm

Technologies

International

Ltd.

(Materials)

4,613,907

Slovenia

–

0.9%

845,510

Nova

Ljubljanska

Banka

dd,

GDR

(Banks)

24,024,864

South

Africa

–

1.6%

1,172,869

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

22,797,289

1,552,394

JSE

Ltd.

(Financial

Services)

9,077,829

20,299,107

Old

Mutual

Ltd.

(Insurance)

13,731,503

45,606,621

South

Korea

–

12.6%

145,783

Hyundai

Motor

Co.

(Automobiles

&

Components)

26,568,950

239,680

JYP

Entertainment

Corp.

(Media

&

Entertainment)

10,100,305

444,257

KB

Financial

Group,

Inc.

(Banks)

28,719,480

355,535

LG

Electronics,

Inc.

(Consumer

Durables

&

Apparel)

27,074,236

49,022

NCSoft

Corp.

(Media

&

Entertainment)

6,290,399

35,829

Samsung

Biologics

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

24,581,934

457,827

Samsung

E&A

Co.

Ltd.

(Capital

Goods)*

9,562,998

2,969,672

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

183,116,728

51,971

Samsung

SDI

Co.

Ltd.

(Technology

Hardware

&

Equipment)

12,219,907

137,059

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

19,657,485

347,892,422

Taiwan

–

17.1%

3,075,900

Chailease

Holding

Co.

Ltd.

(Financial

Services)

14,349,544

1,262,000

Chroma

ATE,

Inc.

(Technology

Hardware

&

Equipment)

11,750,404

2,205,000

Delta

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

28,320,641

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

1,449,000

E

Ink

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

$

11,955,899

460,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

16,527,754

955,000

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

36,371,306

1,272,000

Merida

Industry

Co.

Ltd.

(Consumer

Durables

&

Apparel)

9,741,305

1,206,000

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Durables

&

Apparel)

14,646,895

9,505,883

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

277,299,106

2,585,000

Unimicron

Technology

Corp.

(Technology

Hardware

&

Equipment)

14,404,699

12,775,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

20,351,756

623,000

Yageo

Corp.

(Technology

Hardware

&

Equipment)

15,192,309

470,911,618

Thailand

–

1.1%

19,430,100

Bangkok

Dusit

Medical

Services

PCL,

Class

F

(Health

Care

Equipment

&

Services)

14,323,443

4,068,000

PTT

Exploration

&

Production

PCL

(Energy)

16,726,236

31,049,679

United

Arab

Emirates

–

0.6%

2,614,902

Abu

Dhabi

Islamic

Bank

PJSC

(Banks)

8,728,325

10,066,472

Adnoc

Gas

PLC

(Energy)

8,550,999

17,279,324

United

States

–

0.8%

755,792

GCC

SAB

de

CV

(Materials)

6,417,194

5,366,400

Samsonite

International

SA

(Consumer

Durables

&

Apparel)

(a)

15,475,338

21,892,532

TOTAL

COMMON

STOCKS

(Cost

$2,216,630,315)

2,747,504,069

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.7%

Brazil

–

0.7%

3,155,100

Itau

Unibanco

Holding

SA

(Banks)

(Cost

$17,045,576)

6.93

%

$

18,898,860

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

India

–

0.0%

93,462

Tata

Consumer

Products

Ltd.*

(Cost

$0)

09/24

416,762

TOTAL

INVESTMENTS

–

100.3%

(Cost

$2,233,675,891)

$

2,766,819,691

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.3)%

(8,558,123)

NET

ASSETS

–

100.0%

$

2,758,261,568

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

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

Information

Technology

28.1

%

Financials

21.9

Consumer

Discretionary

17.0

Communication

Services

8.5

Consumer

Staples

6.6

Industrials

5.0

Health

Care

4.6

Materials

2.9

Real

Estate

2.7

Energy

1.8

Utilities

0.9

TOTAL

INVESTMENTS

100.0%

Goldman

Sachs

Emerging

Markets

Equity

Ex.

China

Fund

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.0%

Brazil

–

5.7%

19,200

Caixa

Seguridade

Participacoes

SA

(Insurance)

$

48,949

9,134

Fleury

SA

(Health

Care

Equipment

&

Services)

24,482

92

MercadoLibre,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

153,539

6,702

NU

Holdings

Ltd.,

Class

A

(Banks)*

81,295

2,094

Odontoprev

SA

(Health

Care

Equipment

&

Services)

4,191

5,100

PRIO

SA

(Energy)

43,326

13,300

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

64,899

14,800

Rumo

SA

(Transportation)

57,958

7,000

Sao

Martinho

SA

(Food,

Beverage

&

Tobacco)

35,964

32,300

Sendas

Distribuidora

SA

(Consumer

Staples

Distribution

&

Retail)*

56,078

14,400

TIM

SA

(Telecommunication

Services)

44,528

16,100

TOTVS

SA

(Software

&

Services)

78,989

694,198

Egypt

–

0.3%

19,343

Commercial

International

Bank

-

Egypt

(CIB),

GDR

(Banks)

31,877

Greece

–

3.1%

3,147

Hellenic

Telecommunications

Organization

SA

(Telecommunication

Services)

51,704

2,604

JUMBO

SA

(Consumer

Discretionary

Distribution

&

Retail)

69,778

1,346

Metlen

Energy

&

Metals

SA

(Capital

Goods)

53,193

17,015

National

Bank

of

Greece

SA

(Banks)

149,342

12,049

Piraeus

Financial

Holdings

SA

(Banks)

50,907

374,924

India

–

27.7%

1,209

Amber

Enterprises

India

Ltd.

(Consumer

Durables

&

Apparel)*

62,741

1,342

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Equipment

&

Services)

106,253

3,837

Archean

Chemical

Industries

Ltd.

(Materials)

35,486

11,422

Axis

Bank

Ltd.

(Banks)

159,557

1,503

Bajaj

Finance

Ltd.

(Financial

Services)

122,475

8,713

Bharti

Airtel

Ltd.

(Telecommunication

Services)

155,648

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

6,639

CMS

Info

Systems

Ltd.

(Commercial

&

Professional

Services)

$

45,808

1,024

Coforge

Ltd.

(Software

&

Services)

77,398

1,731

Computer

Age

Management

Services

Ltd.

(Commercial

&

Professional

Services)

93,987

824

Craftsman

Automation

Ltd.

(Capital

Goods)

55,081

5,629

Five-Star

Business

Finance

Ltd.

(Financial

Services)*

50,967

2,791

Gland

Pharma

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

71,530

7,309

Godrej

Consumer

Products

Ltd.

(Household

&

Personal

Products)

126,041

3,136

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)*

120,892

6,243

Gokaldas

Exports

Ltd.

(Consumer

Durables

&

Apparel)

71,873

16,450

Hindalco

Industries

Ltd.

(Materials)

131,954

3,306

Home

First

Finance

Co.

India

Ltd.

(Financial

Services)

(a)

41,161

21,285

ICICI

Bank

Ltd.

(Banks)

310,260

765

Info

Edge

India

Ltd.

(Media

&

Entertainment)

64,331

9,205

Infosys

Ltd.

(Software

&

Services)

204,119

19,984

Jio

Financial

Services

Ltd.

(Financial

Services)*

78,693

6,249

Kfin

Technologies

Ltd.

(Financial

Services)*

65,552

1,973

Navin

Fluorine

International

Ltd.

(Materials)

89,768

1,832

Netweb

Technologies

India

Ltd.

(Technology

Hardware

&

Equipment)*

50,793

2,634

Reliance

Industries

Ltd.

(Energy)

94,962

4,092

SBI

Life

Insurance

Co.

Ltd.

(Insurance)

(a)

85,877

8,289

Sona

Blw

Precision

Forgings

Ltd.

(Automobiles

&

Components)

(a)

67,338

7,130

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

146,649

5,768

Suven

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

68,773

10,633

Tata

Consumer

Products

Ltd.

(Food,

Beverage

&

Tobacco)

151,295

Goldman

Sachs

Emerging

Markets

Equity

Ex.

China

Fund

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

986

TeamLease

Services

Ltd.

(Commercial

&

Professional

Services)*

$

41,458

107,883

Zomato

Ltd.

(Consumer

Services)*

296,679

3,345,399

Indonesia

–

3.6%

484,100

Bank

Central

Asia

Tbk

PT

(Banks)

305,912

561,200

BFI

Finance

Indonesia

Tbk

PT

(Financial

Services)

30,890

1,067,100

Map

Aktif

Adiperkasa

PT

(Consumer

Discretionary

Distribution

&

Retail)

53,158

1,222,000

Nusantara

Sejahtera

Raya

Tbk

PT

(Media

&

Entertainment)

(a)

17,286

1,088,600

Pakuwon

Jati

Tbk

PT

(Real

Estate

Management

&

Development)

28,555

435,801

Mexico

–

4.0%

26,299

Alsea

SAB

de

CV

(Consumer

Services)

79,401

83,700

America

Movil

SAB

de

CV,

Series

B

(Telecommunication

Services)

69,903

6,627

Arca

Continental

SAB

de

CV

(Food,

Beverage

&

Tobacco)

65,214

33,000

Bolsa

Mexicana

de

Valores

SAB

de

CV

(Financial

Services)

51,366

11,900

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Banks)

89,172

20,904

Prologis

Property

Mexico

SA

de

CV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

69,788

19,200

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

63,852

488,696

Peru

–

0.9%

618

Credicorp

Ltd.

(Banks)

105,455

Philippines

–

1.6%

27,260

BDO

Unibank,

Inc.

(Banks)

64,124

12,220

Jollibee

Foods

Corp.

(Consumer

Services)

48,225

481,900

Monde

Nissin

Corp.

(Food,

Beverage

&

Tobacco)

(a)

75,748

188,097

Poland

–

1.1%

5,808

Allegro.eu

SA

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

53,352

862

Dino

Polska

SA

(Consumer

Staples

Distribution

&

Retail)*

(a)

76,551

129,903

Shares

Description

Value

a

Common

Stocks

–

(continued)

Romania

–

0.4%

1,953

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA

(Utilities)

$

52,904

Saudi

Arabia

–

3.2%

4,028

Al

Rajhi

Bank

(Banks)

91,841

7,973

Alinma

Bank

(Banks)

68,863

1,811

Co.

for

Cooperative

Insurance

(The)

(Insurance)

69,490

16,094

Saudi

Arabian

Oil

Co.

(Energy)

(a)

118,401

4,261

Saudi

National

Bank

(The)

(Banks)

43,055

391,650

Singapore

–

0.2%

32,500

Nanofilm

Technologies

International

Ltd.

(Materials)

20,765

Slovenia

–

0.9%

3,946

Nova

Ljubljanska

Banka

dd,

GDR

(Banks)

112,124

South

Africa

–

1.9%

6,905

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

134,214

6,930

JSE

Ltd.

(Financial

Services)

40,524

82,190

Old

Mutual

Ltd.

(Insurance)

55,598

230,336

South

Korea

–

15.3%

755

F&F

Co.

Ltd.

(Consumer

Durables

&

Apparel)

31,849

679

Hyundai

Motor

Co.

(Automobiles

&

Components)

123,748

1,137

JYP

Entertainment

Corp.

(Media

&

Entertainment)

47,914

2,070

KB

Financial

Group,

Inc.

(Banks)

133,817

964

Kia

Corp.

(Automobiles

&

Components)

79,102

1,339

LG

Electronics,

Inc.

(Consumer

Durables

&

Apparel)

101,966

239

NCSoft

Corp.

(Media

&

Entertainment)

30,668

165

Samsung

Biologics

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

113,205

2,913

Samsung

E&A

Co.

Ltd.

(Capital

Goods)*

60,846

15,602

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

962,055

310

Samsung

SDI

Co.

Ltd.

(Technology

Hardware

&

Equipment)

72,890

Goldman

Sachs

Emerging

Markets

Equity

Ex.

China

Fund

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

604

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

$

86,628

1,844,688

Taiwan

–

23.0%

17,605

Chailease

Holding

Co.

Ltd.

(Financial

Services)

82,130

7,000

Chroma

ATE,

Inc.

(Technology

Hardware

&

Equipment)

65,177

13,000

Delta

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

166,970

10,000

E

Ink

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

82,511

2,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

71,860

6,000

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

228,511

5,000

Merida

Industry

Co.

Ltd.

(Consumer

Durables

&

Apparel)

38,291

6,000

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Durables

&

Apparel)

72,870

56,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

1,633,594

19,000

Unimicron

Technology

Corp.

(Technology

Hardware

&

Equipment)

105,876

81,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

129,040

4,000

Yageo

Corp.

(Technology

Hardware

&

Equipment)

97,543

2,774,373

Thailand

–

1.8%

29,400

Airports

of

Thailand

PCL

(Transportation)

46,652

101,100

Bangkok

Dusit

Medical

Services

PCL,

Class

F

(Health

Care

Equipment

&

Services)

74,529

23,900

PTT

Exploration

&

Production

PCL

(Energy)

98,269

219,450

United

Arab

Emirates

–

2.0%

20,265

Abu

Dhabi

Islamic

Bank

PJSC

(Banks)

67,643

84,928

ADNOC

Drilling

Co.

PJSC

(Energy)

101,739

57,344

Adnoc

Gas

PLC

(Energy)

48,711

63,523

Emirates

Central

Cooling

Systems

Corp.

(Utilities)

28,537

246,630

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

0.3%

3,952

GCC

SAB

de

CV

(Materials)

$

33,555

TOTAL

COMMON

STOCKS

(Cost

$9,357,972)

11,720,825

Shares

Description

Rate

Value

a

Preferred

Stocks

–

1.0%

Brazil

–

1.0%

13,500

Itau

Unibanco

Holding

SA

(Banks)

6.93

%

80,864

28,560

Marcopolo

SA

(Capital

Goods)

7.14

30,650

TOTAL

PREFERRED

STOCKS

(Cost

$110,105)

111,514

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

India

–

0.0%

408

Tata

Consumer

Products

Ltd.*

(Cost

$0)

1,819

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.4%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

172,887

5.220%

172,887

(Cost

$172,887)

TOTAL

INVESTMENTS

–

99.4%

(Cost

$9,640,964)

$

12,007,045

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.6%

74,504

NET

ASSETS

–

100.0%

$

12,081,549

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

GDR

—

Global

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Goldman

Sachs

Emerging

Markets

Equity

Ex.

China

Fund

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Sector

Name

%

of

Market

Value

Information

Technology

34.2

%

Financials

23.1

Consumer

Discretionary

11.7

Consumer

Staples

7.1

Health

Care

5.0

Energy

4.2

Industrials

4.2

Communication

Services

4.0

Materials

2.6

Real

Estate

1.8

Investment

Company

1.4

Utilities

0.7

TOTAL

INVESTMENTS

100.0%

**End

swaps

header**

(continued)

Goldman

Sachs

ESG

Emerging

Markets

Equity

Fund

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.9%

Brazil

–

3.8%

24,663

Caixa

Seguridade

Participacoes

SA

(Insurance)

$

62,877

214

MercadoLibre,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

357,145

13,709

NU

Holdings

Ltd.,

Class

A

(Banks)*

166,290

18,800

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

91,737

26,800

Rumo

SA

(Transportation)

104,951

25,500

TIM

SA

(Telecommunication

Services)

78,851

861,851

China

–

26.5%

41,627

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

409,619

22,800

ANTA

Sports

Products

Ltd.

(Consumer

Durables

&

Apparel)

204,079

9,000

BYD

Co.

Ltd.,

Class

H

(Automobiles

&

Components)

266,443

99,500

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Banks)

412,410

34,299

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

141,767

6,260

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

161,348

26,400

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Automobiles

&

Components)

(a)

137,865

4,410

H

World

Group

Ltd.

ADR

(Consumer

Services)

132,300

9,345

KE

Holdings,

Inc.

ADR

(Real

Estate

Management

&

Development)

129,428

33,800

Meituan,

Class

B

(Consumer

Services)*

(a)

468,017

18,500

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Durables

&

Apparel)

163,223

38,500

NARI

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

127,965

120,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Insurance)

157,358

52,000

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Insurance)

225,816

4,300

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care

Equipment

&

Services)

153,177

13,000

Silergy

Corp.

(Semiconductors

&

Semiconductor

Equipment)

179,732

33,600

Tencent

Holdings

Ltd.

(Media

&

Entertainment)

1,550,521

7,942

Tencent

Music

Entertainment

Group

ADR

(Media

&

Entertainment)

112,618

88,000

Weichai

Power

Co.

Ltd.,

Class

H

(Capital

Goods)

140,839

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,200

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Semiconductors

&

Semiconductor

Equipment)*

$

174,112

129,600

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

216,939

8,920

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

162,470

8,342

ZTO

Express

Cayman,

Inc.

ADR

(Transportation)

158,081

5,986,127

Egypt

–

0.5%

69,430

Commercial

International

Bank

-

Egypt

(CIB),

GDR

(Banks)

114,421

Greece

–

2.5%

6,144

JUMBO

SA

(Consumer

Discretionary

Distribution

&

Retail)

164,638

2,454

Metlen

Energy

&

Metals

SA

(Capital

Goods)

96,981

27,725

National

Bank

of

Greece

SA

(Banks)

243,344

16,066

Piraeus

Financial

Holdings

SA

(Banks)

67,878

572,841

Hong

Kong

–

0.5%

3,667

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financial

Services)

108,166

India

–

21.3%

3,839

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Equipment

&

Services)

303,954

23,992

Axis

Bank

Ltd.

(Banks)

335,151

3,153

Bajaj

Finance

Ltd.

(Financial

Services)

256,928

6,642

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)*

256,048

49,903

ICICI

Bank

Ltd.

(Banks)

727,410

2,619

Info

Edge

India

Ltd.

(Media

&

Entertainment)

220,241

18,789

Infosys

Ltd.

ADR

(Software

&

Services)

415,801

58,597

Jio

Financial

Services

Ltd.

(Financial

Services)*

230,743

15,815

SBI

Life

Insurance

Co.

Ltd.

(Insurance)

(a)

331,901

19,534

Sona

Blw

Precision

Forgings

Ltd.

(Automobiles

&

Components)

(a)

158,689

14,539

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

299,038

Goldman

Sachs

ESG

Emerging

Markets

Equity

Fund

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

40,226

Tata

Consumer

Products

Ltd.

(Food,

Beverage

&

Tobacco)

$

572,368

257,294

Zomato

Ltd.

(Consumer

Services)*

707,560

4,815,832

Indonesia

–

2.3%

832,000

Bank

Central

Asia

Tbk

PT

(Banks)

525,756

Mexico

–

3.6%

53,900

Alsea

SAB

de

CV

(Consumer

Services)

162,733

177,200

America

Movil

SAB

de

CV,

Series

B

(Telecommunication

Services)

147,992

15,699

Arca

Continental

SAB

de

CV

(Food,

Beverage

&

Tobacco)

154,487

23,700

Banco

del

Bajio

SA

(Banks)

(a)

70,626

40,780

Prologis

Property

Mexico

SA

de

CV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

136,145

42,401

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

141,010

812,993

Peru

–

0.7%

970

Credicorp

Ltd.

(Banks)

165,521

Philippines

–

1.3%

38,570

BDO

Unibank,

Inc.

(Banks)

90,728

10,400

Jollibee

Foods

Corp.

(Consumer

Services)

41,042

1,062,400

Monde

Nissin

Corp.

(Food,

Beverage

&

Tobacco)

(a)

166,995

298,765

Poland

–

0.5%

12,889

Allegro.eu

SA

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

118,399

Romania

–

0.3%

2,621

Societatea

De

Producere

A

Energiei

Electrice

in

Hidrocentrale

Hidroelectrica

SA

(Utilities)

70,999

Russia

–

0.0%

96,162

Detsky

Mir

PJSC

(Consumer

Discretionary

Distribution

&

Retail)*

(b)

—

16,753

Renaissance

Insurance

Group

JSC

(Insurance)

(b)

—

—

Saudi

Arabia

–

2.3%

8,038

Al

Rajhi

Bank

(Banks)

183,273

15,908

Alinma

Bank

(Banks)

137,398

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

3,641

Co.

for

Cooperative

Insurance

(The)

(Insurance)

$

139,709

6,073

Saudi

National

Bank

(The)

(Banks)

61,364

521,744

South

Africa

–

2.2%

19,079

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

370,842

182,861

Old

Mutual

Ltd.

(Insurance)

123,698

494,540

South

Korea

–

12.2%

1,351

Hyundai

Motor

Co.

(Automobiles

&

Components)

246,220

4,393

KB

Financial

Group,

Inc.

(Banks)

283,990

3,134

LG

Electronics,

Inc.

(Consumer

Durables

&

Apparel)

238,656

535

NCSoft

Corp.

(Media

&

Entertainment)

68,650

25,994

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,602,849

590

Samsung

SDI

Co.

Ltd.

(Technology

Hardware

&

Equipment)

138,727

1,216

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

174,403

2,753,495

Taiwan

–

17.4%

39,505

Chailease

Holding

Co.

Ltd.

(Financial

Services)

184,297

26,000

Delta

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

333,939

14,000

E

Ink

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

115,516

12,000

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

457,022

11,000

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Durables

&

Apparel)

133,595

76,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,217,020

28,000

Unimicron

Technology

Corp.

(Technology

Hardware

&

Equipment)

156,028

122,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

194,357

6,000

Yageo

Corp.

(Technology

Hardware

&

Equipment)

146,314

3,938,088

Goldman

Sachs

ESG

Emerging

Markets

Equity

Fund

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

0.6%

178,800

Bangkok

Dusit

Medical

Services

PCL,

Class

F

(Health

Care

Equipment

&

Services)

$

131,807

United

Arab

Emirates

–

0.4%

23,224

Abu

Dhabi

Islamic

Bank

PJSC

(Banks)

77,520

TOTAL

COMMON

STOCKS

(Cost

$18,384,223)

22,368,865

Shares

Description

Rate

Value

a

Preferred

Stock

–

1.0%

Brazil

–

1.0%

35,400

Itau

Unibanco

Holding

SA

(Banks)

(Cost

$181,848)

6.93

%

212,044

Units

Description

Expiration

Month

Value

aa

Right

–

0.0%

India

–

0.0%

1,547

Tata

Consumer

Products

Ltd.*

(Cost

$0)

6,898

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

35,746

5.220%

35,746

(Cost

$35,746)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$18,601,817)

$

22,623,553

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(12,164)

NET

ASSETS

–

100.0%

$

22,611,389

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

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

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Information

Technology

28.6

%

Financials

25.2

Consumer

Discretionary

18.2

Communication

Services

9.6

Consumer

Staples

6.7

Health

Care

3.9

Industrials

3.4

Real

Estate

2.3

Materials

1.0

Utilities

0.9

Investment

Company

0.2

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

ESG

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

96.8%

Denmark

–

1.5%

129,552

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

$

17,164,720

Finland

–

1.5%

830,519

Neste

OYJ

(Energy)

16,762,231

France

–

4.1%

334,397

BNP

Paribas

SA

(Banks)

22,910,806

205,544

Vinci

SA

(Capital

Goods)

23,456,276

46,367,082

Germany

–

2.8%

913,235

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)

31,724,123

Hong

Kong

–

2.8%

4,734,600

AIA

Group

Ltd.

(Insurance)

(a)

31,669,081

Italy

–

1.7%

321,164

Moncler

SpA

(Consumer

Durables

&

Apparel)

19,149,755

Japan

–

24.0%

185,800

Hoya

Corp.

(Health

Care

Equipment

&

Services)

23,280,890

473,100

ITOCHU

Corp.

(Capital

Goods)

24,262,204

61,000

Keyence

Corp.

(Technology

Hardware

&

Equipment)

26,672,884

1,182,900

Nomura

Research

Institute

Ltd.

(Software

&

Services)

36,518,149

1,453,600

ORIX

Corp.

(Financial

Services)

35,162,078

645,500

Shiseido

Co.

Ltd.

(Household

&

Personal

Products)

20,172,803

234,500

Sony

Group

Corp.

(Consumer

Durables

&

Apparel)

20,827,971

657,800

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

47,501,664

1,225,873

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

34,415,512

268,814,155

Netherlands

–

4.1%

1,420,804

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

45,771,513

Spain

–

9.7%

2,963,389

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

31,059,937

944,484

Cellnex

Telecom

SA

(Telecommunication

Services)*

(a)

32,940,534

3,425,203

Iberdrola

SA

(Utilities)

45,240,790

109,241,261

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

2.1%

2,338,616

Hexagon

AB,

Class

B

(Technology

Hardware

&

Equipment)

$

23,817,507

Switzerland

–

8.7%

188,481

DSM-Firmenich

AG

(Materials)

24,063,178

37,296

Lonza

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

24,835,766

88,481

Zurich

Insurance

Group

AG

(Insurance)

48,644,225

97,543,169

Taiwan

–

2.3%

154,551

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

(Semiconductors

&

Semiconductor

Equipment)

25,624,556

United

Kingdom

–

20.3%

497,165

Ashtead

Group

PLC

(Capital

Goods)

35,879,151

281,995

AstraZeneca

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

44,800,833

788,519

Compass

Group

PLC

(Consumer

Services)

24,282,477

4,945,893

DS

Smith

PLC

(Materials)

28,913,983

1,947,683

National

Grid

PLC

(Utilities)

24,712,573

769,694

RELX

PLC

(Commercial

&

Professional

Services)

36,327,674

5,435,492

Rentokil

Initial

PLC

(Commercial

&

Professional

Services)

33,189,995

228,106,686

United

States

–

11.2%

519,386

Experian

PLC

(Commercial

&

Professional

Services)

24,504,653

113,135

Ferguson

PLC

(Capital

Goods)

24,984,903

423,176

Nestle

SA

(Food,

Beverage

&

Tobacco)

42,864,620

138,644

Schneider

Electric

SE

(Capital

Goods)

33,418,108

125,772,284

TOTAL

COMMON

STOCKS

(Cost

$937,143,502)

1,087,528,123

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

ESG

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

2.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

25,320,755

5.220%

$

25,320,755

(Cost

$25,320,755)

TOTAL

INVESTMENTS

–

99.1%

(Cost

$962,464,257)

$

1,112,848,878

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.9%

10,126,408

NET

ASSETS

–

100.0%

$

1,122,975,286

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

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

21.2

%

Financials

19.5

Health

Care

13.0

Information

Technology

12.9

Consumer

Staples

9.8

Utilities

6.3

Consumer

Discretionary

5.8

Materials

4.8

Communication

Services

2.9

Investment

Company

2.3

Energy

1.5

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INCOME

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.6%

Australia

–

5.3%

913,276

Rio

Tinto

PLC

(Materials)

$

59,393,058

2,924,558

Transurban

Group

(Transportation)

24,957,587

84,350,645

Denmark

–

1.4%

170,565

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

22,598,651

France

–

7.4%

327,344

BNP

Paribas

SA

(Banks)

22,427,578

66,077

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

46,608,253

620,761

Societe

Generale

SA

(Banks)

16,100,675

282,172

Vinci

SA

(Capital

Goods)

32,200,913

117,337,419

Germany

–

2.1%

1,252,301

Deutsche

Telekom

AG

(Telecommunication

Services)

32,757,070

Italy

–

3.1%

4,641,098

Enel

SpA

(Utilities)

33,133,634

401,296

UniCredit

SpA

(Banks)

16,483,122

49,616,756

Japan

–

16.0%

979,100

ITOCHU

Corp.

(Capital

Goods)

50,211,633

702,300

Murata

Manufacturing

Co.

Ltd.

(Technology

Hardware

&

Equipment)

15,624,757

2,405,800

ORIX

Corp.

(Financial

Services)

58,195,465

804,400

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

58,088,079

890,400

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

24,997,346

118,100

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

24,712,129

1,193,000

Toyota

Motor

Corp.

(Automobiles

&

Components)

22,918,435

254,747,844

Netherlands

–

6.6%

2,265,452

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

72,982,033

7,925,925

Koninklijke

KPN

NV

(Telecommunication

Services)

31,229,629

104,211,662

Singapore

–

3.8%

1,241,850

DBS

Group

Holdings

Ltd.

(Banks)

34,030,956

3,685,900

Singapore

Exchange

Ltd.

(Financial

Services)

27,175,785

61,206,741

Shares

Description

Value

a

Common

Stocks

–

(continued)

Spain

–

5.1%

2,215,379

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

$

23,219,878

4,398,455

Iberdrola

SA

(Utilities)

58,095,705

81,315,583

Switzerland

–

4.8%

144,622

DSM-Firmenich

AG

(Materials)

18,463,744

105,002

Zurich

Insurance

Group

AG

(Insurance)

57,726,980

76,190,724

Taiwan

–

2.3%

1,234,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

35,997,403

United

Kingdom

–

19.1%

417,732

AstraZeneca

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

66,365,509

628,365

Coca-Cola

Europacific

Partners

PLC

(Food,

Beverage

&

Tobacco)

46,354,486

6,524,449

DS

Smith

PLC

(Materials)

38,142,315

7,073,282

HSBC

Holdings

PLC

(Banks)

64,325,209

4,330,243

National

Grid

PLC

(Utilities)

54,942,947

544,605

Unilever

PLC

(Household

&

Personal

Products)

33,468,571

303,599,037

United

States

–

20.6%

9,196,254

BP

PLC

(Energy)

54,360,133

203,464

Ferguson

PLC

(Capital

Goods)

44,933,296

457,072

Nestle

SA

(Food,

Beverage

&

Tobacco)

46,298,036

459,716

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

47,393,309

131,024

Schneider

Electric

SE

(Capital

Goods)

31,581,418

2,066,781

Shell

PLC

(Energy)

75,362,928

238,251

Swiss

Re

AG

(Insurance)

29,372,397

329,301,517

TOTAL

COMMON

STOCKS

(Cost

$1,330,629,465)

1,553,231,052

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INCOME

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

**End

swaps

header**

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.9%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

30,329,140

5.220%

$

30,329,140

(Cost

$30,329,140)

TOTAL

INVESTMENTS

–

99.5%

(Cost

$1,360,958,605)

$

1,583,560,192

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.5%

7,682,034

NET

ASSETS

–

100.0%

$

1,591,242,226

  a

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

25.7

%

Consumer

Staples

12.6

Industrials

11.6

Health

Care

10.2

Utilities

9.2

Energy

8.2

Materials

7.3

Information

Technology

4.8

Consumer

Discretionary

4.4

Communication

Services

4.1

Investment

Company

1.9

TOTAL

INVESTMENTS

100.0%

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

July

31,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

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

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

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,

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.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

31,

2024:

(a)

China

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

4,192,766

$

30,015,432

$

—

Investment

Company

436,488

—

—

Total

$

4,629,254

$

30,015,432

$

—

€

1.00

€

1.00

€

1.00

(a)

Emerging

Markets

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

45,606,621

$

10,419,076

$

—

Asia

171,937,928

2,143,835,362

—

Europe

58,140,845

65,790,577

—

North

America

95,034,088

15,475,338

—

South

America

141,680,996

18,898,860

—

Total

$

512,400,478

$

2,254,419,213

$

—

€

1.00

€

1.00

€

1.00

(a)

Emerging

Markets

Equity

ex.

China

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

230,336

$

31,877

$

—

Asia

653,876

8,814,796

—

Europe

295,671

374,184

—

North

America

522,251

—

—

South

America

799,653

111,514

—

Investment

Company

172,887

—

—

Total

$

2,674,674

$

9,332,371

$

—

€

1.00

€

1.00

€

1.00

(a)

ESG

Emerging

Markets

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

494,540

$

114,421

$

—

Asia

1,831,136

17,333,062

—

Europe

407,982

354,257

—

North

America

812,993

—

—

South

America

1,027,372

212,044

—

Investment

Company

35,746

—

—

Total

$

4,609,769

$

18,013,784

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

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.

International

Equity

ESG

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

25,624,556

$

300,483,236

$

—

Europe

—

635,648,047

—

North

America

—

125,772,284

—

Investment

Company

25,320,755

—

—

Total

$

50,945,311

$

1,061,903,567

$

—

€

1.00

€

1.00

€

1.00

(a)

International

Equity

Income

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

—

$

351,951,988

$

—

Europe

46,354,486

741,272,416

—

North

America

—

329,301,517

—

Oceania

—

84,350,645

—

Investment

Company

30,329,140

—

—

Total

$

76,683,626

$

1,506,876,566

$

—

€

1.00

€

1.00

€

1.00

(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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

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

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

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),

and

the

Funds

will

not

seek

to

invest

in

companies

that

GSAM

believes

show

inadequate

governance

standards

(e.g.,

certain

state-owned

enterprises).

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

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Fundamental

Equity

International

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

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.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)