Goldman Sachs Mid Cap Value Fund (GCMAX) NPORT-P Goldman Sachs International Equity Insights Fund (Jul 2024 report)

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

93.1%

Brazil

–

0.8%

45,200

Banco

Bradesco

SA

(Banks)

$

89,742

115,600

Banco

do

Brasil

SA

(Banks)

542,627

1,033,900

BB

Seguridade

Participacoes

SA

(Insurance)

6,428,801

84,000

CPFL

Energia

SA

(Utilities)

482,363

96,275

Embraer

SA

ADR

(Capital

Goods)*

2,990,302

25,700

Energisa

SA

(Utilities)

199,606

314,700

Petroleo

Brasileiro

SA

ADR

(Energy)

4,490,769

587,800

Santos

Brasil

Participacoes

SA

(Transportation)

1,362,421

16,586,631

Chile

–

0.9%

96,768,580

Banco

de

Chile

(Banks)

11,528,496

79,271

Banco

de

Credito

e

Inversiones

SA

(Banks)

2,318,017

47,942,471

Cia

Sud

Americana

de

Vapores

SA

(Transportation)

3,294,828

7,868,391

Colbun

SA

(Utilities)

1,023,361

18,164,702

China

–

24.7%

1,085,000

3SBio,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

851,062

2,787,700

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

27,431,594

2,870,000

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

1,606,582

3,760,000

Bank

of

Communications

Co.

Ltd.,

Class

H

(Banks)

2,731,974

850,000

Beijing

Jingneng

Clean

Energy

Co.

Ltd.,

Class

H

(Utilities)

201,348

10,180,000

Bosideng

International

Holdings

Ltd.

(Consumer

Durables

&

Apparel)

5,094,658

125,100

BYD

Co.

Ltd.,

Class

A

(Automobiles

&

Components)

4,278,711

191,500

BYD

Electronic

International

Co.

Ltd.

(Technology

Hardware

&

Equipment)

745,294

2,107,000

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financial

Services)

172,711

12,941,000

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Banks)

7,744,290

5,462,000

China

Communications

Services

Corp.

Ltd.,

Class

H

(Capital

Goods)

2,806,117

8,121,800

China

Gas

Holdings

Ltd.

(Utilities)

7,386,134

3,054,000

China

Lesso

Group

Holdings

Ltd.

(Capital

Goods)

1,212,267

125,000

China

Nonferrous

Mining

Corp.

Ltd.

(Materials)

89,025

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,787,500

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate

Management

&

Development)

$

4,506,373

1,573,200

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Insurance)

4,181,593

5,807,500

China

Resources

Land

Ltd.

(Real

Estate

Management

&

Development)

17,359,150

842,000

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

2,316,203

455,533

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,602,938

4,213,200

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Insurance)

4,485,541

4,791,196

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

19,803,318

5,142,000

CMOC

Group

Ltd.,

Class

H

(Materials)

4,101,049

442,400

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Energy)

943,062

1,334,000

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

(Energy)

1,601,582

5,092,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

3,787,662

99,500

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

1,393,066

3,338,100

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

2,569,084

5,412,000

Geely

Automobile

Holdings

Ltd.

(Automobiles

&

Components)

5,498,901

3,225,700

GoerTek,

Inc.,

Class

A

(Technology

Hardware

&

Equipment)

9,633,400

2,037,300

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Capital

Goods)

2,259,491

796,000

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

(Health

Care

Equipment

&

Services)

2,028,753

102,000

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

(a)

223,112

1,428,621

JD.com,

Inc.,

Class

A

(Consumer

Discretionary

Distribution

&

Retail)

18,837,227

396,000

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Transportation)

376,595

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

513,329

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

$

2,998,333

173,300

Kanzhun

Ltd.

ADR

(Media

&

Entertainment)

2,353,414

3,164,000

Kunlun

Energy

Co.

Ltd.

(Utilities)

3,067,159

13,740,000

Lenovo

Group

Ltd.

(Technology

Hardware

&

Equipment)

17,796,195

151,500

Longfor

Group

Holdings

Ltd.

(Real

Estate

Management

&

Development)

(a)

196,815

1,631,660

Meituan,

Class

B

(Consumer

Services)*

(a)

22,593,058

254,790

Montage

Technology

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

2,104,220

1,342,600

NetEase,

Inc.

(Media

&

Entertainment)

24,762,349

288,500

New

Oriental

Education

&

Technology

Group,

Inc.

(Consumer

Services)*

1,867,358

793,200

Nongfu

Spring

Co.

Ltd.,

Class

H

(Food,

Beverage

&

Tobacco)

(a)

3,081,311

291,200

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary

Distribution

&

Retail)*

37,532,768

16,288,000

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Insurance)

5,480,303

2,754,000

PetroChina

Co.

Ltd.,

Class

H

(Energy)

2,391,504

31,400

Qifu

Technology,

Inc.

ADR

(Financial

Services)

637,734

765,000

Qingdao

Port

International

Co.

Ltd.,

Class

H

(Transportation)

(a)

570,188

4,027,060

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

9,470,779

7,189,545

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Transportation)

6,008,009

642,400

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Banks)

747,370

2,448,500

Shenergy

Co.

Ltd.,

Class

A

(Utilities)

2,831,451

4,192,700

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

3,920,180

123,500

Shenzhou

International

Group

Holdings

Ltd.

(Consumer

Durables

&

Apparel)

1,045,487

8,626,000

Shougang

Fushan

Resources

Group

Ltd.

(Materials)

3,032,935

218,100

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

906,443

1,365,000

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

(Capital

Goods)

870,067

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,556,500

Sinotruk

Hong

Kong

Ltd.

(Capital

Goods)

$

4,094,034

537,300

Sunny

Optical

Technology

Group

Co.

Ltd.

(Technology

Hardware

&

Equipment)

3,013,237

1,986,100

Tencent

Holdings

Ltd.

(Media

&

Entertainment)

91,651,474

689,200

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Services)

1,199,934

334,850

Trip.com

Group

Ltd.

(Consumer

Services)*

14,295,323

5,684,000

Uni-President

China

Holdings

Ltd.

(Food,

Beverage

&

Tobacco)

4,685,225

580,700

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary

Distribution

&

Retail)

7,920,748

2,560,000

Weichai

Power

Co.

Ltd.,

Class

H

(Capital

Goods)

4,097,146

721,220

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

3,358,457

4,517,200

Xiaomi

Corp.,

Class

B

(Technology

Hardware

&

Equipment)*

(a)

9,702,184

5,965,475

Youngor

Fashion

Co.

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

5,904,122

117,100

Yutong

Bus

Co.

Ltd.,

Class

A

(Capital

Goods)

363,241

4,677,150

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

10,461,860

257,900

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

(Capital

Goods)

951,787

4,152,393

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

9,581,100

8,108,000

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

16,445,986

2,011,400

ZTE

Corp.,

Class

H

(Technology

Hardware

&

Equipment)

4,505,692

519,356,847

Czech

Republic

–

0.4%

57,434

CEZ

AS

(Utilities)

2,211,718

119,595

Komercni

Banka

AS

(Banks)

4,131,780

277,783

Moneta

Money

Bank

AS

(Banks)

(a)

1,272,536

7,616,034

Greece

–

0.1%

111,200

Star

Bulk

Carriers

Corp.

(Transportation)

2,506,448

Hong

Kong

–

0.3%

12,203,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,375,988

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

132,000

Skyworth

Group

Ltd.

(Consumer

Durables

&

Apparel)

$

47,885

1,384,000

United

Laboratories

International

Holdings

Ltd.

(The)

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,589,901

652,000

Wasion

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

530,021

6,543,795

Hungary

–

0.0%

23,043

OTP

Bank

Nyrt

(Banks)

1,181,220

India

–

19.6%

307,220

ABB

India

Ltd.

(Capital

Goods)

29,034,036

50,496

Action

Construction

Equipment

Ltd.

(Capital

Goods)

843,386

141,054

Adani

Power

Ltd.

(Utilities)*

1,241,110

81,307

Ajanta

Pharma

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,620,901

27,910

Amara

Raja

Energy

&

Mobility

Ltd.

(Capital

Goods)

543,603

670,297

Ashoka

Buildcon

Ltd.

(Capital

Goods)*

2,050,684

4,679,835

Bank

of

Baroda

(Banks)

14,206,175

5,632,106

Bharat

Electronics

Ltd.

(Capital

Goods)

21,311,269

1,547,615

Bharat

Petroleum

Corp.

Ltd.

(Energy)

6,491,435

478,955

Bharti

Airtel

Ltd.

(Telecommunication

Services)

8,556,020

10,684

Ceat

Ltd.

(Automobiles

&

Components)*

343,621

585,771

Cipla

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

10,823,869

257,284

Crompton

Greaves

Consumer

Electricals

Ltd.

(Consumer

Durables

&

Apparel)

1,389,004

88,066

Cummins

India

Ltd.

(Capital

Goods)

4,060,499

11,689

Data

Patterns

India

Ltd.

(Capital

Goods)

446,736

74,926

Dixon

Technologies

India

Ltd.

(Consumer

Durables

&

Apparel)

10,867,334

122,020

Dr

Reddy's

Laboratories

Ltd.

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

9,917,786

564,466

Federal

Bank

Ltd.

(Banks)

1,360,378

72,329

Finolex

Cables

Ltd.

(Capital

Goods)

1,326,200

29,977

Global

Health

Ltd.

(Health

Care

Equipment

&

Services)*

445,515

9,803

Godawari

Power

and

Ispat

Ltd.

(Materials)

131,888

141,350

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)*

5,449,024

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

186,222

Great

Eastern

Shipping

Co.

Ltd.

(The)

(Energy)

$

3,093,419

1,263,340

Gujarat

Pipavav

Port

Ltd.

(Transportation)

3,482,679

427,868

Havells

India

Ltd.

(Capital

Goods)

9,462,904

345,038

HCL

Technologies

Ltd.

(Software

&

Services)

6,789,288

1,596,993

Hindalco

Industries

Ltd.

(Materials)

12,810,314

181,521

Hindustan

Aeronautics

Ltd.

(Capital

Goods)

10,697,433

841,796

Hindustan

Zinc

Ltd.

(Materials)

6,515,514

437,246

ICICI

Bank

Ltd.

ADR

(Banks)

12,728,231

174,177

IDBI

Bank

Ltd.

(Banks)

216,370

14,057

IndiaMart

InterMesh

Ltd.

(Capital

Goods)

(a)

495,136

730,113

ITD

Cementation

India

Ltd.

(Capital

Goods)

4,484,145

21,437,489

Jaiprakash

Power

Ventures

Ltd.

(Utilities)*

5,097,547

2,262,809

Jamna

Auto

Industries

Ltd.

(Capital

Goods)

3,958,812

64,657

JB

Chemicals

&

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,486,214

53,665

JSW

Energy

Ltd.

(Utilities)

468,028

242,634

KNR

Constructions

Ltd.

(Capital

Goods)

1,176,591

3,044

Larsen

&

Toubro

Ltd.

(Capital

Goods)

139,011

536,827

Lupin

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

12,284,420

166,205

Mahanagar

Gas

Ltd.

(Utilities)

3,717,227

76,792

Motilal

Oswal

Financial

Services

Ltd.

(Financial

Services)

605,407

41,304

Narayana

Hrudayalaya

Ltd.

(Health

Care

Equipment

&

Services)*

620,616

2,097,154

NCC

Ltd.

(Capital

Goods)

9,007,482

242,161

Oberoi

Realty

Ltd.

(Real

Estate

Management

&

Development)

5,396,304

407,085

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

1,626,296

66,905

Patanjali

Foods

Ltd.

(Food,

Beverage

&

Tobacco)

1,380,036

5,373,098

Petronet

LNG

Ltd.

(Energy)

23,694,830

3,410,939

Power

Finance

Corp.

Ltd.

(Financial

Services)

22,768,478

1,074,061

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

4,473,667

2,744,584

PTC

India

Ltd.

(Utilities)

7,420,705

2,890,726

Punjab

National

Bank

(Banks)

4,294,752

184,117

Railtel

Corp.

of

India

Ltd.

(Telecommunication

Services)

1,102,023

620,657

RattanIndia

Power

Ltd.

(Utilities)*

131,721

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

1,529,063

REC

Ltd.

(Financial

Services)

$

11,811,541

2,700

Siemens

Ltd.

(Capital

Goods)

230,546

11,250

SKF

India

Ltd.

(Capital

Goods)

753,867

20,947

Solar

Industries

India

Ltd.

(Materials)

2,708,443

1,882,629

State

Bank

of

India

(Banks)

19,682,377

3,693

Supreme

Industries

Ltd.

(Materials)

236,666

322,287

Tata

Consultancy

Services

Ltd.

(Software

&

Services)

16,923,517

291,485

Tata

Motors

Ltd.

(Automobiles

&

Components)

4,036,931

1,328,325

Tata

Motors

Ltd.,

Class

A

(Automobiles

&

Components)

12,624,373

241,814

Tata

Power

Co.

Ltd.

(The)

(Utilities)

1,313,180

284,705

Torrent

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

10,805,397

28,159

Torrent

Power

Ltd.

(Utilities)

627,710

52,012

Triveni

Turbine

Ltd.

(Capital

Goods)

370,697

534,867

Union

Bank

of

India

Ltd.

(Banks)

864,573

94,780

Wipro

Ltd.

(Software

&

Services)

591,466

907,684

Zydus

Lifesciences

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

13,537,893

412,205,250

Indonesia

–

2.2%

2,080,900

AKR

Corporindo

Tbk

PT

(Energy)

193,885

18,293,700

Aneka

Tambang

Tbk

(Materials)

1,481,687

2,652,600

Astra

International

Tbk

PT

(Capital

Goods)

771,091

19,135,200

Bank

Central

Asia

Tbk

PT

(Banks)

12,091,893

39,526,800

Bank

Mandiri

Persero

Tbk

PT

(Banks)

15,588,944

756,400

Bank

Negara

Indonesia

Persero

Tbk

PT

(Banks)

231,665

8,246,200

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

(Banks)

502,075

37,116,900

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Banks)

10,680,019

551,200

Indocement

Tunggal

Prakarsa

Tbk

PT

(Materials)

245,941

719,300

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Food,

Beverage

&

Tobacco)

483,293

22,390,600

Perusahaan

Gas

Negara

Tbk

PT

(Utilities)

2,205,150

6,482,600

Telkom

Indonesia

Persero

Tbk

PT

(Telecommunication

Services)

1,151,338

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

54,900

United

Tractors

Tbk

PT

(Energy)

$

87,111

45,714,092

Kuwait

–

0.2%

203,410

Agility

Public

Warehousing

Co.

KSC

(Transportation)

182,658

108,000

Burgan

Bank

SAK

(Banks)

67,482

14,684

Humansoft

Holding

Co.

KSC

(Consumer

Services)

126,673

1,232,765

Kuwait

Finance

House

KSCP

(Banks)

2,972,975

585,971

National

Bank

of

Kuwait

SAKP

(Banks)

1,737,448

220,299

National

Investments

Co.

KSCP

(Financial

Services)

183,192

5,270,428

Mexico

–

2.1%

526,934

Arca

Continental

SAB

de

CV

(Food,

Beverage

&

Tobacco)

5,185,341

227,232

Coca-Cola

Femsa

SAB

de

CV

ADR

(Food,

Beverage

&

Tobacco)

20,548,590

80,425

Gruma

SAB

de

CV,

Class

B

(Food,

Beverage

&

Tobacco)

1,503,603

1,189,406

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Banks)

8,912,725

426,215

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Banks)*

1,037,914

3,423,339

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Household

&

Personal

Products)

6,089,284

40,440

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(Transportation)

379,807

43,657,264

Peru

–

0.1%

13,700

Credicorp

Ltd.

(Banks)

2,337,768

Philippines

–

0.6%

173,100

Aboitiz

Power

Corp.

(Utilities)

98,003

930,379

Bank

of

the

Philippine

Islands

(Banks)

1,933,259

962,960

BDO

Unibank,

Inc.

(Banks)

2,265,165

885,750

International

Container

Terminal

Services,

Inc.

(Transportation)

5,401,701

146,650

Jollibee

Foods

Corp.

(Consumer

Services)

578,736

1,632,960

Metropolitan

Bank

&

Trust

Co.

(Banks)

1,921,524

12,198,388

Poland

–

1.7%

286,082

Bank

Pekao

SA

(Banks)

11,589,506

7,034

Budimex

SA

(Capital

Goods)

1,131,989

8,605

Grupa

Kety

SA

(Materials)

1,785,011

20,782

KGHM

Polska

Miedz

SA

(Materials)

714,424

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Poland

–

(continued)

1,669,377

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)

$

20,443,392

35,664,322

Qatar

–

0.3%

859,217

Commercial

Bank

PSQC

(The)

(Banks)

986,176

165,201

Ooredoo

QPSC

(Telecommunication

Services)

474,142

10,067

Qatar

Electricity

&

Water

Co.

QSC

(Utilities)

42,524

934,169

Qatar

Gas

Transport

Co.

Ltd.

(Energy)

1,156,127

348,385

Qatar

Islamic

Bank

(Banks)

1,883,632

430,851

Qatar

National

Bank

QPSC

(Banks)

1,807,063

6,349,664

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

–

3.5%

204,342

Al

Hammadi

Holding

(Health

Care

Equipment

&

Services)

2,555,911

220,348

Al

Rajhi

Bank

(Banks)

5,024,111

1,568,641

Alinma

Bank

(Banks)

13,548,454

1,598,817

Arab

National

Bank

(Banks)

9,144,814

118,787

Bank

AlBilad

(Banks)

1,164,269

151,919

Banque

Saudi

Fransi

(Banks)

1,498,157

171,107

Bawan

Co.

(Capital

Goods)

2,133,133

24,768

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Insurance)

1,520,975

3,555

Mouwasat

Medical

Services

Co.

(Health

Care

Equipment

&

Services)

114,387

12,875

National

Gas

&

Industrialization

Co.

(Utilities)

365,122

23,486

National

Medical

Care

Co.

(Health

Care

Equipment

&

Services)

1,294,516

1,512,789

Riyad

Bank

(Banks)

11,066,644

18,280

SABIC

Agri-Nutrients

Co.

(Materials)

573,598

350,636

Saudi

Arabian

Mining

Co.

(Materials)*

4,026,094

1,005,260

Saudi

Awwal

Bank

(Banks)

10,518,347

438,008

Saudi

Chemical

Co.

Holding

(Health

Care

Equipment

&

Services)

1,319,011

129,963

Saudi

Investment

Bank

(The)

(Banks)

442,693

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

225,937

Saudi

National

Bank

(The)

(Banks)

$

2,282,950

240,546

Saudi

Telecom

Co.

(Telecommunication

Services)

2,470,872

135,306

Sustained

Infrastructure

Holding

Co.

(Transportation)

1,259,330

40,706

United

Electronics

Co.

(Consumer

Discretionary

Distribution

&

Retail)

996,946

73,320,334

South

Africa

–

2.4%

7,781,056

FirstRand

Ltd.

(Financial

Services)

34,963,508

69,324

Gold

Fields

Ltd.

ADR

(Materials)

1,189,600

303,568

Investec

Ltd.

(Financial

Services)

2,370,206

925,732

Life

Healthcare

Group

Holdings

Ltd.

(Health

Care

Equipment

&

Services)

678,574

53,440

Naspers

Ltd.,

Class

N

(Consumer

Discretionary

Distribution

&

Retail)

10,335,039

49,536,927

South

Korea

–

12.4%

85,588

Advanced

Process

Systems

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,297,393

2,779

Chong

Kun

Dang

Pharmaceutical

Corp.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

226,345

5,580

Daishin

Securities

Co.

Ltd.

(Financial

Services)

68,533

11,986

Daou

Technology,

Inc.

(Financial

Services)

162,529

169,918

DB

Insurance

Co.

Ltd.

(Insurance)

13,728,890

47,202

Doosan

Enerbility

Co.

Ltd.

(Capital

Goods)*

650,100

30,415

HAESUNG

DS

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

809,249

266,986

Hana

Financial

Group,

Inc.

(Banks)

12,649,279

16,424

Hankook

Tire

&

Technology

Co.

Ltd.

(Automobiles

&

Components)

536,338

10,347

Hanmi

Pharm

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,186,592

133,151

Hanwha

General

Insurance

Co.

Ltd.

(Insurance)

547,658

244,303

Hanwha

Life

Insurance

Co.

Ltd.

(Insurance)

555,769

68,794

HD

Hyundai

Electric

Co.

Ltd.

(Capital

Goods)

15,567,512

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

181,069

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Capital

Goods)*

$

27,467,376

86,591

HDC

Hyundai

Development

Co.-Engineering

&

Construction,

Class

E

(Capital

Goods)

1,452,575

11,669

Hyundai

Glovis

Co.

Ltd.

(Transportation)

1,038,632

78,509

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(Insurance)

2,065,964

27,229

Hyundai

Rotem

Co.

Ltd.

(Capital

Goods)

970,667

92,300

Innox

Advanced

Materials

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,030,481

221,844

JB

Financial

Group

Co.

Ltd.

(Banks)

2,341,977

9,613

JW

Pharmaceutical

Corp.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

223,666

95,320

KB

Financial

Group,

Inc.

(Banks)

6,162,066

97,457

KEC

Corp.

(Semiconductors

&

Semiconductor

Equipment)

82,842

93,391

Kia

Corp.

(Automobiles

&

Components)

7,663,358

93,512

Korea

Aerospace

Industries

Ltd.

(Capital

Goods)

3,886,506

12,310

Korea

Electric

Terminal

Co.

Ltd.

(Capital

Goods)

550,354

27,415

Korea

Investment

Holdings

Co.

Ltd.

(Financial

Services)

1,472,908

47,927

Korean

Reinsurance

Co.

(Insurance)

289,063

51,225

KT&G

Corp.

(Food,

Beverage

&

Tobacco)

3,492,103

27,088

LIG

Nex1

Co.

Ltd.

(Capital

Goods)

3,938,256

7,622

LS

Electric

Co.

Ltd.

(Capital

Goods)

1,026,032

17,792

Meritz

Financial

Group,

Inc.

(Financial

Services)

1,096,625

16,379

NAVER

Corp.

(Media

&

Entertainment)

2,089,019

14,221

Neowiz

(Media

&

Entertainment)

215,300

1,596,826

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

98,463,922

45,013

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

12,240,354

8,142

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

574,626

113,884

Samsung

Securities

Co.

Ltd.

(Financial

Services)

3,725,944

160,540

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

7,060,701

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

120,270

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

$

17,249,548

171,042

Worldex

Industry

&

Trading

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,945,372

260,802,424

Taiwan

–

17.5%

541,000

Advancetek

Enterprise

Co.

Ltd.

(Real

Estate

Management

&

Development)*

1,112,462

222,455

Advantech

Co.

Ltd.

(Technology

Hardware

&

Equipment)

2,366,156

1,083,000

Ardentec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

2,119,787

443,000

Asia

Optical

Co.,

Inc.

(Technology

Hardware

&

Equipment)

1,222,153

55,000

ASROCK,

Inc.

(Technology

Hardware

&

Equipment)

338,537

310,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

2,019,272

1,587,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

3,038,823

1,516,000

Chicony

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

7,224,424

528,000

Chin-Poon

Industrial

Co.

Ltd.

(Technology

Hardware

&

Equipment)

725,898

69,000

Chong

Hong

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

287,820

4,400,000

Compal

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

4,263,236

22,360,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

24,269,945

856,800

Da-Li

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

1,758,651

292,000

Darfon

Electronics

Corp.

(Technology

Hardware

&

Equipment)

495,043

261,000

Delta

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

3,352,239

20,000

Dynapack

International

Technology

Corp.

(Technology

Hardware

&

Equipment)

67,430

47,000

Elan

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

198,899

72,000

Elite

Semiconductor

Microelectronics

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

188,022

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

385,000

Everlight

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

$

919,526

933,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Telecommunication

Services)

2,457,810

188,000

FocalTech

Systems

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

478,229

76,000

Foxsemicon

Integrated

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

715,877

1,713,000

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

4,638,741

563,000

Gamania

Digital

Entertainment

Co.

Ltd.

(Media

&

Entertainment)

1,309,553

441,000

General

Interface

Solution

Holding

Ltd.

(Technology

Hardware

&

Equipment)*

847,601

211,000

Genesys

Logic,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

584,699

395,000

Genius

Electronic

Optical

Co.

Ltd.

(Technology

Hardware

&

Equipment)

6,376,534

326,000

Getac

Holdings

Corp.

(Technology

Hardware

&

Equipment)

1,026,862

242,000

Global

Brands

Manufacture

Ltd.

(Technology

Hardware

&

Equipment)

458,460

634,000

Global

Mixed

Mode

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,856,817

125,000

Greatek

Electronics,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

235,772

1,082,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Technology

Hardware

&

Equipment)

6,637,984

448,000

Integrated

Service

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,839,753

83,000

International

Games

System

Co.

Ltd.

(Media

&

Entertainment)

1,898,952

959,000

ITE

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,423,641

55,000

JSL

Construction

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

344,691

286,000

Keystone

Microtech

Corp.

(Semiconductors

&

Semiconductor

Equipment)

3,098,122

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

1,043,000

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

$

39,722,798

241,000

Nexcom

International

Co.

Ltd.

(Technology

Hardware

&

Equipment)

370,475

294,000

Orient

Semiconductor

Electronics

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

437,928

207,000

Pegatron

Corp.

(Technology

Hardware

&

Equipment)

639,449

538,000

Pixart

Imaging,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

2,689,283

1,577,000

Powertech

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

7,929,822

1,657,000

Quanta

Computer,

Inc.

(Technology

Hardware

&

Equipment)

14,117,229

388,000

Radiant

Opto-Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

2,118,968

18,000

RDC

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

150,330

6,912,000

Ruentex

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

10,850,925

75,000

Shinkong

Insurance

Co.

Ltd.

(Insurance)

216,866

165,000

ShunSin

Technology

Holding

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

1,146,791

474,000

Sigurd

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,120,888

17,200

Silicon

Motion

Technology

Corp.

ADR

(Semiconductors

&

Semiconductor

Equipment)

1,194,368

162,000

Sinbon

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,628,224

1,131,000

Sunplus

Technology

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

1,134,462

553,000

Syncmold

Enterprise

Corp.

(Technology

Hardware

&

Equipment)

1,688,498

569,184

Taichung

Commercial

Bank

Co.

Ltd.

(Banks)

309,403

369,000

Taishin

Financial

Holding

Co.

Ltd.

(Banks)*

228,693

5,888,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

171,760,702

59,000

Test

Research,

Inc.

(Technology

Hardware

&

Equipment)

265,133

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

74,000

Thinking

Electronic

Industrial

Co.

Ltd.

(Technology

Hardware

&

Equipment)

$

374,817

141,000

Topco

Scientific

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

1,159,748

823,000

Tripod

Technology

Corp.

(Technology

Hardware

&

Equipment)

5,050,788

137,000

Ultra

Chip,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

366,182

111,000

Universal

Microwave

Technology,

Inc.

(Technology

Hardware

&

Equipment)

1,095,424

141,000

Visual

Photonics

Epitaxy

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

653,668

36,000

Yankey

Engineering

Co.

Ltd.

(Capital

Goods)

341,710

366,961,993

Thailand

–

0.7%

385,100

Bumrungrad

Hospital

PCL

(Health

Care

Equipment

&

Services)

2,658,905

454,400

Carabao

Group

PCL,

Class

F

(Food,

Beverage

&

Tobacco)

843,163

446,700

Com7

PCL,

Class

F

(Consumer

Discretionary

Distribution

&

Retail)

256,480

853,900

Ichitan

Group

PCL

(Food,

Beverage

&

Tobacco)

386,282

1,858,900

KCE

Electronics

PCL

(Technology

Hardware

&

Equipment)

2,334,931

10,496,100

Krung

Thai

Bank

PCL

(Banks)

5,329,814

1,566,000

PTT

PCL

(Energy)

1,405,531

5,401,700

Sansiri

PCL

(Real

Estate

Management

&

Development)

254,687

480,500

SCB

X

PCL

(Banks)

1,388,972

14,858,765

Turkey

–

1.6%

459,459

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS

(Utilities)

181,188

3,287,880

Aksa

Akrilik

Kimya

Sanayii

AS

(Consumer

Durables

&

Apparel)

1,005,691

390,609

Aygaz

AS

(Utilities)

2,022,766

343,132

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

(Household

&

Personal

Products)

561,565

124,440

Enerya

Enerji

AS

(Utilities)

703,780

1,557,418

Enka

Insaat

ve

Sanayi

AS

(Capital

Goods)

2,192,384

109,825

KOC

Holding

AS

(Capital

Goods)

713,314

766,795

Koza

Altin

Isletmeleri

AS

(Materials)*

536,700

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

164,978

Mavi

Giyim

Sanayi

Ve

Ticaret

AS,

Class

B

(Consumer

Durables

&

Apparel)

(a)

$

561,533

114,324

Migros

Ticaret

AS

(Consumer

Staples

Distribution

&

Retail)

1,821,606

77,286

MLP

Saglik

Hizmetleri

AS

(Health

Care

Equipment

&

Services)*

(a)

858,208

2,541,151

Turk

Telekomunikasyon

AS

(Telecommunication

Services)*

3,920,943

38,997,050

Turkiye

Is

Bankasi

AS,

Class

C

(Banks)

17,662,908

504,331

Turkiye

Vakiflar

Bankasi

TAO,

Class

D

(Banks)*

310,051

662,830

Yapi

ve

Kredi

Bankasi

AS

(Banks)

604,433

33,657,070

United

Arab

Emirates

–

0.8%

471,484

Abu

Dhabi

Islamic

Bank

PJSC

(Banks)

1,573,774

809,025

ADNOC

Drilling

Co.

PJSC

(Energy)

969,169

1,294,406

Dubai

Islamic

Bank

PJSC

(Banks)

2,061,633

253,056

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

584,937

2,251,350

Emirates

NBD

Bank

PJSC

(Banks)

11,707,425

28,474

National

Marine

Dredging

Co.

(Capital

Goods)

210,244

17,107,182

United

Kingdom

–

0.2%

140,959

Anglogold

Ashanti

PLC

(Materials)

4,058,990

TOTAL

COMMON

STOCKS

(Cost

$1,667,305,157)

1,955,656,538

Shares

Description

Rate

Value

a

Preferred

Stocks

–

4.5%

Brazil

–

3.8%

349,900

Alpargatas

SA

(Consumer

Durables

&

Apparel)*

0.00

%

532,012

6,340,700

Itau

Unibanco

Holding

SA

(Banks)

6.93

37,980,413

9,574,800

Itausa

SA

(Banks)

7.84

17,215,901

950,100

Metalurgica

Gerdau

SA

(Materials)

13.45

1,785,590

3,261,500

Petroleo

Brasileiro

SA

(Energy)

14.59

21,571,690

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Brazil

–

(continued)

300,400

Randon

SA

Implementos

e

Participacoes

(Capital

Goods)

4.81

%

$

567,218

79,652,824

South

Korea

–

0.7%

284,543

Mirae

Asset

Securities

Co.

Ltd.,

N.A.

(Financial

Services)

3.92

792,826

244,025

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

2.24

11,617,260

8,168

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

5.75

1,689,165

14,099,251

TOTAL

PREFERRED

STOCKS

(Cost

$99,382,536)

93,752,075

TOTAL

INVESTMENTS

–

97.6%

(Cost

$1,766,687,693)

$

2,049,408,613

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.4%

49,986,693

NET

ASSETS

–

100.0%

$

2,099,395,306

  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

Sector

Name

%

of

Market

Value

Financials

25.9

%

Information

Technology

25.8

Industrials

10.1

Consumer

Discretionary

9.7

Communication

Services

7.0

Health

Care

4.6

Utilities

4.2

Materials

4.2

Energy

3.4

Real

Estate

2.6

Consumer

Staples

2.5

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

—

At

July

31,

2024,

the

Fund

had

the

following

forward

foreign

currency

exchange

contracts:

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

GAIN

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

Morgan

Stanley

Co.,

Inc.

ZAR

4,207,000

USD

230,714

8/5/2024

$

223

TOTAL

$

223

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

Emerging

Markets

Index

225

09/20/24

$

12,335,625

$

(382,280)

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

95.8%

Australia

–

6.9%

886,861

AMP

Ltd.

(Financial

Services)

$

688,953

271,312

ANZ

Group

Holdings

Ltd.

(Banks)

5,161,724

800,784

BHP

Group

Ltd.

(Materials)

22,241,738

228,809

Challenger

Ltd.

(Financial

Services)

1,054,568

29,044

Cochlear

Ltd.

(Health

Care

Equipment

&

Services)

6,562,661

114,899

Commonwealth

Bank

of

Australia

(Banks)

10,353,570

230,573

Computershare

Ltd.

(Commercial

&

Professional

Services)

4,158,621

903,749

Deterra

Royalties

Ltd.

(Materials)

2,362,834

295,753

Dexus

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,363,586

429,204

Fortescue

Ltd.

(Materials)

5,340,517

1,167,256

Glencore

PLC

(Materials)

6,476,924

245,166

Insurance

Australia

Group

Ltd.

(Insurance)

1,186,090

1,021,491

National

Australia

Bank

Ltd.

(Banks)

25,799,467

335,917

Northern

Star

Resources

Ltd.

(Materials)

3,117,692

62,431

Premier

Investments

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,357,424

12,042

REA

Group

Ltd.

(Media

&

Entertainment)

1,619,044

65,892

Reece

Ltd.

(Capital

Goods)

1,194,059

942,496

Resolute

Mining

Ltd.

(Materials)*

404,869

2,441

Rio

Tinto

Ltd.

(Materials)

187,572

43,033

Rio

Tinto

PLC

ADR

(Materials)

2,804,030

1,811,640

Scentre

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

4,131,316

641,605

Suncorp

Group

Ltd.

(Insurance)

7,465,159

125,150

Wesfarmers

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

6,040,021

216,153

Westpac

Banking

Corp.

(Banks)

4,224,237

125,296,676

Austria

–

0.3%

58,158

BAWAG

Group

AG

(Banks)*

(a)

4,247,281

42,172

Raiffeisen

Bank

International

AG

(Banks)

822,157

5,069,438

Belgium

–

0.0%

12,694

Colruyt

Group

NV

(Consumer

Staples

Distribution

&

Retail)

608,895

3,060

KBC

Group

NV

(Banks)

236,679

845,574

China

–

0.9%

2,446,000

Lenovo

Group

Ltd.

(Technology

Hardware

&

Equipment)

3,168,086

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

107,153

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)*

$

3,737,852

4,271,900

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Capital

Goods)

8,613,265

15,519,203

Denmark

–

4.3%

26,243

Genmab

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

7,412,903

452,858

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

60,000,469

59,341

Pandora

A/S

(Consumer

Durables

&

Apparel)

9,301,898

44,697

Sydbank

AS

(Banks)

2,409,717

79,124,987

Finland

–

0.1%

18,903

Konecranes

OYJ

(Capital

Goods)

1,320,438

38,647

Wartsila

OYJ

Abp

(Capital

Goods)

798,634

2,119,072

France

–

8.6%

110,923

Air

Liquide

SA

(Materials)

20,238,860

16,857

Arkema

SA

(Materials)

1,521,225

29,376

Coface

SA

(Insurance)

444,740

141,501

Danone

SA

(Food,

Beverage

&

Tobacco)

9,192,632

41,103

Dassault

Aviation

SA

(Capital

Goods)

8,275,442

257,183

Dassault

Systemes

(Software

&

Services)

9,749,496

120,719

Eiffage

SA

(Capital

Goods)

12,014,169

821,940

Engie

SA

(Utilities)

12,921,039

11,902

EssilorLuxottica

SA

(Health

Care

Equipment

&

Services)

2,723,652

14,743

Gecina

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,461,588

22,658

Ipsen

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,544,047

57,770

Klepierre

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,654,220

189,543

Legrand

SA

(Capital

Goods)

20,479,549

4,993

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

3,521,876

11,347

Nexans

SA

(Capital

Goods)

1,466,557

121,298

Rexel

SA

(Capital

Goods)

3,081,809

109,687

Safran

SA

(Capital

Goods)

24,097,442

49,693

Thales

SA

(Capital

Goods)

7,898,881

59,585

TotalEnergies

SE

(Energy)

4,019,984

367,683

Valeo

SE

(Automobiles

&

Components)

4,201,577

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

169,857

Veolia

Environnement

SA

(Utilities)

$

5,335,841

156,844,626

Georgia

–

0.0%

8,810

Bank

of

Georgia

Group

PLC

(Banks)

517,934

Germany

–

9.6%

8,784

adidas

AG

(Consumer

Durables

&

Apparel)

2,201,248

234,753

BASF

SE

(Materials)

10,929,441

13,648

Commerzbank

AG

(Banks)

222,496

70,787

Deutsche

Post

AG

(Transportation)

3,157,494

238,629

Deutsche

Telekom

AG

(Telecommunication

Services)

6,241,939

54,244

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)*

1,943,606

164,581

GEA

Group

AG

(Capital

Goods)

7,267,159

37,194

Hannover

Rueck

SE

(Insurance)

9,234,925

30,085

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

2,331,074

19,163

HOCHTIEF

AG

(Capital

Goods)

2,278,310

16,666

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)

578,947

74,816

Knorr-Bremse

AG

(Capital

Goods)

6,016,395

60,424

Mercedes-Benz

Group

AG

(Automobiles

&

Components)

3,994,299

27,278

Merck

KGaA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,873,827

19,327

MTU

Aero

Engines

AG

(Capital

Goods)

5,472,708

53,214

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Insurance)

26,209,230

36,016

Nemetschek

SE

(Software

&

Services)

3,440,110

167,197

RWE

AG

(Utilities)

6,239,946

203,700

SAP

SE

(Software

&

Services)

43,066,338

34,281

Scout24

SE

(Media

&

Entertainment)

(a)

2,710,171

116,355

Siemens

AG

(Capital

Goods)

21,304,274

123,365

Siemens

Energy

AG

(Capital

Goods)*

3,582,342

132,517

TeamViewer

SE

(Software

&

Services)*

(a)

1,787,249

175,083,528

Hong

Kong

–

0.6%

72,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

623,414

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

717,000

Swire

Pacific

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

$

6,185,399

272,000

Techtronic

Industries

Co.

Ltd.

(Capital

Goods)

3,483,421

10,292,234

Ireland

–

0.0%

48,210

Bank

of

Ireland

Group

PLC

(Banks)

545,975

Israel

–

0.1%

37,715

Plus500

Ltd.

(Financial

Services)

1,137,448

Italy

–

2.4%

66,814

Azimut

Holding

SpA

(Financial

Services)

1,674,081

65,760

Banca

Generali

SpA

(Financial

Services)

2,861,648

940,122

Banca

Mediolanum

SpA

(Financial

Services)

11,099,369

1,664,955

Banco

BPM

SpA

(Banks)

11,527,614

65,373

Prysmian

SpA

(Capital

Goods)

4,494,040

144,973

UniCredit

SpA

(Banks)

5,954,726

480,928

Unipol

Gruppo

SpA

(Insurance)

5,181,694

42,793,172

Japan

–

24.6%

25,800

Air

Water,

Inc.

(Materials)

379,030

119,200

Alps

Alpine

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,263,334

381,800

Asahi

Kasei

Corp.

(Materials)

2,753,261

501,100

Brother

Industries

Ltd.

(Technology

Hardware

&

Equipment)

10,280,748

142,500

Chiba

Bank

Ltd.

(The)

(Banks)

1,334,865

164,100

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

2,069,058

103,700

Concordia

Financial

Group

Ltd.

(Banks)

653,571

90,400

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

&

Professional

Services)

2,973,998

319,100

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

9,729,459

165,900

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

6,756,724

480,600

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

13,609,815

1,558,900

Daiwa

Securities

Group,

Inc.

(Financial

Services)

12,870,436

38,300

DIC

Corp.

(Materials)

787,883

42,600

Electric

Power

Development

Co.

Ltd.

(Utilities)

704,213

117,600

ENEOS

Holdings,

Inc.

(Energy)

616,170

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

21,600

Exedy

Corp.

(Automobiles

&

Components)

$

458,625

9,100

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

2,508,405

167,100

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

2,928,274

46,200

Foster

Electric

Co.

Ltd.

(Consumer

Durables

&

Apparel)

500,457

76,200

Fujitsu

General

Ltd.

(Consumer

Durables

&

Apparel)

999,746

31,200

H.U.

Group

Holdings,

Inc.

(Health

Care

Equipment

&

Services)

549,074

84,800

H2O

Retailing

Corp.

(Consumer

Staples

Distribution

&

Retail)

1,475,065

57,800

HIS

Co.

Ltd.

(Consumer

Services)*

666,733

374,100

Hitachi

Ltd.

(Capital

Goods)

8,083,060

1,839,300

Honda

Motor

Co.

Ltd.

(Automobiles

&

Components)

19,652,142

57,500

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

561,264

419,300

Idemitsu

Kosan

Co.

Ltd.

(Energy)

2,761,644

45,800

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

554,789

24,700

Japan

Aviation

Electronics

Industry

Ltd.

(Technology

Hardware

&

Equipment)

413,933

672,500

Japan

Post

Bank

Co.

Ltd.

(Banks)

6,998,151

410,400

Japan

Post

Holdings

Co.

Ltd.

(Insurance)

4,346,328

35,000

Japan

Post

Insurance

Co.

Ltd.

(Insurance)

720,564

296,100

KDDI

Corp.

(Telecommunication

Services)

8,909,653

67,300

Kirin

Holdings

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

951,459

68,900

Kokuyo

Co.

Ltd.

(Commercial

&

Professional

Services)

1,156,136

70,000

Konica

Minolta,

Inc.

(Technology

Hardware

&

Equipment)

205,230

137,100

Kyocera

Corp.

(Technology

Hardware

&

Equipment)

1,726,770

4,000

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

709,733

16,300

Lintec

Corp.

(Materials)

366,490

691,700

LY

Corp.

(Media

&

Entertainment)

1,730,575

366,700

Mazda

Motor

Corp.

(Automobiles

&

Components)

3,162,940

847,500

Mitsubishi

Electric

Corp.

(Capital

Goods)

14,120,857

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

34,100

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

$

581,198

1,465,900

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

10,546,303

54,300

Mitsubishi

Materials

Corp.

(Materials)

1,017,386

536,600

Mitsui

OSK

Lines

Ltd.

(Transportation)

17,044,117

196,800

Modec,

Inc.

(Energy)

3,671,107

921,000

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

21,712,159

10,400

NEC

Corp.

(Software

&

Services)

900,169

644,800

NGK

Insulators

Ltd.

(Capital

Goods)

8,714,483

14,000

Nintendo

Co.

Ltd.

(Media

&

Entertainment)

773,618

20,400

Nippon

Electric

Glass

Co.

Ltd.

(Technology

Hardware

&

Equipment)

486,783

7,503,900

Nippon

Telegraph

&

Telephone

Corp.

(Telecommunication

Services)

7,997,006

398,600

Nippon

Yusen

KK

(Transportation)

12,844,449

43,500

Nissin

Foods

Holdings

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

1,293,377

1,515,700

Nomura

Holdings,

Inc.

(Financial

Services)

9,345,217

705,500

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate

Management

&

Development)

19,722,049

19,800

NS

United

Kaiun

Kaisha

Ltd.

(Transportation)

639,982

71,600

Olympus

Corp.

(Health

Care

Equipment

&

Services)

1,236,109

37,800

Omron

Corp.

(Technology

Hardware

&

Equipment)

1,402,149

98,100

Oriental

Land

Co.

Ltd.

(Consumer

Services)

2,808,557

789,400

ORIX

Corp.

(Financial

Services)

19,095,311

6,400

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

326,197

1,218,200

Panasonic

Holdings

Corp.

(Consumer

Durables

&

Apparel)

9,978,503

156,000

Round

One

Corp.

(Consumer

Services)

928,830

274,500

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

3,294,328

15,300

Sawai

Group

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

671,663

317,900

SBI

Holdings,

Inc.

(Financial

Services)

8,263,380

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

241,900

SCSK

Corp.

(Software

&

Services)

$

4,762,507

444,200

Sekisui

Chemical

Co.

Ltd.

(Consumer

Durables

&

Apparel)

6,702,091

54,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

655,019

18,300

Shimamura

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

896,901

130,500

SKY

Perfect

JSAT

Holdings,

Inc.

(Media

&

Entertainment)

767,818

399,700

SoftBank

Corp.

(Telecommunication

Services)

5,213,990

38,200

SoftBank

Group

Corp.

(Telecommunication

Services)

2,334,495

286,100

Sojitz

Corp.

(Capital

Goods)

6,767,145

46,600

Sompo

Holdings,

Inc.

(Insurance)

1,062,569

54,800

Sony

Group

Corp.

(Consumer

Durables

&

Apparel)

4,867,262

18,700

Square

Enix

Holdings

Co.

Ltd.

(Media

&

Entertainment)

631,535

50,100

Subaru

Corp.

(Automobiles

&

Components)

963,248

1,073,600

Sumitomo

Electric

Industries

Ltd.

(Automobiles

&

Components)

16,240,430

151,700

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

4,073,947

229,500

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Banks)

5,801,036

93,500

Sumitomo

Rubber

Industries

Ltd.

(Automobiles

&

Components)

974,227

71,100

T&D

Holdings,

Inc.

(Insurance)

1,332,822

20,300

Taiheiyo

Cement

Corp.

(Materials)

554,455

335,500

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

6,212,801

89,500

TDK

Corp.

(Technology

Hardware

&

Equipment)

6,243,728

223,100

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

871,890

85,200

Tokyo

Century

Corp.

(Financial

Services)

907,566

55,700

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

11,655,086

481,500

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

3,476,569

329,200

TOPPAN

Holdings,

Inc.

(Commercial

&

Professional

Services)

9,311,802

17,400

Towa

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,002,262

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

77,800

Toyo

Seikan

Group

Holdings

Ltd.

(Materials)

$

1,335,850

17,400

Toyo

Tire

Corp.

(Automobiles

&

Components)

283,896

234,000

Toyota

Motor

Corp.

(Automobiles

&

Components)

4,495,318

149,200

Trend

Micro,

Inc.

(Software

&

Services)

7,151,528

8,900

Ulvac,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

545,365

111,500

Unicharm

Corp.

(Household

&

Personal

Products)

3,735,319

202,700

USS

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,828,254

14,000

Yamaichi

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

298,421

172,300

Yokogawa

Electric

Corp.

(Technology

Hardware

&

Equipment)

4,361,301

447,613,545

Netherlands

–

5.1%

23,651

Aalberts

NV

(Capital

Goods)

904,359

589,317

ABN

AMRO

Bank

NV

(Banks)

(a)

10,287,625

11,192

ASM

International

NV

(Semiconductors

&

Semiconductor

Equipment)

7,700,339

54,978

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

51,193,964

22,705

ASR

Nederland

NV

(Insurance)

1,140,751

33,023

BE

Semiconductor

Industries

NV

(Semiconductors

&

Semiconductor

Equipment)

4,254,181

5,617

Euronext

NV

(Financial

Services)

(a)

567,896

336,418

ING

Groep

NV

(Banks)

6,106,309

167,057

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

5,381,778

58,911

Koninklijke

Philips

NV

(Health

Care

Equipment

&

Services)*

1,654,792

16,927

Wolters

Kluwer

NV

(Commercial

&

Professional

Services)

2,833,740

92,025,734

Norway

–

0.9%

135,158

Aker

Solutions

ASA

(Energy)

644,859

107,324

Hoegh

Autoliners

ASA

(Transportation)

1,173,117

88,206

Kongsberg

Gruppen

ASA

(Capital

Goods)

8,869,525

314,171

Norsk

Hydro

ASA

(Materials)

1,742,662

55,612

Orkla

ASA

(Food,

Beverage

&

Tobacco)

469,337

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Norway

–

(continued)

57,374

Salmar

ASA

(Food,

Beverage

&

Tobacco)

$

3,301,004

16,200,504

Singapore

–

1.0%

30,535

BW

LPG

Ltd.

(Energy)

(a)

496,201

307,532

Hafnia

Ltd.

(Energy)

2,436,713

670,600

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

7,464,218

531,200

Singapore

Technologies

Engineering

Ltd.

(Capital

Goods)

1,758,685

662,100

Singapore

Telecommunications

Ltd.

(Telecommunication

Services)

1,528,903

49,773

STMicroelectronics

NV

(Semiconductors

&

Semiconductor

Equipment)

1,645,639

130,900

United

Overseas

Bank

Ltd.

(Banks)

3,174,153

18,504,512

Spain

–

1.8%

73,726

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

772,738

3,794,060

Banco

de

Sabadell

SA

(Banks)

8,006,403

1,032,429

Bankinter

SA

(Banks)

8,818,450

63,423

Cellnex

Telecom

SA

(Telecommunication

Services)*

(a)

2,211,988

216,384

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

10,513,860

1,637,444

Unicaja

Banco

SA

(Banks)

(a)

2,204,030

32,527,469

Sweden

–

4.4%

108,474

AAK

AB

(Food,

Beverage

&

Tobacco)

3,121,563

205,515

Alfa

Laval

AB

(Capital

Goods)

9,087,062

424,670

Atlas

Copco

AB,

Class

A

(Capital

Goods)

7,558,132

132,908

Atlas

Copco

AB,

Class

B

(Capital

Goods)

2,079,468

323,587

Essity

AB,

Class

B

(Household

&

Personal

Products)

9,098,076

39,959

Evolution

AB

(Consumer

Services)

(a)

3,870,799

92,034

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary

Distribution

&

Retail)

1,431,814

175,436

Hexagon

AB,

Class

B

(Technology

Hardware

&

Equipment)

1,786,718

61,080

Hexpol

AB

(Materials)

683,116

53,678

Indutrade

AB

(Capital

Goods)

1,578,405

161,370

Investor

AB,

Class

A

(Financial

Services)

4,562,029

729,353

Investor

AB,

Class

B

(Financial

Services)

20,706,426

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

287,272

SSAB

AB,

Class

A

(Materials)

$

1,482,093

1,105,376

SSAB

AB,

Class

B

(Materials)

5,602,831

217,869

Svenska

Handelsbanken

AB,

Class

A

(Banks)

2,199,142

181,560

Swedbank

AB,

Class

A

(Banks)

3,860,684

82,083

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Technology

Hardware

&

Equipment)

564,391

32,321

Trelleborg

AB,

Class

B

(Capital

Goods)

1,201,132

80,473,881

Switzerland

–

5.9%

156,236

ABB

Ltd.

(Capital

Goods)

8,672,134

3,864

Belimo

Holding

AG

(Capital

Goods)

2,342,435

6

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food,

Beverage

&

Tobacco)

742,971

20,549

Lonza

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

13,683,777

374,346

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

41,787,438

69,909

Sika

AG

(Materials)

21,225,501

609,191

UBS

Group

AG

(Financial

Services)

18,458,898

106,913,154

United

Kingdom

–

8.1%

310,532

AstraZeneca

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

24,578,608

1,381,624

Aviva

PLC

(Insurance)

8,900,265

236,897

B&M

European

Value

Retail

SA

(Consumer

Discretionary

Distribution

&

Retail)

1,426,590

48,040

Babcock

International

Group

PLC

(Capital

Goods)

328,612

391,985

BAE

Systems

PLC

(Capital

Goods)

6,537,576

228,289

Barclays

PLC

(Banks)

682,655

349,715

Beazley

PLC

(Insurance)

3,073,825

47,596

Bellway

PLC

(Consumer

Durables

&

Apparel)

1,747,627

17,859

Berkeley

Group

Holdings

PLC

(Consumer

Durables

&

Apparel)

1,165,879

61,575

Bytes

Technology

Group

PLC

(Software

&

Services)

401,172

67,043

Compass

Group

PLC

(Consumer

Services)

2,064,592

263,019

Direct

Line

Insurance

Group

PLC

(Insurance)

638,097

846,980

HSBC

Holdings

PLC

(Banks)

7,702,530

100,055

IG

Group

Holdings

PLC

(Financial

Services)

1,208,336

330,337

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

9,104,706

105,136

Investec

PLC

(Financial

Services)

832,471

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

373,883

Kingfisher

PLC

(Consumer

Discretionary

Distribution

&

Retail)

$

1,329,205

37,903

Lancashire

Holdings

Ltd.

(Insurance)

308,924

88,232

Land

Securities

Group

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

721,510

1,059,875

M&G

PLC

(Financial

Services)

2,894,147

964,361

Man

Group

PLC

(Financial

Services)

3,036,086

172,143

Melrose

Industries

PLC

(Capital

Goods)

1,303,522

700,371

National

Grid

PLC

(Utilities)

8,886,441

2,018,216

NatWest

Group

PLC

(Banks)

9,575,410

66,112

Next

PLC

(Consumer

Discretionary

Distribution

&

Retail)

7,727,160

60,671

Pearson

PLC

(Consumer

Services)

823,184

64,955

Persimmon

PLC

(Consumer

Durables

&

Apparel)

1,324,581

18,951

Reckitt

Benckiser

Group

PLC

(Household

&

Personal

Products)

1,019,444

158,412

Redrow

PLC

(Consumer

Durables

&

Apparel)

1,519,729

34,050

RELX

PLC

(Commercial

&

Professional

Services)

1,607,077

1,584,606

Rolls-Royce

Holdings

PLC

(Capital

Goods)*

9,175,199

255,627

Sage

Group

PLC

(The)

(Software

&

Services)

3,573,301

340,211

Smiths

Group

PLC

(Capital

Goods)

7,814,372

88,277

SSE

PLC

(Utilities)

2,136,464

378,927

Standard

Chartered

PLC

(Banks)

3,743,152

2,415,904

Taylor

Wimpey

PLC

(Consumer

Durables

&

Apparel)

4,953,032

36,543

Unilever

PLC

(Household

&

Personal

Products)

2,238,801

61,257

Vistry

Group

PLC

(Consumer

Durables

&

Apparel)*

1,091,071

24,942

Whitbread

PLC

(Consumer

Services)

934,577

148,129,930

United

States

–

10.2%

440,068

BP

PLC

ADR

(Energy)

15,574,007

43,294

Carnival

PLC

ADR

(Consumer

Services)*

663,697

52,652

Ferguson

PLC

(Capital

Goods)

11,627,747

28,979

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,123,516

453,703

Nestle

SA

(Food,

Beverage

&

Tobacco)

45,956,781

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

147,834

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

$

47,862,679

143,162

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

14,758,940

124,756

Schneider

Electric

SE

(Capital

Goods)

30,070,609

366,241

Shell

PLC

(Energy)

13,391,306

44,042

Signify

NV

(Capital

Goods)

(a)

1,090,233

150,360

Stellantis

NV

(Automobiles

&

Components)

2,505,611

184,625,126

TOTAL

COMMON

STOCKS

(Cost

$1,494,701,358)

1,742,203,722

Shares

Description

Rate

Value

a

Preferred

Stocks

–

1.1%

Germany

–

1.1%

215,215

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

2.34

%

18,409,895

27,682

Porsche

Automobil

Holding

SE

(Automobiles

&

Components)

6.21

1,237,371

TOTAL

PREFERRED

STOCKS

(Cost

$17,951,361)

19,647,266

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

5,700,668

5.220%

5,700,668

(Cost

$5,700,668)

TOTAL

INVESTMENTS

–

97.2%

(Cost

$1,518,353,387)

$

1,767,551,656

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.8%

50,536,975

NET

ASSETS

–

100.0%

$

1,818,088,631

  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

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Sector

Name

%

of

Market

Value

Financials

22.4

%

Industrials

20.0

Health

Care

13.8

Information

Technology

10.6

Consumer

Discretionary

9.7

Consumer

Staples

6.7

Materials

6.4

Real

Estate

3.1

Energy

2.5

Communication

Services

2.3

Utilities

2.2

Investment

Company

0.3

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

260

09/20/24

$

13,782,243

$

(42,579)

FTSE

100

Index

51

09/20/24

5,479,437

111,342

Hang

Seng

Index

11

08/29/24

1,221,315

18,106

MSCI

Singapore

Index

19

08/29/24

447,105

5,084

SPI

200

Index

17

09/19/24

2,240,384

98,593

TOPIX

Index

41

09/12/24

7,655,085

39,506

Total

Futures

Contracts

$

230,052

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

96.6%

Australia

–

7.1%

19,082,742

AMP

Ltd.

(Financial

Services)

$

14,824,309

149,385

Audinate

Group

Ltd.

(Technology

Hardware

&

Equipment)*

1,459,437

335,420

Aussie

Broadband

Ltd.

(Telecommunication

Services)*

701,769

161,509

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

1,322,201

946,460

BWP

Trust

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

2,220,145

3,366,264

Centuria

Industrial

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

7,016,353

1,769,833

Cettire

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

1,541,930

2,467,616

Challenger

Ltd.

(Financial

Services)

11,373,106

3,270,537

Charter

Hall

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

27,312,057

5,166,307

Charter

Hall

Retail

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

11,820,623

58,299

Data#3

Ltd.

(Software

&

Services)

337,382

7,095,867

Deterra

Royalties

Ltd.

(Materials)

18,552,000

3,272,006

Emerald

Resources

NL

(Materials)*

7,967,289

17,276,982

Gold

Road

Resources

Ltd.

(Materials)

19,318,023

960,606

GrainCorp

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

5,675,664

231,345

Helia

Group

Ltd.

(Financial

Services)

604,589

587,476

HMC

Capital

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

2,997,530

51,684

HUB24

Ltd.

(Financial

Services)

1,683,296

1,311,525

IGO

Ltd.

(Materials)

4,802,949

196,921

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

8,991,155

481,489

Neuren

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

6,102,833

232,551

New

Hope

Corp.

Ltd.

(Energy)

741,650

632,425

Nick

Scali

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

6,517,100

1,275,762

Perenti

Ltd.

(Materials)

878,300

8,820,516

Perseus

Mining

Ltd.

(Materials)

14,696,625

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

587,184

Premier

Investments

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

$

12,767,019

432,414

Qube

Holdings

Ltd.

(Transportation)

1,082,854

12,195,944

Ramelius

Resources

Ltd.

(Materials)

15,564,138

42,936,345

Red

5

Ltd.

(Materials)*

11,012,563

295,916

Region

RE

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

440,623

29,742,372

Resolute

Mining

Ltd.

(Materials)*

12,776,471

31,150

SmartGroup

Corp.

Ltd.

(Commercial

&

Professional

Services)

176,286

365,625

Super

Retail

Group

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

3,830,181

1,202,377

Technology

One

Ltd.

(Software

&

Services)

16,242,275

1,194,793

Temple

&

Webster

Group

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)*

7,649,388

233,607

Ventia

Services

Group

Pty

Ltd.

(Capital

Goods)

672,566

3,870,656

Waypoint

REIT

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

6,428,494

1,434,893

West

African

Resources

Ltd.

(Materials)*

1,410,496

12,586,965

Westgold

Resources

Ltd.

(Materials)

21,625,069

291,136,738

Austria

–

1.2%

520,665

BAWAG

Group

AG

(Banks)*

(b)

38,024,189

247,432

CA

Immobilien

Anlagen

AG

(Real

Estate

Management

&

Development)

8,087,059

186,878

Raiffeisen

Bank

International

AG

(Banks)

3,643,248

49,754,496

Belgium

–

0.5%

119,391

Aedifica

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

7,588,812

240,143

Colruyt

Group

NV

(Consumer

Staples

Distribution

&

Retail)

11,518,976

20,059

KBC

Ancora

(Banks)

975,446

20,083,234

China

–

1.2%

25,358,000

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Capital

Goods)

51,128,345

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

2.3%

173,647

Bavarian

Nordic

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

$

4,680,421

23,404

cBrain

A/S

(Software

&

Services)

867,920

87,178

D/S

Norden

A/S

(Transportation)

3,771,097

36,182

GN

Store

Nord

AS

(Consumer

Durables

&

Apparel)*

950,763

452,488

NKT

A/S

(Capital

Goods)*

40,732,023

687,498

Sydbank

AS

(Banks)

37,064,582

39,605

Zealand

Pharma

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

5,335,634

93,402,440

Finland

–

2.6%

480,030

Cargotec

OYJ,

Class

B

(Capital

Goods)

24,468,410

512,581

Huhtamaki

OYJ

(Materials)

20,780,599

425,471

Kalmar

OYJ,

Class

B

(Capital

Goods)*

12,579,937

678,347

Konecranes

OYJ

(Capital

Goods)

47,384,807

156,813

Tokmanni

Group

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

1,919,431

107,133,184

France

–

3.7%

540,881

Coface

SA

(Insurance)

8,188,703

138,157

Gaztransport

Et

Technigaz

SA

(Energy)

20,356,778

224,877

IPSOS

SA

(Media

&

Entertainment)

13,878,792

11,681

JCDecaux

SE

(Media

&

Entertainment)*

243,520

71,900

Mercialys

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

911,043

348,210

Nexans

SA

(Capital

Goods)

45,004,842

176,554

Opmobility

(Automobiles

&

Components)

1,850,983

20,980

Rubis

SCA

(Utilities)

657,082

589,366

SCOR

SE

(Insurance)

12,613,793

3,275,206

Valeo

SE

(Automobiles

&

Components)

37,426,340

36,752

Vallourec

SACA

(Energy)*

594,230

369,383

Verallia

SA

(Materials)

(b)

10,865,552

152,591,658

Georgia

–

0.5%

231,149

Bank

of

Georgia

Group

PLC

(Banks)

13,589,085

152,423

TBC

Bank

Group

PLC

(Banks)

6,074,374

19,663,459

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

2.3%

918,304

AIXTRON

SE

(Semiconductors

&

Semiconductor

Equipment)

$

21,442,004

165,989

Aroundtown

SA

(Real

Estate

Management

&

Development)*

354,118

8,439

Bilfinger

SE

(Commercial

&

Professional

Services)

473,135

725,751

Deutz

AG

(Capital

Goods)

4,180,111

327,005

Duerr

AG

(Capital

Goods)

7,192,351

8,717

Eckert

&

Ziegler

SE

(Health

Care

Equipment

&

Services)

407,967

864,692

HelloFresh

SE

(Consumer

Staples

Distribution

&

Retail)*

5,401,518

106,068

Hensoldt

AG

(Capital

Goods)

3,924,643

25,825

Jenoptik

AG

(Technology

Hardware

&

Equipment)

736,316

90,395

Kloeckner

&

Co.

SE

(Capital

Goods)

498,708

126,716

Softwareone

Holding

AG

(Technology

Hardware

&

Equipment)*

2,529,945

7,777

Stroeer

SE

&

Co.

KGaA

(Media

&

Entertainment)

525,807

192,284

SUSS

MicroTec

SE

(Semiconductors

&

Semiconductor

Equipment)

13,057,316

327,117

TAG

Immobilien

AG

(Real

Estate

Management

&

Development)*

4,928,259

2,185,653

TeamViewer

SE

(Software

&

Services)*

(b)

29,477,777

46,770

United

Internet

AG

(Telecommunication

Services)

1,037,323

96,167,298

Guernsey

–

0.0%

373,757

Balanced

Commercial

Property

Trust

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

416,099

Hong

Kong

–

1.2%

5,376,000

Kerry

Properties

Ltd.

(Real

Estate

Management

&

Development)

9,158,728

504,000

Luk

Fook

Holdings

International

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

991,263

26,121,000

Pacific

Basin

Shipping

Ltd.

(Transportation)

7,843,020

136,500

Stella

International

Holdings

Ltd.

(Consumer

Durables

&

Apparel)

227,475

12,146,000

United

Laboratories

International

Holdings

Ltd.

(The)

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

13,952,994

340,100

VTech

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

2,237,542

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

7,830,500

Yue

Yuen

Industrial

Holdings

Ltd.

(Consumer

Durables

&

Apparel)

$

12,782,709

47,193,731

Ireland

–

0.0%

414,001

Greencore

Group

PLC

(Food,

Beverage

&

Tobacco)*

959,059

Israel

–

3.0%

88,576

Airport

City

Ltd.

(Real

Estate

Management

&

Development)*

1,224,036

341,428

Alony

Hetz

Properties

&

Investments

Ltd.

(Real

Estate

Management

&

Development)

2,278,979

310,779

Amot

Investments

Ltd.

(Real

Estate

Management

&

Development)

1,259,655

8,369,425

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Telecommunication

Services)

9,486,884

14,177

Big

Shopping

Centers

Ltd.

(Real

Estate

Management

&

Development)*

1,384,582

51,654

Camtek

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

5,185,158

96,400

Clal

Insurance

Enterprises

Holdings

Ltd.

(Insurance)*

1,468,561

4,940

Delek

Group

Ltd.

(Energy)

511,282

11,296

Elco

Ltd.

(Capital

Goods)

322,064

86,812

Energean

PLC

(Energy)

1,114,897

10,970

Enlight

Renewable

Energy

Ltd.

(Utilities)*

168,076

22,614

Fattal

Holdings

1998

Ltd.

(Consumer

Services)*

2,392,353

132,231

First

International

Bank

Of

Israel

Ltd.

(The)

(Banks)

5,331,398

20,415

Fox

Wizel

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,339,337

211,479

G

City

Ltd.

(Real

Estate

Management

&

Development)*

585,701

762,384

Harel

Insurance

Investments

&

Financial

Services

Ltd.

(Insurance)

6,848,107

52,712

Israel

Canada

T.R

Ltd.

(Real

Estate

Management

&

Development)

186,132

10,822

Israel

Corp.

Ltd.

(Materials)

2,271,957

23,279

Melisron

Ltd.

(Real

Estate

Management

&

Development)

1,631,754

2,501,692

Mivne

Real

Estate

KD

Ltd.

(Real

Estate

Management

&

Development)

5,769,900

92,772

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

18,640,852

46,968

Perion

Network

Ltd.

(Media

&

Entertainment)*

383,400

898,112

Phoenix

Holdings

Ltd.

(The)

(Insurance)

8,678,134

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

1,194,363

Plus500

Ltd.

(Financial

Services)

$

36,020,829

58,014

Shapir

Engineering

and

Industry

Ltd.

(Capital

Goods)*

322,561

661,801

Shufersal

Ltd.

(Consumer

Staples

Distribution

&

Retail)

4,481,819

19,049

Strauss

Group

Ltd.

(Food,

Beverage

&

Tobacco)

277,654

66,988

Tower

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

2,699,285

122,265,347

Italy

–

3.5%

1,782,779

A2A

SpA

(Utilities)

3,776,055

631,644

Anima

Holding

SpA

(Financial

Services)

(b)

3,321,515

653,308

Azimut

Holding

SpA

(Financial

Services)

16,369,186

640,275

Banca

Generali

SpA

(Financial

Services)

27,862,556

2,951,028

Banca

Popolare

di

Sondrio

SpA

(Banks)

22,490,197

368,917

BFF

Bank

SpA

(Financial

Services)

(b)

4,170,112

68,333

BPER

Banca

SpA

(Banks)

399,819

430,237

d'Amico

International

Shipping

SA

(Energy)

3,254,772

266,312

De'

Longhi

SpA

(Consumer

Durables

&

Apparel)

8,394,239

977,598

Pirelli

&

C

SpA

(Automobiles

&

Components)

(b)

6,120,047

28,992

Reply

SpA

(Software

&

Services)

4,115,294

4,076,995

Unipol

Gruppo

SpA

(Insurance)

43,927,029

144,200,821

Japan

–

36.8%

10,941

Activia

Properties,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

25,882,986

46,000

ADEKA

Corp.

(Materials)

976,573

103,800

Aica

Kogyo

Co.

Ltd.

(Materials)

2,402,293

1,175,800

Air

Water,

Inc.

(Materials)

17,273,755

781,800

Alfresa

Holdings

Corp.

(Health

Care

Equipment

&

Services)

12,213,580

1,636,600

Alps

Alpine

Co.

Ltd.

(Technology

Hardware

&

Equipment)

17,345,411

581,000

Amada

Co.

Ltd.

(Capital

Goods)

6,823,226

27,300

Aozora

Bank

Ltd.

(Banks)

(a)

453,850

63,600

Artience

Co.

Ltd.

(Materials)

1,344,893

171,400

Casio

Computer

Co.

Ltd.

(Consumer

Durables

&

Apparel)

1,379,531

244,800

Central

Glass

Co.

Ltd.

(Capital

Goods)

6,138,203

417,600

Chiyoda

Corp.

(Capital

Goods)*

855,467

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,698,900

Citizen

Watch

Co.

Ltd.

(Technology

Hardware

&

Equipment)

$

11,455,617

145,000

Daicel

Corp.

(Materials)

1,409,516

8,700

Dai-Dan

Co.

Ltd.

(Capital

Goods)

178,311

10,338

Daiwa

House

REIT

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

16,637,109

135

Daiwa

Office

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

264,461

1,518

Daiwa

Securities

Living

Investments

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,032,570

23,900

Daiwabo

Holdings

Co.

Ltd.

(Technology

Hardware

&

Equipment)

450,364

618,000

DCM

Holdings

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

5,965,284

600,300

DIC

Corp.

(Materials)

12,348,988

196,600

Doutor

Nichires

Holdings

Co.

Ltd.

(Consumer

Services)

3,051,119

158,500

Dowa

Holdings

Co.

Ltd.

(Materials)

5,816,977

183,400

EDION

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

2,136,838

629,800

Exedy

Corp.

(Automobiles

&

Components)

13,372,317

461,900

Ferrotec

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)

7,659,189

74,900

Financial

Partners

Group

Co.

Ltd.

(Financial

Services)

1,300,848

2,015,600

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

35,321,538

3,574

Frontier

Real

Estate

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

10,360,705

53,100

Fuji

Corp.

(Capital

Goods)

887,984

141,200

Fuji

Oil

Holdings,

Inc.

(Food,

Beverage

&

Tobacco)

2,948,186

146,500

Fuji

Soft,

Inc.

(Software

&

Services)

7,018,857

960,800

Fujitsu

General

Ltd.

(Consumer

Durables

&

Apparel)

12,605,726

211,100

Furukawa

Electric

Co.

Ltd.

(Capital

Goods)

5,775,015

444,400

Glory

Ltd.

(Capital

Goods)

8,078,830

285,800

GNI

Group

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

4,374,594

856,800

GS

Yuasa

Corp.

(Capital

Goods)

15,245,273

11,800

G-Tekt

Corp.

(Automobiles

&

Components)

143,117

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

663,400

H.U.

Group

Holdings,

Inc.

(Health

Care

Equipment

&

Services)

$

11,674,852

2,331,100

H2O

Retailing

Corp.

(Consumer

Staples

Distribution

&

Retail)

40,548,644

190,300

Hachijuni

Bank

Ltd.

(The)

(Banks)

1,356,382

163,800

Haseko

Corp.

(Consumer

Durables

&

Apparel)

2,044,136

1,533,400

Hazama

Ando

Corp.

(Capital

Goods)

12,391,564

20,400

Heiwa

Corp.

(Consumer

Services)

292,668

110,500

Heiwado

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

1,809,259

74,100

Hirata

Corp.

(Capital

Goods)

3,067,186

32,200

Hirogin

Holdings,

Inc.

(Banks)

261,373

1,848,000

HIS

Co.

Ltd.

(Consumer

Services)*

(a)

21,317,014

232,300

Hokuhoku

Financial

Group,

Inc.

(Banks)

3,248,614

441,500

Hokuriku

Electric

Power

Co.

(Utilities)

2,829,784

1,997,500

Iino

Kaiun

Kaisha

Ltd.

(Transportation)

16,880,333

118,300

Inabata

&

Co.

Ltd.

(Capital

Goods)

2,649,356

94,600

INFRONEER

Holdings,

Inc.

(Capital

Goods)

820,330

111,000

Iriso

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

2,231,008

21,000

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

417,802

54,100

Itoki

Corp.

(Commercial

&

Professional

Services)

547,169

594,500

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

7,201,349

97,800

Jaccs

Co.

Ltd.

(Financial

Services)

3,175,193

204,400

JAFCO

Group

Co.

Ltd.

(Financial

Services)

2,587,202

1,068,500

Japan

Aviation

Electronics

Industry

Ltd.

(Technology

Hardware

&

Equipment)

17,906,353

6,069

Japan

Excellent,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

4,827,805

13,100

Japan

Material

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

173,803

11,624

Japan

Metropolitan

Fund

Invest

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

7,258,005

160,200

Jeol

Ltd.

(Technology

Hardware

&

Equipment)

6,450,027

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,102,900

JGC

Holdings

Corp.

(Capital

Goods)

$

17,859,310

1,095,600

JTEKT

Corp.

(Automobiles

&

Components)

7,875,383

43,900

JVCKenwood

Corp.

(Consumer

Durables

&

Apparel)

268,967

329,600

Kaga

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

11,958,382

496,300

Kamigumi

Co.

Ltd.

(Transportation)

11,318,537

669,800

Kanematsu

Corp.

(Capital

Goods)

11,344,480

160,700

Kawasaki

Heavy

Industries

Ltd.

(Capital

Goods)

5,896,345

19,812

KDX

Realty

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

20,425,694

217,500

Kewpie

Corp.

(Food,

Beverage

&

Tobacco)

5,586,863

31,500

Kinden

Corp.

(Capital

Goods)

664,589

607,900

Kobe

Steel

Ltd.

(Materials)

7,588,013

206,500

Kohnan

Shoji

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

5,568,168

966,800

Kokuyo

Co.

Ltd.

(Commercial

&

Professional

Services)

16,222,826

8,423,500

Konica

Minolta,

Inc.

(Technology

Hardware

&

Equipment)

24,696,480

80,400

Kosaido

Holdings

Co.

Ltd.

(Commercial

&

Professional

Services)

288,781

31,000

Krosaki

Harima

Corp.

(Materials)

545,850

42,200

Kumagai

Gumi

Co.

Ltd.

(Capital

Goods)

1,011,426

233,100

Kyoritsu

Maintenance

Co.

Ltd.

(Consumer

Services)

4,525,405

19,800

Kyoto

Financial

Group,

Inc.

(Banks)

369,813

70,500

Life

Corp.

(Consumer

Staples

Distribution

&

Retail)

1,716,735

465,900

Lintec

Corp.

(Materials)

10,475,327

470,700

Mabuchi

Motor

Co.

Ltd.

(Capital

Goods)

7,235,770

219,100

Maruha

Nichiro

Corp.

(Food,

Beverage

&

Tobacco)

4,899,577

351,000

Maxell

Ltd.

(Technology

Hardware

&

Equipment)

4,027,654

38,100

Megmilk

Snow

Brand

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

724,679

99,300

Meidensha

Corp.

(Capital

Goods)

2,267,511

536,400

Menicon

Co.

Ltd.

(Health

Care

Equipment

&

Services)

5,016,360

53,400

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

1,009,529

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

66,200

Mitsubishi

Logisnext

Co.

Ltd.

(Capital

Goods)

$

581,292

386,500

Mitsubishi

Logistics

Corp.

(Transportation)

13,519,312

1,176,300

Mitsubishi

Materials

Corp.

(Materials)

22,039,625

63,700

Mitsubishi

Research

Institute,

Inc.

(Software

&

Services)

2,008,266

119,900

Mitsubishi

Shokuhin

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

4,230,689

48,600

Mitsui

Mining

&

Smelting

Co.

Ltd.

(Materials)

1,620,252

2,089,200

Mizuho

Leasing

Co.

Ltd.

(Financial

Services)

15,764,693

1,584,600

Modec,

Inc.

(Energy)

29,559,124

276,200

Monex

Group,

Inc.

(Financial

Services)

1,342,749

44,100

Money

Forward,

Inc.

(Software

&

Services)*

1,473,643

4,183

Mori

Trust

Reit,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,943,973

550,800

Morinaga

&

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

10,571,038

86,200

Nagase

&

Co.

Ltd.

(Capital

Goods)

1,893,712

916,300

Namura

Shipbuilding

Co.

Ltd.

(Capital

Goods)

(a)

11,883,172

998,100

NEC

Networks

&

System

Integration

Corp.

(Software

&

Services)

18,382,532

2,646,800

NGK

Insulators

Ltd.

(Capital

Goods)

35,771,548

523,000

Nikkon

Holdings

Co.

Ltd.

(Transportation)

13,191,099

541,800

Nippn

Corp.

(Food,

Beverage

&

Tobacco)

8,516,969

511,100

Nippon

Electric

Glass

Co.

Ltd.

(Technology

Hardware

&

Equipment)

12,195,818

322,700

Nippon

Light

Metal

Holdings

Co.

Ltd.

(Materials)

3,792,710

622,400

Nipro

Corp.

(Health

Care

Equipment

&

Services)

5,435,013

217,300

Nisshin

Oillio

Group

Ltd.

(The)

(Food,

Beverage

&

Tobacco)

7,498,725

224,600

Nisshin

Seifun

Group,

Inc.

(Food,

Beverage

&

Tobacco)

2,779,297

1,250,300

Nisshinbo

Holdings,

Inc.

(Capital

Goods)

9,162,145

25,700

Noritsu

Koki

Co.

Ltd.

(Capital

Goods)

695,019

462,200

North

Pacific

Bank

Ltd.

(Banks)

1,567,253

681,300

NS

Solutions

Corp.

(Software

&

Services)

15,623,944

804,800

NS

United

Kaiun

Kaisha

Ltd.

(Transportation)

26,012,999

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

772,800

Okamura

Corp.

(Commercial

&

Professional

Services)

$

11,369,710

2,250,000

Okasan

Securities

Group,

Inc.

(Financial

Services)

10,893,981

1,872,000

Oki

Electric

Industry

Co.

Ltd.

(Technology

Hardware

&

Equipment)

12,704,233

686,600

Optorun

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

8,966,719

126,700

Orient

Corp.

(Financial

Services)

888,448

903,400

OSG

Corp.

(Capital

Goods)

12,463,762

275,800

Raysum

Co.

Ltd.

(Real

Estate

Management

&

Development)

6,227,514

316,500

Resorttrust,

Inc.

(Consumer

Services)

5,342,456

16,300

Rinnai

Corp.

(Consumer

Durables

&

Apparel)

400,785

1,156,300

Round

One

Corp.

(Consumer

Services)

6,884,656

6,400

Ryobi

Ltd.

(Capital

Goods)

87,761

96,200

Ryoyo

Ryosan

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

1,843,522

74,000

SAMTY

HOLDINGS

Co.

Ltd.

(Real

Estate

Management

&

Development)

1,352,249

1,786,500

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

21,440,133

411,000

Sawai

Group

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

18,042,723

126,900

Senshu

Ikeda

Holdings,

Inc.

(Banks)

325,611

191,700

Shibaura

Mechatronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

10,100,521

1,096,200

Shikoku

Electric

Power

Co.,

Inc.

(Utilities)

9,560,430

184,000

Shimamura

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

9,018,018

146,100

Shimizu

Corp.

(Capital

Goods)

918,231

165,100

Shinko

Electric

Industries

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

6,279,501

215,600

Ship

Healthcare

Holdings,

Inc.

(Health

Care

Equipment

&

Services)

3,291,053

67,400

Simplex

Holdings,

Inc.

(Software

&

Services)

971,717

60,500

Sinfonia

Technology

Co.

Ltd.

(Capital

Goods)

1,286,178

5,070,400

SKY

Perfect

JSAT

Holdings,

Inc.

(Media

&

Entertainment)

29,832,529

213,600

Skylark

Holdings

Co.

Ltd.

(Consumer

Services)*

2,927,009

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,749,300

Sojitz

Corp.

(Capital

Goods)

$

41,376,326

1,177,900

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

31,632,846

743,300

Sumitomo

Mitsui

Construction

Co.

Ltd.

(Capital

Goods)

1,966,971

480,700

Sumitomo

Osaka

Cement

Co.

Ltd.

(Materials)

13,535,229

586,800

Sumitomo

Rubber

Industries

Ltd.

(Automobiles

&

Components)

6,114,188

50,300

Sun

Frontier

Fudousan

Co.

Ltd.

(Real

Estate

Management

&

Development)

684,391

465,800

Suzuken

Co.

Ltd.

(Health

Care

Equipment

&

Services)

16,975,537

24,900

SWCC

Corp.

(Capital

Goods)

738,900

101,600

Taiheiyo

Cement

Corp.

(Materials)

2,775,006

221,200

Taikisha

Ltd.

(Capital

Goods)

7,625,040

2,116,700

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

39,197,129

218,200

Takeuchi

Manufacturing

Co.

Ltd.

(Capital

Goods)

6,979,662

156,800

Toa

Corp.

(Capital

Goods)

1,057,112

26,800

Tobu

Railway

Co.

Ltd.

(Transportation)

470,768

421,400

Toda

Corp.

(Capital

Goods)

3,045,558

19,500

Toho

Holdings

Co.

Ltd.

(Health

Care

Equipment

&

Services)

567,030

851,900

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

7,243,426

198,500

Tokai

Rika

Co.

Ltd.

(Automobiles

&

Components)

2,693,735

2,553,400

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

9,978,864

181,600

Tokuyama

Corp.

(Materials)

3,559,987

1,319,400

Tokyo

Century

Corp.

(Financial

Services)

14,054,488

38,100

Tokyo

Kiraboshi

Financial

Group,

Inc.

(Banks)

1,148,278

837,100

Tokyo

Steel

Manufacturing

Co.

Ltd.

(Materials)

10,649,669

5,715,800

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

41,269,729

3,463

Tokyu

REIT,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

3,501,608

287,500

Towa

Corp.

(Semiconductors

&

Semiconductor

Equipment)

16,560,361

212,900

Towa

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,355,919

1,398,600

Toyo

Seikan

Group

Holdings

Ltd.

(Materials)

24,014,394

9,500

Toyo

Suisan

Kaisha

Ltd.

(Food,

Beverage

&

Tobacco)

637,887

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,596,900

Toyo

Tire

Corp.

(Automobiles

&

Components)

$

26,054,785

939,400

Toyoda

Gosei

Co.

Ltd.

(Automobiles

&

Components)

17,152,214

972,900

Toyota

Boshoku

Corp.

(Automobiles

&

Components)

13,110,484

23,400

Tsubakimoto

Chain

Co.

(Capital

Goods)

1,011,940

208,100

Tsumura

&

Co.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

5,517,424

158,600

UACJ

Corp.

(Materials)

4,515,720

71,800

UBE

Corp.

(Materials)

1,282,887

9,300

Ulvac,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

569,876

24,200

Universal

Entertainment

Corp.

(Consumer

Durables

&

Apparel)*

246,855

1,388,600

USS

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

12,524,490

957,000

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

2,903,578

467,400

Zeon

Corp.

(Materials)

4,128,111

1,520,189,229

Netherlands

–

1.7%

569,323

Aalberts

NV

(Capital

Goods)

21,769,580

58,328

Arcadis

NV

(Commercial

&

Professional

Services)

4,165,855

3,768,480

Koninklijke

BAM

Groep

NV

(Capital

Goods)

15,618,008

200,058

Koninklijke

Vopak

NV

(Energy)

8,937,217

51,339

Pluxee

NV

(Commercial

&

Professional

Services)*

1,203,380

133,374

TKH

Group

NV

(Capital

Goods)

(a)

5,844,683

303,151

Van

Lanschot

Kempen

NV

(Financial

Services)

13,120,175

70,658,898

New

Zealand

–

0.0%

190,035

Contact

Energy

Ltd.

(Utilities)

961,344

Nigeria

–

0.0%

724,295

Airtel

Africa

PLC

(Telecommunication

Services)

(b)

1,061,914

Norway

–

3.0%

4,090,874

Aker

Solutions

ASA

(Energy)

19,518,175

161,938

Avance

Gas

Holding

Ltd.

(Energy)

(b)

2,490,532

1,851,469

Europris

ASA

(Consumer

Discretionary

Distribution

&

Retail)

(b)

11,047,081

3,072,037

Hoegh

Autoliners

ASA

(Transportation)

33,579,244

13,510,128

MPC

Container

Ships

ASA

(Transportation)

28,344,612

Shares

Description

Value

a

Common

Stocks

–

(continued)

Norway

–

(continued)

167,730

Schibsted

ASA,

Class

B

(Media

&

Entertainment)

$

4,559,668

201,908

Stolt-Nielsen

Ltd.

(Transportation)

7,920,428

85,810

Storebrand

ASA

(Insurance)

861,272

220,145

TGS

ASA

(Energy)

2,691,965

1,444,970

Wallenius

Wilhelmsen

ASA

(Transportation)

13,435,701

124,448,678

Portugal

–

0.2%

7,756,379

Sonae

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)

7,911,637

Singapore

–

1.1%

455,523

BW

LPG

Ltd.

(Energy)

(b)

7,402,364

4,693,326

Hafnia

Ltd.

(Energy)

37,187,315

21,909

Kenon

Holdings

Ltd.

(Utilities)

556,040

928,600

Mapletree

Pan

Asia

Commercial

Trust

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

893,129

178,600

UOL

Group

Ltd.

(Real

Estate

Management

&

Development)

721,601

46,760,449

Spain

–

2.5%

4,789,391

Bankinter

SA

(Banks)

40,908,385

56,581

Fluidra

SA

(Capital

Goods)

1,260,554

50,643

Indra

Sistemas

SA

(Software

&

Services)

1,015,590

4,119,275

Inmobiliaria

Colonial

Socimi

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

23,962,938

76,685

Laboratorios

Farmaceuticos

Rovi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

7,378,195

665,703

Merlin

Properties

Socimi

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

7,602,253

16,074,772

Unicaja

Banco

SA

(Banks)

(b)

21,636,944

103,764,859

Sweden

–

6.0%

1,170,034

AAK

AB

(Food,

Beverage

&

Tobacco)

33,670,145

1,761,623

Arjo

AB,

Class

B

(Health

Care

Equipment

&

Services)

6,827,434

168,794

Avanza

Bank

Holding

AB

(Financial

Services)

3,791,760

500,388

Axfood

AB

(Consumer

Staples

Distribution

&

Retail)

12,410,176

1,893,464

Betsson

AB,

Class

B

(Consumer

Services)*

22,537,699

782,622

Bravida

Holding

AB

(Commercial

&

Professional

Services)

(b)

6,334,677

6,885

Camurus

AB

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

435,722

10,873

Catena

AB

(Real

Estate

Management

&

Development)

553,525

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

759,750

Dometic

Group

AB

(Automobiles

&

Components)

(b)

$

5,212,664

454,629

Electrolux

AB,

Class

B

(Consumer

Durables

&

Apparel)*

4,049,569

3,034,416

Elekta

AB,

Class

B

(Health

Care

Equipment

&

Services)

19,050,399

2,825,475

Fortnox

AB

(Software

&

Services)

17,468,639

65,755

Granges

AB

(Materials)

802,730

232,344

Hemnet

Group

AB

(Media

&

Entertainment)

8,587,173

2,181,098

Hexatronic

Group

AB

(Capital

Goods)*

(a)

12,893,034

1,450,848

Hexpol

AB

(Materials)

16,226,222

490,243

Inwido

AB

(Capital

Goods)

8,090,875

59,904

Lindab

International

AB

(Capital

Goods)

1,482,071

13,439

Loomis

AB

(Commercial

&

Professional

Services)

428,237

63,924

MEKO

AB

(Consumer

Discretionary

Distribution

&

Retail)

670,924

96,200

Munters

Group

AB

(Capital

Goods)

(b)

2,082,729

490,877

Mycronic

AB

(Technology

Hardware

&

Equipment)

17,213,178

43,919

NCC

AB,

Class

B

(Capital

Goods)

678,098

764,866

SSAB

AB,

Class

A

(Materials)

3,946,094

7,294,205

SSAB

AB,

Class

B

(Materials)

36,972,211

365,621

Wihlborgs

Fastigheter

AB

(Real

Estate

Management

&

Development)

3,703,388

246,119,373

Switzerland

–

3.9%

319,712

Accelleron

Industries

AG

(Capital

Goods)

15,820,842

3,939

Allreal

Holding

AG

(Real

Estate

Management

&

Development)

702,231

4,055

ALSO

Holding

AG

(Technology

Hardware

&

Equipment)

1,229,440

5,380,114

Aryzta

AG

(Food,

Beverage

&

Tobacco)*

10,299,772

55,319

Belimo

Holding

AG

(Capital

Goods)

33,535,492

19,244

Burckhardt

Compression

Holding

AG

(Capital

Goods)

13,408,281

97,614

Cembra

Money

Bank

AG

(Financial

Services)

8,523,854

3,159

Comet

Holding

AG

(Technology

Hardware

&

Equipment)

1,265,751

18,362

Galenica

AG

(Health

Care

Equipment

&

Services)

(b)

1,597,095

37,050

Huber

+

Suhner

AG

(Capital

Goods)

3,244,267

10,774

Inficon

Holding

AG

(Technology

Hardware

&

Equipment)

16,064,801

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

894

Komax

Holding

AG

(Capital

Goods)

$

135,873

176,643

PSP

Swiss

Property

AG

(Real

Estate

Management

&

Development)

23,604,988

129,453

Stadler

Rail

AG

(Capital

Goods)

3,961,949

110,305

Sulzer

AG

(Capital

Goods)

16,398,806

2,293

Swissquote

Group

Holding

SA

(Financial

Services)

731,347

19,378

Ypsomed

Holding

AG

(Health

Care

Equipment

&

Services)

8,905,377

31,637

Zehnder

Group

AG

(Capital

Goods)

1,992,633

161,422,799

United

Kingdom

–

11.0%

26,571

4imprint

Group

PLC

(Media

&

Entertainment)

2,074,788

6,552,675

Assura

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

3,438,763

5,015,372

B&M

European

Value

Retail

SA

(Consumer

Discretionary

Distribution

&

Retail)

30,202,491

3,494,701

Babcock

International

Group

PLC

(Capital

Goods)

23,905,101

835,361

Balfour

Beatty

PLC

(Capital

Goods)

4,523,264

3,347,892

Beazley

PLC

(Insurance)

29,426,346

1,016,134

Bellway

PLC

(Consumer

Durables

&

Apparel)

37,310,348

59,414

Big

Yellow

Group

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

923,972

30,274

Bodycote

PLC

(Capital

Goods)

270,791

2,432,878

Breedon

Group

PLC

(Materials)

13,533,512

5,341,549

British

Land

Co.

PLC

(The)

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

28,311,848

1,167,522

Bytes

Technology

Group

PLC

(Software

&

Services)

7,606,618

850,690

Chemring

Group

PLC

(Capital

Goods)

4,527,527

100,609

Clarkson

PLC

(Transportation)

5,865,479

37,159

Derwent

London

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,097,750

273,044

Drax

Group

PLC

(Utilities)

2,283,911

103,191

Dunelm

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)

1,636,714

192,274

Frasers

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)*

2,219,191

21,129

Future

PLC

(Media

&

Entertainment)

304,097

22,645

Games

Workshop

Group

PLC

(Consumer

Durables

&

Apparel)

2,998,464

796,922

Grainger

PLC

(Real

Estate

Management

&

Development)

2,475,311

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

192,324

Greggs

PLC

(Consumer

Services)

$

7,745,199

1,723,955

IG

Group

Holdings

PLC

(Financial

Services)

20,819,716

110,892

Indivior

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

1,523,233

504,724

Investec

PLC

(Financial

Services)

3,996,424

31,000

Keller

Group

PLC

(Capital

Goods)

593,796

878,496

Lancashire

Holdings

Ltd.

(Insurance)

7,160,089

682,760

LondonMetric

Property

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,765,262

8,874,061

Man

Group

PLC

(Financial

Services)

27,938,097

997,117

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

4,211,381

4,651,964

Mitie

Group

PLC

(Commercial

&

Professional

Services)

7,248,169

158,088

OSB

Group

PLC

(Financial

Services)

1,045,989

1,215,024

Paragon

Banking

Group

PLC

(Financial

Services)

12,555,215

1,174,298

Playtech

PLC

(Consumer

Services)*

8,529,354

1,215,131

Primary

Health

Properties

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,447,429

5,715,263

QinetiQ

Group

PLC

(Capital

Goods)

35,505,331

1,769,746

Redrow

PLC

(Consumer

Durables

&

Apparel)

16,978,101

4,814

Renishaw

PLC

(Technology

Hardware

&

Equipment)

234,363

593,330

Rotork

PLC

(Capital

Goods)

2,761,404

4,432,069

Serco

Group

PLC

(Commercial

&

Professional

Services)

10,890,690

4,048,018

Serica

Energy

PLC

(Energy)

6,875,334

1,112,944

Shaftesbury

Capital

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

2,179,027

414,203

Spectris

PLC

(Technology

Hardware

&

Equipment)

16,248,057

403,521

Supermarket

Income

Reit

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

388,648

679,738

Tate

&

Lyle

PLC

(Food,

Beverage

&

Tobacco)

5,745,485

1,193,935

TP

ICAP

Group

PLC

(Financial

Services)

3,399,725

950,826

Travis

Perkins

PLC

(Capital

Goods)

11,683,697

5,183,417

Tritax

Big

Box

REIT

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

11,017,749

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

403,529

UNITE

Group

PLC

(The)

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

4,946,153

37,330

Vesuvius

PLC

(Capital

Goods)

231,593

678,822

Vistry

Group

PLC

(Consumer

Durables

&

Apparel)*

12,090,747

43,531

Weir

Group

PLC

(The)

(Capital

Goods)

1,136,369

331,960

Zigup

PLC

(Transportation)

1,812,083

455,640,195

United

States

–

1.3%

47,175

Burford

Capital

Ltd.

(Financial

Services)

665,285

521,572

Carnival

PLC

ADR

(Consumer

Services)*

7,995,699

2,886,808

Reliance

Worldwide

Corp.

Ltd.

(Capital

Goods)

9,730,920

1,436,809

Signify

NV

(Capital

Goods)

(b)

35,567,342

53,959,246

TOTAL

COMMON

STOCKS

(Cost

$3,521,470,067)

3,988,994,530

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.4%

Germany

–

0.4%

369,628

FUCHS

SE

(Materials)

(Cost

$14,906,492)

2.76

%

16,060,771

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

11,085,135

5.220%

11,085,135

(Cost

$11,085,135)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$3,547,461,694)

4,016,140,436

a

Securities

Lending

Reinvestment

Vehicle

–

0.6%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

23,404,138

5.220%

23,404,138

(Cost

$23,404,138)

TOTAL

INVESTMENTS

–

97.9%

(Cost

$3,570,865,832)

$

4,039,544,574

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.1%

88,506,841

NET

ASSETS

–

100.0%

$

4,128,051,415

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

*

Non-income

producing

security.

(a)

All

or

a

portion

of

security

is

on

loan.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Industrials

26.0

%

Financials

14.6

Consumer

Discretionary

13.8

Information

Technology

10.3

Materials

10.0

Real

Estate

9.0

Consumer

Staples

4.8

Health

Care

4.6

Energy

3.5

Communication

Services

1.8

Utilities

0.7

Investment

Company

0.3

Securities

Lending

Reinvestment

Vehicle

0.6

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

July

31,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

580

09/20/24

$

30,745,005

$

(94,985)

FTSE

100

Index

134

09/20/24

14,396,951

292,545

Hang

Seng

Index

14

08/29/24

1,554,401

23,111

MSCI

Singapore

Index

65

08/29/24

1,529,569

17,390

SPI

200

Index

57

09/19/24

7,511,877

330,585

TOPIX

Index

140

09/12/24

26,139,314

134,894

Total

Futures

Contracts

$

703,540

Goldman

Sachs

International

Equity

Insights

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

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

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

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.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

31,

2024:

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

Emerging

Markets

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

14,573,419

$

34,963,508

$

—

Asia

176,081,731

1,612,363,752

—

Europe

5,990,702

45,036,312

—

North

America

43,657,264

—

—

South

America

116,741,925

—

—

Total

$

357,045,041

$

1,692,363,572

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Forward

Foreign

Currency

Exchange

Contracts

(b)

$

—

$

223

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(382,280)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

International

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,633,649

$

491,951,227

$

—

Europe

24,887,532

933,456,778

—

North

America

17,361,220

167,263,906

—

Oceania

2,804,030

122,492,646

—

Investment

Company

5,700,668

—

—

Total

$

52,387,099

$

1,715,164,557

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

272,631

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(42,579)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

International

Small

Cap

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

—

$

1,061,914

$

—

Asia

62,400,992

1,744,799,568

—

Europe

135,249,214

1,715,486,285

—

North

America

8,660,984

45,298,262

—

Oceania

961,344

291,136,738

—

Investment

Company

11,085,135

—

—

Securities

Lending

Reinvestment

Vehicle

23,404,138

—

—

Total

$

241,761,807

$

3,797,782,767

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

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.

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.

Derivative

Type

Assets

Futures

Contracts

(b)

$

798,525

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(94,985)

$

—

$

—

€

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.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

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),

confiscations

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

share

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.

Investment

Style

Risk

—

Investment

Style

Risk.

Different

investment

styles

(e.g.,

“growth”,

“value”

or

“quantitative”)

end

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2024

(Unaudited)

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

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)