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)