GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.4%
China
–
93.1%
156,776
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
$
1,542,711
15,178
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
242,036
54,000
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
483,346
40,550
Baidu,
Inc.,
Class
A
(Media
&
Entertainment)*
449,603
370,900
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Banks)
394,867
13,200
BYD
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
451,471
19,500
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
577,293
2,375,000
China
Construction
Bank
Corp.,
Class
H
(Banks)
1,658,429
132,500
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Banks)
600,000
124,000
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
513,959
956,000
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
612,685
96,000
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate
Management
&
Development)
(a)
269,108
42,720
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
244,104
3,130,000
China
Tower
Corp.
Ltd.,
Class
H
(Telecommunication
Services)
(a)
384,047
285,000
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
1,177,983
153,500
CITIC
Securities
Co.
Ltd.,
Class
H
(Financial
Services)
230,850
27,436
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
707,147
90,080
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
561,231
56,000
H
World
Group
Ltd.
(Consumer
Services)
168,422
6,077
H
World
Group
Ltd.
ADR
(Consumer
Services)
182,310
79,100
Hualan
Biological
Engineering,
Inc.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
180,568
45,800
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
159,162
67,500
Innovent
Biologics,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
334,147
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
45,600
JCET
Group
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
$
211,411
44,500
JD.com,
Inc.,
Class
A
(Consumer
Discretionary
Distribution
&
Retail)
586,759
141,500
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Transportation)
252,164
90,240
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
527,088
8,954
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
124,013
5,519
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
1,085,436
85,390
Meituan,
Class
B
(Consumer
Services)*
(a)
1,182,367
73,500
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
648,479
36,527
Montage
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
301,664
126,036
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
418,914
37,372
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
189,937
3,896
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
502,155
808,000
PetroChina
Co.
Ltd.,
Class
H
(Energy)
701,647
408,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
535,019
72,100
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Insurance)
424,977
147,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
638,365
495,555
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Banks)
331,277
663,000
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Banks)
(a)
354,530
22,250
SG
Micro
Corp.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
243,247
17,978
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
116,000
9,800
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
349,101
51,500
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Capital
Goods)
473,381
GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
57,200
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care
Equipment
&
Services)
$
134,165
353,100
Sinotrans
Ltd.,
Class
A
(Transportation)
239,496
33,376
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Capital
Goods)
318,696
32,649
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
179,112
78,700
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
3,631,726
33,405
Tencent
Music
Entertainment
Group
ADR
(Media
&
Entertainment)
473,683
14,950
Trip.com
Group
Ltd.
(Consumer
Services)*
638,241
54,000
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Food,
Beverage
&
Tobacco)
344,984
60,500
Venustech
Group,
Inc.,
Class
A
(Software
&
Services)
129,447
14,198
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
152,452
219,498
Weichai
Power
Co.
Ltd.,
Class
A
(Capital
Goods)
420,059
70,366
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
194,219
18,039
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)*
257,442
19,028
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(a)
77,838
329,600
Xiaomi
Corp.,
Class
B
(Technology
Hardware
&
Equipment)*
(a)
707,925
274,070
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
458,768
23,640
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
430,582
536,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
1,087,204
26,046
ZTO
Express
Cayman,
Inc.
ADR
(Transportation)
493,572
32,693,021
Hong
Kong
–
1.9%
29,500
ASMPT
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
308,439
6,701
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
197,660
162,000
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
167,566
673,665
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
2.4%
26,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
$
242,084
11,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
395,229
7,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
204,199
841,512
TOTAL
COMMON
STOCKS
(Cost
$32,189,735)
34,208,198
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.2%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
436,488
5.220%
436,488
(Cost
$436,488)
TOTAL
INVESTMENTS
–
98.6%
(Cost
$32,626,223)
$
34,644,686
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.4%
490,140
NET
ASSETS
–
100.0%
$
35,134,826
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
Sector
Name
%
of
Market
Value
Consumer
Discretionary
22.3
%
Financials
17.0
Communication
Services
14.3
Information
Technology
10.5
Industrials
9.9
Materials
5.4
Health
Care
5.3
Consumer
Staples
5.2
Energy
3.8
Utilities
3.4
Real
Estate
1.6
Investment
Company
1.3
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.6%
Brazil
–
4.4%
2,737,979
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
6,980,306
1,725,382
Fleury
SA
(Health
Care
Equipment
&
Services)
4,624,487
17,423
MercadoLibre,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
29,077,245
1,447,261
NU
Holdings
Ltd.,
Class
A
(Banks)*
17,555,276
472,027
Odontoprev
SA
(Health
Care
Equipment
&
Services)
944,697
958,900
PRIO
SA
(Energy)
8,146,026
2,094,200
Raia
Drogasil
SA
(Consumer
Staples
Distribution
&
Retail)
10,218,951
3,162,400
Rumo
SA
(Transportation)
12,384,247
5,654,000
Sendas
Distribuidora
SA
(Consumer
Staples
Distribution
&
Retail)*
9,816,267
2,566,900
TIM
SA
(Telecommunication
Services)
7,937,392
2,772,200
TOTVS
SA
(Software
&
Services)
13,600,868
121,285,762
China
–
24.8%
4,813,124
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
47,362,221
2,021,200
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
18,091,449
987,000
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
29,219,914
9,166,000
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
37,991,481
3,761,780
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
15,548,462
529,074
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
13,636,585
2,864,400
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
(a)
14,958,372
465,666
H
World
Group
Ltd.
ADR
(Consumer
Services)
13,969,980
1,106,054
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
15,318,848
246,951
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
48,568,512
3,675,800
Meituan,
Class
B
(Consumer
Services)*
(a)
50,897,591
1,771,700
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
15,631,434
3,820,632
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
12,698,892
13,158,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
17,254,351
775,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
3,367,703
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,294,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
$
18,649,390
385,929
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
13,747,767
1,332,988
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
18,429,227
1,598,040
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
8,766,844
3,471,200
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
160,183,574
925,692
Tencent
Music
Entertainment
Group
ADR
(Media
&
Entertainment)
13,126,313
10,015,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
16,028,484
1,107,216
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)*
15,801,560
11,065,792
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
18,523,138
773,495
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
14,088,542
9,614,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
19,500,704
700,919
ZTO
Express
Cayman,
Inc.
ADR
(Transportation)
13,282,415
684,643,753
Egypt
–
0.4%
6,322,255
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
10,419,076
Greece
–
2.4%
522,297
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
13,995,743
286,079
Metlen
Energy
&
Metals
SA
(Capital
Goods)
11,305,704
3,236,246
National
Bank
of
Greece
SA
(Banks)
28,404,698
2,859,022
Piraeus
Financial
Holdings
SA
(Banks)
12,079,256
65,785,401
India
–
20.9%
219,646
Amber
Enterprises
India
Ltd.
(Consumer
Durables
&
Apparel)*
11,398,608
264,083
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
20,908,868
756,393
Archean
Chemical
Industries
Ltd.
(Materials)
6,995,332
2,507,657
Axis
Bank
Ltd.
(Banks)
35,030,219
304,225
Bajaj
Finance
Ltd.
(Financial
Services)
24,790,336
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
529,897
Cartrade
Tech
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)*
$
5,501,677
199,853
Coforge
Ltd.
(Software
&
Services)
15,105,714
572,155
Computer
Age
Management
Services
Ltd.
(Commercial
&
Professional
Services)
31,065,868
120,956
Craftsman
Automation
Ltd.
(Capital
Goods)
8,085,447
1,033,211
Five-Star
Business
Finance
Ltd.
(Financial
Services)*
9,355,003
519,843
Gland
Pharma
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
13,322,879
864,004
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
33,307,239
4,795,760
ICICI
Bank
Ltd.
(Banks)
69,905,278
201,681
Info
Edge
India
Ltd.
(Media
&
Entertainment)
16,960,063
1,940,607
Infosys
Ltd.
(Software
&
Services)
43,032,595
4,751,186
Jio
Financial
Services
Ltd.
(Financial
Services)*
18,709,185
363,405
Navin
Fluorine
International
Ltd.
(Materials)
16,534,236
397,587
Netweb
Technologies
India
Ltd.
(Technology
Hardware
&
Equipment)*
11,023,233
1,164,070
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
24,429,728
2,149,813
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
17,464,530
1,685,391
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
34,665,053
2,430,030
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
34,576,404
258,956
TeamLease
Services
Ltd.
(Commercial
&
Professional
Services)*
10,888,125
22,668,008
Zomato
Ltd.
(Consumer
Services)*
62,337,189
575,392,809
Indonesia
–
2.8%
67,989,900
Bank
Central
Asia
Tbk
PT
(Banks)
42,964,097
146,177,800
BFI
Finance
Indonesia
Tbk
PT
(Financial
Services)
8,046,072
236,628,300
Map
Aktif
Adiperkasa
PT
(Consumer
Discretionary
Distribution
&
Retail)
11,787,757
399,875,000
Nusantara
Sejahtera
Raya
Tbk
PT
(Media
&
Entertainment)
(a)
5,656,288
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
300,456,400
Pakuwon
Jati
Tbk
PT
(Real
Estate
Management
&
Development)
$
7,881,293
76,335,507
Mexico
–
3.2%
4,637,699
Alsea
SAB
de
CV
(Consumer
Services)
14,001,963
15,693,000
America
Movil
SAB
de
CV,
Series
B
(Telecommunication
Services)
13,106,279
1,417,399
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
13,948,040
2,684,200
Banco
del
Bajio
SA
(Banks)
(a)
7,998,861
8,732,750
Gentera
SAB
de
CV
(Financial
Services)
10,354,057
5,386,414
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
17,982,661
3,375,300
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
11,225,033
88,616,894
Peru
–
0.7%
119,522
Credicorp
Ltd.
(Banks)
20,395,234
Philippines
–
1.5%
6,150,380
BDO
Unibank,
Inc.
(Banks)
14,467,506
2,859,700
Jollibee
Foods
Corp.
(Consumer
Services)
11,285,445
105,398,400
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
16,567,239
42,320,190
Poland
–
0.9%
1,101,901
Allegro.eu
SA
(Consumer
Discretionary
Distribution
&
Retail)*
(a)
10,122,091
177,245
Dino
Polska
SA
(Consumer
Staples
Distribution
&
Retail)*
(a)
15,740,404
25,862,495
Romania
–
0.3%
304,877
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)
8,258,662
Russia
–
0.0%
10,483,256
Detsky
Mir
PJSC
(Consumer
Discretionary
Distribution
&
Retail)*
(b)
—
2,495,750
Renaissance
Insurance
Group
JSC
(Insurance)
(b)
—
4,327,745
Sberbank
of
Russia
PJSC
(Banks)
(b)
—
—
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
2.4%
945,670
Al
Rajhi
Bank
(Banks)
$
21,562,032
1,247,783
Alinma
Bank
(Banks)
10,777,183
212,514
Co.
for
Cooperative
Insurance
(The)
(Insurance)
8,154,364
2,338,767
Saudi
Arabian
Oil
Co.
(Energy)
(a)
17,205,899
714,329
Saudi
National
Bank
(The)
(Banks)
7,217,841
64,917,319
Singapore
–
0.2%
7,221,393
Nanofilm
Technologies
International
Ltd.
(Materials)
4,613,907
Slovenia
–
0.9%
845,510
Nova
Ljubljanska
Banka
dd,
GDR
(Banks)
24,024,864
South
Africa
–
1.6%
1,172,869
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
22,797,289
1,552,394
JSE
Ltd.
(Financial
Services)
9,077,829
20,299,107
Old
Mutual
Ltd.
(Insurance)
13,731,503
45,606,621
South
Korea
–
12.6%
145,783
Hyundai
Motor
Co.
(Automobiles
&
Components)
26,568,950
239,680
JYP
Entertainment
Corp.
(Media
&
Entertainment)
10,100,305
444,257
KB
Financial
Group,
Inc.
(Banks)
28,719,480
355,535
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
27,074,236
49,022
NCSoft
Corp.
(Media
&
Entertainment)
6,290,399
35,829
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
24,581,934
457,827
Samsung
E&A
Co.
Ltd.
(Capital
Goods)*
9,562,998
2,969,672
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
183,116,728
51,971
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
12,219,907
137,059
SK
Hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
19,657,485
347,892,422
Taiwan
–
17.1%
3,075,900
Chailease
Holding
Co.
Ltd.
(Financial
Services)
14,349,544
1,262,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
11,750,404
2,205,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
28,320,641
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
1,449,000
E
Ink
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
$
11,955,899
460,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
16,527,754
955,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
36,371,306
1,272,000
Merida
Industry
Co.
Ltd.
(Consumer
Durables
&
Apparel)
9,741,305
1,206,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
14,646,895
9,505,883
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
277,299,106
2,585,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
14,404,699
12,775,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
20,351,756
623,000
Yageo
Corp.
(Technology
Hardware
&
Equipment)
15,192,309
470,911,618
Thailand
–
1.1%
19,430,100
Bangkok
Dusit
Medical
Services
PCL,
Class
F
(Health
Care
Equipment
&
Services)
14,323,443
4,068,000
PTT
Exploration
&
Production
PCL
(Energy)
16,726,236
31,049,679
United
Arab
Emirates
–
0.6%
2,614,902
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
8,728,325
10,066,472
Adnoc
Gas
PLC
(Energy)
8,550,999
17,279,324
United
States
–
0.8%
755,792
GCC
SAB
de
CV
(Materials)
6,417,194
5,366,400
Samsonite
International
SA
(Consumer
Durables
&
Apparel)
(a)
15,475,338
21,892,532
TOTAL
COMMON
STOCKS
(Cost
$2,216,630,315)
2,747,504,069
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.7%
Brazil
–
0.7%
3,155,100
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$17,045,576)
6.93
%
$
18,898,860
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
India
–
0.0%
93,462
Tata
Consumer
Products
Ltd.*
(Cost
$0)
09/24
416,762
TOTAL
INVESTMENTS
–
100.3%
(Cost
$2,233,675,891)
$
2,766,819,691
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.3)%
(8,558,123)
NET
ASSETS
–
100.0%
$
2,758,261,568
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
28.1
%
Financials
21.9
Consumer
Discretionary
17.0
Communication
Services
8.5
Consumer
Staples
6.6
Industrials
5.0
Health
Care
4.6
Materials
2.9
Real
Estate
2.7
Energy
1.8
Utilities
0.9
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.0%
Brazil
–
5.7%
19,200
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
48,949
9,134
Fleury
SA
(Health
Care
Equipment
&
Services)
24,482
92
MercadoLibre,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
153,539
6,702
NU
Holdings
Ltd.,
Class
A
(Banks)*
81,295
2,094
Odontoprev
SA
(Health
Care
Equipment
&
Services)
4,191
5,100
PRIO
SA
(Energy)
43,326
13,300
Raia
Drogasil
SA
(Consumer
Staples
Distribution
&
Retail)
64,899
14,800
Rumo
SA
(Transportation)
57,958
7,000
Sao
Martinho
SA
(Food,
Beverage
&
Tobacco)
35,964
32,300
Sendas
Distribuidora
SA
(Consumer
Staples
Distribution
&
Retail)*
56,078
14,400
TIM
SA
(Telecommunication
Services)
44,528
16,100
TOTVS
SA
(Software
&
Services)
78,989
694,198
Egypt
–
0.3%
19,343
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
31,877
Greece
–
3.1%
3,147
Hellenic
Telecommunications
Organization
SA
(Telecommunication
Services)
51,704
2,604
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
69,778
1,346
Metlen
Energy
&
Metals
SA
(Capital
Goods)
53,193
17,015
National
Bank
of
Greece
SA
(Banks)
149,342
12,049
Piraeus
Financial
Holdings
SA
(Banks)
50,907
374,924
India
–
27.7%
1,209
Amber
Enterprises
India
Ltd.
(Consumer
Durables
&
Apparel)*
62,741
1,342
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
106,253
3,837
Archean
Chemical
Industries
Ltd.
(Materials)
35,486
11,422
Axis
Bank
Ltd.
(Banks)
159,557
1,503
Bajaj
Finance
Ltd.
(Financial
Services)
122,475
8,713
Bharti
Airtel
Ltd.
(Telecommunication
Services)
155,648
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
6,639
CMS
Info
Systems
Ltd.
(Commercial
&
Professional
Services)
$
45,808
1,024
Coforge
Ltd.
(Software
&
Services)
77,398
1,731
Computer
Age
Management
Services
Ltd.
(Commercial
&
Professional
Services)
93,987
824
Craftsman
Automation
Ltd.
(Capital
Goods)
55,081
5,629
Five-Star
Business
Finance
Ltd.
(Financial
Services)*
50,967
2,791
Gland
Pharma
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
71,530
7,309
Godrej
Consumer
Products
Ltd.
(Household
&
Personal
Products)
126,041
3,136
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
120,892
6,243
Gokaldas
Exports
Ltd.
(Consumer
Durables
&
Apparel)
71,873
16,450
Hindalco
Industries
Ltd.
(Materials)
131,954
3,306
Home
First
Finance
Co.
India
Ltd.
(Financial
Services)
(a)
41,161
21,285
ICICI
Bank
Ltd.
(Banks)
310,260
765
Info
Edge
India
Ltd.
(Media
&
Entertainment)
64,331
9,205
Infosys
Ltd.
(Software
&
Services)
204,119
19,984
Jio
Financial
Services
Ltd.
(Financial
Services)*
78,693
6,249
Kfin
Technologies
Ltd.
(Financial
Services)*
65,552
1,973
Navin
Fluorine
International
Ltd.
(Materials)
89,768
1,832
Netweb
Technologies
India
Ltd.
(Technology
Hardware
&
Equipment)*
50,793
2,634
Reliance
Industries
Ltd.
(Energy)
94,962
4,092
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
85,877
8,289
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
67,338
7,130
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
146,649
5,768
Suven
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
68,773
10,633
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
151,295
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
986
TeamLease
Services
Ltd.
(Commercial
&
Professional
Services)*
$
41,458
107,883
Zomato
Ltd.
(Consumer
Services)*
296,679
3,345,399
Indonesia
–
3.6%
484,100
Bank
Central
Asia
Tbk
PT
(Banks)
305,912
561,200
BFI
Finance
Indonesia
Tbk
PT
(Financial
Services)
30,890
1,067,100
Map
Aktif
Adiperkasa
PT
(Consumer
Discretionary
Distribution
&
Retail)
53,158
1,222,000
Nusantara
Sejahtera
Raya
Tbk
PT
(Media
&
Entertainment)
(a)
17,286
1,088,600
Pakuwon
Jati
Tbk
PT
(Real
Estate
Management
&
Development)
28,555
435,801
Mexico
–
4.0%
26,299
Alsea
SAB
de
CV
(Consumer
Services)
79,401
83,700
America
Movil
SAB
de
CV,
Series
B
(Telecommunication
Services)
69,903
6,627
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
65,214
33,000
Bolsa
Mexicana
de
Valores
SAB
de
CV
(Financial
Services)
51,366
11,900
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Banks)
89,172
20,904
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
69,788
19,200
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
63,852
488,696
Peru
–
0.9%
618
Credicorp
Ltd.
(Banks)
105,455
Philippines
–
1.6%
27,260
BDO
Unibank,
Inc.
(Banks)
64,124
12,220
Jollibee
Foods
Corp.
(Consumer
Services)
48,225
481,900
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
75,748
188,097
Poland
–
1.1%
5,808
Allegro.eu
SA
(Consumer
Discretionary
Distribution
&
Retail)*
(a)
53,352
862
Dino
Polska
SA
(Consumer
Staples
Distribution
&
Retail)*
(a)
76,551
129,903
Shares
Description
Value
a
Common
Stocks
–
(continued)
Romania
–
0.4%
1,953
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)
$
52,904
Saudi
Arabia
–
3.2%
4,028
Al
Rajhi
Bank
(Banks)
91,841
7,973
Alinma
Bank
(Banks)
68,863
1,811
Co.
for
Cooperative
Insurance
(The)
(Insurance)
69,490
16,094
Saudi
Arabian
Oil
Co.
(Energy)
(a)
118,401
4,261
Saudi
National
Bank
(The)
(Banks)
43,055
391,650
Singapore
–
0.2%
32,500
Nanofilm
Technologies
International
Ltd.
(Materials)
20,765
Slovenia
–
0.9%
3,946
Nova
Ljubljanska
Banka
dd,
GDR
(Banks)
112,124
South
Africa
–
1.9%
6,905
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
134,214
6,930
JSE
Ltd.
(Financial
Services)
40,524
82,190
Old
Mutual
Ltd.
(Insurance)
55,598
230,336
South
Korea
–
15.3%
755
F&F
Co.
Ltd.
(Consumer
Durables
&
Apparel)
31,849
679
Hyundai
Motor
Co.
(Automobiles
&
Components)
123,748
1,137
JYP
Entertainment
Corp.
(Media
&
Entertainment)
47,914
2,070
KB
Financial
Group,
Inc.
(Banks)
133,817
964
Kia
Corp.
(Automobiles
&
Components)
79,102
1,339
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
101,966
239
NCSoft
Corp.
(Media
&
Entertainment)
30,668
165
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
113,205
2,913
Samsung
E&A
Co.
Ltd.
(Capital
Goods)*
60,846
15,602
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
962,055
310
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
72,890
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
604
SK
Hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
$
86,628
1,844,688
Taiwan
–
23.0%
17,605
Chailease
Holding
Co.
Ltd.
(Financial
Services)
82,130
7,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
65,177
13,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
166,970
10,000
E
Ink
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
82,511
2,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
71,860
6,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
228,511
5,000
Merida
Industry
Co.
Ltd.
(Consumer
Durables
&
Apparel)
38,291
6,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
72,870
56,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
1,633,594
19,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
105,876
81,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
129,040
4,000
Yageo
Corp.
(Technology
Hardware
&
Equipment)
97,543
2,774,373
Thailand
–
1.8%
29,400
Airports
of
Thailand
PCL
(Transportation)
46,652
101,100
Bangkok
Dusit
Medical
Services
PCL,
Class
F
(Health
Care
Equipment
&
Services)
74,529
23,900
PTT
Exploration
&
Production
PCL
(Energy)
98,269
219,450
United
Arab
Emirates
–
2.0%
20,265
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
67,643
84,928
ADNOC
Drilling
Co.
PJSC
(Energy)
101,739
57,344
Adnoc
Gas
PLC
(Energy)
48,711
63,523
Emirates
Central
Cooling
Systems
Corp.
(Utilities)
28,537
246,630
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
0.3%
3,952
GCC
SAB
de
CV
(Materials)
$
33,555
TOTAL
COMMON
STOCKS
(Cost
$9,357,972)
11,720,825
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.0%
Brazil
–
1.0%
13,500
Itau
Unibanco
Holding
SA
(Banks)
6.93
%
80,864
28,560
Marcopolo
SA
(Capital
Goods)
7.14
30,650
TOTAL
PREFERRED
STOCKS
(Cost
$110,105)
111,514
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
India
–
0.0%
408
Tata
Consumer
Products
Ltd.*
(Cost
$0)
1,819
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.4%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
172,887
5.220%
172,887
(Cost
$172,887)
TOTAL
INVESTMENTS
–
99.4%
(Cost
$9,640,964)
$
12,007,045
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.6%
74,504
NET
ASSETS
–
100.0%
$
12,081,549
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Sector
Name
%
of
Market
Value
Information
Technology
34.2
%
Financials
23.1
Consumer
Discretionary
11.7
Consumer
Staples
7.1
Health
Care
5.0
Energy
4.2
Industrials
4.2
Communication
Services
4.0
Materials
2.6
Real
Estate
1.8
Investment
Company
1.4
Utilities
0.7
TOTAL
INVESTMENTS
100.0%
**End
swaps
header**
(continued)
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.9%
Brazil
–
3.8%
24,663
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
62,877
214
MercadoLibre,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
357,145
13,709
NU
Holdings
Ltd.,
Class
A
(Banks)*
166,290
18,800
Raia
Drogasil
SA
(Consumer
Staples
Distribution
&
Retail)
91,737
26,800
Rumo
SA
(Transportation)
104,951
25,500
TIM
SA
(Telecommunication
Services)
78,851
861,851
China
–
26.5%
41,627
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
409,619
22,800
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
204,079
9,000
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
266,443
99,500
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
412,410
34,299
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
141,767
6,260
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
161,348
26,400
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
(a)
137,865
4,410
H
World
Group
Ltd.
ADR
(Consumer
Services)
132,300
9,345
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
129,428
33,800
Meituan,
Class
B
(Consumer
Services)*
(a)
468,017
18,500
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
163,223
38,500
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
127,965
120,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
157,358
52,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
225,816
4,300
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
153,177
13,000
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
179,732
33,600
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
1,550,521
7,942
Tencent
Music
Entertainment
Group
ADR
(Media
&
Entertainment)
112,618
88,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
140,839
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
12,200
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)*
$
174,112
129,600
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
216,939
8,920
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
162,470
8,342
ZTO
Express
Cayman,
Inc.
ADR
(Transportation)
158,081
5,986,127
Egypt
–
0.5%
69,430
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
114,421
Greece
–
2.5%
6,144
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
164,638
2,454
Metlen
Energy
&
Metals
SA
(Capital
Goods)
96,981
27,725
National
Bank
of
Greece
SA
(Banks)
243,344
16,066
Piraeus
Financial
Holdings
SA
(Banks)
67,878
572,841
Hong
Kong
–
0.5%
3,667
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
108,166
India
–
21.3%
3,839
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
303,954
23,992
Axis
Bank
Ltd.
(Banks)
335,151
3,153
Bajaj
Finance
Ltd.
(Financial
Services)
256,928
6,642
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
256,048
49,903
ICICI
Bank
Ltd.
(Banks)
727,410
2,619
Info
Edge
India
Ltd.
(Media
&
Entertainment)
220,241
18,789
Infosys
Ltd.
ADR
(Software
&
Services)
415,801
58,597
Jio
Financial
Services
Ltd.
(Financial
Services)*
230,743
15,815
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
331,901
19,534
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
158,689
14,539
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
299,038
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
40,226
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
$
572,368
257,294
Zomato
Ltd.
(Consumer
Services)*
707,560
4,815,832
Indonesia
–
2.3%
832,000
Bank
Central
Asia
Tbk
PT
(Banks)
525,756
Mexico
–
3.6%
53,900
Alsea
SAB
de
CV
(Consumer
Services)
162,733
177,200
America
Movil
SAB
de
CV,
Series
B
(Telecommunication
Services)
147,992
15,699
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
154,487
23,700
Banco
del
Bajio
SA
(Banks)
(a)
70,626
40,780
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
136,145
42,401
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
141,010
812,993
Peru
–
0.7%
970
Credicorp
Ltd.
(Banks)
165,521
Philippines
–
1.3%
38,570
BDO
Unibank,
Inc.
(Banks)
90,728
10,400
Jollibee
Foods
Corp.
(Consumer
Services)
41,042
1,062,400
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
166,995
298,765
Poland
–
0.5%
12,889
Allegro.eu
SA
(Consumer
Discretionary
Distribution
&
Retail)*
(a)
118,399
Romania
–
0.3%
2,621
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)
70,999
Russia
–
0.0%
96,162
Detsky
Mir
PJSC
(Consumer
Discretionary
Distribution
&
Retail)*
(b)
—
16,753
Renaissance
Insurance
Group
JSC
(Insurance)
(b)
—
—
Saudi
Arabia
–
2.3%
8,038
Al
Rajhi
Bank
(Banks)
183,273
15,908
Alinma
Bank
(Banks)
137,398
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
3,641
Co.
for
Cooperative
Insurance
(The)
(Insurance)
$
139,709
6,073
Saudi
National
Bank
(The)
(Banks)
61,364
521,744
South
Africa
–
2.2%
19,079
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
370,842
182,861
Old
Mutual
Ltd.
(Insurance)
123,698
494,540
South
Korea
–
12.2%
1,351
Hyundai
Motor
Co.
(Automobiles
&
Components)
246,220
4,393
KB
Financial
Group,
Inc.
(Banks)
283,990
3,134
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
238,656
535
NCSoft
Corp.
(Media
&
Entertainment)
68,650
25,994
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,602,849
590
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
138,727
1,216
SK
Hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
174,403
2,753,495
Taiwan
–
17.4%
39,505
Chailease
Holding
Co.
Ltd.
(Financial
Services)
184,297
26,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
333,939
14,000
E
Ink
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
115,516
12,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
457,022
11,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
133,595
76,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
2,217,020
28,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
156,028
122,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
194,357
6,000
Yageo
Corp.
(Technology
Hardware
&
Equipment)
146,314
3,938,088
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
0.6%
178,800
Bangkok
Dusit
Medical
Services
PCL,
Class
F
(Health
Care
Equipment
&
Services)
$
131,807
United
Arab
Emirates
–
0.4%
23,224
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
77,520
TOTAL
COMMON
STOCKS
(Cost
$18,384,223)
22,368,865
Shares
Description
Rate
Value
a
Preferred
Stock
–
1.0%
Brazil
–
1.0%
35,400
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$181,848)
6.93
%
212,044
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
India
–
0.0%
1,547
Tata
Consumer
Products
Ltd.*
(Cost
$0)
6,898
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.2%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
35,746
5.220%
35,746
(Cost
$35,746)
TOTAL
INVESTMENTS
–
100.1%
(Cost
$18,601,817)
$
22,623,553
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.1)%
(12,164)
NET
ASSETS
–
100.0%
$
22,611,389
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
28.6
%
Financials
25.2
Consumer
Discretionary
18.2
Communication
Services
9.6
Consumer
Staples
6.7
Health
Care
3.9
Industrials
3.4
Real
Estate
2.3
Materials
1.0
Utilities
0.9
Investment
Company
0.2
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.8%
Denmark
–
1.5%
129,552
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
17,164,720
Finland
–
1.5%
830,519
Neste
OYJ
(Energy)
16,762,231
France
–
4.1%
334,397
BNP
Paribas
SA
(Banks)
22,910,806
205,544
Vinci
SA
(Capital
Goods)
23,456,276
46,367,082
Germany
–
2.8%
913,235
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
31,724,123
Hong
Kong
–
2.8%
4,734,600
AIA
Group
Ltd.
(Insurance)
(a)
31,669,081
Italy
–
1.7%
321,164
Moncler
SpA
(Consumer
Durables
&
Apparel)
19,149,755
Japan
–
24.0%
185,800
Hoya
Corp.
(Health
Care
Equipment
&
Services)
23,280,890
473,100
ITOCHU
Corp.
(Capital
Goods)
24,262,204
61,000
Keyence
Corp.
(Technology
Hardware
&
Equipment)
26,672,884
1,182,900
Nomura
Research
Institute
Ltd.
(Software
&
Services)
36,518,149
1,453,600
ORIX
Corp.
(Financial
Services)
35,162,078
645,500
Shiseido
Co.
Ltd.
(Household
&
Personal
Products)
20,172,803
234,500
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
20,827,971
657,800
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
47,501,664
1,225,873
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
34,415,512
268,814,155
Netherlands
–
4.1%
1,420,804
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
45,771,513
Spain
–
9.7%
2,963,389
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
31,059,937
944,484
Cellnex
Telecom
SA
(Telecommunication
Services)*
(a)
32,940,534
3,425,203
Iberdrola
SA
(Utilities)
45,240,790
109,241,261
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
2.1%
2,338,616
Hexagon
AB,
Class
B
(Technology
Hardware
&
Equipment)
$
23,817,507
Switzerland
–
8.7%
188,481
DSM-Firmenich
AG
(Materials)
24,063,178
37,296
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
24,835,766
88,481
Zurich
Insurance
Group
AG
(Insurance)
48,644,225
97,543,169
Taiwan
–
2.3%
154,551
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Semiconductors
&
Semiconductor
Equipment)
25,624,556
United
Kingdom
–
20.3%
497,165
Ashtead
Group
PLC
(Capital
Goods)
35,879,151
281,995
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
44,800,833
788,519
Compass
Group
PLC
(Consumer
Services)
24,282,477
4,945,893
DS
Smith
PLC
(Materials)
28,913,983
1,947,683
National
Grid
PLC
(Utilities)
24,712,573
769,694
RELX
PLC
(Commercial
&
Professional
Services)
36,327,674
5,435,492
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
33,189,995
228,106,686
United
States
–
11.2%
519,386
Experian
PLC
(Commercial
&
Professional
Services)
24,504,653
113,135
Ferguson
PLC
(Capital
Goods)
24,984,903
423,176
Nestle
SA
(Food,
Beverage
&
Tobacco)
42,864,620
138,644
Schneider
Electric
SE
(Capital
Goods)
33,418,108
125,772,284
TOTAL
COMMON
STOCKS
(Cost
$937,143,502)
1,087,528,123
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
2.3%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
25,320,755
5.220%
$
25,320,755
(Cost
$25,320,755)
TOTAL
INVESTMENTS
–
99.1%
(Cost
$962,464,257)
$
1,112,848,878
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.9%
10,126,408
NET
ASSETS
–
100.0%
$
1,122,975,286
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Industrials
21.2
%
Financials
19.5
Health
Care
13.0
Information
Technology
12.9
Consumer
Staples
9.8
Utilities
6.3
Consumer
Discretionary
5.8
Materials
4.8
Communication
Services
2.9
Investment
Company
2.3
Energy
1.5
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
July
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.6%
Australia
–
5.3%
913,276
Rio
Tinto
PLC
(Materials)
$
59,393,058
2,924,558
Transurban
Group
(Transportation)
24,957,587
84,350,645
Denmark
–
1.4%
170,565
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
22,598,651
France
–
7.4%
327,344
BNP
Paribas
SA
(Banks)
22,427,578
66,077
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
46,608,253
620,761
Societe
Generale
SA
(Banks)
16,100,675
282,172
Vinci
SA
(Capital
Goods)
32,200,913
117,337,419
Germany
–
2.1%
1,252,301
Deutsche
Telekom
AG
(Telecommunication
Services)
32,757,070
Italy
–
3.1%
4,641,098
Enel
SpA
(Utilities)
33,133,634
401,296
UniCredit
SpA
(Banks)
16,483,122
49,616,756
Japan
–
16.0%
979,100
ITOCHU
Corp.
(Capital
Goods)
50,211,633
702,300
Murata
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
15,624,757
2,405,800
ORIX
Corp.
(Financial
Services)
58,195,465
804,400
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
58,088,079
890,400
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
24,997,346
118,100
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
24,712,129
1,193,000
Toyota
Motor
Corp.
(Automobiles
&
Components)
22,918,435
254,747,844
Netherlands
–
6.6%
2,265,452
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
72,982,033
7,925,925
Koninklijke
KPN
NV
(Telecommunication
Services)
31,229,629
104,211,662
Singapore
–
3.8%
1,241,850
DBS
Group
Holdings
Ltd.
(Banks)
34,030,956
3,685,900
Singapore
Exchange
Ltd.
(Financial
Services)
27,175,785
61,206,741
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
5.1%
2,215,379
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
$
23,219,878
4,398,455
Iberdrola
SA
(Utilities)
58,095,705
81,315,583
Switzerland
–
4.8%
144,622
DSM-Firmenich
AG
(Materials)
18,463,744
105,002
Zurich
Insurance
Group
AG
(Insurance)
57,726,980
76,190,724
Taiwan
–
2.3%
1,234,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
35,997,403
United
Kingdom
–
19.1%
417,732
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
66,365,509
628,365
Coca-Cola
Europacific
Partners
PLC
(Food,
Beverage
&
Tobacco)
46,354,486
6,524,449
DS
Smith
PLC
(Materials)
38,142,315
7,073,282
HSBC
Holdings
PLC
(Banks)
64,325,209
4,330,243
National
Grid
PLC
(Utilities)
54,942,947
544,605
Unilever
PLC
(Household
&
Personal
Products)
33,468,571
303,599,037
United
States
–
20.6%
9,196,254
BP
PLC
(Energy)
54,360,133
203,464
Ferguson
PLC
(Capital
Goods)
44,933,296
457,072
Nestle
SA
(Food,
Beverage
&
Tobacco)
46,298,036
459,716
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
47,393,309
131,024
Schneider
Electric
SE
(Capital
Goods)
31,581,418
2,066,781
Shell
PLC
(Energy)
75,362,928
238,251
Swiss
Re
AG
(Insurance)
29,372,397
329,301,517
TOTAL
COMMON
STOCKS
(Cost
$1,330,629,465)
1,553,231,052
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.9%
(a)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
30,329,140
5.220%
$
30,329,140
(Cost
$30,329,140)
TOTAL
INVESTMENTS
–
99.5%
(Cost
$1,360,958,605)
$
1,583,560,192
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.5%
7,682,034
NET
ASSETS
–
100.0%
$
1,591,242,226
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Financials
25.7
%
Consumer
Staples
12.6
Industrials
11.6
Health
Care
10.2
Utilities
9.2
Energy
8.2
Materials
7.3
Information
Technology
4.8
Consumer
Discretionary
4.4
Communication
Services
4.1
Investment
Company
1.9
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
July
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Forward
Contracts —
A
forward
contract
is
a
contract
between
two
parties
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
A
forward
contract
settlement
can
occur
on
a
cash
or
delivery
basis.
Forward
contracts
are
marked-to-market
daily
using
independent
vendor
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Cash
and
certain
investments
may
be
used
to
collateralize
forward
contracts.
ii.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
July
31,
2024:
(a)
China
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
4,192,766
$
30,015,432
$
—
Investment
Company
436,488
—
—
Total
$
4,629,254
$
30,015,432
$
—
€
1.00
€
1.00
€
1.00
(a)
Emerging
Markets
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
45,606,621
$
10,419,076
$
—
Asia
171,937,928
2,143,835,362
—
Europe
58,140,845
65,790,577
—
North
America
95,034,088
15,475,338
—
South
America
141,680,996
18,898,860
—
Total
$
512,400,478
$
2,254,419,213
$
—
€
1.00
€
1.00
€
1.00
(a)
Emerging
Markets
Equity
ex.
China
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
230,336
$
31,877
$
—
Asia
653,876
8,814,796
—
Europe
295,671
374,184
—
North
America
522,251
—
—
South
America
799,653
111,514
—
Investment
Company
172,887
—
—
Total
$
2,674,674
$
9,332,371
$
—
€
1.00
€
1.00
€
1.00
(a)
ESG
Emerging
Markets
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
494,540
$
114,421
$
—
Asia
1,831,136
17,333,062
—
Europe
407,982
354,257
—
North
America
812,993
—
—
South
America
1,027,372
212,044
—
Investment
Company
35,746
—
—
Total
$
4,609,769
$
18,013,784
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
Funds
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
International
Equity
ESG
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
25,624,556
$
300,483,236
$
—
Europe
—
635,648,047
—
North
America
—
125,772,284
—
Investment
Company
25,320,755
—
—
Total
$
50,945,311
$
1,061,903,567
$
—
€
1.00
€
1.00
€
1.00
(a)
International
Equity
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
—
$
351,951,988
$
—
Europe
46,354,486
741,272,416
—
North
America
—
329,301,517
—
Oceania
—
84,350,645
—
Investment
Company
30,329,140
—
—
Total
$
76,683,626
$
1,506,876,566
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
is
unable
to
purchase
replacement
securities,
GSAL
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
ESG
Standards
Risk
—
The
ESG
Emerging
Markets
Equity
and
International
Equity
ESG
Funds’
adherence
to
their
environmental,
social
and
governance
(“ESG”)
criteria
and
the
application
of
GSAM’s
supplemental
ESG
analysis
when
selecting
investments
may
affect
the
Funds’
exposure
to
certain
companies,
sectors,
regions,
and
countries
and
may
affect
the
Funds’
performance
depending
on
whether
such
investments
are
in
or
out
of
favor.
For
example,
the
Funds
will
not
seek
to
invest
in
companies
that
GSAM
believes
have
adverse
social
or
environmental
impacts
(i.e.,
gambling,
alcohol,
tobacco,
coal
or
weapons
companies),
and
the
Funds
will
not
seek
to
invest
in
companies
that
GSAM
believes
show
inadequate
governance
standards
(e.g.,
certain
state-owned
enterprises).
Foreign
Custody
Risk
—
A
Fund
invests
in
foreign
securities,
and
as
such
the
Fund
may
hold
such
securities
and
cash
with
foreign
banks,
agents,
and
securities
depositories
appointed
by
the
Fund’s
custodian
(each
a
“Foreign
Custodian”).
Some
foreign
custodians
may
be
recently
organized
or
new
to
the
foreign
custody
business.
In
some
countries,
Foreign
Custodians
may
be
subject
to
little
or
no
regulatory
oversight
over,
or
independent
evaluation
of,
their
operations.
Further,
the
laws
of
certain
countries
may
place
limitations
on
a
Fund’s
ability
to
recover
its
assets
if
a
Foreign
Custodian
enters
bankruptcy.
Investments
in
emerging
markets
may
be
subject
to
even
greater
custody
risks
than
investments
in
more
developed
markets.
Custody
services
in
emerging
market
countries
are
very
often
undeveloped
and
may
be
considerably
less
well
regulated
than
in
more
developed
countries,
and
thus
may
not
afford
the
same
level
of
investor
protection
as
would
apply
in
developed
countries.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation,
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2024
(Unaudited)
Issuer
Concentration
Risk
—
The
Funds
may
invest
in
a
relatively
small
number
of
issuers.
As
a
result,
they
may
be
subject
to
greater
risks
than
a
fund
that
invests
in
a
greater
number
of
issuers.
A
change
in
the
value
of
any
single
investment
held
by
the
Funds
may
affect
the
overall
value
of
the
Funds
more
than
it
would
affect
a
mutual
fund
that
holds
more
investments.
In
particular,
the
Funds
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
in
the
Funds
and
may
be
susceptible
to
greater
losses
because
of
these
developments.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Liquidity
Risk
—
A
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
a
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
These
risks
may
be
more
pronounced
in
connection
with
the
Funds’
investments
in
securities
of
issuers
located
in
emerging
market
countries.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
Emerging
Markets
Equity,
Emerging
Markets
Equity
ex.
China
and
ESG
Emerging
Markets
Equity
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Sector
Risk
—
To
the
extent
a
Fund
focuses
its
investments
in
securities
of
issuers
in
one
or
more
sectors
(such
as
the
financial
services
or
telecommunications
sectors),
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
diversified
across
different
sectors,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
sector,
such
as:
adverse
economic,
business,
political,
environmental
or
other
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)