GOLDMAN SACHS MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.2%
	Belgium – 0.5%
	74,438	Anheuser-Busch InBev SA (Beverages)	$       4,258,274
	36,916	KBC Group NV (Banks)	2,778,475
			7,036,749
	Bermuda* – 0.6%
	96,190	Arch Capital Group Ltd. (Insurance)	7,473,001
	Brazil – 0.2%
	548,274	Banco Bradesco SA ADR (Banks)	1,935,407
	Canada – 4.4%
	103,675	Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail)	5,248,810
	149,594	CAE, Inc.* (Aerospace & Defense)	3,418,092
	46,531	Canadian National Railway Co. (Ground Transportation)	5,640,953
	243,721	Canadian Pacific Kansas City Ltd. (Ground Transportation)	20,054,973
	18,722	Intact Financial Corp. (Insurance)	2,765,884
	53,820	National Bank of Canada (Banks)	4,215,318
	259,296	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	8,113,262
	69,493	The Toronto-Dominion Bank (Banks)	4,582,802
	41,230	Thomson Reuters Corp. (Professional Services)	5,565,495
			59,605,589
	China – 1.3%
	28,508	Alibaba Group Holding Ltd. ADR* (Broadline Retail)	2,912,377
	2,192,000	Beijing Capital International Airport Co. Ltd. Class H* (Transportation Infrastructure)	1,433,482
	156,600	NetEase, Inc. (Entertainment)	3,410,799
	146,200	Tencent Holdings Ltd. (Interactive Media & Services)	6,719,516
	44,404	Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)	2,709,532
			17,185,706
	Denmark – 4.0%
	72,496	Carlsberg A/S Class B (Beverages)	10,873,104
	32,507	DSV A/S (Air Freight & Logistics)	6,505,950
	8,939	Genmab A/S* (Biotechnology)	3,684,652
	187,637	Novo Nordisk A/S Class B (Pharmaceuticals)	30,256,878
	96,923	Vestas Wind Systems A/S* (Electrical Equipment)	2,592,347
			53,912,931
	Finland – 0.3%
	105,020	Sampo Oyj Class A (Insurance)	4,627,877

Shares		Description	Value
	Common Stocks – (continued)
	France – 12.8%
	88,494	Air Liquide SA (Chemicals)	$     15,910,690
	293,115	Alstom SA (Machinery)	8,975,254
	249,497	AXA SA (Insurance)	7,669,250
	37,147	BNP Paribas SA (Banks)	2,449,763
	138,920	Bureau Veritas SA (Professional Services)	3,815,270
	46,785	Capgemini SE (IT Services)	8,478,311
	207,436	Carrefour SA (Consumer Staples Distribution & Retail)	4,146,880
	72,034	Cie de Saint-Gobain (Building Products)	4,871,757
	82,413	Cie Generale des Etablissements Michelin SCA (Automobile Components)	2,698,783
	151,699	Danone SA (Food Products)	9,263,763
	53,731	Dassault Systemes SE (Software)	2,296,390
	548,505	Engie SA (Multi-Utilities)	8,998,402
	33,551	EssilorLuxottica SA (Health Care Equipment & Supplies)	6,749,629
	6,977	Kering SA (Textiles, Apparel & Luxury Goods)	4,005,951
	38,068	Legrand SA (Electrical Equipment)	3,816,496
	7,644	L’Oreal SA (Personal Products)	3,555,296
	20,405	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)	18,951,501
	82,969	Pernod Ricard SA (Beverages)	18,292,304
	62,022	Sanofi (Pharmaceuticals)	6,616,787
	111,702	Schneider Electric SE (Electrical Equipment)	19,924,512
	30,839	Thales SA (Aerospace & Defense)	4,613,199
	125,105	Valeo SA (Automobile Components)	2,827,896
	39,500	Vinci SA (Construction & Engineering)	4,639,172
			173,567,256
	Germany – 6.8%
	25,337	Allianz SE (Insurance)	6,055,527
	166,863	Bayer AG (Pharmaceuticals)	9,758,720
	56,760	Beiersdorf AG (Personal Products)	7,350,723
	61,215	Continental AG (Automobile Components)	4,887,384
	38,888	Deutsche Boerse AG (Capital Markets)	7,451,000
	374,655	Deutsche Telekom AG (Diversified Telecommunication Services)	8,167,941
	71,441	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	3,138,793
	58,042	LANXESS AG (Chemicals)	1,957,536
	61,864	Merck KGaA (Pharmaceuticals)	10,871,047
	10,639	MTU Aero Engines AG (Aerospace & Defense)	2,484,328

GOLDMAN SACHS MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	121,049	RWE AG (Independent Power and Renewable Electricity Producers)	$      5,209,784
	144,161	SAP SE (Software)	19,665,226
	30,489	Siemens AG (Industrial Conglomerates)	5,196,611
			92,194,620
	Hong Kong – 1.6%
	1,921,010	AIA Group Ltd. (Insurance)	19,219,197
	1,358,600	ESR Group Ltd.(a) (Real Estate Management & Development)	2,382,367
			21,601,564
	India – 1.8%
	421,509	HDFC Bank Ltd. (Banks)	8,462,251
	576,580	ICICI Bank Ltd. ADR (Banks)	14,166,571
	45,929	Tata Consultancy Services Ltd. (IT Services)	1,913,354
			24,542,176
	Ireland – 6.2%
	36,000	Accenture PLC Class A (IT Services)	11,388,600
	57,640	Aon PLC Class A (Insurance)	18,358,340
	296,046	Experian PLC (Professional Services)	11,440,864
	63,083	ICON PLC ADR* (Life Sciences Tools & Services)	15,859,697
	28,689	Linde PLC (Chemicals)	11,207,932
	154,546	Ryanair Holdings PLC ADR* (Passenger Airlines)	15,845,601
			84,101,034
	Israel – 1.1%
	702,477	Bank Leumi Le-Israel BM (Banks)	5,607,606
	38,964	Check Point Software Technologies Ltd.* (Software)	5,151,430
	21,171	CyberArk Software Ltd.* (Software)	3,514,598
			14,273,634
	Italy – 3.7%
	1,711,814	Enel SpA (Electric Utilities)	11,803,294
	319,532	Eni SpA (Oil, Gas & Consumable Fuels)	4,878,253
	34,826	Ferrari NV (Automobiles)	11,164,751
	2,091,110	Intesa Sanpaolo SpA (Banks)	6,046,794
	652,935	UniCredit SpA (Banks)	16,532,475
			50,425,567
	Japan – 9.9%
	72,000	Advantest Corp. (Semiconductors & Semiconductor Equipment)	9,958,309
	107,100	BayCurrent Consulting, Inc. (Professional Services)	3,458,765

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	59,800	Daikin Industries Ltd. (Building Products)	$     12,091,483
	77,800	Denso Corp. (Automobile Components)	5,417,018
	237,500	FANUC Corp. (Machinery)	7,265,700
	142,700	Hitachi Ltd. (Industrial Conglomerates)	9,341,782
	57,100	Hoya Corp. (Health Care Equipment & Supplies)	6,649,827
	14,700	Keyence Corp. (Electronic Equipment, Instruments & Components)	6,596,507
	105,400	Kobe Bussan Co. Ltd. (Consumer Staples Distribution & Retail)	2,807,390
	270,600	Koito Manufacturing Co. Ltd. (Automobile Components)	4,975,634
	26,000	Kose Corp. (Personal Products)	2,546,081
	111,300	Kubota Corp. (Machinery)	1,681,294
	81,800	Kyocera Corp. (Electronic Equipment, Instruments & Components)	4,401,827
	43,400	Lasertec Corp. (Semiconductors & Semiconductor Equipment)	6,569,970
	153,100	Mitsubishi Electric Corp. (Electrical Equipment)	2,209,406
	147,800	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)	8,779,571
	238,100	Olympus Corp. (Health Care Equipment & Supplies)	3,885,060
	141,700	Renesas Electronics Corp.* (Semiconductors & Semiconductor Equipment)	2,733,935
	74,800	Shin-Etsu Chemical Co. Ltd. (Chemicals)	2,464,274
	7,900	SMC Corp. (Machinery)	4,128,247
	63,600	Sony Group Corp. (Household Durables)	5,957,172
	59,000	Sumitomo Mitsui Financial Group, Inc. (Banks)	2,764,247
	71,100	Suzuki Motor Corp. (Automobiles)	2,855,772
	185,000	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)	5,656,346
	131,300	Terumo Corp. (Health Care Equipment & Supplies)	4,299,953
	6,500	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	975,565
	77,200	Yamaha Corp. (Leisure Products)	2,991,361
			133,462,496
	Mexico – 0.4%
	552,400	Arca Continental SAB de CV (Beverages)	5,534,227

GOLDMAN SACHS MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Netherlands – 5.9%
	5,819	Adyen NV*(a) (Financial Services)	$     10,800,149
	46,966	Airbus SE (Aerospace & Defense)	6,918,092
	194,291	Akzo Nobel NV (Chemicals)	16,621,211
	15,664	ASM International NV (Semiconductors & Semiconductor Equipment)	7,441,658
	10,059	ASML Holding NV (Semiconductors & Semiconductor Equipment)	7,206,368
	846,919	ING Groep NV (Banks)	12,362,191
	370,757	Koninklijke Philips NV (Health Care Equipment & Supplies)	7,701,971
	73,956	QIAGEN NV* (Life Sciences Tools & Services)	3,470,130
	36,086	Randstad NV (Professional Services)	2,114,116
	226,675	Universal Music Group NV (Entertainment)	5,814,193
			80,450,079
	Portugal – 0.5%
	870,453	EDP - Energias de Portugal SA (Electric Utilities)	4,066,616
	228,076	Galp Energia SGPS SA (Oil, Gas & Consumable Fuels)	3,031,042
			7,097,658
	Singapore – 0.9%
	360,300	DBS Group Holdings Ltd. (Banks)	9,294,673
	148,600	United Overseas Bank Ltd. (Banks)	3,370,765
			12,665,438
	South Korea – 1.8%
	39,282	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)	2,150,793
	10,979	Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals)	14,957,197
	74,832	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)	7,247,102
			24,355,092
	Spain – 1.6%
	35,156	Aena SME SA(a) (Transportation Infrastructure)	5,614,137
	124,604	Amadeus IT Group SA (Hotels, Restaurants & Leisure)	8,938,604
	329,581	Iberdrola SA (Electric Utilities)	4,113,677
	81,891	Industria de Diseno Textil SA (Specialty Retail)	3,134,609
			21,801,027

Shares		Description	Value
	Common Stocks – (continued)
	Sweden – 1.2%
	286,676	Atlas Copco AB Class A (Machinery)	$       4,072,486
	60,930	Evolution AB(a) (Hotels, Restaurants & Leisure)	7,513,436
	269,352	Hexagon AB Class B (Electronic Equipment, Instruments & Components)	2,611,585
	103,801	Swedbank AB Class A (Banks)	1,903,886
			16,101,393
	Switzerland – 8.6%
	141,325	ABB Ltd. (Electrical Equipment)	5,671,021
	53,170	Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods)	8,562,114
	88,235	Idorsia Ltd.* (Biotechnology)	699,827
	47,663	Julius Baer Group Ltd. (Capital Markets)	3,375,853
	6,413	Lonza Group AG (Life Sciences Tools & Services)	3,726,183
	167,741	Nestle SA (Food Products)	20,551,481
	137,016	Novartis AG (Pharmaceuticals)	14,345,182
	2,659	Partners Group Holding AG (Capital Markets)	2,985,083
	67,781	Roche Holding AG (Pharmaceuticals)	21,015,590
	37,466	Sika AG (Chemicals)	11,660,824
	17,819	Sonova Holding AG (Health Care Equipment & Supplies)	4,966,957
	392,095	UBS Group AG (Capital Markets)	8,700,146
	20,060	Zurich Insurance Group AG (Insurance)	9,698,980
			115,959,241
	Taiwan – 0.6%
	232,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	4,189,363
	44,281	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	4,390,461
			8,579,824
	United Kingdom – 16.6%
	356,069	Allfunds Group PLC (Capital Markets)	2,321,548
	109,447	AstraZeneca PLC (Pharmaceuticals)	15,724,929
	4,596,569	Barclays PLC (Banks)	9,121,023
	41,863	Berkeley Group Holdings PLC (Household Durables)	2,334,184
	1,795,357	BP PLC (Oil, Gas & Consumable Fuels)	11,139,199

GOLDMAN SACHS MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	126,615	British American Tobacco PLC (Tobacco)	$       4,257,822
	139,626	Coca-Cola European Partners PLC (Beverages)	8,806,024
	913,929	Compass Group PLC (Hotels, Restaurants & Leisure)	23,778,265
	299,999	Diageo PLC (Beverages)	13,092,634
	41,963	Ferguson PLC (Trading Companies & Distributors)	6,748,504
	375,571	GSK PLC (Pharmaceuticals)	6,685,596
	773,514	HSBC Holdings PLC (Banks)	6,425,126
	403,303	Informa PLC (Media)	3,924,085
	695,323	Legal & General Group PLC (Insurance)	2,083,789
	47,400	London Stock Exchange Group PLC (Capital Markets)	5,147,391
	115,679	NatWest Group PLC (Banks)	363,121
	888,658	Prudential PLC (Insurance)	12,340,194
	173,152	Reckitt Benckiser Group PLC (Household Products)	12,971,171
	695,013	RELX PLC (Professional Services)	23,385,432
	146,037	Rio Tinto PLC (Metals & Mining)	9,652,712
	9,687,214	Rolls-Royce Holdings PLC* (Aerospace & Defense)	22,969,711
	272	Segro PLC (Industrial REITs)	2,666
	119,029	Shell PLC (Oil, Gas & Consumable Fuels)	3,661,436
	1,068,943	Tesco PLC (Consumer Staples Distribution & Retail)	3,540,415
	124,554	Unilever PLC (Personal Products)	6,692,647
	235,311	WH Smith PLC (Specialty Retail)	4,511,094
	328,659	WPP PLC (Media)	3,588,539
			225,269,257
	United States – 2.9%
	84,757	Atlassian Corp. Class A* (Software)	15,420,688
	14,413	EPAM Systems, Inc.* (IT Services)	3,413,142
	3,493	Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)	4,392,343
	18,942	ResMed, Inc. (Health Care Equipment & Supplies)	4,211,754
	29,364	STERIS PLC (Health Care Equipment & Supplies)	6,623,050
	40,569	Waste Connections, Inc. (Commerical Services & Supplies)	5,727,126
			39,788,103
	TOTAL COMMON STOCKS (Cost $1,007,087,805)		$1,303,546,946

Shares	Dividend Rate	Value
Investment Company(b) – 3.6%
Goldman Sachs Financial Square Government Fund - Institutional Shares
48,994,792	5.220%	$     48,994,792
(Cost $48,994,792)
TOTAL INVESTMENTS – 99.8% (Cost $1,056,082,597)		$1,352,541,738
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		2,859,477
NET ASSETS – 100.0%		$1,355,401,215

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.

SECTOR ALLOCATION AS OF JULY 31, 2023
Sector	% of Total Market Value
Industrials	18.8%
Financials	18.0
Health Care	14.6
Information Technology	12.2
Consumer Staples	10.6
Consumer Discretionary	9.7
Materials	5.1
Investment Company	3.6
Utilities	2.5
Communication Services	2.4
Energy	2.3
Real Estate	0.2
	100.0%

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
State Street Bank and Trust	CHF	109,245	USD	125,706		08/02/23	$	(406	)

Currency Abbreviations:
CHF	— Swiss Franc
USD	— U.S. Dollar
Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depository Receipt
PLC	— Public Limited Company

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 94.9%
	Aerospace & Defense – 2.1%
	32,087	Curtiss-Wright Corp.	$    6,140,168
	57,270	Hexcel Corp.	4,047,844
	101,427	Leonardo DRS, Inc.*	1,692,817
	40,125	Mercury Systems, Inc.*	1,523,947
	32,492	Woodward, Inc.	3,911,387
			17,316,163
	Air Freight & Logistics – 0.7%
	12,300	Forward Air Corp.	1,461,732
	50,329	Hub Group, Inc. Class A*	4,536,153
			5,997,885
	Automobile Components – 1.4%
	31,422	LCI Industries	4,281,876
	17,613	Standard Motor Products, Inc.	672,288
	29,010	Visteon Corp.*	4,470,151
	20,462	XPEL, Inc.*	1,662,128
			11,086,443
	Banks – 5.4%
	19,026	Ameris Bancorp	830,485
	38,900	Bank of Hawaii Corp.	2,222,357
	28,194	Berkshire Hills Bancorp, Inc.	643,105
	27,258	Dime Community Bancshares, Inc.	610,579
	39,908	First Merchants Corp.	1,281,845
	26,889	Hancock Whitney Corp.	1,183,385
	51,991	Heritage Commerce Corp.	499,114
	69,460	Hope Bancorp, Inc.	754,336
	43,000	Independent Bank Corp.	2,590,750
	26,800	Lakeland Financial Corp.	1,485,792
	125,400	New York Community Bancorp, Inc.	1,739,298
	84,680	OceanFirst Financial Corp.	1,577,588
	85,222	Old National Bancorp/IN	1,451,331
	33,636	Peapack-Gladstone Financial Corp.	983,180
	18,493	Preferred Bank	1,222,018
	98,188	Prosperity Bancshares, Inc.	6,217,264
	57,700	Renasant Corp.	1,785,238
	24,940	S&T Bancorp, Inc.	787,605
	61,018	SouthState Corp.	4,739,268
	35,600	UMB Financial Corp.	2,527,600
	25,158	Univest Financial Corp.	490,581
	150,863	Valley National Bancorp	1,547,854
	24,618	Western Alliance Bancorp	1,278,905
	65,201	Wintrust Financial Corp.	5,500,356
			43,949,834
	Biotechnology* – 3.4%
	68,700	89bio, Inc.	1,088,208
	239,656	Abcam PLC ADR	5,617,537
	104,660	Alkermes PLC	3,064,445
	56,163	Ascendis Pharma A/S ADR	5,063,094
	23,101	Blueprint Medicines Corp.	1,524,666
	33,690	Cerevel Therapeutics Holdings, Inc.	1,030,577
	18,250	CRISPR Therapeutics AG	1,046,272
	10,706	Karuna Therapeutics, Inc.	2,138,738

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology* – (continued)
	25,218	MoonLake Immunotherapeutics Class A	$    1,533,507
	40,753	Neurocrine Biosciences, Inc.	4,152,323
	84,570	Rocket Pharmaceuticals, Inc.	1,526,488
			27,785,855
	Building Products – 2.0%
	26,720	AAON, Inc.	2,812,547
	2,150	Apogee Enterprises, Inc.	106,489
	31,100	Gibraltar Industries, Inc.*	2,011,237
	86,750	Hayward Holdings, Inc.*	1,158,980
	95,080	Janus International Group, Inc.*	1,085,814
	8,963	Masonite International Corp.*	937,082
	67,281	The AZEK Co., Inc.,*	2,099,167
	29,800	UFP Industries, Inc.	3,062,248
	103,981	Zurn Elkay Water Solutions Corp. Class C	3,165,182
			16,438,746
	Capital Markets – 1.4%
	26,917	Avantax, Inc.*	696,612
	317,245	BGC Group, Inc. Class A	1,510,086
	38,750	Cohen & Steers, Inc.	2,492,013
	19,486	Evercore, Inc. Class A	2,631,779
	13,000	Houlihan Lokey, Inc.	1,298,050
	52,480	StepStone Group, Inc. Class A	1,473,114
	11,345	StoneX Group, Inc.*	1,043,853
			11,145,507
	Chemicals – 3.6%
	42,825	AdvanSix, Inc.	1,717,711
	13,274	Ashland, Inc.	1,212,713
	54,530	Avient Corp.	2,210,101
	72,270	Axalta Coating Systems Ltd.*	2,312,640
	141,674	Ecovyst, Inc.*	1,741,173
	61,014	H.B. Fuller Co.	4,516,866
	52,615	Ingevity Corp.*	3,368,412
	25,600	Innospec, Inc.	2,742,784
	56,102	Mativ Holdings, Inc.	883,045
	16,018	Methanex Corp.	721,451
	38,800	Minerals Technologies, Inc.	2,380,380
	25,417	Orion SA	557,141
	23,023	Quaker Chemical Corp.	4,613,349
			28,977,766
	Commerical Services & Supplies – 3.7%
	78,002	ABM Industries, Inc.	3,609,932
	58,637	Casella Waste Systems, Inc. Class A*	4,731,419
	103,838	CoreCivic, Inc.*	1,007,229
	25,764	MSA Safety, Inc.	4,276,824
	89,062	Rentokil Initial PLC ADR	3,633,730
	49,182	The Brink’s Co.	3,588,319
	9,250	UniFirst Corp.	1,501,275
	68,679	Viad Corp.*	1,937,434

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commerical Services & Supplies – (continued)
	41,380	Waste Connections, Inc.	$    5,841,615
			30,127,777
	Communications Equipment* – 1.5%
	32,700	Calix, Inc.	1,475,097
	48,225	Ciena Corp.	2,035,095
	14,238	Clearfield, Inc.	665,484
	197,069	CommScope Holding Co., Inc.	886,811
	72,950	Extreme Networks, Inc.	1,939,740
	15,700	F5, Inc.	2,484,368
	477,772	Infinera Corp.	2,149,974
	29,175	NETGEAR, Inc.	397,947
			12,034,516
	Construction & Engineering – 1.1%
	3,900	EMCOR Group, Inc.	838,656
	27,371	Granite Construction, Inc.	1,120,295
	4,900	MYR Group, Inc.*	698,544
	26,151	Primoris Services Corp.	830,556
	11,258	Valmont Industries, Inc.	2,980,555
	55,230	WillScot Mobile Mini Holdings Corp.*	2,648,279
			9,116,885
	Construction Materials – 0.5%
	8,900	Eagle Materials, Inc.	1,640,893
	61,600	Summit Materials, Inc. Class A*	2,228,688
			3,869,581
	Consumer Finance – 1.0%
	14,494	FirstCash Holdings, Inc.	1,380,989
	10,569	Nelnet, Inc. Class A	1,042,949
	34,914	PRA Group, Inc.*	833,048
	278,951	SLM Corp.	4,513,427
			7,770,413
	Consumer Staples Distribution & Retail – 1.1%
	30,296	Casey’s General Stores, Inc.	7,654,587
	26,400	Performance Food Group Co.*	1,577,664
			9,232,251
	Containers & Packaging – 0.8%
	46,700	Silgan Holdings, Inc.	2,047,795
	48,100	Sonoco Products Co.	2,820,584
	60,500	TriMas Corp.	1,558,480
			6,426,859
	Diversified Consumer Services – 2.0%
	86,596	Bright Horizons Family Solutions, Inc.*	8,402,410
	182,424	Laureate Education, Inc.	2,338,676
	430,651	Mister Car Wash, Inc.*	4,276,364
	36,793	Stride, Inc.*	1,405,861
			16,423,311

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services – 0.3%
	42,405	Cogent Communications Holdings, Inc.	$    2,596,882
	Electric Utilities – 0.5%
	16,400	ALLETE, Inc.	941,852
	15,900	IDACORP, Inc.	1,634,838
	16,500	MGE Energy, Inc.	1,323,960
	10,440	Portland General Electric Co.	497,675
			4,398,325
	Electrical Equipment – 0.8%
	9,076	Acuity Brands, Inc.	1,499,718
	9,846	Atkore, Inc.*	1,562,265
	27,500	NEXTracker, Inc. Class A*	1,164,625
	44,840	Sensata Technologies Holding PLC	1,894,490
			6,121,098
	Electronic Equipment, Instruments & Components – 3.6%
	20,025	Advanced Energy Industries, Inc.	2,506,729
	48,161	Avnet, Inc.	2,335,809
	46,658	Belden, Inc.	4,509,029
	24,500	Crane NXT Co.	1,449,175
	26,805	Fabrinet*	3,314,170
	21,217	Insight Enterprises, Inc.*	3,112,322
	19,266	Littelfuse, Inc.	5,868,424
	12,140	OSI Systems, Inc.*	1,447,452
	8,100	Plexus Corp.*	797,769
	13,600	Rogers Corp.*	2,293,096
	45,275	ScanSource, Inc.*	1,362,325
			28,996,300
	Energy Equipment & Services – 3.2%
	78,681	Cactus, Inc. Class A	3,995,421
	282,333	ChampionX Corp.	10,051,055
	58,939	Expro Group Holdings NV*	1,307,856
	33,500	Helmerich & Payne, Inc.	1,499,795
	95,411	National Energy Services Reunited Corp.*	310,086
	318,921	NexTier Oilfield Solutions, Inc.*	3,801,538
	25,782	Noble Corp. PLC	1,347,625
	86,081	ProPetro Holding Corp.*	898,686
	94,611	Select Water Solutions, Inc.	795,679
	49,635	US Silica Holdings, Inc.*	645,751
	17,272	Weatherford International PLC*	1,435,303
			26,088,795
	Entertainment* – 0.2%
	9,721	Take-Two Interactive Software, Inc.	1,486,730
	Financial Services – 2.5%
	41,128	Essent Group Ltd.	2,039,949
	20,252	Federal Agricultural Mortgage Corp. Class C	3,255,509
	87,530	Flywire Corp.*	2,988,274
	39,840	Shift4 Payments, Inc. Class A*	2,748,562
	21,102	Voya Financial, Inc.	1,567,035

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Financial Services – (continued)
	18,975	Walker & Dunlop, Inc.	$    1,726,345
	29,388	WEX, Inc.*	5,564,618
			19,890,292
	Food Products – 1.0%
	53,692	Fresh Del Monte Produce, Inc.	1,427,133
	42,015	Hostess Brands, Inc.*	1,010,041
	16,300	Ingredion, Inc.	1,813,538
	4,400	Lancaster Colony Corp.	847,572
	73,589	The Simply Good Foods Co.*	2,848,630
			7,946,914
	Gas Utilities – 0.2%
	17,700	ONE Gas, Inc.	1,400,601
	Ground Transportation – 1.4%
	32,533	Knight-Swift Transportation Holdings, Inc.	1,976,380
	97,800	Marten Transport Ltd.	2,216,148
	7,480	Saia, Inc.*	3,165,087
	88,739	Werner Enterprises, Inc.	4,172,508
			11,530,123
	Health Care Equipment & Supplies* – 4.2%
	10,850	AngioDynamics, Inc.	94,286
	57,336	Establishment Labs Holdings, Inc.	4,128,765
	58,686	Haemonetics Corp.	5,413,197
	14,175	ICU Medical, Inc.	2,525,701
	44,971	Inari Medical, Inc.	2,566,495
	29,215	Inmode Ltd.	1,253,616
	11,760	Inspire Medical Systems, Inc.	3,384,646
	27,950	Integer Holdings Corp.	2,584,816
	28,100	Integra LifeSciences Holdings Corp.	1,277,707
	41,585	Lantheus Holdings, Inc.	3,596,687
	57,742	OrthoPediatrics Corp.	2,410,728
	5,105	QuidelOrtho Corp.	445,973
	155,950	SI-BONE, Inc.	4,017,272
			33,699,889
	Health Care Providers & Services – 3.9%
	207,450	Accolade, Inc.*	3,115,899
	139,050	agilon health, Inc.*	2,662,808
	175,967	Alignment Healthcare, Inc.*	1,092,755
	8,989	Amedisys, Inc.*	816,561
	12,253	AMN Healthcare Services, Inc.*	1,312,909
	2,275	Chemed Corp.	1,185,480
	66,215	Encompass Health Corp.	4,372,176
	71,530	HealthEquity, Inc.*	4,859,748
	34,408	LifeStance Health Group, Inc.*	323,091
	270,017	NeoGenomics, Inc.*	4,679,395
	107,090	Option Care Health, Inc.*	3,617,500
	61,349	PetIQ, Inc.*	1,026,982
	122,273	R1 RCM, Inc.*	2,112,877
			31,178,181

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Technology* – 0.9%
	140,703	Definitive Healthcare Corp.	$    1,664,517
	121,434	Phreesia, Inc.	3,851,886
	127,010	Veradigm, Inc.	1,717,175
			7,233,578
	Hotel & Resort REITs – 0.2%
	119,100	Apple Hospitality REIT, Inc.	1,846,050
	Hotels, Restaurants & Leisure – 3.2%
	40,447	Bloomin’ Brands, Inc.	1,086,811
	117,601	Bowlero Corp.*	1,426,500
	32,684	Choice Hotels International, Inc.	4,273,433
	45,774	Churchill Downs, Inc.	5,302,918
	22,776	Dave & Buster’s Entertainment, Inc.*	1,043,141
	41,532	First Watch Restaurant Group, Inc.*	774,157
	43,505	International Game Technology PLC	1,471,774
	29,110	Planet Fitness, Inc. Class A*	1,966,089
	41,625	Texas Roadhouse, Inc.	4,643,269
	29,355	Travel & Leisure Co.	1,195,629
	15,400	Wingstop, Inc.	2,596,132
			25,779,853
	Household Durables – 1.5%
	5,625	Helen of Troy Ltd.*	794,813
	21,516	M/I Homes, Inc.*	2,151,600
	19,580	Meritage Homes Corp.	2,916,441
	65,632	Tempur Sealy International, Inc.	2,929,156
	9,047	TopBuild Corp.*	2,478,245
	144,192	Vizio Holding Corp. Class A*	1,074,230
			12,344,485
	Household Products* – 0.3%
	73,175	Central Garden & Pet Co. Class A	2,796,749
	Industrial REITs – 0.9%
	24,830	EastGroup Properties, Inc.	4,399,379
	30,100	First Industrial Realty Trust, Inc.	1,556,170
	36,560	STAG Industrial, Inc.	1,327,128
			7,282,677
	Insurance – 3.8%
	31,700	AMERISAFE, Inc.	1,652,204
	31,654	Assured Guaranty Ltd.	1,892,276
	49,949	Axis Capital Holdings Ltd.	2,753,189
	19,146	Employers Holdings, Inc.	739,610
	37,400	First American Financial Corp.	2,370,412
	7,240	Kinsale Capital Group, Inc.	2,697,841
	20,520	Palomar Holdings, Inc.*	1,242,691
	16,730	Primerica, Inc.	3,558,471
	34,500	Ryan Specialty Holdings, Inc.*	1,495,230
	26,325	Safety Insurance Group, Inc.	1,895,400
	23,400	Selective Insurance Group, Inc.	2,414,646
	22,700	Stewart Information Services Corp.	1,069,851
	29,588	The Hanover Insurance Group, Inc.	3,357,646

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	2,269	White Mountains Insurance Group Ltd.	$    3,510,189
			30,649,656
	Interactive Media & Services* – 0.8%
	368,010	Angi, Inc.	1,424,199
	11,802	Cars.com, Inc.	269,203
	154,223	Pinterest, Inc. Class A	4,470,925
			6,164,327
	IT Services – 0.2%
	21,475	Perficient, Inc.*	1,369,890
	29,186	The Hackett Group, Inc.	678,575
			2,048,465
	Leisure Products – 1.2%
	23,250	BRP, Inc.	2,143,650
	193,467	Clarus Corp.	1,721,856
	147,150	Mattel, Inc.*	3,134,295
	132,573	Topgolf Callaway Brands Corp.*	2,647,483
			9,647,284
	Life Sciences Tools & Services – 1.5%
	27,080	Azenta, Inc.*	1,272,218
	5,780	Bio-Rad Laboratories, Inc. Class A*	2,342,981
	63,142	Bruker Corp.	4,339,118
	8,475	Charles River Laboratories International, Inc.*	1,775,852
	21,888	Fortrea Holdings, Inc.*	699,540
	56,795	Sotera Health Co.*	1,077,969
	12,690	Syneos Health, Inc.*	538,183
			12,045,861
	Machinery – 4.0%
	7,800	Alamo Group, Inc.	1,511,328
	28,392	Allison Transmission Holdings, Inc.	1,666,326
	44,300	Astec Industries, Inc.	2,188,420
	17,700	Columbus McKinnon Corp.	749,418
	19,300	Crane Co.	1,808,217
	49,700	Hillenbrand, Inc.	2,581,418
	6,889	IDEX Corp.	1,555,605
	34,510	ITT, Inc.	3,437,196
	35,260	John Bean Technologies Corp.	4,358,489
	66,500	Kennametal, Inc.	2,026,920
	11,820	Lincoln Electric Holdings, Inc.	2,372,392
	15,700	Mueller Industries, Inc.	1,272,642
	94,896	Mueller Water Products, Inc. Class A	1,526,877
	32,560	Terex Corp.	1,908,993
	47,367	Wabash National Corp.	1,121,650
	12,700	Watts Water Technologies, Inc. Class A	2,368,931
			32,454,822

Shares		Description	Value
	Common Stocks – (continued)
	Media – 1.0%
	110,475	Entravision Communications Corp. Class A	$       528,071
	19,200	Nexstar Media Group, Inc.	3,585,024
	122,727	TEGNA, Inc.	2,074,086
	168,100	The E.W. Scripps Co. Class A*	1,657,466
			7,844,647
	Metals & Mining – 0.4%
	25,100	Kaiser Aluminum Corp.	2,038,120
	19,000	Worthington Industries, Inc.	1,417,780
			3,455,900
	Multi-Utilities – 0.3%
	36,300	NorthWestern Corp.	2,049,861
	Office REITs – 0.4%
	83,800	Corporate Office Properties Trust	2,178,800
	41,524	Cousins Properties, Inc.	1,014,431
			3,193,231
	Oil, Gas & Consumable Fuels – 3.4%
	22,000	Civitas Resources, Inc.	1,646,920
	83,338	Delek U.S. Holdings, Inc.	2,299,295
	47,749	Denbury, Inc.*	4,197,614
	47,423	Enerplus Corp.	792,912
	270,387	Kosmos Energy Ltd.*	1,919,748
	136,600	Magnolia Oil & Gas Corp. Class A	3,025,690
	40,300	Matador Resources Co.	2,241,889
	81,700	Northern Oil and Gas, Inc.	3,216,529
	46,904	Par Pacific Holdings, Inc.*	1,476,538
	18,200	PDC Energy, Inc.	1,381,198
	37,609	Peabody Energy Corp.	843,946
	84,947	Viper Energy Partners LP	2,303,763
	91,953	World Kinect Corp.	2,072,621
			27,418,663
	Personal Products* – 0.2%
	77,744	Herbalife Nutrition Ltd.	1,262,563
	Pharmaceuticals* – 0.3%
	21,233	Arvinas, Inc.	524,880
	117,490	Innoviva, Inc.	1,591,989
			2,116,869
	Professional Services – 3.5%
	34,037	ASGN, Inc.*	2,597,704
	22,425	CBIZ, Inc.*	1,186,058
	28,333	FTI Consulting, Inc.*	4,962,808
	143,303	Genpact Ltd.	5,171,805
	15,300	ICF International, Inc.	1,799,127
	24,536	Korn Ferry	1,292,557
	64,799	Legalzoom.com, Inc.*	990,129
	41,196	MAXIMUS, Inc.	3,450,577
	31,341	Science Applications International Corp.	3,802,917
	63,393	Sterling Check Corp.*	761,350

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – (continued)
	31,690	WNS Holdings Ltd. ADR*	$    2,190,096
			28,205,128
	Real Estate Management & Development – 0.6%
	14,700	Colliers International Group, Inc.	1,488,816
	98,200	Cushman & Wakefield PLC*	965,306
	94,944	DigitalBridge Group, Inc.	1,521,003
	46,402	Kennedy-Wilson Holdings, Inc.	765,633
			4,740,758
	Retail REITs – 0.4%
	84,255	Spirit Realty Capital, Inc.	3,398,004
	Semiconductors & Semiconductor Equipment – 2.8%
	64,375	Cohu, Inc.*	2,809,969
	36,933	Entegris, Inc.	4,051,919
	15,940	Impinj, Inc.*	1,061,923
	71,810	Kulicke & Soffa Industries, Inc.	4,299,983
	16,166	Lattice Semiconductor Corp.*	1,470,136
	52,900	MaxLinear, Inc.*	1,305,043
	38,913	Power Integrations, Inc.	3,780,009
	2,344	SiTime Corp.*	302,399
	36,106	Ultra Clean Holdings, Inc.*	1,375,639
	12,930	Universal Display Corp.	1,886,228
			22,343,248
	Software – 6.0%
	24,792	AppLovin Corp. Class A*	778,469
	59,135	Bentley Systems, Inc. Class B	3,186,194
	66,320	BlackLine, Inc.*	3,851,866
	65,260	Box, Inc. Class A*	2,039,375
	122,848	CCC Intelligent Solutions Holdings, Inc.*	1,353,785
	99,213	Clear Secure, Inc. Class A	2,352,340
	41,658	Domo, Inc. Class B*	744,428
	123,389	Dynatrace, Inc.*	6,748,144
	44,906	Envestnet, Inc.*	2,783,274
	29,101	InterDigital, Inc.	2,697,372
	102,678	NCR Corp.*	2,759,985
	105,114	PROS Holdings, Inc.*	3,994,332
	70,130	Samsara, Inc. Class A*	1,959,432
	98,130	SentinelOne, Inc. Class A*	1,635,827
	77,450	Smartsheet, Inc. Class A*	3,438,780
	33,670	Tenable Holdings, Inc.*	1,638,382
	67,000	Verint Systems, Inc.*	2,503,790
	42,159	Workiva, Inc.*	4,438,921
			48,904,696
	Specialized REITs – 0.7%
	98,100	Four Corners Property Trust, Inc.	2,580,030
	87,000	Rayonier, Inc.	2,881,440
			5,461,470
	Specialty Retail – 1.0%
	30,701	Caleres, Inc.	830,155
	53,485	Foot Locker, Inc.	1,437,142

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	5,200	Murphy USA, Inc.	$    1,596,556
	37,060	National Vision Holdings, Inc.*	801,608
	32,650	Signet Jewelers Ltd.	2,627,998
	26,094	The Buckle, Inc.	953,997
			8,247,456
	Technology Hardware, Storage & Peripherals* – 0.1%
	2,000	Super Micro Computer, Inc.	660,540
	Textiles, Apparel & Luxury Goods – 0.6%
	32,900	Columbia Sportswear Co.	2,586,269
	70,624	Steven Madden Ltd.	2,357,429
			4,943,698
	Tobacco – 0.1%
	87,415	Vector Group Ltd.	1,146,885
	Trading Companies & Distributors – 1.1%
	9,000	Applied Industrial Technologies, Inc.	1,304,910
	12,089	Beacon Roofing Supply, Inc.*	1,035,665
	82,000	Core & Main, Inc. Class A*	2,592,020
	19,300	McGrath RentCorp	1,860,134
	61,831	NOW, Inc.*	704,255
	6,285	SiteOne Landscape Supply, Inc.*	1,068,450
			8,565,434
	Wireless Telecommunication Services*(a) – 0.0%
	29,864	GCI Liberty, Inc.	—
	TOTAL COMMON STOCKS (Cost $676,857,437)		$767,286,780
	Exchange Traded Funds – 0.6%
	59,170	SPDR S&P Biotech ETF	$    4,987,439
	(Cost $4,719,171)
Shares		Dividend Rate	Value
	Investment Company(b) – 4.3%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	34,704,402	5.220%	$  34,704,402
	(Cost $34,704,402)
	TOTAL INVESTMENTS – 99.8% (Cost $716,281,010)		$806,978,621
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%		1,475,706
	NET ASSETS – 100.0%		$808,454,327

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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(b)	Represents an affiliated Issuer.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
ADR	— American Depositary Receipt
ETF	— Exchange Traded Fund
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
SPDR	— Standard and Poor’s Depository Receipt

GOLDMAN SACHS ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2023 (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 ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 Fund’s 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.

A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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.

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July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2023:

MULTI-MANAGER INTERNATIONAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	32,844,969	$	217,101,445		$	—
Europe		86,489,588		852,678,151			—
North America		105,777,870		6,719,516			—
South America		1,935,407		—			—
Investment Company		48,994,792		—			—
Total	$	276,042,626	$	1,076,499,112		$	—
Derivative Type
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—	$	(406	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) Amount shown represents unrealized gain (loss) at period end.

MULTI-MANAGER U.S. SMALL CAP EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,314,170	$	—	$	—
Europe		21,520,729		—		—
North America		742,451,881		—		—
Exchange Traded Funds		4,987,439		—		—
Investment Company		34,704,402		—		—
Total	$	806,978,621	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

For further information regarding security characteristics, see the Schedules of Investments.

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual

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July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

obligation, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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.

Foreign Custody Risk — 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.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 a Fund’s NAV and dilute remaining investors’ interests. 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.

Multi-Manager Approach Risk — The Funds’ performance depends on the ability of the Investment Adviser in selecting, overseeing, and allocating Fund assets to the Underlying Managers. The Underlying Managers’ investment styles may not always be complementary. The Funds’ multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of investments, which could be beneficial or detrimental to the Funds’ performance depending on the performance of those investments and the overall market environment. The Funds’ Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Funds. Because the Funds’ Underlying Managers may trade with counterparties, prime brokers, clearing brokers or futures commission merchants on terms that are different than those on which the Investment Adviser would trade, and because each Underlying Manager applies its own risk analysis in evaluating potential counterparties for the Funds, the Funds may be subject to greater counterparty risk than if they were managed directly by the Investment Adviser.