N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Copies to:

Robert Griffith, Esq.	Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC	Dechert LLP
200 West Street	1095 Avenue of the Americas
New York, New York 10282	New York, NY 10036

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

  The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds Semi-Annual Report April 30, 2024 Dividend Focus Funds Goldman Sachs Income Builder Fund Goldman Sachs Rising Dividend Growth Fund

 

 

 

 

Goldman Sachs Dividend Focus Funds

∎ GOLDMAN SACHS INCOME BUILDER FUND

∎ GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

TABLE OF CONTENTS

Market Review	1
Fund Basics	5
Schedules of Investments	11
Financial Statements	34
Financial Highlights	37
Goldman Sachs Income Builder Fund	37
Goldman Sachs Rising Dividend Growth Fund	43
Notes to Financial Statements	50
Other Information	68

Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Dividend Focus Funds

The following are highlights both of key factors affecting the U.S. equity, U.S. fixed income and energy MLP markets as well as of any key changes made to the Goldman Sachs Dividend Focus Funds (the “Funds”) during the six months ended April 30, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended October 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

U.S. Equities

∎ Overall, U.S. equities rallied during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of 20.98%. The Russell 3000^® Index generated a return of 21.09%.

∎ Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

∎ As the Reporting Period began in November 2023, the S&P 500 Index rose 9.13%, marking its best month of performance since July 2022 and breaking a streak of three consecutive monthly declines.

∎ The month saw a broadening of market leadership following mega-cap dominance for most of 2023, as all sectors except energy were positive amid a pullback in crude oil prices, which fell to their lowest levels since July 2023.

∎ November’s gains were chiefly driven by reinforcements to the peak federal funds rate, soft landing and disinflation traction themes and a rally in U.S. Treasuries, which had one of their best monthly performances on record. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

∎ Further, November saw the most significant easing in financial conditions of any month in more than four decades.

∎ In December 2023, the S&P 500 Index increased 4.54%, marking its second consecutive monthly gain and ending the calendar year recording its ninth consecutive weekly gain.

∎ The breadth of market gains continued to expand beyond the Magnificent Seven. (The Magnificent Seven is the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.)

∎ December’s market rally was driven by a dovish pivot in the Federal Reserve’s (“Fed”) monetary policy campaign, a decline in U.S. Treasury yields across the yield curve (or spectrum of maturities), and economic data supporting the soft landing narrative. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

∎ The Fed held interest rates unchanged, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

∎ Near the end of the month, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

∎ U.S. economic data provided further evidence of disinflation momentum, with November’s annualized Consumer Price Index (“CPI”) dropping to its lowest level since March 2021.

∎ Market seasonality proved to be another tailwind to equities, as November and December historically represent the strongest two-month period for U.S. stocks.

  

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MARKET REVIEW

 

 

 

 

 

 

∎ The S&P 500 Index gained 10.56% in the first quarter of 2024, closing the quarter at a new all-time high and demonstrating an improvement in market breadth as the quarter progressed.

∎ As strength broadened beyond technology, excitement around artificial intelligence (“AI”) capabilities served as a key tailwind to market performance.

∎ U.S. equities began the quarter with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match aggressive interest rate cut expectations. U.S. Treasury yields across the curve steepened, a headwind to equity valuations as traders repriced expectations throughout the quarter regarding the path of monetary policy.

∎ Despite this defensive start, stocks reversed course as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. Market participants initially had aggressive expectations of interest rate cuts as early as March 2024, though expectations were moderated as inflation data spiked with the January and February CPI reports rising more than widely anticipated—shifting consensus timing expectations back to June 2024 for the first interest rate cut.

∎ On the earnings front, corporate earnings were better than consensus expected with stable 2024 outlooks and optimism from the reopening of corporate buybacks as well as both sales and earnings exceeding market forecasts based on improved profit margins across most sectors.

∎ In April 2024, the S&P 500 Index fell 4.08%, notching its first monthly decline of 2024 as markets significantly repriced interest rate cut expectations for 2024, partially driven by decelerating U.S. economic growth in the first calendar quarter, a still strong labor market and persistent above-target inflation data.

∎ The broader equity market had initially forecasted three interest rate cuts in 2024, though consensus expectations were moderated throughout the month as Fed Chair Powell cited that multiple inflation readings raised uncertainty regarding the Fed’s ability to cut rates in 2024.

∎ Further, a slate of Fed officials stressed the risks of easing monetary policy prematurely and indicated the Fed would need to be patient given strength in then-recent economic data. They expressed the possibility of a no rate cut scenario—leaving the market pricing in just 25 basis points of rate cuts by the end of 2024.

∎ S&P 500 constituents reported first quarter 2024 corporate earnings that were broadly better than consensus expected, with the number of reported companies exceeding analyst estimates trending above its historical 10-year average.

∎ For the Reporting Period overall, all capitalization segments within the U.S. equity market posted double-digit absolute gains, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth stocks moderately outperformed value stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

∎ All 11 sectors of the S&P 500 Index generated double-digit positive total returns during the Reporting Period. The best performing sectors within the S&P 500 Index during the Reporting Period were communication services, financials, information technology and industrials. The weakest performing sectors were real estate, energy, health care and consumer staples.

U.S. Fixed Income

∎ The U.S. fixed income market recorded a positive return for the Reporting Period.

∎ The Bloomberg U.S. Aggregate Bond Index, representing U.S. bonds of investment grade quality or better, returned 4.97%.

∎ U.S. high yield corporate bonds, as represented by the ICE BofAML BB to B US High Yield Constrained Index, returned 8.57%.

  

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MARKET REVIEW

 

 

 

 

 

 

∎ As the Reporting Period began in November 2023, the U.S. saw the greatest easing of financial conditions in any month during the previous 40 years. Factors behind the easing included ongoing disinflation, soft landing optimism and expectations of a dovish Fed pivot. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing. Dovish suggests lower interest rates; opposite of hawkish.)

∎ Government bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points. (A basis point is 1/100th of a percentage point.)

∎ Spread, or non-government bond, sectors broadly advanced, with high yield corporate bonds delivering especially strong gains.

∎ In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, and its median dot plot projection showed 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.)

∎ Bond yields fell during the month, with the 10-year U.S. Treasury yield dropping below 4% for the first time since August 2023.

∎ Market projections for Fed rate cuts bolstered spread sector performance, fueling additional gains by high yield corporate bonds.

∎ During the first quarter of 2024, bond yields were, by turns, pushed up by hawkish Fed commentary and soft landing optimism and pushed down by progress on disinflation and changing investor expectations about potential Fed rate cuts.

∎ High yield corporate bonds generated positive returns, supported by a mix of better than consensus expected corporate earnings and favorable supply/demand dynamics, including a surge of new issuance and positive investment flows into high yield corporate bond mutual funds.

∎ In April 2024, strong U.S. economic data and resilient labor markets coincided with upside inflation surprises. The combination appeared to raise the bar for Fed monetary policy easing, increasing the prospect of a prolonged period of elevated interest rates.

∎ Bond yields rose significantly, with the two-year U.S. Treasury yield climbing above 5% for the first time since November 2023.

∎ As interest rates rose in April, high yield corporate bonds weakened, though they held up better than most other spread sectors.

∎ During the Reporting Period overall, yields fell along the U.S. Treasury yield curve, with the yields on the longest maturities dropping the most.

∎ The U.S. Treasury yield curve was inverted between two-year and 10-year maturities throughout the Reporting Period. (When the yield curve is inverted, two-year yields are higher than 10-year yields. Historically, an inverted U.S. Treasury yield curve often precedes an economic recession.)

  

  3

MARKET REVIEW

 

 

 

 

 

 

Energy MLPs

∎ Energy equities generally outperformed energy commodities during the Reporting Period. The S&P energy sector, as represented by the S&P 500^® Energy Select Sector Index (“IXE”)¹, returned 11.75% and the broad midstream² sector, as represented by the Alerian US Midstream Energy Index (“AMUS”)³, returned 18.87% during the Reporting Period. To compare, the S&P 500 Index, a measure of the broad U.S. equities market, finished the Reporting Period up 20.98%. The Bloomberg Commodity Index⁴ returned -0.18% for the Reporting Period, as West Texas Intermediate crude oil prices drifted solidly higher but natural gas prices were down significantly.

∎ Despite ongoing macroeconomic uncertainty for much of 2023, energy-related equities remained resilient to begin the Reporting Period in the last two months of the calendar year amid a pullback in crude oil prices, driven by heightened geopolitical tensions with the outbreak of war in the Middle East.

∎ As the Reporting Period progressed, strong midstream performance was underpinned by a supportive commodity price backdrop and a better appreciation from investors around the sector’s value proposition.

∎ Midstream energy fundamentals were some of the most attractive they have been, with energy companies generating record amounts of free cash flow. This, in turn, gave energy companies the ability to de-lever significantly, creating less volatility in equity prices.

∎ Management teams have been intently focused on maximizing shareholder value, i.e., they have been more disciplined on capital expenditures, stable and growing dividends, and share buyback programs. Such management focus helped drive equity price performance.

∎ During the Reporting Period, there was a growing divergence in midstream equity performance, with Master Limited Partnerships (“MLPs”) outperforming C-Corps. As a reminder, the midstream opportunity set includes companies structured as MLPs and C-Corps, with C-Corps currently representing the majority of the midstream market capitalization. We believe MLP outperformance was largely attributed to two factors.

∎ First, MLP valuation mean reversion for MLP multiples. (Mean reversion is a financial theory positing that asset prices and historical returns eventually revert to their long-term mean or average level. Multiples is a generic term for a class of different indicators that can be used to value a security. A multiple is simply a ratio that is calculated by dividing the market or estimated value of an asset by a specific item on the financial statements.)

∎ Second, continued consolidation in the MLP market segment, with C-Corps buying MLPs for a premium, which has benefited MLPs’ performance and created a technical tailwind for many of the smaller MLPs. Notably, MLP-only indices have reallocated consolidation proceeds to a smaller MLP universe.

∎ Overall, we believed at the end of the Reporting Period that the midstream sector presented a compelling investment opportunity amid a strong commodity price backdrop, healthy fundamentals and discounted valuations.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

¹  All components of the S&P 500^® Index are assigned to one of the eleven Select Sector Indices, which seek to track major economic segments and are highly liquid benchmarks. The S&P 500^® Energy Select Sector Index (“IXE”) comprises those companies included in the S&P 500^® Index that are classified as members of the GICS^® energy sector.

²  The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side (i.e., energy producers) and the demand side (i.e., energy end-users for any type of energy commodity. Such midstream businesses can include, but are not limited to, those that process, store, market and transport energy commodities.

³  Source: Alerian. The Alerian US Midstream Energy Index is a broad-based composite of U.S. energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMUS) and on a total-return basis (AMUSX). It is not possible to invest directly in an unmanaged index.

⁴  The Bloomberg Commodity Index is made up of 23 exchange-traded futures on physical commodities, representing 21 commodities which are weighted to account for economic significance and market liquidity.

  

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FUND BASICS

 

Goldman Sachs Income Builder Fund

as of April 30, 2024

 

 

PERFORMANCE REVIEW

November 1, 2023–April 30, 2024	Fund Total Return (based on NAV)1	Russell 1000® Value Index2	ICE BofAML BB to B U.S. High Yield Constrained Index3
Class A	12.15%	18.42%	8.57%
Class C	11.70	18.42	8.57
Institutional	12.30	18.42	8.57
Investor	12.30	18.42	8.57
Class R6	12.31	18.42	8.57
Class P	12.35	18.42	8.57

¹ The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

² The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. This index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. It is not possible to invest directly in an unmanaged index.

³ The ICE BofAML BB to B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN EQUITY HOLDINGS AS OF 4/30/24^‡

Holding	% of Net Assets	Line of Business
JPMorgan Chase & Co.	1.2%	Banks
Exxon Mobil Corp.	0.8	Oil, Gas & Consumable Fuels
Progressive Corp.	0.8	Insurance
Blackstone, Inc.	0.8	Capital Markets
Shell PLC	0.8	Oil, Gas & Consumable Fuels
Rio Tinto PLC	0.7	Metals & Mining
Dell Technologies, Inc.	0.7	Technology Hardware, Storage & Peripherals
Allstate Corp.	0.6	Insurance
Johnson & Johnson	0.7	Pharmaceuticals
ConocoPhillips	0.6	Oil, Gas & Consumable Fuels

^‡  The top 10 holdings may not be representative of the Fund’s future investments.

  5

FUND BASICS

 

 

 

 

 

 

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK^†

As of April 30, 2024

^†  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of the Fund’s equity investments. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

  

6  

FUND BASICS

 

 

 

 

 

 

FUND’S FIXED INCOME COMPOSITION*

As of April 30, 2024

* The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

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FUND BASICS

 

 

Goldman Sachs Rising Dividend Growth Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023–April 30, 2024	Fund Total Return (based on NAV)1	S&P 500 Index2
Class A	18.09%	20.98%
Class C	17.69	20.98
Institutional	18.31	20.98
Investor	18.22	20.98
Class R6	18.33	20.98
Class R	17.98	20.98
Class P	18.31	20.98

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^±

Holding	% of Net Assets	Line of Business
Comcast Corp.	2.3%	Media
Energy Transfer LP	1.9	Oil, Gas & Consumable Fuels
MPLX LP	1.8	Oil, Gas & Consumable Fuels
Enterprise Products Partners LP	1.6	Oil, Gas & Consumable Fuels
Texas Instruments, Inc.	1.6	Semiconductors & Semiconductor Equipment
Intuit, Inc.	1.5	Software
Microsoft Corp.	1.5	Software
Oracle Corp.	1.5	Software
Accenture PLC	1.5	IT Services
Applied Materials, Inc.	1.4	Semiconductors & Semiconductor Equipment

^±  The top 10 holdings may not be representative of the Fund’s future investments. The top 10 holdings exclude investments in money market funds.

  

8  

FUND BASICS

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATION^†

As of April 30, 2024

^† The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Figures in the graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

  9

FUND BASICS

 

 

Index Definitions

Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000^® Value Index do not include any deduction for fees, expenses or taxes.

ICE BofAML BB to B US High Yield Bond Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an unmanaged index.

S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

S&P 500^® Index Energy Select Sector Index (“IXE”) comprises those companies included in the S&P 500^® Index that are classified as members of the GICS^® energy sector.

Alerian US Midstream Energy Index is a broad-based composite of U.S. energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMUS) and on a total-return basis (AMUSX). It is not possible to invest directly in an unmanaged index.

Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000^® Index is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 92% of the U.S. market. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 3000^® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  

10  

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 49.1%
Advertising(a)(b) – 0.1%
Clear Channel Outdoor Holdings, Inc.
$	3,210,000		7.875	%	04/01/30	$	3,143,553
Aerospace & Defense(a) – 0.8%
Boeing Co.
	1,875,000		3.450		11/01/28		1,673,662
	3,432,000		5.150		05/01/30		3,253,982
	1,652,000		5.805		05/01/50		1,463,259
Spirit AeroSystems, Inc. (b)
	1,170,000		9.375		11/30/29		1,266,584
	2,850,000		9.750		11/15/30		3,153,183
TransDigm, Inc.
	3,300,000		5.500		11/15/27		3,205,686
	2,050,000		6.750	(b)	08/15/28		2,058,487
	315,000		4.625		01/15/29		288,616
	2,246,000		4.875		05/01/29		2,068,521
	100,000		7.125	(b)	12/01/31		101,986
Triumph Group, Inc. (b)
	679,000		9.000		03/15/28		702,975
							19,236,941
Agriculture – 0.3%
BAT Capital Corp. (a)
	7,000,000		4.390		08/15/37		5,744,900
MHP SE (b)
	550,000		7.750		05/10/24		536,910
							6,281,810
Airlines – 0.7%
Allegiant Travel Co. (a)(b)
	1,035,000		7.250		08/15/27		1,001,331
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b)
	1,717,000		5.750		04/20/29		1,658,261
Delta Air Lines, Inc. (a)
	3,600,000		7.375		01/15/26		3,678,912
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (a)(b)
	2,155,000		5.750		01/20/26		2,023,847
United Airlines, Inc. (a)(b)
	2,080,000		4.625		04/15/29		1,918,134
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (a)(b)
	4,145,000		7.875		05/01/27		3,690,211
	1,295,000		9.500		06/01/28		1,157,847
							15,128,543
Auto Parts & Equipment(a) – 0.0%
Tupy Overseas SA
	200,000		4.500		02/16/31		170,875
Automotive(a) – 1.6%
Adient Global Holdings Ltd. (b)
	2,000,000		7.000		04/15/28		2,026,160
Clarios Global LP/Clarios U.S. Finance Co. (b)
	1,850,000		8.500		05/15/27		1,852,350

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive(a) – (continued)
Dana, Inc.
$	2,075,000		4.250	%	09/01/30	$	1,798,403
Dealer Tire LLC/DT Issuer LLC (b)
	5,637,000		8.000		02/01/28		5,542,975
Ford Motor Co.
	3,726,000		3.250		02/12/32		3,003,156
Ford Motor Credit Co. LLC
	400,000		4.687		06/09/25		393,884
	4,260,000		3.375		11/13/25		4,090,622
	3,111,000		4.950		05/28/27		3,005,039
	1,640,000		3.815		11/02/27		1,519,476
General Motors Co.
	3,000,000		6.600		04/01/36		3,080,460
General Motors Financial Co., Inc.
	1,975,000		5.650		01/17/29		1,957,284
	4,100,000		3.100		01/12/32		3,377,990
Hyundai Capital America (b)
	4,050,000		5.700		06/26/30		4,021,812
Phinia, Inc. (b)
	1,345,000		6.750		04/15/29		1,349,909
							37,019,520
Banks – 5.9%
Absa Group Ltd. (a)(c) (5 yr. CMT + 5.411%)
	960,000		6.375		05/27/26		926,700
Access Bank PLC (b)
	900,000		6.125		09/21/26		832,781
Alfa Bank AO Via Alfa Bond Issuance PLC (d)(a) (5 yr. CMT + 4.546%)
	360,000		5.950		04/15/30		—
Banca Transilvania SA (a)(c) (1 yr. EURIBOR ICE Swap + 5.580%)
EUR	650,000		8.875		04/27/27		731,833
Banco Continental SAECA (a)
$	1,210,000		2.750		12/10/25		1,138,156
Banco Davivienda SA (a)(c)
(10 yr. CMT + 5.097%)
	420,000		6.650	(b)	04/22/31		293,672
(10 yr. CMT + 5.097%)
	200,000		6.650		04/22/31		139,844
Banco de Bogota SA
	740,000		6.250		05/12/26		728,206
Banco de Credito del Peru SA (a)(b)
	650,000		5.850		01/11/29		642,525
Banco del Estado de Chile (a)(b)(c) (5 yr. CMT + 3.228%)
	600,000		7.950		05/02/29		604,800
Banco do Brasil SA (a)(c) (10 yr. CMT + 4.398%)
	670,000		8.748		10/15/24		675,695
Banco Industrial SA (a)(b)(c) (5 yr. CMT + 4.442%)
	930,000		4.875		01/29/31		892,335
Banco Internacional del Peru SAA Interbank (a)(c) (5 yr. CMT + 3.711%)
	790,000		4.000		07/08/30		757,906

  

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Banco Mercantil del Norte SA (a)(c)
(5 yr. CMT + 4.643%)
$	340,000		5.875	%(b)	01/24/27	$	317,900
(5 yr. CMT + 4.643%)
	460,000		5.875		01/24/27		430,100
(5 yr. CMT + 4.967%)
	690,000		6.750		09/27/24		684,480
Banco Santander SA
	2,000,000		3.490		05/28/30		1,759,520
(1 yr. CMT + 1.600%)
	3,600,000		3.225	(a)(c)	11/22/32		2,910,528
Bank Hapoalim BM (a)(c) (5 yr. CMT + 2.155%)
	540,000		3.255		01/21/32		481,781
Bank Leumi Le-Israel BM (a)(c) (5 yr. CMT + 1.631%)
	520,000		3.275		01/29/31		480,350
Bank of America Corp. (a)(c)
(3 mo. USD Term SOFR + 4.160%)
	4,000,000		6.100		03/17/25		3,991,560
(Secured Overnight Financing Rate + 1.630%)
	1,760,000		5.202		04/25/29		1,733,406
Bank of New York Mellon Corp. (a)(c) (5 yr. CMT + 4.358%)
	2,000,000		4.700		09/20/25		1,955,580
Barclays PLC (a)(c)
(1 yr. CMT + 3.000%)
	4,810,000		5.746		08/09/33		4,695,570
(5 yr. CMT + 5.431%)
	4,800,000		8.000		03/15/29		4,722,240
BNP Paribas SA (b)
	2,700,000		4.375		05/12/26		2,615,544
(5 yr. CMT + 4.354%)
	3,000,000		8.500	(a)(c)	08/14/28		3,099,750
BPCE SA (b)
	4,150,000		4.625		09/12/28		3,994,209
(Secured Overnight Financing Rate + 1.730%)
	2,100,000		3.116	(a)(c)	10/19/32		1,686,825
Citigroup, Inc. (a)(c)
(3 mo. USD Term SOFR + 3.728%)
	1,250,000		9.035		05/15/24		1,251,238
(3 mo. USD Term SOFR + 4.779%)
	1,890,000		6.250		08/15/26		1,881,438
(5 yr. CMT + 3.209%)
	3,000,000		7.375		05/15/28		3,067,890
(5 yr. CMT + 3.211%)
	2,147,000		7.625		11/15/28		2,218,388
(5 yr. CMT + 3.597%)
	1,000,000		4.000		12/10/25		954,700
(Secured Overnight Financing Rate + 1.351%)
	3,325,000		3.057		01/25/33		2,753,699
(Secured Overnight Financing Rate + 3.914%)
	900,000		4.412		03/31/31		839,277
Comerica, Inc. (a)(c) (5 yr. CMT + 5.291%)
	1,000,000		5.625		07/01/25		961,450
Credit Bank of Moscow Via CBOM Finance PLC (d)
	260,000		4.700	(b)	01/29/25		—

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(5 yr. USD Swap + 5.416%)
$	280,000		7.500	%(a)	10/05/27	$	—
Deutsche Bank AG (a)(c) (5 yr. CMT + 4.524%)
	800,000		6.000		10/30/25		741,448
Fifth Third Bancorp (a)(c) (5 yr. CMT + 4.215%)
	1,000,000		4.500		09/30/25		953,850
First Bank of Nigeria Ltd. Via FBN Finance Co. BV (b)
	200,000		8.625		10/27/25		196,875
Freedom Mortgage Corp. (a)(b)
	1,122,000		7.625		05/01/26		1,117,355
	2,610,000		6.625		01/15/27		2,511,942
Grupo Aval Ltd. (a)
	1,410,000		4.375		02/04/30		1,170,300
Huntington Bancshares, Inc. (a)(c) (7 yr. CMT + 4.045%)
	1,000,000		4.450		10/15/27		896,690
ING Groep NV (a)(c) (5 yr. USD Swap + 4.446%)
	3,000,000		6.500		04/16/25		2,947,050
Intesa Sanpaolo SpA (b)
	8,000,000		5.017		06/26/24		7,979,520
Ipoteka-Bank ATIB
	710,000		5.500		11/19/25		683,153
Itau Unibanco Holding SA (a)(c) (5 yr. CMT + 3.981%)
	500,000		7.721		06/12/24		497,188
JPMorgan Chase & Co. (a)(c)
(3 mo. USD Term SOFR + 2.515%)
	2,666,000		2.956		05/13/31		2,279,697
(5 yr. CMT + 2.737%)
	2,742,000		6.875		06/01/29		2,810,523
Macquarie Group Ltd. (a)(b)(c) (3 mo. USD LIBOR + 1.372%)
	3,650,000		3.763		11/28/28		3,402,603
Morgan Stanley (a)(c)
	2,500,000		5.875		09/15/26		2,365,275
(Secured Overnight Financing Rate + 1.290%)
	1,950,000		2.943		01/21/33		1,608,204
NBK Tier 1 Financing 2 Ltd. (a)(c) (6 yr. CMT + 2.832%)
	790,000		4.500		08/27/25		759,881
OTP Bank Nyrt (a)(c) (3 mo. EUR Euribor + 4.265%)
EUR	780,000		5.500		07/13/25		831,110
PNC Financial Services Group, Inc. (a)(c)
(5 yr. CMT + 3.000%)
$	2,000,000		6.000		05/15/27		1,928,540
(5 yr. CMT + 3.238%)
	3,000,000		6.200		09/15/27		2,941,770
(7 yr. CMT + 2.808%)
	2,000,000		6.250		03/15/30		1,884,820
Regions Financial Corp. (a)(c) (5 yr. CMT + 5.430%)
	1,000,000		5.750		06/15/25		979,550
Royal Bank of Canada (a)(c) (5 yr. CMT + 2.887%)
	3,315,000		7.500		05/02/84		3,316,392
Standard Chartered PLC (a)(b)(c) (5 yr. CMT + 3.805%)
	4,255,000		4.750		01/14/31		3,408,638
Toronto-Dominion Bank (a)(c) (5 yr. CMT + 4.075%)
	2,000,000		8.125		10/31/82		2,058,560

  

12  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Truist Financial Corp. (a)(c)
(10 yr. CMT + 4.349%)
$	2,237,000		5.100	%	03/01/30	$	2,028,601
(5 yr. CMT + 4.605%)
	1,000,000		4.950		09/01/25		972,760
(Secured Overnight Financing Rate + 2.050%)
	1,360,000		6.047		06/08/27		1,366,786
Turkiye Garanti Bankasi AS (a)(b)(c) (5 yr. CMT + 4.090%)
	510,000		8.375		02/28/34		506,653
U.S. Bancorp (a)(c) (5 yr. CMT + 2.541%)
	1,000,000		3.700		01/15/27		858,500
UBS Group AG (a)
	1,726,000		4.282	(b)	01/09/28		1,638,354
(5 yr. CMT + 3.098%)
	4,801,000		3.875	(b)(c)	06/02/26		4,334,919
(5 yr. CMT + 4.745%)
	5,590,000		9.250	(b)(c)	11/13/28		5,969,952
(5 yr. USD Swap + 4.590%)
	4,000,000		6.875	(c)	08/07/25		3,935,040
UniCredit SpA (a)(b)(c) (5 yr. CMT + 4.750%)
	1,525,000		5.459		06/30/35		1,401,795
United Bank for Africa PLC
	200,000		6.750		11/19/26		190,563
Uzbek Industrial & Construction Bank ATB
	850,000		5.750		12/02/24		835,125
Wells Fargo & Co. (a)(c)
(5 yr. CMT + 3.453%)
	1,000,000		3.900		03/15/26		947,350
(5 yr. CMT + 3.606%)
	1,000,000		7.625		09/15/28		1,044,230
Yapi ve Kredi Bankasi AS (b)
	510,000		9.250		10/16/28		540,600
(5 yr. CMT + 5.278%)
	450,000		9.250	(a)(c)	01/17/34		460,828
(5 yr. CMT + 5.499%)
	470,000		9.743	(a)(c)	04/04/29		468,238
							135,623,104
Beverages(a) – 0.9%
Anadolu Efes Biracilik Ve Malt Sanayii AS
	420,000		3.375	(b)	06/29/28		364,219
	950,000		3.375		06/29/28		823,828
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	8,050,000		4.700		02/01/36		7,494,791
Becle SAB de CV
	610,000		2.500		10/14/31		471,034
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (b)
	680,000		5.250		04/27/29		632,597
Constellation Brands, Inc.
	2,275,000		2.875		05/01/30		1,962,916
	3,975,000		2.250		08/01/31		3,180,954
Keurig Dr Pepper, Inc.
	1,055,000		3.200		05/01/30		933,453

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages(a) – (continued)
$	5,375,000		4.050	%	04/15/32	$	4,883,779
	308,000		3.800		05/01/50		224,680
							20,972,251
Building Materials(a) – 0.6%
Builders FirstSource, Inc. (b)
	1,800,000		5.000		03/01/30		1,682,676
Cemex SAB de CV (c)
(5 yr. CMT + 4.534%)
	800,000		5.125	(b)	06/08/26		767,640
(5 yr. CMT + 4.534%)
	460,000		5.125		06/08/26		441,393
(5 yr. CMT + 5.157%)
	590,000		9.125	(b)	03/14/28		631,716
CP Atlas Buyer, Inc. (b)
	2,160,000		7.000		12/01/28		1,946,419
GCC SAB de CV (b)
	860,000		3.614		04/20/32		721,876
Masonite International Corp. (b)
	2,075,000		5.375		02/01/28		2,076,639
Sisecam U.K. PLC (b)
	400,000		8.625		05/02/32		405,500
Standard Industries, Inc. (b)
	1,880,000		4.375		07/15/30		1,665,774
	4,054,000		3.375		01/15/31		3,338,104
							13,677,737
Chemicals(a) – 1.1%
Ashland, Inc. (b)
	3,225,000		3.375		09/01/31		2,679,136
ASP Unifrax Holdings, Inc. (b)
	775,000		5.250		09/30/28		491,892
Avient Corp. (b)
	1,725,000		7.125		08/01/30		1,747,063
Axalta Coating Systems LLC (b)
	3,100,000		3.375		02/15/29		2,727,814
Braskem Netherlands Finance BV (c) (5 yr. CMT + 8.220%)
	480,000		8.500		01/23/81		469,950
Chemours Co. (b)
	4,560,000		4.625		11/15/29		3,909,562
Huntsman International LLC
	2,104,000		4.500		05/01/29		1,962,822
Ingevity Corp. (b)
	1,305,000		3.875		11/01/28		1,162,638
Minerals Technologies, Inc. (b)
	1,695,000		5.000		07/01/28		1,614,742
OCP SA
	960,000		5.125		06/23/51		694,800
Olympus Water U.S. Holding Corp. (b)
	2,500,000		9.750		11/15/28		2,655,025
Sasol Financing USA LLC
	280,000		4.375		09/18/26		263,900
	890,000		5.500		03/18/31		740,091
SNF Group SACA (b)
	740,000		3.125		03/15/27		681,399

  

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(a) – (continued)
$	925,000		3.375	%	03/15/30	$	795,657
Valvoline, Inc. (b)
	885,000		3.625		06/15/31		746,338
WR Grace Holdings LLC (b)
	1,855,000		5.625		08/15/29		1,663,471
							25,006,300
Commercial Services(a) – 1.7%
ADT Security Corp. (b)
	4,387,000		4.125		08/01/29		3,963,654
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)
	1,050,000		6.625		07/15/26		1,047,932
APi Group DE, Inc. (b)
	5,193,000		4.125		07/15/29		4,575,812
	575,000		4.750		10/15/29		523,020
APX Group, Inc. (b)
	4,286,000		5.750		07/15/29		3,980,923
Bidvest Group U.K. PLC (b)
	1,260,000		3.625		09/23/26		1,163,137
Garda World Security Corp. (b)
	900,000		7.750		02/15/28		909,936
HealthEquity, Inc. (b)
	1,058,000		4.500		10/01/29		965,404
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (b)
	890,953		9.500		07/10/36		822,183
Mavis Tire Express Services Topco Corp. (b)
	2,621,000		6.500		05/15/29		2,429,248
Mersin Uluslararasi Liman Isletmeciligi AS (b)
	1,660,000		8.250		11/15/28		1,706,015
NESCO Holdings II, Inc. (b)
	3,083,000		5.500		04/15/29		2,876,347
Techem Verwaltungsgesellschaft 674 GmbH
EUR	668,191		6.000		07/30/26		713,093
Verisure Holding AB (b)
	725,000		3.250		02/15/27		742,857
	2,133,000		5.500		05/15/30		2,280,800
Verisure Midholding AB
	800,000		5.250	(b)	02/15/29		822,223
	1,450,000		5.250		02/15/29		1,490,278
VT Topco, Inc. (b)
$	5,282,000		8.500		08/15/30		5,468,032
Wand NewCo 3, Inc. (b)
	2,944,000		7.625		01/30/32		2,999,229
							39,480,123
Computers(a) – 0.7%
Booz Allen Hamilton, Inc. (b)
	2,513,000		3.875		09/01/28		2,328,294
Dell International LLC/EMC Corp.
	2,475,000		5.300		10/01/29		2,448,963
	2,699,000		8.100		07/15/36		3,145,523
Hewlett Packard Enterprise Co.
	2,730,000		6.200		10/15/35		2,807,095
KBR, Inc. (b)
	1,161,000		4.750		09/30/28		1,083,259

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
McAfee Corp. (b)
$	3,435,000		7.375	%	02/15/30	$	3,185,585
Virtusa Corp. (b)
	2,371,000		7.125		12/15/28		2,130,960
							17,129,679
Distribution & Wholesale(a)(b) – 0.2%
American Builders & Contractors Supply Co., Inc.
	2,760,000		3.875		11/15/29		2,419,195
BCPE Empire Holdings, Inc.
	2,436,000		7.625		05/01/27		2,375,100
							4,794,295
Diversified Financial Services – 2.6%
AerCap Holdings NV (a)(c) (5 yr. CMT + 4.535%)
	1,825,000		5.875		10/10/79		1,806,987
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (a)
	3,625,000		3.000		10/29/28		3,233,464
AG TTMT Escrow Issuer LLC (a)(b)
	1,025,000		8.625		09/30/27		1,055,760
Air Lease Corp. (a)
	2,750,000		3.750		06/01/26		2,639,147
Ally Financial, Inc.
	4,000,000		8.000		11/01/31		4,332,880
(7 yr. CMT + 3.481%)
	3,415,000		4.700	(a)(c)	05/15/28		2,642,698
American Express Co. (a)(c) (5 yr. CMT + 2.854%)
	1,000,000		3.550		09/15/26		912,670
Aviation Capital Group LLC (a)(b)
	800,000		1.950		01/30/26		745,488
Avolon Holdings Funding Ltd. (a)(b)
	1,300,000		3.250		02/15/27		1,197,794
	1,927,000		2.528		11/18/27		1,699,672
Castlelake Aviation Finance DAC (a)(b)
	2,420,000		5.000		04/15/27		2,328,403
Charles Schwab Corp. (a)(c)
(5 yr. CMT + 3.168%)
	2,875,000		4.000		06/01/26		2,649,859
(5 yr. CMT + 4.971%)
	2,250,000		5.375		06/01/25		2,223,765
Discover Financial Services (a)(c) (5 yr. CMT + 5.783%)
	1,000,000		6.125		06/23/25		999,360
Global Aircraft Leasing Co. Ltd. (a)(b)(e) (PIK 7.250%, Cash 6.500%)
	2,017,883		6.500		09/15/24		1,907,121
Intercorp Financial Services, Inc. (a)
	340,000		4.125		10/19/27		311,100
Jefferies Finance LLC/JFIN Co.-Issuer Corp. (a)(b)
	3,829,000		5.000		08/15/28		3,445,258
Macquarie Airfinance Holdings Ltd. (a)(b)
	355,000		6.400		03/26/29		354,240
	1,950,000		8.125		03/30/29		2,042,430
Midcap Financial Issuer Trust (a)(b)
	2,567,000		6.500		05/01/28		2,323,751
	810,000		5.625		01/15/30		680,910

  

14  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Nationstar Mortgage Holdings, Inc. (a)(b)
$	2,651,000		5.500	%	08/15/28	$	2,493,345
Navient Corp. (a)
	2,388,000		5.500		03/15/29		2,140,269
	1,715,000		9.375		07/25/30		1,766,707
OneMain Finance Corp.
	1,602,000		7.125		03/15/26		1,616,867
	1,643,000		4.000	(a)	09/15/30		1,383,094
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. (a)(b)
	1,365,000		6.375		02/01/27		1,278,800
Raymond James Financial, Inc. (a)
	900,000		4.650		04/01/30		867,375
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (a)(b)
	2,305,000		2.875		10/15/26		2,117,742
	2,390,000		4.000		10/15/33		1,951,005
StoneX Group, Inc. (a)(b)
	1,785,000		7.875		03/01/31		1,805,206
United Wholesale Mortgage LLC (a)(b)
	3,195,000		5.500		04/15/29		2,970,264
Universe Trek Ltd. (f)(g)
	400,000		0.000		06/15/26		420,200
							60,343,631
Electrical – 1.0%
Adani Electricity Mumbai Ltd.
	410,000		3.949		02/12/30		338,763
AES Panama Generation Holdings SRL (a)
	1,414,216		4.375		05/31/30		1,185,806
Calpine Corp. (a)(b)
	4,215,000		3.750		03/01/31		3,650,864
Cikarang Listrindo Tbk. PT (a)
	200,000		4.950		09/14/26		191,500
Energuate Trust (a)(b)
	470,000		5.875		05/03/27		445,031
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (a)
	200,000		5.375		12/30/30		162,398
Eskom Holdings SOC Ltd.
	430,000		7.125		02/11/25		427,313
	220,000		6.350	(h)	08/10/28		207,900
	458,000		8.450		08/10/28		450,558
Inkia Energy Ltd. (a)
	400,000		5.875		11/09/27		388,368
Lamar Funding Ltd.
	470,000		3.958		05/07/25		458,175
LLPL Capital Pte. Ltd.
	356,132		6.875		02/04/39		343,445
Minejesa Capital BV
	241,748		4.625		08/10/30		225,154
Mong Duong Finance Holdings BV (a)
	488,814		5.125		05/07/29		466,206
National Central Cooling Co. PJSC
	820,000		2.500		10/21/27		733,131
NextEra Energy Operating Partners LP (a)(b)
	2,025,000		7.250		01/15/29		2,053,087

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
NRG Energy, Inc. (a)
$	2,800,000		3.750	%(b)	06/15/24	$	2,788,604
	115,000		5.750		01/15/28		113,083
	448,000		3.375	(b)	02/15/29		393,375
Pacific Gas & Electric Co. (a)
	1,470,000		3.500		08/01/50		944,255
Pike Corp. (a)(b)
	2,420,000		5.500		09/01/28		2,295,467
	820,000		8.625		01/31/31		862,074
Sempra (a)(c) (5 yr. CMT + 4.550%)
	3,335,000		4.875		10/15/25		3,255,760
							22,380,317
Electrical Components & Equipment(a)(b) – 0.1%
WESCO Distribution, Inc.
	1,000,000		6.375		03/15/29		994,340
	760,000		6.625		03/15/32		756,238
							1,750,578
Electronics(a)(b) – 0.3%
Imola Merger Corp.
	6,867,000		4.750		05/15/29		6,322,447
TTM Technologies, Inc.
	799,000		4.000		03/01/29		715,217
							7,037,664
Energy-Alternate Sources(a) – 0.0%
Greenko Wind Projects Mauritius Ltd.
	380,000		5.500		04/06/25		372,875
Engineering & Construction(a) – 0.7%
Aeropuerto Internacional de Tocumen SA
	1,040,000		5.125		08/11/61		733,850
Aeropuertos Dominicanos Siglo XXI SA
	1,630,000		6.750		03/30/29		1,636,520
Arcosa, Inc. (b)
	1,221,000		4.375		04/15/29		1,115,335
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners
	950,000		4.050	(b)	04/27/26		884,687
	200,000		4.050		04/27/26		186,250
Dycom Industries, Inc. (b)
	2,764,000		4.500		04/15/29		2,542,742
Global Infrastructure Solutions, Inc. (b)
	4,435,000		5.625		06/01/29		3,988,972
	1,390,000		7.500		04/15/32		1,325,921
IHS Holding Ltd. (b)
	750,000		5.625		11/29/26		691,172
	200,000		6.250		11/29/28		172,250
International Airport Finance SA
	647,611		12.000		03/15/33		686,468
Mexico City Airport Trust
	490,000		3.875		04/30/28		456,159
	320,000		5.500		10/31/46		262,500

  

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(a) – (continued)
$	930,000		5.500	%	07/31/47	$	761,728
							15,444,554
Entertainment(a) – 1.3%
Boyne USA, Inc. (b)
	2,706,000		4.750		05/15/29		2,463,326
Cinemark USA, Inc. (b)
	3,842,000		5.250		07/15/28		3,570,140
Cirsa Finance International SARL (b)
EUR	511,000		6.500		03/15/29		555,990
Light & Wonder International, Inc. (b)
$	500,000		7.000		05/15/28		501,955
Lions Gate Capital Holdings LLC (b)
	2,540,000		5.500		04/15/29		1,932,178
Melco Resorts Finance Ltd. (b)
	1,360,000		7.625		04/17/32		1,332,800
Merlin Entertainments Group U.S. Holdings, Inc. (b)
	1,405,000		7.375		02/15/31		1,411,140
Motion Bondco DAC (b)
	3,250,000		6.625		11/15/27		3,133,487
Penn Entertainment, Inc. (b)
	3,067,000		4.125		07/01/29		2,567,355
Resorts World Las Vegas LLC/RWLV Capital, Inc. (b)
	300,000		8.450		07/27/30		314,427
SeaWorld Parks & Entertainment, Inc. (b)
	4,880,000		5.250		08/15/29		4,497,750
Six Flags Entertainment Corp. (b)
	1,854,000		5.500		04/15/27		1,789,963
Warnermedia Holdings, Inc.
	2,300,000		4.054		03/15/29		2,097,439
	4,775,000		4.279		03/15/32		4,116,193
							30,284,143
Environmental(a) – 0.6%
Covanta Holding Corp.
	670,000		5.000		09/01/30		581,734
GFL Environmental, Inc. (b)
	6,980,000		4.000		08/01/28		6,335,816
Madison IAQ LLC (b)
	4,294,000		4.125		06/30/28		3,982,599
	485,000		5.875		06/30/29		450,347
Republic Services, Inc.
	2,065,000		2.375		03/15/33		1,623,544
							12,974,040
Food & Drug Retailing – 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (a)(b)
	2,595,000		4.625		01/15/27		2,479,211
	1,995,000		5.875		02/15/28		1,953,903
	502,000		4.875		02/15/30		468,000
Bellis Acquisition Co. PLC (a)(b)
GBP	475,000		3.250		02/16/26		583,915
BRF GmbH
$	317,000		4.350		09/29/26		300,357

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
H-Food Holdings LLC/Hearthside Finance Co., Inc. (a)(b)
$	2,820,000		8.500	%	06/01/26	$	201,743
Kraft Heinz Foods Co. (a)
	2,303,000		5.000		07/15/35		2,192,986
	2,592,000		4.375		06/01/46		2,078,240
Performance Food Group, Inc. (a)(b)
	1,150,000		5.500		10/15/27		1,113,407
Post Holdings, Inc. (a)(b)
	5,984,000		4.625		04/15/30		5,400,739
Sysco Corp. (a)
	5,975,000		5.950		04/01/30		6,102,387
U.S. Foods, Inc. (a)(b)
	2,690,000		4.750		02/15/29		2,510,927
	1,020,000		4.625		06/01/30		928,771
							26,314,586
Forest Products & Paper(a)(b) – 0.0%
Inversiones CMPC SA
	200,000		6.125		06/23/33		198,362
	310,000		6.125		02/26/34		305,350
							503,712
Gaming(a) – 0.1%
Melco Resorts Finance Ltd.
	630,000		5.625		07/17/27		594,562
MGM Resorts International
	1,832,000		4.750		10/15/28		1,705,794
							2,300,356
Hand/Machine Tools(a)(b) – 0.1%
Regal Rexnord Corp.
	2,020,000		6.300		02/15/30		2,030,787
Healthcare Providers & Services(a) – 1.2%
CAB SELAS (b)
EUR	1,175,000		3.375		02/01/28		1,097,780
Catalent Pharma Solutions, Inc. (b)
$	1,005,000		3.125		02/15/29		959,976
	603,000		3.500		04/01/30		573,881
Chrome Holdco SAS (b)
EUR	2,100,000		5.000		05/31/29		1,432,054
DaVita, Inc. (b)
$	7,070,000		3.750		02/15/31		5,821,933
Encompass Health Corp.
	1,200,000		4.500		02/01/28		1,125,300
LifePoint Health, Inc. (b)
	4,595,000		5.375		01/15/29		3,673,565
Medline Borrower LP (b)
	3,270,000		3.875		04/01/29		2,927,467
	2,285,000		5.250		10/01/29		2,127,723
Molina Healthcare, Inc. (b)
	1,893,000		3.875		05/15/32		1,583,930
Select Medical Corp. (b)
	1,700,000		6.250		08/15/26		1,700,272
Tenet Healthcare Corp.
	2,000,000		6.250		02/01/27		1,993,920

  

16  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(a) – (continued)
$	3,289,000		6.125	%	06/15/30	$	3,240,323
							28,258,124
Home Builders – 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (a)(b)
	1,642,000		4.875		02/15/30		1,421,233
Century Communities, Inc. (a)(b)
	4,550,000		3.875		08/15/29		3,982,660
Installed Building Products, Inc. (a)(b)
	800,000		5.750		02/01/28		775,960
KB Home (a)
	1,805,000		7.250		07/15/30		1,849,241
LGI Homes, Inc. (a)(b)
	3,698,000		4.000		07/15/29		3,162,123
PulteGroup, Inc.
	3,000,000		7.875		06/15/32		3,384,330
Taylor Morrison Communities, Inc. (a)(b)
	1,301,000		5.125		08/01/30		1,211,439
							15,786,986
Home Furnishings(a)(b) – 0.1%
Tempur Sealy International, Inc.
	1,515,000		3.875		10/15/31		1,252,254
Household Products(a) – 0.0%
Central Garden & Pet Co.
	1,380,000		4.125		10/15/30		1,206,244
Housewares(a) – 0.2%
Newell Brands, Inc.
	1,380,000		7.000		04/01/46		1,120,560
Scotts Miracle-Gro Co.
	3,702,000		4.000		04/01/31		3,122,156
							4,242,716
Insurance – 1.3%
Acrisure LLC/Acrisure Finance, Inc. (a)(b)
	1,550,000		10.125		08/01/26		1,601,693
	935,000		8.250		02/01/29		928,455
	2,230,000		4.250		02/15/29		2,000,488
	2,490,000		6.000		08/01/29		2,256,961
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (a)(b)
	1,666,000		6.750		10/15/27		1,635,346
	5,500,000		6.750		04/15/28		5,495,985
American International Group, Inc. (a)
	2,250,000		3.400		06/30/30		2,005,222
BroadStreet Partners, Inc. (a)(b)
	4,594,000		5.875		04/15/29		4,188,120
Fidelity & Guaranty Life Holdings, Inc. (a)(b)
	2,850,000		5.500		05/01/25		2,824,492
HUB International Ltd. (a)(b)
	1,530,000		7.375		01/31/32		1,520,988
Markel Group, Inc. (a)(c) (5 yr. CMT + 5.662%)
	1,500,000		6.000		06/01/25		1,482,765

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Prudential Financial, Inc. (a)(c) (5 yr. CMT + 3.234%)
$	1,500,000		6.000	%	09/01/52	$	1,453,845
Sagicor Financial Co. Ltd. (a)(b)
	790,000		5.300		05/13/28		756,425
Transatlantic Holdings, Inc.
	75,000		8.000		11/30/39		92,477
USI, Inc. (a)(b)
	1,170,000		7.500		01/15/32		1,163,624
							29,406,886
Internet(a) – 1.3%
ANGI Group LLC (b)
	2,604,000		3.875		08/15/28		2,208,947
Booking Holdings, Inc.
	2,850,000		4.625		04/13/30		2,747,628
Expedia Group, Inc.
	1,382,000		4.625		08/01/27		1,341,231
	3,425,000		3.250		02/15/30		3,021,569
Getty Images, Inc. (b)
	3,720,000		9.750		03/01/27		3,723,460
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b)
	1,305,000		5.250		12/01/27		1,260,408
GrubHub Holdings, Inc. (b)
	3,400,000		5.500		07/01/27		3,037,900
ION Trading Technologies SARL (b)
	1,868,000		5.750		05/15/28		1,706,063
Match Group Holdings II LLC (b)
	1,205,000		5.625		02/15/29		1,150,028
	918,000		3.625		10/01/31		757,938
Meituan
	480,000		3.050		10/28/30		404,850
Newfold Digital Holdings Group, Inc. (b)
	2,402,000		6.000		02/15/29		1,801,284
Prosus NV
	600,000		3.257		01/19/27		552,375
Uber Technologies, Inc. (b)
	1,800,000		6.250		01/15/28		1,796,814
	4,090,000		4.500		08/15/29		3,821,941
United Group BV (b)
EUR	1,225,000		4.625		08/15/28		1,246,661
							30,579,097
Investment Companies(a) – 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
$	2,577,000		4.750		09/15/24		2,561,693
	5,743,000		4.375		02/01/29		4,826,704
							7,388,397
Iron/Steel(a) – 0.2%
CAP SA (b)
	200,000		3.900		04/27/31		158,375
Cleveland-Cliffs, Inc.
	2,250,000		5.875		06/01/27		2,224,575
	1,620,000		4.875	(b)	03/01/31		1,422,198

  

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel(a) – (continued)
Metinvest BV
$	200,000		8.500	%	04/23/26	$	155,000
Samarco Mineracao SA (e) (PIK 9.049%, Cash 9.000%)
	205,982		9.500		06/30/31		187,856
							4,148,004
Leisure Time(a)(b) – 0.3%
Acushnet Co.
	325,000		7.375		10/15/28		333,625
Carnival Corp.
	750,000		7.000		08/15/29		769,635
MajorDrive Holdings IV LLC
	3,925,000		6.375		06/01/29		3,679,256
Royal Caribbean Cruises Ltd.
	920,000		6.250		03/15/32		906,421
TUI Cruises GmbH
EUR	1,100,000		6.500		05/15/26		1,187,550
							6,876,487
Lodging(a) – 0.4%
Champion Path Holdings Ltd.
$	200,000		4.850		01/27/28		179,312
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. (b)
	3,795,000		5.000		06/01/29		3,440,737
Marriott International, Inc.
	1,700,000		4.900		04/15/29		1,654,899
Marriott Ownership Resorts, Inc. (b)
	3,374,000		4.500		06/15/29		3,032,349
Sands China Ltd.
	470,000		5.400		08/08/28		455,021
Travel & Leisure Co. (b)
	598,000		6.625		07/31/26		598,658
							9,360,976
Machinery - Construction & Mining(a)(b) – 0.2%
BWX Technologies, Inc.
	1,023,000		4.125		06/30/28		934,408
Vertiv Group Corp.
	2,956,000		4.125		11/15/28		2,737,138
							3,671,546
Machinery-Diversified(a)(b) – 0.4%
Chart Industries, Inc.
	1,735,000		7.500		01/01/30		1,775,668
Husky Injection Molding Systems Ltd./Titan Co.-Borrower LLC
	3,060,000		9.000		02/15/29		3,151,341
TK Elevator Holdco GmbH
	4,509,000		7.625		07/15/28		4,418,279
							9,345,288
Media(a) – 2.8%
Altice Financing SA (b)
	1,848,000		5.000		01/15/28		1,470,842
EUR	2,975,000		4.250		08/15/29		2,492,917

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media(a) – (continued)
AMC Networks, Inc. (b)
$	1,020,000		10.250	%	01/15/29	$	1,020,020
CCO Holdings LLC/CCO Holdings Capital Corp. (b)
	4,980,000		4.750		03/01/30		4,141,467
	6,135,000		4.250		02/01/31		4,815,852
	4,800,000		4.750		02/01/32		3,769,344
Charter Communications Operating LLC/Charter Communications Operating Capital
	12,000,000		6.384		10/23/35		11,330,040
Cumulus Media New Holdings, Inc. (b)
	2,421,000		6.750		07/01/26		1,414,881
Diamond Sports Group LLC/Diamond Sports Finance Co. (b)(i)
	3,345,000		6.625		08/15/27		85,231
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. (b)
	5,980,000		5.875		08/15/27		5,570,370
DISH DBS Corp. (b)
	1,720,000		5.250		12/01/26		1,354,173
iHeartCommunications, Inc.
	4,605,000		8.375		05/01/27		2,443,965
	550,000		4.750	(b)	01/15/28		392,579
LCPR Senior Secured Financing DAC (b)
	3,156,000		5.125		07/15/29		2,633,335
News Corp. (b)
	2,470,000		3.875		05/15/29		2,218,332
Nexstar Media, Inc. (b)
	1,500,000		5.625		07/15/27		1,410,360
Sinclair Television Group, Inc. (b)
	1,210,000		5.125		02/15/27		1,088,129
Sirius XM Radio, Inc. (b)
	820,000		3.125		09/01/26		764,814
	5,020,000		4.000		07/15/28		4,472,318
	2,260,000		3.875		09/01/31		1,816,814
TEGNA, Inc.
	2,300,000		4.625		03/15/28		2,083,593
Telecomunicaciones Digitales SA
	650,000		4.500		01/30/30		572,650
Townsquare Media, Inc. (b)
	2,038,000		6.875		02/01/26		1,978,103
Urban One, Inc. (b)
	1,930,000		7.375		02/01/28		1,565,828
Ziggo Bond Co. BV (b)
EUR	675,000		3.375		02/28/30		606,277
$	500,000		5.125		02/28/30		415,325
Ziggo BV (b)
	1,628,000		4.875		01/15/30		1,426,519
							63,354,078
Mining – 0.6%
Constellium SE (a)(b)
	2,585,000		3.750		04/15/29		2,293,670
Endeavour Mining PLC (a)
	200,000		5.000	(b)	10/14/26		187,750
	400,000		5.000		10/14/26		375,500
First Quantum Minerals Ltd. (a)(b)
	550,000		6.875		10/15/27		528,000

  

18  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – (continued)
Freeport-McMoRan, Inc. (a)
$	2,000,000		5.400	%	11/14/34	$	1,925,880
Glencore Finance Canada Ltd. (b)
	3,000,000		5.550		10/25/42		2,751,420
Glencore Funding LLC (a)(b)
	2,975,000		2.850		04/27/31		2,467,376
Novelis Corp. (a)(b)
	2,400,000		4.750		01/30/30		2,186,688
							12,716,284
Miscellaneous Manufacturing(a) – 0.1%
Hillenbrand, Inc.
	1,135,000		6.250		02/15/29		1,126,363
	1,349,000		3.750		03/01/31		1,147,985
							2,274,348
Multi-National – 0.1%
African Export-Import Bank (a)
	670,000		3.994		09/21/29		594,310
Eastern & Southern African Trade & Development Bank
	750,000		4.875		05/23/24		746,250
	520,000		4.125		06/30/28		455,177
							1,795,737
Office & Business Equipment(a) – 0.1%
CDW LLC/CDW Finance Corp.
	1,440,000		4.125		05/01/25		1,414,397
Xerox Holdings Corp. (b)
	353,000		5.000		08/15/25		343,183
							1,757,580
Oil Field Services – 2.9%
California Resources Corp. (a)(b)
	2,135,000		7.125		02/01/26		2,149,283
Chesapeake Energy Corp.
	2,000,000		5.500		09/15/26		45,000
Civitas Resources, Inc. (a)(b)
	1,345,000		5.000		10/15/26		1,302,014
	1,320,000		8.375		07/01/28		1,377,367
CNX Resources Corp. (a)(b)
	1,025,000		7.250		03/01/32		1,028,956
Continental Resources, Inc. (a)(b)
	1,306,000		5.750		01/15/31		1,277,673
DNO ASA (a)
	1,430,000		7.875		09/09/26		1,408,550
Ecopetrol SA (a)
	220,000		8.625		01/19/29		228,938
	120,000		6.875		04/29/30		114,636
	470,000		4.625		11/02/31		378,289
	560,000		8.875		01/13/33		572,054
	650,000		5.875		11/02/51		440,440
EQT Corp. (a)
	460,000		3.900		10/01/27		433,766
	1,915,000		3.625	(b)	05/15/31		1,654,139

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Genel Energy Finance 4 PLC (a)
$	200,000		9.250	%	10/14/25	$	195,000
Geopark Ltd. (a)(b)
	400,000		5.500		01/17/27		359,625
Guara Norte SARL
	813,950		5.198		06/15/34		732,087
Hunt Oil Co. of Peru LLC Sucursal Del Peru (a)(b)
	1,110,000		8.550		09/18/33		1,179,375
KazMunayGas National Co. JSC (a)
	970,000		3.500		04/14/33		775,697
Kodiak Gas Services LLC (a)(b)
	3,825,000		7.250		02/15/29		3,867,457
Kosmos Energy Ltd. (a)
	1,709,000		7.125		04/04/26		1,660,400
Lukoil Securities BV
	250,000		3.875		05/06/30		180,000
Matador Resources Co. (a)(b)
	2,795,000		6.875		04/15/28		2,817,304
	1,395,000		6.500		04/15/32		1,382,571
MEG Energy Corp. (a)(b)
	1,250,000		5.875		02/01/29		1,208,937
Nabors Industries, Inc. (a)(b)
	4,120,000		7.375		05/15/27		4,082,838
Noble Finance II LLC (a)(b)
	1,560,000		8.000		04/15/30		1,610,076
Occidental Petroleum Corp. (a)
	2,550,000		6.625		09/01/30		2,643,457
Permian Resources Operating LLC (a)(b)
	1,083,000		5.875		07/01/29		1,054,712
	1,020,000		7.000		01/15/32		1,041,185
Petroleos Mexicanos
	96,000		6.490	(a)	01/23/27		90,132
	428,000		6.500		03/13/27		401,485
SEPLAT Energy PLC (a)
	630,000		7.750	(b)	04/01/26		609,525
	820,000		7.750		04/01/26		793,350
ShaMaran Petroleum Corp. (a)
	804,750		12.000		07/30/25		756,063
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (a)(b)
	4,082,000		7.875		11/01/28		4,205,276
Southwestern Energy Co. (a)
	1,445,000		4.750		02/01/32		1,301,222
Sunoco LP (a)(b)
	1,335,000		7.000		05/01/29		1,355,639
	1,020,000		7.250		05/01/32		1,035,943
Sunoco LP/Sunoco Finance Corp. (a)
	6,970,000		4.500		05/15/29		6,366,816
TechnipFMC PLC (a)(b)
	3,635,000		6.500		02/01/26		3,606,502
Tengizchevroil Finance Co. International Ltd. (a)
	830,000		2.625		08/15/25		788,241
	200,000		3.250		08/15/30		159,625
Transocean Poseidon Ltd. (a)(b)
	702,675		6.875		02/01/27		700,497

  

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Corporate Obligations – (continued)
	Oil Field Services – (continued)
	Transocean Titan Financing Ltd. (a)(b)
	$	815,000		8.375	%	02/01/28	$	836,655
	Transocean, Inc. (a)(b)
		1,305,000		8.250		05/15/29		1,296,935
		324,000		8.750		02/15/30		337,981
		1,315,000		8.500		05/15/31		1,308,057
	Tullow Oil PLC (a)
		240,000		7.000		03/01/25		232,050
		241,000		10.250		05/15/26		232,490
	USA Compression Partners LP/USA Compression Finance Corp. (a)(b)
		2,305,000		7.125		03/15/29		2,288,819
	YPF SA (a)(b)
		180,000		9.500		01/17/31		181,445
								66,086,574
	Packaging – 0.8%
	ARD Finance SA (a)(e)
	(PIK 5.750%, Cash 5.000%)
	EUR	2,648,270		5.000		06/30/27		631,042
	(PIK 7.250%, Cash 6.500%)
	$	2,030,000		6.500	(b)	06/30/27		556,646
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (a)
		523,000		6.000	(b)	06/15/27		507,472
	EUR	2,531,000		3.000		09/01/29		2,169,565
	$	1,463,000		4.000	(b)	09/01/29		1,207,092
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (a)(b)
		3,295,000		5.250		08/15/27		1,679,824
	Ball Corp. (a)
		3,895,000		6.000		06/15/29		3,874,668
	Berry Global, Inc. (a)(b)
		458,000		4.500		02/15/26		446,042
		2,000,000		5.625		07/15/27		1,951,580
	LABL, Inc. (a)(b)
		1,750,000		6.750		07/15/26		1,727,285
	Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC (a)(b)
		1,410,000		4.000		10/15/27		1,310,144
	SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (a)(b)
		290,000		3.500		08/02/28		246,772
	Sealed Air Corp. (b)
		1,843,000		6.875		07/15/33		1,855,882
	Trivium Packaging Finance BV (a)(b)
		1,075,000		5.500		08/15/26		1,055,962
								19,219,976
	Pharmaceuticals(a) –1.1%
	AbbVie, Inc.
		405,000		3.200		11/21/29		365,383
	AdaptHealth LLC (b)
		1,445,000		6.125		08/01/28		1,354,167
		670,000		4.625		08/01/29		564,710
		1,020,000		5.125		03/01/30		868,510

	Principal Amount		Interest Rate			Maturity Date	Value
	Corporate Obligations – (continued)
	Pharmaceuticals(a) – (continued)
	Bausch Health Cos., Inc. (b)
	$	2,680,000		6.125	%	02/01/27	$	1,965,432
	Becton Dickinson & Co.
		3,200,000		2.823		05/20/30		2,754,752
	Cigna Group
		7,375,000		2.400		03/15/30		6,218,157
	CVS Health Corp.
		6,765,000		3.750		04/01/30		6,140,455
	Organon & Co./Organon Foreign Debt Co.-Issuer BV (b)
		700,000		4.125		04/30/28		637,763
		1,950,000		5.125		04/30/31		1,686,574
	Prestige Brands, Inc. (b)
		1,855,000		3.750		04/01/31		1,578,438
	Teva Pharmaceutical Finance Netherlands II BV
	EUR	210,000		3.750		05/09/27		218,200
		310,000		7.375		09/15/29		365,371
								24,717,912
	Pipelines – 4.4%
	Acu Petroleo Luxembourg SARL (a)
	$	484,850		7.500		07/13/35		463,789
	Antero Midstream Partners LP/Antero Midstream Finance Corp. (a)(b)
		2,035,000		6.625		02/01/32		2,026,799
	Buckeye Partners LP (a)
		1,500,000		4.350		10/15/24		1,480,545
		4,636,000		3.950		12/01/26		4,364,655
		929,000		4.125		12/01/27		864,583
		1,217,000		4.500	(b)	03/01/28		1,135,364
	Cheniere Energy Partners LP (a)
		1,800,000		4.500		10/01/29		1,682,208
	CNX Midstream Partners LP (a)(b)
		1,210,000		4.750		04/15/30		1,069,253
	CQP Holdco LP/BIP-V Chinook Holdco LLC (a)(b)
		4,130,000		5.500		06/15/31		3,799,063
	DCP Midstream Operating LP (b)
		4,000,000		6.750		09/15/37		4,179,600
	DT Midstream, Inc. (a)(b)
		4,130,000		4.375		06/15/31		3,671,529
	Energy Transfer LP
		2,985,000		6.625		10/15/36		3,043,834
	EnLink Midstream Partners LP (a)(c) (3 mo. USD Term SOFR + 4.372%)
		2,598,000		9.701		05/31/24		2,559,212
	Enterprise Products Operating LLC (a)(c) (3 mo. USD Term SOFR +3.039%)
		1,000,000		8.380		06/01/67		982,570
	EQM Midstream Partners LP (a)(b)
		2,305,000		7.500		06/01/27		2,346,836
	Galaxy Pipeline Assets Bidco Ltd.
		920,000		3.250		09/30/40		667,575
	Genesis Energy LP/Genesis Energy Finance Corp. (a)
		2,010,000		7.750		02/01/28		2,009,176
	Global Partners LP/GLP Finance Corp. (a)
		3,922,000		6.875		01/15/29		3,837,559

  

20  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Corporate Obligations – (continued)
	Pipelines – (continued)
	GNL Quintero SA
	$	174,744		4.634	%	07/31/29	$	168,208
	Howard Midstream Energy Partners LLC (a)(b)
		3,105,000		6.750		01/15/27		3,067,181
		1,615,000		8.875		07/15/28		1,690,291
	ITT Holdings LLC (a)(b)
		3,380,000		6.500		08/01/29		3,056,297
	Kinder Morgan Energy Partners LP
		7,000,000		7.300		08/15/33		7,648,060
	Kinetik Holdings LP (a)(b)
		3,490,000		5.875		06/15/30		3,375,493
	MPLX LP (a)
		5,925,000		2.650		08/15/30		4,997,204
	NuStar Logistics LP (a)
		2,569,000		6.375		10/01/30		2,544,004
	Oleoducto Central SA (a)
		490,000		4.000		07/14/27		453,403
	Prairie Acquiror LP (a)(b)
		3,475,000		9.000		08/01/29		3,551,624
	Sabine Pass Liquefaction LLC (a)
		2,275,000		4.200		03/15/28		2,167,734
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (a)(b)
		3,803,000		12.000		10/15/26		3,847,761
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (a)(b)
		1,870,000		7.375		02/15/29		1,873,871
		525,000		6.000		12/31/30		493,999
		4,485,000		6.000		09/01/31		4,175,625
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (a)
		1,910,000		4.875		02/01/31		1,789,823
	Venture Global Calcasieu Pass LLC (a)(b)
		3,243,000		4.125		08/15/31		2,839,344
	Venture Global LNG, Inc. (a)(b)
		4,010,000		8.125		06/01/28		4,102,150
		2,480,000		9.500		02/01/29		2,666,397
	Williams Cos., Inc.
		7,000,000		7.500		01/15/31		7,642,110
								102,334,729
	Real Estate(a) – 0.1%
	Howard Hughes Corp. (b)
		734,000		4.125		02/01/29		651,425
	Modernland Overseas Pte. Ltd. (e) (PIK 3.000%, Cash 2.000%)
		620,000		5.000		04/30/27		201,500
	Realogy Group LLC/Realogy Co.-Issuer Corp. (b)
		2,080,000		5.750		01/15/29		1,451,382
	Redsun Properties Group Ltd. (i)
		230,000		7.300		01/13/25		1,150
	Shimao Group Holdings Ltd. (i)
		560,000		3.450		01/11/31		14,000
	Sunac China Holdings Ltd. (b)
		81,993		0.000	(f)	09/30/28		18,162

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(a) – (continued)
(PIK 6.000%, Cash 5.000%)
$	207,553		7.000	%(e)	09/30/29	$	11,934
(PIK 6.250%, Cash 5.250%)
	68,933		6.250	(e)	09/30/27		6,204
(PIK 6.500%, Cash 5.500%)
	138,034		6.500	(e)	09/30/27		11,112
(PIK 6.750%, Cash 5.750%)
	207,302		6.750	(e)	09/30/28		14,615
(PIK 7.250%, Cash 6.250%)
	97,630		7.250	(e)	09/30/30		5,030
(PIK 7.800%, Cash 1.000%)
	119,829		1.000	(e)	09/30/32		5,991
Yuzhou Group Holdings Co. Ltd. (i)
	200,000		6.000		10/25/23		10,000
	280,000		7.375		01/13/26		14,000
(-1X 5 yr. CMT + 8.527%)
	380,000		5.375		09/29/24		3,800
							2,420,305
Real Estate Investment Trust(a) – 1.0%
American Tower Corp.
	2,125,000		3.950		03/15/29		1,971,150
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (b)
	600,000		5.750		05/15/26		580,680
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (b)
	1,630,000		4.375		07/22/31		1,322,606
Crown Castle, Inc.
	300,000		4.150		07/01/50		225,135
Iron Mountain Information Management Services, Inc. (b)
	4,008,000		5.000		07/15/32		3,551,128
MPT Operating Partnership LP/MPT Finance Corp.
	3,000,000		5.000		10/15/27		2,459,250
	2,680,000		3.500		03/15/31		1,796,967
SBA Communications Corp.
	2,637,000		3.875		02/15/27		2,477,224
Starwood Property Trust, Inc.
	2,700,000		4.750		03/15/25		2,668,302
Trust Fibra Uno
	510,000		4.869		01/15/30		443,526
VICI Properties LP
	2,480,000		4.750		02/15/28		2,383,429
VICI Properties LP/VICI Note Co., Inc. (b)
	1,526,000		3.500		02/15/25		1,499,142
	1,306,000		4.625		06/15/25		1,286,162
							22,664,701
Retailing(a) – 1.6%
Arko Corp. (b)
	1,770,000		5.125		11/15/29		1,425,452
Asbury Automotive Group, Inc. (b)
	1,462,000		4.625		11/15/29		1,324,572
	809,000		5.000		02/15/32		719,047
AutoNation, Inc.
	961,000		4.750		06/01/30		901,168

  

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Corporate Obligations – (continued)
	Retailing(a) – (continued)
	Beacon Roofing Supply, Inc. (b)
	$	2,560,000		4.125	%	05/15/29	$	2,288,512
	Foundation Building Materials, Inc. (b)
		2,540,000		6.000		03/01/29		2,240,509
	GYP Holdings III Corp. (b)
		1,852,000		4.625		05/01/29		1,710,489
	InRetail Consumer
		400,000		3.250		03/22/28		356,500
	LCM Investments Holdings II LLC (b)
		3,020,000		4.875		05/01/29		2,758,377
		1,205,000		8.250		08/01/31		1,252,935
	Lowe’s Cos., Inc.
		2,062,000		3.750		04/01/32		1,837,242
		4,400,000		5.000		04/15/33		4,250,488
	Penske Automotive Group, Inc.
		2,179,000		3.750		06/15/29		1,913,750
	Specialty Building Products Holdings LLC/SBP Finance Corp. (b)
		3,446,000		6.375		09/30/26		3,415,469
	SRS Distribution, Inc. (b)
		1,912,000		4.625		07/01/28		1,905,270
		3,525,000		6.125		07/01/29		3,582,986
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (b)
		2,245,000		5.000		06/01/31		1,990,686
	Vivo Energy Investments BV
		290,000		5.125		09/24/27		275,319
	Yum! Brands, Inc. (b)
		3,064,000		4.750		01/15/30		2,870,723
								37,019,494
	Semiconductors(a) – 0.6%
	Amkor Technology, Inc. (b)
		1,398,000		6.625		09/15/27		1,394,952
	Broadcom, Inc.
		3,723,000		4.150		11/15/30		3,437,669
		2,069,000		3.469	(b)	04/15/34		1,714,001
		1,856,000		3.137	(b)	11/15/35		1,441,834
		3,319,000		3.187	(b)	11/15/36		2,545,773
	NXP BV/NXP Funding LLC/NXP USA, Inc.
		975,000		4.400		06/01/27		944,366
		982,000		3.400		05/01/30		871,662
	Qorvo, Inc.
		750,000		4.375		10/15/29		692,580
								13,042,837
	Software(a) – 1.5%
	AthenaHealth Group, Inc. (b)
		4,765,000		6.500		02/15/30		4,292,503
	Castle U.S. Holding Corp. (b)
		4,104,000		9.500		02/15/28		1,974,229
	Clarivate Science Holdings Corp. (b)
		3,509,000		3.875		07/01/28		3,195,962
		2,401,000		4.875		07/01/29		2,187,215
	Elastic NV (b)
		1,835,000		4.125		07/15/29		1,632,911

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – (continued)
Open Text Corp. (b)
$	6,945,000		3.875	%	12/01/29	$	6,086,181
Oracle Corp.
	2,000,000		4.650		05/06/30		1,917,500
	2,015,000		4.900		02/06/33		1,908,265
	1,405,000		3.600		04/01/50		950,581
Playtika Holding Corp. (b)
	3,198,000		4.250		03/15/29		2,750,824
ROBLOX Corp. (b)
	1,975,000		3.875		05/01/30		1,707,190
SS&C Technologies, Inc. (b)
	850,000		5.500		09/30/27		827,084
TeamSystem SpA (b)
EUR	3,100,000		3.500		02/15/28		3,149,324
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (b)
$	1,450,000		3.875		02/01/29		1,281,278
							33,861,047
Sovereign(a)(c) – 0.2%
CoBank ACB (3 mo. USD LIBOR + 4.660%)
	5,350,000		6.250		10/01/26		5,264,882
Telecommunication Services – 1.4%
Altice France SA (a)(b)
	4,695,000		5.500		10/15/29		3,074,192
AT&T, Inc. (a)
	2,900,000		2.750		06/01/31		2,426,720
	3,475,000		2.250		02/01/32		2,743,373
Axian Telecom (a)
	250,000		7.375	(b)	02/16/27		242,656
	200,000		7.375		02/16/27		194,125
CAS Capital No. 1 Ltd. (a)(c) (5 yr. CMT + 3.642%)
	204,000		4.000		07/12/26		185,003
CT Trust (a)
	1,480,000		5.125		02/03/32		1,283,678
Hughes Satellite Systems Corp.
	1,845,000		6.625		08/01/26		1,061,115
Level 3 Financing, Inc. (a)(b)
	1,506,000		10.500		05/15/30		1,504,690
Lorca Telecom Bondco SA (a)(b)
EUR	1,525,000		4.000		09/18/27		1,587,396
MTN Mauritius Investments Ltd.
$	420,000		6.500		10/13/26		416,850
Nokia of America Corp.
	3,000,000		6.450		03/15/29		2,968,290
SoftBank Group Corp. (a)
	260,000		5.125		09/19/27		246,316
Sprint Capital Corp.
	1,150,000		8.750		03/15/32		1,357,874
Telecom Italia Capital SA
	1,800,000		7.200		07/18/36		1,643,022
	1,000,000		7.721		06/04/38		931,580
Telefonica Celular del Paraguay SA (a)
	750,000		5.875		04/15/27		734,018

  

22  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Corporate Obligations – (continued)
	Telecommunication Services – (continued)
	T-Mobile USA, Inc. (a)
	$	7,351,000		3.875	%	04/15/30	$	6,727,047
		1,896,000		4.500		04/15/50		1,540,367
	Verizon Communications, Inc. (a)
		2,800,000		3.150		03/22/30		2,470,300
								33,338,612
	Toys/Games/Hobbies(a)(b) – 0.1%
	Mattel, Inc.
		2,185,000		3.375		04/01/26		2,080,907
	Transportation – 0.5%
	Cargo Aircraft Management, Inc. (a)(b)
		785,000		4.750		02/01/28		709,491
	CSX Corp. (a)
		3,575,000		4.100		11/15/32		3,278,275
	MV24 Capital BV
		274,163		6.748	(b)	06/01/34		251,640
		620,897		6.748		06/01/34		569,891
	Rand Parent LLC (a)(b)
		2,910,000		8.500		02/15/30		2,876,942
	RXO, Inc. (a)(b)
		1,745,000		7.500		11/15/27		1,772,187
	Transnet SOC Ltd. (b)
		860,000		8.250		02/06/28		846,025
	XPO, Inc. (a)(b)
		1,370,000		7.125		02/01/32		1,378,425
								11,682,876
	Trucking & Leasing(a)(b) – 0.1%
	Fortress Transportation & Infrastructure Investors LLC
		2,220,000		5.500		05/01/28		2,132,288
	TOTAL CORPORATE OBLIGATIONS (Cost $1,220,817,665)						$	1,128,690,146

Shares		Description	Value
Common Stocks – 37.3%
Aerospace & Defense – 0.9%
	70,224	General Electric Co.	$	11,363,648
	25,750	L3Harris Technologies, Inc.		5,511,787
	7,970	Northrop Grumman Corp.		3,865,689
				20,741,124
Air Freight & Logistics – 0.3%
	52,091	United Parcel Service, Inc. Class B		7,682,381
Banks – 3.5%
	822,850	Banco Bilbao Vizcaya Argentaria SA		8,812,724
	374,564	Bank of America Corp.		13,862,614
	229,726	BNP Paribas SA		8,270,136
	152,953	Citigroup, Inc.		9,380,607

Shares		Description	Value
	Common Stocks – (continued)
	Banks – (continued)
	146,830	JPMorgan Chase & Co.	$	28,153,184
	300,638	Truist Financial Corp.		11,288,957
				79,768,222
	Beverages – 0.8%
	140,202	Coca-Cola Co.		8,660,277
	128,642	Coca-Cola Europacific Partners PLC		9,264,797
				17,925,074
	Biotechnology – 0.5%
	37,729	Amgen, Inc.		10,335,482
	Capital Markets – 1.5%
	153,148	Blackstone, Inc.		17,858,588
	119,539	KKR & Co., Inc.		11,125,495
	47,855	Singapore Exchange Ltd.		4,885,517
				33,869,600
	Chemicals – 0.6%
	31,026	Linde PLC		13,681,225
	Commerical Services & Supplies – 0.4%
	52,663	Republic Services, Inc.		10,095,497
	Communications Equipment – 0.5%
	226,487	Cisco Systems, Inc.		10,640,359
	35,685	Intelsat SA(i)		1,269,066
				11,909,425
	Construction & Engineering – 0.3%
	229,164	Vinci SA		6,712,214
	Consumer Finance – 0.4%
	43,527	American Express Co.		10,186,624
	Consumer Staples Distribution & Retail – 0.8%
	254,570	Koninklijke Ahold Delhaize NV		7,754,202
	189,650	Walmart, Inc.		11,255,728
				19,009,930
	Diversified Telecommunication Services – 0.5%
	653,532	AT&T, Inc.		11,038,156
	Electric Utilities – 1.1%
	157,811	Iberdrola SA		7,745,364
	137,470	NextEra Energy, Inc.		9,206,366
	167,755	Xcel Energy, Inc.		9,013,476
				25,965,206
	Electrical Equipment – 1.0%
	41,486	Eaton Corp. PLC		13,203,334
	186,437	Schneider Electric SE		8,520,171
				21,723,505
	Energy Equipment & Services – 0.1%
	63,962	Noble Corp. PLC		2,838,634

  

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares		Description	Value
	Common Stocks – (continued)
	Financial Services – 0.4%
	33,379	Visa, Inc. Class A	$	8,965,933
	Food Products – 0.9%
	73,934	General Mills, Inc.		5,209,390
	165,836	Kraft Heinz Co.		6,402,928
	85,666	Nestle SA		8,617,999
				20,230,317
	Ground Transportation – 0.3%
	25,559	Norfolk Southern Corp.		5,886,749
	Health Care Equipment & Supplies – 0.9%
	63,529	Abbott Laboratories		6,732,168
	51,740	Hoya Corp.		6,007,014
	56,651	Zimmer Biomet Holdings, Inc.		6,813,982
				19,553,164
	Health Care Providers & Services – 0.4%
	118,889	CVS Health Corp.		8,049,974
	Health Care REITs – 0.2%
	289,826	Healthpeak Properties, Inc.		5,393,662
	Hotels, Restaurants & Leisure – 0.4%
	32,385	McDonald’s Corp.		8,842,400
	Household Products – 0.4%
	62,582	Procter & Gamble Co.		10,213,382
	Industrial Conglomerates – 0.5%
	59,621	Honeywell International, Inc.		11,490,755
	Insurance – 2.1%
	88,219	Allstate Corp.		15,002,523
	43,195	Marsh & McLennan Cos., Inc.		8,614,379
	85,945	Progressive Corp.		17,898,046
	160,485	Zurich Insurance Group AG		7,761,857
				49,276,805
	Interactive Media & Services – 0.3%
	17,639	Meta Platforms, Inc. Class A		7,587,769
	IT Services – 0.3%
	18,843	Accenture PLC Class A		5,670,047
	Life Sciences Tools & Services – 0.3%
	30,995	Danaher Corp.		7,643,987
	Machinery – 0.6%
	23,640	Caterpillar, Inc.		7,909,235
	25,026	Illinois Tool Works, Inc.		6,109,097
				14,018,332
	Media – 0.8%
	194,738	Bright Pattern Holdco(d)(i)		195
	129,385	Comcast Corp. Class A		4,930,862
	635,140	iHeartMedia, Inc. Class A(i)		1,333,794
	112,488	New York Times Co. Class A		4,840,359
	82,604	Omnicom Group, Inc.		7,668,955
				18,774,165

Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 1.2%
	241,660	Freeport-McMoRan, Inc.	$	12,068,500
	236,448	Rio Tinto PLC		16,038,268
				28,106,768
	Multi-Utilities – 1.9%
	123,825	Ameren Corp.		9,146,953
	172,187	CMS Energy Corp.		10,436,254
	167,585	Dominion Energy, Inc.		8,543,483
	146,275	National Grid PLC(j)		9,749,229
	92,681	Sempra		6,638,740
				44,514,659
	Oil, Gas & Consumable Fuels – 3.0%
	179,606	BP PLC ADR		6,963,325
	2,490	Chesapeake Energy Corp.		223,801
	114,910	ConocoPhillips		14,434,994
	62,305	EOG Resources, Inc.		8,232,360
	159,663	Exxon Mobil Corp.		18,883,343
	245,569	Shell PLC		17,597,474
	86,915	Summit Midstream Partners LP(i)		2,484,031
				68,819,328
	Personal Products – 0.6%
	305,854	Kenvue, Inc.		5,756,172
	160,156	Unilever PLC		8,304,089
				14,060,261
	Pharmaceuticals – 2.6%
	182,747	AstraZeneca PLC		13,866,843
	281,856	Bristol-Myers Squibb Co.		12,384,753
	14,502	Eli Lilly & Co.		11,327,512
	103,163	Johnson & Johnson		14,916,338
	215,915	Roche Holding AG		6,438,585
				58,934,031
	Real Estate Management & Development(b) – 0.0%
	122,732	Sunac Services Holdings Ltd.		30,501
	Residential REITs – 0.3%
	36,417	AvalonBay Communities, Inc.		6,903,571
	Retail REITs – 0.2%
	83,276	Regency Centers Corp.		4,931,605
	Semiconductors & Semiconductor Equipment – 2.0%
	6,521	ASML Holding NV		5,689,377
	7,762	KLA Corp.		5,350,269
	125,825	Marvell Technology, Inc.		8,293,126
	62,041	Taiwan Semiconductor Manufacturing Co. Ltd.		8,520,711
	32,920	Texas Instruments, Inc.		5,807,746
	119,228	Tokyo Electron Ltd.		13,159,194
				46,820,423

  

24  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

Shares		Description	Value
	Common Stocks – (continued)
	Software – 0.8%
	194,739	Aspect Software, Inc. Class B(d)(i)	$	195
	23,523	Microsoft Corp.		9,158,210
	88,055	Oracle Corp.		10,016,256
				19,174,661
	Specialized REITs – 0.7%
	35,928	American Tower Corp.		6,163,808
	66,199	Digital Realty Trust, Inc.		9,187,097
				15,350,905
	Specialty Retail – 0.4%
	38,676	Lowe’s Cos., Inc.		8,817,741
	Technology Hardware, Storage & Peripherals – 0.7%
	128,611	Dell Technologies, Inc. Class C		16,030,075
	Textiles, Apparel & Luxury Goods – 0.3%
	66,313	NIKE, Inc. Class B		6,118,037
	Trading Companies & Distributors – 0.4%
	132,429	Fastenal Co.		8,997,226
	Water Utilities – 0.2%
	42,782	American Water Works Co., Inc.		5,233,094
	TOTAL COMMON STOCKS (Cost $660,368,123)		$	857,922,626

	Principal Amount		Interest Rate			Maturity Date	Value
	Bank Loans(k) – 5.3%
	Aerospace & Defense(c) – 0.2%
	ADS Tactical, Inc. (1 mo. USD Term SOFR + 5.750%)
	$	3,406,805		11.180	%	03/19/26	$	3,415,322
	Auto Parts & Equipment – 0.4%
	First Brands Group LLC (3 mo. USD Term SOFR + 8.500%)(d)
		2,900,000		14.141	(c)	03/30/28		2,740,500
	First Brands Group LLC (3 mo. USD Term SOFR + 5.000%)
		3,950,117		10.591	%	03/30/27	$	3,768,911
	Garrett LX I SARL (3 mo. USD Term SOFR + 3.250%)
		2,730,000		8.841	(c)	04/30/28		2,730,000
								9,239,411
	Building Materials(c) – 0.3%
	Chamberlain Group, Inc. (1 mo. USD Term SOFR + 3.250%)
		4,325,437		8.666		11/03/28		4,318,084
	Icebox Holdco III, Inc.
	(3 mo. USD Term SOFR + 3.500%)
		2,182,393		9.321		12/22/28		2,176,544
	(3 mo. USD Term SOFR + 6.750%)
		625,000		12.321		12/21/29		603,125
								7,097,753

	Principal Amount		Interest Rate			Maturity Date	Value
	Bank Loans(k) – (continued)
	Chemicals(c) – 0.2%
	Nouryon Finance BV (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%)
	$	4,586,722		9.306	–
				9.433		04/03/28	$	4,595,345
	Commercial Services(c) – 0.5%
	Albion Financing 3 SARL (3 mo. USD Term SOFR + 5.500%)
		2,970,000		10.824		08/17/26		2,983,603
	Anticimex International AB
	(3 mo. USD Term SOFR + 3.150%)
		1,958,155		8.461		11/16/28		1,960,192
	(3 mo. USD Term SOFR + 3.650%)
		2,920,977		8.950		11/16/28		2,922,817
	TruGreen LP (3 mo. USD Term SOFR + 8.500%)
		1,750,000		14.091		11/02/28		1,356,250
	Verscend Holding Corp. (1 mo. USD LIBOR + 4.000%)–(1 mo. USD Term SOFR + 4.000%)
		1,327,343		0.000		08/27/25		1,327,674
								10,550,536
	Computers(c) – 0.2%
	Peraton Corp. (3 mo. USD Term SOFR + 7.750%)
		1,739,326		13.176		02/01/29		1,746,944
	Virtusa Corp. (1 mo. USD Term SOFR + 3.750%)
		1,879,018		9.180		02/11/28		1,883,716
								3,630,660
	Diversified Financial Services(c) – 0.0%
	Fiserv Investment Solutions, Inc. (3 mo. USD Term SOFR + 4.000%)
		625,625		9.319		02/18/27		595,908
	Engineering & Construction – 0.2%
		967,623		0.000		07/02/29		967,478
	(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%)
		1,185,000		8.316–8.343		07/02/29		1,185,747
	Energize HoldCo LLC (1 mo. USD Term SOFR + 3.750%)
		3,402,106		9.180	(c)	12/08/28		3,387,238
								5,540,463
	Entertainment(c) – 0.1%
	Cinemark USA, Inc. (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%)
		2,920,500		9.052–9.066		05/24/30		2,929,875
	Food & Drug Retailing(c) – 0.0%
	B&G Foods, Inc. (1 mo. USD Term SOFR + 2.500%)
		467,843		7.818		10/10/26		467,034
	Health Care Products(c) – 0.2%
	Insulet Corp. (1 mo. USD Term SOFR + 3.000%)
		4,546,009		8.316		05/04/28		4,557,374
	Health Care Services(c) – 0.1%
	LifePoint Health, Inc. (3 mo.USD Term SOFR + 4.750%)
		2,793,900		10.056		11/16/28		2,802,477

  

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Bank Loans(k) – (continued)
	Insurance(c) – 0.1%
	Asurion LLC (1 mo. USD Term SOFR + 3.250%)
	$	3,217,070		8.680	%	12/23/26	$	3,141,115
	Internet(c) – 0.2%
	Getty Images, Inc. (3 mo. USD Term SOFR + 4.500%)
		2,542,729		9.909		02/19/26		2,543,797
	Syndigo LLC (1 mo. USD Term SOFR + 4.500%)
		2,012,750		9.930		12/15/27		2,002,686
								4,546,483
	Leisure Time(c) – 0.1%
	Arcis Golf LLC (1 mo. USD Term SOFR + 3.750%)
		1,989,638		9.180		11/24/28		1,992,125
	Machinery - Construction & Mining(c) – 0.0%
	Clark Equipment Co. (3 mo. USD Term SOFR + 2.500%)
		301,824		7.902		04/20/29		302,515
	Machinery-Diversified(c) – 0.3%
	Engineered Machinery Holdings, Inc.
	(3 mo. EUR EURIBOR + 3.750%)
	EUR	853,125		7.652		05/21/28		909,600
	(3 mo.USD Term SOFR + 3.750%)
	$	1,829,024		9.321		05/19/28		1,828,255
	TK Elevator U.S. Newco, Inc. (3 mo. USD Term SOFR + 3.500%)
		4,606,818		8.791		04/30/30		4,624,186
								7,362,041
	Media(c) – 0.4%
	Audacy Capital Corp. (3 mo. USD Term SOFR + 6.114%)
		152,767		11.430		08/19/24		152,130
	CSC Holdings LLC
	(1 mo. USD LIBOR + 2.500%)
		3,640,295		7.936		04/15/27		3,060,141
	(1 mo. USD Term SOFR + 4.500%)
		1,638,181		9.855		01/18/28		1,578,208
	Cumulus Media New Holdings, Inc. (1 mo. USD Term SOFR + 3.750%)
		602,528		9.183		03/31/26		365,536
	Diamond Sports Group LLC (1 mo. USD Term SOFR + 5.000%)
		185,522		5.000		12/02/24		294,362
	DirecTV Financing LLC (1 mo. USD Term SOFR + 5.000%)
		967,530		10.430		08/02/27		972,193
	Entercom Media Corp.
		4,070,000		0.000		11/18/24		2,144,890
								8,567,460
	Metal Fabricate & Hardware(c) – 0.1%
	Grinding Media, Inc. (3 mo. USD Term SOFR + 4.000%)
		2,608,125		9.555		10/12/28		2,598,345
	Packaging – 0.3%
	LABL, Inc. (1 mo. USD Term SOFR + 5.000%)
		1,857,250		10.416	(c)	10/29/28		1,815,926
	LC Ahab U.S. Bidco LLC
		950,000		0.000	(l)	04/11/31		947,625

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(k) – (continued)
Packaging – (continued)
Pretium Packaging LLC (3 mo. USD Term SOFR + 5.000%)
$	3,000,244		10.327	%(c)	10/02/28	$	3,034,537
Reynolds Group Holdings, Inc. (1 mo. USD Term SOFR + 3.250%)
	593,885		8.695	(c)	02/05/26		596,706
							6,394,794
Pharmaceuticals(c) – 0.3%
Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%)
	6,192,000		9.409		10/01/27		5,895,961
Pipelines(c) – 0.3%
CQP Holdco LP (3 mo. USD Term SOFR + 3.000%)
	2,962,553		8.302		12/31/30		2,970,256
EPIC Y-Grade Services LP (3 mo. USD Term SOFR + 5.750%)
	4,150,000		11.052		06/29/29		4,097,378
							7,067,634
Software(c) – 0.7%
AppLovin Corp. (1 mo. USD Term SOFR + 2.500%)
	824,175		7.816		08/16/30		823,491
Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.250%)
	2,364,891		0.000		02/15/29		2,358,978
DCert Buyer, Inc.
(1 mo. USD Term SOFR + 4.000%)
	4,516,317		9.316		10/16/26		4,502,271
(1 mo. USD Term SOFR + 7.000%)
	2,700,000		12.316		02/19/29		2,421,576
Dun & Bradstreet Corp.
	3,326,851		8.068		01/18/29		3,331,942
iSolved, Inc. (3 mo. USD Term SOFR + 3.500%)
	1,223,125		8.819		10/14/30		1,225,057
Loyalty Ventures, Inc. (3 mo. U.S. (Fed) Prime Rate + 5.500%)
	2,311,532		14.000		11/03/27		20,226
UKG, Inc. (3 mo. USD Term SOFR + 3.500%)
	1,219,847		8.814		02/10/31		1,225,129
							15,908,670
Telecommunications(c) – 0.1%
Level 3 Financing, Inc. (1 mo. USD Term SOFR + 1.750%)
	1,568,485		7.191		03/01/27		1,539,076
TOTAL BANK LOANS (Cost $125,636,260)						$	120,738,377
Sovereign Debt Obligations – 0.5%
United States Dollar – 0.5%
Angola Government International Bonds
$	570,000		9.125	%	11/26/49	$	476,306
Bahrain Government International Bonds
	540,000		5.625		05/18/34		474,019
Benin Government International Bonds
EUR	350,000		4.875		01/19/32		316,091
Ecuador Government International Bonds
$	57,283		0.000	(b)(f)	07/31/30		31,105

  

26  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

	Principal Amount		Interest Rate			Maturity Date	Value
	Sovereign Debt Obligations – (continued)
	United States Dollar – (continued)
	$	550,000		3.500	%(m)	07/31/35	$	299,750
	Egypt Government International Bonds
		880,000		8.875		05/29/50		691,592
	El Salvador Government International Bonds (a)
		720,000		7.125		01/20/50		460,800
	Guatemala Government Bonds (a)
		766,000		6.125		06/01/50		670,250
	Hungary Government International Bonds
		730,000		3.125		09/21/51		432,269
	Ivory Coast Government International Bonds (b)
		450,000		6.375		03/03/28		436,736
	Mexico Government International Bonds (a)
		200,000		5.400		02/09/28		197,688
	National Bank of Uzbekistan
		200,000		4.850		10/21/25		191,200
	Nigeria Government International Bonds
		400,000		7.625		11/28/47		297,750
		320,000		8.250		09/28/51		250,900
	Oman Government International Bonds
		280,000		5.625		01/17/28		275,464
		200,000		6.250	(b)	01/25/31		202,188
		980,000		6.500		03/08/47		950,404
	Pakistan Government International Bonds
		540,000		8.875		04/08/51		412,425
	Panama Government International Bonds
		930,000		4.300		04/29/53		572,531
	Paraguay Government International Bonds (a)
		820,000		5.400		03/30/50		682,906
	Republic of South Africa Government International Bonds
		710,000		5.000		10/12/46		462,387
	Romania Government International Bonds
		1,030,000		4.000		02/14/51		690,100
	Turkiye Government International Bonds
		300,000		9.875		01/15/28		329,438
		260,000		6.125		10/24/28		252,473
	Ukraine Government International Bonds
		220,000		7.750		09/01/25		68,750
	TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $10,154,756)						$	10,125,522
	Shares		Dividend Rate				Value
	Preferred Stocks – 0.4%
	Capital Markets(a)(c) – 0.2%
	Morgan Stanley
		183,597		6.375%			$	4,575,237
	Diversified Telecommunication Services(a) – 0.0%
	Qwest Corp.
		43,276		6.500				420,643

	Shares		Dividend Rate				Value
	Preferred Stocks – (continued)
	Insurance(c)(i) – 0.2%
	Delphi Financial Group, Inc. (3 mo. USD Term SOFR + 3.452%)
	143,849			8.759%			$	3,416,414
	TOTAL PREFERRED STOCKS (Cost $8,780,988)						$	8,412,294
	Units		Expiration Date				Value
	Warrants(i) – 0.0%
	Noble Corp. PLC
	5,288			02/04/28			$	112,264
	(Cost $13,220)
	Principal Amount		Interest Rate			Maturity Date	Value
	Mortgage-Backed Obligations(a)(c) – 0.0%
	Collateralized Mortgage Obligations – 0.0%
	Sequential Floating Rate – 0.0%
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1 (1 mo. USD Term SOFR + 0.304%)
	$	113,140		5.621	%	07/25/47	$	97,757
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							97,757
	TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $43,842)						$	97,757
	Shares		Description				Value
	Exchange Traded Funds – 1.3%
		71,378		Energy Select Sector SPDR Fund			$	6,675,271
		811,862		Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF				11,447,254
		29,382		Invesco QQQ Trust				12,475,303
	TOTAL EXCHANGE TRADED FUNDS (Cost $29,251,276)						$	30,597,828
	Shares		Dividend Rate				Value
	Investment Companies(n) – 3.1%
	Goldman Sachs Financial Square Government Fund — Class R6
		17,862,489		5.223%			$	17,862,489
	Goldman Sachs Financial Square Government Fund — Institutional Shares
		21,322,954		5.223				21,322,954

  

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares		Dividend Rate		Value
Investment Companies(n) – (continued)
Goldman Sachs MLP Energy Infrastructure Fund — Class R6
	917,877		3.263%	$	32,841,622
TOTAL INVESTMENT COMPANIES (Cost $54,866,506)				$	72,027,065
Securities Lending Reinvestment Vehicle(n) – 0.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	9,486,428		5.223%	$	9,486,428
(Cost $9,486,428)
TOTAL INVESTMENTS – 97.4% (Cost $2,119,419,064)				$	2,238,210,307
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%					60,873,696
NET ASSETS – 100.0%				$	2,299,084,003

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on April 30, 2024.

(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Pay-in-kind securities.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on April 30, 2024.
(h)	Guaranteed by a foreign government until maturity.
(i)	Security is currently in default and/or non-income producing.
(j)	All or a portion of security is on loan.
(k)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on April 30, 2024. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(l)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(m)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on April 30, 2024.
(n)	Represents an Affiliated Issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2024, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain
MS & Co. Int. PLC	USD	26,519,741	EUR	24,534,339	05/08/24		$328,447

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
MS & Co. Int. PLC	EUR	1,231,314	USD	1,323,285	05/08/24		$(8,813)

  

28  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INCOME BUILDER FUND

 

 

 

 

 

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		598		06/18/24	$	1,074,375			$(1,643,503	)
2 Year U.S. Treasury Notes		103		06/28/24		1,215,938			(192,158	)
20 Year U.S. Treasury Bonds		474		06/18/24		3,300,563			(1,824,943	)
E-Mini Nasdaq 100 Index		33		06/21/24		11,597,025			(20,849	)
S&P 500 E-Mini Index		181		06/21/24		45,856,350			(1,433,277	)
TOPIX Index		58		06/13/24		10,102,146			79,126
Ultra 10-Year U.S. Treasury Note		15		06/18/24		1,653,281			(53,666	)
Ultra Long U.S. Treasury Bonds		511		06/18/24		3,347,750			(3,876,688	)
Xai Emini Index		137		06/21/24		16,878,400			(410,712	)
Total									$(9,376,670	)
Short position contracts:
10 Year German Euro-Bund		(31)		06/06/24		(4,303,465	)		77,368
10 Year U.S. Treasury Notes		(575)		06/18/24		(61,776,563	)		1,674,235
5 Year German Euro-Bobl		(49)		06/06/24		(6,088,454	)		76,486
5 Year U.S. Treasury Notes		(693)		06/28/24		(733,195	)		1,404,594
Ultra 10-Year U.S. Treasury Note		(250)		06/18/24		(27,554,688	)		910,880
Total									$ 4,143,563
TOTAL FUTURES CONTRACTS									$(5,233,107	)

SWAP CONTRACTS — At April 30, 2024, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)(a)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
4.500%(b)	12M SOFR(c)		06/20/25		$	3,447		$     23,344			$    10,027			$    13,317
4.000(c)	12M SOFR(c)		06/20/26			6,404		106,658			45,854			60,804
3.000(c)	6M EURO(d)		06/19/27		EUR	190		725			(829	)		1,554
12M SOFR(c)	4.000%(c)		06/20/27		$	15,519		(287,424	)		(63,785	)		(223,639	)
3.000(c)	6M EURO(d)		06/19/29		EUR	460		(1,546	)		(6,743	)		5,197
12M SOFR(c)	3.750(c)		06/20/29		$	134,903		(4,072,326	)		(1,268,412	)		(2,803,914	)
3.000(c)	6M EURO(d)		06/19/31		EUR	230		(2,109	)		(5,330	)		3,221
3.750(c)	12M SOFR(c)		06/20/31		$	23,911		840,954			182,140			658,814
12M SOFR(c)	3.750(c)		06/20/34			149,486		(6,424,221	)		(23,527	)		(6,400,694	)
12M SOFR(c)	3.750(c)		06/20/44			261		(16,384	)		(3,637	)		(12,747	)
12M SOFR(c)	3.500(c)		06/20/54			9,789		(853,158	)		(286,476	)		(566,682	)
TOTAL								$(10,685,487	)		$(1,420,718	)		$(9,264,769	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2024.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

  

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INCOME BUILDER FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At April 30, 2024, the Fund had the following written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
STOX Index	UBS AG (London)		$5,074.201		05/15/2024		(3,669	)		$ (1,861,724,347	)		$ (18,049	)		$(110,762	)		$ 92,713
SPX Index	UBS AG (London)		5,218.740		05/15/2024		(7,515	)		(3,921,883,110	)		(42,299	)		(237,748	)		195,449
STOX Index	UBS AG (London)		5,014.723		05/31/2024		(3,710	)		(1,860,462,233	)		(106,932	)		(87,681	)		(19,251	)
SPX Index	Citibank NA		5,176.689		05/31/2024		(7,538	)		(3,902,188,168	)		(195,489	)		(195,489	)		—
Total written option contracts							(22,432	)		$(11,546,257,858	)		$(362,769	)		$(631,680	)		$268,911
TOTAL							(22,432	)		$(11,546,257,858	)		$(362,769	)		$(631,680	)		$268,911

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar

 

Investment Abbreviations:
ADR	—American Depositary Receipt
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
EURIBOR	—Euro Interbank Offered Rate
ICE	—Inter-Continental Exchange
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MLP	—Master Limited Partnership
MTN	—Medium Term Note
PIK	—Payment in kind
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
SOFR	—Secured Overnight Financing Rate
SPDR	—Standard and Poor’s Depository Receipt

Abbreviations:
EURO	—Euro Offered Rate
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
SOFR	—Secured Overnight Financing Rate

 

  

30  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.2%
Banks – 1.3%
44,485	Comerica, Inc.	$	2,231,813
2,495	First Citizens BancShares, Inc. Class A		4,208,466
			6,440,279
Biotechnology – 2.4%
35,240	AbbVie, Inc.		5,731,433
20,621	Amgen, Inc.		5,648,917
			11,380,350
Broadline Retail – 0.5%
5,420	Dillard’s, Inc. Class A		2,373,906
Building Products – 2.5%
36,630	A O Smith Corp.		3,034,429
7,590	Lennox International, Inc.		3,517,358
46,200	Masco Corp.		3,162,390
20,650	UFP Industries, Inc.		2,327,255
			12,041,432
Capital Markets – 4.6%
72,590	Charles Schwab Corp.		5,368,030
12,162	Evercore, Inc. Class A		2,207,403
7,925	FactSet Research Systems, Inc.		3,303,853
12,195	MarketAxess Holdings, Inc.		2,440,098
12,690	Moody’s Corp.		4,699,488
34,696	T Rowe Price Group, Inc.		3,801,641
			21,820,513
Chemicals – 0.8%
12,384	Sherwin-Williams Co.		3,710,370
Commerical Services & Supplies – 0.8%
88,557	Rollins, Inc.		3,946,100
Communications Equipment – 1.3%
17,898	Motorola Solutions, Inc.		6,070,107
Consumer Finance – 0.9%
34,100	Discover Financial Services		4,321,493
Consumer Staples Distribution & Retail – 2.0%
7,559	Costco Wholesale Corp.		5,464,401
77,452	Kroger Co.		4,289,292
			9,753,693
Distributors – 0.6%
8,495	Pool Corp.		3,079,692
Diversified Telecommunication Services – 0.6%
46,710	Cogent Communications Holdings, Inc.		2,997,848
Electric Utilities – 0.9%
67,357	NextEra Energy, Inc.		4,510,898
Electronic Equipment, Instruments & Components – 4.9%
55,966	Amphenol Corp. Class A		6,759,014
15,190	Badger Meter, Inc.		2,778,555
23,320	CDW Corp.		5,640,175
172,566	Corning, Inc.		5,760,253

Shares	Description	Value
Common Stocks – (continued)
Electronic Equipment, Instruments & Components – (continued)
11,805	Littelfuse, Inc.	$	2,722,705
			23,660,702
Energy Equipment & Services – 0.5%
36,088	Archrock, Inc.		692,529
31,152	Atlas Energy Solutions, Inc.		691,886
26,255	Kodiak Gas Services, Inc.		713,611
14,341	USA Compression Partners LP		347,482
			2,445,508
Financial Services – 2.3%
12,228	Mastercard, Inc. Class A		5,517,273
20,885	Visa, Inc. Class A		5,609,920
			11,127,193
Food Products – 2.0%
23,020	Hershey Co.		4,464,038
73,110	Mondelez International, Inc. Class A		5,259,534
			9,723,572
Gas Utilities – 0.2%
35,999	Suburban Propane Partners LP		703,060
Ground Transportation – 0.5%
12,605	Landstar System, Inc.		2,198,438
Health Care Providers & Services – 3.4%
1	CVS Health Corp.		68
10,547	Elevance Health, Inc.		5,574,933
14,146	Humana, Inc.		4,273,365
12,984	UnitedHealth Group, Inc.		6,280,361
			16,128,727
Hotels, Restaurants & Leisure – 2.1%
7,115	Domino’s Pizza, Inc.		3,765,756
19,275	Papa John’s International, Inc.		1,189,075
57,534	Starbucks Corp.		5,091,183
			10,046,014
Independent Power and Renewable Electricity Producers – 0.6%
154,305	AES Corp.		2,762,060
Insurance – 2.2%
22,680	American Financial Group, Inc.		2,897,370
25,220	Marsh & McLennan Cos., Inc.		5,029,624
11,430	Primerica, Inc.		2,421,560
			10,348,554
IT Services – 2.2%
23,195	Accenture PLC Class A		6,979,607
42,895	Amdocs Ltd.		3,602,751
			10,582,358
Life Sciences Tools & Services – 2.4%
23,399	Danaher Corp.		5,770,662
10,135	Thermo Fisher Scientific, Inc.		5,763,977
			11,534,639

  

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Machinery – 1.7%
	36,578	Graco, Inc.	$	2,933,556
	40,820	Mueller Industries, Inc.		2,278,572
	31,550	Toro Co.		2,763,464
				7,975,592
	Media – 5.5%
	286,034	Comcast Corp. Class A		10,900,756
	208,458	Interpublic Group of Cos., Inc.		6,345,461
	114,820	New York Times Co. Class A		4,940,705
	25,780	Nexstar Media Group, Inc.		4,126,347
				26,313,269
	Metals & Mining – 1.1%
	8,990	Reliance, Inc.		2,559,633
	21,844	Steel Dynamics, Inc.		2,842,341
				5,401,974
	Multi-Utilities – 0.5%
	92,205	NiSource, Inc.		2,568,831
	Oil, Gas & Consumable Fuels – 14.1%
	28,678	Cheniere Energy Partners LP		1,389,449
	16,758	Cheniere Energy, Inc.		2,644,748
	13,749	Delek Logistics Partners LP		542,948
	31,490	DT Midstream, Inc.		1,958,678
	10,101	Enbridge, Inc.		358,990
	566,885	Energy Transfer LP		8,917,101
	256,576	EnLink Midstream LLC*		3,520,223
	278,739	Enterprise Products Partners LP		7,826,991
	6,072	Exxon Mobil Corp.		718,135
	74,615	Genesis Energy LP		882,695
	15,281	Global Partners LP Class E		716,526
	108,895	Hess Midstream LP Class A		3,713,320
	4,416	Kinetik Holdings, Inc.		169,309
	207,236	MPLX LP		8,662,465
	284,180	NuStar Energy LP		6,413,943
	17,974	ONEOK, Inc.		1,422,103
	388,386	Plains All American Pipeline LP		6,691,891
	31,618	Sunoco LP		1,780,093
	18,534	Targa Resources Corp.		2,113,988
	159,871	Western Midstream Partners LP		5,451,601
	41,501	Williams Cos., Inc.		1,591,978
				67,487,175
	Personal Products – 1.3%
	31,754	Estee Lauder Cos., Inc. Class A		4,658,629
	12,850	Inter Parfums, Inc.		1,495,483
				6,154,112
	Pharmaceuticals – 2.8%
	7,825	Eli Lilly & Co.		6,112,107
	56,875	Perrigo Co. PLC		1,857,538
	32,840	Zoetis, Inc.		5,229,442
				13,199,087
	Professional Services – 0.5%
	35,185	Robert Half, Inc.		2,432,691

	Shares	Description	Value
	Common Stocks – (continued)
	Residential REITs – 0.5%
	36,845	Equity LifeStyle Properties, Inc.	$	2,221,385
	Semiconductors & Semiconductor Equipment – 9.4%
	34,910	Applied Materials, Inc.		6,934,871
	9,692	KLA Corp.		6,680,599
	7,225	Lam Research Corp.		6,462,112
	8,615	Monolithic Power Systems, Inc.		5,766,278
	30,782	Power Integrations, Inc.		2,053,775
	43,540	Skyworks Solutions, Inc.		4,640,929
	42,050	Teradyne, Inc.		4,891,256
	42,819	Texas Instruments, Inc.		7,554,128
				44,983,948
	Software – 6.1%
	17,575	InterDigital, Inc.		1,735,180
	11,778	Intuit, Inc.		7,368,553
	18,401	Microsoft Corp.		7,164,061
	61,811	Oracle Corp.		7,031,001
	11,524	Roper Technologies, Inc.		5,894,065
				29,192,860
	Specialized REITs – 1.4%
	20,859	American Tower Corp.		3,578,570
	22,700	Extra Space Storage, Inc.		3,048,156
				6,626,726
	Specialty Retail – 4.6%
	44,684	Best Buy Co., Inc.		3,290,530
	16,331	Home Depot, Inc.		5,458,147
	22,417	Lowe’s Cos., Inc.		5,110,852
	16,465	Tractor Supply Co.		4,496,262
	12,407	Williams-Sonoma, Inc.		3,558,079
				21,913,870
	Technology Hardware, Storage & Peripherals – 2.2%
	194,146	HP, Inc.		5,453,561
	49,660	NetApp, Inc.		5,075,749
				10,529,310
	Textiles, Apparel & Luxury Goods – 1.3%
	55,835	NIKE, Inc. Class B		5,151,337
	11,220	Oxford Industries, Inc.		1,209,292
				6,360,629
	Trading Companies & Distributors – 1.7%
	63,398	Fastenal Co.		4,307,260
	8,342	Watsco, Inc.		3,734,880
				8,042,140
	TOTAL COMMON STOCKS
	(Cost $330,420,660)		$	465,111,105

  

32  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

 

 

 

 

 

 

Shares	Dividend Rate	Value
Investment Companies(a) – 2.0%
Goldman Sachs Financial Square Government Fund — Class R6
9,318,523	5.223%	$	9,318,523
Goldman Sachs Financial Square Government Fund — Institutional Shares
260,559	5.223		260,559
TOTAL INVESTMENT COMPANIES (Cost $9,579,082)		$	9,579,082
TOTAL INVESTMENTS – 99.2% (Cost $ 339,999,742)		$	474,690,187
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			3,600,756
NET ASSETS – 100.0%		$	478,290,943

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)	Represents an Affiliated Issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	56	06/21/24	$	9,880,650		$(470,077)

Investment Abbreviations:
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company

 

  

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

 Statements of Assets and Liabilities

  April 30, 2024 (Unaudited)

 

	Income Builder Fund			Rising Dividend Growth Fund
Assets:
Investments in unaffiliated issuers, at value (cost $2,055,066,130 and $330,420,660, respectively)(a)		$2,156,696,814			$465,111,105
Investments in affiliated issuers, at value (cost $54,866,506 and $9,579,082, respectively)		72,027,065			9,579,082
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		9,486,428			—
Cash		36,008,873			534,459
Foreign currencies, at value (cost $347,589 and $0, respectively)		334,135			—
Unrealized gain on forward foreign currency exchange contracts		328,447			—
Receivables:
Interest and dividends		20,267,457			895,764
Collateral on certain derivative contracts(b)		19,797,487			726,880
Fund shares sold		2,981,696			137,141
Investments sold		1,714,823			2,680,812
Foreign tax reclaims		1,355,937			62,144
Reimbursement from investment adviser		80,964			40,755
Securities lending income		25,892			—
Investments sold on an extended-settlement basis		—			35,321
Other assets		109,080			77,468
Total assets		2,321,215,098			479,880,931
Liabilities:
Variation margin on swaps contracts		1,159,380			—
Variation margin on futures contracts		941,945			224,056
Written option contracts, at value (premium received $631,680 and $0, respectively)		362,769			—
Unrealized loss on forward foreign currency exchange contracts		8,813			—
Payables:
Payable upon return of securities loaned		9,486,428			—
Investments purchased on an extended-settlement basis		3,276,339			—
Fund shares redeemed		2,967,961			669,969
Investments purchased		2,234,709			42,522
Management fees		805,317			256,841
Distribution and Service fees and Transfer Agency fees		424,979			119,497
Accrued expenses		462,455			277,103
Total liabilities		22,131,095			1,589,988
Net Assets:
Paid-in capital		2,226,099,415			331,456,016
Total distributable earnings		72,984,588			146,834,927
NET ASSETS		$2,299,084,003			$478,290,943
Net Assets:
Class A		$  613,019,926			$254,215,408
Class C		171,490,158			22,494,323
Institutional		1,012,837,385			113,155,983
Investor		433,737,962			67,555,749
Class R6		42,185,571			6,053,567
Class R		—			1,338,960
Class P		25,813,001			13,476,953
Total Net Assets		$2,299,084,003			$478,290,943
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		25,326,262			21,853,473
Class C		7,236,670			1,877,896
Institutional		40,675,262			8,954,332
Investor		17,484,861			5,359,628
Class R6		1,694,727			479,401
Class R		—			115,966
Class P		1,036,744			1,066,281
Net asset value, offering and redemption price per share:(c)
Class A		$24.20			$11.63
Class C		23.70			11.98
Institutional		24.90			12.64
Investor		24.81			12.60
Class R6		24.89			12.63
Class R		—			11.55
Class P		24.90			12.64

(a) Includes loaned securities having a market value of $9,295,315 and $0, respectively.

(b) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps		Forwards
Income Builder Fund	$	8,755,308	$	10,902,179		$140,000
Rising Dividend Growth Fund		726,880		—		—

(c) Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $25.61 and $12.31, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

  

34  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Statements of Operations

For the Six Months Ended April 30, 2024 (Unaudited)

 

	Income Builder Fund			Rising Dividend Growth Fund
Investment Income:
Interest (net of foreign withholding taxes of $300 and $0, respectively)		$ 40,761,436			$    18,290
Dividends — unaffiliated issuers (net of tax withholding of $332,057 and $2,962, respectively)		11,877,011			4,150,451
Dividends — affiliated issuers		2,116,730			272,420
Securities lending income, net of rebates received or paid to borrowers		78,179			—
Total investment income		54,833,356			4,441,161
Expenses:
Management fees		5,739,184			1,788,066
Distribution and Service (12b-1) fees(a)		1,423,544			406,879
Transfer Agency fees(a)		926,873			284,746
Service fees — Class C		226,695			29,750
Printing and mailing costs		167,593			50,645
Custody, accounting and administrative services		153,786			62,747
Registration fees		75,252			60,683
Professional fees		67,773			75,757
Trustee fees		12,117			10,917
Other		17,966			12,001
Total expenses		8,810,783			2,782,191
Less — expense reductions		(1,419,222	)		(582,170	)
Net expenses		7,391,561			2,200,021
NET INVESTMENT INCOME		47,441,795			2,241,140
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		11,493,292			25,836,811
Futures contracts		7,967,956			1,590,600
Written options		(8,820,491	)		—
Swap contracts		(38,339	)		—
Forward foreign currency exchange contracts		104,014			—
Foreign currency transactions		(141,987	)		64
Net change in unrealized gain (loss) on:
Investments — affiliated issuers		3,756,780			—
Investments — unaffiliated issuers		190,033,563			47,995,329
Futures contracts		3,982,313			494,742
Written options		119,361			—
Swap contracts		(2,676,105	)		—
Forward foreign currency exchange contracts		50,921			—
Foreign currency translation		24,412			—
Net realized and unrealized gain		205,855,690			75,917,546
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$253,297,485			$78,158,686

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Income Builder Fund		$743,459		$680,085		$ —		$356,860		$108,814		$196,146		$254,296		$6,396		$ —		$4,361
Rising Dividend Growth Fund		314,164		89,250		3,465		188,498		17,850		22,407		52,139		921		1,040		1,891

  

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Statements of Changes in Net Assets

 

		Income Builder Fund						Rising Dividend Growth Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income		$   47,441,795			$   99,456,743			$    2,241,140			$    4,570,385
	Net realized gain (loss)		10,564,445			(7,652,021	)		27,427,475			46,855,231
	Net change in unrealized gain (loss)		195,291,245			(31,990,092	)		48,490,071			(32,548,494	)
	Net increase in net assets resulting from operations		253,297,485			59,814,630			78,158,686			18,877,122
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(12,262,826	)		(25,025,157	)		(16,131,925	)		(37,009,107	)
	Class C Shares		(3,070,740	)		(8,386,590	)		(1,494,847	)		(5,482,663	)
	Institutional Shares		(21,283,066	)		(48,071,340	)		(6,753,571	)		(15,912,617	)
	Investor Shares		(9,013,756	)		(19,418,894	)		(4,271,246	)		(9,773,523	)
	Class R6 Shares		(918,645	)		(1,887,663	)		(385,069	)		(525,668	)
	Class R Shares		—			—			(86,557	)		(204,263	)
	Class P Shares		(620,590	)		(1,674,317	)		(782,802	)		(2,194,943	)
	Return of capital:
	Class A Shares		—			(68,487	)		—			—
	Class C Shares		—			(22,952	)		—			—
	Institutional Shares		—			(131,557	)		—			—
	Investor Shares		—			(53,144	)		—			—
	Class R6 Shares		—			(5,166	)		—			—
	Class P Shares		—			(4,582	)		—			—
	Total distributions to shareholders		(47,169,623	)		(104,749,849	)		(29,906,017	)		(71,102,784	)
	From share transactions:
	Proceeds from sales of shares		265,890,766			587,855,935			26,516,265			75,086,284
	Reinvestment of distributions		42,731,113			93,973,415			28,407,268			67,611,063
	Cost of shares redeemed		(325,063,232	)		(792,159,058	)		(67,565,051	)		(121,791,713	)
	Net increase (decrease) in net assets resulting from share transactions		(16,441,353	)		(110,329,708	)		(12,641,518	)		20,905,634
	TOTAL INCREASE (DECREASE)		189,686,509			(155,264,927	)		35,611,151			(31,320,028	)
	Net assets:
	Beginning of period		2,109,397,494			2,264,662,421			442,679,792			473,999,820
	End of period		$2,299,084,003			$2,109,397,494			$478,290,943			$ 442,679,792

  

36  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.04			$	22.54			$	26.97			$	23.40			$	23.67			$	21.67
	Net investment income(a)			0.49				0.97				0.83				0.81				0.73				0.82
	Net realized and unrealized gain (loss)			2.16				(0.43	)			(3.47	)			3.58				(0.21	)			2.02
	Total from investment operations			2.65				0.54				(2.64	)			4.39				0.52				2.84
	Distributions to shareholders from net investment income			(0.49	)			(1.04	)			(0.86	)			(0.82	)			(0.76	)			(0.84	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.03	)			—
	Total distributions			(0.49	)			(1.04	)			(1.79	)			(0.82	)			(0.79	)			(0.84	)
	Net asset value, end of period		$	24.20			$	22.04			$	22.54			$	26.97			$	23.40			$	23.67
	Total return(c)			12.15	%			2.30	%			(10.34	)%			18.90	%			2.29	%			13.34	%
	Net assets, end of period (in 000s)		$	613,020			$	541,496			$	524,002			$	505,134			$	328,039			$	314,951
	Ratio of net expenses to average net assets			0.80	%(d)			0.80	%			0.79	%			0.79	%			0.92	%			0.95	%
	Ratio of total expenses to average net assets			0.92	%(d)			0.93	%			0.92	%			0.92	%			0.98	%			1.00	%
	Ratio of net investment income to average net assets			4.06	%(d)			4.18	%			3.42	%			3.07	%			3.15	%			3.63	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.58			$	22.09			$	26.47			$	22.98			$	23.26			$	21.31
	Net investment income(a)			0.39				0.78				0.64				0.60				0.55				0.64
	Net realized and unrealized gain (loss)			2.13				(0.42	)			(3.41	)			3.51				(0.21	)			1.98
	Total from investment operations			2.52				0.36				(2.77	)			4.11				0.34				2.62
	Distributions to shareholders from net investment income			(0.40	)			(0.87	)			(0.68	)			(0.62	)			(0.60	)			(0.67	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.02	)			—
	Total distributions			(0.40	)			(0.87	)			(1.61	)			(0.62	)			(0.62	)			(0.67	)
	Net asset value, end of period		$	23.70			$	21.58			$	22.09			$	26.47			$	22.98			$	23.26
	Total return(c)			11.70	%			1.52	%			(10.99	)%			18.01	%			1.57	%			12.44	%
	Net assets, end of period (in 000s)		$	171,490			$	182,505			$	243,523			$	368,881			$	380,590			$	463,483
	Ratio of net expenses to average net assets			1.55	%(d)			1.55	%			1.54	%			1.54	%			1.67	%			1.70	%
	Ratio of total expenses to average net assets			1.67	%(d)			1.68	%			1.67	%			1.67	%			1.73	%			1.75	%
	Ratio of net investment income to average net assets			3.32	%(d)			3.43	%			2.64	%			2.32	%			2.41	%			2.88	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

38  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.65			$	23.14			$	27.64			$	23.96			$	24.21			$	22.15
	Net investment income(a)			0.54				1.07				0.94				0.91				0.84				0.93
	Net realized and unrealized gain (loss)			2.24				(0.44	)			(3.57	)			3.67				(0.21	)			2.06
	Total from investment operations			2.78				0.63				(2.63	)			4.58				0.63				2.99
	Distributions to shareholders from net investment income			(0.53	)			(1.12	)			(0.94	)			(0.90	)			(0.85	)			(0.93	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.03	)			—
	Total distributions			(0.53	)			(1.12	)			(1.87	)			(0.90	)			(0.88	)			(0.93	)
	Net asset value, end of period		$	24.90			$	22.65			$	23.14			$	27.64			$	23.96			$	24.21
	Total return(c)			12.30	%			2.61	%			(10.02	)%			19.29	%			2.68	%			13.76	%
	Net assets, end of period (in 000s)		$	1,012,837			$	921,860			$	993,214			$	1,061,582			$	669,848			$	609,414
	Ratio of net expenses to average net assets			0.47	%(d)			0.47	%			0.46	%			0.46	%			0.56	%			0.57	%
	Ratio of total expenses to average net assets			0.59	%(d)			0.60	%			0.59	%			0.59	%			0.62	%			0.61	%
	Ratio of net investment income to average net assets			4.39	%(d)			4.51	%			3.75	%			3.40	%			3.52	%			4.03	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.57			$	23.06			$	27.55			$	23.89			$	24.14			$	22.09
	Net investment income(a)			0.53				1.05				0.91				0.89				0.81				0.89
	Net realized and unrealized gain (loss)			2.23				(0.44	)			(3.55	)			3.65				(0.21	)			2.05
	Total from investment operations			2.76				0.61				(2.64	)			4.54				0.60				2.94
	Distributions to shareholders from net investment income			(0.52	)			(1.10	)			(0.92	)			(0.88	)			(0.82	)			(0.89	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.03	)			—
	Total distributions			(0.52	)			(1.10	)			(1.85	)			(0.88	)			(0.85	)			(0.89	)
	Net asset value, end of period		$	24.81			$	22.57			$	23.06			$	27.55			$	23.89			$	24.14
	Total return(c)			12.30	%			2.49	%			(10.09	)%			19.22	%			2.53	%			13.59	%
	Net assets, end of period (in 000s)		$	433,738			$	392,480			$	421,142			$	355,534			$	256,919			$	263,228
	Ratio of net expenses to average net assets			0.55	%(d)			0.55	%			0.54	%			0.54	%			0.67	%			0.70	%
	Ratio of total expenses to average net assets			0.67	%(d)			0.68	%			0.67	%			0.67	%			0.73	%			0.75	%
	Ratio of net investment income to average net assets			4.31	%(d)			4.43	%			3.68	%			3.32	%			3.40	%			3.87	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

40  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.65			$	23.13			$	27.64			$	23.95			$	24.21			$	22.15
	Net investment income(a)			0.54				1.07				0.94				0.92				0.83				0.93
	Net realized and unrealized gain (loss)			2.23				(0.43	)			(3.58	)			3.67				(0.21	)			2.06
	Total from investment operations			2.77				0.64				(2.64	)			4.59				0.62				2.99
	Distributions to shareholders from net investment income			(0.53	)			(1.12	)			(0.94	)			(0.90	)			(0.85	)			(0.93	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.03	)			—
	Total distributions			(0.53	)			(1.12	)			(1.87	)			(0.90	)			(0.88	)			(0.93	)
	Net asset value, end of period		$	24.89			$	22.65			$	23.13			$	27.64			$	23.95			$	24.21
	Total return(c)			12.31	%			2.62	%			(10.05	)%			19.35	%			2.70	%			13.72	%
	Net assets, end of period (in 000s)		$	42,186			$	40,051			$	39,187			$	25,215			$	65,293			$	10,486
	Ratio of net expenses to average net assets			0.46	%(d)			0.46	%			0.45	%			0.46	%			0.54	%			0.56	%
	Ratio of total expenses to average net assets			0.58	%(d)			0.59	%			0.58	%			0.58	%			0.61	%			0.61	%
	Ratio of net investment income to average net assets			4.40	%(d)			4.52	%			3.76	%			3.44	%			3.51	%			3.96	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Income Builder Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.65			$	23.14			$	27.64			$	23.96			$	24.21			$	22.15
	Net investment income(a)			0.54				1.08				0.94				0.91				0.84				0.94
	Net realized and unrealized gain (loss)			2.24				(0.45	)			(3.57	)			3.68				(0.21	)			2.05
	Total from investment operations			2.78				0.63				(2.63	)			4.59				0.63				2.99
	Distributions to shareholders from net investment income			(0.53	)			(1.12	)			(0.94	)			(0.91	)			(0.85	)			(0.93	)
	Distributions to shareholders from net realized gains			—				—				(0.93	)			—				—				—
	Distributions to shareholders from return of capital			—				—	(b)			—				—				(0.03	)			—
	Total distributions			(0.53	)			(1.12	)			(1.87	)			(0.91	)			(0.88	)			(0.93	)
	Net asset value, end of period		$	24.90			$	22.65			$	23.14			$	27.64			$	23.96			$	24.21
	Total return(c)			12.35	%			2.62	%			(10.05	)%			19.31	%			2.70	%			13.77	%
	Net assets, end of period (in 000s)		$	25,813			$	31,006			$	43,595			$	52,764			$	16,404			$	13,919
	Ratio of net expenses to average net assets			0.46	%(d)			0.46	%			0.45	%			0.45	%			0.55	%			0.56	%
	Ratio of total expenses to average net assets			0.58	%(d)			0.59	%			0.58	%			0.58	%			0.61	%			0.61	%
	Ratio of net investment income to average net assets			4.40	%(d)			4.52	%			3.75	%			3.38	%			3.51	%			4.04	%
	Portfolio turnover rate(e)			12	%			29	%			25	%			47	%			46	%			47	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than ($0.005) per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

42  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.52			$	11.87			$	13.87			$	9.81			$	11.18			$	19.56
	Net investment income(a)			0.05				0.10				0.07				0.05				0.08				0.10
	Net realized and unrealized gain (loss)			1.82				0.37				(0.71	)			4.44				(0.23	)			0.78
	Total from investment operations			1.87				0.47				(0.64	)			4.49				(0.15	)			0.88
	Distributions to shareholders from net investment income			(0.08	)			(0.48	)			(0.19	)			(0.39	)			(0.24	)			(0.22	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.76	)			(1.82	)			(1.36	)			(0.43	)			(1.22	)			(9.26	)
	Net asset value, end of period		$	11.63			$	10.52			$	11.87			$	13.87			$	9.81			$	11.18
	Total return(b)			18.09	%			3.71	%			(4.99	)%			46.88	%			(1.80	)%			10.41	%
	Net assets, end of period (in 000s)		$	254,215			$	228,422			$	240,085			$	255,730			$	167,765			$	208,416
	Ratio of net expenses to average net assets			1.01	%(c)			1.02	%			1.03	%			1.03	%			1.09	%			1.15	%
	Ratio of total expenses to average net assets			1.26	%(c)			1.28	%			1.28	%			1.27	%			1.29	%			1.27	%
	Ratio of net investment income to average net assets			0.85	%(c)			0.89	%			0.55	%			0.42	%			0.81	%			0.86	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.81			$	12.14			$	14.13			$	9.99			$	11.36			$	19.71
	Net investment income (loss)(a)			0.01				0.02				(0.02	)			(0.03	)			—	(b)			0.01
	Net realized and unrealized gain (loss)			1.87				0.37				(0.72	)			4.52				(0.23	)			0.80
	Total from investment operations			1.88				0.39				(0.74	)			4.49				(0.23	)			0.81
	Distributions to shareholders from net investment income			(0.03	)			(0.38	)			(0.08	)			(0.31	)			(0.16	)			(0.12	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.71	)			(1.72	)			(1.25	)			(0.35	)			(1.14	)			(9.16	)
	Net asset value, end of period		$	11.98			$	10.81			$	12.14			$	14.13			$	9.99			$	11.36
	Total return(c)			17.69	%			2.90	%			(5.65	)%			45.74	%			(2.50	)%			9.55	%
	Net assets, end of period (in 000s)		$	22,494			$	23,425			$	41,110			$	75,965			$	108,840			$	194,302
	Ratio of net expenses to average net assets			1.76	%(d)			1.77	%			1.78	%			1.78	%			1.84	%			1.90	%
	Ratio of total expenses to average net assets			2.01	%(d)			2.03	%			2.02	%			2.03	%			2.03	%			2.02	%
	Ratio of net investment income (loss) to average net assets			0.11	%(d)			0.16	%			(0.15	)%			(0.23	)%			0.03	%			0.12	%
	Portfolio turnover rate(e)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

44  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.37			$	12.69			$	14.72			$	10.38			$	11.76			$	20.08
	Net investment income(a)			0.07				0.15				0.11				0.10				0.12				0.15
	Net realized and unrealized gain (loss)			1.98				0.38				(0.74	)			4.70				(0.24	)			0.83
	Total from investment operations			2.05				0.53				(0.63	)			4.80				(0.12	)			0.98
	Distributions to shareholders from net investment income			(0.10	)			(0.51	)			(0.23	)			(0.42	)			(0.28	)			(0.26	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.78	)			(1.85	)			(1.40	)			(0.46	)			(1.26	)			(9.30	)
	Net asset value, end of period		$	12.64			$	11.37			$	12.69			$	14.72			$	10.38			$	11.76
	Total return(b)			18.31	%			4.02	%			(4.62	)%			47.16	%			(1.47	)%			10.85	%
	Net assets, end of period (in 000s)		$	113,156			$	105,744			$	108,367			$	130,706			$	97,358			$	191,509
	Ratio of net expenses to average net assets			0.69	%(c)			0.70	%			0.72	%			0.72	%			0.78	%			0.80	%
	Ratio of total expenses to average net assets			0.90	%(c)			0.92	%			0.90	%			0.90	%			0.90	%			0.88	%
	Ratio of net investment income to average net assets			1.17	%(c)			1.21	%			0.87	%			0.75	%			1.10	%			1.25	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.34			$	12.66			$	14.69			$	10.36			$	11.75			$	20.07
	Net investment income(a)			0.07				0.14				0.11				0.09				0.11				0.14
	Net realized and unrealized gain (loss)			1.96				0.38				(0.75	)			4.69				(0.25	)			0.83
	Total from investment operations			2.03				0.52				(0.64	)			4.78				(0.14	)			0.97
	Distributions to shareholders from net investment income			(0.09	)			(0.50	)			(0.22	)			(0.41	)			(0.27	)			(0.25	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.77	)			(1.84	)			(1.39	)			(0.45	)			(1.25	)			(9.29	)
	Net asset value, end of period		$	12.60			$	11.34			$	12.66			$	14.69			$	10.36			$	11.75
	Total return(b)			18.22	%			3.95	%			(4.70	)%			47.09	%			(1.55	)%			10.73	%
	Net assets, end of period (in 000s)		$	67,556			$	65,745			$	64,950			$	71,231			$	64,328			$	105,498
	Ratio of net expenses to average net assets			0.76	%(c)			0.77	%			0.78	%			0.78	%			0.84	%			0.90	%
	Ratio of total expenses to average net assets			1.01	%(c)			1.03	%			1.02	%			1.02	%			1.03	%			1.02	%
	Ratio of net investment income to average net assets			1.10	%(c)			1.15	%			0.81	%			0.71	%			1.04	%			1.13	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

46  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.36			$	12.68			$	14.71			$	10.37			$	11.76			$	20.08
	Net investment income(a)			0.07				0.14				0.11				0.10				0.12				0.14
	Net realized and unrealized gain (loss)			1.98				0.39				(0.74	)			4.70				(0.25	)			0.85
	Total from investment operations			2.05				0.53				(0.63	)			4.80				(0.13	)			0.99
	Distributions to shareholders from net investment income			(0.10	)			(0.51	)			(0.23	)			(0.42	)			(0.28	)			(0.27	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.78	)			(1.85	)			(1.40	)			(0.46	)			(1.26	)			(9.31	)
	Net asset value, end of period		$	12.63			$	11.36			$	12.68			$	14.71			$	10.37			$	11.76
	Total return(b)			18.33	%			4.03	%			(4.62	)%			47.22	%			(1.47	)%			10.78	%
	Net assets, end of period (in 000s)		$	6,054			$	5,831			$	2,738			$	3,063			$	1,868			$	2,240
	Ratio of net expenses to average net assets			0.68	%(c)			0.69	%			0.71	%			0.71	%			0.76	%			0.80	%
	Ratio of total expenses to average net assets			0.89	%(c)			0.91	%			0.89	%			0.89	%			0.90	%			0.89	%
	Ratio of net investment income to average net assets			1.18	%(c)			1.19	%			0.87	%			0.75	%			1.11	%			1.19	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.45			$	11.81			$	13.79			$	9.76			$	11.13			$	19.51
	Net investment income(a)			0.03				0.07				0.04				0.02				0.06				0.07
	Net realized and unrealized gain (loss)			1.82				0.36				(0.69	)			4.42				(0.24	)			0.78
	Total from investment operations			1.85				0.43				(0.65	)			4.44				(0.18	)			0.85
	Distributions to shareholders from net investment income			(0.07	)			(0.45	)			(0.16	)			(0.37	)			(0.21	)			(0.19	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.75	)			(1.79	)			(1.33	)			(0.41	)			(1.19	)			(9.23	)
	Net asset value, end of period		$	11.55			$	10.45			$	11.81			$	13.79			$	9.76			$	11.13
	Total return(b)			17.98	%			3.41	%			(5.10	)%			46.38	%			(2.01	)%			10.08	%
	Net assets, end of period (in 000s)		$	1,339			$	1,198			$	1,346			$	1,357			$	1,131			$	2,575
	Ratio of net expenses to average net assets			1.26	%(c)			1.27	%			1.28	%			1.28	%			1.35	%			1.40	%
	Ratio of total expenses to average net assets			1.51	%(c)			1.53	%			1.52	%			1.52	%			1.53	%			1.52	%
	Ratio of net investment income to average net assets			0.59	%(c)			0.63	%			0.31	%			0.19	%			0.57	%			0.61	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

48  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

 

 

		Rising Dividend Growth Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.37			$	12.69			$	14.72			$	10.38			$	11.76			$	20.08
	Net investment income(a)			0.07				0.15				0.11				0.09				0.12				0.15
	Net realized and unrealized gain (loss)			1.98				0.38				(0.74	)			4.71				(0.24	)			0.84
	Total from investment operations			2.05				0.53				(0.63	)			4.80				(0.12	)			0.99
	Distributions to shareholders from net investment income			(0.10	)			(0.51	)			(0.23	)			(0.42	)			(0.28	)			(0.27	)
	Distributions to shareholders from net realized gains			(0.68	)			(1.34	)			(1.17	)			(0.04	)			(0.98	)			(9.04	)
	Total distributions			(0.78	)			(1.85	)			(1.40	)			(0.46	)			(1.26	)			(9.31	)
	Net asset value, end of period		$	12.64			$	11.37			$	12.69			$	14.72			$	10.38			$	11.76
	Total return(b)			18.31	%			4.02	%			(4.62	)%			47.17	%			(1.46	)%			10.86	%
	Net assets, end of period (in 000s)		$	13,477			$	12,316			$	15,404			$	14,747			$	7,791			$	21,171
	Ratio of net expenses to average net assets			0.68	%(c)			0.69	%			0.71	%			0.71	%			0.77	%			0.79	%
	Ratio of total expenses to average net assets			0.89	%(c)			0.91	%			0.90	%			0.89	%			0.89	%			0.87	%
	Ratio of net investment income to average net assets			1.19	%(c)			1.22	%			0.87	%			0.70	%			1.10	%			1.24	%
	Portfolio turnover rate(d)			30	%			45	%			50	%			38	%			43	%			45	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Notes to Financial Statements

April 30, 2024 (Unaudited)

 

 

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Goldman Sachs Income Builder Fund	A, C, Institutional, Investor, R6 and P	Diversified
Goldman Sachs Rising Dividend Growth Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

  

50

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

 

 

 

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid		Capital Gains Distributions Declared/Paid
Income Builder Fund	Monthly		Annually
Rising Dividend Growth Fund	Quarterly		Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. 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;

  

  51

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A. 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.

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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

  

52

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Income Builder Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower’s discretion. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

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

  

  53

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a 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.

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.

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

B. 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

  

54

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2024:

INCOME BUILDER FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,128,690,146		$	—
Bank Loans		—			117,997,877			2,740,500
Sovereign Debt Obligations		—			10,125,522			—
Mortgage-Backed Obligations		—			97,757			—
Common Stock and/or Other Equity Investments(a)
Asia		32,572,436			30,501			—
Europe		173,063,786			1,269,066			—
North America		633,388,973			—			390
South America		17,597,474			—			—
Securities Lending Reinvestment Vehicle		9,486,428			—			—
Preferred Stocks		—			8,412,294			—
Warrants		—			112,264			—
Exchange Traded Funds		30,597,828			—			—
Investment Companies		72,027,065			—			—
Total	$	968,733,990		$	1,266,735,427		$	2,740,890
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	328,447		$	—
Futures Contracts		4,222,689			—			—
Interest Rate Swap Contracts		—			742,907			—
Total	$	4,222,689		$	1,071,354		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(8,813	)	$	—
Futures Contracts(b)		(9,455,796	)		—			—
Interest Rate Swap Contracts(b)		—			(10,007,676	)		—
Written Option Contracts		—			(362,769	)		—
Total	$	(9,455,796	)	$	(10,379,258	)	$	—

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

RISING DIVIDEND GROWTH FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	8,837,145		$	—	$	—
North America		456,273,960			—		—
Investment Companies		9,579,082			—		—
Total	$	474,690,187		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(470,077	)	$	—	$	—

(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 Fund utilizes 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.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below excludes the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Income Builder Fund
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts	$	328,447		Payable for unrealized loss on forward foreign currency exchange contracts	$	(8,813	)
Equity	Variation margin on futures contracts		79,126	(a)	Variation margin on futures contracts; Written option contracts, at value		(2,227,607	)(a)
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts		4,886,470	(a)	Variation margin on swap contracts; Variation margin on futures contracts		(17,598,634	)(a)
Total		$	5,294,043			$	(19,835,054	)
Rising Dividend Growth Fund
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Equity	—	$	—		Variation margin on futures contracts	$	(470,077	)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

  

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4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Funds gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Income Builder Fund
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Currency	Net realized gain from forward foreign currency exchange contracts/Net unrealized gain on forward foreign currency exchange contracts		$  104,014			$   50,921
Equity	Net realized gain from futures, swap contracts, purchased and written options/Net unrealized gain on futures, swap contracts and written options		(268,451	)		1,338,065
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain on futures contracts and swap contracts		(622,423	)		87,504
Total			$ (786,860	)		$1,476,490
Rising Dividend Growth Fund
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net unrealized gain(loss) on futures contracts		$1,590,600			$494,742

For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures Contracts		Forward  Contracts		Swap   Agreements		Written Options
Income Builder Fund		3,518		$26,627,254		$325,221,712		23,615
Rising Dividend Growth Fund		57		—		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate											Effective Net Management Rate^
Fund	First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate
Income Builder Fund		0.54%		0.49%		0.46%		0.45%		0.44%	0.51%		0.42*%
Rising Dividend Growth Fund		0.75		0.68		0.64		0.63		0.62	0.75		0.65**

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

* The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.44% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2025, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.65% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least February 28, 2025, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

Both the Funds invest in Institutional Shares and Class R6 Shares of the Goldman Sachs Financial Square Government Fund and Income Builder Fund invests in Class R6 Shares of the Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended April 30, 2024, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Income Builder Fund		$176,729
Rising Dividend Growth Fund		8,389

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of each applicable Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
Fund	Class A*		Class C		Class R*
Income Builder Fund		0.25%		0.75%		—%
Rising Dividend Growth Fund		0.25		0.75		0.50

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2024, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund		Class A
Income Builder Fund		$38,364
Rising Dividend Growth Fund		3,874

D.  Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares of the Income Builder Fund; 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Rising Dividend Growth Fund; 0.03% of the average daily net assets of Class R6 and P Shares of each Fund; and 0.04% of the average daily net assets of Institutional Shares of each Fund.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares, as applicable, of the Rising Dividend Growth Fund through at least February 28, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth Funds are 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver	Transfer Agency Waivers/Credits	Other Expense Reimbursements	Total Expense Reductions
Income Builder Fund	$949,471	$  3,548	$466,203	$1,419,222
Rising Dividend Growth Fund	246,798	69,207	266,165	582,170

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of April 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

H.  Other Transactions with Affiliates — For the six months ended April 30, 2024, Goldman Sachs earned $21,896 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2024:

Fund	Underlying Fund	Beginning Value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Change In Unrealized Gain (Loss)		Ending Value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Income Builder Fund	Goldman Sachs Financial Square Government Fund — Class R6 Shares	$	17,500,773	$	171,790,067	$	(167,967,887	)	$	—	$	17,862,489		17,862,489	$	392,531
	Goldman Sachs Financial Square Government Fund — Institutional Shares		8,740,276		129,927,166		(120,804,953	)		—		21,322,954		21,322,954		679,941
	Goldman Sachs MLP Energy Infrastructure Fund — Class R6 Shares		28,040,584		1,044,258		—			3,756,780		32,841,622		917,877		1,044,258
Rising Dividend Growth Fund	Goldman Sachs Financial Square Government Fund — Class R6		13,320,035		58,777,626		(62,779,138	)		—		9,318,523		9,318,523		262,323
	Goldman Sachs Financial Square Government Fund — Institutional Shares		278,047		4,496,926		(4,514,414	)		—		260,559		260,559		10,097

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2024, were as follows:

Fund	Purchases (Excluding   U.S. Government and   Agency Obligations)	Sales and Maturities of (Excluding U.S. Government and Agency Obligations)
Income Builder Fund	$256,819,818	$299,922,196
Rising Dividend Growth Fund	139,563,648	172,618,205

  

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7. SECURITIES LENDING

The Income Builder Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Rising Dividend Growth Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may 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 or BNYM are unable to purchase replacement securities, GSAL and/or BNYM 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 amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

The Income Builder Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2024, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended April 30, 2024:

Fund	Beginning Value as of October 31, 2023	Purchases at cost	Proceeds from Sales	Ending Value as of April 30, 2024	Shares as of April 30, 2024
Income Builder Fund	$104,950	$66,663,954	$(57,282,476)	$9,486,428	9,486,428

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Income Builder Fund	Rising Dividend Growth Fund
Capital loss carryforwards:
Perpetual Short-Term	$(44,915,341)	$—
Timing differences (Open MBS Amortization - Pre-Election/Dividends Payable/Defaulted Bonds/Straddle Loss Deferral)	(133,361)	—

As of April 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Income Builder Fund		Rising Dividend Growth Fund
Tax Cost	$2,117,200,151		$353,648,718
Gross unrealized gain	249,321,979		145,995,024
Gross unrealized loss	(128,311,823	)	(24,953,555	)
Net unrealized gain	$  121,010,156		$121,041,469

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains (losses) on foreign currency contracts, swap transactions, material modification of debt securities, and market discount accretion and premium amortization and differences in the tax treatment of partnership investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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 obligations, 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.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions,

  

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9. OTHER RISKS (continued)

dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Energy Sector Risk — The Underlying MLP Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, business, social, political, environmental, regulatory or other developments affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs , energy infrastructure funds, and other companies operating in the energy sector are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Energy companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

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 the 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 the 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 the 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 the 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 the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

9. OTHER RISKS (Continued)

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.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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 a Fund has unsettled or open transactions defaults.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

  

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9. OTHER RISKS (continued)

Other Investments Risk — By investing in pooled investment vehicles (including investment companies and ETFs), partnerships and REITs indirectly through the Fund, investors will incur a proportionate share of the expenses of the other pooled investment vehicles, partnerships and REITs held by the Fund (including operating costs and investment management fees) in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investments in direct proportion to the amount of assets the Fund invests therein.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Income Builder Fund
	For the Six Months Ended April 30, 2024 (Unaudited)							For the Fiscal Year Ended October 31, 2023
	Shares			Dollars				Shares			Dollars
Class A Shares
Shares sold		3,009,894		$	72,502,091				6,284,421		$	145,538,546
Reinvestment of distributions		456,822			11,057,412				976,063			22,453,866
Shares redeemed		(2,713,260	)		(65,030,005	)			(5,937,056	)		(137,177,274	)
		753,456			18,529,498				1,323,428			30,815,138
Class C Shares
Shares sold		361,534			8,512,358				1,268,520			28,776,292
Reinvestment of distributions		124,986			2,960,048				359,858			8,117,740
Shares redeemed		(1,705,669	)		(40,238,688	)			(4,195,252	)		(95,041,927	)
		(1,219,149	)		(28,766,282	)			(2,566,874	)		(58,147,895	)
Institutional Shares
Shares sold		4,856,530			119,996,051				10,150,095			241,981,773
Reinvestment of distributions		730,789			18,190,207				1,709,722			40,427,482
Shares redeemed		(5,603,442	)		(136,985,346	)			(14,089,963	)		(333,770,466	)
		(16,123	)		1,200,912				(2,230,146	)		(51,361,211	)
Investor Shares
Shares sold		2,352,327			57,886,911				6,601,610			156,843,691
Reinvestment of distributions		363,460			9,012,735				826,651			19,470,873
Shares redeemed		(2,619,180	)		(64,282,206	)			(8,303,137	)		(197,593,917	)
		96,607			2,617,440				(874,876	)		(21,279,353	)
Class R6 Shares
Shares sold		215,632			5,335,733				516,748			12,291,469
Reinvestment of distributions		35,782			890,121				77,227			1,824,555
Shares redeemed		(325,152	)		(8,025,754	)			(519,488	)		(12,372,105	)
		(73,738	)		(1,799,900	)			74,487			1,743,919
Class P Shares
Shares sold		65,888			1,657,622				103,382			2,424,164
Reinvestment of distributions		24,974			620,590				71,002			1,678,899
Shares redeemed		(422,882	)		(10,501,233	)			(689,731	)		(16,203,369	)
		(332,020	)		(8,223,021	)			(515,347	)		(12,100,306	)
NET DECREASE		(790,967	)	$	(16,441,353	)			(4,789,328	)	$	(110,329,708	)

  

66

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

 

 

 

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		912,885		$	10,407,473			2,574,820		$	28,406,557
Reinvestment of distributions		1,326,183			14,865,249			3,079,478			34,077,928
Shares redeemed		(2,091,199	)		(23,927,401	)		(4,167,386	)		(46,472,959	)
		147,869			1,345,321			1,486,912			16,011,526
Class C Shares
Shares sold		87,384			1,029,990			321,089			3,653,376
Reinvestment of distributions		129,795			1,491,854			481,266			5,465,976
Shares redeemed		(505,380	)		(5,957,412	)		(2,022,802	)		(22,756,374	)
		(288,201	)		(3,435,568	)		(1,220,447	)		(13,637,022	)
Institutional Shares
Shares sold		603,464			7,471,673			1,918,677			22,797,525
Reinvestment of distributions		535,681			6,527,918			1,289,881			15,376,979
Shares redeemed		(1,483,690	)		(18,413,529	)		(2,450,303	)		(29,543,264	)
		(344,545	)		(4,413,938	)		758,255			8,631,240
Investor Shares
Shares sold		441,755			5,452,095			1,163,836			13,855,691
Reinvestment of distributions		351,438			4,270,069			821,538			9,770,714
Shares redeemed		(1,229,026	)		(15,269,935	)		(1,319,182	)		(15,734,805	)
		(435,833	)		(5,547,771	)		666,192			7,891,600
Class R6 Shares
Shares sold		40,788			509,527			471,388			5,609,148
Reinvestment of distributions		31,632			385,069			44,152			525,668
Shares redeemed		(106,133	)		(1,311,020	)		(218,326	)		(2,547,304	)
		(33,713	)		(416,424	)		297,214			3,587,512
Class R Shares
Shares sold		8,296			94,272			24,490			274,210
Reinvestment of distributions		7,579			84,307			18,087			198,856
Shares redeemed		(14,504	)		(165,378	)		(41,950	)		(444,360	)
		1,371			13,201			627			28,706
Class P Shares
Shares sold		123,395			1,551,235			39,760			489,777
Reinvestment of distributions		64,252			782,802			184,084			2,194,942
Shares redeemed		(204,187	)		(2,520,376	)		(354,885	)		(4,292,647	)
		(16,540	)		(186,339	)		(131,041	)		(1,607,928	)
NET INCREASE (DECREASE)		(969,592	)	$	(12,641,518	)		1,857,712		$	20,905,634

  

  67

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Investor, Class R6, Class R or Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024, which represents a period of 182 days of a 366-day year. This projection assumes that annualized expense ratios were in effect during the period.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*
Class A
Actual		$1,000.00		$1,121.50			$4.20		$1,000.00		$1,180.90			$5.47
Hypothetical 5% return		1,000.00		1,020.90	+		4.00		1,000.00		1,019.80	+		5.07
Class C
Actual		1,000.00		1,117.00			8.14		1,000.00		1,176.90			9.52
Hypothetical 5% return		1,000.00		1,017.20	+		7.76		1,000.00		1,016.10	+		8.82
Institutional
Actual		1,000.00		1,123.00			2.46		1,000.00		1,183.10			3.74
Hypothetical 5% return		1,000.00		1,022.50	+		2.34		1,000.00		1,021.40	+		3.46
Investor
Actual		1,000.00		1,123.00			2.88		1,000.00		1,182.20			4.12
Hypothetical 5% return		1,000.00		1,022.10	+		2.75		1,000.00		1,021.10	+		3.82
Class R6
Actual		1,000.00		1,123.10			2.41		1,000.00		1,183.30			3.69
Hypothetical 5% return		1,000.00		1,022.60	+		2.30		1,000.00		1,021.50	+		3.41
Class R
Actual		—		—			—		1,000.00		1,179.80			6.82
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.32
Class P
Actual		1,000.00		1,123.50			2.41		1,000.00		1,183.10			3.69
Hypothetical 5% return		1,000.00		1,022.60	+		2.30		1,000.00		1,021.50	+		3.41

^*  Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income Builder Fund		0.80	%		1.55	%		0.47	%		0.55	%		0.46	%		—	%		0.46	%
Rising Dividend Growth Fund		1.01			1.76			0.69			0.76			0.68			1.26			0.68

⁺  Hypothetical expenses are based on each Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.

  

68  

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

69

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal
Election of Trustees	For	Withheld
Cheryl K. Beebe	169,452,067,796	5,900,273,020
John G. Chou	173,279,757,273	2,072,583,543
Eileen H. Dowling	173,287,456,218	2,064,884,598
Lawrence Hughes	173,486,691,901	1,865,648,915
John F. Killian	173,511,167,174	1,841,173,642
Steven D. Krichmar	173,484,256,228	1,868,084,588
Michael Latham	173,498,020,286	1,854,320,530
Lawrence W. Stranghoener	173,455,949,165	1,896,391,651
Paul C. Wirth	173,324,070,424	2,028,270,391

  

70

FUNDS PROFILE

 

 

 

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Dynamic Bond Fund⁶

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund

Fixed Income Alternatives

∎ Short Duration High Yield Fund⁴

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁵

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

⁴  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn more about our closed-end funds and exchange-traded funds.

  

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Principal Dwight L. Bush Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar MichaelLatham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. Diversification does not protect an investor from market risk and does not ensure a profit. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change. They should not be construed as investment advice. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Fund holdings and allocations shown are as of April 30, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail –1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 374629-OTU-2051996 DIVFOSAR-24

Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs Domestic Equity Insights Funds Goldman Sachs Large Cap Growth Insights Fund Goldman Sachs Large Cap Value Insights Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Small Cap Growth Insights Fund Goldman Sachs Small Cap Value Insights Fund Goldman Sachs U.S. Equity Insights Fund

 

 

 

Goldman Sachs Domestic Equity Insights Funds

∎   GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

∎ GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

∎ GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

∎ GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

∎ GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

∎ GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

TABLE OF CONTENTS

Market Review	1
Fund Basics	3
Schedules of Investments	15
Financial Statements	42
Financial Highlights	49
Goldman Sachs Large Cap Growth Insights Fund	49
Goldman Sachs Large Cap Value Insights Fund	57
Goldman Sachs Small Cap Equity Insights Fund	65
Goldman Sachs Small Cap Growth Insights Fund	73
Goldman Sachs Small Cap Value Insights Fund	80
Goldman Sachs U.S. Equity Insights Fund	87
Notes to Financial Statements	95
Other Information	118

Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee    

  

   

MARKET REVIEW

 

 

Goldman Sachs Domestic Equity Insights Funds

April 30, 2024

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Domestic Equity Insights Funds (the “Funds”) during the six months ended April 30, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ending October 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

• Overall, U.S. equities rallied during the Reporting Period. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 20.98%. The Russell 3000^® Index generated a return of 21.09%.

• Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

• As the Reporting Period began in November 2023, the S&P 500 Index rose 9.13%, marking its best month of performance since July 2022 and breaking a streak of three consecutive monthly declines.

• The month saw a broadening of market leadership following mega-cap dominance for most of 2023, as all sectors except energy were positive amid a pullback in crude oil prices, which fell to their lowest levels since July 2023.

• November’s gains were chiefly driven by reinforcements to the peak federal funds rate, soft landing and disinflation traction themes and a rally in U.S. Treasuries, which had one of their best monthly performances on record. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

• Further, November saw the most significant easing in financial conditions of any month in more than four decades.

• In December 2023, the S&P 500 Index increased 4.54%, marking its second consecutive monthly gain and ending the calendar year recording its ninth consecutive weekly gain.

• The breadth of market gains continued to expand beyond the Magnificent Seven. (The Magnificent Seven is the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.)

• December’s market rally was driven by a dovish pivot in the Fed’s monetary policy campaign, a decline in U.S. Treasury yields across the yield curve (or spectrum of maturities), and economic data supporting the soft landing narrative. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

• The Fed held interest rates unchanged, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

• Near the end of the month, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

• U.S. economic data provided further evidence of disinflation momentum, with November’s annualized Consumer Price Index (“CPI”) dropping to its lowest level since March 2021.

• Market seasonality proved to be another tailwind to equities, as November and December historically represent the strongest two-month period for U.S. stocks.

• The S&P 500 Index gained 10.56% in the first quarter of 2024, closing the quarter at a new all-time high and demonstrating an improvement in market breadth as the quarter progressed.

• As strength broadened beyond technology, excitement around artificial intelligence (“AI”) capabilities served as a key tailwind to market performance.

 

  1

MARKET REVIEW

 

 

 

 

 

 

 

• U.S. equities began the quarter with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match aggressive interest rate cut expectations. U.S. Treasury yields across the curve steepened, a headwind to equity valuations as traders repriced expectations throughout the quarter regarding the path of monetary policy.

• Despite this defensive start, stocks reversed course as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. Market participants initially had aggressive expectations of interest rate cuts as early as March 2024, though expectations were moderated as inflation data spiked with the January and February CPI reports rising more than widely anticipated—shifting consensus timing expectations back to June 2024 for the first interest rate cut.

• On the earnings front, corporate earnings were better than consensus expected with stable 2024 outlooks and optimism from the reopening of corporate buybacks as well as both sales and earnings exceeding market forecasts based on improved profit margins across most sectors.

• In April 2024, the S&P 500 Index fell 4.08%, notching its first monthly decline of 2024 as markets significantly repriced interest rate cut expectations for 2024, partially driven by decelerating U.S. economic growth in the first calendar quarter, a still strong labor market and persistent above-target inflation data.

• The broader equity market had initially forecasted three interest rate cuts in 2024, though consensus expectations were moderated throughout the month as Fed Chair Powell cited that multiple inflation readings raised uncertainty regarding the Fed’s ability to cut rates in 2024.

• Further, a slate of Fed officials stressed the risks of easing monetary policy prematurely and indicated the Fed would need to be patient given strength in then-recent economic data. They expressed the possibility of a no rate cut scenario—leaving the market pricing in just 25 basis points of rate cuts by the end of 2024.

• S&P 500 Index constituents reported first quarter 2024 corporate earnings that were broadly better than consensus expected, with the number of reported companies exceeding analyst estimates trending above its historical 10-year average.

• For the Reporting Period overall, all capitalization segments within the U.S. equity market posted double-digit absolute gains, led by mid-cap stocks, as measured by the Russell Midcap^® Index, followed by large-cap stocks, as measured by the Russell 1000^® Index, and then small-cap stocks, as measured by the Russell 2000^® Index. From a style perspective, growth stocks moderately outperformed value stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

• All 11 sectors of the S&P 500 Index generated double-digit positive total returns during the Reporting Period. The best performing sectors within the S&P 500 Index during the Reporting Period were communication services, financials, information technology and industrials. The weakest performing sectors were real estate, energy, health care and consumer staples.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

  

2  

FUND BASICS

 

Goldman Sachs Large Cap Growth Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	Russell 1000®   Growth  Index2
Class A	23.38%	23.56%
Class C	22.91	23.56
Institutional	23.62	23.56
Service	23.34	23.56
Investor	23.56	23.56
Class R6	23.63	23.56
Class R	23.24	23.56
Class P	23.60	23.56

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell 1000^® Growth Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Apple, Inc.	11.0%	Technology Hardware, Storage & Peripherals
Microsoft Corp.	11.0	Software
NVIDIA Corp.	7.7	Semiconductors & Semiconductor Equipment
Amazon.com, Inc.	7.0	Broadline Retail
Alphabet, Inc. Class C	5.3	Interactive Media & Services
Meta Platforms, Inc. Class A	3.6	Interactive Media & Services
Visa, Inc. Class A	2.2	Financial Services
Netflix, Inc.	1.9	Entertainment
Adobe, Inc.	1.8	Software
Intuit, Inc.	1.7	Software

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  3

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

4  

FUND BASICS

 

Goldman Sachs Large Cap Value Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	Russell 1000®   Value Index2
Class A	17.64%	18.42%
Class C	17.18	18.42
Institutional	17.86	18.42
Service	17.55	18.42
Investor	17.76	18.42
Class R6	17.88	18.42
Class R	17.48	18.42
Class P	17.84	18.42

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Russell 1000^® Value Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Berkshire Hathaway, Inc. Class B	4.6%	Financial Services
Johnson & Johnson	1.9	Pharmaceuticals
Bank of America Corp.	1.8	Banks
Linde PLC	1.7	Chemicals
Citigroup, Inc.	1.7	Banks
ConocoPhillips	1.6	Oil, Gas & Consumable Fuels
JPMorgan Chase & Co.	1.6	Banks
Eaton Corp. PLC	1.6	Electrical Equipment
Elevance Health, Inc.	1.5	Health Care Providers & Services
Parker-Hannifin Corp.	1.4	Machinery

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  5

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

6  

FUND BASICS

 

Goldman Sachs Small Cap Equity Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	Russell 2000®  Index2
Class A	22.86%	19.66%
Class C	22.33	19.66
Institutional	23.03	19.66
Service	22.70	19.66
Investor	22.96	19.66
Class R6	23.06	19.66
Class R	22.63	19.66
Class P	23.01	19.66

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000^® Index. The figures for the Russell 2000^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Super Micro Computer, Inc.	1.9%	Technology Hardware, Storage & Peripherals
Comfort Systems USA, Inc.	1.1	Construction & Engineering
ATI, Inc.	1.0	Metals & Mining
Carpenter Technology Corp.	0.8	Metals & Mining
SPS Commerce, Inc.	0.8	Software
Viking Therapeutics, Inc.	0.8	Biotechnology
Scorpio Tankers, Inc.	0.8	Oil, Gas & Consumable Fuels
Atkore, Inc.	0.8	Electrical Equipment
Installed Building Products, Inc.	0.7	Household Durables
Parsons Corp.	0.7	Aerospace & Defense

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  7

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets as of April 30, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

8  

FUND BASICS

 

Goldman Sachs Small Cap Growth Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	Russell 2000®   Growth  Index2
Class A	23.20%	21.31%
Class C	22.75	21.31
Institutional	23.42	21.31
Investor	23.33	21.31
Class R6	23.43	21.31
Class R	23.07	21.31
Class P	23.44	21.31

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Growth Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Super Micro Computer, Inc.	3.7%	Technology Hardware, Storage & Peripherals
Comfort Systems USA, Inc.	1.6	Construction & Engineering
ATI, Inc.	1.4	Metals & Mining
MicroStrategy, Inc. Class A	1.3	Software
Atkore, Inc.	1.2	Electrical Equipment
Viking Therapeutics, Inc.	1.1	Biotechnology
Badger Meter, Inc.	1.1	Electronic Equipment, Instruments & Components
Ryman Hospitality Properties, Inc. REIT	1.1	Hotel & Resort REITs
SPS Commerce, Inc.	1.0	Software
Fabrinet	1.0	Electronic Equipment, Instruments & Components

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  9

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.8% of the Fund’s net assets as of April 30, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

10  

FUND BASICS

 

Goldman Sachs Small Cap Value Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	Russell 2000®   Value Index2
Class A	20.30%	18.09%
Class C	19.84	18.09
Institutional	20.50	18.09
Investor	20.45	18.09
Class R6	20.52	18.09
Class R	20.15	18.09
Class P	20.53	18.09

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Russell 2000^® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Carpenter Technology Corp.	1.0%	Metals & Mining
Civitas Resources, Inc.	1.0	Oil, Gas & Consumable Fuels
Mr Cooper Group, Inc.	1.0	Thrifts & Mortgage Finance
Summit Materials, Inc. Class A	1.0	Construction Materials
KB Home	1.0	Household Durables
Knife River Corp.	0.9	Construction Materials
Scorpio Tankers, Inc.	0.9	Oil, Gas & Consumable Fuels
Black Hills Corp.	0.9	Multi-Utilities
Strategic Education, Inc.	0.9	Diversified Consumer Services
M/I Homes, Inc.	0.8	Household Durables

³  The top 10 holdings may not be representative of the Fund’s future investments.

 

  11

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.5% of the Fund’s net assets as of April 30, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

12  

FUND BASICS

 

Goldman Sachs U.S. Equity Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	S&P 500®   Index2
Class A	20.79%	20.98%
Class C	20.33	20.98
Institutional	21.01	20.98
Service	20.71	20.98
Investor	20.94	20.98
Class R6	21.03	20.98
Class R	20.63	20.98
Class P	21.02	20.98

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The S&P 500^® Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the S&P 500^® Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business
Apple, Inc.	7.0%	Technology Hardware, Storage & Peripherals
Microsoft Corp.	6.6	Software
Amazon.com, Inc.	4.6	Broadline Retail
NVIDIA Corp.	4.6	Semiconductors & Semiconductor Equipment
Alphabet, Inc. Class C	3.6	Interactive Media & Services
Berkshire Hathaway, Inc. Class B	2.8	Financial Services
Visa, Inc. Class A	2.1	Financial Services
Meta Platforms, Inc. Class A	1.8	Interactive Media & Services
Costco Wholesale Corp.	1.8	Consumer Staples Distribution & Retail
Netflix, Inc.	1.5	Entertainment

³  The top 10 holdings may not be representative of the Fund’s future investments.

  

  13

FUND BASICS

 

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

  

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  

14  

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.2%
Aerospace & Defense – 0.1%
5,804	Woodward, Inc.	$	942,337
Automobiles – 1.7%
105,883	Tesla, Inc.*		19,406,236
Banks – 0.2%
1,169	First Citizens BancShares, Inc., Class A		1,971,822
Beverages – 1.2%
251,530	Monster Beverage Corp.*		13,444,279
Biotechnology – 1.3%
7,745	AbbVie, Inc.		1,259,647
18,268	Natera, Inc.*		1,696,732
44,286	Neurocrine Biosciences, Inc.*		6,091,096
22,570	Sarepta Therapeutics, Inc.*		2,858,716
8,496	Vertex Pharmaceuticals, Inc.*		3,337,314
			15,243,505
Broadline Retail – 7.0%
454,958	Amazon.com, Inc.*		79,617,650
Capital Markets – 2.6%
32,399	Ameriprise Financial, Inc.		13,341,584
55,863	CME Group, Inc.		11,711,120
16,842	Morningstar, Inc.		4,760,391
			29,813,095
Chemicals – 0.6%
57,985	RPM International, Inc.		6,199,177
1,166	Sherwin-Williams Co. (The)		349,345
			6,548,522
Commercial Services & Supplies – 1.2%
20,605	Cintas Corp.		13,565,096
Communications Equipment – 1.3%
43,663	Motorola Solutions, Inc.		14,808,307
Consumer Finance – 0.1%
6,563	American Express Co.		1,535,939
Consumer Staples Distribution & Retail – 2.4%
26,385	Costco Wholesale Corp.		19,073,717
52,748	Maplebear, Inc.*		1,800,289
45,338	Target Corp.		7,298,511
			28,172,517
Distributors – 0.4%
11,083	Pool Corp.		4,017,920
Diversified Consumer Services – 0.4%
95,430	H&R Block, Inc.		4,507,159
Electrical Equipment – 0.5%
35,033	AMETEK, Inc.		6,118,864
Electronic Equipment, Instruments & Components – 0.1%
9,709	Jabil, Inc.		1,139,448
Entertainment – 1.9%
38,640	Netflix, Inc.*		21,276,730
Financial Services – 2.8%
17,690	Equitable Holdings, Inc.		652,938
12,902	Mastercard, Inc., Class A		5,821,383

Shares	Description	Value
Common Stocks – (continued)
Financial Services – (continued)
93,482	Visa, Inc., Class A	$	25,110,200
			31,584,521
Health Care Equipment & Supplies – 0.2%
11,759	Penumbra, Inc.*		2,310,291
Health Care Providers & Services – 1.1%
1,960	HCA Healthcare, Inc.		607,247
21,307	Tenet Healthcare Corp.*		2,392,563
18,869	UnitedHealth Group, Inc.		9,126,936
3,584	Universal Health Services, Inc., Class B		610,821
			12,737,567
Hotel & Resort REITs – 1.4%
588,032	Host Hotels & Resorts, Inc.
	REIT		11,096,164
302,668	Park Hotels & Resorts, Inc. REIT		4,882,035
			15,978,199
Hotels, Restaurants & Leisure – 2.5%
30,167	Carnival Corp.*		447,075
4,858	Chipotle Mexican Grill, Inc.*		15,349,337
14,905	DoorDash, Inc., Class A*		1,926,620
27,737	Wingstop, Inc.		10,672,920
			28,395,952
Household Products – 0.7%
61,897	Kimberly-Clark Corp.		8,450,797
Insurance – 1.8%
14,089	Kinsale Capital Group, Inc.		5,117,829
76,426	Progressive Corp. (The)		15,915,715
			21,033,544
Interactive Media & Services – 11.1%
101,540	Alphabet, Inc., Class A*		16,528,681
369,228	Alphabet, Inc., Class C*		60,789,698
95,903	Meta Platforms, Inc., Class A		41,254,593
241,766	Pinterest, Inc., Class A*		8,087,073
			126,660,045
IT Services – 1.0%
28,490	Gartner, Inc.*		11,754,689
Life Sciences Tools & Services – 3.2%
41,183	IQVIA Holdings, Inc.*		9,544,984
30,758	Medpace Holdings, Inc.*		11,944,869
10,604	Mettler-Toledo International, Inc.*		13,039,739
6,467	Waters Corp.*		1,998,562
			36,528,154
Machinery – 1.3%
55,249	Illinois Tool Works, Inc.		13,486,833
2,493	Parker-Hannifin Corp.		1,358,461
			14,845,294
Media – 0.5%
66,038	Trade Desk, Inc. (The), Class A*		5,471,248
Oil, Gas & Consumable Fuels – 0.3%
79,042	Antero Midstream Corp.		1,093,941

  

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
15,938	Cheniere Energy, Inc.	$	2,515,335
			3,609,276
Pharmaceuticals – 1.7%
22,287	Eli Lilly & Co.		17,408,375
10,828	Zoetis, Inc.		1,724,251
			19,132,626
Professional Services – 0.2%
12,746	FTI Consulting, Inc.*		2,725,477
Semiconductors & Semiconductor Equipment – 11.9%
62,706	Applied Materials, Inc.		12,456,547
10,379	Broadcom, Inc.		13,495,502
23,998	KLA Corp.		16,541,581
8,466	Monolithic Power Systems, Inc.		5,666,548
101,775	NVIDIA Corp.		87,935,636
			136,095,814
Software – 20.2%
45,411	Adobe, Inc.*		21,017,573
43,867	Crowdstrike Holdings, Inc., Class A*		12,832,852
85,603	DocuSign, Inc.*		4,845,130
13,968	HubSpot, Inc.*		8,448,824
31,470	Intuit, Inc.		19,688,261
45,112	Manhattan Associates, Inc.*		9,295,779
321,388	Microsoft Corp.		125,125,990
102,625	Palantir Technologies, Inc., Class A*		2,254,671
58,096	Salesforce, Inc.		15,624,338
15,630	ServiceNow, Inc.*		10,836,748
16,829	Teradata Corp.*		624,356

Shares	Description	Value
Common Stocks – (continued)
Software – (continued)
3,859	Zscaler, Inc.*	$	667,376
			231,261,898
Specialized REITs – 0.2%
16,545	Lamar Advertising Co., Class A REIT		1,916,738
Specialty Retail – 1.7%
31,355	Home Depot, Inc. (The)		10,479,468
6,253	Murphy USA, Inc.		2,587,616
38,563	Ross Stores, Inc.		4,995,837
2,308	Ulta Beauty, Inc.*		934,371
			18,997,292
Technology Hardware, Storage & Peripherals – 11.0%
738,434	Apple, Inc.		125,777,463
Textiles, Apparel & Luxury Goods – 1.4%
22,275	Crocs, Inc.*		2,770,342
15,635	Deckers Outdoor Corp.*		12,796,778
			15,567,120
TOTAL INVESTMENTS – 99.2% (Cost $686,374,106)		$	1,132,963,431
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			9,532,867
NET ASSETS – 100.0%		$	1,142,496,298

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.

Investment Abbreviations:
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized  Appreciation/  (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	6	06/21/24	$	1,520,100	$	(37,330)

  

16  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 98.9%
Aerospace & Defense – 3.6%
2,196	Boeing Co. (The)*	$	368,577
15,897	General Dynamics Corp.		4,563,870
10,280	Northrop Grumman Corp.		4,986,108
6,658	Textron, Inc.		563,200
17,419	Woodward, Inc.		2,828,149
			13,309,904
Air Freight & Logistics – 1.1%
26,352	United Parcel Service, Inc., Class B		3,886,393
Automobile Components – 1.4%
8,473	Aptiv PLC*		601,583
21,390	Gentex Corp.		733,677
29,184	Lear Corp.		3,673,390
			5,008,650
Automobiles – 1.1%
346,675	Ford Motor Co.		4,212,101
Banks – 6.2%
174,736	Bank of America Corp.		6,466,979
99,006	Citigroup, Inc.		6,072,038
10,925	Cullen/Frost Bankers, Inc.		1,139,915
2,061	First Citizens BancShares, Inc., Class A		3,476,412
30,357	JPMorgan Chase & Co.		5,820,651
			22,975,995
Beverages – 1.0%
14,285	Molson Coors Beverage Co., Class B		817,959
53,098	Monster Beverage Corp.*		2,838,088
			3,656,047
Biotechnology – 1.3%
59,570	Gilead Sciences, Inc.		3,883,964
8,594	Moderna, Inc.*		948,004
			4,831,968
Building Products – 1.4%
39,633	Carrier Global Corp.		2,437,033
6,072	Lennox International, Inc.		2,813,886
			5,250,919
Capital Markets – 4.4%
41,934	Bank of New York Mellon Corp. (The)		2,368,852
24,405	CME Group, Inc.		5,116,264
2,154	Coinbase Global, Inc., Class A*		439,265
46,971	Morgan Stanley		4,266,846
15,297	Northern Trust Corp.		1,260,320
132,195	Robinhood Markets, Inc., Class A*		2,179,896
26,135	XP, Inc., Class A (Brazil)		534,983
			16,166,426
Chemicals – 3.2%
22,850	Axalta Coating Systems Ltd.*		718,404
2,386	International Flavors & Fragrances, Inc.		201,975
14,050	Linde PLC		6,195,488

Shares	Description	Value
Common Stocks – (continued)
Chemicals – (continued)
1,313	NewMarket Corp.	$	691,846
34,228	RPM International, Inc.		3,659,315
1,228	Sherwin-Williams Co. (The)		367,921
			11,834,949
Commercial Services & Supplies – 1.6%
5,859	Cintas Corp.		3,857,214
22,147	Veralto Corp.		2,074,731
			5,931,945
Communications Equipment – 0.2%
18,829	Cisco Systems, Inc.		884,586
Construction & Engineering – 0.2%
8,830	MasTec, Inc.*		783,133
Construction Materials – 2.2%
7,653	Martin Marietta Materials, Inc.		4,492,847
13,200	Vulcan Materials Co.		3,400,716
			7,893,563
Consumer Finance – 2.6%
8,732	Ally Financial, Inc.		334,872
14,696	American Express Co.		3,439,305
21,620	Discover Financial Services		2,739,903
66,138	Synchrony Financial		2,908,749
			9,422,829
Consumer Staples Distribution & Retail – 1.2%
3,797	Costco Wholesale Corp.		2,744,851
12,512	Kroger Co. (The)		692,915
3,009	Performance Food Group Co.*		204,251
13,700	Walmart, Inc.		813,095
			4,455,112
Diversified Telecommunication Services – 0.1%
22,207	Frontier Communications Parent, Inc.*		513,870
Electric Utilities – 2.9%
40,790	Entergy Corp.		4,351,069
32,621	NextEra Energy, Inc.		2,184,629
78,634	Xcel Energy, Inc.		4,225,005
			10,760,703
Electrical Equipment – 4.0%
27,048	AMETEK, Inc.		4,724,204
18,114	Eaton Corp. PLC		5,764,961
57,553	nVent Electric PLC		4,147,845
			14,637,010
Energy Equipment & Services – 0.7%
36,184	Schlumberger NV		1,718,016
36,559	TechnipFMC PLC (United Kingdom)		936,642
			2,654,658
Entertainment – 0.5%
3,186	Netflix, Inc.*		1,754,339
Financial Services – 7.0%
42,291	Berkshire Hathaway, Inc., Class B*		16,778,108

  

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Financial Services – (continued)
32,554	Fiserv, Inc.*	$	4,970,019
919	Visa, Inc., Class A		246,853
55,501	Voya Financial, Inc.		3,782,948
			25,777,928
Food Products – 1.9%
68,637	Archer-Daniels-Midland Co.		4,026,246
42,310	General Mills, Inc.		2,981,163
			7,007,409
Gas Utilities – 1.1%
35,608	Atmos Energy Corp.		4,198,183
Ground Transportation – 0.2%
1,752	Saia, Inc.*		695,246
Health Care Equipment & Supplies – 0.2%
7,226	Boston Scientific Corp.*		519,333
1,447	Teleflex, Inc.		302,061
			821,394
Health Care Providers & Services – 6.5%
2,845	Acadia Healthcare Co., Inc.*		210,359
37,214	Centene Corp.*		2,718,855
10,737	Elevance Health, Inc.		5,675,364
16,713	Encompass Health Corp.		1,393,530
8,379	HCA Healthcare, Inc.		2,595,982
901	Humana, Inc.		272,183
32,123	Quest Diagnostics, Inc.		4,438,756
23,074	Tenet Healthcare Corp.*		2,590,979
24,317	Universal Health Services, Inc., Class B		4,144,346
			24,040,354
Health Care REITs – 0.5%
60,067	Omega Healthcare Investors, Inc. REIT		1,826,638
Hotel & Resort REITs – 2.1%
210,078	Host Hotels & Resorts, Inc.
	REIT		3,964,172
221,066	Park Hotels & Resorts, Inc. REIT		3,565,794
			7,529,966
Hotels, Restaurants & Leisure – 1.5%
120,281	Carnival Corp.*		1,782,564
5,046	Darden Restaurants, Inc.		774,107
10,526	MGM Resorts International*		415,145
20,509	Wyndham Hotels & Resorts, Inc.		1,507,617
12,855	Wynn Resorts Ltd.		1,178,161
			5,657,594
Household Durables – 1.4%
30,950	D.R. Horton, Inc.		4,410,066
12,337	Tempur Sealy International, Inc.		617,590
			5,027,656

Shares	Description	Value
Common Stocks – (continued)
Household Products – 0.4%
9,509	Procter & Gamble Co. (The)	$	1,551,869
Industrial REITs – 0.9%
75,982	First Industrial Realty Trust, Inc. REIT		3,451,102
Insurance – 5.4%
8,462	American Financial Group, Inc.		1,081,020
18,107	Arch Capital Group Ltd.*		1,693,729
10,986	Axis Capital Holdings Ltd.		673,771
10,391	CNA Financial Corp.		456,581
3,552	Globe Life, Inc.		270,556
63,824	MetLife, Inc.		4,536,610
7,896	Principal Financial Group, Inc.		624,889
21,869	Progressive Corp. (The)		4,554,219
22,563	Travelers Cos., Inc. (The)		4,786,966
13,580	W R Berkley Corp.		1,045,253
			19,723,594
IT Services – 2.3%
24,793	International Business Machines Corp.		4,120,597
9,804	Okta, Inc.*		911,576
20,251	VeriSign, Inc.*		3,432,139
			8,464,312
Leisure Products – 0.3%
59,868	Mattel, Inc.*		1,096,782
Life Sciences Tools & Services – 1.3%
3,547	ICON PLC*		1,056,580
8,996	IQVIA Holdings, Inc.*		2,085,003
3,929	Medpace Holdings, Inc.*		1,525,827
			4,667,410
Machinery – 2.9%
17,916	Otis Worldwide Corp.		1,633,939
9,641	Parker-Hannifin Corp.		5,253,478
776	Snap-on, Inc.		207,937
22,941	Westinghouse Air Brake Technologies Corp.		3,695,336
			10,790,690
Media – 0.9%
224	Cable One, Inc.		88,223
25,555	Comcast Corp., Class A		973,901
64,893	Paramount Global, Class B		739,131
16,551	Trade Desk, Inc. (The), Class A*		1,371,250
			3,172,505
Metals & Mining – 0.1%
1,516	Steel Dynamics, Inc.		197,262
Multi-Utilities – 0.8%
18,097	Sempra		1,296,288
18,220	WEC Energy Group, Inc.		1,505,701
			2,801,989
Oil, Gas & Consumable Fuels – 5.4%
75,722	Antero Midstream Corp.		1,047,992
27,514	Antero Resources Corp.*		935,751
6,378	Chevron Corp.		1,028,580
47,763	ConocoPhillips		5,999,988

  

18  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
88,349	Devon Energy Corp.	$	4,521,702
37,215	Exxon Mobil Corp.		4,401,418
6,237	Marathon Petroleum Corp.		1,133,388
5,725	Valero Energy Corp.		915,256
			19,984,075
Pharmaceuticals – 3.2%
37,533	Bristol-Myers Squibb Co.		1,649,200
48,063	Johnson & Johnson		6,949,429
5,569	Merck & Co., Inc.		719,626
76,845	Pfizer, Inc.		1,968,769
11,231	Royalty Pharma PLC, Class A		311,099
			11,598,123
Professional Services – 1.0%
17,562	FTI Consulting, Inc.*		3,755,283
Residential REITs – 1.1%
39,991	Camden Property Trust REIT		3,986,303
Retail REITs – 0.1%
6,001	NNN REIT, Inc. REIT		243,221
Semiconductors & Semiconductor Equipment – 2.5%
86,094	Intel Corp.		2,623,284
30,951	Micron Technology, Inc.		3,496,225
17,850	Texas Instruments, Inc.		3,149,097
			9,268,606
Software – 4.4%
10,173	Crowdstrike Holdings, Inc., Class A*		2,976,009
6,030	Intuit, Inc.		3,772,489
27,289	Oracle Corp.		3,104,124
6,123	Palantir Technologies, Inc., Class A*		134,522
8,832	Roper Technologies, Inc.		4,517,215
5,093	Salesforce, Inc.		1,369,712

Shares	Description	Value
Common Stocks – (continued)
Software – (continued)
1,844	Zoom Video Communications, Inc., Class A*	$	112,668
			15,986,739
Specialized REITs – 0.4%
7,855	SBA Communications Corp. REIT		1,461,973
Specialty Retail – 0.2%
5,315	Penske Automotive Group, Inc.		812,717
Technology Hardware, Storage & Peripherals – 1.0%
22,460	Apple, Inc.		3,825,612
Textiles, Apparel & Luxury Goods – 0.5%
992	Deckers Outdoor Corp.*		811,922
14,684	Skechers USA, Inc., Class A*		969,878
			1,781,800
Tobacco – 0.4%
15,079	Philip Morris International, Inc.		1,431,600
Trading Companies & Distributors – 0.1%
1,197	Ferguson PLC		251,250
TOTAL INVESTMENTS – 98.9% (Cost $327,469,826)		$	363,712,285
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			4,211,988
NET ASSETS – 100.0%		$	367,924,273

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.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized  Appreciation/  (Depreciation)
Long position contracts:
S&P 500 E-Mini Index	1	06/21/24	$	253,350	$	(6,222)

  

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.3%
Aerospace & Defense – 0.3%
11,434	Kratos Defense & Security
	Solutions, Inc.*	$	203,754
11,770	National Presto Industries, Inc.		965,022
			1,168,776
Automobile Components – 1.5%
4,133	Cooper-Standard Holdings, Inc.*		63,772
6,746	Dorman Products, Inc.*		589,938
5,975	Fox Factory Holding Corp.*		232,547
206,961	Goodyear Tire & Rubber Co. (The)*		2,475,254
25,753	Holley, Inc.*		103,527
29,820	Modine Manufacturing Co.*		2,762,226
			6,227,264
Banks – 7.7%
27,475	Amalgamated Financial Corp.		674,237
33,912	Ameris Bancorp		1,610,142
17,028	BancFirst Corp.		1,518,387
43,214	Bancorp, Inc. (The)*		1,293,827
16,467	BankUnited, Inc.		440,163
8,894	Banner Corp.		388,045
2,103	Business First Bancshares, Inc.		42,460
20,551	Byline Bancorp, Inc.		445,340
6,775	Capital City Bank Group, Inc.		179,673
3,202	Civista Bancshares, Inc.		45,725
6,122	Community Trust Bancorp, Inc.		257,185
91,226	CVB Financial Corp.		1,490,633
6,945	First Bancorp, Inc. (The)		153,346
73,356	First BanCorp. (Puerto Rico)		1,265,391
3,367	First Bancshares, Inc. (The)		80,606
44,488	First Commonwealth Financial Corp.		586,797
39,381	First Financial Bancorp		870,714
37,860	Hancock Whitney Corp.		1,718,465
69,320	Hanmi Financial Corp.		1,060,596
11,562	Heartland Financial USA, Inc.		486,876
2,935	Heritage Commerce Corp.		23,304
64,299	Heritage Financial Corp.		1,140,664
3,912	Home Bancorp, Inc.		136,920
10,786	Home BancShares, Inc.		255,412
2,460	HomeTrust Bancshares, Inc.		63,222
6,512	Hope Bancorp, Inc.		65,250
6,333	Independent Bank Corp.		157,122
29,876	International Bancshares Corp.		1,662,599
6,385	Metrocity Bankshares, Inc.		146,727
40,280	National Bank Holdings Corp., Class A		1,318,364
18,159	Northeast Community Bancorp, Inc.		286,549
40,834	OFG Bancorp (Puerto Rico)		1,474,516
31,861	Old Second Bancorp, Inc.		436,496
613	Park National Corp.		80,738
22,687	PCB Bancorp		330,323
1,812	Peoples Bancorp, Inc.		52,621
16,351	Preferred Bank		1,237,607
15,581	Provident Financial Services, Inc.		228,729
15,585	Renasant Corp.		452,900
43,165	Southside Bancshares, Inc.		1,150,779

Shares	Description	Value
Common Stocks – (continued)
Banks – (continued)
2,649	Stock Yards Bancorp, Inc.	$	118,013
27,433	Texas Capital Bancshares, Inc.*		1,574,654
4,325	Timberland Bancorp, Inc.		105,530
39,394	TrustCo Bank Corp.		1,048,668
21,543	UMB Financial Corp.		1,716,115
11,190	Veritex Holdings, Inc.		217,981
3,336	WesBanco, Inc.		90,072
			30,180,483
Beverages – 0.8%
1,149	Coca-Cola Consolidated, Inc.		949,074
123,244	Primo Water Corp.		2,325,614
			3,274,688
Biotechnology – 5.8%
1,683	4D Molecular Therapeutics, Inc.*		40,274
55,666	89bio, Inc.*		473,718
6,724	ACADIA Pharmaceuticals, Inc.*		112,358
23,827	Adicet Bio, Inc.*		35,502
4,290	Akero Therapeutics, Inc.*		85,328
14,675	Allogene Therapeutics, Inc.*		40,503
64,086	Altimmune, Inc.*		419,763
7,039	Apogee Therapeutics, Inc.*		354,062
10,489	Arcturus Therapeutics Holdings, Inc.*		268,204
182,626	Aurinia Pharmaceuticals, Inc. (Canada)*		929,566
28,411	Beam Therapeutics, Inc.*		602,881
18,339	Biohaven Ltd.*		711,553
8,730	Bridgebio Pharma, Inc.*		223,663
10,399	Celldex Therapeutics, Inc.*		389,131
6,497	Cogent Biosciences, Inc.*		42,230
15,386	Cytokinetics, Inc.*		943,470
12,243	Day One Biopharmaceuticals, Inc.*		209,355
59,549	Deciphera Pharmaceuticals, Inc.*		1,504,803
18,544	Denali Therapeutics, Inc.*		286,319
62,052	Design Therapeutics, Inc.*		218,423
103,118	Editas Medicine, Inc.*		537,245
20,886	Erasca, Inc.*		41,981
31,678	Fate Therapeutics, Inc.*		125,128
45,602	Generation Bio Co.*		129,054
21,815	Ideaya Biosciences, Inc.*		886,780
4,054	Intellia Therapeutics, Inc.*		86,756
14,135	Iovance Biotherapeutics, Inc.*		166,510
37,160	iTeos Therapeutics, Inc.*		399,098
4,995	Keros Therapeutics, Inc.*		281,668
20,144	Kodiak Sciences, Inc.*		64,662
7,174	Krystal Biotech, Inc.*		1,098,483
15,347	Kura Oncology, Inc.*		301,108
92,890	MannKind Corp.*		381,778
17,877	Morphic Holding, Inc.*		487,506
15,203	Nurix Therapeutics, Inc.*		182,740
15,333	Nuvalent, Inc., Class A*		1,056,137
16,170	Olema Pharmaceuticals, Inc.*		164,449
90,020	PMV Pharmaceuticals, Inc.*		162,036
83,968	Poseida Therapeutics, Inc.*		203,203
5,269	Protagonist Therapeutics, Inc.*		132,305
101,519	Relay Therapeutics, Inc.*		661,904

  

20  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
7,050	REVOLUTION Medicines, Inc.*	$	262,824
10,912	Rhythm Pharmaceuticals, Inc.*		433,861
14,953	Sana Biotechnology, Inc.*		134,577
6,821	SpringWorks Therapeutics, Inc.*		318,472
140,212	Sutro Biopharma, Inc.*		476,020
22,614	Syndax Pharmaceuticals, Inc.*		477,834
45,144	TG Therapeutics, Inc.*		616,667
54,501	Verve Therapeutics, Inc.*		327,551
38,259	Viking Therapeutics, Inc.*		3,044,651
8,895	Viridian Therapeutics, Inc.*		117,948
11,309	Xencor, Inc.*		236,810
69,571	Y-mAbs Therapeutics, Inc.*		1,058,175
			22,947,027
Broadline Retail – 0.1%
11,547	Big Lots, Inc.*		40,646
1,063	Dillard’s, Inc., Class A		465,583
			506,229
Building Products – 0.4%
1,601	American Woodmark Corp.*		147,420
30,215	Masterbrand, Inc.*		503,684
1,302	Simpson Manufacturing Co., Inc.		226,405
5,334	UFP Industries, Inc.		601,142
			1,478,651
Capital Markets – 1.3%
15,063	Moelis & Co., Class A		739,292
15,319	Open Lending Corp.*		78,127
4,114	Patria Investments Ltd., Class A (Cayman Islands)		55,128
11,624	Piper Sandler Cos.		2,275,863
561	StepStone Group, Inc., Class A		20,235
20,179	StoneX Group, Inc.*		1,464,995
1,660	Virtus Investment Partners, Inc.		364,071
			4,997,711
Chemicals – 2.1%
35,626	HB Fuller Co.		2,661,619
16,171	Ingevity Corp.*		826,985
22,892	Innospec, Inc.		2,747,040
2,712	Koppers Holdings, Inc.		139,071
13,901	Minerals Technologies, Inc.		1,013,244
37,108	Orion SA (Germany)		877,975
			8,265,934
Commercial Services & Supplies – 1.9%
3,189	ABM Industries, Inc.		139,360
27,727	CECO Environmental Corp.*		599,458
2,077	Cimpress PLC (Ireland)*		177,106
34,032	Deluxe Corp.		672,132
60,529	Ennis, Inc.		1,204,527
75,526	Enviri Corp.*		587,592
63,903	Healthcare Services Group, Inc.*		678,650
1,992	Matthews International Corp., Class A		53,744
12,662	Montrose Environmental Group, Inc.*		549,784
14,894	UniFirst Corp.		2,384,976

Shares	Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
10,271	Viad Corp.*	$	354,144
			7,401,473
Communications Equipment – 0.4%
67,446	NetScout Systems, Inc.*		1,299,010
19,955	Viavi Solutions, Inc.*		157,644
			1,456,654
Construction & Engineering – 3.0%
13,947	Comfort Systems USA, Inc.		4,315,341
5,139	Dycom Industries, Inc.*		719,563
17,736	Fluor Corp.*		715,293
10,720	IES Holdings, Inc.*		1,448,486
5,602	Limbach Holdings, Inc.*		253,939
40,451	Primoris Services Corp.		1,885,017
24,696	Sterling Infrastructure, Inc.*		2,509,113
			11,846,752
Construction Materials – 1.3%
34,455	Knife River Corp.*		2,694,036
64,895	Summit Materials, Inc., Class A*		2,524,416
			5,218,452
Consumer Finance – 0.4%
13,537	Encore Capital Group, Inc.*		556,235
8,132	Enova International, Inc.*		492,230
12,963	Regional Management Corp.		326,797
13,691	Upstart Holdings, Inc.*(a)		302,982
			1,678,244
Consumer Staples Distribution & Retail – 0.1%
5,108	Weis Markets, Inc.		322,468
Distributors – 0.0%
815	Weyco Group, Inc.		23,920
Diversified Consumer Services – 1.2%
163,234	Coursera, Inc.*		1,668,251
47,395	European Wax Center, Inc., Class A*		557,365
19,765	Frontdoor, Inc.*		606,588
17,977	Strategic Education, Inc.		2,064,479
			4,896,683
Diversified REITs – 0.4%
72,898	American Assets Trust, Inc. REIT		1,556,372
Diversified Telecommunication Services – 0.1%
12,968	Liberty Latin America Ltd., Class A (Puerto Rico)*		97,908
312,013	Lumen Technologies, Inc.*		371,296
			469,204
Electrical Equipment – 2.4%
2,978	Allient, Inc.		87,523
16,714	Atkore, Inc.		2,929,964
168,247	FTC Solar, Inc.*		77,394
46,182	NEXTracker, Inc., Class A*		1,976,128
25,380	NuScale Power Corp.*(a)		147,204
16,868	Powell Industries, Inc.		2,412,124
58,381	Thermon Group Holdings, Inc.*		1,864,105

  

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Electrical Equipment – (continued)
13,849	TPI Composites, Inc.*(a)	$	44,040
			9,538,482
Electronic Equipment, Instruments & Components – 2.3%
15,936	Badger Meter, Inc.		2,915,013
4,541	Bel Fuse, Inc., Class B		266,648
5,538	Belden, Inc.		450,073
1,870	CTS Corp.		85,552
5,733	ePlus, Inc.*		440,753
15,244	Evolv Technologies Holdings, Inc.*		59,604
15,312	Fabrinet (Thailand)*		2,650,048
12,228	Itron, Inc.*		1,126,443
20,277	TTM Technologies, Inc.*		302,736
26,982	Vishay Precision Group, Inc.*		890,406
			9,187,276
Energy Equipment & Services – 1.8%
93,458	Archrock, Inc.		1,793,459
23,059	Cactus, Inc., Class A		1,144,649
42,415	ChampionX Corp.		1,423,872
29,846	Dril-Quip, Inc.*		542,600
5,237	Helix Energy Solutions Group, Inc.*		56,245
15,868	Nabors Industries Ltd.*		1,142,972
38,240	Newpark Resources, Inc.*		265,386
52,816	Oil States International, Inc.*		210,736
5,864	Patterson-UTI Energy, Inc.		63,448
9,087	SEACOR Marine Holdings, Inc.*		111,043
3,301	Tidewater, Inc.*		303,197
			7,057,607
Entertainment – 0.6%
61,078	Madison Square Garden
	Entertainment Corp.*		2,391,204
Financial Services – 4.8%
48,850	A-Mark Precious Metals, Inc.		1,957,419
153,946	AvidXchange Holdings, Inc.*		1,795,010
89,611	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		2,545,849
61,575	Flywire Corp.*		1,262,288
46,035	I3 Verticals, Inc., Class A*		1,045,455
7,529	Jackson Financial, Inc., Class A		514,381
392,876	Marqeta, Inc., Class A*		2,180,462
23,954	Merchants Bancorp		966,065
25,664	Mr Cooper Group, Inc.*		1,981,261
23,221	NMI Holdings, Inc., Class A*		716,600
83,715	Pagseguro Digital Ltd., Class A (Brazil)*		1,042,252
221,460	Payoneer Global, Inc.*		1,094,012
31,065	Remitly Global, Inc.*		553,889
10,460	Repay Holdings Corp.*		106,378
86,275	StoneCo Ltd., Class A (Brazil)*		1,345,890
			19,107,211
Food Products – 0.2%
3,537	Dole PLC		43,045

Shares	Description	Value
Common Stocks – (continued)
Food Products – (continued)
4,015	Lancaster Colony Corp.	$	766,102
			809,147
Ground Transportation – 0.2%
5,668	ArcBest Corp.		628,638
19,053	Marten Transport Ltd.		322,377
			951,015
Health Care Equipment & Supplies – 1.4%
21,555	Artivion, Inc.*		422,909
35,529	AtriCure, Inc.*		856,960
2,685	Axonics, Inc.*		178,741
18,639	CONMED Corp.		1,267,079
9,145	CVRx, Inc.*		141,839
53,287	Embecta Corp.		539,797
7,397	Inmode Ltd.*		127,155
3,797	iRadimed Corp.		154,196
10,828	Lantheus Holdings, Inc.*		720,495
450	LeMaitre Vascular, Inc.		29,160
21,022	Pulmonx Corp.*		159,977
10,465	Surmodics, Inc.*		268,846
1,548	UFP Technologies, Inc.*		318,795
339	Utah Medical Products, Inc.		22,442
			5,208,391
Health Care Providers & Services – 4.0%
1,388	Addus HomeCare Corp.*		133,456
68,055	Alignment Healthcare, Inc.*		350,483
135,809	Brookdale Senior Living, Inc.*		922,143
12,714	Community Health Systems, Inc.*		41,956
36,978	Enhabit, Inc.*		373,108
4,035	Ensign Group, Inc. (The)		477,583
23,704	Guardant Health, Inc.*		426,672
25,503	HealthEquity, Inc.*		2,012,442
181,602	Hims & Hers Health, Inc.*		2,275,473
64,778	Joint Corp. (The)*		773,449
3,835	ModivCare, Inc.*		90,008
91,692	Nano-X Imaging Ltd. (Israel)*(a)		821,560
31,484	Option Care Health, Inc.*		941,057
8,816	Owens & Minor, Inc.*		218,108
64,674	Pennant Group, Inc. (The)*		1,352,333
22,934	Progyny, Inc.*		735,264
75,245	Select Medical Holdings Corp.		2,134,701
8,973	US Physical Therapy, Inc.		910,849
92,694	Viemed Healthcare, Inc.*		759,164
			15,749,809
Health Care REITs – 0.1%
15,253	LTC Properties, Inc. REIT		504,874
Health Care Technology – 0.1%
36,168	Health Catalyst, Inc.*		224,965
Hotel & Resort REITs – 3.6%
182,012	Chatham Lodging Trust REIT		1,669,050
276,341	DiamondRock Hospitality Co. REIT		2,459,435
225,878	RLJ Lodging Trust REIT		2,484,658
26,933	Ryman Hospitality Properties, Inc. REIT		2,840,893

  

22  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Hotel & Resort REITs – (continued)
285,114	Service Properties Trust REIT	$	1,747,749
130,294	Summit Hotel Properties, Inc. REIT		783,067
109,012	Sunstone Hotel Investors, Inc. REIT		1,111,922
98,787	Xenia Hotels & Resorts, Inc. REIT		1,370,176
			14,466,950
Hotels, Restaurants & Leisure – 3.4%
14,244	Bloomin’ Brands, Inc.		367,353
8,461	Brinker International, Inc.*		453,510
15,359	Cheesecake Factory, Inc. (The)		530,193
38,836	Chuy’s Holdings, Inc.*		1,144,108
9,332	Cracker Barrel Old Country Store, Inc.(a)		543,029
127,121	Denny’s Corp.*		1,019,510
31,296	Dine Brands Global, Inc.		1,380,154
65,618	Everi Holdings, Inc.*		536,099
79,535	International Game Technology PLC		1,570,021
19,337	Jack in the Box, Inc.		1,103,562
88,845	Life Time Group Holdings, Inc.*		1,213,623
99,574	Portillo’s, Inc., Class A*		1,220,777
20,975	RCI Hospitality Holdings, Inc.		1,064,691
7,912	Shake Shack, Inc., Class A*		837,485
9,320	Sweetgreen, Inc., Class A*		209,420
21,417	Xponential Fitness, Inc., Class A*		273,067
			13,466,602
Household Durables – 3.0%
18,780	Dream Finders Homes, Inc., Class A*		666,690
19,319	Ethan Allen Interiors, Inc.		545,569
21,206	Green Brick Partners, Inc.*		1,147,881
12,399	Installed Building Products, Inc.		2,922,816
35,840	KB Home		2,320,998
15,952	LGI Homes, Inc.*		1,434,563
23,641	M/I Homes, Inc.*		2,747,557
			11,786,074
Household Products – 0.5%
23,289	Energizer Holdings, Inc.		668,860
6,197	WD-40 Co.		1,401,328
			2,070,188
Industrial REITs – 0.5%
242,814	LXP Industrial Trust REIT		2,027,497
Insurance – 3.0%
15,126	Ambac Financial Group, Inc.*		218,571
4,619	American Coastal Insurance Corp.*		48,361
24,146	BRP Group, Inc., Class A*		643,249
53,997	CNO Financial Group, Inc.		1,421,741
139,833	Genworth Financial, Inc., Class A*		829,210
30,939	Goosehead Insurance, Inc., Class A*		1,760,738

Shares	Description	Value
Common Stocks – (continued)
Insurance – (continued)
124,702	James River Group Holdings Ltd.	$	1,108,601
28,412	Mercury General Corp.		1,484,811
21,540	Palomar Holdings, Inc.*		1,694,552
5,673	Selective Insurance Group, Inc.		576,660
21,456	Skyward Specialty Insurance Group, Inc.*		749,244
65,191	Universal Insurance Holdings, Inc.		1,272,528
			11,808,266
Interactive Media & Services – 0.6%
33,753	Cars.com, Inc.*		564,013
40,191	DHI Group, Inc.*		94,047
185,537	fuboTV, Inc.*(a)		263,462
16,229	QuinStreet, Inc.*		293,583
223,504	Vimeo, Inc.*		802,379
17,863	ZipRecruiter, Inc., Class A*		183,632
			2,201,116
IT Services – 0.5%
57,347	BigCommerce Holdings, Inc., Series 1*		324,584
32,241	DigitalOcean Holdings, Inc.*		1,059,439
33,850	Fastly, Inc., Class A*		428,203
43,726	Rackspace Technology, Inc.*		75,209
66,232	Thoughtworks Holding, Inc.*		153,658
			2,041,093
Leisure Products – 1.0%
25,876	Acushnet Holdings Corp.		1,577,918
47,056	Funko, Inc., Class A*		286,571
41,076	Malibu Boats, Inc., Class A*		1,397,406
25,758	MasterCraft Boat Holdings, Inc.*		521,084
			3,782,979
Life Sciences Tools & Services – 0.2%
61,975	Adaptive Biotechnologies Corp.*		162,374
7,427	BioLife Solutions, Inc.*		130,270
58,638	Cytek Biosciences, Inc.*		352,414
2,538	Quanterix Corp.*		40,913
			685,971
Machinery – 3.1%
6,937	Chart Industries, Inc.*		999,344
18,552	Douglas Dynamics, Inc.		420,017
35,679	Federal Signal Corp.		2,900,703
12,719	Franklin Electric Co., Inc.		1,224,458
9,961	Gorman-Rupp Co. (The)		330,406
50,388	Hillman Solutions Corp.*		481,709
3,432	John Bean Technologies Corp.		305,757
419	Kadant, Inc.		114,718
15,673	Mueller Industries, Inc.		874,867
154,554	Mueller Water Products, Inc., Class A		2,448,135
922	Omega Flex, Inc.		61,092
5,613	Proto Labs, Inc.*		171,084
7,169	SPX Technologies, Inc.*		873,256
621	Standex International Corp.		107,359
3,500	Terex Corp.		196,175

  

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Machinery – (continued)
33,127	Wabash National Corp.	$	765,565
			12,274,645
Marine Transportation – 0.4%
86,137	Costamare, Inc. (Monaco)		1,031,921
8,168	Pangaea Logistics Solutions Ltd.		58,810
119,422	Safe Bulkers, Inc. (Monaco)		595,916
			1,686,647
Media – 1.0%
23,498	AMC Networks, Inc., Class A*		249,549
101,579	EW Scripps Co. (The), Class A*		381,937
134,086	Gray Television, Inc.		770,995
88,906	Magnite, Inc.*		785,040
23,101	TechTarget, Inc.*		635,277
35,445	Thryv Holdings, Inc.*		815,589
			3,638,387
Metals & Mining – 2.2%
67,667	ATI, Inc.*		4,039,720
38,845	Carpenter Technology Corp.		3,329,017
130,235	Hecla Mining Co.		616,012
5,911	Materion Corp.		679,410
13,046	Novagold Resources, Inc. (Canada)*		37,833
			8,701,992
Mortgage Real Estate Investment Trusts (REITs) – 1.0%
179,276	Arbor Realty Trust, Inc. REIT		2,300,111
59,567	BrightSpire Capital, Inc. REIT		374,677
74,786	PennyMac Mortgage Investment Trust REIT		1,035,786
21,234	TPG RE Finance Trust, Inc. REIT		155,645
			3,866,219
Multi-Utilities – 1.2%
58,461	Avista Corp.		2,103,427
50,372	Black Hills Corp.		2,765,423
			4,868,850
Oil, Gas & Consumable Fuels – 4.5%
29,539	Civitas Resources, Inc.		2,125,626
216,931	DHT Holdings, Inc.		2,477,352
61,956	Dorian LPG Ltd.		2,560,022
19,952	Golar LNG Ltd. (Cameroon)		489,223
80,618	Kosmos Energy Ltd. (Ghana)*		457,104
9,100	Matador Resources Co.		566,930
554,404	Nordic American Tankers Ltd.		2,162,176
14,600	PBF Energy, Inc., Class A		777,742
20,918	Peabody Energy Corp.		458,941
36,886	Permian Resources Corp.		617,841
43,262	Scorpio Tankers, Inc. (Monaco)		3,043,914
2,511	Sitio Royalties Corp., Class A		58,356
151,935	Teekay Corp. (Bermuda)*		1,112,164
13,592	Teekay Tankers Ltd., Class A (Canada)		792,006
24,996	VAALCO Energy, Inc.		159,974
			17,859,371

Shares	Description	Value
Common Stocks – (continued)
Passenger Airlines – 0.2%
8,683	SkyWest, Inc.*	$	634,119
Personal Care Products – 0.5%
8,472	elf Beauty, Inc.*		1,376,954
57,384	Herbalife Ltd.*		496,372
			1,873,326
Pharmaceuticals – 0.8%
51,621	Amneal Pharmaceuticals, Inc.*		312,307
27,914	Amylyx Pharmaceuticals, Inc.*		50,524
16,917	Intra-Cellular Therapies, Inc.*		1,214,810
12,574	Longboard Pharmaceuticals, Inc.*		267,826
50,955	Phibro Animal Health Corp., Class A		850,949
6,261	Prestige Consumer Healthcare, Inc.*		449,289
			3,145,705
Professional Services – 1.8%
35,901	Asure Software, Inc.*		265,308
215,640	Conduent, Inc.*		679,266
67,063	ExlService Holdings, Inc.*		1,944,827
13,170	Franklin Covey Co.*		512,840
37,198	Parsons Corp.*		2,920,415
56,215	Upwork, Inc.*		657,716
			6,980,372
Real Estate Management & Development – 0.7%
114,585	Compass, Inc., Class A*		360,943
19,764	DigitalBridge Group, Inc.		324,920
29,632	Douglas Elliman, Inc.*		40,299
56,499	Forestar Group, Inc.*		1,750,904
2,135	St Joe Co. (The)		122,122
			2,599,188
Residential REITs – 0.8%
4,320	Centerspace REIT		290,520
61,867	NexPoint Residential Trust, Inc. REIT		2,118,326
40,867	UMH Properties, Inc. REIT		650,603
			3,059,449
Retail REITs – 0.5%
5,400	Alexander’s, Inc. REIT		1,142,424
6,524	Kite Realty Group Trust REIT		142,223
17,484	Macerich Co. (The) REIT		240,580
10,005	Tanger, Inc. REIT		283,642
			1,808,869
Semiconductors & Semiconductor Equipment – 2.1%
14,601	ACM Research, Inc., Class A*		372,617
41,501	Amkor Technology, Inc.		1,342,557
19,856	Axcelis Technologies, Inc.*		2,055,493
8,992	FormFactor, Inc.*		400,953
3,114	Ichor Holdings Ltd.*		120,761
1,828	Impinj, Inc.*		291,347
6,778	Onto Innovation, Inc.*		1,257,251
39,462	PDF Solutions, Inc.*		1,187,017
27,451	Photronics, Inc.*		752,432

  

24  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
4,446	SiTime Corp.*	$	396,228
			8,176,656
Software – 6.9%
76,743	ACI Worldwide, Inc.*		2,616,936
11,588	Agilysys, Inc.*		962,383
17,512	Alarm.com Holdings, Inc.*		1,164,548
17,967	Altair Engineering, Inc., Class A*		1,445,445
5,273	Appfolio, Inc., Class A*		1,195,811
24,745	C3.ai, Inc., Class A*(a)		557,505
87,020	Cleanspark, Inc.*		1,425,388
115,145	Clear Secure, Inc., Class A		2,011,583
21,560	Consensus Cloud Solutions, Inc.*		250,958
648	Daily Journal Corp.*		217,210
46,887	Freshworks, Inc., Class A*		836,933
26,190	LiveRamp Holdings, Inc.*		840,961
45,269	Marathon Digital Holdings, Inc.*		727,020
2,506	MicroStrategy, Inc., Class A*(a)		2,668,965
9,133	Olo, Inc., Class A*		43,838
41,382	Q2 Holdings, Inc.*		2,126,621
5,594	Red Violet, Inc.*		93,867
50,505	Riot Platforms, Inc.*		510,606
8,591	Sapiens International Corp. NV (Israel)		264,603
8,352	SEMrush Holdings, Inc., Class A*		102,228
74,482	SolarWinds Corp.		820,792
17,549	SPS Commerce, Inc.*		3,051,245
35,579	Tenable Holdings, Inc.*		1,599,988
216,890	Terawulf, Inc.*		470,651
33,837	Varonis Systems, Inc.*		1,480,369
9,976	Viant Technology, Inc., Class A*		87,689
			27,574,143
Specialized REITs – 0.3%
61,470	Outfront Media, Inc. REIT		974,914
Specialty Retail – 2.2%
10,519	Abercrombie & Fitch Co., Class A*		1,278,269
19,282	American Eagle Outfitters, Inc.		467,781
2,196	America’s Car-Mart, Inc.*		125,699
12,716	Arko Corp.		54,679
15,135	Beyond, Inc.*		304,667
8,767	Buckle, Inc. (The)		327,798
5,310	Caleres, Inc.		195,567
95,618	CarParts.com, Inc.*		117,610
18,912	Carvana Co.*		1,568,183
9,031	Cato Corp. (The), Class A		43,529
3,097	Haverty Furniture Cos., Inc.		95,388
2,903	Revolve Group, Inc.*		57,799
7,686	Shoe Carnival, Inc.		257,020
49,000	Sleep Number Corp.*		652,190
7,624	Upbound Group, Inc.		236,420
99,806	Warby Parker, Inc., Class A*		1,171,723
4,050	Winmark Corp.		1,455,246
27,598	Zumiez, Inc.*		474,686
			8,884,254

Shares	Description	Value
Common Stocks – (continued)
Technology Hardware, Storage & Peripherals – 1.9%
8,920	Super Micro Computer, Inc.*	$	7,660,496
Textiles, Apparel & Luxury Goods – 0.6%
18,856	Figs, Inc., Class A*		96,354
21,951	Oxford Industries, Inc.		2,365,879
			2,462,233
Tobacco – 0.1%
25,422	Vector Group Ltd.		263,118
Trading Companies & Distributors – 1.4%
112,255	DNOW, Inc.*		1,583,918
1,987	DXP Enterprises, Inc.*		96,886
38,371	FTAI Aviation Ltd.		2,694,028
86,933	MRC Global, Inc.*		976,258
			5,351,090
Water Utilities – 0.0%
3,609	Consolidated Water Co. Ltd.		91,849
Wireless Telecommunication Services – 0.1%
20,291	Gogo, Inc.*		183,837
21,539	Telephone and Data Systems, Inc.		337,085
			520,922
TOTAL COMMON STOCKS (Cost $346,733,493)			383,940,516
Shares	Dividend Rate	Value
Investment Company – 1.0%(b)
Goldman Sachs Financial Square Government   Fund - Institutional Shares
3,787,000	5.223%		3,787,000
(Cost $3,787,000)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $350,520,493)			387,727,516
Securities Lending Reinvestment Vehicle – 1.1%(b)
Goldman Sachs Financial Square Government   Fund – Institutional Shares
4,161,020	5.223%		4,161,020
(Cost $4,161,020)
TOTAL INVESTMENTS – 99.4%
(Cost $354,681,513)		$	391,888,536
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%			2,438,209
NET ASSETS – 100.0%		$	394,326,745

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) All or a portion of security is on loan.

(b) Represents an affiliated issuer.

  

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Investment Abbreviations:
	PLC	—Public Limited Company
	REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index		60		06/21/24	$	5,956,800	$	(281,172	)

  

26   The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.7%
Aerospace & Defense – 0.2%
1,074	AeroVironment, Inc.*	$	171,614
Automobile Components – 1.7%
6,106	Dorman Products, Inc.*		533,970
4,511	Fox Factory Holding Corp.*		175,568
33,710	Goodyear Tire & Rubber Co. (The)*		403,172
9,659	Modine Manufacturing Co.*		894,713
			2,007,423
Banks – 1.6%
1,187	BancFirst Corp.		105,845
14,570	Bancorp, Inc. (The)*		436,226
1,020	First Financial Bankshares, Inc.		30,151
6,131	International Bancshares Corp.		341,190
9,228	OFG Bancorp (Puerto Rico)		333,223
4,011	Stock Yards Bancorp, Inc.		178,690
5,975	Texas Capital Bancshares, Inc.*		342,965
			1,768,290
Beverages – 0.7%
956	Coca-Cola Consolidated, Inc.		789,656
1,048	National Beverage Corp.*		46,636
375	Primo Water Corp.		7,076
			843,368
Biotechnology – 8.4%
31,140	89bio, Inc.*		265,001
14,567	ACADIA Pharmaceuticals, Inc.*		243,415
27,949	Adicet Bio, Inc.*		41,644
10,203	Akero Therapeutics, Inc.*		202,938
1,216	Alector, Inc.*		6,177
2,078	Altimmune, Inc.*		13,611
1,182	Apogee Therapeutics, Inc.*		59,455
2,759	Arcellx, Inc.*		138,005
601	Arrowhead Pharmaceuticals, Inc.*		13,595
67,400	Aurinia Pharmaceuticals, Inc. (Canada)*		343,066
13,095	Beam Therapeutics, Inc.*		277,876
2,093	BioCryst Pharmaceuticals, Inc.*		8,644
2,700	Biomea Fusion, Inc.*(a)		28,998
4,040	Blueprint Medicines Corp.*		369,014
2,403	Bridgebio Pharma, Inc.*		61,565
1,342	Cabaletta Bio, Inc.*		14,286
1,389	Catalyst Pharmaceuticals, Inc.*		20,904
9,276	Cytokinetics, Inc.*		568,804
10,043	Day One Biopharmaceuticals, Inc.*		171,735
11,672	Deciphera Pharmaceuticals, Inc.*		294,951
16,479	Denali Therapeutics, Inc.*		254,436
7,770	Design Therapeutics, Inc.*		27,350
6,293	Editas Medicine, Inc.*		32,786
7,334	Ideaya Biosciences, Inc.*		298,127
2,171	ImmunityBio, Inc.*		17,346
5,659	Immunovant, Inc.*		155,283
2,895	Insmed, Inc.*		71,564
5,081	Keros Therapeutics, Inc.*		286,518
2,799	Krystal Biotech, Inc.*		428,583
5,582	Kymera Therapeutics, Inc.*		187,667

Shares	Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
1,110	Madrigal Pharmaceuticals, Inc.*	$	226,462
63,471	MannKind Corp.*		260,866
8,396	Morphic Holding, Inc.*		228,959
3,475	Mural Oncology PLC*		12,857
6,695	Nuvalent, Inc., Class A*		461,152
11,610	Precigen, Inc.*		15,325
1,906	Protagonist Therapeutics, Inc.*		47,860
2,721	Prothena Corp. PLC (Ireland)*		55,345
12,327	Relay Therapeutics, Inc.*		80,372
5,228	REVOLUTION Medicines, Inc.*		194,900
7,922	Rhythm Pharmaceuticals, Inc.*		314,979
35,414	Rigel Pharmaceuticals, Inc.*		37,185
7,188	SpringWorks Therapeutics, Inc.*		335,608
12,844	Sutro Biopharma, Inc.*		43,605
11,717	Syndax Pharmaceuticals, Inc.*		247,580
25,348	TG Therapeutics, Inc.*		346,254
420	Vaxcyte, Inc.*		25,431
3,964	Verve Therapeutics, Inc.*		23,824
15,602	Viking Therapeutics, Inc.*		1,241,607
4,122	Viridian Therapeutics, Inc.*		54,658
4,133	Xencor, Inc.*		86,545
13,945	Y-mAbs Therapeutics, Inc.*		212,103
4,513	Zentalis Pharmaceuticals, Inc.*		49,914
			9,506,735
Broadline Retail – 0.2%
458	Dillard’s, Inc., Class A		200,599
Building Products – 1.0%
3,677	AAON, Inc.		345,969
1,739	CSW Industrials, Inc.		413,221
2,453	Simpson Manufacturing Co., Inc.		426,552
			1,185,742
Capital Markets – 1.0%
316	B Riley Financial, Inc.		10,870
2,188	Moelis & Co., Class A		107,387
1,947	Open Lending Corp.*		9,930
4,273	Piper Sandler Cos.		836,611
1,794	Silvercrest Asset Management Group, Inc., Class A		26,282
3,382	StepStone Group, Inc., Class A		121,989
			1,113,069
Chemicals – 2.3%
12,429	HB Fuller Co.		928,571
8,122	Ingevity Corp.*		415,359
7,144	Innospec, Inc.		857,280
8,469	Orion SA (Germany)		200,376
1,015	Quaker Chemical Corp.		189,328
			2,590,914
Commercial Services & Supplies – 0.9%
3,103	CECO Environmental Corp.*		67,087
3,580	Enviri Corp.*		27,853
31,366	Healthcare Services Group, Inc.*		333,107
9,500	Montrose Environmental Group, Inc.*		412,490
2,774	Pitney Bowes, Inc.		11,817

  

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
4,040	Viad Corp.*	$	139,299
			991,653
Communications Equipment – 0.2%
2,063	Calix, Inc.*		57,207
24,323	Viavi Solutions, Inc.*		192,152
			249,359
Construction & Engineering – 4.3%
5,730	Comfort Systems USA, Inc.		1,772,919
2,701	Construction Partners, Inc., Class A*		139,480
4,347	Dycom Industries, Inc.*		608,667
14,483	Fluor Corp.*		584,099
6,462	IES Holdings, Inc.*		873,146
9,215	Sterling Infrastructure, Inc.*		936,244
			4,914,555
Construction Materials – 0.5%
1,933	United States Lime & Minerals, Inc.		599,230
Consumer Finance – 0.1%
5,941	Upstart Holdings, Inc.*(a)		131,474
Consumer Staples Distribution & Retail – 0.1%
1,011	PriceSmart, Inc.		81,476
Diversified Consumer Services – 1.8%
54,213	Coursera, Inc.*		554,057
1,790	Duolingo, Inc.*		404,093
9,743	European Wax Center, Inc., Class A*		114,578
18,167	Frontdoor, Inc.*		557,545
9,124	Laureate Education, Inc.		132,298
3,630	Stride, Inc.*		242,302
			2,004,873
Electrical Equipment – 2.7%
9,835	Allient, Inc.		289,051
7,519	Atkore, Inc.		1,318,081
3,849	Enovix Corp.*(a)		24,095
51,867	FTC Solar, Inc.*		23,859
1,599	LSI Industries, Inc.		23,345
18,775	NEXTracker, Inc., Class A*		803,382
3,115	NuScale Power Corp.*(a)		18,067
2,815	Powell Industries, Inc.		402,545
2,703	Thermon Group Holdings, Inc.*		86,307
10,385	TPI Composites, Inc.*(a)		33,024
			3,021,756
Electronic Equipment, Instruments & Components – 2.2%
6,581	Badger Meter, Inc.		1,203,796
1,333	Belden, Inc.		108,333
6,841	Fabrinet (Thailand)*		1,183,972
309	OSI Systems, Inc.*		40,615
			2,536,716
Energy Equipment & Services – 2.0%
14,793	Cactus, Inc., Class A		734,325
22,390	ChampionX Corp.		751,632
4,545	Nabors Industries Ltd.*		327,376

Shares	Description	Value
Common Stocks – (continued)
Energy Equipment & Services – (continued)
3,578	Tidewater, Inc.*	$	328,639
848	Weatherford International PLC*		104,830
			2,246,802
Entertainment – 0.7%
19,426	Madison Square Garden Entertainment Corp.*		760,528
Financial Services – 3.6%
61,892	AvidXchange Holdings, Inc.*		721,661
16,753	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		475,953
32,824	Flywire Corp.*		672,892
21,371	I3 Verticals, Inc., Class A*		485,335
4,453	International Money Express, Inc.*		90,084
54,418	Marqeta, Inc., Class A*		302,020
18,473	Pagseguro Digital Ltd., Class A (Brazil)*		229,989
97,283	Payoneer Global, Inc.*		480,578
21,593	Remitly Global, Inc.*		385,003
20,306	StoneCo Ltd., Class A (Brazil)*		316,774
			4,160,289
Food Products – 0.7%
3,783	Lancaster Colony Corp.		721,834
9,618	SunOpta, Inc. (Canada)*		62,998
			784,832
Ground Transportation – 0.1%
6,539	Marten Transport Ltd.		110,640
3,268	PAM Transportation Services, Inc.*		55,981
			166,621
Health Care Equipment & Supplies – 3.0%
9,294	AtriCure, Inc.*		224,171
3,408	Axonics, Inc.*		226,871
43,239	Cerus Corp.*		72,209
6,933	CONMED Corp.		471,305
5,799	CVRx, Inc.*		89,942
2,219	Embecta Corp.		22,478
227	Glaukos Corp.*		21,792
4,990	Inari Medical, Inc.*		186,327
11,358	Inmode Ltd.*		195,244
4,024	iRadimed Corp.		163,415
8,631	Lantheus Holdings, Inc.*		574,307
2,916	LeMaitre Vascular, Inc.		188,957
5,220	Outset Medical, Inc.*		13,207
11,730	Pulmonx Corp.*		89,265
1,701	RxSight, Inc.*		88,673
6,295	Surmodics, Inc.*		161,718
3,527	Tactile Systems Technology, Inc.*		48,567
2,688	UFP Technologies, Inc.*		553,567
321	Utah Medical Products, Inc.		21,250
			3,413,265
Health Care Providers & Services – 6.1%
12,540	Alignment Healthcare, Inc.*		64,581

  

28  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Health Care Providers & Services – (continued)
912	CorVel Corp.*	$	217,831
4,424	Enhabit, Inc.*		44,638
7,449	Ensign Group, Inc. (The)		881,664
16,262	Guardant Health, Inc.*		292,716
14,805	HealthEquity, Inc.*		1,168,263
58,084	Hims & Hers Health, Inc.*		727,792
17,584	Joint Corp. (The)*		209,953
7,850	Nano-X Imaging Ltd. (Israel)*(a)		70,336
19,738	Option Care Health, Inc.*		589,969
20,888	Pennant Group, Inc. (The)*		436,768
11,732	Progyny, Inc.*		376,128
30,815	Select Medical Holdings Corp.		874,222
1,941	Surgery Partners, Inc.*		48,428
5,461	US Physical Therapy, Inc.		554,346
38,281	Viemed Healthcare, Inc.*		313,521
			6,871,156
Health Care Technology – 0.1%
12,199	Health Catalyst, Inc.*		75,878
Hotel & Resort REITs – 2.2%
40,807	Chatham Lodging Trust REIT		374,200
20,673	DiamondRock Hospitality Co. REIT		183,990
53,113	RLJ Lodging Trust REIT		584,243
11,409	Ryman Hospitality Properties, Inc. REIT		1,203,421
21,946	Service Properties Trust REIT		134,529
			2,480,383
Hotels, Restaurants & Leisure – 4.6%
11,967	Bloomin’ Brands, Inc.		308,629
6,289	Brinker International, Inc.*		337,090
7,651	Cheesecake Factory, Inc. (The)		264,112
13,776	Chuy’s Holdings, Inc.*		405,841
3,439	Cracker Barrel Old Country Store, Inc.(a)		200,115
39,330	Denny’s Corp.*		315,427
6,271	Dine Brands Global, Inc.		276,551
11,094	Everi Holdings, Inc.*		90,638
32,781	International Game Technology PLC		647,097
8,182	Jack in the Box, Inc.		466,947
18,497	Life Time Group Holdings, Inc.*		252,669
14,875	ONE Group Hospitality, Inc. (The)*		79,730
44,619	Portillo’s, Inc., Class A*		547,029
6,460	RCI Hospitality Holdings, Inc.		327,910
4,026	Shake Shack, Inc., Class A*		426,152
4,748	Sweetgreen, Inc., Class A*		106,688
10,961	Xponential Fitness, Inc., Class A*		139,753
			5,192,378
Household Durables – 1.6%
358	Dream Finders Homes, Inc., Class A*		12,709
671	Ethan Allen Interiors, Inc.		18,949
4,716	Installed Building Products, Inc.		1,111,703
889	LGI Homes, Inc.*		79,948

Shares	Description	Value
Common Stocks – (continued)
Household Durables – (continued)
5,496	M/I Homes, Inc.*	$	638,745
			1,862,054
Household Products – 0.9%
12,530	Energizer Holdings, Inc.		359,861
2,928	WD-40 Co.		662,109
			1,021,970
Insurance – 2.5%
21,090	BRP Group, Inc., Class A*		561,837
9,739	Goosehead Insurance, Inc., Class A*		554,246
1,171	HCI Group, Inc.		133,705
11,384	James River Group Holdings Ltd.		101,204
464	Mercury General Corp.		24,249
7,106	Palomar Holdings, Inc.*		559,029
5,504	Selective Insurance Group, Inc.		559,482
6,805	Skyward Specialty Insurance Group, Inc.*		237,630
7,423	Universal Insurance Holdings, Inc.		144,897
			2,876,279
Interactive Media & Services – 0.8%
11,349	Cars.com, Inc.*		189,642
42,130	fuboTV, Inc.*		59,825
5,980	Grindr, Inc. (Singapore)*(a)		58,544
12,422	QuinStreet, Inc.*		224,714
10,450	Vimeo, Inc.*		37,515
3,554	Yelp, Inc.*		143,013
22,105	ZipRecruiter, Inc., Class A*		227,239
			940,492
IT Services – 1.0%
38,694	BigCommerce Holdings, Inc., Series 1*		219,008
15,278	DigitalOcean Holdings, Inc.*		502,035
15,846	Fastly, Inc., Class A*		200,452
30,346	Rackspace Technology, Inc.*		52,195
33,273	Thoughtworks Holding, Inc.*		77,193
			1,050,883
Leisure Products – 1.3%
12,188	Acushnet Holdings Corp.		743,224
11,536	Malibu Boats, Inc., Class A*		392,455
10,250	MasterCraft Boat Holdings, Inc.*		207,358
3,944	Sturm Ruger & Co., Inc.		182,331
			1,525,368
Life Sciences Tools & Services – 0.2%
15,605	Adaptive Biotechnologies Corp.*		40,885
1,974	BioLife Solutions, Inc.*		34,624
30,430	Cytek Biosciences, Inc.*		182,884
4,697	Harvard Bioscience, Inc.*		17,943
			276,336
Machinery – 4.4%
4,786	Chart Industries, Inc.*		689,471
10,025	Douglas Dynamics, Inc.		226,966
13,231	Federal Signal Corp.		1,075,680
6,550	Franklin Electric Co., Inc.		630,568

  

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Machinery – (continued)
4,468	John Bean Technologies Corp.	$	398,054
482	Kadant, Inc.		131,967
1,145	Mueller Industries, Inc.		63,914
53,209	Mueller Water Products, Inc., Class A		842,831
1,749	Omega Flex, Inc.		115,889
3,955	SPX Technologies, Inc.*		481,759
504	Standex International Corp.		87,132
9,959	Wabash National Corp.		230,152
			4,974,383
Media – 0.6%
9,923	EW Scripps Co. (The), Class A*		37,311
17,741	Gray Television, Inc.		102,011
14,479	iHeartMedia, Inc., Class A*		30,406
10,864	Magnite, Inc.*		95,929
17,412	TechTarget, Inc.*		478,830
			744,487
Metals & Mining – 2.2%
26,340	ATI, Inc.*		1,572,498
7,547	Carpenter Technology Corp.		646,778
229	Kaiser Aluminum Corp.		20,722
2,050	Materion Corp.		235,627
			2,475,625
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
991	Arbor Realty Trust, Inc. REIT		12,714
Oil, Gas & Consumable Fuels – 1.4%
4,439	DHT Holdings, Inc.		50,693
14,717	Dorian LPG Ltd.		608,106
2,579	Energy Fuels, Inc.*(a)		13,359
15,364	Kosmos Energy Ltd. (Ghana)*		87,114
94,122	Nordic American Tankers Ltd.		367,076
405	Peabody Energy Corp.		8,886
6,905	Scorpio Tankers, Inc. (Monaco)		485,836
			1,621,070
Personal Care Products – 0.8%
5,308	elf Beauty, Inc.*		862,709
8,557	Herbalife Ltd.*		74,018
			936,727
Pharmaceuticals – 0.8%
11,948	Amylyx Pharmaceuticals, Inc.*		21,626
168	Axsome Therapeutics, Inc.*		12,392
1,057	Cassava Sciences, Inc.*(a)		23,412
9,811	Intra-Cellular Therapies, Inc.*		704,528
3,003	Longboard Pharmaceuticals, Inc.*		63,964
4,446	Phibro Animal Health Corp., Class A		74,248
			900,170
Professional Services – 2.8%
749	CBIZ, Inc.*		53,314
30,319	Conduent, Inc.*		95,505
817	CSG Systems International, Inc.		38,595
26,968	ExlService Holdings, Inc.*		782,072
3,044	Exponent, Inc.		279,774

Shares	Description	Value
Common Stocks – (continued)
Professional Services – (continued)
8,548	Franklin Covey Co.*	$	332,859
1,095	Huron Consulting Group, Inc.*		102,098
2,079	Insperity, Inc.		213,991
9,406	Parsons Corp.*		738,465
2,016	TriNet Group, Inc.		202,346
28,270	Upwork, Inc.*		330,759
			3,169,778
Real Estate Management & Development – 0.2%
4,262	St Joe Co. (The)		243,786
Residential REITs – 0.4%
12,656	NexPoint Residential Trust, Inc. REIT		433,341
Retail REITs – 0.6%
2,972	Alexander’s, Inc. REIT		628,756
2,230	Tanger, Inc. REIT		63,221
			691,977
Semiconductors & Semiconductor Equipment – 3.3%
934	ACM Research, Inc., Class A*		23,836
2,004	Aehr Test Systems*		24,008
7,500	Axcelis Technologies, Inc.*		776,400
7,308	FormFactor, Inc.*		325,864
1,631	Impinj, Inc.*		259,949
3,505	inTEST Corp.*		39,501
177	NVE Corp.		14,408
5,256	Onto Innovation, Inc.*		974,935
20,247	PDF Solutions, Inc.*		609,030
8,952	Rambus, Inc.*		490,748
2,548	SiTime Corp.*		227,078
			3,765,757
Software – 11.1%
2,803	A10 Networks, Inc.		36,607
26,537	ACI Worldwide, Inc.*		904,912
6,714	Agilysys, Inc.*		557,598
8,025	Alarm.com Holdings, Inc.*		533,662
2,654	Alkami Technology, Inc.*		63,882
11,938	Altair Engineering, Inc., Class A*		960,412
2,964	Appfolio, Inc., Class A*		672,176
7,479	C3.ai, Inc., Class A*(a)		168,502
11,116	Cleanspark, Inc.*		182,080
39,395	Clear Secure, Inc., Class A		688,231
13,428	Consensus Cloud Solutions, Inc.*		156,302
137	Daily Journal Corp.*		45,922
4,680	Domo, Inc., Class B*		35,240
3,258	Enfusion, Inc., Class A*		30,332
33,412	Expensify, Inc., Class A*		53,459
34,455	Freshworks, Inc., Class A*		615,022
6,693	Instructure Holdings, Inc.*		128,037
23,788	Marathon Digital Holdings, Inc.*		382,035
1,359	MicroStrategy, Inc., Class A*(a)		1,447,376
1,330	OneSpan, Inc.*		14,391
15,063	Q2 Holdings, Inc.*		774,088
9,165	Red Violet, Inc.*		153,789
17,776	Riot Platforms, Inc.*		179,715

  

30  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Software – (continued)
13,212	Sapiens International Corp. NV (Israel)	$	406,930
10,527	SEMrush Holdings, Inc., Class A*		128,850
6,821	SPS Commerce, Inc.*		1,185,967
15,731	Tenable Holdings, Inc.*		707,423
41,129	Terawulf, Inc.*		89,250
23,961	Varonis Systems, Inc.*		1,048,294
2,974	Verint Systems, Inc.*		90,053
13,234	Viant Technology, Inc., Class A*		116,327
5,452	Yext, Inc.*		29,931
			12,586,795
Specialized REITs – 0.1%
5,565	Outfront Media, Inc. REIT		88,261
Specialty Retail – 1.7%
2,446	Abercrombie & Fitch Co., Class A*		297,238
10,405	Arko Corp.		44,741
2,001	Beyond, Inc.*		40,280
929	Boot Barn Holdings, Inc.*		98,911
3,672	Buckle, Inc. (The)		137,296
29,342	CarParts.com, Inc.*		36,091
4,878	Carvana Co.*		404,484
5,784	Revolve Group, Inc.*		115,159
11,172	Sleep Number Corp.*		148,699
2,003	Upbound Group, Inc.		62,113
39,401	Warby Parker, Inc., Class A*		462,568
			1,847,580
Technology Hardware, Storage & Peripherals – 3.7%
4,887	Super Micro Computer, Inc.*		4,196,956
Textiles, Apparel & Luxury Goods – 0.6%
7,329	Figs, Inc., Class A*		37,451
6,574	Oxford Industries, Inc.		708,546
			745,997
Trading Companies & Distributors – 1.7%
2,424	Applied Industrial Technologies, Inc.		444,198
15,326	FTAI Aviation Ltd.		1,076,038

Shares	Description	Value
Common Stocks – (continued)
Trading Companies & Distributors – (continued)
2,208	H&E Equipment Services, Inc.	$	106,624
1,223	Herc Holdings, Inc.		174,926
160	McGrath RentCorp		17,066
11,991	MRC Global, Inc.*		134,659
			1,953,511
TOTAL COMMON STOCKS
(Cost $97,364,550)			111,013,275
Shares	Dividend Rate	Value
Investment Company – 0.4%(b)
Goldman Sachs Financial Square Government Fund - Institutional Shares
503,922	5.223%		503,922
(Cost $503,922)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $97,868,472)			111,517,197
Securities Lending Reinvestment Vehicle – 1.8%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
2,071,685	5.223%		2,071,685
(Cost $2,071,685)
TOTAL INVESTMENTS – 99.9%
(Cost $99,940,157)		$	113,588,882
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%			106,922
NET ASSETS – 100.0%		$	113,695,804

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) All or a portion of security is on loan.

(b) Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	13	06/21/24	$	1,290,640	$	(37,585)

  

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 98.3%
Aerospace & Defense – 0.9%
18,329	AAR Corp.*	$	1,267,267
167,243	Kratos Defense & Security Solutions, Inc.*		2,980,270
28,546	National Presto Industries, Inc.		2,340,487
41,906	Triumph Group, Inc.*		559,864
			7,147,888
Automobile Components – 1.5%
41,215	Adient PLC*		1,231,092
15,438	Cooper-Standard Holdings, Inc.*		238,208
547,361	Goodyear Tire & Rubber Co. (The)*		6,546,438
73,551	Holley, Inc.*		295,675
51,910	Modine Manufacturing Co.*		4,808,423
			13,119,836
Banks – 15.6%
43,006	1st Source Corp.		2,133,098
120,047	Amalgamated Financial Corp.		2,945,953
99,677	Ameris Bancorp		4,732,664
42,043	Axos Financial, Inc.*		2,127,796
40,875	BancFirst Corp.		3,644,824
73,803	Bancorp, Inc. (The)*		2,209,662
143,633	BankUnited, Inc.		3,839,310
2,063	Bankwell Financial Group, Inc.		47,305
64,027	Banner Corp.		2,793,498
65,001	BayCom Corp.		1,285,720
60,315	Business First Bancshares, Inc.		1,217,760
41,043	Byline Bancorp, Inc.		889,402
66,629	Cadence Bank		1,843,624
26,315	Capital Bancorp, Inc.		510,511
23,322	Capitol Federal Financial, Inc.		111,246
1,485	City Holding Co.		150,015
38,238	Community Trust Bancorp, Inc.		1,606,378
247,325	CVB Financial Corp.		4,041,291
61,396	Enterprise Financial Services Corp.		2,333,662
20,629	Financial Institutions, Inc.		355,231
198,752	First BanCorp. (Puerto Rico)		3,428,472
20,342	First Bancshares, Inc. (The)		486,988
196,358	First Commonwealth Financial Corp.		2,589,962
177,604	First Financial Bancorp		3,926,824
3,817	First Financial Corp.		138,977
28,968	Fulton Financial Corp.		479,420
32,042	Glacier Bancorp, Inc.		1,159,280
42,507	Great Southern Bancorp, Inc.		2,184,860
115,171	Hancock Whitney Corp.		5,227,612
168,375	Hanmi Financial Corp.		2,576,138
101,494	Heartland Financial USA, Inc.		4,273,912
119,485	Heritage Commerce Corp.		948,711
161,726	Heritage Financial Corp.		2,869,019
29,116	Hilltop Holdings, Inc.		851,934
85,243	Home BancShares, Inc.		2,018,554
34,702	HomeTrust Bancshares, Inc.		891,841
207,645	Hope Bancorp, Inc.		2,080,603
4,671	Independent Bank Corp.		234,671
106,183	Independent Bank Corp.		2,634,400
29,949	Independent Bank Group, Inc.		1,115,301

Shares	Description	Value
Common Stocks – (continued)
Banks – (continued)
82,801	International Bancshares Corp.	$	4,607,876
100,128	National Bank Holdings Corp., Class A		3,277,189
24,598	Northeast Community Bancorp, Inc.		388,156
102,863	OFG Bancorp (Puerto Rico)		3,714,383
56,988	Old National Bancorp		942,582
81,591	Old Second Bancorp, Inc.		1,117,797
86,493	Origin Bancorp, Inc.		2,568,842
9,382	Park National Corp.		1,235,703
38,022	PCB Bancorp		553,600
37,666	Preferred Bank		2,850,940
141,258	Provident Financial Services, Inc.		2,073,667
91,938	Renasant Corp.		2,671,718
56,544	Sierra Bancorp		1,120,702
9,849	Southern First Bancshares, Inc.*		254,301
106,026	Southside Bancshares, Inc.		2,826,653
30,528	SouthState Corp.		2,310,970
75,312	Texas Capital Bancshares, Inc.*		4,322,909
8,608	Timberland Bancorp, Inc.		210,035
101,983	TrustCo Bank Corp.		2,714,787
60,740	UMB Financial Corp.		4,838,548
63,169	United Bankshares, Inc.		2,050,466
21,074	United Community Banks, Inc.		531,697
16,548	Unity Bancorp, Inc.		445,472
148,652	Veritex Holdings, Inc.		2,895,741
14,526	WaFd, Inc.		393,509
65,895	WesBanco, Inc.		1,779,165
17,556	WSFS Financial Corp.		750,168
			132,384,005
Beverages – 0.6%
282,739	Primo Water Corp.		5,335,285
Biotechnology – 4.0%
30,735	89bio, Inc.*		261,555
171,195	Adicet Bio, Inc.*		255,080
170,966	Allogene Therapeutics, Inc.*		471,866
148,888	Altimmune, Inc.*		975,216
43,368	Annexon, Inc.*		197,324
13,785	Apogee Therapeutics, Inc.*		693,385
32,805	Arcturus Therapeutics Holdings, Inc.*		838,824
280,536	Aurinia Pharmaceuticals, Inc. (Canada)*		1,427,928
11,421	Avidity Biosciences, Inc.*		275,589
4,535	Beam Therapeutics, Inc.*		96,233
72,621	Biohaven Ltd.*		2,817,695
31,618	Celldex Therapeutics, Inc.*		1,183,146
103,830	Deciphera Pharmaceuticals, Inc.*		2,623,784
69,894	Design Therapeutics, Inc.*		246,027
341,080	Editas Medicine, Inc.*		1,777,027
128,574	Erasca, Inc.*		258,434
122,289	Fate Therapeutics, Inc.*		483,041
167,719	Generation Bio Co.*		474,645
14,859	Ideaya Biosciences, Inc.*		604,018
39,383	Intellia Therapeutics, Inc.*		842,796
154,334	Iovance Biotherapeutics, Inc.*		1,818,054
143,640	iTeos Therapeutics, Inc.*		1,542,694

  

32  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Biotechnology – (continued)
23,994	Kiniksa Pharmaceuticals Ltd., Class A*	$	449,168
147,010	Kodiak Sciences, Inc.*		471,902
71,214	Kura Oncology, Inc.*		1,397,219
7,727	Morphic Holding, Inc.*		210,715
95,117	Nurix Therapeutics, Inc.*		1,143,306
2,418	Nuvalent, Inc., Class A*		166,552
43,956	Olema Pharmaceuticals, Inc.*		447,032
249,012	PMV Pharmaceuticals, Inc.*		448,222
103,321	Poseida Therapeutics, Inc.*		250,037
306,181	Relay Therapeutics, Inc.*		1,996,300
99,329	Sana Biotechnology, Inc.*		893,961
13,116	Scholar Rock Holding Corp.*		192,412
357,179	Sutro Biopharma, Inc.*		1,212,623
32,961	Tango Therapeutics, Inc.*		253,800
4,825	Twist Bioscience Corp.*		150,685
105,214	Vanda Pharmaceuticals, Inc.*		500,819
177,208	Verve Therapeutics, Inc.*		1,065,020
19,573	Viking Therapeutics, Inc.*		1,557,619
6,255	Xencor, Inc.*		130,980
59,651	Y-mAbs Therapeutics, Inc.*		907,292
			34,010,025
Broadline Retail – 0.1%
197,679	Big Lots, Inc.*(a)		695,830
1,058	Dillard’s, Inc., Class A		463,394
			1,159,224
Building Products – 1.3%
25,523	American Woodmark Corp.*		2,350,158
170,450	Masterbrand, Inc.*		2,841,402
11,958	Quanex Building Products Corp.		397,245
54,165	Resideo Technologies, Inc.*		1,057,842
35,663	UFP Industries, Inc.		4,019,220
			10,665,867
Capital Markets – 1.0%
5,401	Piper Sandler Cos.		1,057,462
79,268	StoneX Group, Inc.*		5,754,857
8,339	Virtus Investment Partners, Inc.		1,828,909
			8,641,228
Chemicals – 1.8%
57,192	Aspen Aerogels, Inc.*		895,627
24,066	Core Molding Technologies, Inc.*		433,669
31,217	HB Fuller Co.		2,332,222
39,069	Innospec, Inc.		4,688,280
10,475	Koppers Holdings, Inc.		537,158
24,469	Mativ Holdings, Inc.		446,804
82,780	Minerals Technologies, Inc.		6,033,834
			15,367,594
Commercial Services & Supplies – 2.3%
41,658	ABM Industries, Inc.		1,820,454
21,951	ACCO Brands Corp.		105,804
65,522	CECO Environmental Corp.*		1,416,586
135,109	Deluxe Corp.		2,668,403
172,982	Ennis, Inc.		3,442,342
222,360	Enviri Corp.*		1,729,961

Shares	Description	Value
Common Stocks – (continued)
Commercial Services & Supplies – (continued)
23,968	Matthews International Corp., Class A	$	646,656
10,492	Montrose Environmental Group, Inc.*		455,563
130,406	Steelcase, Inc., Class A		1,568,784
37,441	UniFirst Corp.		5,995,427
			19,849,980
Communications Equipment – 0.5%
18,697	NETGEAR, Inc.*		276,342
217,879	NetScout Systems, Inc.*		4,196,349
			4,472,691
Construction & Engineering – 1.7%
7,207	Comfort Systems USA, Inc.		2,229,918
93,498	Great Lakes Dredge & Dock Corp.*		617,087
29,998	Limbach Holdings, Inc.*		1,359,809
150,750	Primoris Services Corp.		7,024,950
30,695	Sterling Infrastructure, Inc.*		3,118,612
			14,350,376
Construction Materials – 1.9%
101,336	Knife River Corp.*		7,923,462
211,003	Summit Materials, Inc., Class A*		8,208,017
			16,131,479
Consumer Finance – 0.7%
42,254	Encore Capital Group, Inc.*		1,736,217
45,107	Enova International, Inc.*		2,730,327
1,034	Nelnet, Inc., Class A		97,382
24,124	PRA Group, Inc.*		573,910
5,258	PROG Holdings, Inc.		174,776
2,769	World Acceptance Corp.*		380,931
			5,693,543
Consumer Staples Distribution & Retail – 0.3%
47,638	Natural Grocers by Vitamin Cottage, Inc.		779,358
26,428	Weis Markets, Inc.		1,668,400
			2,447,758
Containers & Packaging – 0.1%
26,130	TriMas Corp.		679,119
Diversified Consumer Services – 1.5%
30,988	Adtalem Global Education, Inc.*		1,537,625
243,206	Coursera, Inc.*		2,485,565
1,398	Graham Holdings Co., Class B		980,515
64,875	Strategic Education, Inc.		7,450,245
			12,453,950
Diversified REITs – 0.6%
247,203	American Assets Trust, Inc. REIT		5,277,784
Diversified Telecommunication Services – 0.5%
9,478	Bandwidth, Inc., Class A*		172,500
96,552	Liberty Latin America Ltd., Class A (Puerto Rico)*		728,967
212,416	Liberty Latin America Ltd., Class C (Puerto Rico)*		1,601,617

  

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Diversified Telecommunication Services – (continued)
1,126,804	Lumen Technologies, Inc.*	$	1,340,897
			3,843,981
Electrical Equipment – 1.5%
2,189	Atkore, Inc.		383,732
165,917	FTC Solar, Inc.*		76,322
26,648	NEXTracker, Inc., Class A*		1,140,268
39,636	Powell Industries, Inc.		5,667,948
159,249	Thermon Group Holdings, Inc.*		5,084,820
			12,353,090
Electronic Equipment, Instruments & Components – 1.4%
16,534	Bel Fuse, Inc., Class B		970,876
2,559	Belden, Inc.		207,970
23,917	ePlus, Inc.*		1,838,739
72,938	Evolv Technologies Holdings, Inc.*		285,188
3,038	Fabrinet (Thailand)*		525,787
37,702	Itron, Inc.*		3,473,108
6,272	nLight, Inc.*		71,438
146,644	TTM Technologies, Inc.*		2,189,395
73,973	Vishay Precision Group, Inc.*		2,441,109
			12,003,610
Energy Equipment & Services – 1.6%
177,688	Archrock, Inc.		3,409,833
124,809	Dril-Quip, Inc.*		2,269,028
123,058	Helix Energy Solutions Group, Inc.*		1,321,643
15,756	Nabors Industries Ltd.*		1,134,905
117,293	Newpark Resources, Inc.*		814,013
331,553	Oil States International, Inc.*		1,322,896
204,159	Patterson-UTI Energy, Inc.		2,209,000
31,298	ProPetro Holding Corp.*		272,919
39,670	SEACOR Marine Holdings, Inc.*		484,767
			13,239,004
Entertainment – 0.5%
98,230	Madison Square Garden Entertainment Corp.*		3,845,705
Financial Services – 6.1%
136,165	A-Mark Precious Metals, Inc.(a)		5,456,131
82,521	AvidXchange Holdings, Inc.*		962,195
205,591	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		5,840,840
11,449	Enact Holdings, Inc.		340,379
85,442	Essent Group Ltd.		4,525,863
48,007	Flywire Corp.*		984,143
7,254	I3 Verticals, Inc., Class A*		164,738
52,433	Jackson Financial, Inc., Class A		3,582,223
1,017,330	Marqeta, Inc., Class A*		5,646,182
121,076	Merchants Bancorp		4,882,995
106,859	Mr Cooper Group, Inc.*		8,249,515
30,774	NewtekOne, Inc.		332,051
93,018	NMI Holdings, Inc., Class A*		2,870,536
144,687	Pagseguro Digital Ltd., Class A (Brazil)*		1,801,353
162,799	Payoneer Global, Inc.*		804,227

Shares	Description	Value
Common Stocks – (continued)
Financial Services – (continued)
14,532	PennyMac Financial Services, Inc.	$	1,244,521
147,352	Repay Holdings Corp.*		1,498,570
100,257	StoneCo Ltd., Class A (Brazil)*		1,564,009
			50,750,471
Food Products – 0.1%
74,150	B&G Foods, Inc.		823,065
Gas Utilities – 0.3%
12,384	Northwest Natural Holding Co.		472,450
2,754	ONE Gas, Inc.		177,688
26,325	Southwest Gas Holdings, Inc.		1,964,371
			2,614,509
Ground Transportation – 0.2%
11,496	ArcBest Corp.		1,275,021
3,118	Covenant Logistics Group, Inc.		140,903
60,366	Heartland Express, Inc.		600,038
			2,015,962
Health Care Equipment & Supplies – 0.2%
13,282	AtriCure, Inc.*		320,362
159,054	Embecta Corp.		1,611,217
2,023	OmniAb, Inc. 12.5 Earnout*(b)		—
2,023	OmniAb, Inc. 15.00 Earnout*(b)		—
			1,931,579
Health Care Providers & Services – 1.4%
499,457	Brookdale Senior Living, Inc.*		3,391,313
217,836	Community Health Systems, Inc.*		718,859
118,524	Enhabit, Inc.*		1,195,907
154,234	Hims & Hers Health, Inc.*		1,932,552
29,801	Joint Corp. (The)*		355,824
199,613	Nano-X Imaging Ltd. (Israel)*(a)		1,788,532
62,031	Owens & Minor, Inc.*		1,534,647
48,013	Pennant Group, Inc. (The)*		1,003,952
29,661	Viemed Healthcare, Inc.*		242,923
			12,164,509
Health Care REITs – 0.4%
24,975	CareTrust REIT, Inc. REIT		617,382
47,670	Diversified Healthcare Trust REIT		112,501
78,799	LTC Properties, Inc. REIT		2,608,247
			3,338,130
Health Care Technology – 0.0%
124,224	American Well Corp., Class A*		63,417
32,692	Health Catalyst, Inc.*		203,344
			266,761
Hotel & Resort REITs – 4.8%
486,873	Chatham Lodging Trust REIT		4,464,626
738,549	DiamondRock Hospitality Co. REIT		6,573,086
109,828	Pebblebrook Hotel Trust REIT		1,595,801
585,066	RLJ Lodging Trust REIT		6,435,726
4,898	Ryman Hospitality Properties, Inc. REIT		516,641

  

34  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Hotel & Resort REITs – (continued)
799,478	Service Properties Trust REIT	$	4,900,800
722,677	Summit Hotel Properties, Inc. REIT		4,343,289
549,640	Sunstone Hotel Investors, Inc. REIT		5,606,328
371,218	Xenia Hotels & Resorts, Inc. REIT		5,148,794
			39,585,091
Hotels, Restaurants & Leisure – 1.1%
40,796	Chuy’s Holdings, Inc.*		1,201,850
114,816	Denny’s Corp.*		920,824
13,516	Dine Brands Global, Inc.		596,056
29,029	El Pollo Loco Holdings, Inc.*		247,327
30,226	Everi Holdings, Inc.*		246,946
36,890	International Game Technology PLC		728,209
249,849	Life Time Group Holdings, Inc.*		3,412,937
61,060	Lindblad Expeditions Holdings, Inc.*		448,180
54,727	Portillo’s, Inc., Class A*		670,953
11,685	RCI Hospitality Holdings, Inc.		593,131
133,571	Sabre Corp.*		383,349
4,261	Shake Shack, Inc., Class A*		451,027
			9,900,789
Household Durables – 4.1%
14,961	Beazer Homes USA, Inc.*		419,357
12,793	Dream Finders Homes, Inc., Class A*		454,151
97,472	Ethan Allen Interiors, Inc.		2,752,609
57,681	Green Brick Partners, Inc.*		3,122,273
4,346	Installed Building Products, Inc.		1,024,483
124,648	KB Home		8,072,204
49,588	LGI Homes, Inc.*		4,459,449
61,617	M/I Homes, Inc.*		7,161,128
29,502	Meritage Homes Corp.		4,889,661
45,208	Taylor Morrison Home Corp.*		2,532,100
			34,887,415
Industrial REITs – 0.7%
751,832	LXP Industrial Trust REIT		6,277,797
Insurance – 3.6%
108,475	Ambac Financial Group, Inc.*		1,567,464
16,459	American Coastal Insurance Corp.*		172,326
242,546	CNO Financial Group, Inc.		6,386,236
54,936	Employers Holdings, Inc.		2,339,724
710,422	Genworth Financial, Inc., Class A*		4,212,802
28,054	Goosehead Insurance, Inc., Class A*		1,596,553
1,728	Investors Title Co.		277,223
269,340	James River Group Holdings Ltd.		2,394,433
105,156	Mercury General Corp.		5,495,453
40,588	Oscar Health, Inc., Class A*		705,014
5,951	Palomar Holdings, Inc.*		468,165
58,587	Skyward Specialty Insurance Group, Inc.*		2,045,858

Shares	Description	Value
Common Stocks – (continued)
Insurance – (continued)
142,850	Universal Insurance Holdings, Inc.	$	2,788,432
			30,449,683
Interactive Media & Services – 0.3%
482,286	fuboTV, Inc.*(a)		684,846
427,241	Vimeo, Inc.*		1,533,795
			2,218,641
IT Services – 0.2%
14,336	DigitalOcean Holdings, Inc.*		471,081
38,418	Fastly, Inc., Class A*		485,988
348,627	Rackspace Technology, Inc.*(a)		599,638
			1,556,707
Leisure Products – 0.6%
4,211	Acushnet Holdings Corp.		256,786
77,711	Latham Group, Inc.*		217,591
73,041	Malibu Boats, Inc., Class A*		2,484,855
134,343	Topgolf Callaway Brands Corp.*		2,152,175
			5,111,407
Life Sciences Tools & Services – 0.1%
22,604	Adaptive Biotechnologies Corp.*		59,223
21,140	Cytek Biosciences, Inc.*		127,051
21,103	Quanterix Corp.*		340,180
			526,454
Machinery – 1.1%
9,168	Astec Industries, Inc.		383,222
5,351	Columbus McKinnon Corp.		220,836
9,681	Federal Signal Corp.		787,065
25,473	Gorman-Rupp Co. (The)		844,940
240,300	Hillman Solutions Corp.*		2,297,268
24,590	Kennametal, Inc.		578,603
259,212	Microvast Holdings, Inc.*(a)		101,585
34,111	Mueller Industries, Inc.		1,904,076
95,892	Mueller Water Products, Inc., Class A		1,518,929
24,723	Proto Labs, Inc.*		753,557
			9,390,081
Marine Transportation – 1.0%
394,201	Costamare, Inc. (Monaco)		4,722,528
37,687	Golden Ocean Group Ltd. (Norway)		531,010
2,095	Matson, Inc.		225,799
31,682	Pangaea Logistics Solutions Ltd.		228,110
599,332	Safe Bulkers, Inc. (Monaco)		2,990,667
			8,698,114
Media – 1.3%
59,539	AMC Networks, Inc., Class A*		632,304
4,643	Cardlytics, Inc.*		56,877
243,355	EW Scripps Co. (The), Class A*		915,015
430,085	Gray Television, Inc.		2,472,989
252,471	iHeartMedia, Inc., Class A*		530,189
9,246	John Wiley & Sons, Inc., Class A		347,372
179,335	Magnite, Inc.*		1,583,528
8,372	Sinclair, Inc.		102,976
18,533	TechTarget, Inc.*		509,657

  

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Media – (continued)
136,201	Thryv Holdings, Inc.*	$	3,133,985
52,910	WideOpenWest, Inc.*		188,889
			10,473,781
Metals & Mining – 1.9%
2,655	Alpha Metallurgical Resources, Inc.		868,504
18,181	ATI, Inc.*		1,085,406
103,352	Carpenter Technology Corp.		8,857,266
211,875	Coeur Mining, Inc.*		957,675
3,071	Commercial Metals Co.		165,036
242,449	Hecla Mining Co.		1,146,784
32,936	Olympic Steel, Inc.		2,093,741
3,891	Ryerson Holding Corp.		111,088
9,764	Warrior Met Coal, Inc.		667,369
4,543	Worthington Steel, Inc.		139,879
			16,092,748
Mortgage Real Estate Investment Trusts (REITs) – 2.0%
460,920	Arbor Realty Trust, Inc. REIT		5,913,604
356,296	BrightSpire Capital, Inc. REIT		2,241,102
116,642	Chimera Investment Corp. REIT		480,565
95,969	Invesco Mortgage Capital, Inc. REIT		820,535
172,844	Ladder Capital Corp. REIT		1,854,616
10,991	MFA Financial, Inc. REIT		116,395
3,452	Nexpoint Real Estate Finance, Inc. REIT		44,738
300,736	PennyMac Mortgage Investment Trust REIT		4,165,193
182,203	TPG RE Finance Trust, Inc. REIT		1,335,548
			16,972,296
Multi-Utilities – 1.7%
188,411	Avista Corp.		6,779,028
138,672	Black Hills Corp.		7,613,093
			14,392,121
Office REITs – 0.2%
149,089	City Office REIT, Inc. REIT		694,755
54,091	COPT Defense Properties REIT		1,296,561
			1,991,316
Oil, Gas & Consumable Fuels – 7.8%
84,790	Ardmore Shipping Corp. (Ireland)		1,420,232
18,970	Chord Energy Corp.		3,357,311
118,554	Civitas Resources, Inc.		8,531,146
16,820	CONSOL Energy, Inc.		1,392,023
16,803	Delek US Holdings, Inc.		459,226
586,025	DHT Holdings, Inc.		6,692,405
98,574	Dorian LPG Ltd.		4,073,078
64,836	Golar LNG Ltd. (Cameroon)		1,589,779
59,791	Matador Resources Co.		3,724,979
68,895	Murphy Oil Corp.		3,075,473
1,274,545	Nordic American Tankers Ltd.		4,970,725
68,348	PBF Energy, Inc., Class A		3,640,898
77,405	Peabody Energy Corp.		1,698,266
222,132	Permian Resources Corp.		3,720,711

Shares	Description	Value
Common Stocks – (continued)
Oil, Gas & Consumable Fuels – (continued)
2,536	REX American Resources Corp.*	$	140,317
110,267	Scorpio Tankers, Inc. (Monaco)		7,758,386
48,137	SM Energy Co.		2,334,163
448,697	Teekay Corp. (Bermuda)*		3,284,462
74,143	Teekay Tankers Ltd., Class A (Canada)		4,320,313
55,618	VAALCO Energy, Inc.		355,955
			66,539,848
Passenger Airlines – 0.6%
36,497	Joby Aviation, Inc.*(a)		184,310
69,757	SkyWest, Inc.*		5,094,353
26,545	Spirit Airlines, Inc.(a)		93,704
			5,372,367
Personal Care Products – 0.0%
39,385	Herbalife Ltd.*		340,680
Pharmaceuticals – 0.8%
110,788	Amneal Pharmaceuticals, Inc.*		670,268
16,263	Edgewise Therapeutics, Inc.*		291,758
4,164	Ligand Pharmaceuticals, Inc.*		291,022
32,024	Longboard Pharmaceuticals, Inc.*		682,111
13,223	Phibro Animal Health Corp., Class A		220,824
69,387	Prestige Consumer Healthcare, Inc.*		4,979,211
3,446	Taro Pharmaceutical Industries Ltd.*		146,386
			7,281,580
Professional Services – 1.0%
67,697	Asure Software, Inc.*		500,281
692,413	Conduent, Inc.*		2,181,101
9,420	ExlService Holdings, Inc.*		273,180
69,177	Parsons Corp.*		5,431,086
			8,385,648
Real Estate Management & Development – 1.1%
157,079	Anywhere Real Estate, Inc.*		763,404
77,555	DigitalBridge Group, Inc.		1,275,004
262,656	Douglas Elliman, Inc.*		357,212
149,844	Forestar Group, Inc.*		4,643,666
71,255	Kennedy-Wilson Holdings, Inc.		612,080
164,074	Newmark Group, Inc., Class A		1,570,188
246,229	Opendoor Technologies, Inc.*		489,996
			9,711,550
Residential REITs – 1.0%
39,747	Centerspace REIT		2,672,986
27,578	Independence Realty Trust, Inc. REIT		434,905
135,664	NexPoint Residential Trust, Inc. REIT		4,645,135
88,601	UMH Properties, Inc. REIT		1,410,528
			9,163,554
Retail REITs – 0.7%
146,375	Kite Realty Group Trust REIT		3,190,975
122,142	Macerich Co. (The) REIT		1,680,674

  

36  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Retail REITs – (continued)
24,923	Tanger, Inc. REIT	$	706,567
			5,578,216
Semiconductors & Semiconductor Equipment – 1.3%
46,088	ACM Research, Inc., Class A*		1,176,166
161,772	Amkor Technology, Inc.		5,233,324
912	Axcelis Technologies, Inc.*		94,410
18,096	Ichor Holdings Ltd.*		701,763
117,020	Photronics, Inc.*		3,207,518
4,406	Ultra Clean Holdings, Inc.*		184,303
2,441	Veeco Instruments, Inc.*		86,265
			10,683,749
Software – 2.4%
95,241	ACI Worldwide, Inc.*		3,247,718
2,244	Altair Engineering, Inc., Class A*		180,530
266,820	Cleanspark, Inc.*		4,370,512
125,330	Clear Secure, Inc., Class A		2,189,515
39,598	Consensus Cloud Solutions, Inc.*		460,921
1,317	Daily Journal Corp.*		441,458
97,588	LiveRamp Holdings, Inc.*		3,133,551
20,510	Marathon Digital Holdings, Inc.*		329,390
59,231	Riot Platforms, Inc.*		598,825
247,170	SolarWinds Corp.		2,723,813
10,802	SPS Commerce, Inc.*		1,878,144
630,870	Terawulf, Inc.*		1,368,988
11,234	Viant Technology, Inc., Class A*		98,747
8,645	Xperi, Inc.*		90,859
			21,112,971
Specialized REITs – 0.7%
72,185	Four Corners Property Trust, Inc. REIT		1,692,738
144,398	Outfront Media, Inc. REIT		2,290,152
234,164	Uniti Group, Inc. REIT		1,346,443
			5,329,333
Specialty Retail – 3.3%
36,060	Aaron’s Co., Inc. (The)		249,175
8,854	Abercrombie & Fitch Co., Class A*		1,075,938
124,114	American Eagle Outfitters, Inc.		3,011,006
21,579	America’s Car-Mart, Inc.*		1,235,182
46,959	Beyond, Inc.*		945,285
33,779	Caleres, Inc.		1,244,080
45,014	Carvana Co.*		3,732,561
11,745	Cato Corp. (The), Class A		56,611
6,187	Group 1 Automotive, Inc.		1,819,102
18,481	Guess?, Inc.(a)		494,921
19,661	Haverty Furniture Cos., Inc.		605,559
97,875	Leslie’s, Inc.*		384,649
29,283	National Vision Holdings, Inc.*		510,110
2,821	Revolve Group, Inc.*		56,166
78,594	Shoe Carnival, Inc.		2,628,183
108,692	Sleep Number Corp.*		1,446,690
7,673	Sonic Automotive, Inc., Class A		443,806
18,276	Tile Shop Holdings, Inc.*		122,815
1,816	Urban Outfitters, Inc.*		70,751
59,666	Warby Parker, Inc., Class A*		700,479

Shares	Description	Value
Common Stocks – (continued)
Specialty Retail – (continued)
14,679	Winmark Corp.	$	5,274,458
127,290	Zumiez, Inc.*		2,189,388
			28,296,915
Technology Hardware, Storage & Peripherals – 0.1%
35,279	Eastman Kodak Co.*		158,755
41,389	IonQ, Inc.*(a)		353,876
			512,631
Textiles, Apparel & Luxury Goods – 0.3%
138,513	Allbirds, Inc., Class A*		83,565
25,695	Oxford Industries, Inc.		2,769,407
			2,852,972
Tobacco – 0.1%
82,107	Vector Group Ltd.		849,807
Trading Companies & Distributors – 1.3%
282,521	DNOW, Inc.*		3,986,371
28,414	DXP Enterprises, Inc.*		1,385,467
216,044	MRC Global, Inc.*		2,426,174
82,205	Rush Enterprises, Inc., Class A		3,610,444
			11,408,456
Water Utilities – 0.1%
23,857	Consolidated Water Co. Ltd.		607,161
Wireless Telecommunication Services – 0.4%
107,674	Gogo, Inc.*		975,526
12,826	Spok Holdings, Inc.		198,162
142,921	Telephone and Data Systems, Inc.		2,236,714
			3,410,402
TOTAL COMMON STOCKS
(Cost $780,523,589)			834,340,289
Shares	Dividend Rate	Value
Investment Company – 0.3%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
2,147,819	5.223%		2,147,819
(Cost $2,147,819)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $782,671,408)			836,488,108

  

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Dividend Rate	Value
Securities Lending Reinvestment Vehicle – 0.5%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
4,576,025	5.223%	$	4,576,025
(Cost $4,576,025)
TOTAL INVESTMENTS – 99.1%
(Cost $787,247,433)		$	841,064,133
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			7,994,384
NET ASSETS – 100.0%		$	849,058,517

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) All or a portion of security is on loan.

(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c) Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional  Amount		Unrealized Appreciation/  (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	79	06/21/24	$	7,843,120	$	89,869

  

38  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 99.0%
Aerospace & Defense – 1.6%
17,138	Lockheed Martin Corp.	$	7,967,970
7,994	Northrop Grumman Corp.		3,877,330
4,818	Textron, Inc.		407,555
21,701	Woodward, Inc.		3,523,374
			15,776,229
Automobile Components – 0.4%
35,806	Lear Corp.		4,506,901
Automobiles – 1.4%
621,672	Ford Motor Co.		7,553,315
37,070	Tesla, Inc.*		6,794,190
			14,347,505
Banks – 2.8%
134,013	Bank of America Corp.		4,959,821
223,338	Citigroup, Inc.		13,697,319
3,847	First Citizens BancShares, Inc., Class A		6,488,966
12,258	JPMorgan Chase & Co.		2,350,349
			27,496,455
Beverages – 1.1%
202,721	Monster Beverage Corp.*		10,835,438
Biotechnology – 1.2%
112,138	Gilead Sciences, Inc.		7,311,398
12,327	Vertex Pharmaceuticals, Inc.*		4,842,169
			12,153,567
Broadline Retail – 4.6%
262,792	Amazon.com, Inc.*		45,988,600
Capital Markets – 2.7%
17,633	Ameriprise Financial, Inc.		7,261,093
16,227	Bank of New York Mellon Corp. (The)		916,663
57,340	CME Group, Inc.		12,020,758
57,069	Morgan Stanley		5,184,148
65,655	Robinhood Markets, Inc., Class A*		1,082,651
			26,465,313
Chemicals – 1.6%
4,673	Axalta Coating Systems Ltd.*		146,919
6,253	Linde PLC		2,757,323
87,260	RPM International, Inc.		9,328,967
14,150	Sherwin-Williams Co. (The)		4,239,481
			16,472,690
Commercial Services & Supplies – 1.3%
17,586	Cintas Corp.		11,577,567
11,705	Veralto Corp.		1,096,525
			12,674,092
Communications Equipment – 1.0%
30,190	Motorola Solutions, Inc.		10,238,939
Construction & Engineering – 0.0%
5,044	MasTec, Inc.*		447,352
Construction Materials – 1.0%
4,555	Martin Marietta Materials, Inc.		2,674,104

Shares	Description	Value
Common Stocks – (continued)
Construction Materials – (continued)
27,059	Vulcan Materials Co.	$	6,971,210
			9,645,314
Consumer Finance – 1.6%
54,643	American Express Co.		12,788,101
25,838	Discover Financial Services		3,274,450
			16,062,551
Consumer Staples Distribution & Retail – 2.1%
25,001	Costco Wholesale Corp.		18,073,223
21,880	Maplebear, Inc.*		746,764
10,361	Target Corp.		1,667,914
			20,487,901
Distributors – 0.2%
4,639	Pool Corp.		1,681,777
Diversified Consumer Services – 0.1%
19,643	H&R Block, Inc.		927,739
Electric Utilities – 0.4%
11,329	Entergy Corp.		1,208,465
53,954	Xcel Energy, Inc.		2,898,948
			4,107,413
Electrical Equipment – 2.4%
67,129	AMETEK, Inc.		11,724,751
30,432	Eaton Corp. PLC		9,685,288
38,897	nVent Electric PLC		2,803,307
			24,213,346
Entertainment – 1.5%
27,242	Netflix, Inc.*		15,000,535
Financial Services – 6.3%
69,942	Berkshire Hathaway, Inc., Class B*		27,748,090
82,832	Fiserv, Inc.*		12,645,961
76,515	Visa, Inc., Class A		20,552,694
27,914	Voya Financial, Inc.		1,902,618
			62,849,363
Food Products – 0.5%
79,972	Archer-Daniels-Midland Co.		4,691,158
Gas Utilities – 0.4%
34,149	Atmos Energy Corp.		4,026,167
Ground Transportation – 0.0%
945	Saia, Inc.*		375,004
Health Care Providers & Services – 4.6%
25,584	Centene Corp.*		1,869,167
14,649	Elevance Health, Inc.		7,743,168
19,702	HCA Healthcare, Inc.		6,104,074
7,760	Humana, Inc.		2,344,218
82,952	Quest Diagnostics, Inc.		11,462,307
31,424	Tenet Healthcare Corp.*		3,528,601
23,214	UnitedHealth Group, Inc.		11,228,612
10,941	Universal Health Services, Inc., Class B		1,864,675
			46,144,822

  

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Health Care REITs – 0.0%
16,991	Omega Healthcare Investors, Inc. REIT	$	516,696
Hotel & Resort REITs – 2.0%
550,200	Host Hotels & Resorts, Inc. REIT		10,382,274
613,309	Park Hotels & Resorts, Inc. REIT		9,892,674
			20,274,948
Hotels, Restaurants & Leisure – 1.8%
367,879	Carnival Corp.*		5,451,967
2,251	Chipotle Mexican Grill, Inc.*		7,112,260
17,979	Darden Restaurants, Inc.		2,758,158
7,398	Wingstop, Inc.		2,846,676
			18,169,061
Household Durables – 0.9%
66,172	D.R. Horton, Inc.		9,428,848
Household Products – 0.3%
23,303	Kimberly-Clark Corp.		3,181,559
Industrial REITs – 0.1%
28,305	First Industrial Realty Trust, Inc. REIT		1,285,613
Insurance – 2.9%
53,159	MetLife, Inc.		3,778,542
66,479	Progressive Corp. (The)		13,844,252
51,735	Travelers Cos., Inc. (The)		10,976,097
			28,598,891
Interactive Media & Services – 5.8%
220,038	Alphabet, Inc., Class C*		36,227,056
42,743	Meta Platforms, Inc., Class A		18,386,756
83,410	Pinterest, Inc., Class A*		2,790,065
			57,403,877
IT Services – 1.0%
12,679	Gartner, Inc.*		5,231,229
24,386	International Business Machines Corp.		4,052,953
5,466	VeriSign, Inc.*		926,378
			10,210,560
Leisure Products – 0.1%
41,031	Mattel, Inc.*		751,688
Life Sciences Tools & Services – 2.5%
35,073	IQVIA Holdings, Inc.*		8,128,869
18,719	Medpace Holdings, Inc.*		7,269,524
7,416	Mettler-Toledo International, Inc.*		9,119,455
			24,517,848
Machinery – 2.8%
47,332	Illinois Tool Works, Inc.		11,554,215
16,266	Otis Worldwide Corp.		1,483,459
22,206	Parker-Hannifin Corp.		12,100,271
16,982	Westinghouse Air Brake
	Technologies Corp.		2,735,461
			27,873,406

Shares	Description	Value
Common Stocks – (continued)
Media – 0.4%
45,124	Trade Desk, Inc. (The), Class A*	$	3,738,523
Oil, Gas & Consumable Fuels – 3.0%
175,387	Antero Midstream Corp.		2,427,356
15,163	Cheniere Energy, Inc.		2,393,025
103,793	ConocoPhillips		13,038,477
224,496	Devon Energy Corp.		11,489,705
3,260	Exxon Mobil Corp.		385,560
			29,734,123
Pharmaceuticals – 1.1%
4,494	Eli Lilly & Co.		3,510,263
10,186	Johnson & Johnson		1,472,794
77,756	Pfizer, Inc.		1,992,109
22,889	Zoetis, Inc.		3,644,844
			10,620,010
Professional Services – 0.6%
28,257	FTI Consulting, Inc.*		6,042,194
Residential REITs – 0.2%
18,585	Camden Property Trust REIT		1,852,553
Semiconductors & Semiconductor Equipment – 9.0%
23,848	Advanced Micro Devices, Inc.*		3,777,046
66,681	Applied Materials, Inc.		13,246,181
2,537	Broadcom, Inc.		3,298,785
12,037	KLA Corp.		8,296,984
11,622	Micron Technology, Inc.		1,312,821
52,836	NVIDIA Corp.		45,651,361
81,341	Texas Instruments, Inc.		14,350,179
			89,933,357
Software – 13.7%
24,562	Adobe, Inc.*		11,368,030
27,776	Crowdstrike Holdings, Inc., Class A*		8,125,591
4,561	HubSpot, Inc.*		2,758,812
23,052	Intuit, Inc.		14,421,792
169,759	Microsoft Corp.		66,092,272
89,034	Oracle Corp.		10,127,618
11,881	Roper Technologies, Inc.		6,076,656
36,796	Salesforce, Inc.		9,895,916
11,106	ServiceNow, Inc.*		7,700,123
			136,566,810
Specialty Retail – 1.9%
39,001	Home Depot, Inc. (The)		13,034,914
47,056	Ross Stores, Inc.		6,096,105
			19,131,019
Technology Hardware, Storage & Peripherals – 7.1%
409,052	Apple, Inc.		69,673,827
26,124	HP, Inc.		733,823
			70,407,650

  

40  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 1.0%
12,813	Deckers Outdoor Corp.*	$	10,487,056
TOTAL INVESTMENTS – 99.0%
(Cost $736,198,780)		$	988,342,461
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%			9,594,203
NET ASSETS – 100.0%		$	997,936,664

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.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

 

	Large Cap Growth Insights Fund		Large Cap Value Insights Fund		Small Cap Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $686,374,106, $327,469,826 and $346,733,493, respectively)(a)	$	1,132,963,431	$	363,712,285	$	383,940,516
Investments in affiliated issuers, at value (cost $–, $– and $3,787,000, respectively)		—		—		3,787,000
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		—		4,161,020
Cash		10,506,878		3,654,036		6,223,922
Receivables:
Investments sold		32,708,129		10,891,432		7,730,352
Fund shares sold		339,757		62,891		256,850
Dividends		131,335		231,904		171,406
Collateral on certain derivative contracts		39,655		14,195		189,894
Reimbursement from investment adviser		28,463		24,372		26,181
Securities lending income		—		—		10,888
Variation margin on futures contracts		24,000		4,000		124,500
Other assets		82,242		64,447		59,712
Total assets		1,176,823,890		378,659,562		406,682,241
Liabilities:
Payables:
Investments purchased		31,612,649		10,190,559		7,384,509
Fund shares redeemed		1,815,134		257,867		414,987
Management fees		491,728		160,627		263,722
Distribution and Service fees and Transfer Agency fees		158,869		43,175		29,435
Payable upon return of securities loaned		—		—		4,161,020
Accrued expenses		249,212		83,061		101,823
Total liabilities		34,327,592		10,735,289		12,355,496
Net Assets:
Paid-in capital		617,328,031		314,638,107		362,849,384
Total distributable earnings (loss)		525,168,267		53,286,166		31,477,361
NET ASSETS	$	1,142,496,298	$	367,924,273	$	394,326,745
Net Assets:
Class A	$	203,535,173	$	52,151,085	$	28,050,720
Class C		22,927,596		8,210,339		4,621,548
Institutional		236,863,991		42,556,101		110,680,485
Service		25,619,399		2,530,663		796,511
Investor		171,935,840		62,616,398		33,592,040
Class R6		393,582,886		154,778,652		91,890,634
Class R		29,723,338		4,453,143		3,701,336
Class P		58,308,075		40,627,892		120,993,471
Total Net Assets	$	1,142,496,298	$	367,924,273	$	394,326,745
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		7,417,988		2,202,369		1,113,625
Class C		1,177,056		350,815		236,211
Institutional		7,929,578		1,800,212		4,137,141
Service		973,933		106,194		32,492
Investor		6,419,272		2,657,683		1,341,438
Class R6		13,195,047		6,548,689		3,434,659
Class R		1,162,874		189,788		152,422
Class P		1,956,554		1,719,978		4,524,142
Net asset value, offering and redemption price per share:(b)
Class A	$	27.44	$	23.68	$	25.19
Class C		19.48		23.40		19.57
Institutional		29.87		23.64		26.75
Service		26.31		23.83		24.51
Investor		26.78		23.56		25.04
Class R6		29.83		23.64		26.75
Class R		25.56		23.46		24.28
Class P		29.80		23.62		26.74

^(a)  Includes loaned securities having a market value of $–, $– and $3,641,963 for Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund, respectively.

^(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund is $29.04, $25.06 and $26.66, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

42  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

 

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund		U.S. Equity Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $97,364,550, $780,523,589 and $736,198,780, respectively)(a)	$	111,013,275		$	834,340,289	$	988,342,461
Investments in affiliated issuers, at value (cost $503,922, $2,147,819 and $–, respectively)		503,922			2,147,819		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		2,071,685			4,576,025		—
Cash		1,793,855			13,305,383		8,220,418
Receivables:
Investments sold		3,188,916			—		30,299,426
Collateral on certain derivative contracts		49,000			247,000		—
Fund shares sold		28,011			413,412		423,899
Dividends		22,428			565,800		168,876
Reimbursement from investment adviser		20,060			36,357		28,715
Securities lending income		953			24,207		—
Foreign tax reclaims		—			18,903		—
Variation margin on futures contracts		26,975			163,925		—
Other assets		60,275			80,448		78,965
Total assets		118,779,355			855,919,568		1,027,562,760
Liabilities:
Payables:
Investments purchased		2,340,579			—		27,963,119
Payable upon return of securities loaned		2,071,685			4,576,025		—
Fund shares redeemed		100,926			1,445,772		907,735
Management fees		76,612			569,326		434,244
Distribution and Service fees and Transfer Agency fees		18,866			77,250		150,450
Accrued expenses		474,883			192,678		170,548
Total liabilities		5,083,551			6,861,051		29,626,096
Net Assets:
Paid-in capital		119,431,673			752,245,401		686,722,617
Total distributable earnings (loss)		(5,735,869	)		96,813,116		311,214,047
NET ASSETS	$	113,695,804		$	849,058,517	$	997,936,664
Net Assets:
Class A	$	31,419,203		$	108,232,936	$	315,736,296
Class C		2,844,261			2,804,138		13,919,904
Institutional		31,265,641			299,878,651		286,580,995
Service		—			—		6,212,619
Investor		14,960,030			73,980,305		53,441,424
Class R6		7,412,086			291,621,730		25,884,465
Class R		3,367,923			18,829,355		8,221,744
Class P		22,426,660			53,711,402		287,939,217
Total Net Assets	$	113,695,804		$	849,058,517	$	997,936,664
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,233,166			2,973,617		5,245,909
Class C		125,536			148,125		274,766
Institutional		1,354,527			5,340,317		4,546,195
Service		—			—		104,039
Investor		952,741			2,044,087		905,049
Class R6		320,433			5,194,742		411,134
Class R		281,764			536,866		139,649
Class P		970,032			956,932		4,572,810
Net asset value, offering and redemption price per share:(b)
Class A	$	14.07		$	36.40	$	60.19
Class C		22.66			18.93		50.66
Institutional		23.08			56.15		63.04
Service		—			—		59.71
Investor		15.70			36.19		59.05
Class R6		23.13			56.14		62.96
Class R		11.95			35.07		58.87
Class P		23.12			56.13		62.97

^(a) Includes loaned securities having a market value of $1,778,905, $4,189,803 and $– for Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund, respectively.

^(b) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund is $14.89, $38.52 and $63.69, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Operations

For the Six Months Ended April 30, 2024 (Unaudited)

 

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $– and $11,311, respectively)	$	3,864,267		$	3,752,675		$	2,859,649
Dividends — affiliated issuers		52,985			12,078			38,123
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		15			147			112,922
Total Investment Income		3,917,267			3,764,900			3,010,694
Expenses:
Management fees		2,911,092			948,669			1,577,117
Distribution and/or Service (12b-1) fees(a)		442,610			108,498			61,903
Transfer Agency fees(a)		430,185			132,507			105,665
Registration fees		74,767			60,641			72,383
Custody, accounting and administrative services		59,048			23,885			30,057
Professional fees		51,618			57,683			47,375
Shareholder Administration fees — Service Shares		30,712			2,900			1,449
Service fees — Class C		29,281			10,213			5,657
Trustee fees		10,858			10,347			10,355
Printing and mailing costs		785			13,013			13,676
Other		8,510			3,532			188
Total expenses		4,049,466			1,371,888			1,925,825
Less — expense reductions		(184,759	)		(162,474	)		(172,397	)
Net expenses		3,864,707			1,209,414			1,753,428
NET INVESTMENT INCOME		52,560			2,555,486			1,257,266
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		81,653,812			18,868,578			25,332,999
Futures contracts		1,808,197			576,865			861,760
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		147,996,005			37,714,742			50,558,558
Futures contracts		(244,526	)		(72,450	)		(281,172	)
Net realized and unrealized gain		231,213,488			57,087,735			76,472,145
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	231,266,048		$	59,643,221		$	77,729,411

^(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Large Cap Growth Insights Fund		$252,770		$87,839		$30,712		$71,289		$151,663		$17,568		$50,509		$4,914		$117,357		$58,316		$21,387		$8,471
Large Cap Value Insights Fund		$64,588		$30,640		$2,900		$10,370		$38,753		$6,128		$8,971		$464		$46,277		$22,746		$3,111		$6,057
Small Cap Equity Insights Fund		$34,431		$16,971		$1,449		$9,052		$20,658		$3,394		$21,518		$232		$24,586		$14,050		$2,716		$18,511

  

44  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Operations (continued)

For the Six Months Ended April 30, 2024 (Unaudited)

 

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $2,307, $28,147 and $–, respectively)	$	433,355		$	9,337,823		$	5,881,209
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		23,373			125,977			51
Dividends — affiliated issuers		7,059			45,050			11,852
Total Investment Income		463,787			9,508,850			5,893,112
Expenses:
Management fees		455,298			3,532,298			2,526,833
Distribution and/or Service (12b-1) fees(a)		58,818			199,886			464,218
Professional fees		51,356			45,296			47,569
Transfer Agency fees(a)		51,099			289,854			389,299
Registration fees		30,580			68,985			68,599
Printing and mailing costs		22,500			46,351			21,377
Custody, accounting and administrative services		11,417			52,002			50,950
Trustee fees		9,733			10,748			10,712
Service fees — Class C		3,672			3,620			17,076
Shareholder Administration fees — Service Shares		—			—			7,376
Other		5			9,571			1,343
Total expenses		694,478			4,258,611			3,605,352
Less — expense reductions		(123,975	)		(219,111	)		(187,849	)
Net expenses		570,503			4,039,500			3,417,503
NET INVESTMENT INCOME (LOSS)		(106,716	)		5,469,350			2,475,609
Realized and Unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		6,314,080			49,960,302			64,055,693
Futures contracts		281,118			2,530,887			1,009,298
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		15,865,616			108,746,237			110,890,602
Futures contracts		(17,196	)		1,265,989			—
Net realized and unrealized gain		22,443,618			162,503,415			175,955,593
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,336,902		$	167,972,765		$	178,431,202

^(a)  Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Small Cap Growth Insights Fund		$39,201		$11,015		$–		$8,602		$23,521		$2,203		$6,342		$–		$12,244		$1,211		$2,581		$2,997
Small Cap Value Insights Fund		$141,594		$10,860		$–		$47,432		$84,957		$2,172		$61,034		$–		$76,306		$43,178		$14,230		$7,977
U.S. Equity Insights Fund		$386,140		$51,228		$7,376		$19,474		$231,687		$10,246		$55,535		$1,180		$38,717		$3,790		$5,842		$42,302

  

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Changes in Net Assets

 

 

		Large Cap Growth Insights Fund						Large Cap Value Insights Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income	$	52,560		$	409,859		$	2,555,486		$	5,021,592
	Net realized gain		83,462,009			88,609,528			19,445,443			11,015,180
	Net change in unrealized gain (loss)		147,751,479			26,720,592			37,642,292			(13,742,167	)
	Net increase in net assets resulting from operations		231,266,048			115,739,979			59,643,221			2,294,605
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(14,187,844	)		(30,529,280	)		(1,530,564	)		(1,816,486	)
	Class C Shares		(2,314,652	)		(5,201,782	)		(218,681	)		(228,181	)
	Institutional Shares		(16,404,919	)		(43,021,573	)		(1,326,602	)		(3,247,658	)
	Service Shares		(1,787,395	)		(3,311,373	)		(65,516	)		(104,733	)
	Investor Shares		(10,083,585	)		(20,289,833	)		(1,903,054	)		(2,483,113	)
	Class R6 Shares		(25,995,687	)		(35,438,862	)		(4,832,973	)		(2,922,586	)
	Class R Shares		(2,110,858	)		(3,837,407	)		(120,150	)		(141,799	)
	Class P Shares		(3,665,774	)		(6,910,344	)		(1,214,135	)		(1,710,618	)
	Total distributions to shareholders		(76,550,714	)		(148,540,454	)		(11,211,675	)		(12,655,174	)
	From share transactions:
	Proceeds from sales of shares		124,906,231			317,730,246			13,902,626			106,309,376
	Reinvestment of distributions		69,201,464			125,618,879			10,848,080			12,218,594
	Cost of shares redeemed		(201,481,332	)		(406,338,014	)		(76,340,835	)		(107,953,385	)
	Net increase (decrease) in net assets resulting from share transactions		(7,373,637	)		37,011,111			(51,590,129	)		10,574,585
	TOTAL INCREASE (DECREASE)		147,341,697			4,210,636			(3,158,583	)		214,016
	Net Assets:
	Beginning of period	$	995,154,601		$	990,943,965		$	371,082,856		$	370,868,840
	End of period	$	1,142,496,298		$	995,154,601		$	367,924,273		$	371,082,856

  

46  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Changes in Net Assets (continued)

 

 

		Small Cap Equity Insights Fund						Small Cap Growth Insights Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income (loss)	$	1,257,266		$	2,886,984		$	(106,716	)	$	(176,155	)
	Net realized gain		26,194,759			8,675,604			6,595,198			4,972,329
	Net change in unrealized gain (loss)		50,277,386			(23,857,682	)		15,848,420			(7,699,897	)
	Net increase (decrease) in net assets resulting from operations		77,729,411			(12,295,094	)		22,336,902			(2,903,723	)
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(117,628	)		(155,026	)		–			(58,136	)
	Institutional Shares		(824,051	)		(1,091,362	)		–			(142,234	)
	Service Shares		(8,429	)		(8,258	)		–			–
	Investor Shares		(239,906	)		(265,848	)		–			(63,141	)
	Class R6 Shares		(812,645	)		(706,759	)		–			(55,058	)
	Class R Shares		–			(29,161	)		–			–
	Class P Shares		(1,069,929	)		(1,051,530	)		–			(19,555	)
	From return of capital:
	Class A Shares		–			–			–			(5,963	)
	Institutional Shares		–			–			–			(14,589	)
	Investor Shares		–			–			–			(6,477	)
	Class R6 Shares		–			–			–			(5,648	)
	Class P Shares		–			–			–			(2,006	)
	Total distributions to shareholders		(3,072,588	)		(3,307,944	)		–			(372,807	)
	From share transactions:
	Proceeds from sales of shares		64,994,537			67,624,714			22,037,245			18,168,095
	Reinvestment of distributions		3,025,536			3,257,973			–			346,761
	Cost of shares redeemed		(72,475,466	)		(182,907,367	)		(19,081,455	)		(55,225,047	)
	Net increase (decrease) in net assets resulting from share transactions		(4,455,393	)		(112,024,680	)		2,955,790			(36,710,191	)
	TOTAL INCREASE (DECREASE)		70,201,430			(127,627,718	)		25,292,692			(39,986,721	)
	Net Assets:
	Beginning of period	$	324,125,315		$	451,753,033		$	88,403,112		$	128,389,833
	End of period	$	394,326,745		$	324,125,315		$	113,695,804		$	88,403,112

  

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Statements of Changes in Net Assets (continued)

 

 

	Small Cap Value Insights Fund						U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
From operations:
Net investment income	$	5,469,350		$	14,885,608		$	2,475,609		$	5,808,182
Net realized gain		52,491,189			1,070,178			65,064,991			48,964,086
Net change in unrealized gain (loss)		110,012,226			(79,458,373	)		110,890,602			5,509,860
Net increase (decrease) in net assets resulting from operations		167,972,765			(63,502,587	)		178,431,202			60,282,128
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,135,387	)		(4,007,688	)		(7,596,194	)		(2,023,196	)
Class C Shares		(86,314	)		(240,343	)		(342,909	)		(11,372	)
Institutional Shares		(4,379,286	)		(8,353,206	)		(7,331,833	)		(2,676,309	)
Service Shares		–			–			(136,245	)		(26,865	)
Investor Shares		(1,665,993	)		(8,237,683	)		(1,360,524	)		(1,093,421	)
Class R6 Shares		(4,104,364	)		(6,994,510	)		(654,438	)		(187,390	)
Class R Shares		(324,677	)		(596,597	)		(169,826	)		–
Class P Shares		(804,361	)		(1,225,556	)		(7,532,922	)		(2,535,758	)
Total distributions to shareholders		(13,500,382	)		(29,655,583	)		(25,124,891	)		(8,554,311	)
From share transactions:
Proceeds from sales of shares		101,037,305			219,763,598			43,821,615			123,346,931
Reinvestment of distributions		13,072,090			29,068,208			24,656,944			8,433,552
Cost of shares redeemed		(245,134,786	)		(473,836,087	)		(81,455,092	)		(299,805,688	)
Net decrease in net assets resulting from share transactions		(131,025,391	)		(225,004,281	)		(12,976,533	)		(168,025,205	)
TOTAL INCREASE (DECREASE)		23,446,992			(318,162,451	)		140,329,778			(116,297,388	)
Net Assets:
Beginning of period	$	825,611,525		$	1,143,773,976		$	857,606,886		$	973,904,274
End of period	$	849,058,517		$	825,611,525		$	997,936,664		$	857,606,886

  

48  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	23.95			$	25.20			$	48.76			$	37.63			$	31.54			$	31.05
	Net investment income (loss)(a)			(0.03	)			(0.04	)			0.03	(b)			(0.09	)			–	(c)			0.10
	Net realized and unrealized gain (loss)			5.46				2.88				(8.25	)			15.02				7.31				3.00
	Total from investment operations			5.43				2.84				(8.22	)			14.93				7.31				3.10
	Distributions to shareholders from net investment income			–				(0.02	)			–				–				(0.10	)			(0.09	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.94	)			(4.09	)			(15.34	)			(3.80	)			(1.22	)			(2.61	)
	Net asset value, end of period		$	27.44			$	23.95			$	25.20			$	48.76			$	37.63			$	31.54
	Total Return(d)			23.38	%			13.11	%			(24.27	)%			42.69	%			23.84	%			11.28	%
	Net assets, end of period (in 000’s)		$	203,535			$	177,858			$	211,454			$	336,453			$	286,777			$	301,506
	Ratio of net expenses to average net assets			0.90	%(e)			0.96	%			0.92	%			0.91	%			0.92	%			0.93	%
	Ratio of total expenses to average net assets			0.94	%(e)			1.00	%			0.96	%			0.94	%			0.95	%			0.97	%
	Ratio of net investment income (loss) to average net assets			(0.23	)%(e)			(0.17	)%			0.10	%(b)			(0.21	)%			(0.01	)%			0.33	%
	Portfolio turnover rate(f)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	17.56			$	19.65			$	41.64			$	32.87			$	27.79			$	27.78
	Net investment loss(a)			(0.09	)			(0.16	)			(0.15	)(b)			(0.35	)			(0.23	)			(0.10	)
	Net realized and unrealized gain (loss)			3.95				2.14				(6.50	)			12.92				6.43				2.63
	Total from investment operations			3.86				1.98				(6.65	)			12.57				6.20				2.53
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Net asset value, end of period		$	19.48			$	17.56			$	19.65			$	41.64			$	32.87			$	27.79
	Total Return(c)			22.91	%			12.28	%			(24.84	)%			41.59	%			22.97	%			10.42	%
	Net assets, end of period (in 000’s)		$	22,928			$	21,113			$	26,260			$	47,078			$	41,838			$	42,004
	Ratio of net expenses to average net assets			1.65	%(d)			1.71	%			1.67	%			1.66	%			1.67	%			1.68	%
	Ratio of total expenses to average net assets			1.69	%(d)			1.75	%			1.71	%			1.69	%			1.70	%			1.72	%
	Ratio of net investment loss to average net assets			(0.97	)%(d)			(0.91	)%			(0.64	)%(b)			(0.96	)%			(0.76	)%			(0.40	)%
	Portfolio turnover rate(e)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

50  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.90			$	26.92			$	50.98			$	39.16			$	32.77			$	32.17
	Net investment income(a)			0.02				0.05				0.21	(b)			0.07				0.13				0.23
	Net realized and unrealized gain (loss)			5.91				3.10				(8.85	)			15.66				7.61				3.09
	Total from investment operations			5.93				3.15				(8.64	)			15.73				7.74				3.32
	Distributions to shareholders from net investment income			(0.02	)			(0.10	)			(0.08	)			(0.11	)			(0.23	)			(0.20	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.96	)			(4.17	)			(15.42	)			(3.91	)			(1.35	)			(2.72	)
	Net asset value, end of period		$	29.87			$	25.90			$	26.92			$	50.98			$	39.16			$	32.77
	Total Return(c)			23.62	%			13.51	%			(24.00	)%			43.18	%			24.33	%			11.70	%
	Net assets, end of period (in 000’s)		$	236,864			$	221,330			$	295,292			$	893,602			$	741,893			$	760,316
	Ratio of net expenses to average net assets			0.54	%(d)			0.59	%			0.55	%			0.54	%			0.54	%			0.54	%
	Ratio of total expenses to average net assets			0.58	%(d)			0.63	%			0.59	%			0.57	%			0.58	%			0.58	%
	Ratio of net investment income to average net assets			0.14	%(d)			0.20	%			0.64	%(b)			0.16	%			0.36	%			0.72	%
	Portfolio turnover rate(e)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Service Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	23.04			$	24.42			$	47.77			$	36.98			$	31.02			$	30.53
	Net investment income (loss)(a)			(0.05	)			(0.07	)			–	(b)(c)			(0.14	)			(0.05	)			0.07
	Net realized and unrealized gain (loss)			5.26				2.77				(8.01	)			14.73				7.20				2.95
	Total from investment operations			5.21				2.70				(8.01	)			14.59				7.15				3.02
	Distributions to shareholders from net investment income			–				(0.01	)			–				–				(0.07	)			(0.01	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.94	)			(4.08	)			(15.34	)			(3.80	)			(1.19	)			(2.53	)
	Net asset value, end of period		$	26.31			$	23.04			$	24.42			$	47.77			$	36.98			$	31.02
	Total Return(d)			23.34	%			12.91	%			(24.36	)%			42.50	%			23.68	%			11.15	%
	Net assets, end of period (in 000’s)		$	25,619			$	21,347			$	19,093			$	34,280			$	47,346			$	50,445
	Ratio of net expenses to average net assets			1.04	%(e)			1.09	%			1.05	%			1.04	%			1.04	%			1.04	%
	Ratio of total expenses to average net assets			1.07	%(e)			1.13	%			1.09	%			1.07	%			1.08	%			1.08	%
	Ratio of net investment income (loss) to average net assets			(0.37	)%(e)			(0.33	)%			0.01	%(b)			(0.34	)%			(0.13	)%			0.22	%
	Portfolio turnover rate(f)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

52  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	23.39			$	24.70			$	48.07			$	37.12			$	31.13			$	30.69
	Net investment income(a)			–	(b)			0.01				0.11	(c)			0.02				0.09				0.17
	Net realized and unrealized gain (loss)			5.33				2.82				(8.09	)			14.80				7.21				2.95
	Total from investment operations			5.33				2.83				(7.98	)			14.82				7.30				3.12
	Distributions to shareholders from net investment income			–				(0.07	)			(0.05	)			(0.07	)			(0.19	)			(0.16	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.94	)			(4.14	)			(15.39	)			(3.87	)			(1.31	)			(2.68	)
	Net asset value, end of period		$	26.78			$	23.39			$	24.70			$	48.07			$	37.12			$	31.13
	Total Return(d)			23.56	%			13.41	%			(24.10	)%			43.03	%			24.17	%			11.56	%
	Net assets, end of period (in 000’s)		$	171,936			$	131,787			$	137,645			$	271,096			$	308,107			$	401,677
	Ratio of net expenses to average net assets			0.65	%(e)			0.71	%			0.67	%			0.66	%			0.67	%			0.68	%
	Ratio of total expenses to average net assets			0.68	%(e)			0.75	%			0.71	%			0.69	%			0.70	%			0.72	%
	Ratio of net investment income to average net assets			0.01	%(e)			0.06	%			0.36	%(c)			0.04	%			0.26	%			0.58	%
	Portfolio turnover rate(f)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.86			$	26.90			$	50.95			$	39.14			$	32.75			$	32.15
	Net investment income(a)			0.02				0.04				0.15	(b)			0.08				0.13				0.23
	Net realized and unrealized gain (loss)			5.92				3.10				(8.76	)			15.65				7.61				3.10
	Total from investment operations			5.94				3.14				(8.61	)			15.73				7.74				3.33
	Distributions to shareholders from net investment income			(0.03	)			(0.11	)			(0.10	)			(0.12	)			(0.23	)			(0.21	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.97	)			(4.18	)			(15.44	)			(3.92	)			(1.35	)			(2.73	)
	Net asset value, end of period		$	29.83			$	25.86			$	26.90			$	50.95			$	39.14			$	32.75
	Total Return(c)			23.63	%			13.50	%			(23.97	)%			43.19	%			24.36	%			11.72	%
	Net assets, end of period (in 000’s)		$	393,583			$	347,130			$	225,067			$	295,157			$	373,079			$	313,461
	Ratio of net expenses to average net assets			0.53	%(d)			0.58	%			0.54	%			0.53	%			0.53	%			0.53	%
	Ratio of total expenses to average net assets			0.57	%(d)			0.62	%			0.58	%			0.56	%			0.57	%			0.57	%
	Ratio of net investment income to average net assets			0.14	%(d)			0.18	%			0.48	%(b)			0.17	%			0.36	%			0.75	%
	Portfolio turnover rate(e)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

54  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	22.45			$	23.91			$	47.14			$	36.58			$	30.73			$	30.30
	Net investment income (loss)(a)			(0.06	)			(0.10	)			(0.05	)(b)			(0.19	)			(0.08	)			0.02
	Net realized and unrealized gain (loss)			5.11				2.71				(7.84	)			14.55				7.12				2.93
	Total from investment operations			5.05				2.61				(7.89	)			14.36				7.04				2.95
	Distributions to shareholders from net investment income			–				–				–				–				(0.07	)			–
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.19	)			(2.52	)
	Net asset value, end of period		$	25.56			$	22.45			$	23.91			$	47.14			$	36.58			$	30.73
	Total Return(c)			23.24	%			12.80	%			(24.46	)%			42.33	%			23.55	%			10.98	%
	Net assets, end of period (in 000’s)		$	29,723			$	25,326			$	22,666			$	30,111			$	27,314			$	34,397
	Ratio of net expenses to average net assets			1.15	%(d)			1.21	%			1.17	%			1.16	%			1.17	%			1.18	%
	Ratio of total expenses to average net assets			1.19	%(d)			1.25	%			1.21	%			1.19	%			1.20	%			1.22	%
	Ratio of net investment income (loss) to average net assets			(0.48	)%(d)			(0.44	)%			(0.17	)%(b)			(0.46	)%			(0.25	)%			0.05	%
	Portfolio turnover rate(e)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Growth Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	25.84			$	26.87			$	50.93			$	39.12			$	32.74			$	32.15
	Net investment income(a)			0.02				0.05				0.15	(b)			0.07				0.13				0.22
	Net realized and unrealized gain (loss)			5.91				3.10				(8.78	)			15.66				7.61				3.10
	Total from investment operations			5.93				3.15				(8.63	)			15.73				7.74				3.32
	Distributions to shareholders from net investment income			(0.03	)			(0.11	)			(0.09	)			(0.12	)			(0.24	)			(0.21	)
	Distributions to shareholders from net realized gains			(1.94	)			(4.07	)			(15.34	)			(3.80	)			(1.12	)			(2.52	)
	Total distributions			(1.97	)			(4.18	)			(15.43	)			(3.92	)			(1.36	)			(2.73	)
	Net asset value, end of period		$	29.80			$	25.84			$	26.87			$	50.93			$	39.12			$	32.74
	Total Return(c)			23.60	%			13.55	%			(24.00	)%			43.21	%			24.34	%			11.71	%
	Net assets, end of period (in 000’s)		$	58,308			$	49,264			$	53,467			$	78,307			$	59,286			$	49,099
	Ratio of net expenses to average net assets			0.53	%(d)			0.58	%			0.54	%			0.53	%			0.53	%			0.53	%
	Ratio of total expenses to average net assets			0.57	%(d)			0.62	%			0.58	%			0.56	%			0.57	%			0.57	%
	Ratio of net investment income to average net assets			0.14	%(d)			0.19	%			0.47	%(b)			0.17	%			0.36	%			0.71	%
	Portfolio turnover rate(e)			102	%			206	%			200	%			214	%			218	%			192	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

56  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.74			$	21.53			$	27.15			$	19.23			$	21.27			$	21.59
	Net investment income(a)			0.13				0.26				0.24	(b)			0.22	(c)			0.25				0.28
	Net realized and unrealized gain (loss)			3.49				(0.33	)			(1.47	)			7.98				(2.03	)			0.75
	Total from investment operations			3.62				(0.07	)			(1.23	)			8.20				(1.78	)			1.03
	Distributions to shareholders from net investment income			(0.15	)			(0.26	)			(0.24	)			(0.28	)			(0.26	)			(0.29	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.68	)			(0.72	)			(4.39	)			(0.28	)			(0.26	)			(1.35	)
	Net asset value, end of period		$	23.68			$	20.74			$	21.53			$	27.15			$	19.23			$	21.27
	Total Return(d)			17.64	%			(0.47	)%			(5.42	)%			42.87	%			(8.34	)%			5.30	%
	Net assets, end of period (in 000’s)		$	52,151			$	47,338			$	55,887			$	62,575			$	47,125			$	65,556
	Ratio of net expenses to average net assets			0.92	%(e)			0.93	%			0.93	%			0.93	%			0.94	%			0.95	%
	Ratio of total expenses to average net assets			1.01	%(e)			1.02	%			1.01	%			1.03	%			1.05	%			1.07	%
	Ratio of net investment income to average net assets			1.14	%(e)			1.21	%			1.04	%(b)			0.87	%(c)			1.26	%			1.36	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.51			$	21.29			$	26.90			$	19.05			$	21.06			$	21.39
	Net investment income(a)			0.04				0.10				0.07	(b)			0.04	(c)			0.10				0.12
	Net realized and unrealized gain (loss)			3.45				(0.33	)			(1.46	)			7.91				(2.01	)			0.75
	Total from investment operations			3.49				(0.23	)			(1.39	)			7.95				(1.91	)			0.87
	Distributions to shareholders from net investment income			(0.07	)			(0.09	)			(0.07	)			(0.10	)			(0.10	)			(0.14	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.60	)			(0.55	)			(4.22	)			(0.10	)			(0.10	)			(1.20	)
	Net asset value, end of period		$	23.40			$	20.51			$	21.29			$	26.90			$	19.05			$	21.06
	Total Return(d)			17.18	%			(1.20	)%			(6.14	)%			41.85	%			(9.02	)%			4.53	%
	Net assets, end of period (in 000’s)		$	8,210			$	7,544			$	8,955			$	10,713			$	8,773			$	12,694
	Ratio of net expenses to average net assets			1.67	%(e)			1.68	%			1.68	%			1.68	%			1.69	%			1.70	%
	Ratio of total expenses to average net assets			1.76	%(e)			1.77	%			1.76	%			1.78	%			1.80	%			1.82	%
	Ratio of net investment income to average net assets			0.40	%(e)			0.46	%			0.32	%(b)			0.16	%(c)			0.52	%			0.61	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

58  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.70			$	21.49			$	27.11			$	19.20			$	21.24			$	21.57
	Net investment income(a)			0.17				0.34				0.32	(b)			0.31	(c)			0.33				0.36
	Net realized and unrealized gain (loss)			3.49				(0.33	)			(1.47	)			7.97				(2.04	)			0.74
	Total from investment operations			3.66				0.01				(1.15	)			8.28				(1.71	)			1.10
	Distributions to shareholders from net investment income			(0.19	)			(0.34	)			(0.32	)			(0.37	)			(0.33	)			(0.37	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.72	)			(0.80	)			(4.47	)			(0.37	)			(0.33	)			(1.43	)
	Net asset value, end of period		$	23.64			$	20.70			$	21.49			$	27.11			$	19.20			$	21.24
	Total Return(d)			17.86	%			(0.10	)%			(5.08	)%			43.40	%			(7.98	)%			5.68	%
	Net assets, end of period (in 000’s)		$	42,556			$	74,799			$	93,154			$	114,706			$	88,472			$	120,417
	Ratio of net expenses to average net assets			0.56	%(e)			0.57	%			0.56	%			0.56	%			0.56	%			0.57	%
	Ratio of total expenses to average net assets			0.65	%(e)			0.66	%			0.64	%			0.66	%			0.67	%			0.68	%
	Ratio of net investment income to average net assets			1.52	%(e)			1.58	%			1.43	%(b)			1.26	%(c)			1.64	%			1.74	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Service Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.87			$	21.66			$	27.28			$	19.32			$	21.36			$	21.67
	Net investment income(a)			0.11				0.24				0.21	(b)			0.19	(c)			0.23				0.27
	Net realized and unrealized gain (loss)			3.51				(0.35	)			(1.48	)			8.02				(2.04	)			0.75
	Total from investment operations			3.62				(0.11	)			(1.27	)			8.21				(1.81	)			1.02
	Distributions to shareholders from net investment income			(0.13	)			(0.22	)			(0.20	)			(0.25	)			(0.23	)			(0.27	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.66	)			(0.68	)			(4.35	)			(0.25	)			(0.23	)			(1.33	)
	Net asset value, end of period		$	23.83			$	20.87			$	21.66			$	27.28			$	19.32			$	21.36
	Total Return(d)			17.55	%			(0.62	)%			(5.55	)%			42.68	%			(8.44	)%			5.19	%
	Net assets, end of period (in 000’s)		$	2,531			$	2,092			$	3,756			$	6,769			$	5,230			$	7,554
	Ratio of net expenses to average net assets			1.06	%(e)			1.07	%			1.06	%			1.06	%			1.06	%			1.07	%
	Ratio of total expenses to average net assets			1.15	%(e)			1.16	%			1.14	%			1.16	%			1.17	%			1.18	%
	Ratio of net investment income to average net assets			0.99	%(e)			1.11	%			0.93	%(b)			0.76	%(c)			1.13	%			1.28	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

60  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.64			$	21.43			$	27.04			$	19.15			$	21.18			$	21.51
	Net investment income(a)			0.16				0.32				0.30	(b)			0.28	(c)			0.31				0.32
	Net realized and unrealized gain (loss)			3.47				(0.34	)			(1.47	)			7.95				(2.03	)			0.76
	Total from investment operations			3.63				(0.02	)			(1.17	)			8.23				(1.72	)			1.08
	Distributions to shareholders from net investment income			(0.18	)			(0.31	)			(0.29	)			(0.34	)			(0.31	)			(0.35	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.71	)			(0.77	)			(4.44	)			(0.34	)			(0.31	)			(1.41	)
	Net asset value, end of period		$	23.56			$	20.64			$	21.43			$	27.04			$	19.15			$	21.18
	Total Return(d)			17.76	%			(0.22	)%			(5.17	)%			43.24	%			(8.09	)%			5.55	%
	Net assets, end of period (in 000’s)		$	62,616			$	55,448			$	74,490			$	91,133			$	70,302			$	134,069
	Ratio of net expenses to average net assets			0.67	%(e)			0.68	%			0.68	%			0.68	%			0.69	%			0.70	%
	Ratio of total expenses to average net assets			0.76	%(e)			0.78	%			0.76	%			0.78	%			0.80	%			0.82	%
	Ratio of net investment income to average net assets			1.39	%(e)			1.47	%			1.31	%(b)			1.13	%(c)			1.54	%			1.58	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.70			$	21.49			$	27.11			$	19.20			$	21.24			$	21.56
	Net investment income(a)			0.17				0.34				0.32	(b)			0.31	(c)			0.32				0.40
	Net realized and unrealized gain (loss)			3.49				(0.33	)			(1.47	)			7.98				(2.02	)			0.72
	Total from investment operations			3.66				0.01				(1.15	)			8.29				(1.70	)			1.12
	Distributions to shareholders from net investment income			(0.19	)			(0.34	)			(0.32	)			(0.38	)			(0.34	)			(0.38	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.72	)			(0.80	)			(4.47	)			(0.38	)			(0.34	)			(1.44	)
	Net asset value, end of period		$	23.64			$	20.70			$	21.49			$	27.11			$	19.20			$	21.24
	Total Return(d)			17.88	%			(0.09	)%			(5.07	)%			43.42	%			(7.97	)%			5.73	%
	Net assets, end of period (in 000’s)		$	154,779			$	138,745			$	82,457			$	79,348			$	65,692			$	73,981
	Ratio of net expenses to average net assets			0.55	%(e)			0.56	%			0.55	%			0.55	%			0.55	%			0.55	%
	Ratio of total expenses to average net assets			0.64	%(e)			0.65	%			0.63	%			0.65	%			0.66	%			0.66	%
	Ratio of net investment income to average net assets			1.51	%(e)			1.58	%			1.43	%(b)			1.26	%(c)			1.63	%			1.84	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

62  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.56			$	21.35			$	26.96			$	19.09			$	21.12			$	21.45
	Net investment income(a)			0.10				0.21				0.18	(b)			0.16	(c)			0.19				0.23
	Net realized and unrealized gain (loss)			3.46				(0.34	)			(1.46	)			7.93				(2.01	)			0.74
	Total from investment operations			3.56				(0.13	)			(1.28	)			8.09				(1.82	)			0.97
	Distributions to shareholders from net investment income			(0.13	)			(0.20	)			(0.18	)			(0.22	)			(0.21	)			(0.24	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.66	)			(0.66	)			(4.33	)			(0.22	)			(0.21	)			(1.30	)
	Net asset value, end of period		$	23.46			$	20.56			$	21.35			$	26.96			$	19.09			$	21.12
	Total Return(d)			17.48	%			(0.73	)%			(5.66	)%			42.57	%			(8.58	)%			5.01	%
	Net assets, end of period (in 000’s)		$	4,453			$	3,313			$	4,764			$	5,450			$	4,885			$	5,189
	Ratio of net expenses to average net assets			1.17	%(e)			1.18	%			1.18	%			1.18	%			1.19	%			1.20	%
	Ratio of total expenses to average net assets			1.26	%(e)			1.28	%			1.26	%			1.28	%			1.30	%			1.32	%
	Ratio of net investment income to average net assets			0.88	%(e)			0.98	%			0.81	%(b)			0.64	%(c)			0.99	%			1.12	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Large Cap Value Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.69			$	21.48			$	27.10			$	19.19			$	21.23			$	21.55
	Net investment income(a)			0.17				0.34				0.32	(b)			0.30	(c)			0.32				0.36
	Net realized and unrealized gain (loss)			3.48				(0.33	)			(1.47	)			7.99				(2.02	)			0.76
	Total from investment operations			3.65				0.01				(1.15	)			8.29				(1.70	)			1.12
	Distributions to shareholders from net investment income			(0.19	)			(0.34	)			(0.32	)			(0.38	)			(0.34	)			(0.38	)
	Distributions to shareholders from net realized gains			(0.53	)			(0.46	)			(4.15	)			–				–				(1.06	)
	Total distributions			(0.72	)			(0.80	)			(4.47	)			(0.38	)			(0.34	)			(1.44	)
	Net asset value, end of period		$	23.62			$	20.69			$	21.48			$	27.10			$	19.19			$	21.23
	Total Return(d)			17.84	%			(0.09	)%			(5.07	)%			43.44	%			(7.97	)%			5.74	%
	Net assets, end of period (in 000’s)		$	40,628			$	41,804			$	47,406			$	46,078			$	30,086			$	33,601
	Ratio of net expenses to average net assets			0.55	%(e)			0.56	%			0.55	%			0.55	%			0.55	%			0.56	%
	Ratio of total expenses to average net assets			0.64	%(e)			0.65	%			0.63	%			0.65	%			0.66	%			0.67	%
	Ratio of net investment income to average net assets			1.51	%(e)			1.58	%			1.42	%(b)			1.23	%(c)			1.63	%			1.75	%
	Portfolio turnover rate(f)			102	%			208	%			209	%			215	%			212	%			225	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

64  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.59			$	21.70			$	35.35			$	22.96			$	25.62			$	25.74
	Net investment income (loss)(a)			0.04				0.10	(b)			0.05	(c)			(0.04	)			(0.01	)			0.05
	Net realized and unrealized gain (loss)			4.66				(1.11	)			(5.10	)			12.48				(2.60	)			1.23
	Total from investment operations			4.70				(1.01	)			(5.05	)			12.44				(2.61	)			1.28
	Distributions to shareholders from net investment income			(0.10	)			(0.10	)			–				(0.05	)			(0.05	)			–
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.10	)			(0.10	)			(8.60	)			(0.05	)			(0.05	)			(1.40	)
	Net asset value, end of period		$	25.19			$	20.59			$	21.70			$	35.35			$	22.96			$	25.62
	Total Return(d)			22.86	%			(4.64	)%			(17.64	)%			54.23	%			(10.18	)%			5.64	%
	Net assets, end of period (in 000’s)		$	28,051			$	23,791			$	33,325			$	44,195			$	34,071			$	53,503
	Ratio of net expenses to average net assets			1.20	%(e)			1.21	%			1.21	%			1.21	%			1.22	%			1.23	%
	Ratio of total expenses to average net assets			1.29	%(e)			1.30	%			1.29	%			1.29	%			1.30	%			1.34	%
	Ratio of net investment income (loss) to average net assets			0.33	%(e)			0.43	%(b)			0.22	%(c)			(0.13	)%			(0.02	)%			0.19	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.99			$	16.89			$	29.67			$	19.39			$	21.75			$	22.23
	Net investment loss(a)			(0.04	)			(0.05	)(b)			(0.10	)(c)			(0.24	)			(0.15	)			(0.12	)
	Net realized and unrealized gain (loss)			3.62				(0.85	)			(4.08	)			10.52				(2.21	)			1.04
	Total from investment operations			3.58				(0.90	)			(4.18	)			10.28				(2.36	)			0.92
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Net asset value, end of period		$	19.57			$	15.99			$	16.89			$	29.67			$	19.39			$	21.75
	Total Return(d)			22.33	%			(5.33	)%			(18.24	)%			53.02	%			(10.82	)%			4.86	%
	Net assets, end of period (in 000’s)		$	4,622			$	3,749			$	5,093			$	7,503			$	5,951			$	7,785
	Ratio of net expenses to average net assets			1.95	%(e)			1.96	%			1.96	%			1.96	%			1.97	%			1.98	%
	Ratio of total expenses to average net assets			2.04	%(e)			2.05	%			2.04	%			2.04	%			2.05	%			2.09	%
	Ratio of net investment loss to average net assets			(0.42	)%(e)			(0.32	)%(b)			(0.53	)%(c)			(0.88	)%			(0.78	)%			(0.57	)%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

66  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.91			$	23.09			$	36.92			$	23.98			$	26.74			$	26.77
	Net investment income(a)			0.09				0.19	(b)			0.15	(c)			0.09				0.08				0.14
	Net realized and unrealized gain (loss)			4.95				(1.18	)			(5.38	)			13.00				(2.69	)			1.29
	Total from investment operations			5.04				(0.99	)			(5.23	)			13.09				(2.61	)			1.43
	Distributions to shareholders from net investment income			(0.20	)			(0.19	)			–				(0.15	)			(0.15	)			(0.06	)
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.20	)			(0.19	)			(8.60	)			(0.15	)			(0.15	)			(1.46	)
	Net asset value, end of period		$	26.75			$	21.91			$	23.09			$	36.92			$	23.98			$	26.74
	Total Return(d)			23.03	%			(4.28	)%			(17.31	)%			54.73	%			(9.82	)%			6.03	%
	Net assets, end of period (in 000’s)		$	110,680			$	90,070			$	144,712			$	226,678			$	216,274			$	290,652
	Ratio of net expenses to average net assets			0.84	%(e)			0.85	%			0.84	%			0.84	%			0.84	%			0.85	%
	Ratio of total expenses to average net assets			0.93	%(e)			0.94	%			0.92	%			0.93	%			0.92	%			0.96	%
	Ratio of net investment income to average net assets			0.69	%(e)			0.81	%(b)			0.60	%(c)			0.28	%			0.34	%			0.54	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Service Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.05			$	21.13			$	34.68			$	22.55			$	25.17			$	25.34
	Net investment income (loss)(a)			0.03				0.06	(b)			0.02	(c)			(0.08	)			(0.03	)			0.01
	Net realized and unrealized gain (loss)			4.52				(1.06	)			(4.97	)			12.25				(2.56	)			1.22
	Total from investment operations			4.55				(1.00	)			(4.95	)			12.17				(2.59	)			1.23
	Distributions to shareholders from net investment income			(0.09	)			(0.08	)			–				(0.04	)			(0.03	)			–
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.09	)			(0.08	)			(8.60	)			(0.04	)			(0.03	)			(1.40	)
	Net asset value, end of period		$	24.51			$	20.05			$	21.13			$	34.68			$	22.55			$	25.17
	Total Return(d)			22.70	%			(4.76	)%			(17.73	)%			54.06	%			(10.29	)%			5.52	%
	Net assets, end of period (in 000’s)		$	797			$	1,914			$	2,357			$	3,701			$	2,867			$	3,141
	Ratio of net expenses to average net assets			1.34	%(e)			1.35	%			1.34	%			1.34	%			1.34	%			1.35	%
	Ratio of total expenses to average net assets			1.43	%(e)			1.44	%			1.42	%			1.43	%			1.42	%			1.45	%
	Ratio of net investment income (loss) to average net assets			0.29	%(e)			0.28	%(b)			0.10	%(c)			(0.26	)%			(0.15	)%			0.04	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

68  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	20.51			$	21.62			$	35.18			$	22.85			$	25.50			$	25.62
	Net investment income(a)			0.07				0.15	(b)			0.12	(c)			0.05				0.05				0.09
	Net realized and unrealized gain (loss)			4.63				(1.10	)			(5.08	)			12.40				(2.58	)			1.24
	Total from investment operations			4.70				(0.95	)			(4.96	)			12.45				(2.53	)			1.33
	Distributions to shareholders from net investment income			(0.17	)			(0.16	)			–				(0.12	)			(0.12	)			(0.05	)
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.17	)			(0.16	)			(8.60	)			(0.12	)			(0.12	)			(1.45	)
	Net asset value, end of period		$	25.04			$	20.51			$	21.62			$	35.18			$	22.85			$	25.50
	Total Return(d)			22.96	%			(4.38	)%			(17.42	)%			54.61	%			(9.95	)%			5.90	%
	Net assets, end of period (in 000’s)		$	33,592			$	27,490			$	30,746			$	66,963			$	64,724			$	74,881
	Ratio of net expenses to average net assets			0.95	%(e)			0.96	%			0.96	%			0.96	%			0.97	%			0.99	%
	Ratio of total expenses to average net assets			1.04	%(e)			1.05	%			1.04	%			1.05	%			1.05	%			1.09	%
	Ratio of net investment income to average net assets			0.58	%(e)			0.67	%(b)			0.50	%(c)			0.15	%			0.22	%			0.40	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.91			$	23.10			$	36.93			$	23.98			$	26.74			$	26.77
	Net investment income(a)			0.09				0.19	(b)			0.15	(c)			0.11				0.09				0.16
	Net realized and unrealized gain (loss)			4.95				(1.18	)			(5.38	)			13.00				(2.70	)			1.27
	Total from investment operations			5.04				(0.99	)			(5.23	)			13.11				(2.61	)			1.43
	Distributions to shareholders from net investment income			(0.20	)			(0.20	)			–				(0.16	)			(0.15	)			(0.06	)
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.20	)			(0.20	)			(8.60	)			(0.16	)			(0.15	)			(1.46	)
	Net asset value, end of period		$	26.75			$	21.91			$	23.10			$	36.93			$	23.98			$	26.74
	Total Return(d)			23.06	%			(4.30	)%			(17.30	)%			54.82	%			(9.81	)%			6.05	%
	Net assets, end of period (in 000’s)		$	91,891			$	67,575			$	83,140			$	100,558			$	119,496			$	153,129
	Ratio of net expenses to average net assets			0.83	%(e)			0.84	%			0.83	%			0.83	%			0.83	%			0.84	%
	Ratio of total expenses to average net assets			0.92	%(e)			0.93	%			0.91	%			0.91	%			0.91	%			0.94	%
	Ratio of net investment income to average net assets			0.69	%(e)			0.79	%(b)			0.59	%(c)			0.34	%			0.36	%			0.63	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

70  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	19.80			$	20.86			$	34.39			$	22.36			$	24.96			$	25.18
	Net investment income (loss)(a)			0.01				0.05	(b)			(0.01	)(c)			(0.11	)			(0.06	)			(0.02	)
	Net realized and unrealized gain (loss)			4.47				(1.06	)			(4.92	)			12.15				(2.54	)			1.20
	Total from investment operations			4.48				(1.01	)			(4.93	)			12.04				(2.60	)			1.18
	Distributions to shareholders from net investment income			–				(0.05	)			–				(0.01	)			–				–
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			–				(0.05	)			(8.60	)			(0.01	)			–				(1.40	)
	Net asset value, end of period		$	24.28			$	19.80			$	20.86			$	34.39			$	22.36			$	24.96
	Total Return(d)			22.63	%			(4.84	)%			(17.83	)%			53.83	%			(10.39	)%			5.35	%
	Net assets, end of period (in 000’s)		$	3,701			$	3,035			$	12,023			$	15,767			$	13,817			$	16,562
	Ratio of net expenses to average net assets			1.45	%(e)			1.46	%			1.46	%			1.46	%			1.47	%			1.48	%
	Ratio of total expenses to average net assets			1.54	%(e)			1.56	%			1.54	%			1.54	%			1.55	%			1.59	%
	Ratio of net investment income (loss) to average net assets			0.08	%(e)			0.26	%(b)			(0.04	)%(c)			(0.36	)%			(0.28	)%			(0.08	)%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Equity Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.91			$	23.09			$	36.92			$	23.98			$	26.74			$	26.77
	Net investment income(a)			0.09				0.19	(b)			0.15	(c)			0.08				0.09				0.13
	Net realized and unrealized gain (loss)			4.94				(1.17	)			(5.38	)			13.02				(2.70	)			1.30
	Total from investment operations			5.03				(0.98	)			(5.23	)			13.10				(2.61	)			1.43
	Distributions to shareholders from net investment income			(0.20	)			(0.20	)			–				(0.16	)			(0.15	)			(0.06	)
	Distributions to shareholders from net realized gains			–				–				(8.60	)			–				–				(1.40	)
	Total distributions			(0.20	)			(0.20	)			(8.60	)			(0.16	)			(0.15	)			(1.46	)
	Net asset value, end of period		$	26.74			$	21.91			$	23.09			$	36.92			$	23.98			$	26.74
	Total Return(d)			23.01	%			(4.26	)%			(17.31	)%			54.78	%			(9.81	)%			6.06	%
	Net assets, end of period (in 000’s)		$	120,993			$	106,501			$	140,356			$	144,239			$	87,170			$	106,039
	Ratio of net expenses to average net assets			0.83	%(e)			0.84	%			0.83	%			0.83	%			0.83	%			0.84	%
	Ratio of total expenses to average net assets			0.92	%(e)			0.93	%			0.91	%			0.92	%			0.91	%			0.94	%
	Ratio of net investment income to average net assets			0.70	%(e)			0.80	%(b)			0.58	%(c)			0.23	%			0.36	%			0.53	%
	Portfolio turnover rate(f)			80	%			145	%			155	%			165	%			141	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

72  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.42			$	11.94			$	47.18			$	34.29			$	35.08			$	37.25
	Net investment loss(a)			(0.03	)			(0.04	)(b)			(0.05	)(c)			(0.28	)			(0.17	)			(0.12	)
	Net realized and unrealized gain (loss)			2.68				(0.46	)			(6.01	)			14.62				(0.13	)			1.76
	Total from investment operations			2.65				(0.50	)			(6.06	)			14.34				(0.30	)			1.64
	Distributions to shareholders from net investment income			–				(0.02	)			–				(0.04	)			–	(d)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Total distributions			–				(0.02	)			(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	14.07			$	11.42			$	11.94			$	47.18			$	34.29			$	35.08
	Total Return(e)			23.20	%			(4.15	)%			(25.73	)%			42.51	%			(0.95	)%			5.65	%
	Net assets, end of period (in 000’s)		$	31,419			$	27,037			$	32,695			$	59,166			$	50,865			$	84,557
	Ratio of net expenses to average net assets			1.20	%(f)			1.21	%			1.21	%			1.21	%			1.22	%			1.24	%
	Ratio of total expenses to average net assets			1.42	%(f)			1.45	%			1.40	%			1.33	%			1.30	%			1.32	%
	Ratio of net investment loss to average net assets			(0.37	)%(f)			(0.36	)%(b)			(0.37	)%(c)			(0.64	)%			(0.51	)%			(0.36	)%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data*
	Net asset value, beginning of period		$	18.46			$	19.39			$	306.54			$	227.34			$	235.44			$	260.82
	Net investment loss(a)			(0.12	)			(0.22	)(b)			(0.24	)(c)			(4.05	)			(2.79	)			(2.52	)
	Net realized and unrealized gain (loss)			4.32				(0.71	)			(24.29	)			96.30				(0.90	)			11.43
	Total from investment operations			4.20				(0.93	)			(24.53	)			92.25				(3.69	)			8.91
	Distributions to shareholders from net investment income			–				–				–				(0.36	)			–	(d)			–
	Distributions to shareholders from net realized gains			–				–				(262.62	)			(12.69	)			(4.41	)			(34.29	)
	Total distributions			–				–				(262.62	)			(13.05	)			(4.41	)			(34.29	)
	Net asset value, end of period		$	22.66			$	18.46			$	19.39			$	306.54			$	227.34			$	235.44
	Total Return(e)			22.75	%			(4.80	)%			(26.49	)%			41.47	%			(1.70	)%			4.92	%
	Net assets, end of period (in 000’s)		$	2,844			$	2,829			$	4,687			$	7,866			$	6,439			$	8,303
	Ratio of net expenses to average net assets			1.95	%(f)			1.96	%			1.96	%			1.96	%			1.97	%			1.99	%
	Ratio of total expenses to average net assets			2.17	%(f)			2.21	%			2.14	%			2.08	%			2.05	%			2.07	%
	Ratio of net investment loss to average net assets			(1.11	)%(f)			(1.08	)%(b)			(1.10	)%(c)			(1.39	)%			(1.26	)%			(1.11	)%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

* On June 10, 2022, the Fund’s Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

74  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.70			$	19.51			$	57.27			$	41.22			$	41.92			$	43.56
	Net investment income (loss)(a)			–	(b)			–	(b)(c)			0.01	(d)			(0.13	)			(0.05	)			0.01
	Net realized and unrealized gain (loss)			4.38				(0.74	)			(8.59	)			17.63				(0.16	)			2.16
	Total from investment operations			4.38				(0.74	)			(8.58	)			17.50				(0.21	)			2.17
	Distributions to shareholders from net investment income			–				(0.06	)			–				(0.04	)			–	(b)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Distributions to shareholders from return of capital			–				(0.01	)			–				–				–				–
	Total distributions			–				(0.07	)			(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	23.08			$	18.70			$	19.51			$	57.27			$	41.22			$	41.92
	Total Return(e)			23.42	%			(3.78	)%			(25.48	)%			43.04	%			(0.57	)%			6.08	%
	Net assets, end of period (in 000’s)		$	31,266			$	27,490			$	43,621			$	163,028			$	200,116			$	349,348
	Ratio of net expenses to average net assets			0.84	%(f)			0.85	%			0.84	%			0.84	%			0.84	%			0.85	%
	Ratio of total expenses to average net assets			1.06	%(f)			1.09	%			1.01	%			0.96	%			0.92	%			0.93	%
	Ratio of net investment income (loss) to average net assets			(0.01	)%(f)			0.02	%(c)			0.04	%(d)			(0.25	)%			(0.13	)%			0.02	%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.73			$	13.29			$	48.95			$	35.44			$	36.16			$	38.18
	Net investment loss(a)			(0.01	)			(0.01	)(b)			(0.02	)(c)			(0.15	)			(0.09	)			(0.04	)
	Net realized and unrealized gain (loss)			2.98				(0.50	)			(6.46	)			15.11				(0.14	)			1.83
	Total from investment operations			2.97				(0.51	)			(6.48	)			14.96				(0.23	)			1.79
	Distributions to shareholders from net investment income			–				(0.05	)			–				(0.04	)			–	(d)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Total distributions			–				(0.05	)			(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	15.70			$	12.73			$	13.29			$	48.95			$	35.44			$	36.16
	Total Return(e)			23.33	%			(3.85	)%			(25.59	)%			42.89	%			(0.72	)%			5.93	%
	Net assets, end of period (in 000’s)		$	14,960			$	15,956			$	20,880			$	66,827			$	442,743			$	378,807
	Ratio of net expenses to average net assets			0.95	%(f)			0.96	%			0.96	%			0.96	%			0.97	%			0.99	%
	Ratio of total expenses to average net assets			1.17	%(f)			1.21	%			1.14	%			1.06	%			1.05	%			1.07	%
	Ratio of net investment loss to average net assets			(0.12	)%(f)			(0.11	)%(b)			(0.10	)%(c)			(0.32	)%			(0.26	)%			(0.12	)%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

76  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.74			$	19.54			$	57.31			$	41.24			$	41.95			$	43.58
	Net investment income (loss)(a)			–	(b)			0.01	(c)			0.02	(d)			(0.10	)			(0.05	)			–
	Net realized and unrealized gain (loss)			4.39				(0.74	)			(8.61	)			17.62				(0.17	)			2.18
	Total from investment operations			4.39				(0.73	)			(8.59	)			17.52				(0.22	)			2.18
	Distributions to shareholders from net investment income			–				(0.06	)			–				(0.04	)			–	(b)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Distributions to shareholders from return of capital			–				(0.01	)			–				–				–				–
	Total distributions			–				(0.07	)			(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	23.13			$	18.74			$	19.54			$	57.31			$	41.24			$	41.95
	Total Return(e)			23.43	%			(3.78	)%			(25.45	)%			43.07	%			(0.57	)%			6.08	%
	Net assets, end of period (in 000’s)		$	7,412			$	7,222			$	17,370			$	96,907			$	263,023			$	307,820
	Ratio of net expenses to average net assets			0.83	%(f)			0.84	%			0.83	%			0.83	%			0.83	%			0.84	%
	Ratio of total expenses to average net assets			1.05	%(f)			1.10	%			0.99	%			0.93	%			0.91	%			0.93	%
	Ratio of net investment income (loss) to average net assets			(0.00	)%(f)(g)			0.07	%(c)			0.07	%(d)			(0.19	)%			(0.12	)%			(0.01	)%
	Portfolio turnover rate(h)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) Amount is less than 0.005%.

(h) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	9.71			$	10.16			$	44.83			$	32.71			$	33.58			$	35.90
	Net investment loss(a)			(0.04	)			(0.06	)(b)			(0.08	)(c)			(0.36	)			(0.25	)			(0.20	)
	Net realized and unrealized gain (loss)			2.28				(0.39	)			(5.41	)			13.93				(0.13	)			1.69
	Total from investment operations			2.24				(0.45	)			(5.49	)			13.57				(0.38	)			1.49
	Distributions to shareholders from net investment income			–				–				–				(0.04	)			–	(d)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Total distributions			–				–				(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	11.95			$	9.71			$	10.16			$	44.83			$	32.71			$	33.58
	Total Return(e)			23.07	%			(4.43	)%			(25.92	)%			42.20	%			(1.23	)%			5.42	%
	Net assets, end of period (in 000’s)		$	3,368			$	3,130			$	3,863			$	6,605			$	8,168			$	19,707
	Ratio of net expenses to average net assets			1.45	%(f)			1.46	%			1.46	%			1.46	%			1.47	%			1.49	%
	Ratio of total expenses to average net assets			1.67	%(f)			1.70	%			1.65	%			1.57	%			1.55	%			1.57	%
	Ratio of net investment loss to average net assets			(0.61	)%(f)			(0.61	)%(b)			(0.64	)%(c)			(0.86	)%			(0.77	)%			(0.61	)%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(c) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(d) Amount is less than $0.005 per share.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

78  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Growth Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.73			$	19.54			$	57.31			$	41.24			$	41.94			$	43.58
	Net investment income (loss)(a)			(0.01	)			–	(b)(c)			–	(c)(d)			(0.13	)			(0.05	)			0.01
	Net realized and unrealized gain (loss)			4.40				(0.73	)			(8.59	)			17.65				(0.16	)			2.16
	Total from investment operations			4.39				(0.73	)			(8.59	)			17.52				(0.21	)			2.17
	Distributions to shareholders from net investment income			–				(0.07	)			–				(0.04	)			–	(c)			–
	Distributions to shareholders from net realized gains			–				–				(29.18	)			(1.41	)			(0.49	)			(3.81	)
	Distributions to shareholders from return of capital			–				(0.01	)			–				–				–				–
	Total distributions			–				(0.08	)			(29.18	)			(1.45	)			(0.49	)			(3.81	)
	Net asset value, end of period		$	23.12			$	18.73			$	19.54			$	57.31			$	41.24			$	41.94
	Total Return(e)			23.44	%			(3.74	)%			(25.49	)%			43.07	%			(0.57	)%			6.08	%
	Net assets, end of period (in 000’s)		$	22,427			$	4,739			$	5,274			$	10,801			$	10,241			$	12,534
	Ratio of net expenses to average net assets			0.83	%(f)			0.84	%			0.83	%			0.83	%			0.83	%			0.84	%
	Ratio of total expenses to average net assets			1.05	%(f)			1.08	%			1.01	%			0.95	%			0.91	%			0.93	%
	Ratio of net investment income (loss) to average net assets			(0.09	)%(f)			0.02	%(b)			–	%(d)			(0.25	)%			(0.12	)%			0.02	%
	Portfolio turnover rate(g)			78	%			153	%			155	%			170	%			144	%			140	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

(e) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	30.81			$	34.42			$	53.90			$	32.93			$	39.69			$	42.30
	Net investment income(a)			0.17				0.41				0.27	(b)			0.24				0.19				0.25
	Net realized and unrealized gain (loss)			6.08				(2.86	)			(4.48	)			21.00				(6.70	)			1.17
	Total from investment operations			6.25				(2.45	)			(4.21	)			21.24				(6.51	)			1.42
	Distributions to shareholders from net investment income			(0.66	)			(0.50	)			(0.31	)			(0.27	)			(0.25	)			(0.19	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.66	)			(1.16	)			(15.27	)			(0.27	)			(0.25	)			(4.03	)
	Net asset value, end of period		$	36.40			$	30.81			$	34.42			$	53.90			$	32.93			$	39.69
	Total Return(c)			20.30	%			(7.32	)%			(9.67	)%			64.75	%			(16.49	)%			4.40	%
	Net assets, end of period (in 000’s)		$	108,233			$	101,472			$	119,953			$	154,971			$	98,493			$	132,886
	Ratio of net expenses to average net assets			1.20	%(d)			1.21	%			1.21	%			1.21	%			1.22	%			1.25	%
	Ratio of total expenses to average net assets			1.25	%(d)			1.27	%			1.26	%			1.26	%			1.31	%			1.39	%
	Ratio of net investment income to average net assets			0.94	%(d)			1.25	%			0.73	%(b)			0.49	%			0.56	%			0.67	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

80  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	16.26			$	18.74			$	36.61			$	22.48			$	27.24			$	30.35
	Net investment income (loss)(a)			0.02				0.09				–	(b)(c)			(0.08	)			(0.04	)			(0.02	)
	Net realized and unrealized gain (loss)			3.20				(1.53	)			(2.69	)			14.32				(4.61	)			0.75
	Total from investment operations			3.22				(1.44	)			(2.69	)			14.24				(4.65	)			0.73
	Distributions to shareholders from net investment income			(0.55	)			(0.38	)			(0.22	)			(0.11	)			(0.11	)			–
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.55	)			(1.04	)			(15.18	)			(0.11	)			(0.11	)			(3.84	)
	Net asset value, end of period		$	18.93			$	16.26			$	18.74			$	36.61			$	22.48			$	27.24
	Total Return(d)			19.84	%			(8.01	)%			(10.33	)%			63.49	%			(17.11	)%			3.67	%
	Net assets, end of period (in 000’s)		$	2,804			$	2,648			$	4,536			$	7,118			$	5,313			$	7,961
	Ratio of net expenses to average net assets			1.95	%(e)			1.96	%			1.96	%			1.96	%			1.97	%			2.00	%
	Ratio of total expenses to average net assets			2.00	%(e)			2.02	%			2.01	%			2.01	%			2.06	%			2.14	%
	Ratio of net investment income (loss) to average net assets			0.19	%(e)			0.52	%			(0.02	)%(b)			(0.25	)%			(0.19	)%			(0.07	)%
	Portfolio turnover rate(f)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	47.25			$	52.11			$	73.39			$	44.70			$	53.74			$	55.71
	Net investment income(a)			0.36				0.82				0.60	(b)			0.56				0.43				0.47
	Net realized and unrealized gain (loss)			9.32				(4.39	)			(6.48	)			28.53				(9.07	)			1.73
	Total from investment operations			9.68				(3.57	)			(5.88	)			29.09				(8.64	)			2.20
	Distributions to shareholders from net investment income			(0.78	)			(0.63	)			(0.44	)			(0.40	)			(0.40	)			(0.33	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.78	)			(1.29	)			(15.40	)			(0.40	)			(0.40	)			(4.17	)
	Net asset value, end of period		$	56.15			$	47.25			$	52.11			$	73.39			$	44.70			$	53.74
	Total Return(c)			20.50	%			(6.98	)%			(9.32	)%			65.37	%			(16.19	)%			4.81	%
	Net assets, end of period (in 000’s)		$	299,879			$	269,189			$	347,239			$	379,380			$	190,491			$	192,820
	Ratio of net expenses to average net assets			0.84	%(d)			0.85	%			0.84	%			0.84	%			0.84	%			0.87	%
	Ratio of total expenses to average net assets			0.89	%(d)			0.90	%			0.89	%			0.89	%			0.93	%			1.02	%
	Ratio of net investment income to average net assets			1.30	%(d)			1.62	%			1.09	%(b)			0.86	%			0.93	%			0.96	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

82  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	30.62			$	34.20			$	53.64			$	32.77			$	39.53			$	42.18
	Net investment income(a)			0.23				0.51				0.37	(b)			0.36				0.25				0.30
	Net realized and unrealized gain (loss)			6.03				(2.87	)			(4.46	)			20.88				(6.64	)			1.20
	Total from investment operations			6.26				(2.36	)			(4.09	)			21.24				(6.39	)			1.50
	Distributions to shareholders from net investment income			(0.69	)			(0.56	)			(0.39	)			(0.37	)			(0.37	)			(0.31	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.69	)			(1.22	)			(15.35	)			(0.37	)			(0.37	)			(4.15	)
	Net asset value, end of period		$	36.19			$	30.62			$	34.20			$	53.64			$	32.77			$	39.53
	Total Return(c)			20.45	%			(7.07	)%			(9.44	)%			65.17	%			(16.32	)%			4.69	%
	Net assets, end of period (in 000’s)		$	73,980			$	157,291			$	336,969			$	363,808			$	273,560			$	59,800
	Ratio of net expenses to average net assets			0.95	%(d)			0.96	%			0.96	%			0.96	%			0.97	%			1.01	%
	Ratio of total expenses to average net assets			1.00	%(d)			1.02	%			1.01	%			1.01	%			1.06	%			1.15	%
	Ratio of net investment income to average net assets			1.30	%(d)			1.54	%			0.99	%(b)			0.75	%			0.77	%			0.83	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	47.24			$	52.10			$	73.38			$	44.70			$	53.73			$	55.71
	Net investment income(a)			0.36				0.82				0.62	(b)			0.57				0.43				0.45
	Net realized and unrealized gain (loss)			9.32				(4.39	)			(6.49	)			28.51				(9.06	)			1.75
	Total from investment operations			9.68				(3.57	)			(5.87	)			29.08				(8.63	)			2.20
	Distributions to shareholders from net investment income			(0.78	)			(0.63	)			(0.45	)			(0.40	)			(0.40	)			(0.34	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.78	)			(1.29	)			(15.41	)			(0.40	)			(0.40	)			(4.18	)
	Net asset value, end of period		$	56.14			$	47.24			$	52.10			$	73.38			$	44.70			$	53.73
	Total Return(c)			20.52	%			(6.97	)%			(9.31	)%			65.36	%			(16.17	)%			4.83	%
	Net assets, end of period (in 000’s)		$	291,622			$	243,638			$	273,667			$	306,101			$	158,330			$	118,331
	Ratio of net expenses to average net assets			0.83	%(d)			0.84	%			0.83	%			0.83	%			0.83	%			0.86	%
	Ratio of total expenses to average net assets			0.88	%(d)			0.89	%			0.88	%			0.88	%			0.93	%			1.00	%
	Ratio of net investment income to average net assets			1.31	%(d)			1.62	%			1.11	%(b)			0.86	%			0.94	%			0.91	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

84  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	29.68			$	33.20			$	52.56			$	32.21			$	38.96			$	41.63
	Net investment income(a)			0.12				0.32				0.17	(b)			0.11				0.10				0.08
	Net realized and unrealized gain (loss)			5.86				(2.77	)			(4.33	)			20.52				(6.56	)			1.22
	Total from investment operations			5.98				(2.45	)			(4.16	)			20.63				(6.46	)			1.30
	Distributions to shareholders from net investment income			(0.59	)			(0.41	)			(0.24	)			(0.28	)			(0.29	)			(0.13	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.59	)			(1.07	)			(15.20	)			(0.28	)			(0.29	)			(3.97	)
	Net asset value, end of period		$	35.07			$	29.68			$	33.20			$	52.56			$	32.21			$	38.96
	Total Return(c)			20.15	%			(7.56	)%			(9.88	)%			64.31	%			(16.70	)%			4.14	%
	Net assets, end of period (in 000’s)		$	18,829			$	16,443			$	18,476			$	22,584			$	14,038			$	8,514
	Ratio of net expenses to average net assets			1.45	%(d)			1.46	%			1.46	%			1.46	%			1.47	%			1.53	%
	Ratio of total expenses to average net assets			1.50	%(d)			1.52	%			1.51	%			1.51	%			1.56	%			1.69	%
	Ratio of net investment income to average net assets			0.69	%(d)			0.99	%			0.47	%(b)			0.24	%			0.30	%			0.23	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Small Cap Value Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	47.23			$	52.09			$	73.38			$	44.69			$	53.72			$	55.70
	Net investment income(a)			0.35				0.82				0.61	(b)			0.57				0.44				0.54
	Net realized and unrealized gain (loss)			9.34				(4.38	)			(6.49	)			28.52				(9.07	)			1.66
	Total from investment operations			9.69				(3.56	)			(5.88	)			29.09				(8.63	)			2.20
	Distributions to shareholders from net investment income			(0.79	)			(0.64	)			(0.45	)			(0.40	)			(0.40	)			(0.34	)
	Distributions to shareholders from net realized gains			–				(0.66	)			(14.96	)			–				–				(3.84	)
	Total distributions			(0.79	)			(1.30	)			(15.41	)			(0.40	)			(0.40	)			(4.18	)
	Net asset value, end of period		$	56.13			$	47.23			$	52.09			$	73.38			$	44.69			$	53.72
	Total Return(c)			20.53	%			(6.97	)%			(9.32	)%			65.36	%			(16.18	)%			4.82	%
	Net assets, end of period (in 000’s)		$	53,711			$	34,930			$	42,933			$	45,484			$	28,504			$	47,977
	Ratio of net expenses to average net assets			0.83	%(d)			0.84	%			0.83	%			0.83	%			0.83	%			0.85	%
	Ratio of total expenses to average net assets			0.88	%(d)			0.89	%			0.88	%			0.88	%			0.92	%			0.99	%
	Ratio of net investment income to average net assets			1.28	%(d)			1.62	%			1.10	%(b)			0.88	%			0.94	%			1.07	%
	Portfolio turnover rate(e)			66	%			136	%			173	%			187	%			153	%			142	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

86  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	51.10			$	48.39			$	72.68			$	53.72			$	49.48			$	47.72
	Net investment income(a)			0.08				0.20				0.33	(b)			0.20				0.28				0.44
	Net realized and unrealized gain (loss)			10.44				2.85				(8.80	)			21.27				4.67				3.14
	Total from investment operations			10.52				3.05				(8.47	)			21.47				4.95				3.58
	Distributions to shareholders from net investment income			(0.22	)			(0.34	)			(0.25	)			(0.28	)			(0.71	)			(0.17	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.43	)			(0.34	)			(15.82	)			(2.51	)			(0.71	)			(1.82	)
	Net asset value, end of period		$	60.19			$	51.10			$	48.39			$	72.68			$	53.72			$	49.48
	Total Return(c)			20.79	%			6.37	%			(14.87	)%			41.26	%			10.04	%			7.98	%
	Net assets, end of period (in 000’s)		$	315,736			$	276,758			$	288,769			$	380,721			$	294,540			$	299,440
	Ratio of net expenses to average net assets			0.92	%(d)			0.93	%			0.93	%			0.93	%			0.94	%			0.94	%
	Ratio of total expenses to average net assets			0.96	%(d)			0.97	%			0.97	%			0.97	%			1.00	%			1.01	%
	Ratio of net investment income to average net assets			0.29	%(d)			0.40	%			0.62	%(b)			0.31	%			0.55	%			0.93	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Class C Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	43.18			$	40.94			$	64.06			$	47.71			$	44.04			$	42.80
	Net investment income (loss)(a)			(0.11	)			(0.14	)			(0.06	)(b)			(0.25	)			(0.09	)			0.08
	Net realized and unrealized gain (loss)			8.80				2.41				(7.49	)			18.83				4.16				2.81
	Total from investment operations			8.69				2.27				(7.55	)			18.58				4.07				2.89
	Distributions to shareholders from net investment income			–				(0.03	)			–				–				(0.40	)			–
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.21	)			(0.03	)			(15.57	)			(2.23	)			(0.40	)			(1.65	)
	Net asset value, end of period		$	50.66			$	43.18			$	40.94			$	64.06			$	47.71			$	44.04
	Total Return(c)			20.33	%			5.56	%			(15.50	)%			40.22	%			9.25	%			7.20	%
	Net assets, end of period (in 000’s)		$	13,920			$	12,429			$	14,311			$	19,252			$	16,275			$	15,854
	Ratio of net expenses to average net assets			1.67	%(d)			1.68	%			1.68	%			1.68	%			1.69	%			1.69	%
	Ratio of total expenses to average net assets			1.71	%(d)			1.72	%			1.72	%			1.72	%			1.75	%			1.76	%
	Ratio of net investment income (loss) to average net assets			(0.46	)%(d)			(0.34	)%			(0.13	)%(b)			(0.44	)%			(0.20	)%			0.18	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

88  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	53.54			$	50.70			$	75.37			$	55.60			$	51.16			$	49.30
	Net investment income(a)			0.20				0.41				0.55	(b)			0.45				0.50				0.72
	Net realized and unrealized gain (loss)			10.92				2.97				(9.20	)			22.02				4.82				3.14
	Total from investment operations			11.12				3.38				(8.65	)			22.47				5.32				3.86
	Distributions to shareholders from net investment income			(0.41	)			(0.54	)			(0.45	)			(0.47	)			(0.88	)			(0.35	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.62	)			(0.54	)			(16.02	)			(2.70	)			(0.88	)			(2.00	)
	Net asset value, end of period		$	63.04			$	53.54			$	50.70			$	75.37			$	55.60			$	51.16
	Total Return(c)			21.01	%			6.75	%			(14.55	)%			41.79	%			10.47	%			8.39	%
	Net assets, end of period (in 000’s)		$	286,581			$	243,864			$	253,657			$	325,457			$	255,177			$	295,408
	Ratio of net expenses to average net assets			0.56	%(d)			0.57	%			0.56	%			0.56	%			0.56	%			0.55	%
	Ratio of total expenses to average net assets			0.60	%(d)			0.61	%			0.60	%			0.60	%			0.62	%			0.60	%
	Ratio of net investment income to average net assets			0.65	%(d)			0.77	%			0.99	%(b)			0.68	%			0.94	%			1.40	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Service Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	50.69			$	48.01			$	72.21			$	53.38			$	49.19			$	47.41
	Net investment income(a)			0.04				0.13				0.26	(b)			0.11				0.22				0.38
	Net realized and unrealized gain (loss)			10.35				2.82				(8.74	)			21.14				4.64				3.13
	Total from investment operations			10.39				2.95				(8.48	)			21.25				4.86				3.51
	Distributions to shareholders from net investment income			(0.16	)			(0.27	)			(0.15	)			(0.19	)			(0.67	)			(0.08	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.37	)			(0.27	)			(15.72	)			(2.42	)			(0.67	)			(1.73	)
	Net asset value, end of period		$	59.71			$	50.69			$	48.01			$	72.21			$	53.38			$	49.19
	Total Return(c)			20.71	%			6.20	%			(14.98	)%			41.08	%			9.93	%			7.86	%
	Net assets, end of period (in 000’s)		$	6,213			$	5,082			$	4,781			$	6,302			$	5,761			$	6,700
	Ratio of net expenses to average net assets			1.06	%(d)			1.07	%			1.06	%			1.06	%			1.06	%			1.05	%
	Ratio of total expenses to average net assets			1.10	%(d)			1.11	%			1.10	%			1.10	%			1.12	%			1.13	%
	Ratio of net investment income to average net assets			0.15	%(d)			0.26	%			0.49	%(b)			0.17	%			0.44	%			0.81	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

90  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Investor Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	50.18			$	47.56			$	71.70			$	53.02			$	48.84			$	47.17
	Net investment income(a)			0.15				0.35				0.46	(b)			0.36				0.42				0.54
	Net realized and unrealized gain (loss)			10.24				2.76				(8.63	)			20.96				4.59				3.09
	Total from investment operations			10.39				3.11				(8.17	)			21.32				5.01				3.63
	Distributions to shareholders from net investment income			(0.31	)			(0.49	)			(0.40	)			(0.41	)			(0.83	)			(0.31	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.52	)			(0.49	)			(15.97	)			(2.64	)			(0.83	)			(1.96	)
	Net asset value, end of period		$	59.05			$	50.18			$	47.56			$	71.70			$	53.02			$	48.84
	Total Return(c)			20.94	%			6.62	%			(14.65	)%			41.61	%			10.33	%			8.25	%
	Net assets, end of period (in 000’s)		$	53,441			$	45,491			$	87,159			$	127,076			$	88,924			$	116,633
	Ratio of net expenses to average net assets			0.67	%(d)			0.68	%			0.68	%			0.68	%			0.69	%			0.69	%
	Ratio of total expenses to average net assets			0.71	%(d)			0.72	%			0.72	%			0.72	%			0.75	%			0.76	%
	Ratio of net investment income to average net assets			0.54	%(d)			0.71	%			0.87	%(b)			0.56	%			0.84	%			1.17	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Class R6 Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	53.47			$	50.64			$	75.30			$	55.56			$	51.13			$	49.27
	Net investment income(a)			0.20				0.40				0.52	(b)			0.46				0.50				0.76
	Net realized and unrealized gain (loss)			10.92				2.97				(9.15	)			21.99				4.83				3.10
	Total from investment operations			11.12				3.37				(8.63	)			22.45				5.33				3.86
	Distributions to shareholders from net investment income			(0.42	)			(0.54	)			(0.46	)			(0.48	)			(0.90	)			(0.35	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.63	)			(0.54	)			(16.03	)			(2.71	)			(0.90	)			(2.00	)
	Net asset value, end of period		$	62.96			$	53.47			$	50.64			$	75.30			$	55.56			$	51.13
	Total Return(c)			21.03	%			6.75	%			(14.54	)%			41.78	%			10.49	%			8.38	%
	Net assets, end of period (in 000’s)		$	25,884			$	20,915			$	17,987			$	14,142			$	8,871			$	12,068
	Ratio of net expenses to average net assets			0.55	%(d)			0.56	%			0.55	%			0.55	%			0.55	%			0.54	%
	Ratio of total expenses to average net assets			0.59	%(d)			0.60	%			0.59	%			0.60	%			0.61	%			0.59	%
	Ratio of net investment income to average net assets			0.66	%(d)			0.75	%			0.95	%(b)			0.69	%			0.95	%			1.49	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

92  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Class R Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	49.94			$	47.07			$	71.12			$	52.63			$	48.47			$	46.74
	Net investment income(a)			0.01				0.09				0.19	(b)			0.07				0.16				0.32
	Net realized and unrealized gain (loss)			10.20				2.78				(8.58	)			20.80				4.57				3.08
	Total from investment operations			10.21				2.87				(8.39	)			20.87				4.73				3.40
	Distributions to shareholders from net investment income			(0.07	)			–				(0.09	)			(0.15	)			(0.57	)			(0.02	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.28	)			–				(15.66	)			(2.38	)			(0.57	)			(1.67	)
	Net asset value, end of period		$	58.87			$	49.94			$	47.07			$	71.12			$	52.63			$	48.47
	Total Return(c)			20.63	%			6.10	%			(15.08	)%			40.91	%			9.79	%			7.72	%
	Net assets, end of period (in 000’s)		$	8,222			$	6,890			$	17,488			$	22,030			$	41,005			$	44,555
	Ratio of net expenses to average net assets			1.17	%(d)			1.18	%			1.18	%			1.18	%			1.19	%			1.19	%
	Ratio of total expenses to average net assets			1.21	%(d)			1.22	%			1.22	%			1.22	%			1.25	%			1.26	%
	Ratio of net investment income to average net assets			0.03	%(d)			0.18	%			0.37	%(b)			0.11	%			0.31	%			0.69	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		U.S. Equity Insights Fund
		Class P Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	53.48			$	50.65			$	75.31			$	55.56			$	51.14			$	49.28
	Net investment income(a)			0.20				0.41				0.55	(b)			0.46				0.50				0.65
	Net realized and unrealized gain (loss)			10.92				2.96				(9.18	)			22.00				4.83				3.21
	Total from investment operations			11.12				3.37				(8.63	)			22.46				5.33				3.86
	Distributions to shareholders from net investment income			(0.42	)			(0.54	)			(0.46	)			(0.48	)			(0.91	)			(0.35	)
	Distributions to shareholders from net realized gains			(1.21	)			–				(15.57	)			(2.23	)			–				(1.65	)
	Total distributions			(1.63	)			(0.54	)			(16.03	)			(2.71	)			(0.91	)			(2.00	)
	Net asset value, end of period		$	62.97			$	53.48			$	50.65			$	75.31			$	55.56			$	51.14
	Total Return(c)			21.02	%			6.75	%			(14.54	)%			41.80	%			10.49	%			8.40	%
	Net assets, end of period (in 000’s)		$	287,939			$	246,177			$	289,752			$	327,501			$	245,632			$	225,899
	Ratio of net expenses to average net assets			0.55	%(d)			0.56	%			0.55	%			0.55	%			0.55	%			0.54	%
	Ratio of total expenses to average net assets			0.59	%(d)			0.60	%			0.59	%			0.59	%			0.61	%			0.62	%
	Ratio of net investment income to average net assets			0.66	%(d)			0.78	%			1.00	%(b)			0.68	%			0.94	%			1.33	%
	Portfolio turnover rate(e)			99	%			203	%			205	%			214	%			213	%			199	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

94  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements

April 30, 2024 (Unaudited)

 

 

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-Diversified
Goldman Sachs Large Cap Growth Insights Fund	A, C, Institutional, Service, Investor, R6, R and P	Non-Diversified
Goldman Sachs Large Cap Value Insights Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Goldman Sachs Small Cap Equity Insights Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Goldman Sachs Small Cap Growth Insights Fund	A, C, Institutional, Investor, R6, R and P	Diversified
Goldman Sachs Small Cap Value Insights Fund	A, C, Institutional, Investor, R6, R and P	Diversified
Goldman Sachs U.S. Equity Insights Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2.  SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

  

95

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Large Cap Growth Insights Fund	Annually	Annually
Large Cap Value Insights Fund	Quarterly	Annually
Small Cap Equity Insights Fund	Annually	Annually
Small Cap Growth Insights Fund	Annually	Annually
Small Cap Value Insights Fund	Annually	Annually
U.S. Equity Insights Fund	Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. 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;

  

96

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A. 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing

  

  97

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2024:

Large Cap Growth Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America	$	1,132,963,431		$	—	$	—
Derivative Type
Liabilities
Futures Contracts(b)	$	(37,330	)	$	—	$	—
Large Cap Value Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe	$	936,642		$	—	$	—
North America		362,240,660			—		—
South America		534,983			—		—
Total	$	363,712,285		$	—	$	—
Derivative Type
Liabilities
Futures Contracts(b)	$	(6,222	)	$	—	$	—

  

98

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Small Cap Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	946,327		$	—	$	—
Asia		3,736,211			—		—
Europe		5,726,832			—		—
North America		371,143,004			—		—
South America		2,388,142			—		—
Investment Company		3,787,000			—		—
Securities Lending Reinvestment Vehicle		4,161,020			—		—
Total	$	391,888,536		$	—	$	—
Derivative Type
Liabilities
Futures Contracts(b)	$	(281,172	)	$	—	$	—
Small Cap Growth Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	87,114		$	—	$	—
Asia		1,719,782			—		—
Europe		741,557			—		—
North America		107,918,059			—		—
South America		546,763			—		—
Investment Company		503,922			—		—
Securities Lending Reinvestment Vehicle		2,071,685			—		—
Total	$	113,588,882		$	—	$	—
Derivative Type
Liabilities
Futures Contracts(b)	$	(37,585	)	$	—	$	—
Small Cap Value Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	1,589,779		$	—	$	—
Asia		2,314,319			—		—
Europe		17,422,823			—		—
North America		809,648,006			—		—
South America		3,365,362			—		—
Investment Company		2,147,819			—		—
Securities Lending Reinvestment Vehicle		4,576,025			—		—
Total	$	841,064,133		$	—	$	—
Derivative Type
Assets
Futures Contracts(b)	$	89,869		$	—	$	—

  

  99

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. Equity Insights Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a) North America	$	988,342,461	$	—	$	—

^(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.

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Large Cap Growth Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	(37,330	)
Large Cap Value Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	(6,222	)
Small Cap Equity Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	(281,172	)
Small Cap Growth Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	(37,585	)
Small Cap Value Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	89,869	Variation margin on futures contracts	$	—

¹  Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2024 is reported within the Statements of Assets and Liabilities.

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

 

 

 

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Large Cap Growth Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	1,808,197	$	(244,526	)
Large Cap Value Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		576,865		(72,450	)
Small Cap Equity Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		861,760		(281,172	)
Small Cap Growth Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		281,118		(17,196	)
Small Cap Value Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		2,530,887		1,265,989
U.S. Equity Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition		1,009,298		—

  

  101

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:

Fund	Average Number of Contracts(a)
Large Cap Growth Insights Fund		28
Large Cap Value Insights Fund		1
Small Cap Equity Insights Fund		44
Small Cap Growth Insights Fund		13
Small Cap Value Insights Fund		109
U.S. Equity Insights Fund		43

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Large Cap Growth Insights Fund		0.52	%		0.47	%		0.44	%		0.44	%		0.43	%		0.51	%		0.51%
Large Cap Value Insights Fund		0.52			0.47			0.44			0.44			0.43			0.52			0.52
Small Cap Equity Insights Fund		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Growth Insights Fund		0.80			0.80			0.72			0.68			0.67			0.80			0.80
Small Cap Value Insights Fund		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Equity Insights Fund		0.52			0.47			0.44			0.44			0.43			0.52			0.52

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated underlying funds in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the six months ended April 30, 2024, the management fee waived by GSAM for each Fund was as follows:

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Management  Fee Waived
Large Cap Growth Insights Fund	$	1,853
Large Cap Value Insights Fund		555
Small Cap Equity Insights Fund		983
Small Cap Growth Insights Fund		205
Small Cap Value Insights Fund		1,312
U.S. Equity Insights Fund		338

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

	Distribution and/or Service Plan  Rates
	Class A*	Class C	Service	Class R*
Distribution and/or Service Plan	0.25%	0.75%	0.25%	0.50%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2024, Goldman Sachs retained the following amounts:

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights Fund		$  9,187		$   —
Large Cap Value Insights Fund		953		233
Small Cap Equity Insights Fund		6,317		230
Small Cap Growth Insights Fund		719		36
Small Cap Value Insights Fund		2,086		—
U.S. Equity Insights Fund		4,722		211

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense   Reductions
Large Cap Growth Insights Fund	$	1,853	$	182,906	$	184,759
Large Cap Value Insights Fund		555		161,919		162,474
Small Cap Equity Insights Fund		983		171,414		172,397
Small Cap Growth Insights Fund		205		123,770		123,975
Small Cap Value Insights Fund		1,312		217,799		219,111
U.S. Equity Insights Fund		338		187,511		187,849

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

 

 

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of April 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2024, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of April 30, 2024, the following Goldman Sachs funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:

Fund	Goldman Sachs Dynamic Global Equity			Goldman Sachs Growth and Income  Strategy Portfolio			Goldman Sachs Growth Strategy  Portfolio			Goldman Sachs Enhanced Dividend Global Equity
Large Cap Value Insights Fund		8	%		11	%		15	%		–%
Small Cap Equity Insights Fund		–			–			–			7

The following table provides information about the Funds’ investments in the Underlying Money Market Fund as of and for the six months ended April 30, 2024:

Large Cap Growth Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

$

7,351,815

$

63,790,852

$

71,142,667

$

–

–

$

52,985

Large Cap Value Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

3,387,027

23,096,397

26,483,424

–

–

12,078

Small Cap Equity Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

521,166

50,116,056

46,850,222

3,787,000

3,787,000

38,123

Small Cap Growth Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

–

5,540,591

5,036,669

503,922

503,922

7,059

  

  105

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Small Cap Value Insights Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	4,600,596	$	39,176,438	$	41,629,215	$	2,147,819		2,147,819	$	45,050
U.S. Equity Insights Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales		Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		–		8,850,511		8,850,511		–		–		11,852

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended April 30, 2024, were as follows:

Fund	Purchases		Sales
Large Cap Growth Insights Fund	$	1,130,092,463	$	1,175,232,936
Large Cap Value Insights Fund		366,896,393		396,281,463
Small Cap Equity Insights Fund		310,128,391		320,610,729
Small Cap Growth Insights Fund		87,550,633		86,529,100
Small Cap Value Insights Fund		574,976,046		710,492,485
U.S. Equity Insights Fund		948,789,715		988,384,998

7. 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.

  

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7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2024 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2024				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2024
Fund	Earnings of GSAL  Relating to Securities Loaned		Amounts Received  by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights Fund	$	2	$	—	$	—
Large Cap Value Insights Fund		16		—		—
Small Cap Equity Insights Fund		12,540		4,302		1,007,070
Small Cap Growth Insights Fund		2,580		448		186,160
Small Cap Value Insights Fund		14,151		6,532		552,930
U.S. Equity Insights Fund		6		—		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2024.

Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024
Large Cap Growth Insights Fund	$	—	$	693,100	$	(693,100	)	$	—
Large Cap Value Insights Fund		—		3,886,000		(3,886,000	)		—
Small Cap Equity Insights Fund		1,274,479		24,998,390		(22,111,849	)		4,161,020
Small Cap Growth Insights Fund		533,001		11,282,241		(9,743,557	)		2,071,685
Small Cap Value Insights Fund		2,105,092		32,309,100		(29,838,167	)		4,576,025
U.S. Equity Insights Fund		—		1,441,825		(1,441,825	)		—

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	(30,150,389	)
	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Capital loss carryforwards:
Perpetual Short-Term	$	(24,630,321	)	$	(4,065,489	)	$	—
Timing differences		(198,119	)		—			—

As of April 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Large Cap Growth  Insights Fund			Large Cap Value  Insights Fund			Small Cap Equity  Insights Fund
Tax Cost	$	691,182,092		$	329,828,438		$	356,803,859
Gross unrealized gain		449,634,717			41,229,396			58,288,551
Gross unrealized loss		(7,853,378	)		(7,345,549	)		(23,203,874	)
Net unrealized gain (loss)	$	441,781,339		$	33,883,847		$	35,084,677
	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Tax Cost	$	100,947,208		$	793,720,791		$	742,603,842
Gross unrealized gain		19,961,135			106,854,909			256,046,973
Gross unrealized loss		(7,319,461	)		(59,511,567	)		(10,308,354	)
Net unrealized gain (loss)	$	12,641,674		$	47,343,342		$	245,738,619

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9. OTHER RISKS

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

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds

  

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9. OTHER RISKS (continued)

that invest in similar asset classes but employ different investment styles. Value Investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

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.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these

developments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		472,014		$	12,556,302			1,346,209		$	31,026,390
Reinvestment of distributions		472,195			11,927,636			1,176,826			25,306,363
Shares redeemed		(953,431	)		(25,616,620	)		(3,487,349	)		(82,695,881)
		(9,222	)		(1,132,682	)		(964,314	)		(26,363,128)
Class C Shares
Shares sold		76,304			1,476,789			140,855			2,436,123
Reinvestment of distributions		125,431			2,255,235			321,388			5,097,219
Shares redeemed		(227,210	)		(4,351,849	)		(596,145	)		(10,165,988)
		(25,475	)		(619,825	)		(133,902	)		(2,632,646)
Institutional Shares
Shares sold		1,376,019			38,924,284			2,043,634			51,951,345
Reinvestment of distributions		512,633			14,088,375			1,300,027			30,204,086
Shares redeemed		(2,506,216	)		(74,759,395	)		(5,764,175	)		(143,093,681)
		(617,564	)		(21,746,736	)		(2,420,514	)		(60,938,250)
Service Shares
Shares sold		86,186			2,277,027			274,450			6,310,023
Reinvestment of distributions		28,651			694,203			67,768			1,403,355
Shares redeemed		(67,247	)		(1,733,053	)		(197,893	)		(4,401,259)
		47,590			1,238,177			144,325			3,312,119
Investor Shares
Shares sold		1,651,470			42,873,145			2,498,173			54,665,433
Reinvestment of distributions		409,390			10,083,286			966,206			20,289,199
Shares redeemed		(1,275,895	)		(32,581,217	)		(3,401,724	)		(77,959,584)
		784,965			20,375,214			62,655			(3,004,952)
Class R6 Shares
Shares sold		715,397			20,731,218			5,934,642			151,149,652
Reinvestment of distributions		888,388			24,388,611			1,406,649			32,649,484
Shares redeemed		(1,830,769	)		(52,710,344	)		(2,287,045	)		(57,494,149)
		(226,984	)		(7,590,515	)		5,054,246			126,304,987
Class R Shares
Shares sold		140,824			3,564,911			338,749			7,433,379
Reinvestment of distributions		89,102			2,098,344			186,173			3,758,829
Shares redeemed		(195,091	)		(4,828,926	)		(344,904	)		(7,556,191)
		34,835			834,329			180,018			3,636,017
Class P Shares
Shares sold		86,425			2,502,555			536,248			12,757,901
Reinvestment of distributions		133,678			3,665,774			298,069			6,910,344
Shares redeemed		(170,077	)		(4,899,928	)		(917,291	)		(22,971,281)
		50,026			1,268,401			(82,974	)		(3,303,036)
NET INCREASE (DECREASE) IN SHARES		38,171		$	(7,373,637	)		1,839,540		$	37,011,111

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Large Cap Value Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		68,469		$	1,583,651			171,284		$	3,662,477
Reinvestment of distributions		62,833			1,411,699			78,141			1,690,923
Shares redeemed		(211,493	)		(4,883,840	)		(562,515	)		(12,026,247)
		(80,191	)		(1,888,490	)		(313,090	)		(6,672,847)
Class C Shares
Shares sold		13,999			316,669			32,574			688,370
Reinvestment of distributions		9,484			209,365			10,240			219,992
Shares redeemed		(40,512	)		(921,732	)		(95,545	)		(2,012,613)
		(17,029	)		(395,698	)		(52,731	)		(1,104,251)
Institutional Shares
Shares sold		147,979			3,404,967			457,895			9,870,669
Reinvestment of distributions		50,312			1,131,081			138,895			2,995,693
Shares redeemed		(2,011,336	)		(43,651,491	)		(1,317,425	)		(28,285,198)
		(1,813,045	)		(39,115,443	)		(720,635	)		(15,418,836)
Service Shares
Shares sold		11,664			273,066			27,458			595,910
Reinvestment of distributions		2,881			65,090			4,787			104,309
Shares redeemed		(8,586	)		(194,398	)		(105,423	)		(2,290,613)
		5,959			143,758			(73,178	)		(1,590,394)
Investor Shares
Shares sold		202,727			4,559,552			581,203			12,428,033
Reinvestment of distributions		84,942			1,902,733			115,395			2,482,854
Shares redeemed		(316,845	)		(7,200,168	)		(1,486,008	)		(32,214,271)
		(29,176	)		(737,883	)		(789,410	)		(17,303,384)
Class R6 Shares
Shares sold		79,913			1,846,478			3,610,808			74,474,367
Reinvestment of distributions		213,251			4,793,827			133,170			2,872,406
Shares redeemed		(447,250	)		(10,220,212	)		(877,677	)		(19,239,797)
		(154,086	)		(3,579,907	)		2,866,301			58,106,976
Class R Shares
Shares sold		37,771			845,382			18,286			388,602
Reinvestment of distributions		5,404			120,150			6,601			141,799
Shares redeemed		(14,492	)		(327,639	)		(86,950	)		(1,859,844)
		28,683			637,893			(62,063	)		(1,329,443)
Class P Shares
Shares sold		46,440			1,072,860			198,256			4,200,948
Reinvestment of distributions		54,036			1,214,135			79,366			1,710,618
Shares redeemed		(401,306	)		(8,941,354	)		(463,810	)		(10,024,802)
		(300,830	)		(6,654,359	)		(186,188	)		(4,113,236)
NET INCREASE (DECREASE) IN SHARES		(2,359,715	)	$	(51,590,129	)		669,006		$	10,574,585

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Equity Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		80,395		$	1,949,977			114,004		$	2,510,018
Reinvestment of distributions		4,589			111,606			7,119			148,002
Shares redeemed		(126,570	)		(3,043,531	)		(501,454	)		(11,046,019)
		(41,586	)		(981,948	)		(380,331	)		(8,387,999)
Class C Shares
Shares sold		25,079			474,415			27,271			466,579
Shares redeemed		(23,375	)		(445,863	)		(94,282	)		(1,606,182)
		1,704			28,552			(67,011	)		(1,139,603)
Institutional Shares
Shares sold		507,561			13,111,450			560,315			13,157,646
Reinvestment of distributions		30,406			784,182			47,619			1,049,527
Shares redeemed		(511,883	)		(13,428,504	)		(2,764,726	)		(65,178,247)
		26,084			467,128			(2,156,792	)		(50,971,074)
Service Shares
Shares sold		1,480			35,166			6,396			136,669
Reinvestment of distributions		356			8,429			408			8,258
Shares redeemed		(64,841	)		(1,561,366	)		(22,891	)		(495,536)
		(63,005	)		(1,517,771	)		(16,087	)		(350,609)
Investor Shares
Shares sold		179,116			4,227,464			549,516			11,875,830
Reinvestment of distributions		9,934			239,907			12,874			265,847
Shares redeemed		(188,066	)		(4,595,226	)		(644,078	)		(14,182,274)
		984			(127,855	)		(81,688	)		(2,040,597)
Class R6 Shares
Shares sold		1,001,386			24,550,637			237,412			5,542,943
Reinvestment of distributions		31,465			811,483			32,020			705,714
Shares redeemed		(681,840	)		(18,498,516	)		(785,530	)		(18,386,361)
		351,011			6,863,604			(516,098	)		(12,137,704)
Class R Shares
Shares sold		10,350			243,864			73,554			1,552,270
Reinvestment of distributions		—			—			1,453			29,095
Shares redeemed		(11,235	)		(271,562	)		(498,082	)		(10,329,835)
		(885	)		(27,698	)		(423,075	)		(8,748,470)
Class P Shares
Shares sold		823,399			20,401,564			1,429,805			32,382,759
Reinvestment of distributions		41,503			1,069,929			47,710			1,051,530
Shares redeemed		(1,202,662	)		(30,630,898	)		(2,694,861	)		(61,682,913)
		(337,760	)		(9,159,405	)		(1,217,346	)		(28,248,624)
NET DECREASE IN SHARES		(63,453	)	$	(4,455,393	)		(4,858,428	)	$	(112,024,680)

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		94,411		$	1,297,892			195,137		$	2,407,062
Reinvestment of distributions		—			—			5,469			62,404
Shares redeemed		(229,061	)		(3,151,290	)		(572,234	)		(7,014,852)
		(134,650	)		(1,853,398	)		(371,628	)		(4,545,386)
Class C Shares
Shares sold		7,078			158,897			17,040			328,076
Shares redeemed		(34,807	)		(756,091	)		(105,454	)		(2,002,074)
		(27,729	)		(597,194	)		(88,414	)		(1,673,998)
Institutional Shares
Shares sold		150,662			3,389,672			377,413			7,609,287
Reinvestment of distributions		—			—			7,119			132,620
Shares redeemed		(266,228	)		(6,023,109	)		(1,150,438	)		(23,138,977)
		(115,566	)		(2,633,437	)		(765,906	)		(15,397,070)
Investor Shares
Shares sold		54,835			835,259			283,871			4,071,237
Reinvestment of distributions		—			—			5,485			69,606
Shares redeemed		(355,820	)		(5,338,549	)		(606,455	)		(8,231,356)
		(300,985	)		(4,503,290	)		(317,099	)		(4,090,513)
Class R6 Shares
Shares sold		51,204			1,155,027			106,007			2,124,706
Reinvestment of distributions		—			—			3,246			60,570
Shares redeemed		(116,172	)		(2,695,489	)		(612,562	)		(12,293,133)
		(64,968	)		(1,540,462	)		(503,309	)		(10,107,857)
Class R Shares
Shares sold		33,359			392,031			58,733			617,401
Shares redeemed		(73,848	)		(862,624	)		(116,798	)		(1,204,559)
		(40,489	)		(470,593	)		(58,065	)		(587,158)
Class P Shares
Shares sold		728,168			14,808,467			50,103			1,010,326
Reinvestment of distributions		—			—			1,156			21,561
Shares redeemed		(11,151	)		(254,303	)		(68,094	)		(1,340,096)
		717,017			14,554,164			(16,835	)		(308,209)
NET INCREASE (DECREASE) IN SHARES		32,630		$	2,955,790			(2,121,256	)	$	(36,710,191)

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Small Cap Value Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		122,049		$	4,452,602			222,769		$	7,365,741
Reinvestment of distributions		54,601			1,971,082			113,442			3,729,582
Shares redeemed		(496,636	)		(18,093,720	)		(527,810	)		(17,401,843)
		(319,986	)		(11,670,036	)		(191,599	)		(6,306,520)
Class C Shares
Shares sold		5,503			104,520			11,937			213,103
Reinvestment of distributions		4,577			86,185			13,649			240,049
Shares redeemed		(24,850	)		(456,764	)		(104,786	)		(1,861,072)
		(14,770	)		(266,059	)		(79,200	)		(1,407,920)
Institutional Shares
Shares sold		540,485			29,623,621			1,485,282			75,268,712
Reinvestment of distributions		74,878			4,165,461			162,034			8,111,064
Shares redeemed		(972,585	)		(53,388,997	)		(2,613,954	)		(132,085,984)
		(357,222	)		(19,599,915	)		(966,638	)		(48,706,208)
Investor Shares
Shares sold		268,620			9,422,703			1,518,816			49,925,071
Reinvestment of distributions		46,445			1,665,993			251,900			8,237,437
Shares redeemed		(3,407,592	)		(122,132,578	)		(6,486,023	)		(218,244,500)
		(3,092,527	)		(111,043,882	)		(4,715,307	)		(160,081,992)
Class R6 Shares
Shares sold		706,284			38,527,435			1,240,330			63,153,530
Reinvestment of distributions		72,925			4,055,349			138,525			6,929,670
Shares redeemed		(742,317	)		(41,126,678	)		(1,474,167	)		(74,423,430)
		36,892			1,456,106			(95,312	)		(4,340,230)
Class R Shares
Shares sold		64,542			2,234,125			133,649			4,299,954
Reinvestment of distributions		9,295			323,659			18,723			594,851
Shares redeemed		(90,961	)		(3,175,405	)		(154,902	)		(4,935,975)
		(17,124	)		(617,621	)		(2,530	)		(41,170)
Class P Shares
Shares sold		326,155			16,672,299			389,657			19,537,487
Reinvestment of distributions		14,467			804,361			24,491			1,225,555
Shares redeemed		(123,253	)		(6,760,644	)		(498,763	)		(24,883,283)
		217,369			10,716,016			(84,615	)		(4,120,241)
NET DECREASE IN SHARES		(3,547,368	)	$	(131,025,391	)		(6,135,201	)	$	(225,004,281)

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Equity Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		63,757		$	3,682,816			103,833		$	5,197,419
Reinvestment of distributions		128,431			7,180,590			40,749			1,920,916
Shares redeemed		(362,525	)		(20,949,594	)		(695,437	)		(35,154,208)
		(170,337	)		(10,086,188	)		(550,855	)		(28,035,873)
Class C Shares
Shares sold		9,056			427,030			22,725			967,804
Reinvestment of distributions		7,295			342,786			284			11,368
Shares redeemed		(29,442	)		(1,412,516	)		(84,749	)		(3,605,836)
		(13,091	)		(642,700	)		(61,740	)		(2,626,664)
Institutional Shares
Shares sold		330,142			19,891,992			664,367			34,900,187
Reinvestment of distributions		124,503			7,299,271			54,069			2,662,353
Shares redeemed		(463,542	)		(28,100,783	)		(1,166,355	)		(61,279,984)
		(8,897	)		(909,520	)		(447,919	)		(23,717,444)
Service Shares
Shares sold		5,695			324,419			6,010			304,168
Reinvestment of distributions		2,336			129,509			545			25,514
Shares redeemed		(4,245	)		(241,075	)		(5,886	)		(289,985)
		3,786			212,853			669			39,697
Investor Shares
Shares sold		60,690			3,427,880			714,386			35,232,251
Reinvestment of distributions		24,792			1,360,524			23,672			1,093,421
Shares redeemed		(87,072	)		(4,920,917	)		(1,664,155	)		(82,828,652)
		(1,590	)		(132,513	)		(926,097	)		(46,502,980)
Class R6 Shares
Shares sold		69,899			4,166,792			188,915			9,698,974
Reinvestment of distributions		10,993			643,694			3,747			184,222
Shares redeemed		(60,893	)		(3,713,017	)		(156,706	)		(8,416,319)
		19,999			1,097,469			35,956			1,466,877
Class R Shares
Shares sold		10,038			571,347			29,688			1,477,601
Reinvestment of distributions		3,074			167,845			—			—
Shares redeemed		(11,426	)		(634,495	)		(263,253	)		(12,569,770)
		1,686			104,697			(233,565	)		(11,092,169)
Class P Shares
Shares sold		191,598			11,329,339			693,093			35,568,527
Reinvestment of distributions		128,617			7,532,725			51,561			2,535,758
Shares redeemed		(350,455	)		(21,482,695	)		(1,862,573	)		(95,660,934)
		(30,240	)		(2,620,631	)		(1,117,919	)		(57,556,649)
NET DECREASE IN SHARES		(198,684	)	$	(12,976,533	)		(3,301,470	)	$	(168,025,205)

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal  Election of Trustees	For		Withheld
Cheryl K. Beebe	169,452,067,796		5,900,273,020
John G. Chou	173,279,757,273		2,072,583,543
Eileen H. Dowling	173,287,456,218		2,064,884,598
Lawrence Hughes	173,486,691,901		1,865,648,915
John F. Killian	173,511,167,174		1,841,173,642
Steven D. Krichmar	173,484,256,228		1,868,084,588
Michael Latham	173,498,020,286		1,854,320,530
Lawrence W. Stranghoener	173,455,949,165		1,896,391,651
Paul C. Wirth	173,324,070,424		2,028,270,391

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

 

Liquidity Risk Management Program (Unaudited)

 

 

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024, which represents a period of 182 days in a 366 day year. This projection assumes that annualized expense ratios were in effect during the period.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher:

	Large Cap Growth Insights Fund			Large Cap Value Insights Fund			Small Cap Equity Insights Fund
Share Class	Beginning   Account Value   11/1/23	Ending Account Value  4/30/24	Expenses  Paid for the 6 months   ended 4/30/24*	Beginning  Account Value   11/1/23	Ending  Account Value   4/30/24	Expenses  Paid for the 6 months   ended 4/30/24*	Beginning  Account Value   11/1/23	Ending  Account Value   4/30/24	Expenses  Paid for the 6 months   ended 4/30/24*
Class A
Actual	$1,000.00	$1,233.76	$4.94	$1,000.00	$1,176.38	$4.98	$1,000.00	$1,228.62	$6.65
Hypothetical 5% return	1,000.00	1,020.44+	4.47	1,000.00	1,020.29+	4.62	1,000.00	1,018.90+	6.02
Class C
Actual	1,000.00	1,229.10	9.09	1,000.00	1,171.76	9.02	1,000.00	1,223.27	10.78
Hypothetical 5% return	1,000.00	1,016.71+	8.22	1,000.00	1,016.56+	8.37	1,000.00	1,015.17+	9.77
Institutional
Actual	1,000.00	1,236.23	2.95	1,000.00	1,178.65	3.03	1,000.00	1,230.29	4.66
Hypothetical 5% return	1,000.00	1,022.23+	2.66	1,000.00	1,022.08+	2.82	1,000.00	1,020.69+	4.22
Service
Actual	1,000.00	1,233.41	5.72	1,000.00	1,175.47	5.73	1,000.00	1,226.99	7.42
Hypothetical 5% return	1,000.00	1,019.74+	5.17	1,000.00	1,019.59+	5.32	1,000.00	1,018.20+	6.72
Investor
Actual	1,000.00	1,235.63	3.56	1,000.00	1,177.65	3.63	1,000.00	1,229.59	5.27
Hypothetical 5% return	1,000.00	1,021.68+	3.22	1,000.00	1,021.53+	3.37	1,000.00	1,020.14+	4.77
Class R6
Actual	1,000.00	1,236.32	2.89	1,000.00	1,178.78	2.98	1,000.00	1,230.56	4.60
Hypothetical 5% return	1,000.00	1,022.28+	2.61	1,000.00	1,022.13+	2.77	1,000.00	1,020.74+	4.17
Class R
Actual	1,000.00	1,232.37	6.33	1,000.00	1,174.83	6.33	1,000.00	1,226.26	8.03
Hypothetical 5% return	1,000.00	1,019.19+	5.72	1,000.00	1,019.05+	5.87	1,000.00	1,017.65+	7.27
Class P
Actual	1,000.00	1,236.04	2.89	1,000.00	1,178.35	2.98	1,000.00	1,230.06	4.60
Hypothetical 5% return	1,000.00	1,022.28+	2.61	1,000.00	1,022.13+	2.77	1,000.00	1,020.74+	4.17

^*  Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

⁺  Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited) (continued)

	Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund
Share Class	Beginning  Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning  Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning  Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*
Class A
Actual	$1,000.00	$1,232.05	$6.66	$1,000.00	$1,203.02	$6.57	$1,000.00	$1,207.93	$5.05
Hypothetical 5% return	1,000.00	1,018.90+	6.02	1,000.00	1,018.90+	6.02	1,000.00	1,020.29+	4.62
Class C
Actual	1,000.00	1,227.52	10.80	1,000.00	1,198.37	10.66	1,000.00	1,203.33	9.15
Hypothetical 5% return	1,000.00	1,015.17+	9.77	1,000.00	1,015.17+	9.77	1,000.00	1,016.56+	8.37
Institutional
Actual	1,000.00	1,234.23	4.67	1,000.00	1,204.99	4.61	1,000.00	1,210.10	3.08
Hypothetical 5% return	1,000.00	1,020.69+	4.22	1,000.00	1,020.69+	4.22	1,000.00	1,022.08+	2.82
Service
Actual	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,207.05	5.82
Hypothetical 5% return	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,019.59+	5.32
Investor
Actual	1,000.00	1,233.31	5.28	1,000.00	1,204.52	5.21	1,000.00	1,209.35	3.68
Hypothetical 5% return	1,000.00	1,020.14+	4.77	1,000.00	1,020.14+	4.77	1,000.00	1,021.53+	3.37
Class R6
Actual	1,000.00	1,234.26	4.61	1,000.00	1,205.17	4.55	1,000.00	1,210.25	3.02
Hypothetical 5% return	1,000.00	1,020.74+	4.17	1,000.00	1,020.74+	4.17	1,000.00	1,022.13+	2.77
Class R
Actual	1,000.00	1,230.69	8.04	1,000.00	1,201.47	7.94	1,000.00	1,206.34	6.42
Hypothetical 5% return	1,000.00	1,017.65+	7.27	1,000.00	1,017.65+	7.27	1,000.00	1,019.05+	5.87
Class P
Actual	1,000.00	1,234.38	4.61	1,000.00	1,205.28	4.55	1,000.00	1,210.22	3.02
Hypothetical 5% return	1,000.00	1,020.74+	4.17	1,000.00	1,020.74+	4.17	1,000.00	1,022.13+	2.77

^*  Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

⁺  Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The annualized net expense ratios for the period were as follows:
Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Large Cap Growth Insights Fund		0.89	%		1.64	%		0.53	%		1.03	%		0.64	%		0.52	%		1.14	%
Large Cap Value Insights Fund		0.92			1.67			0.56			1.06			0.67			0.55			1.17
Small Cap Equity Insights Fund		1.20			1.95			0.84			1.34			0.95			0.83			1.45
Small Cap Growth Insights Fund		1.20			1.95			0.84			N/A			0.95			0.83			1.45
Small Cap Value Insights Fund		1.20			1.95			0.84			N/A			0.95			0.83			1.45
U.S. Equity Insights Fund		0.92			1.67			0.56			1.06			0.67			0.55			1.17
The annualized net expense ratios for the period were as follows:
Fund																			Class P
Large Cap Growth Insights Fund																				0.52	%
Large Cap Value Insights Fund																				0.55
Small Cap Equity Insights Fund																				0.83
Small Cap Growth Insights Fund																				0.83
Small Cap Value Insights Fund																				0.83
U.S. Equity Insights Fund																				0.55

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FUNDS PROFILE

 

 

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Dynamic Bond Fund⁶

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund

∎ Short Duration High Yield Fund⁴

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁵

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

  Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

  

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TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc.(MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). © 2024 Goldman Sachs. All rights reserved. 374647-OTU-06/24 DOMINSSAR-24

Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs Fundamental Equity International Funds Goldman Sachs China Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity ex. China Fund Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs International Equity ESG Fund Goldman Sachs International Equity Income Fund

 

 

 

 

Goldman Sachs Fundamental Equity International Funds

∎   GOLDMAN SACHS CHINA EQUITY FUND

∎   GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

∎   GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

∎   GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

∎   GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

∎   GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

TABLE OF CONTENTS

Market Review	1
Fund Basics	5
Schedules of Investments	17
Financial Statements	34
Financial Highlights	43
Goldman Sachs China Equity Fund	43
Goldman Sachs Emerging Markets Equity Fund	49
Goldman Sachs Emerging Markets Equity ex. China Fund	56
Goldman Sachs ESG Emerging Markets Equity Fund	63
Goldman Sachs International Equity ESG Fund	70
Goldman Sachs International Equity Income Fund	77
Notes to Financial Statements	84
Other Information	107

Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs Fundamental Equity International Funds

The following are highlights both of key factors affecting the international and emerging markets equity markets and of any key changes made to the Goldman Sachs Fundamental International Equity Funds (the “Funds”) during the six months ended April 30, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended October 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

International Equities

• Representing the developed international equity markets, the MSCI^* EAFE Index (net) returned 18.63%, during the Reporting Period, only modestly underperforming the U.S. equity market, as represented by the 20.98% return of the S&P 500 Index.

• As the Reporting Period began in November 2023, international equities performed strongly. Indeed, November was the MSCI EAFE Index’s highest returning month of calendar year 2023, as waning inflation numbers globally indicated towards a peaking of central bank tightening cycles.

• After a strong November, international equities continued to perform well in December 2023, with the late-year rally fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and the fizzling out of the “higher for longer”¹ narrative.

• The MSCI EAFE Index posted solid positive returns for the first quarter of 2024. While continuing to temper interest rate cut expectations, markets welcomed positive readouts both from corporate earnings reports and macroeconomic indicators.

• European equities gained, with economically-sensitive sectors, such as industrials and consumer discretionary, leading the region’s equity market, as Europe demonstrated economic resilience and an improving outlook. Its Purchasing Manager’s Index (“PMI”) rose to 49.9 in March, approaching expansionary territory. On the other hand, interest rate-sensitive sectors, such as real estate and utilities, suffered from the European Central Bank’s (“ECB”) cautionary guidance, which diminished expectations of imminent interest rate cuts. However, inflation continued to approach the ECB’s 2% target, cooling to 2.6% in February.

• Similarly, in the U.K., inflation fell to 3.4% in February, its lowest level since September 2021. Nonetheless, the U.K. equity market lagged those of other developed markets, though remaining in positive territory. The U.K. market was challenged somewhat by underwhelming corporate earnings as well as by poor economic data signaling that the U.K. had entered a technical recession in the fourth quarter of 2023. (A technical recession is two successive quarters of negative economic growth.)

• Japanese equity markets carried their strong 2023 momentum into the first months of 2024, as it was the best performing major geography for the first quarter, with its leading stock index surpassing all-time highs for the first time in 34 years. Japan may have reached an inflection point in its economic cycle with the return of inflation and wage growth, a positive development, particularly for foreign investors who have seen Japan as an opportunity to rotate out of China. The Bank of Japan (“BoJ”) put an end to its negative interest rate policy, in place for eight years. Inflation as well as a weaker yen were tailwinds for Japanese corporate earnings, which, in turn, surprised to the upside.

• International equities, as measured by the MSCI EAFE Index, then fell in April 2024. Despite positive macroeconomic indicators, particularly in Europe, international developed markets declined as expectations of interest rate cuts meaningfully diminished.

• European equities’ decline was largely attributable to the return of the “higher for longer” narrative. However, the region’s inflation reading was widely expected to be 2.4% in April, remaining stable relative to March and thus fueling expectations that the first ECB interest rate cut may come in June 2024. Moreover, the region’s first quarter Gross Domestic Product expanded by 0.3% quarter-over-quarter and its PMI reached an 11-month high at 51.4, entering expansionary territory.

¹  “Higher for longer” is a phrase used in monetary policy to describe the expectation that interest rates will remain high or increase for an extended period of time.

^*  Source: MSCI

 

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MARKET REVIEW

 

 

 

 

 

 

• The U.K. equity market was the best performing major region in April, posting a positive total return. The MSCI EAFE Value Index significantly outperformed the MSCI EAFE Growth Index in the month, which presented a tailwind for the U.K. equity market, which is heavily weighted toward segments such as financials, energy and resources. U.K. equity market performance was also buoyed by sterling weakness and a recovery in commodity prices.

• The Japanese equity market declined in April. After an especially strong first quarter of 2024, the Japanese equity market saw some correction in April. This was most prevalent in the form of profit taking from large-cap and semiconductor stocks. Also, after putting an end to its negative rate policy in the first calendar quarter, the BoJ did not take any further action during its April meeting. Despite positive wage growth, there were concerns that imported inflation due to the interest rate differential between Japan and other developed markets may weaken domestic consumption.

• All 11 sectors in the MSCI EAFE Index posted positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials. The weakest performing sectors were consumer staples, utilities and energy.

• The best performing countries within the MSCI EAFE Index during the Reporting Period were the Netherlands, Israel, Denmark, Sweden and Italy. The weakest performing country during the Reporting Period was Hong Kong, the only constituent of the MSCI EAFE Index to post a negative absolute return during the Reporting Period. Portugal, Norway, Finland and Switzerland each generated a positive return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

• Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 15.40% during the Reporting Period, performing strongly but lagging developed international equity markets overall.

• As the Reporting Period began in November 2023, the MSCI Emerging Markets Index generated a strong positive return, supported by the view that developed markets’ interest rates had reached their peak. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China struggled as consumer confidence remained weak amid ongoing property market troubles.

• In December 2023, the MSCI Emerging Markets Index rose solidly, as emerging markets equity markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

• The MSCI Emerging Markets Index gained modestly for the first quarter of 2024 overall, falling in January but then posting positive returns in February and March, buoyed by global macroeconomic data that showed encouraging signs.

• China’s equity market stabilized somewhat, as the National Peoples Congress announced positive fiscal and monetary support and travel data around the Lunar New Year demonstrated encouraging activity levels in line with pre-pandemic totals.

• India maintained strong positive returns from 2023 into 2024, as both domestic and foreign investor flows boosted its equity market and as investors continued to see value in the country’s long-term, domestically-driven growth story.

• Latin American equity markets saw divergent fortunes. Brazil significantly underperformed the MSCI Emerging Markets Index, as larger stocks disappointed on poor dividend payouts and on poor performance of commodity-related stocks, which are a large component of Brazil’s index. On the other hand, Mexico performed well, as the supply-chain diversification trend attracted investment.

• Taiwan and South Korea posted strong returns toward the end of the quarter, as semiconductor prices showed signs of recovery from the post-pandemic slump and as the improving forecast for chip demand, in part driven by artificial intelligence (“AI”)-related products, boosted earnings forecasts.

• Egypt saw the largest underperformance, as the International Monetary Fund announced it would tie payments of an $8 billion financial program to improvements in currency access. This led to a sharp decline in the local currency, which contributed to poor performance of its equity market.

  

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MARKET REVIEW

 

 

 

 

 

 

• The MSCI Emerging Markets Index was virtually flat in April 2024, albeit modestly positive.

• Asia was the best performing emerging markets region, mainly driven by China, while Latin America continued to be the weakest region, with major markets, such as Brazil and Mexico, posting declines.

• Overall, emerging markets’ currencies struggled as U.S. interest rate views changed rapidly during the month. In turn, rate cut hopes in the emerging markets were also pushed back, with some countries, such as Indonesia, hiking interest rates to defend its currency.

• The main driver of returns was improvement in risk appetite for China, as indicated by positive flows into the Chinese equity market from both domestic and foreign investors. These flows were likely driven by attractive valuations in the context of earnings forecasts and historical averages; better than expected economic activity data; and supportive policy measures in financial markets and the real estate sector. India also had a strong month.

• In Taiwan, the key theme for the month continued to be the AI supply chain. Strong AI-driven demand was positive but a slower recovery in semiconductor demand outside of AI meant the overall Taiwan market consolidated for the month following a strong rally in the first quarter of 2024. Separately, South Korea’s equity market meaningfully corrected.

• All 11 sectors of the MSCI Emerging Markets Index posted positive returns during the Reporting Period overall. During the Reporting Period as a whole, the best performing sectors within the MSCI Emerging Markets Index were information technology, utilities and energy. The weakest performing sectors were health care, consumer staples and real estate.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, Colombia, Turkey, Taiwan and India. The weakest performing countries were Egypt, Hong Kong, Czech Republic and Thailand, each of which posted negative total returns for the Reporting Period. United Arab Emirates generated a modestly positive return but was also among the weakest constituents in the MSCI Emerging Markets Index during the Reporting Period.

• Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of 4.76%, 31.12%, 25.83%, 6.57% and 13.14%, respectively.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

Goldman Sachs China Equity Fund

• The Fund posted a modestly positive absolute return but materially underperformed its benchmark, the MSCI China All Shares Index (net total return, USD, unhedged) (the “Index”), during the Reporting Period.

• From a macro perspective, the Fund’s bias toward growth-oriented stocks, which faced higher selling pressure during the massive sell-off in the Chinese equity market in January to early February 2024, and lesser exposure to lower quality value stocks and coal companies, which performed better, hurt. When the Chinese equity market began to rebound, high dividend yield companies and state-owned enterprises rebounded quicker than other market segments. The Fund’s exposure to dividend-paying stocks and select artificial intelligence (“AI”) beneficiaries helped sustain its performance in March 2024, but its underweighted exposure to state-owned enterprises, given our focus on high quality businesses, detracted.

• More specifically, stock selection overall detracted most from the Fund’s performance during the Reporting Period. Individual security selection in the financials, energy, communication services and consumer discretionary sectors dampened relative results most. Only partially offsetting these detractors was stock selection in the materials, industrials, information technology and health care sectors, which contributed positively.

• Sector allocation decisions as a whole also detracted from the Fund’s relative results during the Reporting Period. Having average underweights to financials, energy and communication services, which each outpaced the Index during the Reporting Period, hurt most. Having a position in cash, though modest, during a Reporting Period when the Index gained, also weighed on the Fund’s relative results. Partially offsetting these detractors was the positive effect of having average underweights to real estate and health care and an average overweight to industrials.

  

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MARKET REVIEW

 

 

 

 

 

 

• Those individual holdings that detracted most included medical products manufacturer WuXi AppTec, web-based shopping platform Meituan, diverse multinational commerce group PDD Holdings, oil and gas company PetroChina and network security products provider Venustech Group. Among individual holdings, metal mineral resources exploration and mining businesses operator Zijin Mining Group, communication transceiver modules and smart equipment manufacturer Zhongji Innolight, household electrical appliances manufacturer Midea Group, online travel agencyTrip.com Group and automotive glass manufacturer Fuyao Glass Industry Group contributed most positively to the Fund’s relative results during the Reporting Period.

Goldman Sachs International Equity ESG Fund

• The Fund posted a double-digit positive absolute return but significantly underperformed its benchmark, the MSCI EAFE Index (net), during the Reporting Period.

• Stock selection overall detracted from the Fund’s performance during the Reporting Period.

• From a sector perspective, individual security selection in the financials, consumer staples, energy and information technology sectors hurt relative results most. Only partially offsetting these detractors was stock selection in the health care, materials, industrials and utilities sectors, which contributed positively.

• From a country perspective, stock selection in Japan and Finland detracted most from the Fund’s relative results during the Reporting Period, partially offset by effective security selection in France and Switzerland.

• Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund’s relative results during the Reporting Period. Having an overweighted allocation to information technology and an underweighted allocation to energy especially helped. Partially offsetting these positive contributors was the detracting effect of having an average overweight to consumer staples and an average underweight to consumer discretionary. Having a position in cash, though modest, during a Reporting Period when the MSCI EAFE Index rallied, also dampened relative results.

• Country allocation positioning contributed positively to the Fund’s relative results during the Reporting Period. Having out-of-benchmark exposures to Taiwan and the U.S., which each outperformed the MSCI EAFE Index during the Reporting Period, helped most. Having overweighted allocations to Switzerland, Finland and Germany detracted.

• Those individual holdings that detracted most included Finland-based renewable diesel and sustainable aviation fuel provider Neste, Japan-based information technology solutions provider Nomura Research Institute, Japan-based cosmetics company Shiseido, Hong Kong-based multinational insurance and finance corporation AIA Group and U.K.-based manufacturer of health, hygiene and nutrition products Reckitt Benckiser Group. We sold the Fund’s position in Reckitt Benckiser Group by the end of the Reporting Period. Among individual holdings, out-of-benchmark positions in Taiwan-based semiconductor maker Taiwan Semiconductor Manufacturing and Netherlands-based hydronic flow control and treatment systems manufacturer Aalberts and overweight positions in Switzerland-based multinational manufacturing company for the pharmaceutical, biotechnology and nutrition sectors Lonza Group, France-based energy management and industrial automation company Schneider Electric and Spain-based bank Banco Bilbao Vizcaya Argentaria contributed most positively to the Fund’s relative results during the Reporting Period.

  

4  

FUND BASICS

 

 

Goldman Sachs China Equity Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* China All Shares Index2
Class A	0.75%	3.64%
Class C	0.36	3.64
Institutional	0.94	3.64
Investor	0.89	3.64
Class R6	0.89	3.64
Class P	0.90	3.64

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® China All Shares Index (Net, USD, Unhedged) captures large- and mid-cap representation across China A Shares, B Shares, H Shares, Red Chips, P-Chips and foreign listings. The MSCI^® China All Shares Index (Net, USD, Unhedged) aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® China All Shares Index (Net, USD, Unhedged) does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Tencent Holdings Ltd.	9.8%	Interactive Media & Services	China
Kweichow Moutai Co. Ltd., Class A	4.5	Beverages	China
Alibaba Group Holding Ltd.	4.2	Broadline Retail	China
Zijin Mining Group Co. Ltd., Class H	3.2	Metals & Mining	China
Contemporary Amperex Technology Co. Ltd., Class A	2.7	Electrical Equipment	China
China Yangtze Power Co. Ltd., Class A	2.6	Independent Power and Renewable Electricity Producers	China
China Petroleum & Chemical Corp., Class H	2.4	Oil, Gas & Consumable Fuels	China
Meituan, Class B	2.4	Hotels, Restaurants & Leisure	China
Trip.com Group Ltd.	2.2	Hotels, Restaurants & Leisure	China
Postal Savings Bank of China Co. Ltd., Class A	2.1	Banks	China

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

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FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

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FUND BASICS

 

 

Goldman Sachs Emerging Markets Equity Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* Emerging Markets Index2
Class A	13.69%	15.40%
Class C	13.26	15.40
Institutional	13.89	15.40
Service	13.59	15.40
Investor	13.85	15.40
Class R6	13.89	15.40
Class P	13.89	15.40

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2024 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	9.5%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.	6.7	Technology Hardware, Storage & Peripherals	South Korea
Tencent Holdings Ltd.	5.7	Interactive Media & Services	China
Alibaba Group Holding Ltd.	3.0	Broadline Retail	China
ICICI Bank Ltd.	2.5	Banks	India
Kweichow Moutai Co. Ltd., Class A	2.5	Beverages	China
Zomato Ltd.	2.0	Hotels, Restaurants & Leisure	India
Meituan, Class B	1.6	Hotels, Restaurants & Leisure	China
Bank Central Asia Tbk PT	1.5	Banks	Indonesia
China Merchants Bank Co. Ltd., Class H	1.5	Banks	China

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

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FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets at April 30, 2024.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

8  

FUND BASICS

 

Goldman Sachs Emerging Markets Equity Ex. China Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* Emerging Markets ex China Index2
Class A	17.74%	20.13%
Class C	17.34	20.13
Institutional	17.99	20.13
Investor	17.85	20.13
Class R6	17.99	20.13
Class R	17.55	20.13
Class P	17.90	20.13

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets ex China Index (Net, USD, Unhedged) captures large and mid-cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 662 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of April 30, 2024 the MSCI^® Emerging Markets ex China Index consists of the following 23 emerging market country indexes: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® Emerging Markets ex China Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	13.8%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.	8.5	Technology Hardware, Storage & Peripherals	South Korea
ICICI Bank Ltd.	2.8	Banks	India
Bank Central Asia Tbk PT	2.7	Banks	Indonesia
Zomato Ltd.	2.3	Hotels, Restaurants & Leisure	India
MediaTek, Inc.	1.7	Semiconductors & Semiconductor Equipment	Taiwan
MercadoLibre, Inc.	1.6	Broadline Retail	Brazil
Tata Consumer Products Ltd.	1.6	Food Products	India
National Bank of Greece SA	1.5	Banks	Greece
Saudi Arabian Oil Co.	1.5	Oil, Gas & Consumable Fuels	Saudi Arabia

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

  9

FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

10  

FUND BASICS

 

Goldman Sachs ESG Emerging Markets Equity Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* Emerging Markets Index2
Class A	13.68%	15.40%
Class C	13.27	15.40
Institutional	13.69	15.40
Investor	13.74	15.40
Class R6	13.78	15.40
Class R	13.39	15.40
Class P	13.80	15.40

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2024 the MSCI^® Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	10.3%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.	6.8	Technology Hardware, Storage & Peripherals	South Korea
Tencent Holdings Ltd.	6.7	Interactive Media & Services	China
Alibaba Group Holding Ltd.	3.2	Broadline Retail	China
ICICI Bank Ltd.	3.1	Banks	India
Zomato Ltd.	2.7	Hotels, Restaurants & Leisure	India
Tata Consumer Products Ltd.	2.5	Food Products	India
Bank Central Asia Tbk PT	2.3	Banks	Indonesia
China Merchants Bank Co. Ltd., Class H	2.0	Banks	China
MercadoLibre, Inc.	1.9	Broadline Retail	Brazil

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

  11

FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

12  

FUND BASICS

 

Goldman Sachs International Equity ESG Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* EAFE Index2
Class A	14.47%	18.63%
Class C	14.00	18.63
Institutional	14.61	18.63
Service	14.37	18.63
Investor	14.59	18.63
Class R6	14.66	18.63
Class P	14.64	18.63

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Iberdrola SA	4.3%	Electric Utilities	Spain
BNP Paribas SA	4.3	Banks	France
Koninklijke Ahold Delhaize NV	4.1	Consumer Staples Distribution & Retail	Netherlands
Zurich Insurance Group AG	4.1	Insurance	Switzerland
AstraZeneca PLC	4.0	Pharmaceuticals	United Kingdom
Nestle SA	4.0	Food Products	United States
Sumitomo Mitsui Financial Group, Inc.	3.7	Banks	Japan
ORIX Corp.	3.5	Financial Services	Japan
Takeda Pharmaceutical Co. Ltd.	3.1	Pharmaceuticals	Japan
AIA Group Ltd.	3.0	Insurance	Hong Kong

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

  13

FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above. Investments in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets at April 30, 2024.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

14  

FUND BASICS

 

Goldman Sachs International Equity Income Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* EAFE Index2
Class A	16.20%	18.63%
Class C	15.73	18.63
Institutional	16.41	18.63
Investor	16.39	18.63
Class R6	16.44	18.63
Class R	16.09	18.63
Class P	16.45	18.63

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® EAFE Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI^® EAFE Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® EAFE Index is unmanaged and the figures for the MSCI^® EAFE Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24^3,4

Holding	% of Net Assets	Line of Business	Country
Shell PLC	4.9%	Oil, Gas & Consumable Fuels	United States
Rio Tinto PLC	4.4	Metals & Mining	Australia
AstraZeneca PLC	4.2	Pharmaceuticals	United Kingdom
Koninklijke Ahold Delhaize NV	4.1	Consumer Staples Distribution & Retail	Netherlands
BP PLC	4.0	Oil, Gas & Consumable Fuels	United States
Iberdrola SA	3.6	Electric Utilities	Spain
BNP Paribas SA	3.5	Banks	France
HSBC Holdings PLC	3.3	Banks	United Kingdom
ORIX Corp.	3.3	Financial Services	Japan
Vinci SA	3.1	Construction & Engineering	France

³  The top 10 holdings may not be representative of the Fund’s future investments.

⁴  The line of business for each holding is reported at the industry or sub-industry level.

^*  Source: MSCI

 

  15

FUND BASICS

 

 

 

 

 

 

FUND VS BENCHMARK SECTOR ALLOCATIONS⁵

As of April 30, 2024

⁵  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Underlying sector allocations of exchange traded funds and other investment companies held by the Fund are not reflected in the graph above.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

^*  Source: MSCI

  

16  

GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 98.1%
	China – 93.9%
	99,816	Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services)	$	176,979
	166,076	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)		1,554,980
	14,134	Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		320,947
	57,200	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		647,561
	39,050	Baidu, Inc., Class A (Media & Entertainment)*		505,916
	603,800	Bank of Jiangsu Co. Ltd., Class A (Banks)		671,979
	100,341	Bank of Ningbo Co. Ltd., Class A (Banks)		316,286
	8,800	BYD Co. Ltd., Class A (Automobiles & Components)		263,750
	18,000	BYD Co. Ltd., Class H (Automobiles & Components)		493,426
	137,400	China Merchants Bank Co. Ltd., Class A (Banks)		647,181
	152,000	China Merchants Bank Co. Ltd., Class H (Banks)		658,290
	1,506,000	China Petroleum & Chemical Corp., Class H (Energy)		898,934
	34,200	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		282,749
	2,500,000	China Tower Corp. Ltd., Class H (Telecommunication Services)(a)		292,648
	273,500	China Yangtze Power Co. Ltd., Class A (Utilities)		972,409
	206,000	CITIC Securities Co. Ltd., Class H (Financial Services)		327,976
	36,436	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		1,017,351
	174,691	East Money Information Co. Ltd., Class A (Financial Services)		312,821
	96,280	Fuyao Glass Industry Group Co. Ltd., Class A (Automobiles & Components)		660,851
	58,000	H World Group Ltd. (Consumer Services)		215,799
	4,018	H World Group Ltd. ADR (Consumer Services)		147,501
	122,000	Haidilao International Holding Ltd. (Consumer Services)(a)		275,257
	113,700	Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		304,709

	Shares	Description	Value
	Common Stocks – (continued)
	China – (continued)
	91,000	Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco)	$	357,999
	50,500	Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		244,469
	47,150	JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail)		679,355
	231,900	Jiangsu Expressway Co. Ltd., Class A (Transportation)		354,546
	71,496	Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		453,232
	8,954	KE Holdings, Inc. ADR (Real Estate Management & Development)		135,384
	130,000	Kingdee International Software Group Co. Ltd. (Software & Services)*		137,153
	7,219	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		1,689,671
	19,300	Li Auto, Inc., Class A (Automobiles & Components)*		252,867
	65,790	Meituan, Class B (Consumer Services)*(a)		898,332
	79,500	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)		763,284
	37,833	Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)		262,302
	147,036	NARI Technology Co. Ltd., Class A (Capital Goods)		474,745
	33,150	Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components)		284,763
	3,896	PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)*		487,701
	720,000	PetroChina Co. Ltd., Class H (Energy)		670,854
	418,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)		519,316
	62,700	Ping An Insurance Group Co. of China Ltd., Class A (Insurance)		355,803
	115,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		523,456
	1,172,055	Postal Savings Bank of China Co. Ltd., Class A (Banks)		774,314
	27,650	SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment)		291,527
	37,678	Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods)		309,062

  

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS CHINA EQUITY FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	China – (continued)
	11,000	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)	$	461,086
	46,000	Sieyuan Electric Co. Ltd., Class A (Capital Goods)		412,034
	374,100	Sinotrans Ltd., Class A (Transportation)		302,737
	18,012	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)		255,360
	34,149	Sunresin New Materials Co. Ltd., Class A (Materials)		219,272
	83,300	Tencent Holdings Ltd. (Media & Entertainment)		3,655,471
	21,515	Tencent Music Entertainment Group ADR (Media & Entertainment)*		270,013
	17,200	Trip.com Group Ltd. (Consumer Services)*		837,767
	50,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)		360,320
	78,500	Venustech Group, Inc., Class A (Software & Services)		211,956
	19,498	Wanhua Chemical Group Co. Ltd., Class A (Materials)		238,461
	248,698	Weichai Power Co. Ltd., Class A (Capital Goods)		595,624
	86,966	Wens Foodstuffs Group Co. Ltd., Class A (Food, Beverage & Tobacco)		229,953
	25,139	Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment)		350,676
	20,228	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)		91,048
	321,400	Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a)		700,629
	46,528	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples Distribution & Retail)		280,952
	284,070	Yunnan Aluminium Co. Ltd., Class A (Materials)		559,584
	46,719	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		140,792
	20,600	Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment)		518,364
	544,000	Zijin Mining Group Co. Ltd., Class H (Materials)		1,186,720
	21,801	ZTO Express Cayman, Inc. ADR (Transportation)		457,603
				35,222,857

	Shares	Description	Value
	Common Stocks – (continued)
	Hong Kong – 2.4%
	16,200	AIA Group Ltd. (Insurance)	$	118,655
	20,500	ASMPT Ltd. (Semiconductors & Semiconductor Equipment)		254,767
	5,901	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		187,501
	121,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		41,516
	168,000	Sino Land Co. Ltd. (Real Estate Management & Development)		179,626
	9,500	Techtronic Industries Co. Ltd. (Capital Goods)		131,283
				913,348
	Taiwan – 1.8%
	36,000	Chroma ATE, Inc. (Technology Hardware & Equipment)		292,382
	13,000	Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment)		386,781
				679,163
	TOTAL COMMON STOCKS (Cost $33,144,932)			36,815,368
	Shares	Dividend Rate	Value
	Investment Company – 0.1%(b)
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	22,669	5.223%		22,669
	(Cost $22,669)
	TOTAL INVESTMENTS – 98.2% (Cost $33,167,601)		$	36,838,037
	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			666,440
	NET ASSETS – 100.0%		$	37,504,477

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

  

18  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

 

 

 

 

 

 

Sector Name	% of   Market   Value
Consumer Discretionary		23.0	%
Financials		14.6
Communication Services		12.8
Industrials		12.1
Information Technology		10.1
Consumer Staples		8.0
Materials		6.0
Health Care		5.6
Energy		4.3
Utilities		2.6
Real Estate		0.8
Investment Company		0.1
TOTAL INVESTMENTS		100.0	%

  

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – 99.4%
	Brazil – 5.4%
	2,794,579	Caixa Seguridade Participacoes SA (Insurance)	$	8,427,976
	3,097,700	Fleury SA (Health Care Equipment & Services)		8,638,196
	22,378	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		32,642,789
	1,712,468	NU Holdings Ltd., Class A (Banks)*		18,597,403
	1,265,710	Odontoprev SA (Health Care Equipment & Services)		2,912,844
	1,001,900	PRIO SA (Energy)		9,261,488
	2,115,600	Raia Drogasil SA (Consumer Staples Distribution & Retail)		10,421,956
	2,457,100	Rumo SA (Transportation)*		9,539,563
	5,693,200	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)*		14,384,852
	4,072,400	TIM SA (Telecommunication Services)		13,810,993
	2,324,300	TOTVS SA (Software & Services)		12,327,393
	957,400	Vivara Participacoes SA (Consumer Durables & Apparel)		4,085,811
				145,051,264
	China – 28.8%
	8,632,224	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)		80,824,070
	2,054,200	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		23,255,583
	908,500	BYD Co. Ltd., Class H (Automobiles & Components)		24,904,332
	9,166,000	China Merchants Bank Co. Ltd., Class H (Banks)		39,696,641
	3,761,780	China Yangtze Power Co. Ltd., Class A (Utilities)		13,374,734
	881,574	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		24,614,956
	3,095,600	Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles & Components)(a)		18,533,553
	3,800,797	Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences)		10,185,910
	1,115,246	KE Holdings, Inc. ADR (Real Estate Management & Development)		16,862,520
	278,651	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)		65,220,750
	3,031,200	Meituan, Class B (Consumer Services)*(a)		41,389,615
	1,808,300	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)		17,361,590
	3,179,300	NARI Technology Co. Ltd., Class A (Capital Goods)		10,265,212

	Shares	Description	Value
	Common Stocks – (continued)
	China – (continued)
	13,158,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)	$	16,347,280
	4,375,000	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		19,827,864
	775,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		3,514,631
	395,329	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		16,570,959
	2,095,300	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		20,595,148
	1,354,988	Silergy Corp. (Semiconductors & Semiconductor Equipment)		17,995,768
	1,675,740	Sunresin New Materials Co. Ltd., Class A (Materials)		10,759,999
	3,471,200	Tencent Holdings Ltd. (Media & Entertainment)		152,327,365
	925,692	Tencent Music Entertainment Group ADR (Media & Entertainment)*		11,617,435
	8,514,000	Weichai Power Co. Ltd., Class H (Capital Goods)		17,397,192
	1,127,616	Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment)		15,729,678
	11,726,992	Yunnan Aluminium Co. Ltd., Class A (Materials)		23,100,789
	3,128,392	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		9,427,668
	631,597	Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment)		15,893,054
	6,994,000	Zijin Mining Group Co. Ltd., Class H (Materials)		15,257,212
	713,913	ZTO Express Cayman, Inc. ADR (Transportation)		14,985,034
				767,836,542
	Egypt – 0.5%
	8,531,781	Commercial International Bank - Egypt (CIB), GDR (Banks)		12,644,099
	Greece – 2.6%
	522,297	JUMBO SA (Consumer Discretionary Distribution & Retail)		16,264,805
	213,949	Mytilineos SA (Capital Goods)		8,679,937
	4,238,444	National Bank of Greece SA (Banks)*		34,195,919
	2,859,022	Piraeus Financial Holdings SA (Banks)*		11,453,110
				70,593,771

  

20  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

 

 

 

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	India – 18.3%
	218,381	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*	$	10,027,168
	268,378	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		19,088,399
	2,444,148	Axis Bank Ltd. (Banks)		34,115,657
	267,603	Bajaj Finance Ltd. (Financial Services)		22,198,261
	529,897	Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)*		4,450,332
	251,455	Coforge Ltd. (Software & Services)		15,312,166
	581,462	Computer Age Management Services Ltd. (Commercial & Professional Services)		22,286,399
	120,956	Craftsman Automation Ltd. (Capital Goods)		6,405,464
	1,033,211	Five-Star Business Finance Ltd. (Financial Services)*		9,371,559
	877,688	Godrej Properties Ltd. (Real Estate Management & Development)*		27,740,583
	4,795,760	ICICI Bank Ltd. (Banks)		66,080,541
	204,962	Info Edge India Ltd. (Media & Entertainment)		14,823,617
	1,654,816	Infosys Ltd. (Software & Services)		27,940,779
	4,472,098	Jio Financial Services Ltd. (Financial Services)*		20,138,527
	300,416	Navin Fluorine International Ltd. (Materials)		12,278,914
	588,882	Netweb Technologies India Ltd. (Technology Hardware & Equipment)*		11,778,635
	1,182,284	SBI Life Insurance Co. Ltd. (Insurance)(a)		20,340,492
	2,184,782	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		16,331,066
	1,715,548	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		30,820,116
	2,463,197	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		32,618,308
	266,142	TeamLease Services Ltd. (Commercial & Professional Services)*		10,560,494
	22,944,409	Zomato Ltd. (Consumer Services)*		52,954,037
				487,661,514
	Indonesia – 2.8%
	67,989,900	Bank Central Asia Tbk PT (Banks)		40,881,280
	152,427,600	BFI Finance Indonesia Tbk PT (Financial Services)		9,837,700

	Shares	Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	242,516,000	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)	$	11,782,758
	399,875,000	Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a)		5,557,918
	300,456,400	Pakuwon Jati Tbk PT (Real Estate Management & Development)		7,411,345
				75,471,001
	Mexico – 3.8%
	4,669,799	Alsea SAB de CV (Consumer Services)*		19,561,594
	10,249,200	America Movil SAB de CV, Series B (Telecommunication Services)		9,758,151
	1,962,599	Arca Continental SAB de CV (Food, Beverage & Tobacco)		19,146,246
	2,684,200	Banco del Bajio SA (Banks)(a)		9,896,477
	8,732,750	Gentera SAB de CV (Financial Services)		14,003,394
	4,368,614	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs))		17,228,876
	3,375,300	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		12,594,263
				102,189,001
	Peru – 0.7%
	120,318	Credicorp Ltd. (Banks)		19,925,864
	Philippines – 1.8%
	6,250,400	BDO Unibank, Inc. (Banks)		16,034,851
	2,906,220	Jollibee Foods Corp. (Consumer Services)		11,816,869
	107,112,700	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		19,752,117
				47,603,837
	Poland – 0.6%
	178,473	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)		17,098,176
	Romania – 0.6%
	507,589	Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)*		14,662,086
	Russia – 0.0%
	10,483,256	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(b)		—
	2,495,750	Renaissance Insurance Group JSC (Insurance)(b)		—

  

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

	Shares	Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	4,327,745	Sberbank of Russia PJSC (Banks)(b)	$	—
				—
	Saudi Arabia – 2.4%
	1,490,493	Alinma Bank (Banks)		13,221,466
	331,245	Co. for Cooperative Insurance (The) (Insurance)		13,146,315
	3,308,848	Saudi Arabian Oil Co. (Energy)(a)		26,512,854
	1,214,263	Saudi National Bank (The) (Banks)		12,155,335
				65,035,970
	Singapore – 0.3%
	7,450,093	Nanofilm Technologies International Ltd. (Materials)		3,518,896
	562,724	TDCX, Inc. ADR (Commercial & Professional Services)*		4,029,104
				7,548,000
	Slovenia – 0.7%
	845,510	Nova Ljubljanska Banka dd, GDR (Banks)		18,227,041
	South Africa – 1.4%
	1,172,869	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		18,167,045
	1,552,394	JSE Ltd. (Financial Services)		7,088,410
	20,600,993	Old Mutual Ltd. (Insurance)(c)		12,062,055
				37,317,510
	South Korea – 11.6%
	74,450	HD Hyundai Marine Solution Co. Ltd. (Engineering & Construction)*		4,492,533
	123,928	Hyundai Motor Co. (Automobiles & Components)		22,291,666
	243,974	JYP Entertainment Corp. (Media & Entertainment)		11,669,008
	451,790	KB Financial Group, Inc. (Banks)		24,503,706
	271,321	LG Electronics, Inc. (Consumer Durables & Apparel)		18,070,554
	37,299	NCSoft Corp. (Media & Entertainment)		4,712,742
	67,563	Orion Corp. (Food, Beverage & Tobacco)		4,521,575
	26,638	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		14,972,091
	470,986	Samsung E&A Co. Ltd. (Capital Goods)*		8,929,576
	3,192,490	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		177,459,786

	Shares	Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	53,034	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)	$	16,412,388
				308,035,625
	Taiwan – 15.0%
	3,064,589	Chailease Holding Co. Ltd. (Financial Services)		16,163,447
	1,060,000	Chroma ATE, Inc. (Technology Hardware & Equipment)		8,609,021
	2,205,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		21,594,217
	465,000	Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment)		13,834,870
	971,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		29,276,798
	837,000	Merida Industry Co. Ltd. (Consumer Durables & Apparel)		6,014,253
	1,272,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		14,865,047
	10,604,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		253,920,868
	2,627,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		14,527,378
	12,775,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		19,627,804
				398,433,703
	Thailand – 0.7%
	4,159,500	PTT Exploration & Production PCL (Energy)		17,400,422
	United Arab Emirates – 0.3%
	2,708,564	Abu Dhabi Islamic Bank PJSC (Banks)		8,229,893
	United States – 1.1%
	777,692	GCC SAB de CV (Materials)		8,851,591
	5,453,700	Samsonite International SA (Consumer Durables & Apparel)*(a)		19,173,409
				28,025,000
	TOTAL COMMON STOCKS (Cost $2,234,987,585)			2,648,990,319

  

22  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

 

 

 

 

 

	Shares	Description	Rate			Value
	Preferred Stock – 0.7%
	Brazil – 0.7%
	3,177,000	Itau Unibanco Holding SA (Banks)
	(Cost $17,171,379)			7.53	%	$	19,187,058
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,252,158,964)						2,668,177,377
	Shares	Dividend Rate
	Securities Lending Reinvestment Vehicle – 0.3%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,448,350	5.223%					7,448,350
	(Cost $7,448,350)
	TOTAL INVESTMENTS – 100.4% (Cost $2,259,607,314)					$	2,675,625,727
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%						(10,288,613)
	NET ASSETS – 100.0%					$	2,665,337,114

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)	All or a portion of security is on loan.
(d)	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		25.2	%
Financials		22.1
Consumer Discretionary		18.3
Communication Services		8.3
Consumer Staples		8.0
Industrials		5.5
Health Care		3.8
Materials		2.8
Real Estate		2.6
Energy		2.0
Utilities		1.1
Securities Lending Reinvestment Vehicle		0.3
TOTAL INVESTMENTS		100.0	%

  

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 101.0%
Brazil – 7.8%
19,200	Caixa Seguridade Participacoes SA (Insurance)	$	57,904
16,400	Fleury SA (Health Care Equipment & Services)		45,733
119	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		173,585
7,726	NU Holdings Ltd., Class A (Banks)*		83,904
5,616	Odontoprev SA (Health Care Equipment & Services)		12,924
5,100	PRIO SA (Energy)		47,144
13,300	Raia Drogasil SA (Consumer Staples Distribution & Retail)		65,519
12,100	Rumo SA (Transportation)*		46,978
7,000	Sao Martinho SA (Food, Beverage & Tobacco)		38,541
32,300	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)*		81,612
24,900	TIM SA (Telecommunication Services)		84,445
14,300	TOTVS SA (Software & Services)		75,843
5,900	Vivara Participacoes SA (Consumer Durables & Apparel)		25,179
			839,311
Egypt – 0.3%
19,343	Commercial International Bank - Egypt (CIB), GDR (Banks)		28,666
Greece – 3.5%
3,147	Hellenic Telecommunications Organization SA (Telecommunication Services)		47,808
2,604	JUMBO SA (Consumer Discretionary Distribution & Retail)		81,091
1,053	Mytilineos SA (Capital Goods)		42,720
19,853	National Bank of Greece SA (Banks)*		160,175
12,049	Piraeus Financial Holdings SA (Banks)*		48,268
			380,062
India – 26.6%
1,209	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*		55,512
1,476	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		104,981
11,422	Axis Bank Ltd. (Banks)		159,429
804	Bajaj Finance Ltd. (Financial Services)		66,694
8,988	Bharti Airtel Ltd. (Telecommunication Services)		142,268

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
7,741	CMS Info Systems Ltd. (Commercial & Professional Services)	$	38,428
1,282	Coforge Ltd. (Software & Services)		78,066
1,731	Computer Age Management Services Ltd. (Commercial & Professional Services)		66,346
824	Craftsman Automation Ltd. (Capital Goods)		43,637
5,629	Five-Star Business Finance Ltd. (Financial Services)*		51,057
7,309	Godrej Consumer Products Ltd. (Household & Personal Products)		106,671
3,136	Godrej Properties Ltd. (Real Estate Management & Development)*		99,118
6,243	Gokaldas Exports Ltd. (Consumer Durables & Apparel)		65,813
16,450	Hindalco Industries Ltd. (Materials)		126,513
3,306	Home First Finance Co. India Ltd. (Financial Services)(a)		36,066
21,844	ICICI Bank Ltd. (Banks)		300,987
765	Info Edge India Ltd. (Media & Entertainment)		55,328
8,021	Infosys Ltd. (Software & Services)		135,431
18,304	Jio Financial Services Ltd. (Financial Services)*		82,426
6,249	Kfin Technologies Ltd. (Financial Services)*		55,897
1,570	Navin Fluorine International Ltd. (Materials)		64,171
2,968	Netweb Technologies India Ltd. (Technology Hardware & Equipment)*		59,365
2,768	Reliance Industries Ltd. (Energy)		97,169
4,092	SBI Life Insurance Co. Ltd. (Insurance)(a)		70,400
8,289	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)		61,960
7,909	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		142,087
5,768	Suven Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		45,492
12,648	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		167,488
986	TeamLease Services Ltd. (Commercial & Professional Services)*		39,124

  

24  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
108,814	Zomato Ltd. (Consumer Services)*	$	251,135
			2,869,059
Indonesia – 3.9%
482,400	Bank Central Asia Tbk PT (Banks)		290,060
561,200	BFI Finance Indonesia Tbk PT (Financial Services)		36,220
1,067,100	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)		51,845
1,222,000	Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)(a)		16,985
1,088,600	Pakuwon Jati Tbk PT (Real Estate Management & Development)		26,852
			421,962
Mexico – 5.7%
27,399	Alsea SAB de CV (Consumer Services)*		114,773
60,900	America Movil SAB de CV, Series B (Telecommunication Services)		57,982
9,827	Arca Continental SAB de CV (Food, Beverage & Tobacco)		95,868
36,300	Bolsa Mexicana de Valores SAB de CV (Financial Services)		68,189
12,600	Grupo Financiero Banorte SAB de CV, Class O (Banks)		124,707
18,904	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs))		74,554
21,200	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		79,104
			615,177
Peru – 1.0%
618	Credicorp Ltd. (Banks)		102,347
Philippines – 1.9%
27,260	BDO Unibank, Inc. (Banks)		69,933
12,220	Jollibee Foods Corp. (Consumer Services)		49,687
481,900	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		88,865
			208,485
Poland – 0.8%
862	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)		82,582

Shares	Description	Value
Common Stocks – (continued)
Romania – 0.8%
2,903	Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)*	$	83,855
Saudi Arabia – 3.8%
9,251	Alinma Bank (Banks)		82,061
2,281	Co. for Cooperative Insurance (The) (Insurance)		90,528
19,929	Saudi Arabian Oil Co. (Energy)(a)		159,685
7,294	Saudi National Bank (The) (Banks)		73,016
			405,290
Singapore – 0.2%
32,500	Nanofilm Technologies International Ltd. (Materials)		15,351
1,383	TDCX, Inc. ADR (Commercial & Professional Services)*		9,902
			25,253
Slovenia – 0.7%
3,567	Nova Ljubljanska Banka dd, GDR (Banks)		76,896
South Africa – 1.8%
7,396	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		114,560
6,930	JSE Ltd. (Financial Services)		31,643
82,190	Old Mutual Ltd. (Insurance)		48,123
			194,326
South Korea – 15.7%
755	F&F Co. Ltd. (Consumer Durables & Apparel)		35,739
318	HD Hyundai Marine Solution Co. Ltd. (Engineering & Construction)*		19,189
543	Hyundai Motor Co. (Automobiles & Components)		97,673
1,137	JYP Entertainment Corp. (Media & Entertainment)		54,381
2,070	KB Financial Group, Inc. (Banks)		112,270
964	Kia Corp. (Automobiles & Components)		81,673
1,432	LG Electronics, Inc. (Consumer Durables & Apparel)		95,374
172	NCSoft Corp. (Media & Entertainment)		21,732
671	Orion Corp. (Food, Beverage & Tobacco)		44,906
114	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		64,075
2,913	Samsung E&A Co. Ltd. (Capital Goods)*		55,229

  

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
16,386	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	$	910,843
330	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)		102,125
			1,695,209
Taiwan – 22.7%
18,260	Chailease Holding Co. Ltd. (Financial Services)		96,308
7,000	Chroma ATE, Inc. (Technology Hardware & Equipment)		56,852
14,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		137,106
7,000	E Ink Holdings, Inc. (Technology Hardware & Equipment)		44,753
2,000	Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment)		59,505
6,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		180,907
6,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		70,118
62,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,484,514
19,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		105,070
85,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		130,596
4,000	Yageo Corp. (Technology Hardware & Equipment)		76,298
			2,442,027
Thailand – 2.0%
29,400	Airports of Thailand PCL (Transportation)		51,618
87,700	Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services)		68,483
23,900	PTT Exploration & Production PCL (Energy)		99,981
			220,082
United Arab Emirates – 1.4%
18,193	Abu Dhabi Islamic Bank PJSC (Banks)		55,279
69,496	ADNOC Drilling Co. PJSC (Energy)		73,036
63,523	Emirates Central Cooling Systems Corp. (Utilities)		27,499
			155,814

Shares	Description	Value
Common Stocks – (continued)
United States – 0.4%
3,952	GCC SAB de CV (Materials)	$	44,981
TOTAL COMMON STOCKS (Cost $9,373,700)			10,891,384

Shares	Description	Rate			Value
Preferred Stocks – 1.1%
Brazil – 1.1%
13,500	Itau Unibanco Holding SA (Banks)		7.53	%		81,531
28,560	Marcopolo SA (Capital Goods)		7.11			36,246
TOTAL PREFERRED STOCKS (Cost $110,105)						117,777
TOTAL INVESTMENTS – 102.1% (Cost $9,483,805)					$	11,009,161
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.1)%						(225,715	)
NET ASSETS – 100.0%					$	10,783,446

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.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
REIT	—Real Estate Investment Trust

Sector Name	% of  Market  Value
Information Technology		33.1	%
Financials		24.0
Consumer Discretionary		12.1
Consumer Staples		8.8
Health Care		4.4
Communication Services		4.3
Energy		4.3
Industrials		4.0
Materials		2.2
Real Estate		1.8
Utilities		1.0
TOTAL INVESTMENTS		100.0	%

  

26  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.4%
Brazil – 4.6%
24,263	Caixa Seguridade Participacoes SA (Insurance)	$	73,173
296	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*		431,775
16,593	NU Holdings Ltd., Class A (Banks)*		180,200
18,600	Raia Drogasil SA (Consumer Staples Distribution & Retail)		91,628
23,300	Rumo SA (Transportation)*		90,461
44,300	TIM SA (Telecommunication Services)		150,238
8,900	Vivara Participacoes SA (Consumer Durables & Apparel)		37,982
			1,055,457
China – 29.2%
77,127	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)		722,145
24,200	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		273,968
9,000	BYD Co. Ltd., Class H (Automobiles & Components)		246,713
103,500	China Merchants Bank Co. Ltd., Class H (Banks)		448,244
38,099	China Yangtze Power Co. Ltd., Class A (Utilities)		135,458
9,960	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		278,099
11,251	KE Holdings, Inc. ADR (Real Estate Management & Development)		170,115
27,700	Meituan, Class B (Consumer Services)*(a)		378,230
20,000	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)		192,021
37,900	NARI Technology Co. Ltd., Class A (Capital Goods)		122,370
118,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)		146,601
54,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)		246,999
4,500	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)		188,626
23,700	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		232,952
14,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)		185,936
34,800	Tencent Holdings Ltd. (Media & Entertainment)		1,527,135
7,865	Tencent Music Entertainment Group ADR (Media & Entertainment)*		98,706

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
94,000	Weichai Power Co. Ltd., Class H (Capital Goods)	$	192,076
12,900	Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment)		179,949
138,800	Yunnan Aluminium Co. Ltd., Class A (Materials)		273,420
39,550	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)		119,187
6,300	Zhongji Innolight Co. Ltd., Class A (Technology Hardware & Equipment)		158,529
8,227	ZTO Express Cayman, Inc. ADR (Transportation)		172,685
			6,690,164
Egypt – 0.6%
88,619	Commercial International Bank - Egypt (CIB), GDR (Banks)		131,333
Greece – 2.8%
6,048	JUMBO SA (Consumer Discretionary Distribution & Retail)		188,340
1,816	Mytilineos SA (Capital Goods)		73,675
39,893	National Bank of Greece SA (Banks)*		321,858
15,706	Piraeus Financial Holdings SA (Banks)*		62,918
			646,791
Hong Kong – 0.5%
3,567	Hong Kong Exchanges & Clearing Ltd. (Financial Services)		113,339
India – 19.2%
3,780	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)		268,853
22,968	Axis Bank Ltd. (Banks)		320,590
2,866	Bajaj Finance Ltd. (Financial Services)		237,741
7,147	Godrej Properties Ltd. (Real Estate Management & Development)*		225,891
51,729	ICICI Bank Ltd. (Banks)		712,771
2,821	Info Edge India Ltd. (Media & Entertainment)		204,025
16,999	Infosys Ltd. ADR (Software & Services)		284,053
60,554	Jio Financial Services Ltd. (Financial Services)*		272,684
15,575	SBI Life Insurance Co. Ltd. (Insurance)(a)		267,959

  

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
19,235	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)	$	143,780
15,169	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		272,514
43,165	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)		571,602
269,124	Zomato Ltd. (Consumer Services)*		621,119
			4,403,582
Indonesia – 2.3%
860,800	Bank Central Asia Tbk PT (Banks)		517,586
Mexico – 4.3%
57,500	Alsea SAB de CV (Consumer Services)*		240,865
123,400	America Movil SAB de CV, Series B (Telecommunication Services)		117,488
22,899	Arca Continental SAB de CV (Food, Beverage & Tobacco)		223,392
23,400	Banco del Bajio SA (Banks)(a)		86,274
34,180	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs))		134,799
46,201	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)		172,390
			975,208
Peru – 0.8%
1,057	Credicorp Ltd. (Banks)		175,050
Philippines – 1.5%
42,110	BDO Unibank, Inc. (Banks)		108,030
10,250	Jollibee Foods Corp. (Consumer Services)		41,677
1,046,300	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)		192,943
			342,650
Romania – 0.5%
4,286	Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)*		123,804
Russia – 0.0%
96,162	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(b)		—
16,753	Renaissance Insurance Group JSC (Insurance)(b)		—
			—
Saudi Arabia – 2.0%
19,681	Alinma Bank (Banks)		174,581

Shares	Description	Value
Common Stocks – (continued)
Saudi Arabia – (continued)
4,794	Co. for Cooperative Insurance (The) (Insurance)	$	190,262
10,213	Saudi National Bank (The) (Banks)		102,237
			467,080
South Africa – 1.8%
19,775	Clicks Group Ltd. (Consumer Staples Distribution & Retail)		306,303
199,575	Old Mutual Ltd. (Insurance)		116,853
			423,156
South Korea – 10.8%
1,104	Hyundai Motor Co. (Automobiles & Components)		198,583
4,327	KB Financial Group, Inc. (Banks)		234,683
3,087	LG Electronics, Inc. (Consumer Durables & Apparel)		205,601
462	NCSoft Corp. (Media & Entertainment)		58,374
569	Orion Corp. (Food, Beverage & Tobacco)		38,080
27,987	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		1,555,703
581	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)		179,801
			2,470,825
Taiwan – 16.2%
37,731	Chailease Holding Co. Ltd. (Financial Services)		199,003
25,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		244,833
13,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		391,965
13,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)		151,923
98,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,346,489
30,000	Unimicron Technology Corp. (Technology Hardware & Equipment)		165,901
130,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		199,735
			3,699,849
United Arab Emirates – 0.3%
22,869	Abu Dhabi Islamic Bank PJSC (Banks)		69,487
TOTAL COMMON STOCKS (Cost $19,141,753)			22,305,361

  

28  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

 

 

 

 

Shares	Description	Rate	Value
Preferred Stock – 0.9%
Brazil – 0.9%
34,900	Itau Unibanco Holding SA (Banks)
(Cost $179,077)		7.53%	$	210,774
Shares		Dividend Rate	Value
Investment Company – 1.3%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
296,308		5.223%		296,308
(Cost $296,308)
TOTAL INVESTMENTS – 99.6% (Cost $19,617,138)			$	22,812,443
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%				80,450
NET ASSETS – 100.0%			$	22,892,893

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		25.8	%
Financials		25.1
Consumer Discretionary		18.9
Communication Services		9.5
Consumer Staples		7.0
Industrials		4.6
Health Care		3.2
Real Estate		2.3
Investment Company		1.3
Materials		1.2
Utilities		1.1
TOTAL INVESTMENTS		100.0	%

 

  

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

Shares	Description	Value
Common Stocks – 97.8%
Denmark – 1.6%
132,148	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$	16,946,965
Finland – 3.0%
1,417,179	Neste OYJ (Energy)		32,126,204
France – 7.3%
644,269	BNP Paribas SA (Banks)		46,362,815
276,260	Vinci SA (Capital Goods)		32,371,074
			78,733,889
Germany – 3.0%
931,536	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		32,327,133
Hong Kong – 3.0%
4,472,400	AIA Group Ltd. (Insurance)		32,757,459
Italy – 2.1%
327,600	Moncler SpA (Consumer Durables & Apparel)		22,303,721
Japan – 19.2%
189,600	Hoya Corp. (Health Care Equipment & Services)		21,982,191
62,200	Keyence Corp. (Technology Hardware & Equipment)		27,353,685
1,206,600	Nomura Research Institute Ltd. (Software & Services)		29,197,184
1,856,100	ORIX Corp. (Financial Services)		37,985,860
658,400	Shiseido Co. Ltd. (Household & Personal Products)		17,624,221
707,000	Sumitomo Mitsui Financial Group, Inc. (Banks)		40,160,296
1,250,473	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		32,865,021
			207,168,458
Netherlands – 6.9%
624,383	Aalberts NV (Capital Goods)		29,686,805
1,449,277	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		43,991,631
			73,678,436
Spain – 10.3%
3,022,776	Banco Bilbao Vizcaya Argentaria SA (Banks)		32,688,225
963,411	Cellnex Telecom SA (Telecommunication Services)*(a)		31,845,271
3,815,481	Iberdrola SA (Utilities)		46,783,835
			111,317,331

Shares	Description	Value
Common Stocks – (continued)
Sweden – 2.3%
2,385,482	Hexagon AB, Class B (Technology Hardware & Equipment)(b)	$	24,954,464
Switzerland – 9.8%
192,258	DSM-Firmenich AG (Materials)*		21,562,609
38,043	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		20,999,495
721,078	UBS Group AG (Financial Services)		18,937,875
90,254	Zurich Insurance Group AG (Insurance)		43,687,121
			105,187,100
Taiwan – 2.0%
157,648	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		21,651,376
United Kingdom – 15.9%
432,257	Ashtead Group PLC (Capital Goods)		31,387,002
287,647	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		43,506,313
400,542	Compass Group PLC (Consumer Services)		11,140,567
5,819,419	DS Smith PLC (Materials)		25,352,483
785,118	RELX PLC (Commercial & Professional Services)		32,258,054
5,544,419	Rentokil Initial PLC (Commercial & Professional Services)		27,988,083
			171,632,502
United States – 11.4%
558,369	Experian PLC (Commercial & Professional Services)		22,521,227
115,402	Ferguson PLC (Capital Goods)		24,333,189
431,656	Nestle SA (Food, Beverage & Tobacco)		43,338,348
141,423	Schneider Electric SE (Capital Goods)		32,246,342
			122,439,106
TOTAL COMMON STOCKS (Cost $984,469,219)			1,053,224,144

  

30  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

 

 

 

 

 

Shares	Dividend Rate	Value
Investment Company – 2.0%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
21,829,473	5.223%	$	21,829,473
(Cost $21,829,473)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,006,298,692)			1,075,053,617
Securities Lending Reinvestment Vehicle – 1.7%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
18,450,680	5.223%		18,450,680
(Cost $18,450,680)
TOTAL INVESTMENTS – 101.5% (Cost $1,024,749,372)		$	1,093,504,297
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%			(16,657,696	)
NET ASSETS – 100.0%		$	1,076,846,601

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) All or a portion of security is on loan.

(c) Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

Sector Name	% of  Market  Value
Financials		23.1	%
Industrials		21.2
Health Care		12.5
Information Technology		12.4
Consumer Staples		9.6
Materials		4.3
Utilities		4.3
Consumer Discretionary		3.1
Energy		2.9
Communication Services		2.9
Investment Company		2.0
Securities Lending Reinvestment Vehicle		1.7
TOTAL INVESTMENTS		100.0	%

 

  

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 97.1%
Australia – 6.0%
930,611	Rio Tinto PLC (Materials)	$	62,965,873
2,767,487	Transurban Group (Transportation)		22,218,665
			85,184,538
Denmark – 1.5%
161,406	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		20,699,078
France – 13.2%
690,821	BNP Paribas SA (Banks)		49,712,785
232,511	Gecina SA REIT (Equity Real Estate Investment Trusts (REITs))		23,739,794
51,273	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)		42,117,527
1,041,049	Societe Generale SA (Banks)		28,051,131
380,121	Vinci SA (Capital Goods)		44,541,103
			188,162,340
Germany – 1.9%
1,185,043	Deutsche Telekom AG (Telecommunication Services)		27,144,094
Italy – 3.0%
4,391,833	Enel SpA (Utilities)		28,865,068
379,744	UniCredit SpA (Banks)		13,938,269
			42,803,337
Japan – 9.6%
2,276,700	ORIX Corp. (Financial Services)		46,593,613
761,400	Sumitomo Mitsui Financial Group, Inc. (Banks)		43,250,424
842,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		22,147,902
111,700	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		24,500,939
			136,492,878
Netherlands – 6.0%
1,895,071	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		57,523,347
7,500,237	Koninklijke KPN NV (Telecommunication Services)		27,256,865
			84,780,212
Singapore – 3.8%
1,175,350	DBS Group Holdings Ltd. (Banks)		29,921,365
3,487,900	Singapore Exchange Ltd. (Financial Services)		23,792,798
			53,714,163

Shares	Description	Value
Common Stocks – (continued)
Spain – 5.2%
2,096,393	Banco Bilbao Vizcaya Argentaria SA (Banks)	$	22,670,342
4,162,225	Iberdrola SA (Utilities)		51,035,466
			73,705,808
Switzerland – 5.0%
267,457	DSM-Firmenich AG (Materials)*		29,996,519
85,479	Zurich Insurance Group AG (Insurance)		41,375,800
			71,372,319
Taiwan – 2.0%
1,167,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		27,942,378
United Kingdom – 18.4%
395,298	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		59,788,416
594,619	Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco)		42,824,460
10,006,306	DS Smith PLC (Materials)		43,592,789
5,384,793	HSBC Holdings PLC (Banks)		46,675,141
3,172,394	National Grid PLC (Utilities)		41,612,812
515,356	Unilever PLC (Household & Personal Products)		26,659,785
			261,153,403
United States – 21.5%
8,702,337	BP PLC (Energy)		56,092,117
192,539	Ferguson PLC (Capital Goods)		40,597,978
432,524	Nestle SA (Food, Beverage & Tobacco)		43,425,495
435,027	Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences)		42,977,651
123,988	Schneider Electric SE (Capital Goods)		28,270,929
1,955,779	Shell PLC (Energy)		69,525,249
225,456	Swiss Re AG (Insurance)		24,508,286
			305,397,705
TOTAL COMMON STOCKS (Cost $1,241,561,785)			1,378,552,253

  

32  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

 

 

 

 

 

Shares	Dividend Rate	Value
Investment Company – 2.6%(a)
Goldman Sachs Financial Square Government Fund - Institutional Shares
37,156,654	5.223%	$	37,156,654
(Cost $37,156,654)
TOTAL INVESTMENTS – 99.7% (Cost $1,278,718,439)		$	1,415,708,907
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%			3,871,847
NET ASSETS – 100.0%		$	1,419,580,754

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)	Represents an affiliated issuer.

Investment Abbreviations:
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of  Market  Value
Financials		26.2	%
Consumer Staples		12.0
Health Care		10.3
Materials		9.6
Industrials		9.6
Energy		8.9
Utilities		8.6
Communication Services		3.8
Information Technology		3.7
Consumer Discretionary		3.0
Investment Company		2.6
Real Estate		1.7
TOTAL INVESTMENTS		100.0	%

  

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

 

		China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund
	Assets:
	Investments in unaffiliated issuers, at value (cost $33,144,932, $2,252,158,964 and $9,483,805, respectively)(a)	$	36,815,368		$	2,668,177,377		$	11,009,161
	Investments in affiliated issuers, at value (cost $22,669, $– and $–, respectively)		22,669			—			—
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			7,448,350			—
	Cash		999,808			—			—
	Foreign Currency, at value (cost $30,597, $11,793,390 and $63,156, respectively)		30,106			11,765,080			62,130
	Receivables:
	Investments sold		280,167			19,784,296			35,883
	Reimbursement from investment adviser		25,463			2,482			—
	Fund shares sold		2,850			629,676			100,000
	Dividends		—			2,602,220			13,117
	Securities lending income		—			26,261			—
	Foreign tax reclaims		—			203,873			281
	Other assets		58,919			441,440			86,613
	Total assets		38,235,350			2,711,081,055			11,307,185
	Liabilities:
	Payables:
	Investments purchased		560,412			5,493,346			10,326
	Management fees		29,880			1,978,322			257,717
	Distribution and Service fees and Transfer Agency fees		3,924			94,735			439
	Fund shares redeemed		2,524			2,732,055			—
	Due to broker		130			—			—
	Due to custodian		—			10,126,409			14,559
	Foreign capital gains taxes		—			17,584,111			98,262
	Payable upon return of securities loaned		—			7,448,350			—
	Accrued expenses		134,003			286,613			142,436
	Total liabilities		730,873			45,743,941			523,739
	Net Assets:
	Paid-in capital		84,874,480			3,290,140,150			9,485,802
	Total distributable earnings (loss)		(47,370,003	)		(624,803,036	)		1,297,644
	NET ASSETS	$	37,504,477		$	2,665,337,114		$	10,783,446
	Net Assets:
	Class A	$	7,808,313		$	117,449,984		$	82,976
	Class C		789,586			11,444,126			58,352
	Institutional		7,234,404			1,885,643,009			6,709,941
	Service		—			19,245,451			—
	Investor		124,074			83,981,971			59,129
	Class R6		487,162			120,177,037			59,261
	Class R		—			—			58,755
	Class P		21,060,938			427,395,536			3,755,032
	Total Net Assets	$	37,504,477		$	2,665,337,114		$	10,783,446
	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		432,299			5,686,291			7,099
	Class C		50,641			631,604			5,013
	Institutional		369,732			84,923,215			573,164
	Service		—			969,642			—
	Investor		6,378			3,808,769			5,053
	Class R6		24,996			5,388,577			5,062
	Class R		—			—			5,031
	Class P		1,080,119			19,159,239			321,025
	Net asset value, offering and redemption price per share:(b)
	Class A	$	18.06		$	20.65		$	11.69
	Class C		15.59			18.12			11.64
	Institutional		19.57			22.20			11.71
	Service		—			19.85			—
	Investor		19.45			22.05			11.70
	Class R6		19.49			22.30			11.71
	Class R		—			—			11.68
	Class P		19.50			22.31			11.70

(a) Includes loaned securities having a market value of $–, $6,709,336 and $– for China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund, respectively.

  

34  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

 

(b) Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $19.11, $21.85 and $12.37, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

 

		ESG Emerging Markets Equity Fund			International Equity ESG Fund		International Equity Income Fund
	Assets:
	Investments in unaffiliated issuers, at value (cost $19,320,830, $984,469,219 and $1,241,561,785, respectively)(a)	$	22,516,135		$	1,053,224,144	$	1,378,552,253
	Investments in affiliated issuers, at value (cost $296,308, $21,829,473 and $37,156,654, respectively)		296,308			21,829,473		37,156,654
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			18,450,680		—
	Cash		46,351			1,403,630		3,017,649
	Foreign Currency, at value (cost $196,911, $101,372 and $180,027, respectively)		146,602			99,010		179,062
	Receivables:
	Investments sold		45,443			85,550,598		51,992,214
	Reimbursement from investment adviser		25,555			50,019		35,991
	Dividends		19,621			3,020,565		1,625,375
	Foreign tax reclaims		2,489			1,836,790		2,788,830
	Securities lending income		—			25,374		16,578
	Fund shares sold		—			2,546,991		2,281,480
	Other assets		77,642			102,772		150,183
	Total assets		23,176,146			1,188,140,046		1,477,796,269
	Liabilities:
	Payables:
	Foreign capital gains taxes		165,949			—		—
	Investments purchased		37,366			90,959,771		56,362,080
	Management fees		17,006			732,026		887,946
	Fund shares redeemed		5,792			1,056,059		798,232
	Distribution and Service fees and Transfer Agency fees		1,364			71,176		91,410
	Payable upon return of securities loaned		—			18,450,680		—
	Accrued expenses		55,776			23,733		75,847
	Total liabilities		283,253			111,293,445		58,215,515
	Net Assets:
	Paid-in capital		89,420,451			1,034,733,486		1,257,112,283
	Total distributable earnings (loss)		(66,527,558	)		42,113,115		162,468,471
	NET ASSETS	$	22,892,893		$	1,076,846,601	$	1,419,580,754
	Net Assets:
	Class A	$	1,813,528		$	110,011,479	$	69,246,040
	Class C		82,005			8,142,345		4,827,756
	Institutional		14,560,548			651,200,360		863,219,397
	Service		—			958,864		—
	Investor		824,765			115,657,715		354,774,737
	Class R6		13,665			97,400,375		70,806,884
	Class R		191,743			—		1,010,440
	Class P		5,406,639			93,475,463		55,695,500
	Total Net Assets	$	22,892,893		$	1,076,846,601	$	1,419,580,754
	Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		191,398			4,129,880		4,170,755
	Class C		8,891			334,417		335,803
	Institutional		1,535,718			23,784,058		48,893,149
	Service		—			34,423		—
	Investor		87,031			4,254,240		21,408,526
	Class R6		1,439			3,579,035		4,016,514
	Class R		20,442			—		60,508
	Class P		570,111			3,433,515		3,161,096
	Net asset value, offering and redemption price per share:(b)
	Class A	$	9.48		$	26.64	$	16.60
	Class C		9.22			24.35		14.38
	Institutional		9.48			27.38		17.66
	Service		—			27.86		—
	Investor		9.48			27.19		16.57
	Class R6		9.50			27.21		17.63
	Class R		9.38			—		16.70
	Class P		9.48			27.22		17.62

(a) Includes loaned securities having a market value of $–, $16,664,330 and $– for ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund, respectively.

  

36  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

 

(b) Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $10.03, $28.19 and $17.57, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Operations

For the Six Months Ended April 30, 2024 (Unaudited)

 

		China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $7,331, $3,009,893 and $15,656, respectively)	$	153,042		$	22,444,119		$	94,030
	Dividends — affiliated issuers		7,545			200,741			827
	Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		—			50,070			—
	Total Investment Income		160,587			22,694,930			94,857
	Expenses:
	Management fees		201,837			13,347,500			45,878
	Professional fees		64,970			69,967			69,172
	Registration fees		45,824			116,465			8,465
	Custody, accounting and administrative services		36,595			803,442			48,453
	Printing and mailing costs		13,916			106,453			20,944
	Distribution and/or Service (12b-1) fees(a)		13,168			211,621			444
	Transfer Agency fees(a)		11,815			630,457			1,987
	Trustee fees		10,202			12,110			5,767
	Service fees — Class C		1,045			16,529			71
	Shareholder Administration fees — Service Shares		—			23,204			—
	Other		—			12,882			28,410
	Total expenses		399,372			15,350,630			229,591
	Less — expense reductions		(153,838	)		(1,339,130	)		(174,893	)
	Net expenses		245,534			14,011,500			54,698
	NET INVESTMENT INCOME (LOSS)		(84,947	)		8,683,430			40,159
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(6,399,558	)		(32,066,999	)		(20,519	)
	Futures contracts		19,019			—			—
	Foreign currency transactions		(4,840	)		(223,660	)		(2,379	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $(12,698,870) and $(82,421), respectively)		6,378,080			372,782,314			1,514,341
	Foreign currency translations		262			(63,832	)		(1,143	)
	Net realized and unrealized gain (loss)		(7,037	)		340,427,823			1,490,300
	NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,984	)	$	349,111,253		$	1,530,459

^(a)  Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
China Equity Fund		$10,033		$3,135		$–		$–		$6,019		$627		$1,391		$–		$119		$77		$–		$3,582
Emerging Markets Equity Fund		$138,830		$49,587		$23,204		$–		$83,298		$9,917		$376,814		$3,713		$72,423		$17,663		$–		$66,629
Emerging Markets Equity ex. China Fund		$88		$213		$–		$143		$53		$43		$1,246		$–		$43		$9		$43		$550

  

38  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Operations (continued)

For the Six Months Ended April 30, 2024 (Unaudited)

 

		ESG Emerging Markets Equity Fund			International Equity ESG Fund			International Equity Income Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $29,053, $1,879,724 and $2,726,640, respectively)	$	191,463		$	13,301,366		$	25,476,043
	Dividends — affiliated issuers		5,590			376,500			878,341
	Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		—			25,839			100,435
	Total Investment Income		197,053			13,703,705			26,454,819
	Expenses:
	Management fees		114,209			4,440,652			4,871,572
	Professional fees		74,038			56,594			57,726
	Registration fees		47,943			77,214			107,745
	Custody, accounting and administrative services		41,363			108,788			157,207
	Trustee fees		10,183			11,393			11,397
	Printing and mailing costs		7,252			50,568			99,678
	Transfer Agency fees(a)		5,876			331,936			464,025
	Distribution and/or Service (12b-1) fees(a)		3,080			176,167			109,395
	Service fees — Class C		98			10,387			5,593
	Shareholder Administration fees — Service Shares		—			1,186			—
	Other		2,532			11,774			8,674
	Total expenses		306,574			5,276,659			5,893,012
	Less — expense reductions		(177,945	)		(491,851	)		(447,274	)
	Net expenses		128,629			4,784,808			5,445,738
	NET INVESTMENT INCOME		68,424			8,918,897			21,009,081
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		(903,380	)		5,640,265			19,870,492
	Forward foreign currency exchange contracts		—			190			(18,812	)
	Foreign currency transactions		2,453			163,234			(20,347	)
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(123,529), $– and $–, respectively)		3,945,863			120,566,561			140,136,288
	Foreign currency translations		(1,392	)		(90,280	)		(61,479	)
	Net realized and unrealized gain		3,043,544			126,279,970			159,906,142
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,111,968		$	135,198,867		$	180,915,223

^(a)  Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
ESG Emerging Markets Equity Fund		$2,290		$296		$–		$494		$1,374		$59		$2,916		$–		$482		$3		$148		$894
International Equity ESG Fund		$143,822		$31,159		$1,186		$–		$86,293		$6,232		$123,304		$190		$86,844		$14,778		$–		$14,295
International Equity Income Fund		$90,443		$16,779		$–		$2,173		$54,266		$3,356		$145,174		$–		$243,382		$9,141		$652		$8,054

  

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Changes in Net Assets

 

		China Equity Fund						Emerging Markets Equity Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income (loss)	$	(84,947	)	$	235,529		$	8,683,430		$	29,092,374
	Net realized loss		(6,385,379	)		(13,634,350	)		(32,290,659	)		(314,742,255	)
	Net change in unrealized gain		6,378,342			20,759,741			372,718,482			562,564,843
	Net increase (decrease) in net assets resulting from operations		(91,984	)		7,360,920			349,111,253			276,914,962
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(78,216	)		–			(1,171,626	)		–
	Class C Shares		(838	)		–			(54,328	)		–
	Institutional Shares		(79,737	)		(20,976	)		(25,625,540	)		(4,294,893	)
	Service Shares		–			–			(170,765	)		–
	Investor Shares		(1,342	)		(623	)		(1,299,258	)		(148,052	)
	Class R6 Shares		(6,706	)		(2,577	)		(1,579,416	)		(353,363	)
	Class P Shares		(366,992	)		(118,395	)		(6,102,843	)		(1,133,494	)
	Total distributions to shareholders		(533,831	)		(142,571	)		(36,003,776	)		(5,929,802	)
	From share transactions:
	Proceeds from sales of shares		6,412,007			16,754,308			354,959,191			826,358,897
	Reinvestment of distributions		524,821			140,777			33,534,119			5,557,410
	Cost of shares redeemed		(18,563,232	)		(31,065,290	)		(637,715,514	)		(1,266,732,598	)
	Net decrease in net assets resulting from share transactions		(11,626,404	)		(14,170,205	)		(249,222,204	)		(434,816,291	)
	TOTAL INCREASE (DECREASE)		(12,252,219	)		(6,951,856	)		63,885,273			(163,831,131	)
	Net Assets:
	Beginning of period	$	49,756,696		$	56,708,552		$	2,601,451,841		$	2,765,282,972
	End of period	$	37,504,477		$	49,756,696		$	2,665,337,114		$	2,601,451,841

  

40  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		Emerging Markets Equity ex. China Fund						ESG Emerging Markets Equity Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Period December 6, 2022* to October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income	$	40,159		$	82,884		$	68,424		$	306,086
	Net realized loss		(22,898	)		(126,171	)		(900,927	)		(5,648,221	)
	Net change in unrealized gain (loss)		1,513,198			(87,518	)		3,944,471			8,608,994
	Net increase (decrease) in net assets resulting from operations		1,530,459			(130,805	)		3,111,968			3,266,859
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(396	)		(129	)		(23,675	)		(223	)
	Class C Shares		–			(129	)		(389	)		–
	Institutional Shares		(56,292	)		(11,750	)		(236,421	)		(66,147	)
	Investor Shares		(461	)		(112	)		(8,507	)		(3,402	)
	Class R6 Shares		(532	)		(134	)		(349	)		(190	)
	Class R Shares		(188	)		(129	)		(2,902	)		–
	Class P Shares		(33,781	)		(134	)		(101,718	)		(58,578	)
	Total distributions to shareholders		(91,650	)		(12,517	)		(373,961	)		(128,540	)
	From share transactions:
	Proceeds from sales of shares		1,618,799			8,459,845			2,177,031			13,006,177
	Reinvestment of distributions		91,650			12,516			373,737			128,536
	Cost of shares redeemed		(581,741	)		(113,110	)		(7,706,877	)		(18,038,073	)
	Net increase (decrease) in net assets resulting from share transactions		1,128,708			8,359,251			(5,156,109	)		(4,903,360	)
	TOTAL INCREASE (DECREASE)		2,567,517			8,215,929			(2,418,102	)		(1,765,041	)
	Net Assets:
	Beginning of period	$	8,215,929		$	–		$	25,310,995		$	27,076,036
	End of period	$	10,783,446		$	8,215,929		$	22,892,893		$	25,310,995

* Commencement of operations.

  

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		International Equity ESG Fund						International Equity Income Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income	$	8,918,897		$	14,684,797		$	21,009,081		$	24,679,067
	Net realized gain (loss)		5,803,689			(21,040,619	)		19,831,333			(7,795,080	)
	Net change in unrealized gain		120,476,281			38,086,589			140,074,809			36,084,160
	Net increase in net assets resulting from operations		135,198,867			31,730,767			180,915,223			52,968,147
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(1,671,550	)		(830,089	)		(706,999	)		(1,433,042	)
	Class C Shares		(67,969	)		–			(32,176	)		(73,150	)
	Institutional Shares		(9,517,753	)		(2,890,896	)		(7,027,962	)		(11,619,052	)
	Service Shares		(10,514	)		(3,920	)		–			–
	Investor Shares		(1,780,835	)		(862,387	)		(3,377,873	)		(5,086,390	)
	Class R6 Shares		(1,652,881	)		(591,041	)		(600,533	)		(1,062,104	)
	Class R Shares		–			–			(6,361	)		(13,644	)
	Class P Shares		(1,569,940	)		(920,626	)		(556,986	)		(1,175,049	)
	Total distributions to shareholders		(16,271,442	)		(6,098,959	)		(12,308,890	)		(20,462,431	)
	From share transactions:
	Proceeds from sales of shares		239,500,843			627,717,749			369,385,215			871,606,758
	Reinvestment of distributions		12,269,837			5,682,821			12,197,435			20,239,545
	Cost of shares redeemed		(232,969,850	)		(291,296,213	)		(205,114,353	)		(206,958,270	)
	Net increase in net assets resulting from share transactions		18,800,830			342,104,357			176,468,297			684,888,033
	TOTAL INCREASE		137,728,255			367,736,165			345,074,630			717,393,749
	Net Assets:
	Beginning of period	$	939,118,346		$	571,382,181		$	1,074,506,124		$	357,112,375
	End of period	$	1,076,846,601		$	939,118,346		$	1,419,580,754		$	1,074,506,124

  

42  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		China Equity Fund
		Class A Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	18.09			$	16.62			$	35.80			$	36.99			$	25.87			$	23.13
	Net investment income (loss)(a)			(0.06	)			0.02				(0.15	)			(0.15	)			(0.07	)			0.04
	Net realized and unrealized gain (loss)			0.19				1.45				(16.89	)			0.93				11.35				4.23
	Total from investment operations			0.13				1.47				(17.04	)			0.78				11.28				4.27
	Distributions to shareholders from net investment income			(0.16	)			–				–				–				(0.16	)			(0.04	)
	Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
	Total distributions			(0.16	)			–				(2.14	)			(1.97	)			(0.16	)			(1.53	)
	Net asset value, end of period		$	18.06			$	18.09			$	16.62			$	35.80			$	36.99			$	25.87
	Total Return(b)			0.75	%			8.91	%			(50.53	)%			1.96	%			43.67	%			19.54	%
	Net assets, end of period (in 000’s)		$	7,808			$	9,149			$	9,664			$	22,002			$	18,617			$	13,397
	Ratio of net expenses to average net assets			1.47	%(c)			1.48	%			1.47	%			1.45	%			1.47	%			1.51	%
	Ratio of total expenses to average net assets			2.25	%(c)			1.92	%			1.81	%			1.77	%			2.11	%			2.10	%
	Ratio of net investment income (loss) to average net assets			(0.69	)%(c)			0.11	%			(0.55	)%			(0.38	)%			(0.24	)%			0.17	%
	Portfolio turnover rate(d)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	China Equity Fund
	Class C Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	15.55			$	14.39			$	31.53			$	33.03			$	23.14			$	20.95
Net investment loss(a)			(0.11	)			(0.12	)			(0.36	)			(0.40	)			(0.26	)			(0.14	)
Net realized and unrealized gain (loss)			0.17				1.28				(14.64	)			0.87				10.15				3.82
Total from investment operations			0.06				1.16				(15.00	)			0.47				9.89				3.68
Distributions to shareholders from net investment income			(0.02	)			–				–				–				–				–
Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
Total distributions			(0.02	)			–				(2.14	)			(1.97	)			–				(1.49	)
Net asset value, end of period		$	15.59			$	15.55			$	14.39			$	31.53			$	33.03			$	23.14
Total Return(b)			0.36	%			8.06	%			(50.89	)%			1.22	%			42.60	%			18.66	%
Net assets, end of period (in 000’s)		$	790			$	831			$	1,042			$	1,737			$	973			$	896
Ratio of net expenses to average net assets			2.22	%(c)			2.23	%			2.22	%			2.20	%			2.21	%			2.27	%
Ratio of total expenses to average net assets			3.01	%(c)			2.68	%			2.56	%			2.54	%			2.85	%			2.85	%
Ratio of net investment loss to average net assets			(1.46	)%(c)			(0.67	)%			(1.56	)%			(1.17	)%			(0.98	)%			(0.63	)%
Portfolio turnover rate(d)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

44  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		China Equity Fund
		Institutional Shares
		Six Months Ended				Year Ended October 31,
		April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	19.63			$	18.01			$	38.50			$	39.52			$	27.63			$	24.56
	Net investment income (loss)(a)			(0.03	)			0.10				0.01				0.03				0.05				0.14
	Net realized and unrealized gain (loss)			0.20				1.57				(18.36	)			0.92				12.09				4.50
	Total from investment operations			0.17				1.67				(18.35	)			0.95				12.14				4.64
	Distributions to shareholders from net investment income			(0.23	)			(0.05	)			–				–				(0.25	)			(0.08	)
	Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
	Total distributions			(0.23	)			(0.05	)			(2.14	)			(1.97	)			(0.25	)			(1.57	)
	Net asset value, end of period		$	19.57			$	19.63			$	18.01			$	38.50			$	39.52			$	27.63
	Total Return(b)			0.94	%			9.24	%			(50.35	)%			2.28	%			44.13	%			19.98	%
	Net assets, end of period (in 000’s)		$	7,234			$	6,778			$	8,320			$	23,762			$	10,824			$	6,327
	Ratio of net expenses to average net assets			1.13	%(c)			1.16	%			1.15	%			1.15	%			1.15	%			1.15	%
	Ratio of total expenses to average net assets			1.90	%(c)			1.56	%			1.44	%			1.40	%			1.74	%			1.71	%
	Ratio of net investment income (loss) to average net assets			(0.36	)%(c)			0.46	%			0.03	%			0.07	%			0.17	%			0.54	%
	Portfolio turnover rate(d)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	China Equity Fund
	Investor Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.47			$	17.87			$	38.24			$	39.28			$	27.46			$	24.41
Net investment income (loss)(a)			(0.05	)			0.08				(0.06	)			(0.01	)			0.01				0.09
Net realized and unrealized gain (loss)			0.21				1.56				(18.17	)			0.94				12.03				4.50
Total from investment operations			0.16				1.64				(18.23	)			0.93				12.04				4.59
Distributions to shareholders from net investment income			(0.18	)			(0.04	)			–				–				(0.22	)			(0.05	)
Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
Total distributions			(0.18	)			(0.04	)			(2.14	)			(1.97	)			(0.22	)			(1.54	)
Net asset value, end of period		$	19.45			$	19.47			$	17.87			$	38.24			$	39.28			$	27.46
Total Return(b)			0.89	%			9.19	%			(50.40	)%			2.22	%			44.01	%			19.86	%
Net assets, end of period (in 000’s)		$	124			$	262			$	298			$	636			$	762			$	226
Ratio of net expenses to average net assets			1.22	%(c)			1.23	%			1.22	%			1.20	%			1.22	%			1.27	%
Ratio of total expenses to average net assets			1.99	%(c)			1.68	%			1.56	%			1.49	%			1.86	%			1.85	%
Ratio of net investment income (loss) to average net assets			(0.54	)%(c)			0.37	%			(0.20	)%			(0.02	)%			0.04	%			0.35	%
Portfolio turnover rate(d)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

46  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	China Equity Fund
	Class R6 Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.56			$	17.95			$	38.37			$	39.39			$	27.54			$	24.56
Net investment income (loss)(a)			(0.03	)			0.11				(0.05	)			0.03				(0.02	)			0.15
Net realized and unrealized gain (loss)			0.19				1.56				(18.23	)			0.92				12.13				4.48
Total from investment operations			0.16				1.67				(18.28	)			0.95				12.11				4.63
Distributions to shareholders from net investment income			(0.23	)			(0.06	)			–				–				(0.26	)			(0.16	)
Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
Total distributions			(0.23	)			(0.06	)			(2.14	)			(1.97	)			(0.26	)			(1.65	)
Net asset value, end of period		$	19.49			$	19.56			$	17.95			$	38.37			$	39.39			$	27.54
Total Return(b)			0.89	%			9.32	%			(50.37	)%			2.29	%			44.15	%			19.96	%
Net assets, end of period (in 000’s)		$	487			$	659			$	734			$	1,389			$	631			$	432
Ratio of net expenses to average net assets			1.12	%(c)			1.15	%			1.14	%			1.14	%			1.14	%			1.15	%
Ratio of total expenses to average net assets			1.88	%(c)			1.55	%			1.43	%			1.38	%			1.71	%			1.70	%
Ratio of net investment income (loss) to average net assets			(0.34	)%(c)			0.51	%			(0.18	)%			0.08	%			(0.07	)%			0.57	%
Portfolio turnover rate(d)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS CHINA EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	China Equity Fund
	Class P Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.57			$	17.95			$	38.39			$	39.40			$	27.55			$	24.57
Net investment income (loss)(a)			(0.03	)			0.10				(0.02	)			–	(b)			0.01				0.14
Net realized and unrealized gain (loss)			0.19				1.58				(18.28	)			0.96				12.10				4.49
Total from investment operations			0.16				1.68				(18.30	)			0.96				12.11				4.63
Distributions to shareholders from net investment income			(0.23	)			(0.06	)			–				–				(0.26	)			(0.16	)
Distributions to shareholders from net realized gains			–				–				(2.14	)			(1.97	)			–				(1.49	)
Total distributions			(0.23	)			(0.06	)			(2.14	)			(1.97	)			(0.26	)			(1.65	)
Net asset value, end of period		$	19.50			$	19.57			$	17.95			$	38.39			$	39.40			$	27.55
Total Return(c)			0.90	%			9.31	%			(50.35	)%			2.26	%			44.17	%			19.98	%
Net assets, end of period (in 000’s)		$	21,061			$	32,077			$	36,651			$	90,250			$	56,345			$	52,673
Ratio of net expenses to average net assets			1.12	%(d)			1.15	%			1.14	%			1.14	%			1.14	%			1.15	%
Ratio of total expenses to average net assets			1.87	%(d)			1.55	%			1.43	%			1.39	%			1.71	%			1.70	%
Ratio of net investment income (loss) to average net assets			(0.31	)%(d)			0.46	%			(0.07	)%			0.01	%			0.04	%			0.55	%
Portfolio turnover rate(e)			39	%			73	%			37	%			46	%			106	%			20	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

48  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	18.37			$	16.80			$	28.53			$	23.76			$	20.35			$	17.18
Net investment income (loss)(a)			0.04				0.13				0.08				(0.02	)			0.11				0.07
Net realized and unrealized gain (loss)			2.45				1.44				(11.63	)			4.81				3.49				3.18
Total from investment operations			2.49				1.57				(11.55	)			4.79				3.60				3.25
Distributions to shareholders from net investment income			(0.21	)			–				(0.18	)			(0.02	)			(0.19	)			(0.08	)
Net asset value, end of period		$	20.65			$	18.37			$	16.80			$	28.53			$	23.76			$	20.35
Total Return(b)			13.69	%			9.35	%			(40.71	)%			20.11	%			17.77	%			19.03	%
Net assets, end of period (in 000’s)		$	117,450			$	104,938			$	165,155			$	265,040			$	247,765			$	230,234
Ratio of net expenses to average net assets			1.32	%(c)			1.33	%			1.31	%			1.34	%			1.49	%			1.55	%
Ratio of total expenses to average net assets			1.48	%(c)			1.48	%			1.47	%			1.48	%			1.54	%			1.58	%
Ratio of net investment income (loss) to average net assets			0.38	%(c)			0.66	%			0.37	%			(0.08	)%			0.51	%			0.39	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	16.06			$	14.80			$	25.23			$	21.16			$	18.12			$	15.34
Net investment loss(a)			(0.03	)			(0.01	)			(0.07	)			(0.21	)			(0.06	)			(0.06	)
Net realized and unrealized gain (loss)			2.16				1.27				(10.28	)			4.28				3.12				2.84
Total from investment operations			2.13				1.26				(10.35	)			4.07				3.06				2.78
Distributions to shareholders from net investment income			(0.07	)			–				(0.08	)			–				(0.02	)			–
Net asset value, end of period		$	18.12			$	16.06			$	14.80			$	25.23			$	21.16			$	18.12
Total Return(b)			13.26	%			8.51	%			(41.14	)%			19.23	%			16.85	%			18.12	%
Net assets, end of period (in 000’s)		$	11,444			$	14,191			$	18,128			$	36,367			$	23,425			$	30,115
Ratio of net expenses to average net assets			2.07	%(c)			2.08	%			2.06	%			2.09	%			2.24	%			2.30	%
Ratio of total expenses to average net assets			2.23	%(c)			2.23	%			2.22	%			2.23	%			2.29	%			2.33	%
Ratio of net investment loss to average net assets			(0.40	)%(c)			(0.07	)%			(0.36	)%			(0.81	)%			(0.34	)%			(0.33	)%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

50  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.77			$	18.07			$	30.67			$	25.54			$	21.85			$	18.43
Net investment income(a)			0.07				0.21				0.17				0.07				0.21				0.17
Net realized and unrealized gain (loss)			2.65				1.53				(12.49	)			5.15				3.73				3.40
Total from investment operations			2.72				1.74				(12.32	)			5.22				3.94				3.57
Distributions to shareholders from net investment income			(0.29	)			(0.04	)			(0.28	)			(0.09	)			(0.25	)			(0.15	)
Net asset value, end of period		$	22.20			$	19.77			$	18.07			$	30.67			$	25.54			$	21.85
Total Return(b)			13.89	%			9.65	%			(40.52	)%			20.51	%			18.11	%			19.51	%
Net assets, end of period (in 000’s)		$	1,885,643			$	1,804,776			$	1,798,319			$	2,699,332			$	1,479,859			$	940,632
Ratio of net expenses to average net assets			1.02	%(c)			1.03	%			1.00	%			1.03	%			1.16	%			1.17	%
Ratio of total expenses to average net assets			1.12	%(c)			1.12	%			1.10	%			1.11	%			1.17	%			1.19	%
Ratio of net investment income to average net assets			0.67	%(c)			1.00	%			0.70	%			0.24	%			0.93	%			0.84	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Service Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	17.64			$	16.17			$	27.54			$	22.97			$	19.68			$	16.60
Net investment income (loss)(a)			0.02				0.09				0.04				(0.07	)			0.07				0.06
Net realized and unrealized gain (loss)			2.37				1.38				(11.20	)			4.64				3.38				3.06
Total from investment operations			2.39				1.47				(11.16	)			4.57				3.45				3.12
Distributions to shareholders from net investment income			(0.18	)			–				(0.21	)			–				(0.16	)			(0.04	)
Net asset value, end of period		$	19.85			$	17.64			$	16.17			$	27.54			$	22.97			$	19.68
Total Return(b)			13.59	%			9.09	%			(40.80	)%			19.90	%			17.55	%			18.85	%
Net assets, end of period (in 000’s)		$	19,245			$	17,321			$	19,903			$	32,940			$	26,329			$	24,183
Ratio of net expenses to average net assets			1.52	%(c)			1.53	%			1.50	%			1.53	%			1.65	%			1.67	%
Ratio of total expenses to average net assets			1.62	%(c)			1.62	%			1.60	%			1.61	%			1.67	%			1.69	%
Ratio of net investment income (loss) to average net assets			0.17	%(c)			0.49	%			0.19	%			(0.26	)%			0.35	%			0.32	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

52  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Investor Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.62			$	17.92			$	30.43			$	25.33			$	21.66			$	18.28
Net investment income(a)			0.06				0.19				0.17				0.06				0.16				0.12
Net realized and unrealized gain (loss)			2.64				1.53				(12.42	)			5.11				3.73				3.38
Total from investment operations			2.70				1.72				(12.25	)			5.17				3.89				3.50
Distributions to shareholders from net investment income			(0.27	)			(0.02	)			(0.26	)			(0.07	)			(0.22	)			(0.12	)
Net asset value, end of period		$	22.05			$	19.62			$	17.92			$	30.43			$	25.33			$	21.66
Total Return(b)			13.85	%			9.60	%			(40.56	)%			20.43	%			18.02	%			19.31	%
Net assets, end of period (in 000’s)		$	83,982			$	107,702			$	140,457			$	295,910			$	147,386			$	135,484
Ratio of net expenses to average net assets			1.07	%(c)			1.08	%			1.06	%			1.08	%			1.24	%			1.30	%
Ratio of total expenses to average net assets			1.23	%(c)			1.23	%			1.22	%			1.23	%			1.29	%			1.33	%
Ratio of net investment income to average net assets			0.60	%(c)			0.93	%			0.69	%			0.20	%			0.70	%			0.58	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.86			$	18.15			$	30.81			$	25.65			$	21.94			$	18.51
Net investment income(a)			0.07				0.21				0.14				0.07				0.16				0.17
Net realized and unrealized gain (loss)			2.66				1.55				(12.52	)			5.19				3.80				3.41
Total from investment operations			2.73				1.76				(12.38	)			5.26				3.96				3.58
Distributions to shareholders from net investment income			(0.29	)			(0.05	)			(0.28	)			(0.10	)			(0.25	)			(0.15	)
Net asset value, end of period		$	22.30			$	19.86			$	18.15			$	30.81			$	25.65			$	21.94
Total Return(b)			13.89	%			9.64	%			(40.51	)%			20.51	%			18.13	%			19.52	%
Net assets, end of period (in 000’s)		$	120,177			$	112,783			$	132,040			$	141,786			$	53,424			$	25,387
Ratio of net expenses to average net assets			1.01	%(c)			1.02	%			0.99	%			1.02	%			1.15	%			1.16	%
Ratio of total expenses to average net assets			1.11	%(c)			1.11	%			1.09	%			1.10	%			1.16	%			1.18	%
Ratio of net investment income to average net assets			0.68	%(c)			1.00	%			0.59	%			0.22	%			0.71	%			0.82	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

54  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended				Year Ended October 31,
	April 30, 2024 (Unaudited)				2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	19.86			$	18.15			$	30.81			$	25.65			$	21.94			$	18.51
Net investment income(a)			0.07				0.21				0.18				0.08				0.19				0.17
Net realized and unrealized gain (loss)			2.67				1.55				(12.56	)			5.18				3.77				3.41
Total from investment operations			2.74				1.76				(12.38	)			5.26				3.96				3.58
Distributions to shareholders from net investment income			(0.29	)			(0.05	)			(0.28	)			(0.10	)			(0.25	)			(0.15	)
Net asset value, end of period		$	22.31			$	19.86			$	18.15			$	30.81			$	25.65			$	21.94
Total Return(b)			13.89	%			9.67	%			(40.51	)%			20.50	%			18.14	%			19.47	%
Net assets, end of period (in 000’s)		$	427,396			$	439,740			$	491,281			$	963,360			$	471,690			$	389,019
Ratio of net expenses to average net assets			1.01	%(c)			1.02	%			0.99	%			1.01	%			1.15	%			1.16	%
Ratio of total expenses to average net assets			1.11	%(c)			1.11	%			1.09	%			1.10	%			1.15	%			1.18	%
Ratio of net investment income to average net assets			0.67	%(c)			1.00	%			0.72	%			0.27	%			0.86	%			0.82	%
Portfolio turnover rate(d)			16	%			32	%			51	%			52	%			31	%			33	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Class A Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	9.99			$	10.00
Net investment income(b)			0.03				0.10
Net realized and unrealized gain (loss)			1.74				(0.08	)
Total from investment operations			1.77				0.02
Distributions to shareholders from net investment income			(0.07	)			(0.03	)
Net asset value, end of period		$	11.69			$	9.99
Total Return(c)			17.74	%			0.17	%
Net assets, end of period (in 000’s)		$	83			$	58
Ratio of net expenses to average net assets			1.42	%(d)			1.41	%(d)
Ratio of total expenses to average net assets			4.84	%(d)			10.78	%(d)
Ratio of net investment income to average net assets			0.45	%(d)			1.03	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

56  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Class C Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	9.93			$	10.00
Net investment income (loss)(b)			(0.02	)			0.02
Net realized and unrealized gain (loss)			1.73				(0.06	)
Total from investment operations			1.71				(0.04	)
Distributions to shareholders from net investment income			–				(0.03	)
Net asset value, end of period		$	11.64			$	9.93
Total Return(c)			17.34	%			(0.54	)%
Net assets, end of period (in 000’s)		$	58			$	50
Ratio of net expenses to average net assets			2.17	%(d)			2.21	%(d)
Ratio of total expenses to average net assets			5.72	%(d)			11.66	%(d)
Ratio of net investment income (loss) to average net assets			(0.33	)%(d)			0.25	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Institutional Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	10.03			$	10.00
Net investment income(b)			0.05				0.13
Net realized and unrealized gain (loss)			1.74				(0.07	)
Total from investment operations			1.79				0.06
Distributions to shareholders from net investment income			(0.11	)			(0.03	)
Net asset value, end of period		$	11.71			$	10.03
Total Return(c)			17.99	%			0.46	%
Net assets, end of period (in 000’s)		$	6,710			$	5,056
Ratio of net expenses to average net assets			1.06	%(d)			1.05	%(d)
Ratio of total expenses to average net assets			4.50	%(d)			10.46	%(d)
Ratio of net investment income to average net assets			0.79	%(d)			1.41	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

58  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Investor Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	10.01			$	10.00
Net investment income(b)			0.04				0.12
Net realized and unrealized gain (loss)			1.74				(0.09	)
Total from investment operations			1.78				0.03
Distributions to shareholders from net investment income			(0.09	)			(0.02	)
Net asset value, end of period		$	11.70			$	10.01
Total Return(c)			17.85	%			0.33	%
Net assets, end of period (in 000’s)		$	59			$	50
Ratio of net expenses to average net assets			1.17	%(d)			1.17	%(d)
Ratio of total expenses to average net assets			4.71	%(d)			10.62	%(d)
Ratio of net investment income to average net assets			0.67	%(d)			1.29	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Class R6 Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	10.03			$	10.00
Net investment income(b)			0.04				0.13
Net realized and unrealized gain (loss)			1.75				(0.07	)
Total from investment operations			1.79				0.06
Distributions to shareholders from net investment income			(0.11	)			(0.03	)
Net asset value, end of period		$	11.71			$	10.03
Total Return(c)			17.99	%			0.48	%
Net assets, end of period (in 000’s)		$	59			$	50
Ratio of net expenses to average net assets			1.05	%(d)			1.04	%(d)
Ratio of total expenses to average net assets			4.59	%(d)			10.49	%(d)
Ratio of net investment income to average net assets			0.79	%(d)			1.42	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

60  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Class R Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	9.97			$	10.00
Net investment income(b)			0.01				0.07
Net realized and unrealized gain (loss)			1.74				(0.07	)
Total from investment operations			1.75				–	(c)
Distributions to shareholders from net investment income			(0.04	)			(0.03	)
Net asset value, end of period		$	11.68			$	9.97
Total Return(d)			17.55	%			(0.03	)%
Net assets, end of period (in 000’s)		$	59			$	50
Ratio of net expenses to average net assets			1.67	%(e)			1.67	%(e)
Ratio of total expenses to average net assets			5.21	%(e)			11.12	%(e)
Ratio of net investment income to average net assets			0.17	%(e)			0.79	%(e)
Portfolio turnover rate(f)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Period

 

 

	Emerging Markets Equity ex. China Fund
	Class P Shares
	Six Months Ended April 30, 2024 (Unaudited)				Period Ended October 31, 2023(a)
Per Share Data
Net asset value, beginning of period		$	10.02			$	10.00
Net investment income(b)			0.05				0.11
Net realized and unrealized gain (loss)			1.74				(0.06	)
Total from investment operations			1.79				0.05
Distributions to shareholders from net investment income			(0.11	)			(0.03	)
Net asset value, end of period		$	11.70			$	10.02
Total Return(c)			17.90	%			0.48	%
Net assets, end of period (in 000’s)		$	3,755			$	2,902
Ratio of net expenses to average net assets			1.05	%(d)			1.04	%(d)
Ratio of total expenses to average net assets			4.46	%(d)			9.69	%(d)
Ratio of net investment income to average net assets			0.82	%(d)			1.20	%(d)
Portfolio turnover rate(e)			13	%			26	%

(a) Commenced operations on December 6, 2022.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

62  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Class A Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.45			$	7.84			$	14.02			$	11.73			$	9.95			$	8.40
Net investment income (loss)(a)			0.01				0.06				0.04				(0.02	)			–	(b)			0.04
Net realized and unrealized gain (loss)			1.14				0.55				(5.28	)			2.31				1.84				1.53
Total from investment operations			1.15				0.61				(5.24	)			2.29				1.84				1.57
Distributions to shareholders from net investment income			(0.12	)			–	(b)			(0.04	)			–				(0.06	)			(0.02	)
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.12	)			–	(b)			(0.94	)			–				(0.06	)			(0.02	)
Net asset value, end of period		$	9.48			$	8.45			$	7.84			$	14.02			$	11.73			$	9.95
Total Return(c)			13.68	%			7.79	%			(39.89	)%			19.52	%			18.46	%			18.74	%
Net assets, end of period (in 000’s)		$	1,814			$	1,841			$	1,979			$	4,072			$	92			$	50
Ratio of net expenses to average net assets			1.38	%(d)			1.41	%			1.44	%			1.47	%			1.49	%			1.60	%
Ratio of total expenses to average net assets			2.95	%(d)			3.04	%			2.89	%			3.64	%			6.33	%			7.73	%
Ratio of net investment income (loss) to average net assets			0.32	%(d)			0.62	%			0.39	%			(0.17	)%			0.02	%			0.44	%
Portfolio turnover rate(e)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Class C Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.19			$	7.66			$	13.77			$	11.61			$	9.87			$	8.37
Net investment loss(a)			(0.02	)			(0.01	)			(0.07	)			(0.14	)			(0.09	)			(0.03	)
Net realized and unrealized gain (loss)			1.09				0.54				(5.14	)			2.30				1.83				1.53
Total from investment operations			1.07				0.53				(5.21	)			2.16				1.74				1.50
Distributions to shareholders from net investment income			(0.04	)			–				–				–				–				–
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.04	)			–				(0.90	)			–				–				–
Net asset value, end of period		$	9.22			$	8.19			$	7.66			$	13.77			$	11.61			$	9.87
Total Return(b)			13.27	%			6.92	%			(40.29	)%			18.60	%			17.58	%			17.92	%
Net assets, end of period (in 000’s)		$	82			$	74			$	117			$	137			$	58			$	49
Ratio of net expenses to average net assets			2.13	%(c)			2.16	%			2.19	%			2.20	%			2.24	%			2.35	%
Ratio of total expenses to average net assets			3.69	%(c)			3.80	%			3.65	%			3.64	%			6.94	%			8.49	%
Ratio of net investment loss to average net assets			(0.42	)%(c)			(0.07	)%			(0.64	)%			(0.96	)%			(0.84	)%			(0.31	)%
Portfolio turnover rate(d)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

64  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Institutional Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.48			$	7.87			$	14.06			$	11.77			$	9.98			$	8.41
Net investment income(a)			0.03				0.08				0.09				0.01				0.03				0.08
Net realized and unrealized gain (loss)			1.12				0.57				(5.31	)			2.32				1.85				1.53
Total from investment operations			1.15				0.65				(5.22	)			2.33				1.88				1.61
Distributions to shareholders from net investment income			(0.15	)			(0.04	)			(0.07	)			(0.04	)			(0.09	)			(0.04	)
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.15	)			(0.04	)			(0.97	)			(0.04	)			(0.09	)			(0.04	)
Net asset value, end of period		$	9.48			$	8.48			$	7.87			$	14.06			$	11.77			$	9.98
Total Return(b)			13.69	%			8.20	%			(39.66	)%			19.81	%			18.91	%			19.26	%
Net assets, end of period (in 000’s)		$	14,561			$	16,404			$	10,245			$	5,008			$	8,631			$	6,912
Ratio of net expenses to average net assets			1.07	%(c)			1.08	%			1.10	%			1.14	%			1.14	%			1.21	%
Ratio of total expenses to average net assets			2.60	%(c)			2.65	%			2.27	%			3.16	%			5.83	%			7.31	%
Ratio of net investment income to average net assets			0.62	%(c)			0.90	%			0.86	%			0.06	%			0.26	%			0.85	%
Portfolio turnover rate(d)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Investor Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.47			$	7.87			$	14.06			$	11.76			$	9.97			$	8.41
Net investment income(a)			0.03				0.08				0.06				0.01				0.02				0.06
Net realized and unrealized gain (loss)			1.12				0.55				(5.28	)			2.32				1.85				1.53
Total from investment operations			1.15				0.63				(5.22	)			2.33				1.87				1.59
Distributions to shareholders from net investment income			(0.14	)			(0.03	)			(0.07	)			(0.03	)			(0.08	)			(0.03	)
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.14	)			(0.03	)			(0.97	)			(0.03	)			(0.08	)			(0.03	)
Net asset value, end of period		$	9.48			$	8.47			$	7.87			$	14.06			$	11.76			$	9.97
Total Return(b)			13.74	%			8.00	%			(39.70	)%			19.82	%			18.79	%			19.03	%
Net assets, end of period (in 000’s)		$	825			$	503			$	829			$	1,088			$	59			$	50
Ratio of net expenses to average net assets			1.13	%(c)			1.16	%			1.19	%			1.22	%			1.24	%			1.35	%
Ratio of total expenses to average net assets			2.68	%(c)			2.75	%			2.64	%			3.33	%			5.94	%			7.49	%
Ratio of net investment income to average net assets			0.68	%(c)			0.93	%			0.61	%			0.08	%			0.15	%			0.69	%
Portfolio turnover rate(d)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

66  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Class R6 Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.49			$	7.87			$	14.07			$	11.77			$	9.98			$	8.41
Net investment income(a)			0.03				0.09				0.11				0.02				0.03				0.08
Net realized and unrealized gain (loss)			1.13				0.56				(5.33	)			2.32				1.85				1.53
Total from investment operations			1.16				0.65				(5.22	)			2.34				1.88				1.61
Distributions to shareholders from net investment income			(0.15	)			(0.03	)			(0.08	)			(0.04	)			(0.09	)			(0.04	)
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.15	)			(0.03	)			(0.98	)			(0.04	)			(0.09	)			(0.04	)
Net asset value, end of period		$	9.50			$	8.49			$	7.87			$	14.07			$	11.77			$	9.98
Total Return(b)			13.78	%			8.19	%			(39.69	)%			19.90	%			18.92	%			19.26	%
Net assets, end of period (in 000’s)		$	14			$	19			$	57			$	17			$	65			$	50
Ratio of net expenses to average net assets			1.06	%(c)			1.08	%			1.09	%			1.13	%			1.13	%			1.20	%
Ratio of total expenses to average net assets			2.60	%(c)			3.00	%			2.05	%			3.00	%			5.84	%			7.34	%
Ratio of net investment income to average net assets			0.56	%(c)			0.97	%			1.09	%			0.13	%			0.26	%			0.84	%
Portfolio turnover rate(d)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Class R Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	8.37			$	7.78			$	13.92			$	11.68			$	9.94			$	8.39
Net investment income (loss)(a)			0.01				0.04				0.02				(0.07	)			(0.03	)			0.01
Net realized and unrealized gain (loss)			1.10				0.55				(5.25	)			2.31				1.83				1.55
Total from investment operations			1.11				0.59				(5.23	)			2.24				1.80				1.56
Distributions to shareholders from net investment income			(0.10	)			–				(0.01	)			–				(0.06	)			(0.01	)
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–				–
Total distributions			(0.10	)			–				(0.91	)			–				(0.06	)			(0.01	)
Net asset value, end of period		$	9.38			$	8.37			$	7.78			$	13.92			$	11.68			$	9.94
Total Return(b)			13.39	%			7.58	%			(40.03	)%			19.18	%			18.11	%			18.57	%
Net assets, end of period (in 000’s)		$	192			$	214			$	199			$	267			$	255			$	167
Ratio of net expenses to average net assets			1.63	%(c)			1.65	%			1.69	%			1.72	%			1.74	%			1.92	%
Ratio of total expenses to average net assets			3.21	%(c)			3.29	%			3.10	%			4.12	%			6.53	%			7.68	%
Ratio of net investment income (loss) to average net assets			0.12	%(c)			0.39	%			0.15	%			(0.47	)%			(0.34	)%			0.06	%
Portfolio turnover rate(d)			18	%			54	%			65	%			116	%			28	%			57	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

68  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

 

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

	ESG Emerging Markets Equity Fund
	Class P Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,												Period Ended October 31, 2020(a)
					2023				2022				2021
Per Share Data
Net asset value, beginning of period		$	8.48			$	7.87			$	14.07			$	11.77			$	10.87
Net investment income(b)			0.03				0.09				0.08				0.02				0.03
Net realized and unrealized gain (loss)			1.12				0.56				(5.30	)			2.32				0.87
Total from investment operations			1.15				0.65				(5.22	)			2.34				0.90
Distributions to shareholders from net investment income			(0.15	)			(0.04	)			(0.08	)			(0.04	)			–
Distributions to shareholders from net realized gains			–				–				(0.90	)			–				–
Total distributions			(0.15	)			(0.04	)			(0.98	)			(0.04	)			–
Net asset value, end of period		$	9.48			$	8.48			$	7.87			$	14.07			$	11.77
Total Return(c)			13.80	%			8.20	%			(39.69	)%			19.92	%			8.28	%
Net assets, end of period (in 000’s)		$	5,407			$	6,256			$	13,651			$	20,156			$	86
Ratio of net expenses to average net assets			1.06	%(d)			1.08	%			1.10	%			1.13	%			1.08	%(d)
Ratio of total expenses to average net assets			2.58	%(d)			2.73	%			2.46	%			3.46	%			6.51	%(d)
Ratio of net investment income to average net assets			0.60	%(d)			1.02	%			0.73	%			0.17	%			0.30	%(d)
Portfolio turnover rate(e)			18	%			54	%			65	%			116	%			28	%

(a) Commenced operations on January 31, 2020.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

	International Equity ESG Fund
	Class A Shares
	Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
					2023				2022				2021				2020				2019
Per Share Data
Net asset value, beginning of period		$	23.61			$	21.44			$	30.27			$	21.01			$	20.67			$	17.88
Net investment income(a)			0.18				0.42	(b)			0.29				0.23				0.04				0.28
Net realized and unrealized gain (loss)			3.22				1.94				(7.31	)			9.03				0.66				2.76
Total from investment operations			3.40				2.36				(7.02	)			9.26				0.70				3.04
Distributions to shareholders from net investment income			(0.37	)			(0.19	)			(0.33	)			–	(c)			(0.36	)			(0.25	)
Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
Total distributions			(0.37	)			(0.19	)			(1.81	)			–				(0.36	)			(0.25	)
Net asset value, end of period		$	26.64			$	23.61			$	21.44			$	30.27			$	21.01			$	20.67
Total Return(d)			14.47	%			11.02	%			(24.50	)%			44.15	%			3.30	%			17.33	%
Net assets, end of period (in 000’s)		$	110,011			$	108,276			$	87,228			$	62,250			$	33,927			$	35,181
Ratio of net expenses to average net assets			1.17	%(e)			1.18	%			1.18	%			1.18	%			1.20	%			1.26	%
Ratio of total expenses to average net assets			1.31	%(e)			1.35	%			1.36	%			1.47	%			1.69	%			1.69	%
Ratio of net investment income to average net assets			1.34	%(e)			1.66	%(b)			1.19	%			0.82	%			0.21	%			1.52	%
Portfolio turnover rate(f)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

70  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Class C Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	21.54			$	19.54			$	27.80			$	19.44			$	19.16			$	16.49
	Net investment income (loss)(a)			0.08				0.20	(b)			0.12				–	(c)			(0.10	)			0.13
	Net realized and unrealized gain (loss)			2.92				1.80				(6.72	)			8.36				0.60				2.58
	Total from investment operations			3.00				2.00				(6.60	)			8.36				0.50				2.71
	Distributions to shareholders from net investment income			(0.19	)			–				(0.18	)			–				(0.22	)			(0.04	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.19	)			–				(1.66	)			–				(0.22	)			(0.04	)
	Net asset value, end of period		$	24.35			$	21.54			$	19.54			$	27.80			$	19.44			$	19.16
	Total Return(d)			14.00	%			10.24	%			(25.08	)%			43.08	%			2.53	%			16.49	%
	Net assets, end of period (in 000’s)		$	8,142			$	7,639			$	7,481			$	8,953			$	9,369			$	10,400
	Ratio of net expenses to average net assets			1.92	%(e)			1.93	%			1.93	%			1.93	%			1.95	%			2.01	%
	Ratio of total expenses to average net assets			2.06	%(e)			2.10	%			2.11	%			2.23	%			2.44	%			2.44	%
	Ratio of net investment income (loss) to average net assets			0.64	%(e)			0.86	%(b)			0.52	%			(0.01	)%			(0.54	)%			0.78	%
	Portfolio turnover rate(f)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Institutional Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.30			$	22.03			$	31.04			$	21.53			$	21.17			$	18.23
	Net investment income(a)			0.24				0.50	(b)			0.44				0.35				0.15				0.29
	Net realized and unrealized gain (loss)			3.29				2.01				(7.57	)			9.23				0.63				2.89
	Total from investment operations			3.53				2.51				(7.13	)			9.58				0.78				3.18
	Distributions to shareholders from net investment income			(0.45	)			(0.24	)			(0.40	)			(0.07	)			(0.42	)			(0.24	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.45	)			(0.24	)			(1.88	)			(0.07	)			(0.42	)			(0.24	)
	Net asset value, end of period		$	27.38			$	24.30			$	22.03			$	31.04			$	21.53			$	21.17
	Total Return(c)			14.61	%			11.43	%			(24.27	)%			44.62	%			3.62	%			17.76	%
	Net assets, end of period (in 000’s)		$	651,200			$	530,652			$	256,615			$	111,615			$	23,137			$	7,660
	Ratio of net expenses to average net assets			0.86	%(d)			0.86	%			0.86	%			0.86	%			0.86	%			0.90	%
	Ratio of total expenses to average net assets			0.95	%(d)			0.98	%			0.98	%			1.09	%			1.33	%			1.31	%
	Ratio of net investment income to average net assets			1.79	%(d)			1.91	%(b)			1.77	%			1.20	%			0.72	%			1.49	%
	Portfolio turnover rate(e)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

72  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Service Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.65			$	22.38			$	31.63			$	22.00			$	21.63			$	18.70
	Net investment income(a)			0.17				0.40	(b)			0.32				0.17				0.01				0.28
	Net realized and unrealized gain (loss)			3.35				2.02				(7.71	)			9.46				0.70				2.88
	Total from investment operations			3.52				2.42				(7.39	)			9.63				0.71				3.16
	Distributions to shareholders from net investment income			(0.31	)			(0.15	)			(0.38	)			–				(0.34	)			(0.23	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.31	)			(0.15	)			(1.86	)			–				(0.34	)			(0.23	)
	Net asset value, end of period		$	27.86			$	24.65			$	22.38			$	31.63			$	22.00			$	21.63
	Total Return(c)			14.37	%			10.83	%			(24.64	)%			43.90	%			3.16	%			17.20	%
	Net assets, end of period (in 000’s)		$	959			$	893			$	575			$	260			$	4			$	4
	Ratio of net expenses to average net assets			1.36	%(d)			1.36	%			1.36	%			1.36	%			1.34	%			1.36	%
	Ratio of total expenses to average net assets			1.45	%(d)			1.48	%			1.48	%			1.58	%			1.79	%			1.75	%
	Ratio of net investment income to average net assets			1.22	%(d)			1.52	%(b)			1.27	%			0.57	%			0.07	%			1.44	%
	Portfolio turnover rate(e)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Investor Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.12			$	21.88			$	30.85			$	21.41			$	21.06			$	18.20
	Net investment income(a)			0.22				0.50	(b)			0.46				0.34				0.09				0.36
	Net realized and unrealized gain (loss)			3.28				1.97				(7.55	)			9.17				0.68				2.78
	Total from investment operations			3.50				2.47				(7.09	)			9.51				0.77				3.14
	Distributions to shareholders from net investment income			(0.43	)			(0.23	)			(0.40	)			(0.07	)			(0.42	)			(0.28	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.43	)			(0.23	)			(1.88	)			(0.07	)			(0.42	)			(0.28	)
	Net asset value, end of period		$	27.19			$	24.12			$	21.88			$	30.85			$	21.41			$	21.06
	Total Return(c)			14.59	%			11.31	%			(24.30	)%			44.52	%			3.56	%			17.64	%
	Net assets, end of period (in 000’s)		$	115,658			$	109,162			$	78,730			$	31,735			$	1,298			$	492
	Ratio of net expenses to average net assets			0.92	%(d)			0.93	%			0.93	%			0.93	%			0.95	%			1.00	%
	Ratio of total expenses to average net assets			1.06	%(d)			1.10	%			1.10	%			1.20	%			1.44	%			1.44	%
	Ratio of net investment income to average net assets			1.65	%(d)			1.93	%(b)			1.86	%			1.15	%			0.44	%			1.87	%
	Portfolio turnover rate(e)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

74  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Class R6 Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.15			$	21.90			$	30.87			$	21.41			$	21.06			$	18.23
	Net investment income(a)			0.23				0.51	(b)			0.44				0.36				0.14				0.45
	Net realized and unrealized gain (loss)			3.28				1.99				(7.53	)			9.17				0.64				2.71
	Total from investment operations			3.51				2.50				(7.09	)			9.53				0.78				3.16
	Distributions to shareholders from net investment income			(0.45	)			(0.25	)			(0.40	)			(0.07	)			(0.43	)			(0.33	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.45	)			(0.25	)			(1.88	)			(0.07	)			(0.43	)			(0.33	)
	Net asset value, end of period		$	27.21			$	24.15			$	21.90			$	30.87			$	21.41			$	21.06
	Total Return(c)			14.66	%			11.42	%			(24.27	)%			44.65	%			3.63	%			17.76	%
	Net assets, end of period (in 000’s)		$	97,400			$	86,937			$	50,922			$	15,095			$	1,981			$	470
	Ratio of net expenses to average net assets			0.85	%(d)			0.85	%			0.85	%			0.85	%			0.85	%			0.90	%
	Ratio of total expenses to average net assets			0.94	%(d)			0.97	%			0.97	%			1.08	%			1.32	%			1.31	%
	Ratio of net investment income to average net assets			1.71	%(d)			1.96	%(b)			1.81	%			1.23	%			0.69	%			2.35	%
	Portfolio turnover rate(e)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity ESG Fund
		Class P Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	24.16			$	21.91			$	30.87			$	21.42			$	21.05			$	18.23
	Net investment income(a)			0.23				0.50	(b)			0.39				0.33				0.11				0.36
	Net realized and unrealized gain (loss)			3.28				1.99				(7.47	)			9.19				0.69				2.79
	Total from investment operations			3.51				2.49				(7.08	)			9.52				0.80				3.15
	Distributions to shareholders from net investment income			(0.45	)			(0.24	)			(0.40	)			(0.07	)			(0.43	)			(0.33	)
	Distributions to shareholders from net realized gains			–				–				(1.48	)			–				–				–
	Total distributions			(0.45	)			(0.24	)			(1.88	)			(0.07	)			(0.43	)			(0.33	)
	Net asset value, end of period		$	27.22			$	24.16			$	21.91			$	30.87			$	21.42			$	21.05
	Total Return(c)			14.64	%			11.39	%			(24.25	)%			44.64	%			3.67	%			17.73	%
	Net assets, end of period (in 000’s)		$	93,475			$	95,559			$	89,831			$	132,657			$	64,838			$	68,987
	Ratio of net expenses to average net assets			0.85	%(d)			0.85	%			0.85	%			0.85	%			0.86	%			0.89	%
	Ratio of total expenses to average net assets			0.94	%(d)			0.97	%			0.98	%			1.09	%			1.30	%			1.29	%
	Ratio of net investment income to average net assets			1.70	%(d)			1.93	%(b)			1.52	%			1.16	%			0.55	%			1.88	%
	Portfolio turnover rate(e)			28	%			23	%			35	%			39	%			55	%			41	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

76  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Class A Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.42			$	12.47			$	15.13			$	11.54			$	13.50			$	13.25
	Net investment income(a)			0.22				0.43				0.39				0.39				0.23				0.37
	Net realized and unrealized gain (loss)			2.11				1.87				(2.64	)			3.53				(1.69	)			1.53
	Total from investment operations			2.33				2.30				(2.25	)			3.92				(1.46	)			1.90
	Distributions to shareholders from net investment income			(0.15	)			(0.34	)			(0.41	)			(0.33	)			(0.50	)			(0.36	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.15	)			(0.35	)			(0.41	)			(0.33	)			(0.50	)			(1.65	)
	Net asset value, end of period		$	16.60			$	14.42			$	12.47			$	15.13			$	11.54			$	13.50
	Total Return(b)			16.20	%			18.38	%			(15.16	)%			34.07	%			(11.23	)%			(16.95	)%
	Net assets, end of period (in 000’s)		$	69,246			$	68,183			$	32,121			$	20,086			$	13,669			$	16,711
	Ratio of net expenses to average net assets			1.16	%(c)			1.19	%			1.19	%			1.20	%			1.23	%			1.25	%
	Ratio of total expenses to average net assets			1.26	%(c)			1.29	%			1.42	%			1.69	%			1.92	%			2.16	%
	Ratio of net investment income to average net assets			2.83	%(c)			2.86	%			2.80	%			2.71	%			1.87	%			2.99	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Class C Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.51			$	10.87			$	13.24			$	10.14			$	11.89			$	11.88
	Net investment income(a)			0.15				0.26				0.24				0.25				0.13				0.25
	Net realized and unrealized gain (loss)			1.82				1.66				(2.30	)			3.09				(1.50	)			1.34
	Total from investment operations			1.97				1.92				(2.06	)			3.34				(1.37	)			1.59
	Distributions to shareholders from net investment income			(0.10	)			(0.27	)			(0.31	)			(0.24	)			(0.38	)			(0.29	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.10	)			(0.28	)			(0.31	)			(0.24	)			(0.38	)			(1.58	)
	Net asset value, end of period		$	14.38			$	12.51			$	10.87			$	13.24			$	10.14			$	11.89
	Total Return(b)			15.73	%			17.52	%			(15.76	)%			33.02	%			(11.88	)%			16.01	%
	Net assets, end of period (in 000’s)		$	4,828			$	3,899			$	1,653			$	2,149			$	1,514			$	1,638
	Ratio of net expenses to average net assets			1.91	%(c)			1.94	%			1.94	%			1.95	%			1.97	%			2.00	%
	Ratio of total expenses to average net assets			2.01	%(c)			2.04	%			2.19	%			2.44	%			2.67	%			2.91	%
	Ratio of net investment income to average net assets			2.27	%(c)			2.04	%			1.92	%			1.92	%			1.19	%			2.24	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

78  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Institutional Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.32			$	13.22			$	16.01			$	12.20			$	14.26			$	13.88
	Net investment income(a)			0.29				0.50				0.41				0.47				0.31				0.42
	Net realized and unrealized gain (loss)			2.22				1.99				(2.75	)			3.71				(1.80	)			1.63
	Total from investment operations			2.51				2.49				(2.34	)			4.18				(1.49	)			2.05
	Distributions to shareholders from net investment income			(0.17	)			(0.38	)			(0.45	)			(0.37	)			(0.57	)			(0.38	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.17	)			(0.39	)			(0.45	)			(0.37	)			(0.57	)			(1.67	)
	Net asset value, end of period		$	17.66			$	15.32			$	13.22			$	16.01			$	12.20			$	14.26
	Total Return(b)			16.41	%			18.80	%			(14.87	)%			34.45	%			(10.86	)%			17.29	%
	Net assets, end of period (in 000’s)		$	863,219			$	615,042			$	207,340			$	24,118			$	10,051			$	5,232
	Ratio of net expenses to average net assets			0.83	%(c)			0.85	%			0.85	%			0.85	%			0.85	%			0.88	%
	Ratio of total expenses to average net assets			0.89	%(c)			0.92	%			1.03	%			1.30	%			1.55	%			1.79	%
	Ratio of net investment income to average net assets			3.49	%(c)			3.17	%			2.87	%			3.05	%			2.36	%			3.13	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Investor Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.39			$	12.44			$	15.09			$	11.52			$	13.51			$	13.25
	Net investment income(a)			0.26				0.46				0.40				0.42				0.29				0.34
	Net realized and unrealized gain (loss)			2.09				1.88				(2.61	)			3.51				(1.72	)			1.59
	Total from investment operations			2.35				2.34				(2.21	)			3.93				(1.43	)			1.93
	Distributions to shareholders from net investment income			(0.17	)			(0.38	)			(0.44	)			(0.36	)			(0.56	)			(0.38	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.17	)			(0.39	)			(0.44	)			(0.36	)			(0.56	)			(1.67	)
	Net asset value, end of period		$	16.57			$	14.39			$	12.44			$	15.09			$	11.52			$	13.51
	Total Return(b)			16.39	%			18.70	%			(14.91	)%			34.25	%			(10.99	)%			17.21	%
	Net assets, end of period (in 000’s)		$	354,775			$	285,524			$	60,051			$	20,450			$	8,958			$	3,515
	Ratio of net expenses to average net assets			0.91	%(c)			0.94	%			0.94	%			0.95	%			0.98	%			1.09	%
	Ratio of total expenses to average net assets			1.01	%(c)			1.04	%			1.16	%			1.43	%			1.71	%			1.98	%
	Ratio of net investment income to average net assets			3.28	%(c)			3.07	%			2.95	%			2.92	%			2.39	%			2.67	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

80  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Class R6 Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.30			$	13.20			$	15.99			$	12.18			$	14.25			$	13.87
	Net investment income(a)			0.29				0.51				0.42				0.47				0.28				0.49
	Net realized and unrealized gain (loss)			2.21				1.99				(2.76	)			3.72				(1.78	)			1.57
	Total from investment operations			2.50				2.50				(2.34	)			4.19				(1.50	)			2.06
	Distributions to shareholders from net investment income			(0.17	)			(0.39	)			(0.45	)			(0.38	)			(0.57	)			(0.39	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.17	)			(0.40	)			(0.45	)			(0.38	)			(0.57	)			(1.68	)
	Net asset value, end of period		$	17.63			$	15.30			$	13.20			$	15.99			$	12.18			$	14.25
	Total Return(b)			16.44	%			18.83	%			(14.89	)%			34.52	%			(10.93	)%			17.41	%
	Net assets, end of period (in 000’s)		$	70,807			$	51,429			$	22,020			$	6,050			$	2,304			$	332
	Ratio of net expenses to average net assets			0.82	%(c)			0.84	%			0.84	%			0.84	%			0.84	%			0.86	%
	Ratio of total expenses to average net assets			0.88	%(c)			0.92	%			1.03	%			1.29	%			1.59	%			1.80	%
	Ratio of net investment income to average net assets			3.45	%(c)			3.23	%			2.90	%			3.03	%			2.22	%			3.74	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Class R Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	14.50			$	12.53			$	15.19			$	11.60			$	13.55			$	13.32
	Net investment income(a)			0.23				0.36				0.34				0.41				0.24				0.36
	Net realized and unrealized gain (loss)			2.09				1.92				(2.64	)			3.48				(1.74	)			1.52
	Total from investment operations			2.32				2.28				(2.30	)			3.89				(1.50	)			1.88
	Distributions to shareholders from net investment income			(0.12	)			(0.30	)			(0.36	)			(0.30	)			(0.45	)			(0.36	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.12	)			(0.31	)			(0.36	)			(0.30	)			(0.45	)			(1.65	)
	Net asset value, end of period		$	16.70			$	14.50			$	12.53			$	15.19			$	11.60			$	13.55
	Total Return(b)			16.09	%			18.14	%			(15.36	)%			33.62	%			(11.44	)%			(16.63	)%
	Net assets, end of period (in 000’s)		$	1,010			$	832			$	514			$	620			$	173			$	73
	Ratio of net expenses to average net assets			1.41	%(c)			1.44	%			1.44	%			1.44	%			1.48	%			1.50	%
	Ratio of total expenses to average net assets			1.51	%(c)			1.54	%			1.69	%			1.91	%			2.19	%			2.40	%
	Ratio of net investment income to average net assets			2.87	%(c)			2.42	%			2.39	%			2.79	%			1.96	%			2.90	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

82  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Income Fund
		Class P Shares
		Six Months Ended April 30, 2024 (Unaudited)				Year Ended October 31,
						2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	15.29			$	13.20			$	15.98			$	12.17			$	14.23			$	13.86
	Net investment income(a)			0.28				0.50				0.44				0.47				0.30				0.44
	Net realized and unrealized gain (loss)			2.22				1.98				(2.77	)			3.72				(1.79	)			1.61
	Total from investment operations			2.50				2.48				(2.33	)			4.19				(1.49	)			2.05
	Distributions to shareholders from net investment income			(0.17	)			(0.38	)			(0.45	)			(0.38	)			(0.57	)			(0.39	)
	Distributions to shareholders from net realized gains			–				(0.01	)			–				–				–				(1.29	)
	Total distributions			(0.17	)			(0.39	)			(0.45	)			(0.38	)			(0.57	)			(1.68	)
	Net asset value, end of period		$	17.62			$	15.29			$	13.20			$	15.98			$	12.17			$	14.23
	Total Return(b)			16.45	%			18.84	%			(14.90	)%			34.55	%			(10.89	)%			17.34	%
	Net assets, end of period (in 000’s)		$	55,696			$	49,599			$	33,413			$	28,616			$	20,799			$	32,643
	Ratio of net expenses to average net assets			0.82	%(c)			0.84	%			0.84	%			0.84	%			0.84	%			0.85	%
	Ratio of total expenses to average net assets			0.89	%(c)			0.92	%			1.06	%			1.32	%			1.51	%			1.76	%
	Ratio of net investment income to average net assets			3.32	%(c)			3.21	%			2.95	%			3.05	%			2.33	%			3.37	%
	Portfolio turnover rate(d)			19	%			18	%			12	%			28	%			51	%			27	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Notes to Financial Statements

April 30, 2024 (Unaudited)

 

 

 

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-Diversified
Goldman Sachs China Equity Fund	A, C, Institutional, Investor, R6 and P	Diversified
Goldman Sachs Emerging Markets Equity Fund	A, C, Institutional, Service, Investor, R6 and P	Non-Diversified
Goldman Sachs Emerging Markets Equity ex. China Fund	A, C, Institutional, Investor, R6, R and P	Non-Diversified
Goldman Sachs ESG Emerging Markets Equity Fund	A, C, Institutional, Investor, R6, R and P	Non-Diversified
Goldman Sachs International Equity ESG Fund	A, C, Institutional, Service, Investor, R6 and P	Diversified
Goldman Sachs International Equity Income Fund	A, C, Institutional, Investor, R6, R and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly

  

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule.

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
China Equity Fund	Annually	Annually
Emerging Markets Equity Fund	Annually	Annually
Emerging Markets Equity ex. China Fund	Annually	Annually
ESG Emerging Markets Equity Fund	Annually	Annually
International Equity ESG Fund	Annually	Annually
International Equity Income Fund	Semi-Annually	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. 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:

  

  85

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

A. 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.

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,

  

86

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

B. 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.

C. Fair Value Hierarchy— The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2024:

China Equity Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	3,949,658	$	32,865,710	$	—
Investment Company		22,669		—		—
Total	$	3,972,327	$	32,865,710	$	—

  

  87

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Emerging Markets Equity Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	37,317,510	$	12,644,099	$	—
Asia		102,474,247		2,080,782,260		—
Europe		65,122,810		55,458,264		—
North America		111,040,592		19,173,409		—
South America		164,977,128		19,187,058		—
Securities Lending Reinvestment Vehicle		7,448,350		—		—
Total	$	488,380,637	$	2,187,245,090	$	—
Emerging Markets Equity ex. China Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	194,326	$	28,666	$	—
Asia		304,479		8,138,702		—
Europe		325,121		298,274		—
North America		660,158		—		—
South America		941,658		117,777		—
Total	$	2,425,742	$	8,583,419	$	—
ESG Emerging Markets Equity Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	423,156	$	131,333	$	—
Asia		1,038,534		17,736,028		—
Europe		634,002		136,593		—
North America		975,208		—		—
South America		1,230,507		210,774		—
Investment Company		296,308		—		—
Total	$	4,597,715	$	18,214,728	$	—
International Equity ESG Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	21,651,376	$	239,925,917	$	—
Europe		—		669,207,745		—
North America		—		122,439,106		—
Investment Company		21,829,473		—		—
Securities Lending Reinvestment Vehicle		18,450,680		—		—
Total	$	61,931,529	$	1,031,572,768	$	—

  

88

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

 

 

 

 

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

International Equity Income Fund
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	218,149,419	$	—
Europe		42,824,460		726,996,131		—
North America		—		305,397,705		—
Oceania		—		85,184,538		—
Investment Company		37,156,654		—		—
Total	$	79,981,114	$	1,335,727,793	$	—

^(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.

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

China Equity Fund
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition	$	19,019		$	—
International Equity ESG Fund
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts		190			–
International Equity Income Fund
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Currency	Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts		(18,812	)		–

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended April 30, 2024, the relevant values for each derivative type were as follows:

	Average number of Contracts or Notional Amounts(a)
Fund	Futures Contracts		Forward Contracts
China Equity Fund		26	–
International Equity ESG Fund		—	23,607,522
International Equity Income Fund		—	3,947,415

(a) Amounts disclosed represent average number of futures contracts, and notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion	Next $1 billion	Next $3 billion	Next $3 billion	Over $8 billion	Effective Rate	Effective Net Management Rate^
China Equity Fund	1.00%	0.90%	0.86%	0.84%	0.82%	1.00%	1.00%
Emerging Markets Equity Fund	1.02	1.02	0.92	0.87	0.85	0.99	0.90(1)
Emerging Markets Equity ex. China Fund	0.90	0.90	0.81	0.77	0.75	0.90	0.90
ESG Emerging Markets Equity Fund	0.98	0.98	0.88	0.84	0.82	0.98	0.91(2)
International Equity ESG Fund	0.85	0.77	0.73	0.71	0.70	0.85	0.82(3)
International Equity Income Fund	0.80	0.72	0.68	0.67	0.66	0.78	0.78

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

⁽¹⁾  GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

⁽²⁾  GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

⁽³⁾  GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2024, GSAM waived $226, $6,098, $29, $171, $12,102 and $26,807 of the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds’ management fees, respectively.

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

	Distribution and/or Service Plan Rates
	Class A*	Class C	Service	Class R*
Distribution and/or Service Plan	0.25%	0.75%	0.25%	0.50%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2024, Goldman Sachs retained the following amounts:

	Front End  Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
China Equity Fund	$	26	$	—
Emerging Markets Equity Fund		649		—
International Equity ESG Fund		1,013		117
International Equity Income Fund		4,005		—

D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the six months ended April 30, 2024, the transfer agency fee waivers were as follows:

	China Equity Fund	Emerging Markets Equity Fund	Emerging Markets Equity ex. China Fund	ESG Emerging Markets Equity Fund	International Equity ESG Fund	International Equity Income Fund
Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) *	–%(a)	0.06%	0.01%(b)	0.05%	0.05%	0.03%

* These arrangements will remain in effect through at least February 28, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

^(a)  Prior to February 28, 2024, the waiver was 0.04%.

^(b)  Prior to February 28, 2024, the waiver was 0.00%.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.054%, 0.104%, 0.124%, 0.124%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitation was 0.114% for China Equity. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense  Reductions
China Equity Fund	$	226	$	1,236	$	152,376	$	153,838
Emerging Markets Equity Fund		1,269,176		66,255		3,699		1,339,130
Emerging Markets Equity ex. China Fund		29		5		174,859		174,893
ESG Emerging Markets Equity Fund		8,329		688		168,928		177,945
International Equity ESG Fund		144,467		59,790		287,594		491,851
International Equity Income Fund		26,807		60,331		360,136		447,274

G. Line of Credit Facility — As of April 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024 the facility was $1,110,000,000.

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — For the six months ended April 30, 2024, Goldman Sachs earned $303 and $3 in brokerage commissions from portfolio transactions, on behalf of the Emerging Markets Equity and ESG Emerging Markets Equity, respectively.

The following table provides information about the Fund’s investments in the Underlying Fund as of and for the six months ended April 30, 2024:

China Equity Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
	$	72,364	$	7,897,057	$	(7,946,752	)	$	22,669		22,669	$	7,545
Emerging Markets Equity Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		–		243,676,486		(243,676,486	)		–		–		200,741
Emerging Markets Equity ex. China Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		29,365		1,044,221		(1,073,586	)		–		–		827
ESG Emerging Markets Equity Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		359,954		4,202,175		(4,265,821	)		296,308		296,308		5,590
International Equity ESG Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		15,842,119		219,064,241		(213,076,887	)		21,829,473		21,829,473		376,500
International Equity Income Fund
Underlying Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024		Shares as of April 30, 2024		Dividend Income
Goldman Sachs Financial Square Government Fund - Institutional Shares
		15,186,704		320,614,284		(298,644,334	)		37,156,654		37,156,654		878,341

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Class A	Class C	Class R	Class R6	Institutional	Investor
China Equity Fund	–%	–%	–%	–%	–%	5%
Emerging Markets Equity Fund	–	9	–	–	–	–
Emerging Markets Equity ex. China Fund	71	100	100	100	83	100

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2024, were as follows:

Fund	Purchases		Sales
China Equity Fund	$	15,376,153	$	27,306,314
Emerging Markets Equity Fund		441,113,234		715,514,388
Emerging Markets Equity ex. China Fund		2,434,275		1,373,292
ESG Emerging Markets Equity Fund		4,233,003		9,828,108
International Equity ESG Fund		292,827,558		288,920,639
International Equity Income Fund		389,793,289		228,050,339

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities

  

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7. SECURITIES LENDING (continued)

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 amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2024 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2024
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2024
Emerging Markets Equity Fund	$	5,563	$	7,136	$	—
International Equity ESG Fund		2,910		1,071		—
International Equity Income Fund		11,159		1,508		—

The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended April 30, 2024.

Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as   of April 30, 2024
Emerging Markets Equity Fund	$	7,590,000	$	40,464,798	$	(40,606,448	)	$	7,448,350
International Equity ESG Fund		—		79,763,660		(61,312,980	)		18,450,680
International Equity Income Fund		—		133,420,045		(133,420,045	)		—

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2023, the Fund’s capital loss carryforwards on a tax basis were as follows:

	China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund			ESG Emerging Markets Equity Fund			International Equity ESG Fund			International Equity Income Fund
Capital loss carryforwards:
Perpetual Short-Term	$	(17,032,647	)	$	(479,193,131	)	$	(103,660	)	$	(35,099,294	)	$	(4,520,910	)	$	—
Perpetual Long-Term		(21,902,881	)		(460,034,438	)		—			(32,502,024	)		(25,475,155	)		(5,642,831)
Total capital loss carryforwards		(38,935,528	)		(939,227,569	)		(103,660	)		(67,601,318	)		(29,996,065	)		(5,642,831)

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

8. TAX INFORMATION (continued)

As of April 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund
Tax Cost	$	38,818,803		$	2,318,670,751		$	9,503,704
Gross unrealized gain		5,417,355			634,196,108			1,914,594
Gross unrealized loss		(7,398,121	)		(277,241,132	)		(409,137	)
Net unrealized gain (loss)	$	(1,980,766	)	$	356,954,976		$	1,505,457
	ESG Emerging Markets Equity Fund			International Equity ESG Fund			International Equity Income Fund
Tax Cost	$	20,697,217		$	1,035,967,785		$	1,284,331,198
Gross unrealized gain		4,004,622			128,145,006			157,839,118
Gross unrealized loss		(1,889,396	)		(70,608,494	)		(26,461,409	)
Net unrealized gain (loss)	$	2,115,226		$	57,536,512		$	131,377,709

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

9.  OTHER RISKS

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,

  

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9. OTHER RISKS (continued)

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.

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

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

9. OTHER RISKS (continued)

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.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	China Equity Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		232,529		$	3,953,842			522,132		$	11,471,241
Reinvestment of distributions		4,481			76,127			—			—
Shares redeemed		(310,362	)		(5,319,824	)		(598,072	)		(13,094,268)
		(73,352	)		(1,289,855	)		(75,940	)		(1,623,027)
Class C Shares
Shares sold		23,236			337,695			11,389			203,717
Reinvestment of distributions		57			838			—			—
Shares redeemed		(26,101	)		(382,775	)		(30,345	)		(515,271)
		(2,808	)		(44,242	)		(18,956	)		(311,554)
Institutional Shares
Shares sold		112,961			2,036,563			103,103			2,374,978
Reinvestment of distributions		4,205			77,290			884			20,319
Shares redeemed		(92,699	)		(1,738,516	)		(220,681	)		(4,918,187)
		24,467			375,337			(116,694	)		(2,522,890)
Investor Shares
Shares sold		859			15,268			3,861			91,757
Reinvestment of distributions		73			1,342			27			623
Shares redeemed		(8,023	)		(148,600	)		(7,101	)		(151,354)
		(7,091	)		(131,990	)		(3,213	)		(58,974)
Class R6 Shares
Shares sold		3,159			59,223			8,701			195,854
Reinvestment of distributions		366			6,706			113			2,578
Shares redeemed		(12,232	)		(228,763	)		(16,014	)		(347,809)
		(8,707	)		(162,834	)		(7,200	)		(149,377)
Class P Shares
Shares sold		543			9,416			118,908			2,416,761
Reinvestment of distributions		19,788			362,518			5,118			117,257
Shares redeemed		(579,650	)		(10,744,754	)		(526,005	)		(12,038,401)
		(559,319	)		(10,372,820	)		(401,979	)		(9,504,383)
NET DECREASE IN SHARES		(626,810	)	$	(11,626,404	)		(623,982	)	$	(14,170,205)

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,061,850		$	21,085,817			2,218,109		$	43,698,783
Reinvestment of distributions		56,617			1,093,268			—			—
Shares redeemed		(1,145,378	)		(22,612,869	)		(6,335,950	)		(120,458,719)
		(26,911	)		(433,784	)		(4,117,841	)		(76,759,936)
Class C Shares
Shares sold		49,218			850,440			79,616			1,376,192
Reinvestment of distributions		2,972			50,502			—			—
Shares redeemed		(304,216	)		(5,301,307	)		(421,037	)		(7,164,658)
		(252,026	)		(4,400,365	)		(341,421	)		(5,788,466)
Institutional Shares
Shares sold		11,869,465			254,939,350			26,437,597			554,154,884
Reinvestment of distributions		1,122,121			23,272,793			193,789			3,928,108
Shares redeemed		(19,351,338	)		(415,603,073	)		(34,887,257	)		(726,294,309)
		(6,359,752	)		(137,390,930	)		(8,255,871	)		(168,211,317)
Service Shares
Shares sold		69,171			1,327,210			108,541			2,041,057
Reinvestment of distributions		9,127			169,482			—			—
Shares redeemed		(90,526	)		(1,742,517	)		(357,862	)		(6,786,729)
		(12,228	)		(245,825	)		(249,321	)		(4,745,672)
Investor Shares
Shares sold		1,202,516			25,911,141			2,138,571			44,825,723
Reinvestment of distributions		62,500			1,287,501			7,304			147,033
Shares redeemed		(2,944,348	)		(62,836,165	)		(4,495,027	)		(92,863,166)
		(1,679,332	)		(35,637,523	)		(2,349,152	)		(47,890,410)
Class R6 Shares
Shares sold		612,990			13,176,239			2,647,769			56,176,690
Reinvestment of distributions		74,890			1,559,955			17,157			349,131
Shares redeemed		(979,128	)		(21,032,234	)		(4,260,913	)		(88,077,469)
		(291,248	)		(6,296,040	)		(1,595,987	)		(31,551,648)
Class P Shares
Shares sold		1,778,064			37,668,994			5,959,069			124,085,568
Reinvestment of distributions		292,736			6,100,618			55,655			1,133,138
Shares redeemed		(5,050,177	)		(108,587,349	)		(10,944,800	)		(225,087,548)
		(2,979,377	)		(64,817,737	)		(4,930,076	)		(99,868,842)
NET DECREASE IN SHARES		(11,600,874	)	$	(249,222,204	)		(21,839,669	)	$	(434,816,291)

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Emerging Markets Equity ex. China Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,473		$	17,409			6,781		$	69,250
Reinvestment of distributions		35			396			13			129
Shares redeemed		(184	)		(2,001	)		(1,019	)		(11,000)
		1,324			15,804			5,775			58,379
Class C Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		—			—			13			129
Shares redeemed		—			—			—			—
		—			—			5,013			50,129
Institutional Shares
Shares sold		69,633			785,753			503,103			5,043,855
Reinvestment of distributions		5,081			56,292			1,211			11,750
Shares redeemed		(5,864	)		(70,561	)		—			—
		68,850			771,484			504,314			5,055,605
Investor Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		41			462			12			112
Shares redeemed		—			—			—			—
		41			462			5,012			50,112
Class R6 Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		48			532			14			133
Shares redeemed		—			—			—			—
		48			532			5,014			50,133
Class R Shares
Shares sold		—			—			5,000			50,000
Reinvestment of distributions		18			188			13			129
Shares redeemed		—			—			—			—
		18			188			5,013			50,129
Class P Shares
Shares sold		71,370			815,637			299,259			3,146,740
Reinvestment of distributions		3,051			33,780			14			134
Shares redeemed		(43,099	)		(509,179	)		(9,570	)		(102,110)
		31,322			340,238			289,703			3,044,764
NET INCREASE IN SHARES		101,603		$	1,128,708			819,844		$	8,359,251

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	ESG Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,909		$	17,268			3,872		$	34,558
Reinvestment of distributions		2,669			23,462			25			222
Shares redeemed		(30,926	)		(279,976	)		(38,471	)		(347,514)
		(26,348	)		(239,246	)		(34,574	)		(312,734)
Class C Shares
Shares sold		—			—			148			1,248
Reinvestment of distributions		46			389			—			—
Shares redeemed		(133	)		(1,182	)		(6,441	)		(58,844)
		(87	)		(793	)		(6,293	)		(57,596)
Institutional Shares
Shares sold		136,864			1,254,856			1,243,398			10,600,148
Reinvestment of distributions		26,926			236,409			7,551			66,144
Shares redeemed		(563,267	)		(5,032,838	)		(617,221	)		(5,437,178)
		(399,477	)		(3,541,573	)		633,728			5,229,114
Investor Shares
Shares sold		31,613			288,163			24,183			212,037
Reinvestment of distributions		969			8,507			388			3,402
Shares redeemed		(4,991	)		(44,870	)		(70,491	)		(658,695)
		27,591			251,800			(45,920	)		(443,256)
Class R6 Shares
Shares sold		401			3,609			1,547			14,102
Reinvestment of distributions		40			350			22			189
Shares redeemed		(1,297	)		(11,757	)		(6,474	)		(57,807)
		(856	)		(7,798	)		(4,905	)		(43,516)
Class R Shares
Shares sold		3,433			30,566			6,434			56,526
Reinvestment of distributions		333			2,902			—			—
Shares redeemed		(8,853	)		(78,626	)		(6,430	)		(58,794)
		(5,087	)		(45,158	)		4			(2,268)
Class P Shares
Shares sold		65,562			582,570			226,923			2,087,558
Reinvestment of distributions		11,572			101,718			6,687			58,579
Shares redeemed		(244,859	)		(2,257,629	)		(1,229,915	)		(11,419,241)
		(167,725	)		(1,573,341	)		(996,305	)		(9,273,104)
NET DECREASE IN SHARES		(571,989	)	$	(5,156,109	)		(454,265	)	$	(4,903,360)

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity ESG Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		309,082		$	8,123,519			1,520,008		$	37,886,745
Reinvestment of distributions		47,226			1,226,923			26,816			627,502
Shares redeemed		(811,715	)		(21,386,743	)		(1,030,328	)		(25,899,474)
		(455,407	)		(12,036,301	)		516,496			12,614,773
Class C Shares
Shares sold		16,558			404,658			75,202			1,755,235
Reinvestment of distributions		2,614			62,232			—			—
Shares redeemed		(39,493	)		(951,303	)		(103,344	)		(2,384,435)
		(20,321	)		(484,413	)		(28,142	)		(629,200)
Institutional Shares
Shares sold		6,727,404			182,280,568			15,925,342			422,982,651
Reinvestment of distributions		229,772			6,128,037			112,666			2,705,106
Shares redeemed		(5,012,618	)		(135,097,418	)		(5,845,609	)		(149,458,170)
		1,944,558			53,311,187			10,192,399			276,229,587
Service Shares
Shares sold		2,614			72,511			22,136			574,768
Reinvestment of distributions		374			10,169			154			3,753
Shares redeemed		(4,784	)		(130,587	)		(11,785	)		(314,573)
		(1,796	)		(47,907	)		10,505			263,948
Investor Shares
Shares sold		977,008			26,439,369			3,527,560			91,064,905
Reinvestment of distributions		67,228			1,780,835			36,154			862,275
Shares redeemed		(1,316,005	)		(35,560,204	)		(2,636,677	)		(68,563,752)
		(271,769	)		(7,340,000	)		927,037			23,363,428
Class R6 Shares
Shares sold		686,154			18,395,648			2,172,795			56,434,224
Reinvestment of distributions		56,269			1,491,701			23,609			563,559
Shares redeemed		(762,821	)		(20,732,896	)		(921,763	)		(23,560,158)
		(20,398	)		(845,547	)		1,274,641			33,437,625
Class P Shares
Shares sold		139,553			3,784,570			648,259			17,019,221
Reinvestment of distributions		59,198			1,569,941			38,568			920,626
Shares redeemed		(720,544	)		(19,110,699	)		(832,326	)		(21,115,651)
		(521,793	)		(13,756,188	)		(145,499	)		(3,175,804)
NET INCREASE IN SHARES		653,074		$	18,800,831			12,747,437		$	342,104,357

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Income Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		741,256		$	11,618,673			3,075,301		$	46,164,191
Reinvestment of distributions		44,299			684,423			94,779			1,409,114
Shares redeemed		(1,343,402	)		(21,231,687	)		(1,018,054	)		(15,262,818)
		(557,847	)		(8,928,591	)		2,152,026			32,310,487
Class C Shares
Shares sold		42,774			587,565			183,122			2,391,125
Reinvestment of distributions		2,400			32,176			5,619			73,161
Shares redeemed		(21,085	)		(292,350	)		(29,083	)		(374,861)
		24,089			327,391			159,658			2,089,425
Institutional Shares
Shares sold		12,953,480			220,683,085			30,764,963			486,910,614
Reinvestment of distributions		422,857			6,939,084			724,273			11,420,083
Shares redeemed		(4,619,855	)		(77,635,864	)		(7,033,646	)		(110,702,242)
		8,756,482			149,986,305			24,455,590			387,628,455
Investor Shares
Shares sold		7,282,176			114,072,702			18,931,206			282,880,284
Reinvestment of distributions		219,342			3,377,872			341,949			5,086,390
Shares redeemed		(5,930,019	)		(92,107,566	)		(4,262,870	)		(62,834,181)
		1,571,499			25,343,008			15,010,285			225,132,493
Class R6 Shares
Shares sold		1,207,305			20,399,965			2,334,027			36,819,574
Reinvestment of distributions		36,662			600,533			67,543			1,062,104
Shares redeemed		(588,622	)		(9,931,701	)		(708,322	)		(11,162,120)
		655,345			11,068,797			1,693,248			26,719,558
Class R Shares
Shares sold		8,969			148,476			21,868			332,020
Reinvestment of distributions		409			6,361			913			13,644
Shares redeemed		(6,220	)		(97,087	)		(6,440	)		(95,644)
		3,158			57,750			16,341			250,020
Class P Shares
Shares sold		111,016			1,874,749			1,048,719			16,108,950
Reinvestment of distributions		34,025			556,986			75,170			1,175,049
Shares redeemed		(227,333	)		(3,818,098	)		(412,744	)		(6,526,404)
		(82,292	)		(1,386,363	)		711,145			10,757,595
NET INCREASE IN SHARES		10,370,434		$	176,468,297			44,198,293		$	684,888,033

  

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Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal Election of Trustees	For	Withheld
Cheryl K. Beebe	169,452,067,796	5,900,273,020
John G. Chou	173,279,757,273	2,072,583,543
Eileen H. Dowling	173,287,456,218	2,064,884,598
Lawrence Hughes	173,486,691,901	1,865,648,915
John F. Killian	173,511,167,174	1,841,173,642
Steven D. Krichmar	173,484,256,228	1,868,084,588
Michael Latham	173,498,020,286	1,854,320,530
Lawrence W. Stranghoener	173,455,949,165	1,896,391,651
Paul C. Wirth	173,324,070,424	2,028,270,391

  

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Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

106  

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023 through April 30, 2024, which represents a period of 182 days of a 366 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fee or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	China Equity Fund			Emerging Markets Equity Fund			Emerging Markets Equity ex. China Fund
Share Class	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*
Class A
Actual	$1,000.00	$1,007.52	$7.34	$1,000.00	$1,136.95	$7.01	$1,000.00	$1,177.42	$7.69
Hypothetical 5% return	1,000.00	1,017.55+	7.37	1,000.00	1,018.30+	6.62	1,000.00	1,017.80+	7.12
Class C
Actual	1,000.00	1,003.62	11.06	1,000.00	1,132.63	10.98	1,000.00	1,173.39	11.73
Hypothetical 5% return	1,000.00	1,013.82+	11.12	1,000.00	1,014.57+	10.37	1,000.00	1,014.07+	10.87
Institutional
Actual	1,000.00	1,009.39	5.65	1,000.00	1,138.90	5.42	1,000.00	1,179.92	5.75
Hypothetical 5% return	1,000.00	1,019.24+	5.67	1,000.00	1,019.79+	5.12	1,000.00	1,019.59+	5.32
Service
Actual	N/A	N/A	N/A	1,000.00	1,135.89	8.07	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,017.30+	7.62	N/A	N/A	N/A
Investor
Actual	1,000.00	1,008.88	6.09	1,000.00	1,138.49	5.69	1,000.00	1,178.55	6.34
Hypothetical 5% return	1,000.00	1,018.80+	6.12	1,000.00	1,019.54+	5.37	1,000.00	1,019.05+	5.87
Class R6
Actual	1,000.00	1,008.94	5.59	1,000.00	1,138.87	5.37	1,000.00	1,179.85	5.69
Hypothetical 5% return	1,000.00	1,019.29+	5.62	1,000.00	1,019.84+	5.07	1,000.00	1,019.64+	5.27
Class R
Actual	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,175.48	9.03
Hypothetical 5% return	N/A	N/A	N/A	N/A	N/A	N/A	1,000.00	1,016.56+	8.37
Class P
Actual	1,000.00	1,009.03	5.59	1,000.00	1,138.87	5.37	1,000.00	1,179.00	5.69
Hypothetical 5% return	1,000.00	1,019.29+	5.62	1,000.00	1,019.84+	5.07	1,000.00	1,019.64+	5.27

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

107

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited) (continued)

	ESG Emerging Markets Equity Fund			International Equity ESG Fund			International Equity Income Fund
Share Class	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*	Beginning   Account Value  11/1/23	Ending  Account Value  4/30/24	Expenses  Paid for the 6 months  ended 4/30/24*
Class A
Actual	$1,000.00	$ 1,136.81	$7.33	$1,000.00	$ 1,144.67	$6.24	$1,000.00	$ 1,162.03	$6.24
Hypothetical 5% return	1,000.00	1,018.00+	6.92	1,000.00	1,019.05+	5.87	1,000.00	1,019.10+	5.82
Class C
Actual	1,000.00	1,132.69	11.29	1,000.00	1,140.02	10.22	1,000.00	1,157.29	10.24
Hypothetical 5% return	1,000.00	1,014.27+	10.67	1,000.00	1,015.32+	9.62	1,000.00	1,015.37+	9.57
Institutional
Actual	1,000.00	1,136.90	5.68	1,000.00	1,146.05	4.59	1,000.00	1,164.10	4.47
Hypothetical 5% return	1,000.00	1,019.54+	5.37	1,000.00	1,020.59+	4.32	1,000.00	1,020.74+	4.17
Service
Actual	N/A	N/A	N/A	1,000.00	1,143.71	7.25	N/A	N/A	N/A
Hypothetical 5% return	N/A	N/A	N/A	1,000.00	1,018.10+	6.82	N/A	N/A	N/A
Investor
Actual	1,000.00	1,137.44	6.01	1,000.00	1,145.89	4.91	1,000.00	1,163.88	4.90
Hypothetical 5% return	1,000.00	1,019.24+	5.67	1,000.00	1,020.29+	4.62	1,000.00	1,020.34+	4.57
Class R6
Actual	1,000.00	1,137.85	5.63	1,000.00	1,146.59	4.54	1,000.00	1,164.38	4.41
Hypothetical 5% return	1,000.00	1,019.59+	5.32	1,000.00	1,020.64+	4.27	1,000.00	1,020.79+	4.12
Class R
Actual	1,000.00	1,133.87	8.65	N/A	N/A	N/A	1,000.00	1,160.89	7.58
Hypothetical 5% return	1,000.00	1,016.76+	8.17	N/A	N/A	N/A	1,000.00	1,017.85+	7.07
Class P
Actual	1,000.00	1,138.02	5.63	1,000.00	1,146.43	4.54	1,000.00	1,164.48	4.41
Hypothetical 5% return	1,000.00	1,019.59+	5.32	1,000.00	1,020.64+	4.27	1,000.00	1,020.79+	4.12

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
China Equity Fund		1.47	%		2.22	%		1.13	%		N/A			1.22	%		1.12	%		N/A			1.12	%
Emerging Markets Equity Fund		1.32			2.07			1.02			1.52	%		1.07			1.01			N/A			1.01
Emerging Markets Equity ex. China Fund		1.42			2.17			1.06			N/A			1.17			1.05			1.67	%		1.05
ESG Emerging Markets Equity Fund		1.38			2.13			1.07			N/A			1.13			1.06			1.63			1.06
International Equity ESG Fund		1.17			1.92			0.86			1.36			0.92			0.85			N/A			0.85
International Equity Income Fund		1.16			1.91			0.83			N/A			0.91			0.82			1.41			0.82

108

FUNDS PROFILE

 

 

 

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Dynamic Bond Fund⁶

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund

∎ Short Duration High Yield Fund⁴

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁵

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

  Financial Square Funds^SM and Investor Funds^SM and registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

  

  109

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc.(MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). 2024 Goldman Sachs. All rights reserved. 374635-OTU-06/2024 EQINTEMESAR-24

Goldman Sachs Funds Semi-Annual Report April 30, 2024 Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund Goldman Sachs Asset Management

 

 

 

 

Goldman Sachs International Equity Insights Funds

∎ GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

∎   GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

∎   GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

TABLE OF CONTENTS

Market and Economic Review	3
Fund Basics	6
Schedules of Investments	12
Financial Statements	37
Financial Highlights	42
Goldman Sachs Emerging Markets Equity Insights Fund	42
Goldman Sachs International Equity Insights Fund	49
Goldman Sachs International Small Cap Insights Fund	57
Notes to Financial Statements	63
Other Information	81

Effective January 24, 2023, open-end mutual funds and exchange-traded funds are required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

NOT  FDIC-INSURED  May Lose Value  No Bank Guarantee 

  

   

MARKET REVIEW

 

 

Goldman Sachs International Equity Insights Funds

The following are highlights both of key factors affecting the emerging markets and international equity markets and of any key changes made to the Goldman Sachs International Equity Insights Funds (the “Funds”) during the six months ended April 30, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ending October 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.

Market and Economic Review

Emerging Markets Equities

• The emerging markets equity markets, as measured by the MSCI* Emerging Markets Index (net), returned 15.40% during the Reporting Period, performing strongly but lagging developed international equity markets overall.

• As the Reporting Period began in November 2023, the MSCI Emerging Markets Index generated a strong positive return, supported by the view that developed markets’ interest rates had reached their peak. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China struggled as consumer confidence remained weak amid ongoing property market troubles.

• In December 2023, the MSCI Emerging Markets Index rose solidly, as emerging markets equity markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

• The MSCI Emerging Markets Index gained modestly for the first quarter of 2024 overall, falling in January but then posting positive returns in February and March, buoyed by global macroeconomic data that showed encouraging signs.

• China’s equity market stabilized somewhat, as the National People’s Congress announced positive fiscal and monetary support and travel data around the Lunar New Year demonstrated encouraging activity levels in line with pre-pandemic totals.

• India maintained strong positive returns from 2023 into 2024, as both domestic and foreign investor flows boosted its equity market and as investors continued to see value in the country’s long-term, domestically-driven growth story.

• Latin American equity markets saw divergent fortunes. Brazil significantly underperformed the MSCI Emerging Markets Index, as larger stocks disappointed on poor dividend payouts and on poor performance of commodity-related stocks, which are a large component of Brazil’s index. On the other hand, Mexico performed well, as the supply-chain diversification trend attracted investment.

• Taiwan and South Korea posted strong returns toward the end of the quarter, as semiconductor prices showed signs of recovery from the post-pandemic slump and as the improving forecast for chip demand, in part driven by artificial intelligence (“AI”)- related products, boosted earnings forecasts.

• Egypt saw the largest underperformance, as the International Monetary Fund announced it would tie payments of an $8 billion financial program to improvements in currency access. This led to a sharp decline in the local currency, which contributed to poor performance of its equity market.

• The MSCI Emerging Markets Index was virtually flat in April 2024, albeit modestly positive.

• Asia was the best performing emerging markets region, mainly driven by China, while Latin America continued to be the weakest region, with major markets, such as Brazil and Mexico, posting declines.

• Overall, emerging markets’ currencies struggled as U.S. interest rate views changed rapidly during the month. In turn, rate cut hopes in the emerging markets were also pushed back, with some countries, such as Indonesia, hiking interest rates to defend its currency.

*Source: MSCI

  

  3

MARKET REVIEW

 

 

 

 

 

 

• The main driver of returns was improvement in risk appetite for China, as indicated by positive flows into the Chinese equity market from both domestic and foreign investors. These flows were likely driven by attractive valuations in the context of earnings forecasts and historical averages; better than expected economic activity data; and supportive policy measures in financial markets and the real estate sector. India also had a strong month.

• In Taiwan, the key theme for the month continued to be the AI supply chain. Strong AI-driven demand was positive but a slower recovery in semiconductor demand outside of AI meant the overall Taiwan market consolidated for the month following a strong rally in the first quarter of 2024. Separately, South Korea’s equity market meaningfully corrected.

• All 11 sectors of the MSCI Emerging Markets Index posted positive returns during the Reporting Period overall. During the Reporting Period as a whole, the best performing sectors within the MSCI Emerging Markets Index were information technology, utilities and energy. The weakest performing sectors were health care, consumer staples and real estate.

• The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, Colombia, Turkey, Taiwan and India. The weakest performing countries were Egypt, Hong Kong, Czech Republic and Thailand, each of which posted negative total returns for the Reporting Period. United Arab Emirates generated a modestly positive return but was also among the weakest constituents in the MSCI Emerging Markets Index during the Reporting Period.

• Of the largest emerging markets equity markets, the equity markets of China, Taiwan, India, Brazil and Saudi Arabia posted total returns for the Reporting Period of 4.76%, 31.12%, 25.83%, 6.57% and 13.14%, respectively.

International Equities

• Developed international equity markets, as represented by the MSCI EAFE Index (net), returned 18.63%, during the Reporting Period, only modestly underperforming the U.S. equity market, as represented by the 20.98% return of the S&P 500 Index.

• As the Reporting Period began in November 2023, international equities performed strongly. Indeed, November was the MSCI EAFE Index’s highest returning month of calendar year 2023, as waning inflation numbers globally indicated towards a peaking of central bank tightening cycles.

• After a strong November, international equities continued to perform well in December 2023, with the late-year rally fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and the fizzling out of the “higher for longer” narrative.

• The MSCI EAFE Index posted solid positive returns for the first quarter of 2024. While continuing to temper interest rate cut expectations, markets welcomed positive readouts both from corporate earnings reports and macroeconomic indicators.

• European equities gained, with economically-sensitive sectors, such as industrials and consumer discretionary, leading the region’s equity market, as Europe demonstrated economic resilience and an improving outlook. Its Purchasing Manager’s Index (“PMI”) rose to 49.9 in March, approaching expansionary territory. On the other hand, interest rate-sensitive sectors, such as real estate and utilities, suffered from the European Central Bank’s (“ECB”) cautionary guidance, which diminished expectations of imminent interest rate cuts. However, inflation continued to approach the ECB’s 2% target, cooling to 2.6% in February.

• Similarly, in the U.K., inflation fell to 3.4% in February, its lowest level since September 2021. Nonetheless, the U.K. equity market lagged those of other developed markets, though remaining in positive territory. The U.K. market was challenged somewhat by underwhelming corporate earnings as well as by poor economic data signaling that the U.K. had entered a technical recession in the fourth quarter of 2023. (A technical recession is two successive quarters of negative economic growth.)

• Japanese equity markets carried their strong 2023 momentum into the first months of 2024, as it was the best performing major geography for the first quarter, with its leading stock index surpassing all-time highs for the first time in 34 years. Japan may have reached an inflection point in its economic cycle with the return of inflation and wage growth, a positive development, particularly for foreign investors who have seen Japan as an opportunity to rotate out of China. The Bank of Japan (“BoJ”) put an end to its negative interest rate policy, in place for eight years. Inflation as well as a weaker yen were tailwinds for Japanese corporate earnings, which, in turn, surprised to the upside.

  

4  

MARKET REVIEW

 

 

 

 

 

 

• International equities, as measured by the MSCI EAFE Index, then fell in April 2024. Despite positive macroeconomic indicators, particularly in Europe, international developed markets declined as expectations of interest rate cuts meaningfully diminished.

• European equities’ decline was largely attributable to the return of the “higher for longer” narrative. However, the region’s inflation reading was widely expected to be 2.4% in April, remaining stable relative to March and thus fueling expectations that the first ECB interest rate cut may come in June 2024. Moreover, the region’s first quarter Gross Domestic Product expanded by 0.3% quarter-over-quarter and its PMI reached an 11-month high at 51.4, entering expansionary territory.

• The U.K. equity market was the best performing major region in April, posting a positive total return. The MSCI EAFE Value Index significantly outperformed the MSCI EAFE Growth Index in the month, which presented a tailwind for the U.K. equity market, which is heavily weighted toward segments such as financials, energy and resources. U.K. equity market performance was also buoyed by sterling weakness and a recovery in commodity prices.

• The Japanese equity market declined in April. After an especially strong first quarter of 2024, the Japanese equity market saw some correction in April. This was most prevalent in the form of profit taking from large-cap and semiconductor stocks. Also, after putting an end to its negative rate policy in the first calendar quarter, the BoJ did not take any further action during its April meeting. Despite positive wage growth, there were concerns that imported inflation due to the interest rate differential between Japan and other developed markets may weaken domestic consumption.

• All 11 sectors in the MSCI EAFE Index posted positive returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials. The weakest performing sectors were consumer staples, utilities and energy.

• The best performing countries within the MSCI EAFE Index during the Reporting Period were the Netherlands, Israel, Denmark, Sweden and Italy. The weakest performing country during the Reporting Period was Hong Kong, the only constituent of the MSCI EAFE Index to post a negative absolute return during the Reporting Period. Portugal, Norway, Finland and Switzerland each generated a positive return but were also among the weakest performing countries in the MSCI EAFE Index during the Reporting Period.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

  

  5

FUND BASICS

 

 

Goldman Sachs Emerging Markets Equity Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®* Emerging Markets Standard Index (Net, USD, Unhedged)2
Class A	17.73%	15.40%
Class C	17.31	15.40
Institutional	18.08	15.40
Investor	18.00	15.40
Class R6	17.96	15.40
Class R	17.64	15.40
Class P	17.97	15.40

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2024, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 25 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Korea, Kuwait, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 04/30/24³

Holding	% of Net Assets	Line of Business	Country
Taiwan Semiconductor Manufacturing Co. Ltd.	7.2%	Semiconductors & Semiconductor Equipment	Taiwan
Samsung Electronics Co. Ltd.	4.6	Technology Hardware, Storage & Peripherals	South Korea
Tencent Holdings Ltd.	4.3	Interactive Media & Services	China
Alibaba Group Holding Ltd.	1.9	Broadline Retail	China
Itau Unibanco Holding SA	1.9	Banks	Brazil
CTBC Financial Holding Co. Ltd.	1.6	Banks	Taiwan
Bharat Petroleum Corp. Ltd.	1.6	Oil, Gas & Consumable Fuels	India
ICICI Bank Ltd. ADR	1.5	Banks	India
MediaTek, Inc.	1.4	Semiconductors & Semiconductor Equipment	Taiwan
Vale SA ADR	1.3	Metals & Mining	Brazil

³ The top 10 holdings may not be representative of the Fund’s future investments.

*Source: MSCI

 

6  

FUND BASICS

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  *Source: MSCI

  

  7

FUND BASICS

 

 

Goldman Sachs International Equity Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®*EAFE Standard Index (Net, USD, Unhedged)2
Class A	18.55%	18.63%
Class C	18.14	18.63
Institutional	18.75	18.63
Service	18.50	18.63
Investor	18.67	18.63
Class R6	18.86	18.63
Class R	18.41	18.63
Class P	18.81	18.63

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2024, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI^® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 04/30/24³

Holding	% of Net Assets	Line of Business	Country
Novo Nordisk A/S, Class B	3.7%	Pharmaceuticals	Denmark
ASML Holding NV	3.4	Semiconductors & Semiconductor Equipment	Netherlands
Nestle SA	1.8	Food Products	United States
Roche Holding AG	1.6	Pharmaceuticals	United States
ABB Ltd.	1.5	Electrical Equipment	Switzerland
AstraZeneca PLC ADR	1.4	Pharmaceuticals	United Kingdom
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	1.4	Insurance	Germany
Industria de Diseno Textil SA	1.3	Specialty Retail	Spain
Honda Motor Co. Ltd.	1.3	Automobiles	Japan
BHP Group Ltd.	1.3	Metals & Mining	Australia

³  The top 10 holdings may not be representative of the Fund’s future investments.

  *Source: MSCI

 

8  

FUND BASICS

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.0% of the Fund’s net assets at April 30, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  *Source: MSCI

  

  9

FUND BASICS

 

 

Goldman Sachs International Small Cap Insights Fund

as of April 30, 2024

PERFORMANCE REVIEW

November 1, 2023-April 30, 2024	Fund Total Return (based on NAV)1	MSCI®*EAFE Small Cap Index (Net, USD, Unhedged)2
Class A	18.80%	17.32%
Class C	18.38	17.32
Institutional	19.02	17.32
Investor	19.05	17.32
Class R6	19.06	17.32
Class P	18.97	17.32

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index.

  The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

TOP TEN HOLDINGS AS OF 4/30/24³

Holding	% of Net Assets	Line of Business	Country
Tokyu Fudosan Holdings Corp.	1.1%	Real Estate Management & Development	Japan
Sojitz Corp.	1.1	Trading Companies & Distributors	Japan
Unipol Gruppo SpA	1.1	Insurance	Italy
IHI Corp.	1.1	Machinery	Japan
Sumitomo Forestry Co. Ltd.	1.0	Household Durables	Japan
NGK Insulators Ltd.	1.0	Machinery	Japan
Nexans SA	1.0	Electrical Equipment	France
Cargotec OYJ, Class B	1.0	Machinery	Finland
Yangzijiang Shipbuilding Holdings Ltd.	1.0	Machinery	China
Bankinter SA	1.0	Banks	Spain

³  The top 10 holdings may not be representative of the Fund’s future investments.

  *Source: MSCI

  

10  

FUND BASICS

 

 

 

 

 

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁴

As of April 30, 2024

⁴  The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.7% of the Fund’s net assets at April 30, 2024. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding.

  For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

  *Source: MSCI

  

  11

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 94.0%
Brazil – 2.6%
45,200	Banco Bradesco SA (Banks)	$	107,590
216,800	Banco do Brasil SA (Banks)		1,144,832
1,033,900	BB Seguridade Participacoes SA (Insurance)		6,411,351
51,600	Cia de Saneamento de Minas Gerais Copasa MG (Utilities)		194,571
84,000	CPFL Energia SA (Utilities)		516,042
1,687,000	CSN Mineracao SA (Materials)		1,604,934
57,325	Embraer SA ADR (Capital Goods)*		1,464,654
629,850	Petroleo Brasileiro SA ADR
	(Energy)		10,688,554
78,100	Porto Seguro SA (Insurance)		450,617
240,000	Telefonica Brasil SA (Telecommunication Services)		2,188,037
1,993,600	Vale SA ADR (Materials)		24,262,112
			49,033,294
Chile – 0.9%
96,768,580	Banco de Chile (Banks)		10,734,705
79,271	Banco de Credito e Inversiones SA (Banks)		2,312,033
23,916	Banco Santander Chile ADR (Banks)		430,010
43,399,775	Cia Sud Americana de Vapores SA (Transportation)		3,385,910
7,868,391	Colbun SA (Utilities)		1,010,462
			17,873,120
China – 25.4%
3,969,600	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)		37,167,621
28,200	BOC Aviation Ltd. (Capital Goods)(a)		224,295
10,590,000	Bosideng International Holdings Ltd. (Consumer Durables & Apparel)		6,130,208
252,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)		209,257
2,793,000	CGN Power Co. Ltd., Class H (Utilities)(a)		936,516
988,800	Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)*		2,421,793
2,630,000	China Cinda Asset Management Co. Ltd., Class H (Financial Services)		237,007
12,941,000	China CITIC Bank Corp. Ltd., Class H (Banks)		7,570,919
4,010,000	China Communications Services Corp. Ltd., Class H (Capital Goods)		1,916,968
3,331,000	China Construction Bank Corp., Class H (Banks)		2,155,127
863,100	China CSSC Holdings Ltd., Class A (Capital Goods)		4,329,396
6,110,400	China Gas Holdings Ltd. (Utilities)		5,721,359

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
2,586,000	China Hongqiao Group Ltd. (Materials)	$	3,568,370
3,054,000	China Lesso Group Holdings Ltd. (Capital Goods)		1,280,194
2,734,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,441,051
607,000	China Nonferrous Mining Corp. Ltd. (Materials)		548,697
235,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)		432,135
612,000	China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)		2,364,912
1,494,000	China Resources Land Ltd. (Real Estate Management & Development)		5,372,181
842,000	China Resources Power Holdings Co. Ltd. (Utilities)		2,093,933
4,865,200	China Taiping Insurance Holdings Co. Ltd. (Insurance)		4,448,331
8,306,000	CITIC Ltd. (Capital Goods)		7,860,818
269,200	CMOC Group Ltd., Class A (Materials)		330,433
4,386,000	CMOC Group Ltd., Class H (Materials)		4,114,989
238,097	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)		6,648,049
6,766,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,555,781
2,678,000	Dongfeng Motor Group Co. Ltd., Class H (Automobiles & Components)		971,158
11,573,000	Geely Automobile Holdings Ltd. (Automobiles & Components)		13,928,784
1,308,321	Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Durables & Apparel)		7,577,145
926,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services)		2,463,242
426,500	H World Group Ltd. (Consumer Services)		1,586,867
128,972	H World Group Ltd. ADR (Consumer Services)		4,734,562
834,490	Huayu Automotive Systems Co. Ltd., Class A (Automobiles & Components)		1,891,468
1,335,921	JD.com, Inc., Class A (Consumer Discretionary Distribution & Retail)		19,248,447
1,048,000	Jiangsu Expressway Co. Ltd., Class H (Transportation)		1,027,791

  

12  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
4,499,300	Jizhong Energy Resources Co. Ltd., Class A (Energy)	$	4,645,091
1,031,197	Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care Equipment & Services)		1,164,776
37,800	Kanzhun Ltd. ADR (Media & Entertainment)		748,062
764,600	Kuaishou Technology (Media & Entertainment)*(a)		5,360,389
3,360,000	Kunlun Energy Co. Ltd. (Utilities)		3,257,114
854,300	Li Auto, Inc., Class A (Automobiles & Components)*		11,192,953
1,547,460	Meituan, Class B (Consumer Services)*(a)		21,129,841
765,000	NetEase, Inc. (Media & Entertainment)		14,339,650
838,200	New Oriental Education & Technology Group, Inc. (Consumer Services)*		6,660,308
102,900	PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)*		12,881,022
16,288,000	People’s Insurance Co. Group of China Ltd. (The), Class H (Insurance)		5,346,134
6,064,000	PetroChina Co. Ltd., Class H (Energy)		5,650,080
765,000	Qingdao Port International Co. Ltd., Class H (Transportation)(a)		500,697
175,000	Sany Heavy Equipment International Holdings Co. Ltd. (Capital Goods)		122,969
1,870,551	Shandong Sun Paper Industry JSC Ltd., Class A (Materials)		4,009,069
6,868,300	Shanghai Construction Group Co. Ltd., Class A (Capital Goods)		2,266,158
9,120,145	Shanghai International Port Group Co. Ltd., Class A (Transportation)		7,052,041
1,038,500	Shenzhen Energy Group Co. Ltd., Class A (Utilities)		1,033,736
7,972	Shenzhen Goodix Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)*		67,163
98,186	Shenzhen SC New Energy Technology Corp., Class A (Semiconductors & Semiconductor Equipment)		926,808
598,600	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		5,883,767
9,566,000	Shougang Fushan Resources Group Ltd. (Materials)		3,644,207

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,002,467	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	$	4,686,107
352,400	Sinomine Resource Group Co. Ltd., Class A (Materials)		1,720,521
1,365,000	Sinopec Engineering Group Co. Ltd., Class H (Capital Goods)		881,186
3,359,500	Sinotruk Hong Kong Ltd. (Capital Goods)		8,360,823
122,900	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)		594,556
1,880,300	Tencent Holdings Ltd. (Media & Entertainment)		82,513,582
2,671,200	Tongcheng Travel Holdings Ltd. (Consumer Services)*		7,030,276
1,488,000	Topsports International Holdings Ltd. (Consumer Discretionary Distribution & Retail)(a)		1,033,378
294,700	Trip.com Group Ltd. (Consumer Services)*		14,354,058
4,403,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)		3,382,723
134,878	Universal Scientific Industrial Shanghai Co. Ltd., Class A (Technology Hardware & Equipment)		274,038
1,019,700	Vipshop Holdings Ltd. ADR (Consumer Discretionary Distribution & Retail)		15,336,288
5,369,500	Weichai Power Co. Ltd., Class A (Capital Goods)		12,859,780
1,726,000	Weichai Power Co. Ltd., Class H (Capital Goods)		3,526,844
826,200	Western Mining Co. Ltd., Class A (Materials)		2,274,277
2,959,000	Xiaomi Corp., Class B (Technology Hardware & Equipment)*(a)		6,450,406
606,000	Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment)		416,968
1,118,000	Xtep International Holdings Ltd. (Consumer Durables & Apparel)		706,600
421,580	Yintai Gold Co. Ltd., Class A (Materials)*		1,067,655
3,469,700	Yutong Bus Co. Ltd., Class A (Capital Goods)		12,228,743
3,478,250	Zhongjin Gold Corp. Ltd., Class A (Materials)		6,251,152
351,800	Zhuzhou CRRC Times Electric Co. Ltd., Class H (Capital Goods)		1,260,857

  

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,538,446	Zijin Mining Group Co. Ltd., Class A (Materials)	$	3,697,526
3,388,000	Zijin Mining Group Co. Ltd., Class H (Materials)		7,390,825
496,600	Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Capital Goods)		377,021
			486,068,029
Czech Republic – 0.1%
29,187	Komercni Banka AS (Banks)*		1,075,390
51,456	Moneta Money Bank AS (Banks)(a)		207,450
			1,282,840
Greece – 0.0%
7,648	Motor Oil Hellas Corinth Refineries SA (Energy)		221,679
21,600	Star Bulk Carriers Corp. (Transportation)		525,312
			746,991
Hong Kong – 0.3%
14,829,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,067,051
1,384,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		1,632,981
			6,700,032
India – 18.6%
224,611	ABB India Ltd. (Capital Goods)		17,587,724
17,620	Action Construction Equipment Ltd. (Capital Goods)		318,740
32,511	Adani Enterprises Ltd. (Capital Goods)		1,187,959
781,045	Adani Ports & Special Economic Zone Ltd. (Transportation)		12,373,345
576,058	Adani Power Ltd. (Utilities)*		4,213,762
81,307	Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,156,503
14,057	Alkem Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		813,919
146,497	Ashoka Buildcon Ltd. (Capital Goods)*		305,273
163,484	Axis Bank Ltd. (Banks)		2,281,926
4,496,343	Bank of Baroda (Banks)		15,118,134
3,829,394	Bharat Electronics Ltd. (Capital Goods)		10,708,416
4,065,646	Bharat Petroleum Corp. Ltd. (Energy)		29,584,008
19,316	Ceat Ltd. (Automobiles & Components)		593,731
318,025	Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,323,832

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
31,262	Cochin Shipyard Ltd. (Capital Goods)(a)	$	487,759
173,882	Cummins India Ltd. (Capital Goods)		6,808,170
233,870	Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		17,182,429
18,330	Eicher Motors Ltd. (Automobiles & Components)		1,009,133
185,134	Equitas Small Finance Bank Ltd. (Banks)(a)		215,111
165,835	Federal Bank Ltd. (Banks)		322,109
83,764	General Insurance Corp. of India (Insurance)(a)		346,212
29,977	Global Health Ltd. (Health Care Equipment & Services)*		517,503
58,655	Godawari Power and Ispat Ltd. (Materials)		624,289
64,141	Hero MotoCorp Ltd. (Automobiles & Components)		3,481,065
108,373	Hindustan Aeronautics Ltd. (Capital Goods)		5,114,296
624,788	Hindustan Petroleum Corp. Ltd. (Energy)		3,706,071
112,292	Hindustan Zinc Ltd. (Materials)		572,916
1,024,260	ICICI Bank Ltd. ADR (Banks)		28,197,878
25,504	ICICI Securities Ltd. (Financial Services)(a)		231,163
780,662	IDBI Bank Ltd. (Banks)		843,669
3,142,615	IDFC Ltd. (Financial Services)*		4,570,767
34,245	IndiaMart InterMesh Ltd. (Capital Goods)(a)		1,082,037
559,145	Indian Bank (Banks)		3,668,619
3,001,634	Indian Oil Corp. Ltd. (Energy)		6,061,452
662,381	ITD Cementation India Ltd. (Capital Goods)		2,997,350
2,397,032	Jamna Auto Industries Ltd. (Capital Goods)		3,995,489
44,829	JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,023,037
220,040	Jindal Saw Ltd. (Materials)		1,455,928
8,450	Jindal Stainless Ltd. (Materials)		71,470
97,207	JSW Energy Ltd. (Utilities)		733,145
1,263,849	JSW Steel Ltd. (Materials)		13,315,846
356,423	KNR Constructions Ltd. (Capital Goods)		1,131,174
30,847	Larsen & Toubro Ltd. (Capital Goods)		1,325,987
536,827	Lupin Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,570,145
19,644	Mahanagar Gas Ltd. (Utilities)		339,535
28,333	Max Healthcare Institute Ltd. (Health Care Equipment & Services)		284,717

  

14  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
India – (continued)
38,826	Motilal Oswal Financial Services Ltd. (Financial Services)	$	1,104,171
2,045	MRF Ltd. (Automobiles & Components)		3,255,160
96,747	Narayana Hrudayalaya Ltd. (Health Care Equipment & Services)		1,490,941
1,984,474	NCC Ltd. (Capital Goods)		5,740,599
118,559	NMDC Ltd. (Materials)		359,788
2,604,653	NTPC Ltd. (Utilities)		11,319,656
1,615,486	Petronet LNG Ltd. (Energy)		5,996,365
2,387,472	Power Finance Corp. Ltd. (Financial Services)		12,584,967
13,371	Power Grid Corp. of India Ltd. (Utilities)		48,226
890,806	PTC India Ltd. (Utilities)		2,390,561
160,599	Rail Vikas Nigam Ltd. (Capital Goods)		548,382
2,041	Reliance Industries Ltd. (Energy)		71,648
6,381	Shree Cement Ltd. (Materials)		1,868,160
1,146,935	South Indian Bank Ltd. (The) (Banks)		421,859
1,882,629	State Bank of India (Banks)		18,596,526
106,120	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,906,464
322,287	Tata Consultancy Services Ltd. (Software & Services)		14,709,218
2,948	Tata Investment Corp. Ltd. (Financial Services)		233,930
52,550	Tata Motors Ltd. (Automobiles & Components)		633,704
1,351,844	Tata Motors Ltd., Class A (Automobiles & Components)		11,026,815
209,605	Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		6,621,284
141,411	Trent Ltd. (Consumer Discretionary Distribution & Retail)		7,464,368
52,012	Triveni Turbine Ltd. (Capital Goods)		334,735
537,977	Varun Beverages Ltd. (Food, Beverage & Tobacco)		9,516,712
303,525	Welspun Corp. Ltd. (Materials)		2,045,231
907,684	Zydus Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		10,367,384
			355,510,597
Indonesia – 2.5%
2,080,900	AKR Corporindo Tbk PT (Energy)		214,361
18,293,700	Aneka Tambang Tbk (Materials)		1,838,883
2,652,600	Astra International Tbk PT (Capital Goods)		837,042

Shares	Description	Value
Common Stocks – (continued)
Indonesia – (continued)
19,135,200	Bank Central Asia Tbk PT (Banks)	$	11,505,701
39,526,800	Bank Mandiri Persero Tbk PT (Banks)		16,707,075
756,400	Bank Negara Indonesia Persero Tbk PT (Banks)		243,362
8,246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks)		514,754
22,175,900	Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks)		811,480
38,035,600	Bank Rakyat Indonesia Persero Tbk PT (Banks)		11,513,512
551,200	Indocement Tunggal Prakarsa Tbk PT (Materials)		262,179
719,300	Indofood CBP Sukses Makmur Tbk PT (Food, Beverage & Tobacco)		480,794
19,649,700	Perusahaan Gas Negara Tbk PT (Utilities)		1,774,420
1,456,400	Telkom Indonesia Persero Tbk PT (Telecommunication Services)		282,336
226,900	United Tractors Tbk PT (Energy)		345,817
			47,331,716
Kuwait – 0.3%
406,820	Agility Global PLC (Transportation)*		—
203,410	Agility Public Warehousing Co. KSC (Transportation)		208,061
418,747	Burgan Bank SAK (Banks)		245,239
23,921	Humansoft Holding Co. KSC (Consumer Services)		224,933
1,596,801	Kuwait Finance House KSCP (Banks)		3,724,980
225,913	National Bank of Kuwait SAKP (Banks)		633,128
220,299	National Investments Co. KSCP (Financial Services)		181,350
			5,217,691
Luxembourg – 0.0%
275	Reinet Investments SCA (Financial Services)		6,463
Mexico – 2.3%
802,193	Arca Continental SAB de CV (Food, Beverage & Tobacco)		7,825,839
223,072	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)		22,117,589
29,808	FIBRA Macquarie Mexico REIT (Equity Real Estate Investment Trusts (REITs))(a)		53,628
11,400	Gruma SAB de CV, Class B (Food, Beverage & Tobacco)		223,904

  

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Mexico – (continued)
1,135,206	Grupo Financiero Banorte SAB de CV, Class O (Banks)	$	11,235,595
575,186	Grupo Financiero Inbursa SAB de CV, Class O (Banks)*		1,593,864
203,635	Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products)		423,894
40,440	Promotora y Operadora de Infraestructura SAB de CV (Transportation)		406,247
			43,880,560
Peru – 0.1%
13,700	Credicorp Ltd. (Banks)		2,268,857
Philippines – 0.6%
173,100	Aboitiz Power Corp. (Utilities)		111,018
930,379	Bank of the Philippine Islands (Banks)		2,053,426
962,960	BDO Unibank, Inc. (Banks)		2,470,389
622,990	International Container Terminal Services, Inc. (Transportation)		3,569,587
146,650	Jollibee Foods Corp. (Consumer Services)		596,288
1,632,960	Metropolitan Bank & Trust Co. (Banks)		1,975,875
			10,776,583
Poland – 2.0%
8,149	Alior Bank SA (Banks)*		207,598
256,870	Bank Pekao SA (Banks)		10,634,496
5,511	Budimex SA (Capital Goods)		932,258
14,901	Grupa Kety SA (Materials)		3,087,707
1,786,939	Powszechny Zaklad Ubezpieczen SA (Insurance)		22,490,222
			37,352,281
Qatar – 0.3%
859,217	Commercial Bank PSQC (The) (Banks)		980,041
10,067	Qatar Electricity & Water Co. QSC (Utilities)		42,232
290,887	Qatar Gas Transport Co. Ltd. (Energy)		318,871
348,385	Qatar Islamic Bank (Banks)		1,749,563
809,936	Qatar National Bank QPSC (Banks)		3,083,658
			6,174,365
Russia – 0.0%
106,118	PhosAgro PJSC, GDR (Materials)*(b)		—
683	PhosAgro PJSC NPV (Materials)(b)		—
18,426	Polyus PJSC, GDR (Materials)*(b)		—
2,789,380	Sberbank of Russia PJSC (Banks)(b)		—

Shares	Description	Value
Common Stocks – (continued)
Russia – (continued)
274,080,000	VTB Bank PJSC (Banks)*(b)	$	—
			—
Saudi Arabia – 3.8%
227,836	Al Hammadi Holding (Health Care Equipment & Services)		3,369,190
339,564	Al Rajhi Bank (Banks)		7,222,276
4,561	Aldrees Petroleum and Transport Services Co. (Energy)		203,598
1,518,872	Alinma Bank (Banks)		13,473,203
1,199,113	Arab National Bank (Banks)		9,855,935
118,788	Bank AlBilad (Banks)		1,129,119
151,919	Banque Saudi Fransi (Banks)		1,482,412
207,791	Bawan Co. (Capital Goods)		2,626,058
45,169	Bupa Arabia for Cooperative Insurance Co. (Insurance)		2,904,805
3,555	Mouwasat Medical Services Co. (Health Care Equipment & Services)		127,391
1,046	National Co. for Learning & Education (Consumer Services)		42,112
27,873	National Medical Care Co. (Health Care Equipment & Services)		1,365,726
1,512,789	Riyad Bank (Banks)		11,154,441
136,267	Saudi Arabian Mining Co. (Materials)*		1,836,918
953,945	Saudi Awwal Bank (Banks)		10,352,124
18,498	Saudi Cement Co. (Materials)		226,379
438,008	Saudi Chemical Co. Holding (Health Care Equipment & Services)		940,107
103,971	Saudi Investment Bank (The) (Banks) 467,030
225,937	Saudi National Bank (The) (Banks)		2,261,734
24,250	Saudi Steel Pipe Co. (Materials)*		531,077
135,306	Sustained Infrastructure Holding Co. (Transportation)		1,369,078
			72,940,713
South Africa – 1.4%
39,474	African Rainbow Minerals Ltd. (Materials)		407,772
6,104,315	FirstRand Ltd. (Financial Services)		21,073,024
303,568	Investec Ltd. (Financial Services)		1,934,835
1,874,806	Old Mutual Ltd. (Insurance)		1,097,715
280,598	Standard Bank Group Ltd. (Banks)		2,635,030
29,498	Sun International Ltd. (Consumer Services)		57,722
			27,206,098

  

16  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
South Korea – 12.7%
13,802	Advanced Process Systems Corp. (Semiconductors & Semiconductor Equipment)	$	345,774
5,447	Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		408,852
9,926	Daewoong Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		800,688
5,580	Daishin Securities Co. Ltd. (Financial Services)		63,219
11,986	Daou Technology, Inc. (Financial Services)		170,486
169,918	DB Insurance Co. Ltd. (Insurance)		11,918,881
134,429	GS Holdings Corp. (Capital Goods)		4,346,325
40,826	HAESUNG DS Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,460,594
76,304	Hana Financial Group, Inc. (Banks)		3,218,259
164,969	Hankook Tire & Technology Co. Ltd. (Automobiles & Components)		7,000,015
48,222	Hanmi Science Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,177,886
113,058	Hanmi Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)		10,766,141
7,259	Hanwha Aerospace Co. Ltd. (Capital Goods)		1,102,618
133,151	Hanwha General Insurance Co. Ltd. (Insurance)		484,252
177,840	HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods)*		16,791,021
86,591	HDC Hyundai Development Co.-Engineering & Construction, Class E (Capital Goods)		1,098,209
27,736	Hyundai Engineering & Construction Co. Ltd. (Capital Goods)		706,580
4,188	Hyundai Glovis Co. Ltd. (Transportation)		548,252
46,608	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		1,052,132
103,863	Industrial Bank of Korea (Banks)		1,044,190
247,944	JB Financial Group Co. Ltd. (Banks)		2,378,984
102,410	KB Financial Group, Inc. (Banks)		5,554,405
256,787	Kia Corp. (Automobiles & Components)		21,755,667

Shares	Description	Value
Common Stocks – (continued)
South Korea – (continued)
3,285	KoMiCo Ltd. (Semiconductors & Semiconductor Equipment)	$	215,012
150,069	Korea Aerospace Industries Ltd. (Capital Goods)		5,587,830
73,039	Korea Investment Holdings Co. Ltd. (Financial Services)		3,530,235
47,927	Korean Reinsurance Co. (Insurance)		283,280
100,411	KT Corp. (Telecommunication Services)		2,510,471
13,198	LIG Nex1 Co. Ltd. (Capital Goods)		1,527,941
292,199	Meritz Financial Group, Inc. (Financial Services)		16,707,199
24,193	NAVER Corp. (Media & Entertainment)		3,191,046
17,028	Poongsan Corp. (Materials)		795,669
2,910	POSCO Holdings, Inc. (Materials)		840,061
18,944	PSK, Inc. (Semiconductors & Semiconductor Equipment)		400,519
24,893	Samsung Card Co. Ltd. (Financial Services)		701,177
1,567,504	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		87,132,278
42,088	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		9,420,376
11,682	Samsung Life Insurance Co. Ltd. (Insurance)		736,117
102,281	Samsung Securities Co. Ltd. (Financial Services)		2,797,989
445	SeAH Steel Holdings Corp. (Materials)		74,343
116,438	Shinhan Financial Group Co. Ltd. (Banks)		3,912,003
156,316	Shinsung E&G Co. Ltd. (Semiconductors & Semiconductor Equipment)*		241,548
18,655	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		2,302,133
45,350	Systems Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,157,708
171,042	Worldex Industry & Trading Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,924,808
14,609	Yuhan Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		759,923
			241,943,096
Taiwan – 16.8%
48,000	Advanced Wireless Semiconductor Co. (Semiconductors & Semiconductor Equipment)*		202,043
222,455	Advantech Co. Ltd. (Technology Hardware & Equipment)		2,587,468

  

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
28,000	AIC, Inc. (Technology Hardware & Equipment)	$	267,686
1,083,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)		2,418,768
1,135,000	ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment)		5,105,908
112,000	ASROCK, Inc. (Technology Hardware & Equipment)		770,299
68,000	Brighton-Best International Taiwan, Inc. (Capital Goods)		72,674
381,000	Cheng Shin Rubber Industry Co. Ltd. (Automobiles & Components)		550,061
1,707,000	Chicony Electronics Co. Ltd. (Technology Hardware & Equipment)		10,567,371
148,000	Chicony Power Technology Co. Ltd. (Capital Goods)*		786,367
23,000	China Motor Corp. (Automobiles & Components)		100,746
576,000	Chong Hong Construction Co. Ltd. (Real Estate Management & Development)		2,264,234
11,849,000	Compal Electronics, Inc. (Technology Hardware & Equipment)		12,924,406
30,085,000	CTBC Financial Holding Co. Ltd. (Banks)		31,400,292
142,000	Darfon Electronics Corp. (Technology Hardware & Equipment)		274,590
178,000	Delta Electronics, Inc. (Technology Hardware & Equipment)		1,743,207
47,000	Elan Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		236,562
188,000	FocalTech Systems Co. Ltd. (Semiconductors & Semiconductor Equipment)*		484,319
130,000	Genesys Logic, Inc. (Semiconductors & Semiconductor Equipment)		374,325
326,000	Getac Holdings Corp. (Technology Hardware & Equipment)		1,045,146
457,000	Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment)		4,025,159
1,444,000	Goldsun Building Materials Co. Ltd. (Materials)		2,127,750
1,082,000	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		5,150,699

Shares	Description	Value
Common Stocks – (continued)
Taiwan – (continued)
772,000	Inventec Corp. (Technology Hardware & Equipment)	$	1,238,456
959,000	ITE Technology, Inc. (Semiconductors & Semiconductor Equipment)		4,873,508
66,000	Keystone Microtech Corp. (Semiconductors & Semiconductor Equipment)		599,123
2,878,000	King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,374,412
118,000	King’s Town Bank Co. Ltd. (Banks)		203,298
494,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		1,495,230
131,000	Longwell Co. (Capital Goods)		314,540
910,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		27,437,576
147,000	MPI Corp. (Semiconductors & Semiconductor Equipment)		1,972,967
72,000	Orient Semiconductor Electronics Ltd. (Semiconductors & Semiconductor Equipment)		139,587
126,000	Pegatron Corp. (Technology Hardware & Equipment)		375,786
98,000	Pixart Imaging, Inc. (Semiconductors & Semiconductor Equipment)		472,969
1,594,000	Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		8,488,638
1,952,000	Quanta Computer, Inc. (Technology Hardware & Equipment)		15,319,771
64,000	Shin Zu Shing Co. Ltd. (Capital Goods)		339,839
75,000	Shinkong Insurance Co. Ltd. (Insurance)		221,869
5,764,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		138,011,884
89,000	Test Research, Inc. (Technology Hardware & Equipment)		288,564
113,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)		863,730
378,000	Visual Photonics Epitaxy Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,781,488
4,031,000	Wistron Corp. (Technology Hardware & Equipment)		13,802,391
140,000	Wiwynn Corp. (Technology Hardware & Equipment)		9,959,472
			322,055,178

  

18  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Thailand – 0.9%
528,900	Bumrungrad Hospital PCL (Health Care Equipment & Services)	$	3,490,872
4,143,000	Krung Thai Bank PCL (Banks)		1,873,717
306,500	PTT Exploration & Production PCL (Energy)		1,282,180
4,803,400	PTT PCL (Energy)		4,353,194
2,047,000	SCB X PCL (Banks)		5,861,957
			16,861,920
Turkey – 1.5%
298,870	Aygaz AS (Utilities)		1,807,824
569,466	Enka Insaat ve Sanayi AS (Capital Goods)		675,209
109,825	KOC Holding AS (Capital Goods)		766,728
185,404	Migros Ticaret AS (Consumer Staples Distribution & Retail)		2,530,351
3,594,921	Turkiye Is Bankasi AS, Class C (Banks)		1,521,830
3,549,497	Turkiye Petrol Rafinerileri AS (Energy)		21,459,462
			28,761,404
United Arab Emirates – 0.7%
471,484	Abu Dhabi Islamic Bank PJSC (Banks)		1,432,590
573,081	Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary Distribution & Retail)		544,543
385,623	Air Arabia PJSC (Transportation)		280,774
225,328	Dubai Islamic Bank PJSC (Banks)		341,099
37,155	Emaar Development PJSC (Real Estate Management & Development)*		84,570
2,251,350	Emirates NBD Bank PJSC (Banks)		10,420,363
28,474	National Marine Dredging Co. (Capital Goods)		206,681
			13,310,620
United Kingdom – 0.2%
140,959	Anglogold Ashanti PLC (Materials)		3,241,860
TOTAL COMMON STOCKS (Cost $1,537,134,514)			1,796,544,308

Shares		Description	Rate			Value
Preferred Stocks – 3.7%
Brazil – 3.1%
	5,853,400	Itau Unibanco Holding SA (Banks)		7.53	%		35,350,811

Shares		Description	Rate			Value
Preferred Stocks – (continued)
Brazil – (continued)
	2,676,400	Petroleo Brasileiro SA (Energy)		8.43	%	$	21,658,192
	300,400	Randon SA Implementos e Participacoes (Capital Goods)		5.44			618,433
							57,627,436
South Korea – 0.6%
	284,543	Mirae Asset Securities Co. Ltd., N.A. (Financial Services)		4.12			749,043
	199,295	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		2.22			9,305,307
	8,168	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		6.56			1,439,834
							11,494,184
TOTAL PREFERRED STOCKS (Cost $70,797,561)							69,121,620

Shares	Dividend Rate	Value
Investment Company – 0.3%(c)
Goldman Sachs Financial Square Government Fund - Institutional Shares
6,414,871	5.223%		6,414,871
(Cost $6,414,871)
TOTAL INVESTMENTS – 98.0% (Cost $1,614,346,946)		$	1,872,080,799
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			39,145,586
NET ASSETS – 100.0%		$	1,911,226,385

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.

  

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of  Market  Value
Financials		25.6	%
Information Technology		22.6
Consumer Discretionary		13.3
Industrials		10.5
Energy		6.2
Communication Services		6.0
Materials		5.6
Health Care		5.0
Consumer Staples		2.5
Utilities		2.0
Real Estate		0.4
Investment Company		0.3
TOTAL INVESTMENTS		100.0	%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount	Unrealized Appreciation/ (Depreciation)
Long position contracts:
MSCI Emerging Markets Index	565	06/21/24	$ 29,436,500	$	(194,130)

  

20  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 94.6%
Australia – 6.7%
886,861	AMP Ltd. (Financial Services)	$	624,204
793,617	BHP Group Ltd. (Materials)		21,765,836
154,293	Brambles Ltd. (Commercial & Professional Services)		1,451,536
228,809	Challenger Ltd. (Financial Services)		985,802
46,128	Cochlear Ltd. (Health Care Equipment & Services)		9,622,671
155,859	Coles Group Ltd. (Consumer Staples Distribution & Retail)		1,625,488
54,074	Commonwealth Bank of Australia (Banks)		3,961,977
903,749	Deterra Royalties Ltd. (Materials)		2,860,727
714,090	Dexus REIT (Equity Real Estate Investment Trusts (REITs))		3,243,550
530,321	Fortescue Ltd. (Materials)		8,789,779
1,225,382	Glencore PLC (Materials)		7,129,965
2,490,534	Insurance Australia Group Ltd. (Insurance)		10,318,227
605,834	National Australia Bank Ltd. (Banks)		13,132,988
335,917	Northern Star Resources Ltd. (Materials)		3,184,068
129,870	Reece Ltd. (Capital Goods)		2,303,850
19,586	Rio Tinto Ltd. (Materials)		1,630,032
17,670	Rio Tinto PLC ADR (Materials)		1,198,556
3,087,108	Scentre Group REIT (Equity Real Estate Investment Trusts (REITs))		6,251,551
641,605	Suncorp Group Ltd. (Insurance)		6,852,610
40,577	Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)*		296,141
85,555	Westpac Banking Corp. (Banks)		1,420,756
12,987	WiseTech Global Ltd. (Software & Services)		765,098
60,675	Woolworths Group Ltd. (Consumer Staples Distribution & Retail)		1,244,877
			110,660,289
Austria – 0.5%
58,158	BAWAG Group AG (Banks)*(a)		3,472,662
76,348	Erste Group Bank AG (Banks)		3,560,498
42,172	Raiffeisen Bank International AG (Banks)		778,869
			7,812,029
Belgium – 0.1%
19,160	KBC Group NV (Banks)		1,423,285
31,861	Umicore SA (Materials)		705,729
			2,129,014
China – 0.6%
82,174	Prosus NV (Consumer Discretionary Distribution & Retail)*		2,749,539

Shares	Description	Value
Common Stocks – (continued)
China – (continued)
1,156,700	Wilmar International Ltd. (Food, Beverage & Tobacco)	$	2,718,908
3,885,000	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		4,986,837
			10,455,284
Denmark – 5.6%
66,187	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*		18,375,505
7,147	Jyske Bank A/S (Banks)		578,263
477,530	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)		61,239,550
63,917	Pandora A/S (Consumer Durables & Apparel)		9,728,164
44,697	Sydbank AS (Banks)		2,272,819
			92,194,301
Finland – 0.5%
30,928	Kesko OYJ, Class B (Consumer Staples Distribution & Retail)		528,014
99,006	Kone OYJ, Class B (Capital Goods)		4,826,246
18,903	Konecranes OYJ (Capital Goods)		993,454
156,795	Nordea Bank Abp (Banks)		1,837,365
38,647	Wartsila OYJ Abp (Capital Goods)		712,941
			8,898,020
France – 9.3%
37,993	Air Liquide SA (Materials)		7,430,622
8,448	Airbus SE (Capital Goods)		1,390,185
1,275,279	CGG SA (Energy)*		533,588
105,449	Cie de Saint-Gobain SA (Capital Goods)		8,339,186
29,376	Coface SA (Insurance)		452,056
141,501	Danone SA (Food, Beverage & Tobacco)		8,856,173
41,103	Dassault Aviation SA (Capital Goods)		8,798,050
257,183	Dassault Systemes (Software & Services)		10,094,933
39,854	Edenred SE (Financial Services)		1,891,148
105,753	Eiffage SA (Capital Goods)		11,283,685
68,431	Engie SA (Utilities)*(b)		1,188,005
11,902	EssilorLuxottica SA (Health Care Equipment & Services)		2,537,884
14,142	Eurazeo SE (Financial Services)*		1,273,878
40,271	Getlink SE (Transportation)		685,562
6,154	Hermes International SCA (Consumer Durables & Apparel)		14,732,620
33,862	Ipsen SA (Pharmaceuticals,
	Biotechnology & Life Sciences)		4,118,853
189,543	Legrand SA (Capital Goods)		19,478,698

  

The accompanying notes are an integral part of these financial statements. 21

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
France – (continued)
6,206	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)	$	5,097,836
11,347	Nexans SA (Capital Goods)		1,208,418
60,964	Orange SA (Telecommunication Services)		678,547
121,298	Rexel SA (Capital Goods)		3,144,025
56,900	Safran SA (Capital Goods)		12,337,748
78,508	Societe Generale SA (Banks)		2,115,403
87,042	Thales SA (Capital Goods)		14,628,930
106,252	TotalEnergies SE (Energy)		7,713,763
323,057	Valeo SE (Automobiles & Components)		4,094,266
			154,104,062
Georgia – 0.0%
8,810	Bank of Georgia Group PLC (Banks)		589,910
Germany – 6.7%
11,278	adidas AG (Consumer Durables & Apparel)		2,717,809
29,974	Bechtle AG (Software & Services)		1,446,535
25,396	Brenntag SE (Capital Goods)		2,026,688
53,978	Commerzbank AG (Banks)		802,229
11,684	Continental AG (Automobiles & Components)		757,255
15,715	CTS Eventim AG & Co. KGaA (Media & Entertainment)		1,389,659
618,289	Deutsche Telekom AG (Telecommunication Services)		14,162,266
141,676	GEA Group AG (Capital Goods)*		5,718,041
31,459	Hannover Rueck SE (Insurance)		7,803,220
30,085	Henkel AG & Co. KGaA (Household & Personal Products)		2,163,368
26,099	HOCHTIEF AG (Capital Goods)		2,748,207
74,816	Knorr-Bremse AG (Capital Goods)		5,551,764
27,278	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		4,334,520
19,327	MTU Aero Engines AG (Capital Goods)		4,656,205
53,214	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance)		23,403,983
36,016	Nemetschek SE (Software & Services)		3,182,708
519	Rational AG (Capital Goods)		442,706
2,920	Rheinmetall AG (Capital Goods)		1,609,052
84,798	RWE AG (Utilities)		2,953,984
81,144	SAP SE (Software & Services)		14,651,940
34,281	Scout24 SE (Media & Entertainment)(a)		2,518,202

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
26,881	Siemens AG (Capital Goods)	$	5,035,716
132,517	TeamViewer SE (Software & Services)*(a)		1,748,262
			111,824,319
Hong Kong – 0.7%
147,000	AIA Group Ltd. (Insurance)		1,076,681
717,000	Swire Pacific Ltd., Class A (Real Estate Management & Development)		6,072,064
272,000	Techtronic Industries Co. Ltd. (Capital Goods)		3,758,850
			10,907,595
Ireland – 0.0%
48,210	Bank of Ireland Group PLC (Banks)		514,373
Israel – 0.1%
37,715	Plus500 Ltd. (Financial Services)		1,020,180
Italy – 2.2%
221,729	Azimut Holding SpA (Financial Services)		5,843,106
46,954	Banca Generali SpA (Financial Services)		1,838,999
735,550	Banca Mediolanum SpA (Financial Services)		7,959,812
231,663	Banca Monte dei Paschi di Siena SpA (Banks)*		1,117,375
777,371	Banco BPM SpA (Banks)		5,103,939
68,908	Brembo NV (Automobiles & Components)		876,640
65,373	Prysmian SpA (Capital Goods)		3,547,034
144,973	UniCredit SpA (Banks)		5,321,144
480,928	Unipol Gruppo SpA (Insurance)		4,311,381
			35,919,430
Japan – 23.8%
164,500	Aisin Corp. (Automobiles & Components)		6,256,964
259,000	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		8,860,127
36,900	Asahi Intecc Co. Ltd. (Health Care Equipment & Services)		540,684
65,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		624,823
170,700	Brother Industries Ltd. (Technology Hardware & Equipment)		3,019,507
278,500	Canon, Inc. (Technology Hardware & Equipment)		7,537,683
48,800	Central Japan Railway Co. (Transportation)		1,115,958
164,100	Chubu Electric Power Co., Inc. (Utilities)		2,106,382

  

22  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
90,400	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	$	2,633,002
73,200	Dai-ichi Life Holdings, Inc. (Insurance)		1,695,388
76,100	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,561,352
424,600	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		11,947,783
1,191,300	ENEOS Holdings, Inc. (Energy)		5,504,062
21,600	Exedy Corp. (Automobiles & Components)		395,469
529,500	Fujitsu Ltd. (Software & Services)		8,179,797
25,200	Hitachi Ltd. (Capital Goods)		2,324,969
1,929,100	Honda Motor Co. Ltd. (Automobiles & Components)		21,948,492
8,200	Hoya Corp. (Health Care Equipment & Services)		950,707
369,100	IHI Corp. (Capital Goods)		8,837,788
49,600	Inpex Corp. (Energy)		742,998
94,700	Isuzu Motors Ltd. (Automobiles & Components)		1,200,119
215,800	JFE Holdings, Inc. (Materials)		3,220,971
43,100	Kamigumi Co. Ltd. (Transportation)		930,770
60,500	Kandenko Co. Ltd. (Capital Goods)		674,860
40,800	Kawasaki Heavy Industries Ltd. (Capital Goods)		1,263,089
27,700	KDDI Corp. (Telecommunication Services)		768,642
21,100	Kinden Corp. (Capital Goods)		402,612
50,300	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		734,259
61,300	Kobe Bussan Co. Ltd. (Consumer Staples Distribution & Retail)		1,323,913
68,900	Kokuyo Co. Ltd. (Commercial & Professional Services)		1,177,099
45,300	Komatsu Ltd. (Capital Goods)		1,352,483
176,500	Konica Minolta, Inc. (Technology Hardware & Equipment)		586,887
72,400	Kurita Water Industries Ltd. (Capital Goods)		2,867,336
716,500	Mazda Motor Corp. (Automobiles & Components)		8,110,404
47,400	Mitsubishi Electric Corp. (Capital Goods)		826,178
1,368,400	Mitsubishi HC Capital, Inc. (Financial Services)		8,861,823
210,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		1,877,635
111,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,107,703

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
384,600	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)	$	3,914,098
697,800	Mizuho Financial Group, Inc. (Banks)		13,487,851
863,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		15,528,502
38,600	NEC Corp. (Software & Services)		2,794,717
644,800	NGK Insulators Ltd. (Capital Goods)		8,783,656
11,100	Nippn Corp. (Food, Beverage & Tobacco)		171,294
283,200	Nippon Steel Corp. (Materials)		6,349,039
6,847,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		7,392,880
78,600	Nippon Yusen KK (Transportation)		2,231,491
212,700	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		2,774,647
187,500	Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco)		5,003,541
525,200	Nomura Holdings, Inc. (Financial Services)		2,988,381
446,400	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		12,497,922
16,600	Nomura Research Institute Ltd. (Software & Services)		401,685
19,800	NS United Kaiun Kaisha Ltd. (Transportation)		599,137
770,500	ORIX Corp. (Financial Services)		15,768,603
50,100	Osaka Gas Co. Ltd. (Utilities)		1,114,018
124,000	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,301,851
2,057,700	Panasonic Holdings Corp. (Consumer Durables & Apparel)		17,960,543
256,600	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment)		4,166,094
274,500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,651,420
280,600	SCSK Corp. (Software & Services)		5,101,084
260,100	Seiko Epson Corp. (Technology Hardware & Equipment)		4,278,642
45,600	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		663,391
704,000	Sekisui House Ltd. (Consumer Durables & Apparel)		16,178,171
130,500	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		767,954
93,400	SoftBank Group Corp. (Telecommunication Services)		4,593,468

  

The accompanying notes are an integral part of these financial statements. 23

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
216,600	Sojitz Corp. (Capital Goods)	$	5,576,770
245,400	Sompo Holdings, Inc. (Insurance)		4,856,498
14,200	Sony Group Corp. (Consumer Durables & Apparel)		1,173,649
687,400	Sumitomo Electric Industries Ltd. (Automobiles & Components)		10,624,674
45,000	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)		1,386,436
151,700	Sumitomo Heavy Industries Ltd. (Capital Goods)		4,227,382
101,400	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		3,508,838
289,100	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)		4,098,079
223,100	Tokai Tokyo Financial Holdings, Inc. (Financial Services)		817,557
36,800	Tokio Marine Holdings, Inc. (Insurance)		1,163,115
85,200	Tokyo Century Corp. (Financial Services)		848,024
51,200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		11,230,511
27,200	Tokyo Steel Manufacturing Co. Ltd. (Materials)		288,533
878,500	Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)		6,436,115
38,600	Toyo Tire Corp. (Automobiles & Components)		730,278
69,600	Toyota Boshoku Corp. (Automobiles & Components)		1,029,268
20,400	Toyota Industries Corp. (Capital Goods)		1,938,548
894,500	Toyota Motor Corp. (Automobiles & Components)		20,402,289
47,100	Toyota Tsusho Corp. (Capital Goods)		2,994,615
114,700	Trend Micro, Inc. (Software & Services)		5,652,211
26,000	Unicharm Corp. (Household & Personal Products)		772,542
133,000	USS Co. Ltd. (Consumer Discretionary Distribution & Retail)		1,016,026
172,300	Yokogawa Electric Corp. (Technology Hardware & Equipment)		3,807,108
33,200	Zensho Holdings Co. Ltd. (Consumer Services)		1,286,806
			394,400,670
Netherlands – 6.5%
23,651	Aalberts NV (Capital Goods)		1,124,506

Shares	Description	Value
Common Stocks – (continued)
Netherlands – (continued)
589,317	ABN AMRO Bank NV (Banks)(a)(b)	$	9,440,015
1,378	Adyen NV (Financial Services)*(a)		1,650,844
21,384	ASM International NV (Semiconductors & Semiconductor Equipment)		13,451,368
65,267	ASML Holding NV (Semiconductors & Semiconductor Equipment)		56,848,398
39,940	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		5,299,005
37,570	Euronext NV (Financial Services)(a)		3,383,209
717,249	ING Groep NV (Banks)		11,339,907
164,675	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)		4,998,577
			107,535,829
New Zealand – 0.3%
72,909	Xero Ltd. (Software & Services)*		5,660,525
Norway – 0.9%
200,414	Aker Solutions ASA (Energy)		755,420
80,891	DNB Bank ASA (Banks)		1,409,862
107,324	Hoegh Autoliners ASA (Transportation)		1,126,490
95,323	Kongsberg Gruppen ASA (Capital Goods)		6,729,153
181,794	Mowi ASA (Food, Beverage & Tobacco)		3,191,739
86,969	Norsk Hydro ASA (Materials)		534,458
30,172	Salmar ASA (Food, Beverage & Tobacco)		1,898,154
			15,645,276
Portugal – 0.2%
71,705	Galp Energia SGPS SA (Energy)		1,540,307
87,415	Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail)		1,798,279
			3,338,586
Singapore – 1.3%
307,532	Hafnia Ltd. (Energy)		2,318,714
493,200	Keppel Ltd. (Capital Goods)		2,466,943
963,300	Oversea-Chinese Banking Corp. Ltd. (Banks)		10,000,570
901,700	Singapore Technologies Engineering Ltd. (Capital Goods)		2,648,730
662,100	Singapore Telecommunications Ltd. (Telecommunication Services)		1,148,263

  

24  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Singapore – (continued)
130,900	United Overseas Bank Ltd. (Banks)	$	2,904,776
			21,487,996
South Africa – 0.1%
36,002	Anglo American PLC (Materials)		1,176,455
Spain – 2.4%
57,627	Amadeus IT Group SA (Consumer Services)		3,657,815
1,418,056	Banco de Sabadell SA (Banks)		2,708,777
677,418	Banco Santander SA (Banks)(b)		3,296,068
889,437	Bankinter SA (Banks)		7,030,258
483,851	Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)(b)		22,030,198
1,182,474	Unicaja Banco SA (Banks)(a)		1,544,613
			40,267,729
Sweden – 2.7%
108,474	AAK AB (Food, Beverage & Tobacco)		2,790,119
78,882	Alfa Laval AB (Capital Goods)		3,358,382
154,791	Atlas Copco AB, Class A (Capital Goods)		2,711,333
77,096	Atlas Copco AB, Class B (Capital Goods)		1,155,995
77,015	Essity AB, Class B (Household & Personal Products)		1,921,506
86,277	Hexagon AB, Class B (Technology Hardware & Equipment)		902,541
61,080	Hexpol AB (Materials)		691,129
53,678	Indutrade AB (Capital Goods)		1,234,895
161,370	Investor AB, Class A (Financial Services)		3,930,409
729,353	Investor AB, Class B (Financial Services)		17,863,868
33,444	Saab AB, Class B (Capital Goods)		2,647,720
182,505	SSAB AB, Class A (Materials)(b)		1,024,789
310,236	SSAB AB, Class B (Materials)		1,735,945
83,527	Trelleborg AB, Class B (Capital Goods)		2,943,695
			44,912,326
Switzerland – 5.9%
520,600	ABB Ltd. (Capital Goods)		25,295,141
184,325	Aryzta AG (Food, Beverage & Tobacco)*		348,971
3,864	Belimo Holding AG (Capital Goods)		1,787,824
49,958	Julius Baer Group Ltd. (Financial Services)		2,680,665
35,053	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)		19,349,034

Shares	Description	Value
Common Stocks – (continued)
Switzerland – (continued)
222,135	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)	$	21,559,880
15,566	Sika AG (Materials)		4,427,929
12,527	Sonova Holding AG (Health Care Equipment & Services)		3,462,867
25,329	Temenos AG (Software & Services)		1,575,651
609,191	UBS Group AG (Financial Services)		15,999,355
2,729	VAT Group AG (Capital Goods)(a)		1,358,663
			97,845,980
United Kingdom – 7.9%
62,032	3i Group PLC (Financial Services)		2,216,246
310,532	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		23,563,168
1,548,938	Aviva PLC (Insurance)		8,993,372
48,040	Babcock International Group PLC (Capital Goods)		303,999
391,985	BAE Systems PLC (Capital Goods)		6,519,580
228,289	Barclays PLC (Banks)		575,584
349,715	Beazley PLC (Insurance)		2,893,461
47,596	Bellway PLC (Consumer Durables & Apparel)		1,495,741
17,859	Berkeley Group Holdings PLC (Consumer Durables & Apparel)		1,048,781
27,592	British American Tobacco PLC (Food, Beverage & Tobacco)		809,999
61,575	Bytes Technology Group PLC (Software & Services)		374,521
67,043	Compass Group PLC (Consumer Services)		1,864,716
263,019	Direct Line Insurance Group PLC (Insurance)		610,642
846,980	HSBC Holdings PLC (Banks)		7,341,584
52,850	Imperial Brands PLC (Food, Beverage & Tobacco)		1,207,631
373,883	Kingfisher PLC (Consumer Discretionary Distribution & Retail)		1,151,681
37,903	Lancashire Holdings Ltd. (Insurance)		288,906
1,059,875	M&G PLC (Financial Services)		2,653,429
964,361	Man Group PLC (Financial Services)		3,092,614
268,373	Melrose Industries PLC (Capital Goods)		2,108,428
700,371	National Grid PLC (Utilities)		9,186,881
2,018,216	NatWest Group PLC (Banks)		7,617,522
57,800	Next PLC (Consumer Discretionary Distribution & Retail)		6,482,731
180,500	Pearson PLC (Consumer Services)		2,190,159

  

The accompanying notes are an integral part of these financial statements. 25

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
9,744	Reckitt Benckiser Group PLC (Household & Personal Products)	$	544,758
158,412	Redrow PLC (Consumer Durables & Apparel)		1,273,626
61,575	RELX PLC (Commercial & Professional Services)		2,529,925
1,584,606	Rolls-Royce Holdings PLC (Capital Goods)*		8,125,902
156,420	Rotork PLC (Capital Goods)		628,799
300,381	Sage Group PLC (The) (Software & Services)		4,355,796
371,883	Smiths Group PLC (Capital Goods)		7,497,152
378,927	Standard Chartered PLC (Banks)		3,255,567
1,746,877	Taylor Wimpey PLC (Consumer Durables & Apparel)		2,862,474
1,038,946	Tesco PLC (Consumer Staples Distribution & Retail)		3,835,862
36,543	Unilever PLC (Household & Personal Products)		1,890,304
			131,391,541
United States – 9.6%
440,068	BP PLC ADR (Energy)		17,061,436
43,294	Carnival PLC ADR (Consumer Services)*		580,140
90,836	CRH PLC (Materials)		7,032,523
52,652	Ferguson PLC (Capital Goods)		11,101,983
28,979	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,200,890
200,119	Holcim AG (Materials)*		16,751,517
290,828	Nestle SA (Food, Beverage & Tobacco)		29,199,189
167,071	Reliance Worldwide Corp. Ltd. (Capital Goods)		548,383
111,940	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		26,822,416
138,974	Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences)		13,729,667
94,124	Schneider Electric SE (Capital Goods)		21,461,536
366,241	Shell PLC (Energy)		13,087,190
44,042	Signify NV (Capital Goods)(a)		1,201,090
28,310	Tenaris SA (Energy)		470,150
			160,248,110
TOTAL COMMON STOCKS (Cost $1,381,194,542)			1,570,939,829

Shares	Description	Rate			Value
Preferred Stocks – 1.6%
Germany – 1.6%
22,121	Bayerische Motoren Werke AG (Automobiles & Components)		8.82	%	$	2,272,971
215,215	Henkel AG & Co. KGaA (Household & Personal Products)		2.49			17,097,066
101,786	Porsche Automobil Holding SE (Automobiles & Components)		5.37			5,186,153
18,343	Volkswagen AG (Automobiles & Components)		7.66			2,247,112
TOTAL PREFERRED STOCKS (Cost $26,253,332)						26,803,302
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,407,447,874)						1,597,743,131
Shares	Dividend Rate
Securities Lending Reinvestment Vehicle – 2.0%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
32,519,185	5.223%					32,519,185
(Cost $32,519,185)
TOTAL INVESTMENTS – 98.2% (Cost $1,439,967,059)					$	1,630,262,316
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%						29,477,610
NET ASSETS – 100.0%					$	1,659,739,926

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)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

  

26  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

 

 

 

 

 

Sector Name	% of Market Value
Financials		20.0%
Industrials		18.5
Health Care		13.7
Consumer Discretionary		12.8
Information Technology		10.9
Consumer Staples		6.6
Materials		6.0
Real Estate		3.3
Energy		3.1
Communication Services		2.1
Utilities		1.0
Securities Lending Reinvestment Vehicle		2.0
TOTAL INVESTMENTS		100.0%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		260		06/21/24	$	13,587,811	$	21,244
FTSE 100 Index		51		06/21/24		5,199,172		307,503
Hang Seng Index		11		05/30/24		1,245,791		51,635
MSCI Singapore Index		19		05/30/24		421,882		957
SPI 200 Index		17		06/20/24		2,115,796		(14,587)
TOPIX Index		41		06/13/24		7,141,173		335,006
Total Futures Contracts							$	701,758

  

The accompanying notes are an integral part of these financial statements. 27

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Schedule of Investments

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – 96.1%
Australia – 7.4%
7,730,744	AMP Ltd. (Financial Services)	$	5,441,172
89,407	Audinate Group Ltd. (Technology Hardware & Equipment)*		1,073,398
348,149	BWP Trust REIT (Equity Real Estate Investment Trusts (REITs))		796,700
651,388	Capricorn Metals Ltd. (Materials)*		2,062,037
3,568,283	Centuria Industrial REIT (Equity Real Estate Investment Trusts (REITs))		7,285,953
3,498,413	Cettire Ltd. (Consumer Discretionary Distribution & Retail)*		6,650,161
1,194,544	Challenger Ltd. (Financial Services)		5,146,582
3,223,858	Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs))		24,482,712
4,929,855	Charter Hall Retail REIT (Equity Real Estate Investment Trusts (REITs))		10,519,107
6,621,850	Deterra Royalties Ltd. (Materials)		20,960,805
45,821	Dicker Data Ltd. (Technology Hardware & Equipment)		315,659
610,775	Downer EDI Ltd. (Commercial & Professional Services)		1,833,580
3,282,109	Emerald Resources NL (Materials)*		7,388,346
5,939,437	Evolution Mining Ltd. (Materials)		15,316,522
1,729,753	Genesis Minerals Ltd. (Materials)*		1,934,317
8,398,904	Gold Road Resources Ltd. (Materials)		8,691,484
3,092,515	GrainCorp Ltd., Class A (Consumer Staples Distribution & Retail)		16,992,301
567,197	Helia Group Ltd. (Financial Services)		1,455,850
52,315	HUB24 Ltd. (Financial Services)		1,344,158
1,972,516	IGO Ltd. (Materials)		9,824,480
42,561	Jumbo Interactive Ltd. (Consumer Services)		432,606
1,156,189	National Storage REIT (Equity Real Estate Investment Trusts (REITs))		1,594,301
102,655	Neuren Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		1,260,395
175,036	New Hope Corp. Ltd. (Energy)		509,183
625,405	Nick Scali Ltd. (Consumer Discretionary Distribution & Retail)		6,270,037

Shares	Description	Value
Common Stocks – (continued)
Australia – (continued)
2,906,565	Perenti Ltd. (Materials)	$	1,784,047
6,582,238	Perseus Mining Ltd. (Materials)		9,627,991
303,328	Premier Investments Ltd. (Consumer Discretionary Distribution & Retail)		5,834,712
168,520	Pro Medicus Ltd. (Health Care Equipment & Services)		12,039,931
12,684,964	Ramelius Resources Ltd. (Materials)		16,826,749
26,952,862	Red 5 Ltd. (Materials)*		7,719,951
19,194,455	Resolute Mining Ltd. (Materials)*		5,214,443
581,891	Sandfire Resources Ltd. (Materials)*		3,504,743
376,637	SmartGroup Corp. Ltd. (Commercial & Professional Services)		2,309,411
78,499	Stanmore Resources Ltd. (Materials)		167,784
1,970,686	Technology One Ltd. (Software & Services)		20,410,823
1,351,775	Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)*		9,865,600
267,364	Ventia Services Group Pty Ltd. (Capital Goods)		622,249
4,045,435	Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs))		6,070,265
1,706,927	West African Resources Ltd. (Materials)*		1,446,371
9,908,108	Westgold Resources Ltd. (Materials)		14,155,026
			277,181,942
Austria – 1.0%
527,874	BAWAG Group AG (Banks)*(a)		31,519,789
107,599	Kontron AG (Software & Services)		2,166,025
181,083	Raiffeisen Bank International AG (Banks)		3,344,396
			37,030,210
Belgium – 0.1%
66,559	Colruyt Group NV (Consumer Staples Distribution & Retail)		3,084,201
20,059	KBC Ancora (Banks)		966,596
11,641	Melexis NV (Semiconductors & Semiconductor Equipment)		972,793
			5,023,590
China – 1.0%
28,680,200	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)		36,814,279
Denmark – 1.4%
38,281	cBrain A/S (Software & Services)		1,525,962

  

28  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Denmark – (continued)
112,503	D/S Norden A/S (Transportation)	$	4,743,668
32,283	Jyske Bank A/S (Banks)		2,612,012
77,974	NKT A/S (Capital Goods)*		6,468,282
687,498	Sydbank AS (Banks)		34,958,908
			50,308,832
Finland – 2.3%
466,907	Cargotec OYJ, Class B (Capital Goods)*		36,824,982
265,832	Huhtamaki OYJ (Materials)		10,201,710
40,756	Kemira OYJ (Materials)		887,492
678,347	Konecranes OYJ (Capital Goods)		35,650,782
156,813	Tokmanni Group Corp. (Consumer Discretionary Distribution & Retail)		2,379,731
			85,944,697
France – 3.6%
37,103	Alten SA (Software & Services)		4,360,356
176,554	Cie Plastic Omnium SE (Automobiles & Components)		2,150,423
694,951	Coface SA (Insurance)		10,694,326
32,845	ICADE REIT (Equity Real Estate Investment Trusts (REITs))		873,265
253,313	IPSOS SA (Media & Entertainment)		16,951,105
34,403	Mercialys SA REIT (Equity Real Estate Investment Trusts (REITs))		372,384
348,210	Nexans SA (Capital Goods)		37,083,221
246,433	Rubis SCA (Utilities)		8,528,130
1,974	Sopra Steria Group (Software & Services)		432,224
40,168	SPIE SA (Commercial & Professional Services)		1,460,535
2,296	Trigano SA (Automobiles & Components)		349,039
2,744,923	Valeo SE (Automobiles & Components)		34,787,804
458,844	Verallia SA (Materials)(a)		17,672,476
			135,715,288
Georgia – 0.3%
136,614	Bank of Georgia Group PLC (Banks)		9,147,549
Germany – 3.8%
1,412,381	AIXTRON SE (Semiconductors & Semiconductor Equipment)		32,817,981
81,264	CompuGroup Medical SE & Co. KgaA (Health Care Equipment & Services)		2,434,337
199,046	CTS Eventim AG & Co. KGaA (Media & Entertainment)		17,601,399
816,314	Deutz AG (Capital Goods)*		4,715,944
153,502	Duerr AG (Capital Goods)		3,926,824

Shares	Description	Value
Common Stocks – (continued)
Germany – (continued)
135,062	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	$	14,545,775
404,607	Hensoldt AG (Capital Goods)		15,940,299
377,507	Kloeckner & Co. SE (Capital Goods)		2,675,655
18,384	SAF-Holland SE (Automobiles & Components)		354,158
27,452	SMA Solar Technology AG (Semiconductors & Semiconductor Equipment)*		1,439,857
115,319	Softwareone Holding AG (Technology Hardware & Equipment)*		1,960,970
73,890	SUESS MicroTec SE (Semiconductors & Semiconductor Equipment)		3,657,138
2,025,090	TeamViewer SE (Software & Services)*(a)		26,716,477
123,903	Wacker Chemie AG (Materials)		13,263,576
			142,050,390
Guernsey – 0.0%
984,098	Balanced Commercial Property Trust Ltd. REIT (Equity Real Estate Investment Trusts (REITs))		956,691
Hong Kong – 0.9%
30,094	Hong Kong Resources Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail)*		3,655
3,965,500	Kerry Properties Ltd. (Real Estate Management & Development)		7,687,582
725,000	Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail)		1,738,087
24,963,000	Pacific Basin Shipping Ltd. (Transportation)		8,643,634
12,268,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)		14,475,007
1,424,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		2,522,158
			35,070,123
Israel – 3.0%
88,576	Airport City Ltd. (Real Estate Management & Development)*		1,360,981
341,428	Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development)		2,204,087

  

The accompanying notes are an integral part of these financial statements. 29

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Israel – (continued)
310,779	Amot Investments Ltd. (Real Estate Management & Development)	$	1,303,444
6,688,436	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		8,308,594
14,596	Big Shopping Centers Ltd. (Real Estate Management & Development)*		1,501,510
51,654	Camtek Ltd. (Semiconductors & Semiconductor Equipment)		4,203,311
99,350	Clal Insurance Enterprises Holdings Ltd. (Insurance)*		1,656,663
14,226	Delek Group Ltd. (Energy)		1,671,026
12,462	Elco Ltd. (Capital Goods)		381,961
10,970	Enlight Renewable Energy Ltd. (Utilities)*		176,938
22,850	Fattal Holdings 1998 Ltd. (Consumer Services)*		2,772,254
7,650	FIBI Holdings Ltd. (Banks)		318,610
148,261	First International Bank Of Israel Ltd. (The) (Banks)		5,884,931
20,415	Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail)		1,620,955
211,479	G City Ltd. (Real Estate Management & Development)*		612,144
762,384	Harel Insurance Investments & Financial Services Ltd. (Insurance)		6,950,505
107,134	Israel Canada T.R Ltd. (Real Estate Management & Development)		395,992
11,117	Israel Corp. Ltd. (Materials)(b)		2,649,271
23,279	Melisron Ltd. (Real Estate Management & Development)		1,596,941
2,136,482	Mivne Real Estate KD Ltd. (Real Estate Management & Development)		5,135,545
80,702	Nova Ltd. (Semiconductors & Semiconductor Equipment)*		13,657,263
33,626	OPC Energy Ltd. (Utilities)*		252,616
47,479	Perion Network Ltd. (Media & Entertainment)*		592,132
898,112	Phoenix Holdings Ltd. (The) (Insurance)		8,579,333
1,194,363	Plus500 Ltd. (Financial Services)		32,307,184
91,643	Shapir Engineering and Industry Ltd. (Capital Goods)*		499,952
661,801	Shufersal Ltd. (Consumer Staples Distribution & Retail)		4,357,335
19,356	Strauss Group Ltd. (Food, Beverage & Tobacco)		355,561
66,988	Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)*		2,167,758
			113,474,797

Shares	Description	Value
Common Stocks – (continued)
Italy – 4.3%
1,216,989	Azimut Holding SpA (Financial Services)	$	32,070,661
440,251	Banca Generali SpA (Financial Services)		17,242,861
2,996,876	Banca Mediolanum SpA (Financial Services)(b)		32,430,930
1,344,955	BFF Bank SpA (Financial Services)(a)		17,259,310
1,111,550	Brembo NV (Automobiles & Components)		14,141,015
90,856	d’Amico International Shipping SA (Energy)		652,551
64,342	De’ Longhi SpA (Consumer Durables & Apparel)		2,109,935
415,339	Fincantieri SpA (Capital Goods)*(b)		315,151
349,772	Iveco Group NV (Capital Goods)		4,385,696
189,359	Pirelli & C SpA (Automobiles & Components)(a)		1,197,309
4,400,730	Unipol Gruppo SpA (Insurance)		39,451,272
			161,256,691
Japan – 36.1%
10,941	Activia Properties, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		27,155,013
269,700	Aica Kogyo Co. Ltd. (Materials)		6,251,441
741,600	Air Water, Inc. (Materials)		11,135,279
87,900	Airtrip Corp. (Consumer Services)		789,070
773,900	Alfresa Holdings Corp. (Health Care Equipment & Services)		11,468,799
40,500	Aozora Bank Ltd. (Banks)(b)		629,246
40,700	Artience Co. Ltd. (Materials)		754,273
231,000	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		1,924,526
228,600	Central Glass Co. Ltd. (Capital Goods)		4,059,536
1,290,700	Chiyoda Corp. (Capital Goods)*		3,559,070
749,800	Chugoku Electric Power Co., Inc. (The) (Utilities)		5,147,527
2,262,000	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)		15,026,438
124,000	Cosmo Energy Holdings Co. Ltd. (Energy)		5,927,879
37,900	Daiichikosho Co. Ltd. (Media & Entertainment)		442,384
3,581	Daiwa House REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs))		6,015,279
1,195	Daiwa Securities Living Investments Corp. REIT (Equity Real Estate Investment Trusts (REITs))		811,416
1,096,700	DCM Holdings Co. Ltd. (Consumer Discretionary Distribution & Retail)		10,153,581

  

30  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
72,400	DIC Corp. (Materials)	$	1,353,126
498,000	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		6,668,956
88,300	Dowa Holdings Co. Ltd. (Materials)		3,306,570
53,700	DTS Corp. (Software & Services)		1,464,974
680,800	Exedy Corp. (Automobiles & Components)		12,464,587
13,800	Ezaki Glico Co. Ltd. (Food, Beverage & Tobacco)		356,260
175,100	Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)		3,324,547
28,600	Food & Life Cos. Ltd. (Consumer Services)		540,564
5,791	Frontier Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs))		16,834,994
108,500	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		1,596,906
282,300	Fuji Soft, Inc. (Software & Services)		11,047,475
56,800	Geo Holdings Corp. (Consumer Discretionary Distribution & Retail)		714,374
467,100	Glory Ltd. (Capital Goods)		8,416,332
714,100	GS Yuasa Corp. (Capital Goods)		13,473,242
23,400	G-Tekt Corp. (Automobiles & Components)		319,261
1,848,000	H2O Retailing Corp. (Consumer Staples Distribution & Retail)		20,881,005
336,700	Hazama Ando Corp. (Capital Goods)		2,510,454
71,300	Heiwa Corp. (Consumer Services)		893,176
132,800	Heiwado Co. Ltd. (Consumer Staples Distribution & Retail)		2,047,765
123,300	Hirata Corp. (Capital Goods)		5,516,264
958,000	HIS Co. Ltd. (Consumer Services)*(b)		10,644,662
98,600	Horiba Ltd. (Technology Hardware & Equipment)		9,566,085
1,646,600	IHI Corp. (Capital Goods)		39,426,446
1,960,900	Iino Kaiun Kaisha Ltd. (Transportation)		15,762,000
61,600	Inabata & Co. Ltd. (Capital Goods)		1,255,712
51,300	Iriso Electronics Co. Ltd. (Technology Hardware & Equipment)		1,003,156
194,900	Jaccs Co. Ltd. (Financial Services)		7,004,104
98,400	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		1,580,808

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
6,069	Japan Excellent, Inc. REIT (Equity Real Estate Investment Trusts (REITs))	$	4,957,738
469,500	Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment)		6,623,700
2,225,500	JTEKT Corp. (Automobiles & Components)		17,227,150
347,900	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		13,705,115
843,200	Kamigumi Co. Ltd. (Transportation)		18,209,400
1,148,600	Kandenko Co. Ltd. (Capital Goods)		12,812,301
722,500	Kanematsu Corp. (Capital Goods)		11,747,721
236,700	Kansai Paint Co. Ltd. (Materials)		3,081,402
74,800	Kawasaki Heavy Industries Ltd. (Capital Goods)		2,315,663
17,600	Keiyo Bank Ltd. (The) (Banks)		86,533
1,234,200	Kobe Steel Ltd. (Materials)		15,064,081
215,300	Kohnan Shoji Co. Ltd. (Consumer Discretionary Distribution & Retail)		6,080,168
1,042,800	Kokuyo Co. Ltd. (Commercial & Professional Services)		17,815,374
9,459,000	Konica Minolta, Inc. (Technology Hardware & Equipment)		31,452,473
58,800	Krosaki Harima Corp. (Materials)		1,271,037
19,300	KYB Corp. (Automobiles & Components)		658,881
16,900	Kyoei Steel Ltd. (Materials)		240,593
611,400	Kyoritsu Maintenance Co. Ltd. (Consumer Services)		13,038,505
106,300	Life Corp. (Consumer Staples Distribution & Retail)		2,655,508
130,400	Lintec Corp. (Materials)		2,599,651
240,300	Mani, Inc. (Health Care Equipment & Services)		2,783,885
201,300	Maruha Nichiro Corp. (Food, Beverage & Tobacco)		3,926,459
220,800	Menicon Co. Ltd. (Health Care Equipment & Services)		2,130,419
446,100	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		10,289,575
289,300	Mitsubishi Logisnext Co. Ltd. (Capital Goods)		2,853,253
4,062,800	Mitsubishi Motors Corp. (Automobiles & Components)		12,874,363
101,300	Mitsubishi Research Institute, Inc. (Software & Services)		3,149,408

  

The accompanying notes are an integral part of these financial statements. 31

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
131,300	Mitsubishi Shokuhin Co. Ltd. (Consumer Staples Distribution & Retail)	$	4,655,683
1,248	Mitsui Fudosan Logistics Park, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		3,580,321
280,500	Mitsui Mining & Smelting Co. Ltd. (Materials)		8,795,611
2,182,500	Mizuho Leasing Co. Ltd. (Financial Services)		15,590,550
472,800	Modec, Inc. (Energy)		9,328,036
4,303	Mori Trust Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		1,996,447
277,700	Morinaga & Co. Ltd. (Food, Beverage & Tobacco)		4,487,841
99,100	Musashi Seimitsu Industry Co. Ltd. (Automobiles & Components)		1,050,100
79,500	Nakanishi, Inc. (Health Care Equipment & Services)		1,221,273
1,148,600	NEC Networks & System Integration Corp. (Software & Services)		19,080,600
2,725,900	NGK Insulators Ltd. (Capital Goods)		37,133,016
40,300	Nichias Corp. (Capital Goods)		1,104,611
133,200	Nichirei Corp. (Food, Beverage & Tobacco)		3,334,877
583,100	Nikkon Holdings Co. Ltd. (Transportation)		11,445,154
650,500	Nippn Corp. (Food, Beverage & Tobacco)		10,038,464
286,900	Nippon Light Metal Holdings Co. Ltd. (Materials)		3,404,356
147,400	Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,078,600
107,800	Nippon Shokubai Co. Ltd. (Materials)		1,024,649
228,000	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)		7,324,411
2,183,200	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		28,479,590
139,300	Nisshinbo Holdings, Inc. (Capital Goods)		1,056,035
113,000	NOK Corp. (Automobiles & Components)		1,635,339
14,300	Noritake Co. Ltd./Nagoya Japan (Capital Goods)		375,396
502,700	NS Solutions Corp. (Software & Services)		16,373,753
804,800	NS United Kaiun Kaisha Ltd. (Transportation)		24,352,790
782,000	Okamura Corp. (Commercial & Professional Services)		11,842,785
2,250,000	Okasan Securities Group, Inc. (Financial Services)		10,778,532

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
1,872,000	Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment)	$	13,378,674
655,200	Optorun Co. Ltd. (Semiconductors & Semiconductor Equipment)		8,049,015
3,542	Orix JREIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		3,733,552
155,600	OSG Corp. (Capital Goods)		2,006,665
35,100	Pacific Industrial Co. Ltd. (Automobiles & Components)		362,030
36,000	PALTAC Corp. (Consumer Discretionary Distribution & Retail)		1,089,610
248,600	Pigeon Corp. (Household & Personal Products)		2,265,996
91,900	Rakus Co. Ltd. (Software & Services)		928,932
223,600	Raysum Co. Ltd. (Real Estate Management & Development)		5,149,514
35,100	Resonac Holdings Corp. (Materials)		761,071
198,000	Ryobi Ltd. (Capital Goods)		3,439,238
13,500	Ryoyo Ryosan Holdings, Inc. (Technology Hardware & Equipment)		237,961
204,200	Saizeriya Co. Ltd. (Consumer Services)		6,895,314
153,900	SAMTY Co. Ltd. (Real Estate Management & Development)		2,625,360
1,778,500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		17,178,687
64,400	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,399,896
139,200	Seiko Group Corp. (Consumer Durables & Apparel)		3,682,007
22,800	Seria Co. Ltd. (Consumer Discretionary Distribution & Retail)		386,488
443,500	Shibaura Mechatronics Corp. (Semiconductors & Semiconductor Equipment)(b)		16,892,005
970,200	Shikoku Electric Power Co., Inc. (Utilities)		8,040,680
34,900	Shinagawa Refractories Co. Ltd. (Materials)		425,297
5,000,600	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)		29,427,044
1,570,800	Sojitz Corp. (Capital Goods)		40,443,170
1,236,600	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)		38,099,272
964,900	Sumitomo Heavy Industries Ltd. (Capital Goods)		26,888,600
743,300	Sumitomo Mitsui Construction Co. Ltd. (Capital Goods)		1,914,307

  

32  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
821,300	Sumitomo Osaka Cement Co. Ltd. (Materials)	$	20,391,352
130,800	Sun Frontier Fudousan Co. Ltd. (Real Estate Management & Development)		1,626,813
426,000	Suzuken Co. Ltd. (Health Care Equipment & Services)		12,581,373
44,100	SWCC Corp. (Capital Goods)		1,162,787
356,400	Taikisha Ltd. (Capital Goods)		10,511,892
2,064,700	Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail)		29,267,740
177,900	Takeuchi Manufacturing Co. Ltd. (Capital Goods)		6,748,320
156,800	Toa Corp. (Capital Goods)		1,083,382
50,100	Toagosei Co. Ltd. (Materials)		503,974
863,900	Tohoku Electric Power Co., Inc. (Utilities)		6,669,359
569,600	Tokai Rika Co. Ltd. (Automobiles & Components)		7,755,898
2,553,400	Tokai Tokyo Financial Holdings, Inc. (Financial Services)		9,357,011
1,150,800	Tokyo Century Corp. (Financial Services)		11,454,292
28,300	Tokyo Kiraboshi Financial Group, Inc. (Banks)		840,049
39,400	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,563,868
2,015,100	Tokyo Steel Manufacturing Co. Ltd. (Materials)		21,375,834
904,500	Tokyo Tatemono Co. Ltd. (Real Estate Management & Development)		15,050,863
5,621,900	Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)		41,187,473
3,637	Tokyu REIT, Inc. REIT (Equity Real Estate Investment Trusts (REITs))		3,742,218
261,200	Towa Corp. (Semiconductors & Semiconductor Equipment)		15,042,665
217,700	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,918,672
106,600	Toyo Construction Co. Ltd. (Capital Goods)		863,726
844,700	Toyo Seikan Group Holdings Ltd. (Materials)		13,056,820
1,919,500	Toyo Tire Corp. (Automobiles & Components)		36,315,227
1,538,500	Toyoda Gosei Co. Ltd. (Automobiles & Components)		29,786,444
2,030,700	Toyota Boshoku Corp. (Automobiles & Components)		30,030,667
19,100	Tsubakimoto Chain Co. (Capital Goods)		657,575

Shares	Description	Value
Common Stocks – (continued)
Japan – (continued)
28,200	WingArc1st, Inc. (Software & Services)	$	477,608
			1,345,168,025
Netherlands – 2.2%
497,092	Aalberts NV (Capital Goods)		23,634,649
73,143	Alfen NV (Capital Goods)*(a)(b)		3,152,312
192,942	AMG Critical Materials NV (Materials)		4,528,410
3,649,761	Koninklijke BAM Groep NV (Capital Goods)		14,877,901
350,804	Koninklijke Vopak NV (Energy)		13,930,971
245,002	TKH Group NV (Capital Goods)*		10,553,219
303,151	Van Lanschot Kempen NV (Financial Services)		10,738,812
			81,416,274
Norway – 2.8%
4,456,801	Aker Solutions ASA (Energy)		16,799,009
1,901,899	Europris ASA (Consumer Discretionary Distribution & Retail)*(a)		11,970,004
2,848,356	Hoegh Autoliners ASA (Transportation)		29,896,804
661,493	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		2,915,860
7,751,129	MPC Container Ships ASA (Transportation)(b)		12,459,117
133,456	Schibsted ASA, Class A (Media & Entertainment)		3,818,006
347,694	Schibsted ASA, Class B (Media & Entertainment)		9,740,502
201,908	Stolt-Nielsen Ltd. (Transportation)		8,633,596
919,251	Wallenius Wilhelmsen ASA (Transportation)		9,259,196
			105,492,094
Portugal – 0.3%
864,004	Mota-Engil SGPS SA (Capital Goods)		3,739,230
23,374	Navigator Co. SA (The) (Materials)		103,239
6,745,290	Sonae SGPS SA (Consumer Staples Distribution & Retail)		6,753,842
			10,596,311
Singapore – 1.0%
4,693,326	Hafnia Ltd. (Energy)		35,386,498
21,909	Kenon Holdings Ltd. (Utilities)		493,607
			35,880,105
Spain – 3.1%
13,741,737	Banco de Sabadell SA (Banks)		26,249,530
4,638,026	Bankinter SA (Banks)		36,659,730
3,340,916	Inmobiliaria Colonial Socimi SA REIT (Equity Real Estate Investment Trusts (REITs))		19,540,018

  

The accompanying notes are an integral part of these financial statements. 33

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Value
Common Stocks – (continued)
Spain – (continued)
5,155	Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals, Biotechnology & Life Sciences)	$	463,770
2,265,904	Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs))(b)		25,489,505
5,755,901	Unicaja Banco SA (Banks)(a)		7,518,678
			115,921,231
Sweden – 6.2%
960,160	AAK AB (Food, Beverage & Tobacco)		24,696,799
13,812	AddTech AB, Class B (Capital Goods)		287,147
2,328,685	Arjo AB, Class B (Health Care Equipment & Services)		9,773,498
71,991	Axfood AB (Consumer Staples Distribution & Retail)		1,862,368
1,913,931	Betsson AB, Class B (Consumer Services)*		21,155,427
37,362	BoneSupport Holding AB (Pharmaceuticals, Biotechnology & Life Sciences)*(a)		759,238
673,710	Bravida Holding AB (Commercial & Professional Services)(a)		4,555,555
1,799,630	Elekta AB, Class B (Health Care Equipment & Services)		12,814,863
3,859,275	Fortnox AB (Software & Services)		22,487,762
411,398	Hemnet Group AB (Media & Entertainment)		10,691,698
1,085,641	Hexatronic Group AB (Capital Goods)(b)		3,309,706
1,450,848	Hexpol AB (Materials)		16,416,551
557,285	Inwido AB (Capital Goods)		6,863,730
85,521	JM AB (Consumer Durables & Apparel)(b)		1,448,283
362,736	Lindab International AB (Capital Goods)		7,286,746
82,069	Loomis AB (Commercial & Professional Services)		2,097,419
63,924	MEKO AB (Consumer Discretionary Distribution & Retail)		653,138
490,877	Mycronic AB (Technology Hardware & Equipment)		17,084,492
21,656	Sectra AB, Class B (Health Care Equipment & Services)*		426,112
49,707	SSAB AB, Class A (Materials)		279,111
3,814,592	SSAB AB, Class B (Materials)(b)		21,344,784
3,718,930	Storskogen Group AB, Class B (Capital Goods)		1,992,440
33,474	Thule Group AB (Consumer Durables & Apparel)(a)		944,963
896,281	Trelleborg AB, Class B (Capital Goods)		31,587,122

Shares	Description	Value
Common Stocks – (continued)
Sweden – (continued)
439,269	Truecaller AB, Class B (Software & Services)*(b)	$	1,395,789
193,509	Vitrolife AB (Pharmaceuticals, Biotechnology & Life Sciences)		2,890,233
530,664	Wihlborgs Fastigheter AB (Real Estate Management & Development)(b)		4,444,653
			229,549,627
Switzerland – 3.1%
573,071	Accelleron Industries AG (Capital Goods)		22,280,296
6,363,479	Aryzta AG (Food, Beverage & Tobacco)*		12,047,566
51,308	Belimo Holding AG (Capital Goods)		23,739,561
28,847	Burckhardt Compression Holding AG (Capital Goods)		18,373,351
117,781	DKSH Holding AG (Capital Goods)		7,674,824
85,404	Galenica AG (Health Care Equipment & Services)(a)		6,534,971
37,788	Huber + Suhner AG (Capital Goods)		3,006,023
33,946	Implenia AG (Capital Goods)		1,241,286
5,695	Inficon Holding AG (Technology Hardware & Equipment)		7,918,324
1,325	Kardex Holding AG (Capital Goods)		350,572
2,033	Komax Holding AG (Capital Goods)		349,740
12,411	Landis+Gyr Group AG (Technology Hardware & Equipment)*		918,216
92,134	Stadler Rail AG (Capital Goods)		2,733,353
49,024	Sulzer AG (Capital Goods)		5,937,795
35,912	Zehnder Group AG (Capital Goods)		2,093,786
			115,199,664
United Kingdom – 10.4%
9,264	4imprint Group PLC (Media & Entertainment)		715,998
680,289	B&M European Value Retail SA (Consumer Discretionary Distribution & Retail)		4,390,295
3,390,172	Babcock International Group PLC (Capital Goods)		21,453,121
3,588,959	Beazley PLC (Insurance)		29,694,217
1,028,676	Bellway PLC (Consumer Durables & Apparel)		32,326,936
33,051	Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts (REITs))		444,613
94,358	Bodycote PLC (Capital Goods)		811,640
2,505,807	Breedon Group PLC (Materials)		11,259,399

  

34  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

 

 

 

 

 

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
4,525,703	British Land Co. PLC (The) REIT (Equity Real Estate Investment Trusts (REITs))	$	21,823,609
799,602	Britvic PLC (Food, Beverage & Tobacco)		8,817,803
941,582	Bytes Technology Group PLC (Software & Services)		5,727,040
153,503	Chemring Group PLC (Capital Goods)		719,286
89,385	Clarkson PLC (Transportation)		4,339,197
30,349	Computacenter PLC (Software & Services)		973,004
140,569	Dunelm Group PLC (Consumer Discretionary Distribution & Retail)		1,770,855
283,238	Frasers Group PLC (Consumer Discretionary Distribution & Retail)*		2,882,396
31,375	Games Workshop Group PLC (Consumer Durables & Apparel)		3,877,770
994,263	Grainger PLC (Real Estate Management & Development)		3,186,708
180,174	Greggs PLC (Consumer Services)		6,097,442
380,441	Harbour Energy PLC (Energy)		1,359,499
1,617,246	IG Group Holdings PLC (Financial Services)		15,090,938
40,866	IMI PLC (Capital Goods)		890,173
2,844,080	Inchcape PLC (Consumer Discretionary Distribution & Retail)		28,346,723
186,355	Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		3,345,327
301,689	Investec PLC (Financial Services)		1,910,985
878,496	Lancashire Holdings Ltd. (Insurance)		6,696,121
20,423	Liontrust Asset Management PLC (Financial Services)		172,257
10,345,824	Man Group PLC (Financial Services)		33,178,067
771,773	Mitie Group PLC (Commercial & Professional Services)		1,128,312
144,072	Pagegroup PLC (Commercial & Professional Services)		800,613
1,074,911	Paragon Banking Group PLC (Financial Services)		9,586,175
1,296,223	Playtech PLC (Consumer Services)*		8,584,387
343,220	Primary Health Properties PLC REIT (Equity Real Estate Investment Trusts (REITs))		392,848
5,430,258	QinetiQ Group PLC (Capital Goods)		23,174,671
331,960	Redde Northgate PLC (Transportation)		1,587,432

Shares	Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
1,769,746	Redrow PLC (Consumer Durables & Apparel)	$	14,228,681
15,882	Renishaw PLC (Technology Hardware & Equipment)		818,905
501,690	Rotork PLC (Capital Goods)		2,016,763
4,199,868	Serco Group PLC (Commercial & Professional Services)		9,614,237
1,889,731	Serica Energy PLC (Energy)		4,375,814
244,142	Shaftesbury Capital PLC REIT (Equity Real Estate Investment Trusts (REITs))		408,670
461,332	Spectris PLC (Technology Hardware & Equipment)		19,082,148
185,705	Subsea 7 SA (Energy)*		2,987,577
1,119,556	TP ICAP Group PLC (Financial Services)		2,898,127
311,446	Trainline PLC (Consumer Services)*(a)		1,161,275
1,109,576	Travis Perkins PLC (Capital Goods)		10,385,978
1,635,729	Tritax Big Box REIT PLC REIT (Equity Real Estate Investment Trusts (REITs))		3,089,626
5,080,287	UK Commercial Property REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs))		4,264,026
263,307	UNITE Group PLC (The) REIT (Equity Real Estate Investment Trusts (REITs))		3,043,972
37,330	Vesuvius PLC (Capital Goods)		222,888
622,252	Vistry Group PLC (Consumer Durables & Apparel)*		9,243,320
102,210	Yellow Cake PLC (Capital Goods)*(a)		820,550
			386,218,414
United States – 1.8%
242,503	Burford Capital Ltd. (Financial Services)		3,757,444
404,486	Carnival PLC ADR (Consumer Services)*		5,420,112
6,658,455	Reliance Worldwide Corp. Ltd. (Capital Goods)		21,855,299
1,303,145	Signify NV (Capital Goods)(a)		35,538,691
			66,571,546
TOTAL COMMON STOCKS (Cost $3,260,731,618)			3,581,988,370

Shares	Description	Rate	Value
Preferred Stocks – 0.5%
Germany – 0.5%
354,029	FUCHS SE (Materials)	2.44%		16,532,908

  

The accompanying notes are an integral part of these financial statements. 35

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Schedule of Investments (continued)

April 30, 2024 (Unaudited)

 

 

Shares	Description	Rate	Value
Preferred Stocks – (continued)
Germany – (continued)
19,227	Jungheinrich AG (Capital Goods)	1.95%	$	714,937
TOTAL PREFERRED STOCKS (Cost $14,954,128)				17,247,845
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,275,685,746)				3,599,236,215

Shares		Dividend Rate
Securities Lending Reinvestment Vehicle – 1.7%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
	64,496,978	5.223%		64,496,978
(Cost $64,496,978)
TOTAL INVESTMENTS – 98.3% (Cost $3,340,182,724)			$	3,663,733,193
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%				63,050,662
NET ASSETS – 100.0%			$	3,726,783,855

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)	All or a portion of security is on loan.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

Sector Name	% of Market Value
Industrials		25.8%
Financials		14.7
Consumer Discretionary		14.5
Information Technology		10.8
Materials		9.8
Real Estate		8.0
Consumer Staples		4.8
Health Care		3.8
Communication Services		2.7
Energy		2.5
Utilities		0.8
Securities Lending Reinvestment Vehicle		1.8
TOTAL INVESTMENTS		100.0%

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2024, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
EURO STOXX 50 Index		573		06/21/24	$	29,945,445	$	(687,075)
FTSE 100 Index		139		06/21/24		14,170,293		460,497
Hang Seng Index		15		05/30/24		1,698,806		70,418
MSCI Singapore Index		68		05/30/24		1,509,893		3,425
SPI 200 Index		57		06/20/24		7,094,140		(148,698)
TOPIX Index		135		06/13/24		23,513,616		6,373
Total Futures Contracts							$	(295,060)

  

36  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Statements of Assets and Liabilities

April 30, 2024 (Unaudited)

 

	Emerging Markets Equity Insights Fund			International Equity Insights Fund		International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,607,932,075, $1,407,447,874 and $3,275,685,746, respectively)(a)	$	1,865,665,928		$	1,597,743,131	$	3,599,236,215
Investments in affiliated issuers, at value (cost $6,414,871, $– and $–, respectively)		6,414,871			—		—
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			32,519,185		64,496,978
Cash		39,348,665			7,146,945		11,599,181
Foreign Currency, at value (cost $9,955,381, $42,798,122 and $85,272,634, respectively)		9,941,737			42,566,146		84,281,946
Receivables:
Investments sold		67,939,758			40,689,690		68,232,884
Dividends		4,717,146			8,875,679		25,090,231
Collateral on certain derivative contracts		850,164			—		4,850,492
Fund shares sold		801,761			1,490,489		3,668,512
Foreign tax reclaims		335,354			7,666,462		9,610,133
Reimbursement from investment adviser		171,055			73,697		133,848
Securities lending income		12,926			11,831		77,575
Other assets		95,841			92,344		145,031
Total assets		1,996,295,206			1,738,875,599		3,871,423,026
Liabilities:
Variation margin on futures contracts		392,393			36,488		72,686
Payables:
Investments purchased		71,588,258			44,303,075		66,486,160
Foreign capital gains taxes		9,840,590			—		—
Management fees		1,561,345			1,069,928		2,482,974
Fund shares redeemed		1,452,532			935,355		10,819,147
Distribution and Service fees and Transfer Agency fees		84,684			92,005		154,127
Payable upon return of securities loaned		—			32,519,185		64,496,978
Due to broker		—			7,566		—
Accrued expenses		149,019			172,071		127,099
Total liabilities		85,068,821			79,135,673		144,639,171
Net Assets:
Paid-in capital		2,059,881,854			1,504,189,110		3,752,821,670
Total distributable earnings (loss)		(148,655,469	)		155,550,816		(26,037,815	)
NET ASSETS	$	1,911,226,385		$	1,659,739,926	$	3,726,783,855
Net Assets:
Class A	$	30,486,324		$	75,413,912	$	70,122,892
Class C		3,346,176			6,254,325		8,310,370
Institutional		1,226,849,748			785,298,092		3,057,203,589
Service		—			2,547,016		—
Investor		62,352,735			91,418,333		78,481,599
Class R6		506,406,842			299,842,167		476,907,943
Class R		22,535,366			6,258,107		—
Class P		59,249,194			392,707,974		35,757,462
Total Net Assets	$	1,911,226,385		$	1,659,739,926	$	3,726,783,855
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,536,293			5,372,347		5,551,948
Class C		392,748			453,270		677,998
Institutional		143,068,506			54,128,051		242,962,305
Service		—			178,884		—
Investor		7,281,391			6,634,013		6,260,086
Class R6		59,119,113			20,684,394		37,801,508
Class R		2,673,270			460,484		—
Class P		6,917,824			27,117,483		2,834,699
Net asset value, offering and redemption price per share:(b)
Class A	$	8.62		$	14.04	$	12.63
Class C		8.52			13.80		12.26
Institutional		8.58			14.51		12.58
Service		—			14.24		—
Investor		8.56			13.78		12.54
Class R6		8.57			14.50		12.62
Class R		8.43			13.59		—
Class P		8.56			14.48		12.61

  

The accompanying notes are an integral part of these financial statements. 37

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Statements of Assets and Liabilities (continued)

April 30, 2024 (Unaudited)

 

^(a)  Includes loaned securities having a market value of $–, $30,185,084 and $60,422,077 for Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund, respectively.

^(b)  Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $9.12, $14.86 and $13.37, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

  

38  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Statements of Operations

For the Six Months Ended April 30, 2023 (Unaudited)

 

		Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
	Investment income:
	Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,442,923,
	$2,803,347 and $8,710,306, respectively)	$	26,347,327		$	24,612,651		$	65,940,487
	Dividends — affiliated issuers		56,311			23,075			1,148
	Securities lending income, net of rebates received or paid to borrowers – affiliated issuer		27,866			22,578			436,961
	Total Investment Income		26,431,504			24,658,304			66,378,596
	Expenses:
	Management fees		9,077,928			6,171,562			14,141,922
	Custody, accounting and administrative services		705,051			214,139			418,804
	Transfer Agency fees(a)		398,275			372,226			759,738
	Distribution and/or Service (12b-1) fees(a)		103,142			136,220			126,368
	Professional fees		81,597			77,011			76,324
	Registration fees		70,910			82,954			105,823
	Printing and mailing costs		49,642			12,050			214,849
	Trustee fees		11,610			11,390			12,681
	Service fees — Class C		4,205			8,168			12,503
	Shareholder meeting expense		—			—			2,846
	Shareholder Administration fees — Service Shares		—			3,068			—
	Other		119			5,871			34,750
	Total expenses		10,502,479			7,094,659			15,906,608
	Less — expense reductions		(631,741	)		(380,353	)		(620,620	)
	Net expenses		9,870,738			6,714,306			15,285,988
	NET INVESTMENT INCOME		16,560,766			17,943,998			51,092,608
	Realized and Unrealized gain (loss):
	Net realized gain (loss) from:
	Investments — unaffiliated issuers		70,922,960			78,886,834			161,169,764
	Futures contracts		1,620,521			1,312,843			7,731,604
	Foreign currency transactions		(938,347	)		35,221			1,356,803
	Forward foreign currency exchange contracts		(128,677	)		—			—
	Net change in unrealized gain (loss) on:
	Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $6,495,995, $– and $–, respectively)		209,008,105			164,394,250			349,868,256
	Futures contracts		(194,130	)		686,299			1,861,355
	Foreign currency translations		520			(46,643	)		(793,556	)
	Net realized and unrealized gain		280,290,952			245,268,804			521,194,226
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	296,851,718		$	263,212,802		$	572,286,834

^(a)  Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Equity Insights Fund		$35,667		$12,616		$–		$54,859		$21,400		$2,523		$234,341		$–		$41,923		$72,574		$16,458		$9,056
International Equity Insights Fund		$93,938		$24,505		$3,068		$14,709		$56,363		$4,901		$148,827		$491		$56,347		$42,674		$4,413		$58,210
International Small Cap Insights Fund		$88,860		$37,508		$–		$–		$53,316		$7,502		$561,153		$–		$60,287		$72,058		$–		$5,422

  

The accompanying notes are an integral part of these financial statements. 39

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Statements of Changes in Net Assets

 

		Emerging Markets Equity Insights Fund						International Equity Insights Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income	$	16,560,766		$	44,831,788		$	17,943,998		$	41,963,742
	Net realized gain (loss)		71,476,457			(79,645,622	)		80,234,898			62,052,922
	Net change in unrealized gain		208,814,495			240,570,276			165,033,906			162,158,919
	Net increase in net assets resulting from operations		296,851,718			205,756,442			263,212,802			266,175,583
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(987,303	)		(648,747	)		(1,901,154	)		(2,661,485	)
	Class C Shares		(92,251	)		(50,511	)		(113,202	)		(214,926	)
	Institutional Shares		(44,413,798	)		(27,005,939	)		(20,182,549	)		(26,688,204	)
	Service Shares		–			–			(56,767	)		(69,208	)
	Investor Shares		(1,997,983	)		(1,951,545	)		(1,916,004	)		(2,637,002	)
	Class R6 Shares		(17,515,640	)		(12,780,576	)		(7,577,922	)		(16,439,891	)
	Class R Shares		(738,041	)		(384,153	)		(141,376	)		(194,401	)
	Class P Shares		(2,787,818	)		(1,800,643	)		(10,730,751	)		(13,005,096	)
	Total distributions to shareholders		(68,532,834	)		(44,622,114	)		(42,619,725	)		(61,910,213	)
	From share transactions:
	Proceeds from sales of shares		215,782,716			543,708,456			170,980,619			275,247,102
	Reinvestment of distributions		59,020,622			39,227,947			29,400,825			44,885,211
	Cost of shares redeemed		(305,267,007	)		(564,060,858	)		(243,942,599	)		(621,302,000	)
	Net increase (decrease) in net assets resulting from share transactions		(30,463,669	)		18,875,545			(43,561,155	)		(301,169,687	)
	TOTAL INCREASE (DECREASE)		197,855,215			180,009,873			177,031,922			(96,904,317	)
	Net Assets:
	Beginning of period	$	1,713,371,170		$	1,533,361,297		$	1,482,708,004		$	1,579,612,321
	End of period	$	1,911,226,385		$	1,713,371,170		$	1,659,739,926		$	1,482,708,004

  

40  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Statements of Changes in Net Assets (continued)

 

		International Small Cap Insights Fund
		For the Six Months Ended April 30, 2024 (Unaudited)			For the Fiscal Year Ended October 31, 2023
	From operations:
	Net investment income	$	51,092,608		$	81,502,859
	Net realized gain (loss)		170,258,171			(15,791,068	)
	Net change in unrealized gain		350,936,055			240,681,019
	Net increase in net assets resulting from operations		572,286,834			306,392,810
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(1,857,791	)		(1,933,210	)
	Class C Shares		(192,065	)		(224,982	)
	Institutional Shares		(82,101,317	)		(68,595,559	)
	Investor Shares		(2,363,189	)		(2,541,993	)
	Class R6 Shares		(14,626,286	)		(15,528,105	)
	Class P Shares		(1,174,223	)		(1,171,633	)
	Total distributions to shareholders		(102,314,871	)		(89,995,482	)
	From share transactions:
	Proceeds from sales of shares		505,665,866			787,848,859
	Reinvestment of distributions		98,971,715			87,292,254
	Cost of shares redeemed		(345,262,324	)		(878,910,381	)
	Net increase (decrease) in net assets resulting from share transactions		259,375,257			(3,769,268	)
	TOTAL INCREASE		729,347,220			212,628,060
	Net Assets:
	Beginning of period	$	2,997,436,635		$	2,784,808,575
	End of period	$	3,726,783,855		$	2,997,436,635

  

The accompanying notes are an integral part of these financial statements. 41

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Class A Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.59			$	6.86			$	11.87			$	10.25			$	9.34			$	8.98
	Net investment income(a)			0.06				0.17				0.21				0.18				0.10				0.15
	Net realized and unrealized gain (loss)			1.26				0.72				(3.18	)			1.53				0.96				0.36
	Total from investment operations			1.32				0.89				(2.97	)			1.71				1.06				0.51
	Distributions to shareholders from net investment income			(0.29	)			(0.16	)			(0.17	)			(0.09	)			(0.15	)			(0.15	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.29	)			(0.16	)			(2.04	)			(0.09	)			(0.15	)			(0.15	)
	Net asset value, end of period		$	8.62			$	7.59			$	6.86			$	11.87			$	10.25			$	9.34
	Total Return(b)			17.73	%			12.89	%			(29.83	)%			16.60	%			11.56	%			5.74	%
	Net assets, end of period (in 000’s)		$	30,486			$	26,139			$	27,678			$	50,146			$	52,068			$	72,886
	Ratio of net expenses to average net assets			1.39	%(c)			1.42	%			1.46	%			1.46	%			1.47	%			1.48	%
	Ratio of total expenses to average net assets			1.50	%(c)			1.52	%			1.51	%			1.51	%			1.53	%			1.56	%
	Ratio of net investment income to average net assets			1.54	%(c)			2.19	%			2.30	%			1.45	%			1.13	%			1.61	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

42  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Class C Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.47			$	6.75			$	11.69			$	10.10			$	9.19			$	8.83
	Net investment income(a)			0.03				0.11				0.14				0.09				0.04				0.08
	Net realized and unrealized gain (loss)			1.24				0.71				(3.13	)			1.50				0.94				0.36
	Total from investment operations			1.27				0.82				(2.99	)			1.59				0.98				0.44
	Distributions to shareholders from net investment income			(0.22	)			(0.10	)			(0.08	)			–				(0.07	)			(0.08	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.22	)			(0.10	)			(1.95	)			–				(0.07	)			(0.08	)
	Net asset value, end of period		$	8.52			$	7.47			$	6.75			$	11.69			$	10.10			$	9.19
	Total Return(b)			17.31	%			12.03	%			(30.36	)%			15.74	%			10.65	%			5.09	%
	Net assets, end of period (in 000’s)		$	3,346			$	3,279			$	3,163			$	5,817			$	5,905			$	8,303
	Ratio of net expenses to average net assets			2.15	%(c)			2.17	%			2.21	%			2.21	%			2.21	%			2.23	%
	Ratio of total expenses to average net assets			2.26	%(c)			2.26	%			2.26	%			2.26	%			2.28	%			2.31	%
	Ratio of net investment income to average net assets			0.72	%(c)			1.44	%			1.56	%			0.74	%			0.41	%			0.85	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 43

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Institutional Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.56			$	6.85			$	11.86			$	10.24			$	9.33			$	8.99
	Net investment income(a)			0.07				0.19				0.24				0.23				0.14				0.19
	Net realized and unrealized gain (loss)			1.27				0.72				(3.17	)			1.52				0.96				0.35
	Total from investment operations			1.34				0.91				(2.93	)			1.75				1.10				0.54
	Distributions to shareholders from net investment income			(0.32	)			(0.20	)			(0.21	)			(0.13	)			(0.19	)			(0.20	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.32	)			(0.20	)			(2.08	)			(0.13	)			(0.19	)			(0.20	)
	Net asset value, end of period		$	8.58			$	7.56			$	6.85			$	11.86			$	10.24			$	9.33
	Total Return(b)			18.08	%			13.28	%			(29.64	)%			17.07	%			11.90	%			6.18	%
	Net assets, end of period (in 000’s)		$	1,226,850			$	1,074,796			$	925,443			$	1,029,785			$	961,138			$	938,157
	Ratio of net expenses to average net assets			1.07	%(c)			1.09	%			1.09	%			1.09	%			1.09	%			1.10	%
	Ratio of total expenses to average net assets			1.14	%(c)			1.15	%			1.13	%			1.14	%			1.16	%			1.18	%
	Ratio of net investment income to average net assets			1.84	%(c)			2.49	%			2.76	%			1.88	%			1.53	%			2.01	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

44  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Investor Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.55			$	6.84			$	11.83			$	10.22			$	9.32			$	8.97
	Net investment income(a)			0.07				0.19				0.22				0.22				0.13				0.18
	Net realized and unrealized gain (loss)			1.25				0.71				(3.14	)			1.51				0.95				0.36
	Total from investment operations			1.32				0.90				(2.92	)			1.73				1.08				0.54
	Distributions to shareholders from net investment income			(0.31	)			(0.19	)			(0.20	)			(0.12	)			(0.18	)			(0.19	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.31	)			(0.19	)			(2.07	)			(0.12	)			(0.18	)			(0.19	)
	Net asset value, end of period		$	8.56			$	7.55			$	6.84			$	11.83			$	10.22			$	9.32
	Total Return(b)			18.00	%			13.16	%			(29.69	)%			16.96	%			11.76	%			6.06	%
	Net assets, end of period (in 000’s)		$	62,353			$	48,549			$	64,188			$	103,200			$	89,556			$	118,727
	Ratio of net expenses to average net assets			1.14	%(c)			1.17	%			1.21	%			1.21	%			1.22	%			1.23	%
	Ratio of total expenses to average net assets			1.25	%(c)			1.27	%			1.26	%			1.26	%			1.28	%			1.31	%
	Ratio of net investment income to average net assets			1.80	%(c)			2.44	%			2.51	%			1.78	%			1.39	%			1.92	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 45

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Class R6 Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.56			$	6.84			$	11.85			$	10.23			$	9.33			$	8.98
	Net investment income(a)			0.08				0.20				0.24				0.23				0.14				0.17
	Net realized and unrealized gain (loss)			1.25				0.72				(3.17	)			1.52				0.95				0.38
	Total from investment operations			1.33				0.92				(2.93	)			1.75				1.09				0.55
	Distributions to shareholders from net investment income			(0.32	)			(0.20	)			(0.21	)			(0.13	)			(0.19	)			(0.20	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.32	)			(0.20	)			(2.08	)			(0.13	)			(0.19	)			(0.20	)
	Net asset value, end of period		$	8.57			$	7.56			$	6.84			$	11.85			$	10.23			$	9.33
	Total Return(b)			17.96	%			13.29	%			(29.55	)%			17.10	%			11.81	%			6.32	%
	Net assets, end of period (in 000’s)		$	506,407			$	487,451			$	417,309			$	572,973			$	465,604			$	491,306
	Ratio of net expenses to average net assets			1.06	%(c)			1.08	%			1.08	%			1.08	%			1.08	%			1.09	%
	Ratio of total expenses to average net assets			1.13	%(c)			1.14	%			1.13	%			1.13	%			1.15	%			1.17	%
	Ratio of net investment income to average net assets			1.85	%(c)			2.52	%			2.72	%			1.90	%			1.53	%			1.89	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

46  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Class R Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.42			$	6.72			$	11.66			$	10.08			$	9.20			$	8.86
	Net investment income(a)			0.05				0.15				0.18				0.13				0.08				0.12
	Net realized and unrealized gain (loss)			1.23				0.70				(3.10	)			1.52				0.95				0.36
	Total from investment operations			1.28				0.85				(2.92	)			1.65				1.03				0.48
	Distributions to shareholders from net investment income			(0.27	)			(0.15	)			(0.15	)			(0.07	)			(0.15	)			(0.14	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.27	)			(0.15	)			(2.02	)			(0.07	)			(0.15	)			(0.14	)
	Net asset value, end of period		$	8.43			$	7.42			$	6.72			$	11.66			$	10.08			$	9.20
	Total Return(b)			17.64	%			12.61	%			(30.08	)%			16.43	%			11.19	%			5.52	%
	Net assets, end of period (in 000’s)		$	22,535			$	19,937			$	17,352			$	24,710			$	29,635			$	27,790
	Ratio of net expenses to average net assets			1.64	%(c)			1.67	%			1.71	%			1.71	%			1.72	%			1.73	%
	Ratio of total expenses to average net assets			1.75	%(c)			1.76	%			1.76	%			1.76	%			1.78	%			1.82	%
	Ratio of net investment income to average net assets			1.26	%(c)			1.92	%			2.08	%			1.11	%			0.91	%			1.27	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		Emerging Markets Equity Insights Fund
		Class P Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	7.56			$	6.84			$	11.85			$	10.23			$	9.33			$	8.98
	Net investment income(a)			0.07				0.20				0.25				0.24				0.14				0.18
	Net realized and unrealized gain (loss)			1.25				0.72				(3.18	)			1.51				0.95				0.37
	Total from investment operations			1.32				0.92				(2.93	)			1.75				1.09				0.55
	Distributions to shareholders from net investment income			(0.32	)			(0.20	)			(0.21	)			(0.13	)			(0.19	)			(0.20	)
	Distributions to shareholders from net realized gains			–				–				(1.87	)			–				–				–
	Total distributions			(0.32	)			(0.20	)			(2.08	)			(0.13	)			(0.19	)			(0.20	)
	Net asset value, end of period		$	8.56			$	7.56			$	6.84			$	11.85			$	10.23			$	9.33
	Total Return(b)			17.97	%			13.27	%			(29.55	)%			17.10	%			11.80	%			6.33	%
	Net assets, end of period (in 000’s)		$	59,249			$	53,221			$	78,229			$	139,870			$	112,229			$	125,429
	Ratio of net expenses to average net assets			1.07	%(c)			1.08	%			1.08	%			1.08	%			1.08	%			1.09	%
	Ratio of total expenses to average net assets			1.13	%(c)			1.14	%			1.13	%			1.13	%			1.15	%			1.17	%
	Ratio of net investment income to average net assets			1.75	%(c)			2.55	%			2.73	%			1.92	%			1.48	%			1.96	%
	Portfolio turnover rate(d)			79	%			165	%			167	%			189	%			178	%			165	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

48  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Class A Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.14			$	10.75			$	14.76			$	11.40			$	12.46			$	11.88
	Net investment income(a)			0.13				0.27	(b)			0.31				0.22				0.14				0.23
	Net realized and unrealized gain (loss)			2.11				1.54				(3.46	)			3.35				(0.92	)			0.52
	Total from investment operations			2.24				1.81				(3.15	)			3.57				(0.78	)			0.75
	Distributions to shareholders from net investment income			(0.34	)			(0.42	)			(0.41	)			(0.21	)			(0.28	)			(0.17	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.34	)			(0.42	)			(0.86	)			(0.21	)			(0.28	)			(0.17	)
	Net asset value, end of period		$	14.04			$	12.14			$	10.75			$	14.76			$	11.40			$	12.46
	Total Return(c)			18.55	%			17.17	%			(22.56	)%			31.50	%			(6.44	)%			6.58	%
	Net assets, end of period (in 000’s)		$	75,414			$	68,093			$	69,254			$	103,852			$	204,087			$	237,898
	Ratio of net expenses to average net assets			1.18	%(d)			1.19	%			1.18	%			1.17	%			1.17	%			1.16	%
	Ratio of total expenses to average net assets			1.23	%(d)			1.24	%			1.22	%			1.21	%			1.23	%			1.24	%
	Ratio of net investment income to average net assets			1.88	%(d)			2.26	%(b)			2.44	%			1.55	%			1.22	%			1.97	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Class C Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.88			$	10.49			$	14.42			$	11.13			$	12.13			$	11.56
	Net investment income(a)			0.07				0.18	(b)			0.21				0.15				0.05				0.14
	Net realized and unrealized gain (loss)			2.07				1.51				(3.39	)			3.24				(0.90	)			0.52
	Total from investment operations			2.14				1.69				(3.18	)			3.39				(0.85	)			0.66
	Distributions to shareholders from net investment income			(0.22	)			(0.30	)			(0.30	)			(0.10	)			(0.15	)			(0.09	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.22	)			(0.30	)			(0.75	)			(0.10	)			(0.15	)			(0.09	)
	Net asset value, end of period		$	13.80			$	11.88			$	10.49			$	14.42			$	11.13			$	12.13
	Total Return(c)			18.14	%			16.26	%			(23.16	)%			30.53	%			(7.08	)%			5.79	%
	Net assets, end of period (in 000’s)		$	6,254			$	6,529			$	8,393			$	14,406			$	13,484			$	22,427
	Ratio of net expenses to average net assets			1.93	%(d)			1.94	%			1.93	%			1.92	%			1.92	%			1.91	%
	Ratio of total expenses to average net assets			1.98	%(d)			1.99	%			1.97	%			1.96	%			1.98	%			1.99	%
	Ratio of net investment income to average net assets			1.05	%(d)			1.48	%(b)			1.69	%			1.05	%			0.42	%			1.25	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

50  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Institutional Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.56			$	11.11			$	15.23			$	11.76			$	12.83			$	12.22
	Net investment income(a)			0.16				0.33	(b)			0.36				0.33				0.18				0.29
	Net realized and unrealized gain (loss)			2.18				1.59				(3.57	)			3.40				(0.93	)			0.54
	Total from investment operations			2.34				1.92				(3.21	)			3.73				(0.75	)			0.83
	Distributions to shareholders from net investment income			(0.39	)			(0.47	)			(0.46	)			(0.26	)			(0.32	)			(0.22	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.39	)			(0.47	)			(0.91	)			(0.26	)			(0.32	)			(0.22	)
	Net asset value, end of period		$	14.51			$	12.56			$	11.11			$	15.23			$	11.76			$	12.83
	Total Return(c)			18.75	%			17.61	%			(22.27	)%			31.93	%			(6.07	)%			7.07	%
	Net assets, end of period (in 000’s)		$	785,298			$	667,420			$	675,506			$	1,227,429			$	810,510			$	1,256,782
	Ratio of net expenses to average net assets			0.82	%(d)			0.82	%			0.81	%			0.80	%			0.79	%			0.79	%
	Ratio of total expenses to average net assets			0.87	%(d)			0.87	%			0.85	%			0.84	%			0.85	%			0.85	%
	Ratio of net investment income to average net assets			2.30	%(d)			2.60	%(b)			2.74	%			2.25	%			1.54	%			2.41	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Service Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.31			$	10.88			$	14.91			$	11.52			$	12.57			$	11.98
	Net investment income(a)			0.12				0.26	(b)			0.30				0.25				0.12				0.23
	Net realized and unrealized gain (loss)			2.14				1.57				(3.52	)			3.33				(0.91	)			0.52
	Total from investment operations			2.26				1.83				(3.22	)			3.58				(0.79	)			0.75
	Distributions to shareholders from net investment income			(0.33	)			(0.40	)			(0.36	)			(0.19	)			(0.26	)			(0.16	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.33	)			(0.40	)			(0.81	)			(0.19	)			(0.26	)			(0.16	)
	Net asset value, end of period		$	14.24			$	12.31			$	10.88			$	14.91			$	11.52			$	12.57
	Total Return(c)			18.50	%			17.03	%			(22.69	)%			31.25	%			(6.50	)%			6.45	%
	Net assets, end of period (in 000’s)		$	2,547			$	2,153			$	1,887			$	2,927			$	3,675			$	5,386
	Ratio of net expenses to average net assets			1.32	%(d)			1.32	%			1.31	%			1.30	%			1.29	%			1.29	%
	Ratio of total expenses to average net assets			1.37	%(d)			1.37	%			1.35	%			1.34	%			1.35	%			1.35	%
	Ratio of net investment income to average net assets			1.78	%(d)			2.13	%(b)			2.33	%			1.71	%			1.03	%			1.93	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

52  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Investor Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.94			$	10.58			$	14.55			$	11.19			$	12.23			$	11.67
	Net investment income(a)			0.16				0.30	(b)			0.34				0.25				0.16				0.27
	Net realized and unrealized gain (loss)			2.05				1.51				(3.42	)			3.30				(0.89	)			0.50
	Total from investment operations			2.21				1.81				(3.08	)			3.55				(0.73	)			0.77
	Distributions to shareholders from net investment income			(0.37	)			(0.45	)			(0.44	)			(0.19	)			(0.31	)			(0.21	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.37	)			(0.45	)			(0.89	)			(0.19	)			(0.31	)			(0.21	)
	Net asset value, end of period		$	13.78			$	11.94			$	10.58			$	14.55			$	11.19			$	12.23
	Total Return(c)			18.67	%			17.48	%			(22.39	)%			31.90	%			(6.21	)%			6.90	%
	Net assets, end of period (in 000’s)		$	91,418			$	61,176			$	69,844			$	96,352			$	311,446			$	549,732
	Ratio of net expenses to average net assets			0.93	%(d)			0.94	%			0.93	%			0.92	%			0.92	%			0.91	%
	Ratio of total expenses to average net assets			0.98	%(d)			0.99	%			0.97	%			0.96	%			0.98	%			0.99	%
	Ratio of net investment income to average net assets			2.42	%(d)			2.47	%(b)			2.73	%			1.86	%			1.42	%			2.29	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Class R6 Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.55			$	11.10			$	15.22			$	11.75			$	12.82			$	12.22
	Net investment income(a)			0.16				0.33	(b)			0.37				0.33				0.19				0.30
	Net realized and unrealized gain (loss)			2.18				1.59				(3.58	)			3.40				(0.94	)			0.52
	Total from investment operations			2.34				1.92				(3.21	)			3.73				(0.75	)			0.82
	Distributions to shareholders from net investment income			(0.39	)			(0.47	)			(0.46	)			(0.26	)			(0.32	)			(0.22	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.39	)			(0.47	)			(0.91	)			(0.26	)			(0.32	)			(0.22	)
	Net asset value, end of period		$	14.50			$	12.55			$	11.10			$	15.22			$	11.75			$	12.82
	Total Return(c)			18.86	%			17.55	%			(22.28	)%			31.97	%			(6.06	)%			7.10	%
	Net assets, end of period (in 000’s)		$	299,842			$	327,287			$	407,364			$	627,430			$	522,707			$	595,264
	Ratio of net expenses to average net assets			0.81	%(d)			0.81	%			0.80	%			0.79	%			0.78	%			0.78	%
	Ratio of total expenses to average net assets			0.86	%(d)			0.86	%			0.84	%			0.83	%			0.84	%			0.84	%
	Ratio of net investment income to average net assets			2.29	%(d)			2.59	%(b)			2.85	%			2.24	%			1.61	%			2.49	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

54  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Class R Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	11.76			$	10.41			$	14.32			$	11.08			$	12.10			$	11.54
	Net investment income(a)			0.11				0.24	(b)			0.27				0.21				0.11				0.21
	Net realized and unrealized gain (loss)			2.03				1.50				(3.37	)			3.21				(0.89	)			0.50
	Total from investment operations			2.14				1.74				(3.10	)			3.42				(0.78	)			0.71
	Distributions to shareholders from net investment income			(0.31	)			(0.39	)			(0.36	)			(0.18	)			(0.24	)			(0.15	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.31	)			(0.39	)			(0.81	)			(0.18	)			(0.24	)			(0.15	)
	Net asset value, end of period		$	13.59			$	11.76			$	10.41			$	14.32			$	11.08			$	12.10
	Total Return(c)			18.41	%			16.93	%			(22.79	)%			31.19	%			(6.69	)%			6.36	%
	Net assets, end of period (in 000’s)		$	6,258			$	5,254			$	5,383			$	7,896			$	8,321			$	9,281
	Ratio of net expenses to average net assets			1.43	%(d)			1.44	%			1.43	%			1.42	%			1.42	%			1.41	%
	Ratio of total expenses to average net assets			1.48	%(d)			1.49	%			1.47	%			1.46	%			1.48	%			1.49	%
	Ratio of net investment income to average net assets			1.70	%(d)			1.99	%(b)			2.20	%			1.56	%			0.99	%			1.79	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Equity Insights Fund
		Class P Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	12.54			$	11.09			$	15.21			$	11.74			$	12.81			$	12.21
	Net investment income(a)			0.16				0.33	(b)			0.38				0.33				0.19				0.30
	Net realized and unrealized gain (loss)			2.17				1.59				(3.59	)			3.40				(0.94	)			0.52
	Total from investment operations			2.33				1.92				(3.21	)			3.73				(0.75	)			0.82
	Distributions to shareholders from net investment income			(0.39	)			(0.47	)			(0.46	)			(0.26	)			(0.32	)			(0.22	)
	Distributions to shareholders from net realized gains			–				–				(0.45	)			–				–				–
	Total distributions			(0.39	)			(0.47	)			(0.91	)			(0.26	)			(0.32	)			(0.22	)
	Net asset value, end of period		$	14.48			$	12.54			$	11.09			$	15.21			$	11.74			$	12.81
	Total Return(c)			18.81	%			17.56	%			(22.29	)%			32.00	%			(6.06	)%			7.03	%
	Net assets, end of period (in 000’s)		$	392,708			$	344,796			$	341,982			$	470,881			$	357,875			$	372,536
	Ratio of net expenses to average net assets			0.81	%(d)			0.81	%			0.80	%			0.79	%			0.78	%			0.78	%
	Ratio of total expenses to average net assets			0.86	%(d)			0.86	%			0.84	%			0.83	%			0.84	%			0.84	%
	Ratio of net investment income to average net assets			2.27	%(d)			2.61	%(b)			2.95	%			2.24	%			1.62	%			2.43	%
	Portfolio turnover rate(e)			75	%			157	%			151	%			164	%			160	%			136	%

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

56  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Class A Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.92			$	10.14			$	14.32			$	10.96			$	11.77			$	11.16
	Net investment income(a)			0.15				0.26				0.32				0.27				0.08				0.17
	Net realized and unrealized gain (loss)			1.88				0.81				(4.10	)			3.28				(0.52	)			0.55
	Total from investment operations			2.03				1.07				(3.78	)			3.55				(0.44	)			0.72
	Distributions to shareholders from net investment income			(0.32	)			(0.29	)			(0.40	)			(0.19	)			(0.37	)			(0.11	)
	Net asset value, end of period		$	12.63			$	10.92			$	10.14			$	14.32			$	10.96			$	11.77
	Total Return(b)			18.80	%			10.55	%			(27.07	)%			32.65	%			(3.98	)%			6.68	%
	Net assets, end of period (in 000’s)		$	70,123			$	71,921			$	69,230			$	150,934			$	120,602			$	163,427
	Ratio of net expenses to average net assets			1.23	%(c)			1.24	%			1.24	%			1.24	%			1.25	%			1.26	%
	Ratio of total expenses to average net assets			1.27	%(c)			1.29	%			1.28	%			1.30	%			1.31	%			1.33	%
	Ratio of net investment income to average net assets			2.53	%(c)			2.25	%			2.63	%			1.96	%			0.76	%			1.52	%
	Portfolio turnover rate(d)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Class C Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.55			$	9.77			$	13.81			$	10.56			$	11.34			$	10.73
	Net investment income(a)			0.09				0.16				0.23				0.16				–	(b)			0.09
	Net realized and unrealized gain (loss)			1.84				0.79				(3.98	)			3.17				(0.51	)			0.54
	Total from investment operations			1.93				0.95				(3.75	)			3.33				(0.51	)			0.63
	Distributions to shareholders from net investment income			(0.22	)			(0.17	)			(0.29	)			(0.08	)			(0.27	)			(0.02	)
	Net asset value, end of period		$	12.26			$	10.55			$	9.77			$	13.81			$	10.56			$	11.34
	Total Return(c)			18.38	%			9.77	%			(27.65	)%			31.67	%			(4.71	)%			5.94	%
	Net assets, end of period (in 000’s)		$	8,310			$	10,025			$	13,111			$	28,406			$	29,190			$	51,728
	Ratio of net expenses to average net assets			1.99	%(d)			1.99	%			1.99	%			1.99	%			2.00	%			2.01	%
	Ratio of total expenses to average net assets			2.02	%(d)			2.04	%			2.03	%			2.05	%			2.06	%			2.08	%
	Ratio of net investment income (loss) to average net assets			1.55	%(d)			1.48	%			1.92	%			1.20	%			(0.01	)%			0.82	%
	Portfolio turnover rate(e)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

58  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Institutional Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.90			$	10.13			$	14.33			$	10.97			$	11.78			$	11.19
	Net investment income(a)			0.18				0.30				0.38				0.33				0.12				0.22
	Net realized and unrealized gain (loss)			1.87				0.81				(4.11	)			3.27				(0.52	)			0.54
	Total from investment operations			2.05				1.11				(3.73	)			3.60				(0.40	)			0.76
	Distributions to shareholders from net investment income			(0.37	)			(0.34	)			(0.47	)			(0.24	)			(0.41	)			(0.17	)
	Net asset value, end of period		$	12.58			$	10.90			$	10.13			$	14.33			$	10.97			$	11.78
	Total Return(b)			19.02	%			10.96	%			(26.80	)%			33.11	%			(3.61	)%			7.10	%
	Net assets, end of period (in 000’s)		$	3,057,204			$	2,353,230			$	2,097,460			$	2,579,024			$	1,608,195			$	2,134,382
	Ratio of net expenses to average net assets			0.87	%(c)			0.88	%			0.87	%			0.87	%			0.87	%			0.87	%
	Ratio of total expenses to average net assets			0.91	%(c)			0.93	%			0.91	%			0.92	%			0.93	%			0.95	%
	Ratio of net investment income to average net assets			2.98	%(c)			2.64	%			3.14	%			2.39	%			1.13	%			1.96	%
	Portfolio turnover rate(d)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Investor Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.85			$	10.08			$	14.26			$	10.92			$	11.72			$	11.12
	Net investment income(a)			0.17				0.28				0.36				0.30				0.10				0.19
	Net realized and unrealized gain (loss)			1.87				0.81				(4.09	)			3.26				(0.51	)			0.56
	Total from investment operations			2.04				1.09				(3.73	)			3.56				(0.41	)			0.75
	Distributions to shareholders from net investment income			(0.35	)			(0.32	)			(0.45	)			(0.22	)			(0.39	)			(0.15	)
	Net asset value, end of period		$	12.54			$	10.85			$	10.08			$	14.26			$	10.92			$	11.72
	Total Return(b)			19.05	%			10.83	%			(26.90	)%			32.88	%			(3.72	)%			7.01	%
	Net assets, end of period (in 000’s)		$	78,482			$	74,012			$	89,627			$	141,731			$	131,558			$	274,079
	Ratio of net expenses to average net assets			0.98	%(c)			1.00	%			0.99	%			0.99	%			1.00	%			1.01	%
	Ratio of total expenses to average net assets			1.02	%(c)			1.04	%			1.03	%			1.05	%			1.06	%			1.08	%
	Ratio of net investment income to average net assets			2.77	%(c)			2.48	%			2.98	%			2.21	%			0.95	%			1.74	%
	Portfolio turnover rate(d)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

60  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Class R6 Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.93			$	10.15			$	14.36			$	10.99			$	11.80			$	11.21
	Net investment income(a)			0.18				0.30				0.38				0.31				0.13				0.22
	Net realized and unrealized gain (loss)			1.88				0.82				(4.12	)			3.29				(0.52	)			0.54
	Total from investment operations			2.06				1.12				(3.74	)			3.60				(0.39	)			0.76
	Distributions to shareholders from net investment income			(0.37	)			(0.34	)			(0.47	)			(0.23	)			(0.42	)			(0.17	)
	Net asset value, end of period		$	12.62			$	10.93			$	10.15			$	14.36			$	10.99			$	11.80
	Total Return(b)			19.06	%			11.04	%			(26.81	)%			33.12	%			(3.60	)%			7.11	%
	Net assets, end of period (in 000’s)		$	476,908			$	452,434			$	479,843			$	878,443			$	963,821			$	1,192,142
	Ratio of net expenses to average net assets			0.86	%(c)			0.87	%			0.86	%			0.86	%			0.86	%			0.86	%
	Ratio of total expenses to average net assets			0.90	%(c)			0.92	%			0.90	%			0.91	%			0.92	%			0.94	%
	Ratio of net investment income to average net assets			2.88	%(c)			2.64	%			3.06	%			2.26	%			1.19	%			2.01	%
	Portfolio turnover rate(d)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

 

		International Small Cap Insights Fund
		Class P Shares
		Six Months Ended
		April 30, 2024				Year Ended October 31,
		(Unaudited)				2023				2022				2021				2020				2019
	Per Share Data
	Net asset value, beginning of period		$	10.93			$	10.15			$	14.36			$	10.99			$	11.80			$	11.21
	Net investment income(a)			0.17				0.30				0.38				0.33				0.12				0.22
	Net realized and unrealized gain (loss)			1.88				0.82				(4.12	)			3.28				(0.51	)			0.54
	Total from investment operations			2.05				1.12				(3.74	)			3.61				(0.39	)			0.76
	Distributions to shareholders from net investment income			(0.37	)			(0.34	)			(0.47	)			(0.24	)			(0.42	)			(0.17	)
	Net asset value, end of period		$	12.61			$	10.93			$	10.15			$	14.36			$	10.99			$	11.80
	Total Return(b)			18.97	%			11.04	%			(26.81	)%			33.15	%			(3.60	)%			7.11	%
	Net assets, end of period (in 000’s)		$	35,757			$	35,815			$	35,538			$	59,410			$	43,631			$	80,926
	Ratio of net expenses to average net assets			0.86	%(c)			0.87	%			0.86	%			0.86	%			0.86	%			0.86	%
	Ratio of total expenses to average net assets			0.90	%(c)			0.92	%			0.90	%			0.92	%			0.92	%			0.94	%
	Ratio of net investment income to average net assets			2.88	%(c)			2.65	%			3.15	%			2.41	%			1.08	%			1.96	%
	Portfolio turnover rate(d)			81	%			163	%			156	%			185	%			149	%			131	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

62  The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Notes to Financial Statements

April 30, 2024 (Unaudited)

 

 

 

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-Diversified
Goldman Sachs Emerging Markets Equity Insights Fund	A, C, Institutional, Investor, R6, R and P	Non-Diversified
Goldman Sachs International Equity Insights Fund	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Goldman Sachs International Small Cap Insights Fund	A, C, Institutional, Investor, R6 and P	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne

  

63

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

3. 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

  

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

B. 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2024:

Emerging Markets Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	3,090,272		$	24,115,826	$	—
Asia		151,591,278			1,473,554,850		—
Europe		753,454			41,876,981		—
North America		43,880,560			—		—
South America		69,175,271			57,627,436		—
Investment Company		6,414,871			—		—
Total	$	274,905,706		$	1,597,175,093	$	—
Derivative Type
Liabilities
Futures Contracts(b)	$	(194,130	)	$	—	$	—
International Equity Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	1,176,455	$	—
Asia		—			438,861,635		—
Europe		24,462,716			856,673,401		—
North America		25,874,989			134,373,121		—
Oceania		1,198,556			115,122,258		—
Securities Lending Reinvestment Vehicle		32,519,185			—		—
Total	$	84,055,446		$	1,546,206,870	$	—
Derivative Type
Assets
Futures Contracts(b)	$	716,345		$	—	$	—
Liabilities
Futures Contracts(b)	$	(14,587	)	$	—	$	—

  

66

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

International Small Cap Insights Fund
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	23,598,147		$	1,551,956,731	$	—
Europe		81,795,920			1,598,131,929		—
North America		9,177,556			57,393,990		—
Oceania		—			277,181,942		—
Securities Lending Reinvestment Vehicle		64,496,978			—		—
Total	$	179,068,601		$	3,484,664,592	$	—
Derivative Type
Assets
Futures Contracts(b)	$	540,713		$	—	$	—
Liabilities
Futures Contracts(b)	$	(835,773	)	$	—	$	—

^(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification.

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Emerging Markets Equity Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	(194,130	)
International Equity Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	716,345	Variation margin on futures contracts	$	(14,587	)
International Small Cap Insights Fund
Risk	Statement of Assets and Liabilities	Assets1		Statement of Assets and Liabilities	Liabilities1
Equity	Variation margin on futures contracts	$	540,713	Variation margin on futures contracts	$	(835,773	)

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of April 30, 2024 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Emerging Markets Equity Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	1,620,521	$	(194,130	)
International Equity Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		1,312,843		686,299
International Small Cap Insights Fund
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		7,731,604		1,861,355

For the six months ended April 30, 2024, the relevant values for each derivative type was as follows:

Fund	Average Number of Contracts(a)
Emerging Markets Equity Insights Fund	492
International Equity Insights Fund	212
International Small Cap Insights Fund	913

(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended April 30, 2024.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement— Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2024, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Equity Insights Fund		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%	1.00%
International Equity Insights Fund		0.81			0.73			0.69			0.68			0.67			0.78		0.78
International Small Cap Insights Fund		0.85			0.85			0.77			0.73			0.72			0.82		0.82

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any.

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended April 30, 2024, GSAM waived $1,538, $708 and $48 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds’ management fees, respectively.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*		Class C		Service		Class R*
Distribution and/or Service Plan		0.25%		0.75%		0.25%		0.50%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2024, Goldman Sachs retained the following amounts:

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Front End Sales Charge	Contingent Deferred Sales Charge
Fund	Class A	Class C
Emerging Markets Equity Insights Fund	$  298	$	—
International Equity Insights Fund	1,133		—
International Small Cap Insights Fund	2,853		—

D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Effective February 28, 2024, Goldman Sachs has agreed to waive 0.02% of the average daily net assets of Class A, Class C, Investor, and Class R Shares of the Emerging Markets Equity Insights Fund through at least February 28, 2025. Prior to February 28, 2024, Goldman Sachs waived its transfer agent fee equal to 0.06% as an annual rate of the average net assets attributable to Class A, Class C, Investor, and Class R6 Shares of the Emerging Markets Equity Insights Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.014%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2024, the Other Expense limitations as an annual percentage rate of average daily net assets for the Emerging Markets Equity Insights Fund was 0.054%. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Equity Insights Fund	$	1,538	$	24,891	$	605,312	$	631,741
International Equity Insights Fund		708		–		379,645		380,353
International Small Cap Insights Fund		48		–		620,572		620,620

  

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of April 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.

H. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2024:

Emerging Markets Equity Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

$   –

$

141,308,142

$

(134,893,271

)

$

6,414,871

6,414,871

$

56,311

International Equity Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

–

31,897,795

(31,897,795

)

–

–

23,075

International Small Cap Insights Fund

Underlying Fund

Beginning value as of October 31, 2023

Purchases at Cost

Proceeds from Sales

Ending value as of April 30, 2024

Shares as of April 30, 2024

Dividend Income

Goldman Sachs Financial Square Government Fund - Institutional Shares

–

6,569,936

(6,569,936

)

–

–

1,148

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2024, were as follows:

Fund	Purchases		Sales
Emerging Markets Equity Insights Fund		$ 1,419,383,678	$	1,559,945,720
International Equity Insights Fund		1,160,949,327		1,260,253,383
International Small Cap Insights Fund		2,889,957,435		2,706,058,279

7. 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

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

7. SECURITIES LENDING (continued)

wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended April 30, 2024, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

	For the six months ended April 30, 2024
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2024
Emerging Markets Equity Insights Fund	$	3,089	$	—	$	—
International Equity Insights Fund		2,557		3,381		1,188,200
International Small Cap Insights Fund		51,442		59,967		335,325

  

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7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended April 30, 2024.

Fund	Beginning value as of October 31, 2023		Purchases at Cost		Proceeds from Sales			Ending value as of April 30, 2024
Emerging Markets Equity Insights Fund	$	344,000	$	31,418,386	$	(31,762,386	)	$	—
International Equity Insights Fund		19,690,260		107,565,550		(94,736,625	)		32,519,185
International Small Cap Insights Fund		20,934,214		309,134,181		(265,571,417	)		64,496,978

8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended October 31, 2023, the Funds’ capital loss carryforwards were as follows:

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Capital loss carryforwards:
Perpetual Short-Term	$	(367,398,739	)	$	(106,059,226	)	$	(464,106,914)
Perpetual Long-Term		(58,986,005	)		(13,281,479	)		(43,480,790)
Total capital loss carryforwards		(426,384,744	)		(119,340,705	)		(507,587,704)

As of April 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Tax Cost	$	1,666,591,694		$	1,451,928,801		$	3,388,479,037
Gross unrealized gain		261,736,073			204,082,078			362,024,850
Gross unrealized loss		(56,246,968	)		(25,748,563	)		(86,770,694)
Net unrealized gain (loss)	$	205,489,105		$	178,333,515		$	275,254,156

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, passive foreign investment company investments, and differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

9. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

  

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9. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		453,794		$	3,718,181			996,500		$	7,732,206
Reinvestment of distributions		124,725			984,082			86,134			646,869
Shares redeemed		(486,685	)		(3,975,705	)		(1,670,888	)		(13,070,206)
		91,834			726,558			(588,254	)		(4,691,131)
Class C Shares
Shares sold		4,878			39,313			112,179			858,313
Reinvestment of distributions		11,797			92,251			6,789			50,511
Shares redeemed		(62,912	)		(509,851	)		(148,347	)		(1,153,684)
		(46,237	)		(378,287	)		(29,379	)		(244,860)
Institutional Shares
Shares sold		14,630,167			118,952,166			46,936,674			362,557,037
Reinvestment of distributions		4,813,416			37,737,184			3,109,679			23,198,208
Shares redeemed		(18,461,844	)		(150,039,911	)		(43,063,312	)		(331,377,624)
		981,739			6,649,439			6,983,041			54,377,621
Investor Shares
Shares sold		1,594,718			13,039,066			3,582,105			27,800,712
Reinvestment of distributions		255,164			1,997,938			261,952			1,951,545
Shares redeemed		(999,014	)		(8,221,505	)		(6,803,777	)		(53,519,654)
		850,868			6,815,499			(2,959,720	)		(23,767,397)
Class R6 Shares
Shares sold		6,419,937			52,245,562			15,715,063			121,608,329
Reinvestment of distributions		1,875,263			14,683,309			1,502,821			11,196,018
Shares redeemed		(13,688,472	)		(110,658,450	)		(13,693,737	)		(107,034,069)
		(5,393,272	)		(43,729,579	)		3,524,147			25,770,278
Class R Shares
Shares sold		207,625			1,669,953			557,955			4,231,561
Reinvestment of distributions		95,601			738,041			52,195			384,153
Shares redeemed		(316,409	)		(2,560,439	)		(507,468	)		(3,928,904)
		(13,183	)		(152,445	)		102,682			686,810
Class P Shares
Shares sold		3,190,966			26,118,475			2,500,065			18,920,298
Reinvestment of distributions		356,043			2,787,817			241,697			1,800,643
Shares redeemed		(3,672,333	)		(29,301,147	)		(7,131,624	)		(53,976,717)
		(125,324	)		(394,855	)		(4,389,862	)		(33,255,776)
NET INCREASE (DECREASE) IN SHARES		(3,653,575	)	$	(30,463,670	)		2,642,655		$	18,875,545

  

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Equity Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		377,533		$	5,115,171			801,820		$	9,807,431
Reinvestment of distributions		125,042			1,640,559			205,096			2,342,201
Shares redeemed		(737,314	)		(10,058,811	)		(1,844,402	)		(22,777,717)
		(234,739	)		(3,303,081	)		(837,486	)		(10,628,085)
Class C Shares
Shares sold		8,875			122,782			37,441			442,775
Reinvestment of distributions		7,592			98,164			15,940			179,321
Shares redeemed		(112,898	)		(1,504,167	)		(304,160	)		(3,640,739)
		(96,431	)		(1,283,221	)		(250,779	)		(3,018,643)
Institutional Shares
Shares sold		5,985,414			84,456,963			12,179,148			154,986,550
Reinvestment of distributions		658,887			8,921,323			1,053,147			12,406,075
Shares redeemed		(5,642,769	)		(78,810,844	)		(20,929,953	)		(261,177,988)
		1,001,532			14,567,442			(7,697,658	)		(93,785,363)
Service Shares
Shares sold		26,483			362,322			25,525			318,132
Reinvestment of distributions		4,081			54,354			5,584			64,720
Shares redeemed		(26,598	)		(364,538	)		(29,603	)		(365,537)
		3,966			52,138			1,506			17,315
Investor Shares
Shares sold		1,983,792			27,345,254			1,502,091			18,184,930
Reinvestment of distributions		148,874			1,916,004			235,236			2,637,002
Shares redeemed		(620,729	)		(8,283,479	)		(3,218,560	)		(38,763,011)
		1,511,937			20,977,779			(1,481,233	)		(17,941,079)
Class R6 Shares
Shares sold		2,639,639			37,703,453			3,833,962			49,258,970
Reinvestment of distributions		436,112			5,900,598			1,194,421			14,058,339
Shares redeemed		(8,467,067	)		(112,063,390	)		(15,662,192	)		(196,568,662)
		(5,391,316	)		(68,459,339	)		(10,633,809	)		(133,251,353)
Class R Shares
Shares sold		55,082			737,700			63,377			759,411
Reinvestment of distributions		10,942			139,072			17,370			192,457
Shares redeemed		(52,450	)		(687,946	)		(150,755	)		(1,800,839)
		13,574			188,826			(70,008	)		(848,971)
Class P Shares
Shares sold		1,105,540			15,136,974			3,427,765			41,488,903
Reinvestment of distributions		793,694			10,730,751			1,105,875			13,005,096
Shares redeemed		(2,274,915	)		(32,169,424	)		(7,883,339	)		(96,207,507)
		(375,681	)		(6,301,699	)		(3,349,699	)		(41,713,508)
NET DECREASE IN SHARES		(3,567,158	)	$	(43,561,155	)		(24,319,166	)	$	(301,169,687)

  

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Notes to Financial Statements (continued)

April 30, 2024 (Unaudited)

 

 

 

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2024 (Unaudited)						For the Fiscal Year Ended October 31, 2023
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		494,179		$	6,136,107			1,266,122		$	14,298,588
Reinvestment of distributions		145,370			1,729,909			163,045			1,773,932
Shares redeemed		(1,674,767	)		(19,890,721	)		(1,672,165	)		(19,124,963)
		(1,035,218	)		(12,024,705	)		(242,998	)		(3,052,443)
Class C Shares
Shares sold		8,524			102,172			14,373			159,636
Reinvestment of distributions		16,580			191,994			21,115			223,401
Shares redeemed		(297,595	)		(3,594,938	)		(427,137	)		(4,748,163)
		(272,491	)		(3,300,772	)		(391,649	)		(4,365,126)
Institutional Shares
Shares sold		39,007,505			478,009,241			61,522,295			697,981,368
Reinvestment of distributions		6,697,408			79,297,310			6,116,747			66,244,372
Shares redeemed		(18,612,454	)		(226,963,428	)		(58,855,175	)		(669,583,688)
		27,092,459			330,343,123			8,783,867			94,642,052
Investor Shares
Shares sold		403,749			4,930,024			1,611,722			18,426,944
Reinvestment of distributions		200,270			2,363,189			235,588			2,541,993
Shares redeemed		(1,162,408	)		(14,182,521	)		(3,918,701	)		(44,316,906)
		(558,389	)		(6,889,308	)		(2,071,391	)		(23,347,969)
Class R6 Shares
Shares sold		1,342,010			16,443,855			4,891,142			56,256,590
Reinvestment of distributions		1,199,400			14,236,876			1,415,374			15,356,814
Shares redeemed		(6,138,607	)		(74,142,189	)		(12,170,056	)		(136,666,528)
		(3,597,197	)		(43,461,458	)		(5,863,540	)		(65,053,124)
Class P Shares
Shares sold		3,775			44,467			62,751			725,733
Reinvestment of distributions		97,088			1,152,437			106,151			1,151,742
Shares redeemed		(543,623	)		(6,488,527	)		(391,956	)		(4,470,133)
		(442,760	)		(5,291,623	)		(223,054	)		(2,592,658)
NET INCREASE (DECREASE) IN SHARES		21,186,404		$	259,375,257			(8,765	)	$	(3,769,268)

  

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In addition, at the Meeting, John G. Chou, Eileen H. Dowling, and Paul C. Wirth, each of whom was previously appointed to the Trust’s Board of Trustees rather than elected by shareholders, were elected. In electing the nominees, the Trust’s shareholders voted as follows:

Proposal Election of Trustees	For	Withheld
Cheryl K. Beebe	169,452,067,796	5,900,273,020
John G. Chou	173,279,757,273	2,072,583,543
Eileen H. Dowling	173,287,456,218	2,064,884,598
Lawrence Hughes	173,486,691,901	1,865,648,915
John F. Killian	173,511,167,174	1,841,173,642
Steven D. Krichmar	173,484,256,228	1,868,084,588
Michael Latham	173,498,020,286	1,854,320,530
Lawrence W. Stranghoener	173,455,949,165	1,896,391,651
Paul C. Wirth	173,324,070,424	2,028,270,391

 

  79

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

 

 

Liquidity Risk Management Program (Unaudited)

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

80  

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2024 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class R6, Class R or Class P Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class R6, Class R and Class P Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 31, 2023 through April 30, 2024, which represents a period of 182 days of a 365 day year.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*		Beginning Account Value 11/1/23		Ending Account Value 4/30/24			Expenses Paid for the 6 months ended 4/30/24*
Class A
Actual		$1,000.00		$1,177.30			$7.52		$1,000.00		$1,185.50			$6.41		$1,000.00		$1,188.00			$6.69
Hypothetical 5% return		1,000.00		1,017.95	+		6.97		1,000.00		1,019.00	+		5.92		1,000.00		1,018.75	+		6.17
Class C
Actual		1,000.00		1,173.10			11.62		1,000.00		1,181.40			10.47		1,000.00		1,183.80			10.81
Hypothetical 5% return		1,000.00		1,014.17	+		10.77		1,000.00		1,015.27	+		9.67		1,000.00		1,014.97	+		9.97
Institutional
Actual		1,000.00		1,180.80			5.80		1,000.00		1,187.50			4.46		1,000.00		1,190.20			4.74
Hypothetical 5% return		1,000.00		1,019.54	+		5.37		1,000.00		1,020.79	+		4.12		1,000.00		1,020.54	+		4.37
Service
Actual		N/A		N/A			N/A		1,000.00		1,185.00			7.17		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,018.30	+		6.62		N/A		N/A			N/A
Investor
Actual		1,000.00		1,180.00			6.18		1,000.00		1,186.70			5.06		1,000.00		1,190.50			5.34
Hypothetical 5% return		1,000.00		1,019.19	+		5.72		1,000.00		1,020.24	+		4.67		1,000.00		1,019.99	+		4.92
Class R6
Actual		1,000.00		1,179.60			5.74		1,000.00		1,188.60			4.41		1,000.00		1,190.60			4.68
Hypothetical 5% return		1,000.00		1,019.59	+		5.32		1,000.00		1,020.84	+		4.07		1,000.00		1,020.59	+		4.32
Class R
Actual		1,000.00		1,176.40			8.87		1,000.00		1,184.10			7.77		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,016.71	+		8.22		1,000.00		1,017.75	+		7.17		N/A		N/A			N/A
Class P
Actual		1,000.00		1,179.70			5.80		1,000.00		1,188.10			4.41		1,000.00		1,189.70			4.68
Hypothetical 5% return		1,000.00		1,019.54	+		5.37		1,000.00		1,020.84	+		4.07		1,000.00		1,020.59	+		4.32

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Equity Insights Fund		1.39	%		2.15	%		1.07	%		N/A			1.14	%		1.06	%		1.64	%		1.07	%
International Equity Insights Fund		1.18			1.93			0.82			1.32	%		0.93			0.81			1.43			0.81
International Small Cap Insights Fund		1.23			1.99			0.87			N/A			0.98			0.86			N/A			0.86

81

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FUNDS PROFILE

 

 

 

Goldman Sachs Funds

April 30, 2024

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.56 trillion in assets under supervision as of March 31, 2024, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

∎ U.S. Mortgages Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ Dynamic Bond Fund⁶

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Emerging Markets Credit Fund

∎ Short Duration High Yield Fund⁴

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Large Cap Core Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Enhanced Core Equity Fund⁵

∎ Technology Opportunities Fund

∎ Mid Cap Growth Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ Emerging Markets Equity ex. China Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Strategy Alternatives Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Goldman Sachs GQG Partners International Opportunities Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 17, 2024, the Goldman Sachs Long Short Credit Strategies Fund was renamed the Goldman Sachs Short Duration High Yield Fund.

⁵  Effective after the close of business on February 13, 2024, the Goldman Sachs Flexible Cap Fund was renamed the Goldman Sachs Enhanced Core Equity Fund.

⁶  Effective after the close of business on June 17, 2024, the Goldman Sachs Strategic Income Fund was renamed the Goldman Sachs Dynamic Bond Fund.

  Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

  

  83

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission ("SEC") website at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc.(MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional - 1-800-621-2550). (C) 2024 Goldman Sachs. All rights reserved. 374488-OTU-06/24 INTINSSAR-24

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 14(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

  Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

  Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

  Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

  Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

  Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

  There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not Applicable.

(b) Not Applicable.

ITEM 14. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference toExhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 26, 2022.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)		Not applicable to open-end investment companies.
(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	June 28, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	June 28, 2024
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 28, 2024

EX-99.CERT

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: June 28, 2024

/s/ James A. McNamara

James A. McNamara

President/Chief Executive Officer

CERTIFICATIONS

(Section 302)

I, Joseph F. DiMaria, certify that:

1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: June 28, 2024

/s/ Joseph F. DiMaria

Joseph F. DiMaria

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Chief Executive Officer, and Joseph F. DiMaria, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2024 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President/Chief Executive Officer		Principal Financial Officer
Goldman Sachs Trust		Goldman Sachs Trust
/s/ James A. McNamara		/s/ Joseph F. DiMaria
James A. McNamara		Joseph F. DiMaria
June 28, 2024		June 28, 2024

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.