GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.0%
	Australia – 9.3%
	83,001	ASX Ltd. (Diversified Financials)	$    3,819,979
	1,817,874	Aurizon Holdings Ltd. (Transportation)	4,020,506
	395,070	Australia & New Zealand Banking Group Ltd. (Banks)	5,783,354
	365,517	BHP Group Ltd. (Materials)	9,086,073
	160,170	Commonwealth Bank of Australia (Banks)	9,317,888
	86,899	Glencore PLC (Materials)	456,656
	59,998	Goodman Group REIT (Real Estate)	606,389
	92,739	GPT Group (The) REIT (Real Estate)	228,247
	1,514,859	Incitec Pivot Ltd. (Materials)	3,444,598
	37,973	Macquarie Group Ltd. (Diversified Financials)	3,704,655
	267,126	National Australia Bank Ltd. (Banks)	4,946,022
	883,089	Santos Ltd. (Energy)	4,079,471
	192,497	Scentre Group REIT (Real Estate)	314,517
	854,476	Telstra Corp. Ltd. (Telecommunication Services)	2,109,898
	61,605	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)	495,696
	1,286,886	Vicinity Centres REIT (Real Estate)	1,434,855
	6,045	WiseTech Global Ltd. (Software & Services)	197,505
			54,046,309
	Austria – 0.5%
	32,267	BAWAG Group AG (Banks)*(a)	1,387,104
	108,809	Raiffeisen Bank International AG (Banks)	1,287,291
			2,674,395
	Belgium – 0.5%
	19,524	D’ieteren Group (Retailing)	2,750,941
	4,280	KBC Group NV (Banks)	203,103
	3,235	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	224,502
			3,178,546
	Brazil – 0.1%
	13,868	Yara International ASA (Materials)(b)	486,700
	Canada – 0.3%
	252,331	International Petroleum Corp. (Energy)*	2,021,198

Shares		Description	Value
	Common Stocks – (continued)
	China – 0.1%
	337,000	Kerry Logistics Network Ltd. (Transportation)	$       540,074
	Denmark – 3.9%
	1,025	AP Moller – Maersk A/S, Class A (Transportation)	1,810,932
	1,377	AP Moller – Maersk A/S, Class B (Transportation)	2,502,324
	35,616	Carlsberg AS, Class B (Food, Beverage & Tobacco)	4,164,811
	16,910	D/S Norden A/S (Transportation)	713,369
	14,105	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*	4,537,631
	27,033	Jyske Bank A/S (Banks)*	1,406,864
	77,540	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	7,724,365
			22,860,296
	Finland – 2.3%
	117,009	Kesko OYJ, Class B (Food & Staples Retailing)	2,183,035
	75,372	Metsa Board OYJ, Class B (Materials)	547,861
	324,849	Nokia OYJ (Technology Hardware & Equipment)	1,394,597
	609,651	Nordea Bank Abp (Banks)	5,217,533
	98,265	Sampo OYJ, Class A (Insurance)	4,195,095
			13,538,121
	France – 10.1%
	67,833	Airbus SE (Capital Goods)	5,847,234
	6,937	Alten SA (Software & Services)	762,306
	9,644	Beneteau SA (Consumer Durables & Apparel)	99,003
	13,409	Capgemini SE (Software & Services)	2,146,790
	176,857	Carrefour SA (Food & Staples Retailing)	2,452,847
	3,596	Christian Dior SE (Consumer Durables & Apparel)	2,072,536
	3,539	Cie de Saint-Gobain (Capital Goods)	126,539
	11,010	Covivio REIT (Real Estate)	530,392
	27,437	Dassault Aviation SA (Capital Goods)	3,121,534
	49,953	Dassault Systemes (Software & Services)	1,724,632

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	France – (continued)
	74,851	Edenred (Software & Services)	$    3,448,444
	93,348	Engie SA (Utilities)	1,074,426
	9,261	Gecina SA REIT (Real Estate)	725,319
	99,947	Genfit (Pharmaceuticals, Biotechnology & Life Sciences)*	372,222
	3,580	Hermes International (Consumer Durables & Apparel)	4,210,514
	7,456	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)	690,054
	8,321	Kering (Consumer Durables & Apparel)	3,690,771
	8,114	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)	4,783,813
	34,064	Pernod Ricard SA (Food, Beverage & Tobacco)	6,249,185
	82,393	Publicis Groupe SA (Media & Entertainment)	3,904,005
	16,706	Rubis SCA (Utilities)	347,655
	101,191	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	7,705,347
	50,034	SCOR SE (Insurance)	723,361
	101,341	Societe Generale SA (Banks)	2,004,131
			58,813,060
	Germany – 5.1%
	120,497	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)	5,551,848
	22,529	Brenntag SE (Capital Goods)	1,361,924
	19,863	Deutsche Pfandbriefbank AG (Banks)(a)	136,695
	278,398	E.ON SE (Utilities)	2,138,870
	5,879	Hapag-Lloyd AG (Transportation)(a)(c)	990,824
	31,435	Hugo Boss AG (Consumer Durables & Apparel)	1,463,641
	209,578	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	4,586,415
	189,186	K+S AG (Materials)	3,582,616
	98,181	Mercedes-Benz Group AG (Automobiles & Components)	4,964,724
	31,961	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	5,173,874
	1,123	MTU Aero Engines AG (Capital Goods)	167,838
			30,119,269

Shares		Description	Value
	Common Stocks – (continued)
	Hong Kong – 0.8%
	331,000	AIA Group Ltd. (Insurance)	$    2,755,875
	31,600	Jardine Matheson Holdings Ltd. (Capital Goods)	1,598,960
	72,500	Kerry Properties Ltd. (Real Estate)	137,429
	92,000	NWS Holdings Ltd. (Capital Goods)	83,000
			4,575,264
	Israel – 0.1%
	7,110	Bank Leumi Le-Israel BM (Banks)	60,725
	48,053	ICL Group Ltd. (Materials)	385,118
			445,843
	Italy – 1.3%
	283,744	Davide Campari-Milano NV (Food, Beverage & Tobacco)	2,510,443
	134,271	Leonardo SpA (Capital Goods)	950,693
	50,317	Moncler SpA (Consumer Durables & Apparel)	2,054,169
	76,418	Prysmian SpA (Capital Goods)	2,188,910
			7,704,215
	Japan – 23.1%
	99,400	AGC, Inc. (Capital Goods)	3,094,507
	115,900	Air Water, Inc. (Materials)	1,368,965
	329,400	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	4,363,660
	7,400	Canon Marketing Japan, Inc. (Technology Hardware & Equipment)	163,821
	40,800	Central Japan Railway Co. (Transportation)	4,789,554
	179,800	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	4,491,958
	72,100	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)	699,124
	90,800	Daiwa Securities Group, Inc. (Diversified Financials)	356,381
	6,200	Ebara Corp. (Capital Goods)	202,028
	276,200	Fujikura Ltd. (Capital Goods)	1,647,369
	10,800	Fukuyama Transporting Co. Ltd. (Transportation)	244,204
	32,800	Fuyo General Lease Co. Ltd. (Diversified Financials)	1,790,577

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	101,700	H2O Retailing Corp. (Retailing)	$       776,099
	8,500	Hanwa Co. Ltd. (Capital Goods)	201,315
	21,000	Happinet Corp. (Retailing)	267,756
	14,400	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	338,035
	231,800	Honda Motor Co. Ltd. (Automobiles & Components)	5,031,402
	38,100	Inpex Corp. (Energy)	355,362
	276,600	Inui Global Logistics Co. Ltd. (Commercial & Professional Services)	3,123,719
	136,400	ITOCHU Corp. (Capital Goods)	3,292,413
	137,000	JGC Holdings Corp. (Capital Goods)	1,699,744
	20,900	Kamigumi Co. Ltd. (Transportation)	385,874
	57,800	Kansai Electric Power Co., Inc. (The) (Utilities)	483,575
	23,700	KDDI Corp. (Telecommunication Services)	692,900
	15,700	Kintetsu Group Holdings Co. Ltd. (Transportation)	522,712
	39,000	Konami Group Corp. (Media & Entertainment)	1,805,782
	140,100	Kyowa Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,221,208
	52,500	Mandom Corp. (Household & Personal Products)	552,741
	459,400	Marubeni Corp. (Capital Goods)	4,008,491
	84,700	Mazda Motor Corp. (Automobiles & Components)	562,421
	188,200	Mitsubishi Corp. (Capital Goods)	5,147,312
	340,100	Mitsubishi Estate Co. Ltd. (Real Estate)	4,481,218
	93,600	Mitsubishi Gas Chemical Co., Inc. (Materials)	1,230,730
	1,062,400	Mitsubishi HC Capital, Inc. (Diversified Financials)	4,566,432
	2,800	Mitsubishi Research Institute, Inc. (Software & Services)	86,267
	55,600	Mitsubishi Shokuhin Co. Ltd. (Food & Staples Retailing)	1,252,304
	257,500	Mitsui & Co. Ltd. (Capital Goods)	5,479,542
	271,900	Mitsui Fudosan Co. Ltd. (Real Estate)	5,179,691
	7,800	Nanto Bank Ltd. (The) (Banks)	113,398

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	127,600	NGK Spark Plug Co. Ltd. (Automobiles & Components)	$    2,263,057
	21,300	Nippon Express Holdings, Inc. (Transportation)	1,082,657
	23,500	Nippon Kayaku Co. Ltd. (Materials)	188,156
	3,500	Nippon Soda Co. Ltd. (Materials)	106,505
	98,800	Nissan Motor Co. Ltd. (Automobiles & Components)	318,396
	3,400	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)	75,060
	302,900	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)	3,059,412
	29,800	NS United Kaiun Kaisha Ltd. (Transportation)	774,923
	600,200	Obayashi Corp. (Capital Goods)	3,852,065
	37,900	Oriental Land Co. Ltd. (Consumer Services)	5,140,334
	10,400	Relia, Inc. (Software & Services)	69,382
	285,700	Ricoh Co. Ltd. (Technology Hardware & Equipment)	2,091,954
	74,400	Round One Corp. (Consumer Services)	322,500
	472,100	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,173,187
	1,900	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)	103,092
	10,400	Seikagaku Corp. (Pharmaceuticals, Biotechnology & Life Sciences)	59,883
	50,600	Shin-Etsu Chemical Co. Ltd. (Materials)	5,007,215
	99,400	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)	355,905
	14,100	SoftBank Group Corp. (Telecommunication Services)	477,864
	103,900	Sumitomo Corp. (Capital Goods)	1,283,620
	28,700	Sumitomo Heavy Industries Ltd. (Capital Goods)	531,571
	56,100	Sumitomo Metal Mining Co. Ltd. (Materials)	1,607,632
	24,800	Sumitomo Mitsui Construction Co. Ltd. (Capital Goods)	76,177
	22,100	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	157,189

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	171,600	Sumitomo Realty & Development Co. Ltd. (Real Estate)	$    3,902,537
	5,200	Suzuki Motor Corp. (Automobiles & Components)	161,877
	35,400	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,296,380
	7,200	Takuma Co. Ltd. (Capital Goods)	61,742
	5,100	Toei Co. Ltd. (Media & Entertainment)	610,691
	142,600	Tokyo Century Corp. (Diversified Financials)	4,562,477
	236,000	Tokyo Gas Co. Ltd. (Utilities)	3,983,932
	6,100	Tokyo Kiraboshi Financial Group, Inc. (Banks)	89,676
	6,700	Tokyo Tatemono Co. Ltd. (Real Estate)	95,330
	709,000	Tokyu Fudosan Holdings Corp. (Real Estate)	3,681,624
	54,000	Toyota Motor Corp. (Automobiles & Components)	705,805
	53,800	Transcosmos, Inc. (Software & Services)	1,397,066
	24,600	Xebio Holdings Co. Ltd. (Retailing)	163,861
	196,100	Yamaha Motor Co. Ltd. (Automobiles & Components)	3,674,118
			134,635,443
	Netherlands – 4.2%
	9,678	Arcadis NV (Capital Goods)	314,983
	7,804	ASML Holding NV (Semiconductors & Semiconductor Equipment)	3,233,036
	26,979	Heineken Holding NV (Food, Beverage & Tobacco)	1,846,947
	56,075	Heineken NV (Food, Beverage & Tobacco)	4,897,093
	99,325	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	2,529,953
	47,185	OCI NV (Materials)	1,727,518
	401,303	Shell PLC (Energy)	10,009,757
			24,559,287
	New Zealand – 0.0%
	48,297	Meridian Energy Ltd. (Utilities)	129,595
	Norway – 2.8%
	249,322	Aker BP ASA (Energy)	7,156,673

Shares		Description	Value
	Common Stocks – (continued)
	Norway – (continued)
	218,475	DNB Bank ASA (Banks)	$    3,466,776
	152,975	Equinor ASA (Energy)	5,044,921
	264,601	MPC Container Ships ASA (Transportation)	441,214
	146,910	Odfjell Drilling Ltd. (Energy)*	319,747
			16,429,331
	Singapore – 2.5%
	489,600	Keppel Corp. Ltd. (Capital Goods)	2,355,902
	561,100	Oversea-Chinese Banking Corp. Ltd. (Banks)	4,597,590
	429,200	Singapore Exchange Ltd. (Diversified Financials)	2,815,715
	143,761	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	4,468,795
	16,700	United Overseas Bank Ltd. (Banks)	302,480
			14,540,482
	South Africa – 0.8%
	153,845	Anglo American PLC (Materials)	4,619,325
	Spain – 2.9%
	9,754	Amadeus IT Group SA (Software & Services)*	452,221
	49,735	Banco Bilbao Vizcaya Argentaria SA (Banks)	223,104
	1,959,035	Banco Santander SA (Banks)	4,558,484
	15,848	Cia de Distribucion Integral Logista Holdings SA (Transportation)	288,813
	550,984	Iberdrola SA (Utilities)	5,137,479
	17,093	Merlin Properties Socimi SA REIT (Real Estate)	131,893
	238,075	Red Electrica Corp. SA (Utilities)	3,653,405
	734,989	Telefonica SA (Telecommunication Services)	2,429,815
			16,875,214
	Sweden – 5.1%
	427,244	Atlas Copco AB, Class B (Capital Goods)	3,541,431
	13,165	BioGaia AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	91,254
	96,965	Epiroc AB, Class B (Capital Goods)	1,222,696
	19,311	Evolution AB (Consumer Services)(a)	1,526,487

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	836,824	Orron Energy ab (Utilities)	$    1,493,162
	242,428	Sandvik AB (Capital Goods)	3,304,671
	454,759	Skandinaviska Enskilda Banken AB, Class A (Banks)	4,334,197
	362,831	Swedbank AB, Class A (Banks)	4,762,432
	742,544	Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment)	4,340,505
	42,526	Trelleborg AB, Class B (Capital Goods)	797,823
	323,323	Volvo AB, Class B (Capital Goods)	4,575,334
			29,989,992
	Switzerland – 3.7%
	10	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)	995,864
	11	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)	106,307
	68,592	Cie Financiere Richemont SA (Consumer Durables & Apparel)	6,474,771
	8,236	Kuehne + Nagel International AG (Transportation)	1,677,113
	9,081	Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences)	4,421,460
	30,702	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)	2,340,628
	5,952	Swatch Group AG (The) – Bearer (Consumer Durables & Apparel)	1,336,810
	16,235	Swatch Group AG (The) – Registered (Consumer Durables & Apparel)	680,132
	256,178	UBS Group AG (Diversified Financials)	3,716,621
	1,509	Valiant Holding AG (Banks)	143,000
			21,892,706
	United Kingdom – 9.2%
	1,722	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)	94,435
	126,813	Auto Trader Group PLC (Media & Entertainment)(a)	719,165
	995,524	Aviva PLC (Insurance)	4,269,648
	210,715	British American Tobacco PLC (Food, Beverage & Tobacco)	7,555,724
	30,914	Britvic PLC (Food, Beverage & Tobacco)	246,226
	2,013,930	Centrica PLC (Utilities)*	1,580,339

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	348,500	CK Hutchison Holdings Ltd. (Capital Goods)	$    1,918,928
	299,232	Compass Group PLC (Consumer Services)	5,958,437
	1,936	DCC PLC (Capital Goods)	100,542
	197,248	Diageo PLC (Food, Beverage & Tobacco)	8,302,869
	240,202	DS Smith PLC (Materials)	679,303
	235,089	Haleon PLC ADR (Household & Personal Products)*	1,431,692
	259,475	Imperial Brands PLC (Food, Beverage & Tobacco)	5,335,554
	62,145	Informa PLC (Media & Entertainment)	355,215
	22,740	National Grid PLC (Utilities)	234,088
	28,026	Next PLC (Retailing)	1,487,504
	14,430	OSB Group PLC (Banks)	67,145
	41,200	Pearson PLC (Media & Entertainment)	393,444
	32,545	Reckitt Benckiser Group PLC (Household & Personal Products)	2,157,133
	42,054	Segro PLC REIT (Real Estate)	350,893
	51,902	Smiths Group PLC (Capital Goods)	864,531
	263,387	SSE PLC (Utilities)	4,447,555
	437,643	Vodafone Group PLC ADR (Telecommunication Services)	4,958,495
			53,508,865
	United States – 7.3%
	259,736	Computershare Ltd. (Software & Services)	4,142,811
	38,595	Ferguson PLC (Capital Goods)	4,003,432
	223,254	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)	6,570,365
	67,780	Nestle SA (Food, Beverage & Tobacco)	7,330,903
	45,474	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	14,803,277
	1,261	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	492,586
	39,000	Samsonite International SA (Consumer Durables & Apparel)*(a)	93,538
	434,880	Stellantis NV (Automobiles & Components)	5,137,000
			42,573,912
	TOTAL COMMON STOCKS (Cost $604,472,882)		$560,757,442

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Rate			Value
	Preferred Stocks – 1.5%
	Germany – 1.5%
	5,934	Bayerische Motoren Werke AG (Automobiles & Components)		8.54	%	$       385,344
	67,227	Porsche Automobil Holding SE (Automobiles & Components)		4.20		3,787,780
	37,009	Volkswagen AG (Automobiles & Components)		5.70		4,522,206
	TOTAL PREFERRED STOCKS (Cost $11,053,653)					$    8,695,330
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $615,526,535)					$569,452,772
Shares		Dividend Rate				Value
	Securities Lending Reinvestment Vehicle – 0.2%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,275,196	2.911%				$    1,275,196
	(Cost $1,275,196)
	TOTAL INVESTMENTS – 97.7% (Cost $616,801,731)					$570,727,968
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.3%					13,322,405
	NET ASSETS – 100.0%					$584,050,373

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
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Sector Name	% of Market Value
Industrials		16.3	%
Financials		16.1
Health Care		13.6
Consumer Discretionary		13.5
Consumer Staples		11.6
Information Technology		6.1
Materials		6.1
Energy		5.1
Utilities		4.3
Real Estate		3.8
Communication Services		3.3
Securities Lending Reinvestment Vehicle		0.2
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, 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		110		12/16/22	$	4,039,508	$	(342,085	)
FTSE 100 Index		16		12/16/22		1,396,549		(100,651	)
Hang Seng Index		3		10/28/22		342,299		(13,439	)
MSCI Singapore Index		6		10/28/22		117,750		(612	)
SPI 200 Index		5		12/15/22		598,098		(40,101	)
TOPIX Index		14		12/08/22		1,874,669		(74,079	)
Total Futures Contracts							$	(570,967	)

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Automobiles & Components – 2.9%
	436,408	Ford Motor Co.	$       4,887,770
	334,521	General Motors Co.	10,734,779
	21,887	Gentex Corp.	521,786
	174,233	Tesla, Inc.*	46,215,303
			62,359,638
	Banks – 1.4%
	54,293	BOK Financial Corp.	4,824,476
	11,523	Cadence Bank	292,799
	41,975	East West Bancorp, Inc.	2,818,201
	40,192	First BanCorp. (Puerto Rico)	549,827
	56,420	First Hawaiian, Inc.	1,389,625
	10,368	Hancock Whitney Corp.	474,958
	19,845	International Bancshares Corp.	843,412
	40,827	JPMorgan Chase & Co.	4,266,422
	80,240	MGIC Investment Corp.	1,028,677
	106,712	New York Community Bancorp, Inc.	910,253
	85,089	PacWest Bancorp	1,923,011
	25,875	Pinnacle Financial Partners, Inc.	2,098,463
	5,054	PNC Financial Services Group, Inc. (The)	755,169
	25,107	Popular, Inc. (Puerto Rico)	1,809,210
	17,678	Prosperity Bancshares, Inc.	1,178,769
	5,001	SVB Financial Group*	1,679,236
	61,227	Webster Financial Corp.	2,767,460
	17,489	Western Alliance Bancorp	1,149,727
			30,759,695
	Capital Goods – 4.0%
	92,889	AECOM	6,350,821
	5,761	AGCO Corp.	554,035
	62,745	AMETEK, Inc.	7,115,910
	32,308	Emerson Electric Co.	2,365,592
	12,875	Encore Wire Corp.	1,487,577
	79,273	Fastenal Co.	3,649,729
	13,565	Fortive Corp.	790,840
	10,402	H&E Equipment Services, Inc.	294,793
	46,723	Hexcel Corp.	2,416,514
	6,443	Honeywell International, Inc.	1,075,788
	97,597	Illinois Tool Works, Inc.	17,630,898
	96,928	Johnson Controls International PLC	4,770,796
	10,621	Lennox International, Inc.	2,364,978
	12,408	Lockheed Martin Corp.	4,793,086

Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	125,663	Mueller Industries, Inc.	$       7,469,409
	24,520	Parker-Hannifin Corp.	5,941,441
	149,820	Raytheon Technologies Corp.	12,264,265
	30,166	Snap-on, Inc.	6,073,924
			87,410,396
	Commercial & Professional Services – 1.7%
	34,700	Cintas Corp.	13,470,193
	71,280	CoStar Group, Inc.*	4,964,652
	127,739	Republic Services, Inc.	17,377,613
	1,275	Waste Connections, Inc.	172,291
			35,984,749
	Consumer Durables & Apparel – 0.2%
	30,962	Whirlpool Corp.	4,173,987
	Consumer Services – 2.7%
	18,628	Chipotle Mexican Grill, Inc.*	27,993,413
	2,086	Graham Holdings Co., Class B	1,122,226
	142,560	International Game Technology PLC	2,252,448
	121,777	Marriott International, Inc., Class A	17,065,829
	25,703	Red Rock Resorts, Inc., Class A	880,585
	130,372	Wyndham Hotels & Resorts, Inc.	7,998,322
	5,222	Yum! Brands, Inc.	555,308
			57,868,131
	Diversified Financials – 7.9%
	89,988	Ally Financial, Inc.	2,504,366
	497,261	Bank of New York Mellon Corp. (The)	19,154,494
	158,358	Berkshire Hathaway, Inc., Class B*	42,284,753
	125,405	CME Group, Inc.	22,212,988
	96,351	Discover Financial Services	8,760,233
	168,082	Equitable Holdings, Inc.	4,428,961
	42,808	Evercore, Inc., Class A	3,520,958
	19,961	Interactive Brokers Group, Inc., Class A	1,275,708
	107,848	Jefferies Financial Group, Inc.	3,181,516
	23,105	LPL Financial Holdings, Inc.	5,047,980
	12,138	MarketAxess Holdings, Inc.	2,700,584
	112,434	Morgan Stanley	8,883,410
	4,955	State Street Corp.	301,314
	208,173	Stifel Financial Corp.	10,806,260
	627,439	Synchrony Financial	17,687,505

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	316,057	Voya Financial, Inc.	$     19,121,448
			171,872,478
	Energy – 4.1%
	8,224	Cactus, Inc., Class A	316,048
	10,830	Cheniere Energy, Inc.	1,796,805
	69,539	Devon Energy Corp.	4,181,380
	89,256	EOG Resources, Inc.	9,972,573
	11,147	Exxon Mobil Corp.	973,245
	100,219	Golar LNG Ltd. (Cameroon)*	2,497,457
	12,264	Hess Corp.	1,336,653
	66,161	Hess Midstream LP, Class A	1,688,429
	1,462,084	Kinder Morgan, Inc.	24,329,078
	122,423	Marathon Oil Corp.	2,764,311
	42,060	Marathon Petroleum Corp.	4,177,820
	8,760	ONEOK, Inc.	448,862
	100,472	Ovintiv, Inc.	4,621,712
	33,190	Pioneer Natural Resources Co.	7,186,631
	94,650	Schlumberger NV	3,397,935
	126,528	Scorpio Tankers, Inc. (Monaco)	5,319,237
	32,841	SM Energy Co.	1,235,150
	103,628	Targa Resources Corp.	6,252,914
	21,930	Valero Energy Corp.	2,343,221
	156,754	Williams Cos., Inc. (The)	4,487,867
			89,327,328
	Food & Staples Retailing – 1.0%
	97,546	Casey’s General Stores, Inc.	19,755,016
	12,476	Chefs’ Warehouse, Inc. (The)*	361,430
	3,528	Costco Wholesale Corp.	1,666,168
			21,782,614
	Food, Beverage & Tobacco – 2.2%
	195,705	Cal-Maine Foods, Inc.	10,879,241
	11,092	Coca-Cola Consolidated, Inc.	4,566,909
	135,828	Conagra Brands, Inc.	4,432,068
	51,135	Darling Ingredients, Inc.*	3,382,580
	335,591	Kraft Heinz Co. (The)	11,191,960
	84,233	Lamb Weston Holdings, Inc.	6,517,949
	9,833	Lancaster Colony Corp.	1,477,703
	61,956	Monster Beverage Corp.*	5,387,694
			47,836,104

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 10.4%
	3,020	Abbott Laboratories	$          292,215
	660,937	Boston Scientific Corp.*	25,598,090
	84,487	Cano Health, Inc.*	732,502
	317,877	Centene Corp.*	24,734,010
	72,124	Cigna Corp.	20,012,246
	72,981	Edwards Lifesciences Corp.*	6,030,420
	71,276	Elevance Health, Inc.	32,376,410
	44,953	HCA Healthcare, Inc.	8,261,912
	34,579	Humana, Inc.	16,777,385
	14,459	IDEXX Laboratories, Inc.*	4,710,742
	17,700	Inspire Medical Systems, Inc.*	3,139,449
	204,740	Medtronic PLC	16,532,755
	80,151	Molina Healthcare, Inc.*	26,437,006
	33,319	Shockwave Medical, Inc.*	9,265,015
	47,957	UnitedHealth Group, Inc.	24,220,203
	92,898	Universal Health Services, Inc., Class B	8,191,746
			227,312,106
	Household & Personal Products – 0.1%
	17,654	Kimberly-Clark Corp.	1,986,781
	8,185	Procter & Gamble Co. (The)	1,033,356
			3,020,137
	Insurance – 3.1%
	185,081	American Equity Investment Life Holding Co.	6,901,670
	64,893	American Financial Group, Inc.	7,977,296
	49,985	Arch Capital Group Ltd.*	2,276,317
	59,191	Brighthouse Financial, Inc.*	2,570,073
	148,178	Chubb Ltd.	26,950,615
	138,498	CNO Financial Group, Inc.	2,488,809
	27,694	Globe Life, Inc.	2,761,092
	238,482	Lincoln National Corp.	10,471,745
	15,650	Marsh & McLennan Cos., Inc.	2,336,388
	6,559	Reinsurance Group of America, Inc.	825,188
	10,980	Ryan Specialty Holdings, Inc.*	446,008
	9,858	W R Berkley Corp.	636,630
			66,641,831
	Materials – 4.8%
	4,937	Air Products and Chemicals, Inc.	1,148,988
	5,737	Alpha Metallurgical Resources, Inc.	785,051
	54,422	Avient Corp.	1,648,987

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	217,800	CF Industries Holdings, Inc.	$     20,963,250
	28,500	Corteva, Inc.	1,628,775
	8,601	Dow, Inc.	377,842
	8,866	Eagle Materials, Inc.	950,258
	71,308	Element Solutions, Inc.	1,160,181
	11,401	Freeport-McMoRan, Inc.	311,589
	3,772	International Flavors & Fragrances, Inc.	342,611
	115,743	Linde PLC (United Kingdom)	31,203,155
	14,430	Louisiana-Pacific Corp.	738,672
	22,627	Martin Marietta Materials, Inc.	7,287,930
	384,685	Mosaic Co. (The)	18,591,826
	56,853	Olin Corp.	2,437,857
	12,861	Piedmont Lithium, Inc.*	687,935
	57,894	Sherwin-Williams Co. (The)	11,853,796
	34,799	Summit Materials, Inc., Class A*	833,784
	31,786	Warrior Met Coal, Inc.	903,994
			103,856,481
	Media & Entertainment – 4.5%
	326,600	Alphabet, Inc., Class A*	31,239,290
	315,000	Alphabet, Inc., Class C*	30,287,250
	94,443	Comcast Corp., Class A	2,770,013
	67,224	Endeavor Group Holdings, Inc., Class A*	1,361,958
	55,073	Interpublic Group of Cos., Inc. (The)	1,409,869
	106,950	Meta Platforms, Inc., Class A*	14,510,976
	17,336	Netflix, Inc.*	4,081,588
	441,425	News Corp., Class A	6,669,932
	20,752	Nexstar Media Group, Inc., Class A	3,462,471
	72,234	TripAdvisor, Inc.*	1,594,927
			97,388,274
	Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	288,435	AbbVie, Inc.	38,710,861
	388,847	Avantor, Inc.*	7,621,401
	47,775	Biogen, Inc.*	12,755,925
	191,166	Gilead Sciences, Inc.	11,793,031
	201,126	Horizon Therapeutics PLC*	12,447,688
	52,612	Incyte Corp.*	3,506,064
	7,809	IQVIA Holdings, Inc.*	1,414,522
	88,523	Johnson & Johnson	14,461,117
	64,030	Medpace Holdings, Inc.*	10,063,595
	26,154	Merck & Co., Inc.	2,252,383

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	6,958	Mettler-Toledo International, Inc.*	$       7,543,307
	128,361	Pfizer, Inc.	5,617,077
	22,821	Regeneron Pharmaceuticals, Inc.*	15,720,702
	66,612	Royalty Pharma PLC, Class A	2,676,470
	30,923	Syneos Health, Inc.*	1,458,020
	18,030	Thermo Fisher Scientific, Inc.	9,144,636
	15,540	Vertex Pharmaceuticals, Inc.*	4,499,452
	6,675	West Pharmaceutical Services, Inc.	1,642,584
			163,328,835
	Real Estate – 6.2%
	1	Apartment Income REIT Corp. REIT	39
	1	Apartment Investment and Management Co., Class A REIT	7
	21,275	Brixmor Property Group, Inc. REIT	392,949
	166,183	Camden Property Trust REIT	19,850,559
	152,005	CubeSmart REIT	6,089,320
	160,082	Duke Realty Corp. REIT	7,715,952
	48,747	EPR Properties REIT	1,748,068
	77,330	Equity LifeStyle Properties, Inc. REIT	4,859,417
	50,306	Extra Space Storage, Inc. REIT	8,688,349
	102,675	First Industrial Realty Trust, Inc. REIT	4,600,867
	9,634	Lamar Advertising Co., Class A REIT	794,709
	97,068	Life Storage, Inc. REIT	10,751,252
	42,700	Mid-America Apartment Communities, Inc. REIT	6,621,489
	343,022	National Storage Affiliates Trust REIT	14,262,855
	230,412	Park Hotels & Resorts, Inc. REIT	2,594,439
	53,232	Public Storage REIT	15,586,862
	74,311	Rexford Industrial Realty, Inc. REIT	3,864,172
	69,479	SBA Communications Corp. REIT	19,777,197
	2	Simon Property Group, Inc. REIT	180
	14,722	Terreno Realty Corp. REIT	780,119
	127,701	UDR, Inc. REIT	5,326,409
	28,435	Ventas, Inc. REIT	1,142,234
	1	Vornado Realty Trust REIT	23
			135,447,467
	Retailing – 7.4%
	372,990	Amazon.com, Inc.*	42,147,870
	1,486	Asbury Automotive Group, Inc.*	224,535
	140,629	AutoNation, Inc.*	14,325,876

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	13,147	AutoZone, Inc.*	$     28,159,954
	34,974	eBay, Inc.	1,287,393
	4,651	Home Depot, Inc. (The)	1,283,397
	114,116	LKQ Corp.	5,380,569
	91,859	Lowe’s Cos., Inc.	17,252,039
	24,470	MercadoLibre, Inc. (Brazil) *	20,255,777
	45,895	Murphy USA, Inc.	12,616,994
	1,394	O’Reilly Automotive, Inc.*	980,470
	51,414	Penske Automotive Group, Inc.	5,060,680
	58,522	Target Corp.	8,684,079
	10,953	Ulta Beauty, Inc.*	4,394,234
	1	Victoria’s Secret & Co.*	29
			162,053,896
	Semiconductors & Semiconductor Equipment – 3.5%
	218,165	Applied Materials, Inc.	17,874,258
	30,344	Axcelis Technologies, Inc.*	1,837,633
	32,920	Enphase Energy, Inc.*	9,134,312
	43,338	First Solar, Inc.*	5,732,317
	3,264	KLA Corp.	987,784
	15,277	Monolithic Power Systems, Inc.	5,551,662
	130,588	NVIDIA Corp.	15,852,077
	106,041	ON Semiconductor Corp.*	6,609,536
	13,204	Power Integrations, Inc.	849,281
	11,970	QUALCOMM, Inc.	1,352,371
	2,665	SolarEdge Technologies, Inc.*	616,841
	63,128	Texas Instruments, Inc.	9,770,952
			76,169,024
	Software & Services – 12.3%
	44,829	Adobe, Inc.*	12,336,941
	207,994	Clear Secure, Inc., Class A*	4,754,743
	37,536	Cognizant Technology Solutions Corp., Class A	2,156,068
	5,074	EPAM Systems, Inc.*	1,837,752
	8,026	Euronet Worldwide, Inc.*	608,050
	21,393	ExlService Holdings, Inc.*	3,152,473
	395,400	Fortinet, Inc.*	19,426,002
	67,085	Gartner, Inc.*	18,561,749
	31,260	Intuit, Inc.	12,107,623
	148,622	Maximus, Inc.	8,600,755
	410,558	Microsoft Corp.	95,618,958

Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	160,109	NCR Corp.*	$       3,043,672
	75,324	Oracle Corp.	4,600,037
	44,298	Palo Alto Networks, Inc.*	7,255,569
	22,076	Paycom Software, Inc.*	7,284,859
	5,663	Perficient, Inc.*	368,208
	46,245	ServiceNow, Inc.*	17,462,574
	70,134	Snowflake, Inc., Class A*	11,919,975
	20,081	Synopsys, Inc.*	6,134,946
	116,436	Toast, Inc., Class A*	1,946,810
	120,549	VeriSign, Inc.*	20,939,361
	43,289	Zscaler, Inc.*	7,115,413
			267,232,538
	Technology Hardware & Equipment – 7.0%
	782,085	Apple, Inc.	108,084,147
	6,480	Arista Networks, Inc.*	731,527
	537,889	Cisco Systems, Inc.	21,515,560
	272,160	Hewlett Packard Enterprise Co.	3,260,477
	5,221	Jabil, Inc.	301,304
	94,239	Keysight Technologies, Inc.*	14,829,449
	42,942	NetApp, Inc.	2,655,963
	3,898	Teledyne Technologies, Inc.*	1,315,458
	1	Vontier Corp.	17
			152,693,902
	Transportation – 2.8%
	932,018	CSX Corp.	24,828,959
	241,264	Knight-Swift Transportation Holdings, Inc.	11,805,048
	18,420	Norfolk Southern Corp.	3,861,753
	7,053	Old Dominion Freight Line, Inc.	1,754,575
	36,542	Ryder System, Inc.	2,758,556
	117,838	Southwest Airlines Co.*	3,634,124
	64,553	Union Pacific Corp.	12,576,215
			61,219,230
	Utilities – 0.9%
	26,469	Brookfield Renewable Corp., Class A	865,007
	268,932	CMS Energy Corp.	15,662,600
	3,186	DTE Energy Co.	366,549
	68,737	NRG Energy, Inc.	2,630,565

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	5,925	ONE Gas, Inc.	$          417,061
			19,941,782
	TOTAL INVESTMENTS – 98.6% (Cost $1,545,115,873)		$2,145,680,623
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%		31,050,963
	NET ASSETS – 100.0%		$2,176,731,586

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:
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Russell 2000 E-Mini Index	15	12/16/22	$	1,417,582	$	(165,232	)
S&P 500 E-Mini Index	67	12/16/22		13,685,547		(1,620,522	)
Total Futures Contracts					$	(1,785,754	)

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

B. 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.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

C. 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 Valuation Procedures approved by the Trustees. 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.

D. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2022:

INTERNATIONAL TAX- MANAGED EQUITY FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—		$	4,619,325	$	—
Asia		1,598,960			153,138,146		—
Europe		6,856,844			303,981,783		—
North America		6,570,365			38,024,744		—
Oceania		—			54,175,905		—
South America		—			—		486,700
Securities Lending Reinvestment Vehicle		1,275,196			—		—
Total	$	16,301,365		$	553,939,903	$	486,700
Derivative Type
Liabilities(b)
Futures Contracts	$	(570,967	)	$	—	$	—
U.S. TAX-MANAGED EQUITY FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	2,497,457		$	—	$	—
Europe		36,522,392			—		—
North America		2,086,404,997			—		—
South America		20,255,777			—		—
Total	$	2,145,680,623		$	—	$	—
Derivative Type
Liabilities(b)
Futures Contracts	$	(1,785,754	)	$	—	$	—

(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.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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 rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — 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.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2022 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (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.

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, 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 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.

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, acts of terrorism, social unrest, natural disasters, 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.