GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.1%
	China – 93.4%
	183,916	Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services)	$     518,927
	5	Alibaba Group Holding Ltd. ADR (Consumer Discretionary Distribution & Retail)*	511
	321,476	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*	4,108,266
	16,139	Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)	335,888
	87,600	ANTA Sports Products Ltd. (Consumer Durables & Apparel)	1,038,140
	212,741	Bank of Ningbo Co. Ltd., Class A (Banks)	868,271
	35,195	Bethel Automotive Safety Systems Co. Ltd., Class A (Automobiles & Components)	446,292
	32,300	BYD Co. Ltd., Class A (Automobiles & Components)	1,232,903
	17,000	BYD Co. Ltd., Class H (Automobiles & Components)	605,506
	416,000	China Longyuan Power Group Corp. Ltd., Class H (Utilities)	402,753
	230,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*	873,583
	220,200	China Merchants Bank Co. Ltd., Class A (Banks)	1,098,893
	244,000	China Merchants Bank Co. Ltd., Class H (Banks)	1,213,346
	1,960,000	China Petroleum & Chemical Corp., Class H (Energy)	1,097,672
	53,800	China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	377,178
	288,700	China Yangtze Power Co. Ltd., Class A (Utilities)	867,747
	470,500	CITIC Securities Co. Ltd., Class H (Financial Services)	1,013,426
	56,136	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)	1,871,407
	332,291	East Money Information Co. Ltd., Class A (Financial Services)	749,741
	5,623	H World Group Ltd. ADR (Consumer Services)*	270,129

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	105,700	H World Group Ltd. (Consumer Services)*	$     506,030
	201,000	Haidilao International Holding Ltd. (Consumer Services)(a)	567,717
	81,494	Hongfa Technology Co. Ltd., Class A (Capital Goods)	396,178
	88,800	Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	286,370
	94,400	Hundsun Technologies, Inc., Class A (Software & Services)	544,124
	27,279	KE Holdings, Inc. ADR (Real Estate Management & Development)*	475,200
	186,000	Kingdee International Software Group Co. Ltd. (Software & Services)*	326,256
	11,019	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)	2,908,182
	41,900	Li Auto, Inc., Class A (Automobiles & Components)*	899,469
	171,574	Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment)	777,282
	136,900	Mango Excellent Media Co. Ltd., Class A (Media & Entertainment)	659,009
	141,190	Meituan, Class B (Consumer Services)*(a)	2,695,334
	113,200	Midea Group Co. Ltd., Class A (Consumer Durables & Apparel)	940,825
	59,967	Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)	486,193
	245,036	NARI Technology Co. Ltd., Class A (Capital Goods)	834,459
	62,985	NetEase, Inc. (Media & Entertainment)	1,371,834
	42,197	Ningbo Orient Wires & Cables Co. Ltd., Class A (Capital Goods)	274,700
	52,900	Ningbo Tuopu Group Co. Ltd., Class A (Automobiles & Components)	544,587
	60,797	Oppein Home Group, Inc., Class A (Consumer Durables & Apparel)	915,892
	572,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)	670,913
	33,600	Ping An Insurance Group Co. of China Ltd., Class A (Insurance)	248,240

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	345,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)	$  2,517,570
	1,305,700	Postal Savings Bank of China Co. Ltd., Class A (Banks)	949,649
	559,000	Postal Savings Bank of China Co. Ltd., Class H (Banks)(a)	344,622
	21,050	SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment)	248,771
	49,200	Shanghai M&G Stationery, Inc., Class A (Commercial & Professional Services)	308,256
	85,278	Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods)	848,284
	20,598	Shenzhen Kedali Industry Co. Ltd., Class A (Automobiles & Components)	366,760
	20,000	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)	829,926
	56,612	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)	884,617
	56,000	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)	549,028
	58,250	Sunresin New Materials Co. Ltd., Class A (Materials)	471,531
	122,300	Tencent Holdings Ltd. (Media & Entertainment)	5,621,049
	21,700	Trip.com Group Ltd. (Consumer Services)*	886,289
	82,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)	737,372
	138,200	Venustech Group, Inc., Class A (Software & Services)	566,342
	38,498	Wanhua Chemical Group Co. Ltd., Class A (Materials)	527,707
	58,339	Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment)	839,126
	76,828	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)	730,820
	81,078	Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)	318,051
	93,228	Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples Distribution & Retail)	496,173

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	371,470	Yunnan Aluminium Co. Ltd., Class A (Materials)	$     773,052
	170,219	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)	664,352
	150,299	Zhejiang Weixing New Building Materials Co. Ltd., Class A (Capital Goods)	456,461
			57,255,181
	Hong Kong – 3.9%
	45,400	AIA Group Ltd. (Insurance)	454,215
	16,401	Hong Kong Exchanges & Clearing Ltd. (Financial Services)	691,500
	1,368,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	620,666
	304,000	Sino Land Co. Ltd. (Real Estate Management & Development)	373,167
	21,500	Techtronic Industries Co. Ltd. (Capital Goods)	244,252
			2,383,800
	Taiwan – 0.8%
	55,000	Chroma ATE, Inc. (Technology Hardware & Equipment)	484,471
	TOTAL INVESTMENTS – 98.1% (Cost $56,209,768)		$60,123,452
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%		1,143,809
	NET ASSETS – 100.0%		$61,267,261

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

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Sector Name	% of Market Value
Consumer Discretionary		26.7	%
Financials		18.0
Communication Services		12.7
Industrials		11.3
Information Technology		8.6
Consumer Staples		8.3
Health Care		5.6
Materials		2.9
Energy		2.4
Utilities		2.1
Real Estate		1.4
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.4%
	Brazil – 4.2%
	11,954,979	Caixa Seguridade Participacoes SA (Insurance)	$     27,278,715
	1,677,900	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)	15,349,924
	32,063	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*	39,695,597
	4,674,500	Odontoprev SA (Health Care Equipment & Services)	12,119,349
	4,955,400	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)	14,115,620
	3,486,800	TIM SA (Telecommunication Services)	10,573,769
	1,964,000	TOTVS SA (Software & Services)	12,281,360
			131,414,334
	China – 29.7%
	8,650,324	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*	110,545,829
	2,201,200	ANTA Sports Products Ltd. (Consumer Durables & Apparel)	26,086,232
	1,097,000	BYD Co. Ltd., Class H (Automobiles & Components)	39,072,972
	6,664,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*	25,311,131
	9,507,500	China Merchants Bank Co. Ltd., Class H (Banks)	47,278,244
	887,176	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)	29,575,804
	1,916,000	ENN Energy Holdings Ltd. (Utilities)	23,288,600
	4,204,000	Haidilao International Holding Ltd. (Consumer Services)(a)	11,874,044
	2,057,700	Hualan Biological Engineering, Inc., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	6,635,845
	988,725	KE Holdings, Inc. ADR (Real Estate Management & Development)*	17,223,589
	312,651	Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco)	82,516,200
	3,718,640	Meituan, Class B (Consumer Services)*(a)	70,989,282
	1,815,300	NetEase, Inc. (Media & Entertainment)	39,537,840
	75,000	Oppein Home Group, Inc., Class A (Consumer Durables & Apparel)	1,129,857

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	11,744,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)	$     13,774,821
	775,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)	5,650,869
	6,901,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)	50,289,453
	472,429	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)	19,604,054
	2,095,300	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	22,241,231
	921,988	Silergy Corp. (Semiconductors & Semiconductor Equipment)	9,752,218
	1,308,441	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)	20,445,651
	1,279,900	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)	12,548,241
	1,362,040	Sunresin New Materials Co. Ltd., Class A (Materials)	11,025,659
	3,915,400	Tencent Holdings Ltd. (Media & Entertainment)	179,956,297
	1,992,300	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)	18,951,582
	12,362,592	Yunnan Aluminium Co. Ltd., Class A (Materials)	25,727,329
	4,412,992	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)	17,223,571
			938,256,445
	Egypt – 0.4%
	8,531,781	Commercial International Bank Egypt SAE (Banks)	13,935,109
	Greece – 2.1%
	925,495	JUMBO SA (Consumer Discretionary Distribution & Retail)	27,617,178
	4,420,820	National Bank of Greece SA (Banks)*	30,444,938
	916,761	Sarantis SA (Household & Personal Products)	7,670,721
			65,732,837

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hong Kong – 2.1%
	1,585,400	AIA Group Ltd. (Insurance)	$     15,861,517
	544,313	Hong Kong Exchanges & Clearing Ltd. (Financial Services)	22,949,339
	36,085,500	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	16,366,134
	1,105,500	Techtronic Industries Co. Ltd. (Capital Goods)	12,559,092
			67,736,082
	India – 14.8%
	356,903	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*	10,571,371
	292,512	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)	18,413,982
	2,382,531	Axis Bank Ltd. (Banks)	27,659,980
	529,897	Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)*	3,235,603
	232,385	Coforge Ltd. (Software & Services)	13,310,312
	630,565	Computer Age Management Services Ltd. (Commercial & Professional Services)	18,090,984
	120,956	Craftsman Automation Ltd. (Capital Goods)	6,850,970
	3,399,584	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)	12,160,085
	979,850	Godrej Properties Ltd. (Real Estate Management & Development)*	20,756,851
	1,272,528	HDFC Bank Ltd. (Banks)	25,547,387
	4,906,347	ICICI Bank Ltd. (Banks)	59,795,989
	244,990	Info Edge India Ltd. (Media & Entertainment)	13,691,781
	1,753,234	Infosys Ltd. (Software & Services)	29,017,995
	1,037,672	Jio Financial Services Ltd. (Financial Services)*	3,303,569
	385,502	Navin Fluorine International Ltd. (Materials)	20,001,586
	590,418	Netweb Technologies India Ltd. (Technology Hardware Storage & Peripherals)*	6,285,086
	857,591	Reliance Industries Ltd. (Energy)	26,622,182
	772,609	Route Mobile Ltd. (Software & Services)	14,111,191
	1,203,919	SBI Life Insurance Co. Ltd. (Insurance)(a)	18,793,308
	2,355,609	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)	16,343,516

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	2,327,702	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$     32,377,820
	2,977,030	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)	31,120,222
	350,258	TeamLease Services Ltd. (Commercial & Professional Services)*	10,046,281
	28,419,680	Zomato Ltd. (Consumer Services)*	29,093,615
			467,201,666
	Indonesia – 3.8%
	66,281,200	Bank BTPN Syariah Tbk PT (Banks)	9,372,539
	89,020,600	Bank Central Asia Tbk PT (Banks)	53,913,702
	177,241,700	BFI Finance Indonesia Tbk PT (Financial Services)	15,519,695
	337,525,000	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)	18,129,659
	399,875,000	Nusantara Sejahtera Raya Tbk PT (Hotels, Restaurants & Leisure)*(a)	7,159,566
	300,456,400	Pakuwon Jati Tbk PT (Real Estate Management & Development)	9,572,555
	10,272,471	Semen Indonesia Persero Tbk PT (Materials)	4,753,371
			118,421,087
	Mexico – 4.0%
	3,537,900	Alsea SAB de CV (Consumer Services)*	12,277,538
	2,218,799	Arca Continental SAB de CV (Food, Beverage & Tobacco)	22,229,066
	5,913,300	Banco del Bajio SA (Banks)(a)	18,027,708
	8,732,750	Gentera SAB de CV (Financial Services)	11,327,281
	8,525,834	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)	31,583,009
	7,553,700	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)	31,446,308
			126,890,910
	Philippines – 1.6%
	6,701,250	BDO Unibank, Inc. (Banks)	17,721,796
	681,601	Del Monte Pacific Ltd. (Food, Beverage & Tobacco)	87,051
	3,179,300	Jollibee Foods Corp. (Consumer Services)	14,766,990

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Philippines – (continued)
	123,574,900	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)	$     18,408,162
			50,983,999
	Poland – 0.9%
	265,478	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)	29,563,638
	Romania – 0.7%
	841,023	Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)*	21,028,386
	Russia – 0.0%
	10,483,256	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(a)(b)	—
	2,495,750	Renaissance Insurance Group JSC (Insurance)*(b)	—
	4,327,745	Sberbank of Russia PJSC (Banks)(b)	—
			—
	Saudi Arabia – 2.2%
	1,457,418	Alinma Bank (Banks)	14,369,499
	305,763	Co. For Cooperative Insurance (The) (Insurance)	11,638,489
	3,410,496	Saudi Arabian Oil Co. (Energy)(a)	29,472,775
	1,338,235	Saudi National Bank (The) (Banks)	13,751,451
			69,232,214
	Singapore – 0.3%
	7,586,393	Nanofilm Technologies International Ltd. (Materials)	6,507,183
	573,023	TDCX, Inc. ADR (Commercial & Professional Services)*	4,108,575
			10,615,758
	Slovenia – 0.7%
	1,186,774	Nova Ljubljanska Banka dd GDR (Banks)	20,704,834
	South Africa – 1.5%
	1,409,615	Clicks Group Ltd. (Consumer Staples Distribution & Retail)	22,110,866

Shares		Description	Value
	Common Stocks – (continued)
	South Africa – (continued)
	1,552,394	JSE Ltd. (Financial Services)	$       7,944,368
	23,375,591	Old Mutual Ltd. (Insurance)	17,005,183
			47,060,417
	South Korea – 11.1%
	139,389	JYP Entertainment Corp. (Media & Entertainment)	14,923,390
	396,397	Kia Corp. (Automobiles & Components)	25,725,893
	62,520	LG Chem Ltd. (Materials)	31,804,306
	381,881	LG Electronics, Inc. (Consumer Durables & Apparel)	32,506,231
	110,051	NAVER Corp. (Media & Entertainment)	19,607,497
	37,981	NCSoft Corp. (Media & Entertainment)	8,239,832
	185,816	Orion Corp. (Food, Beverage & Tobacco)	16,538,609
	19,573	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*(a)	11,752,969
	3,436,697	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	188,168,324
			349,267,051
	Taiwan – 13.0%
	3,441,754	Chailease Holding Co. Ltd. (Financial Services)*	22,789,204
	1,423,000	Delta Electronics, Inc. (Technology Hardware & Equipment)	16,611,697
	1,488,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	32,743,320
	330,720	momo.com, Inc. (Consumer Discretionary Distribution & Retail)	6,316,497
	1,311,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)	13,589,755
	15,128,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	273,191,382
	782,451	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)	3,935,769
	2,852,000	Unimicron Technology Corp. (Technology Hardware & Equipment)	16,837,665

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	16,267,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)	$     24,444,417
			410,459,706
	Thailand – 1.5%
	14,984,900	Airports of Thailand PCL (Transportation)*	31,308,494
	3,764,900	PTT Exploration & Production PCL (Energy)	17,581,173
			48,889,667
	United Arab Emirates – 0.9%
	11,490,487	Abu Dhabi Commercial Bank PJSC (Banks)	27,467,798
	United States – 0.9%
	9,794,700	Samsonite International SA (Consumer Durables & Apparel)*(a)	29,189,609
	TOTAL COMMON STOCKS (Cost $2,747,742,858)		$3,044,051,547

Shares		Description	Rate	Value
	Preferred Stock – 0.7%
	Brazil – 0.7%
	3,854,300	Itau Unibanco Holding SA (Banks)
	(Cost $21,062,114)		5.35%	$     23,343,833

Shares		Description	Value
	Exchange-Traded Fund – 1.8%
	United States – 1.8%
	1,702,420	iShares ESG Aware MSCI EM ETF
	(Cost $52,721,237)		$     57,235,361
Shares		Dividend Rate	Value
	Investment Company – 0.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	7,804,515	5.220%	$       7,804,515
	(Cost $7,804,515)
	TOTAL INVESTMENTS – 99.1% (Cost $2,829,330,724)		$3,132,435,256
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%		25,701,196
	NET ASSETS – 100.0%		$3,158,136,452

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		20.9	%
Financials		20.7
Consumer Discretionary		18.5
Consumer Staples		9.6
Communication Services		9.1
Health Care		4.8
Industrials		4.8
Materials		3.2
Real Estate		2.5
Energy		2.4
Exchange-Traded Fund		1.8
Utilities		1.4
Investment Company		0.3
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.4%
	Brazil – 6.7%
	42,500	Caixa Seguridade Participacoes SA (Insurance)	$     96,976
	5,700	Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences)	52,145
	106	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*	131,233
	15,700	Odontoprev SA (Health Care Equipment & Services)	40,705
	4,900	Sao Martinho SA (Food, Beverage & Tobacco)	34,682
	18,100	Sendas Distribuidora SA (Consumer Staples Distribution & Retail)	51,559
	11,300	TIM SA (Telecommunication Services)	34,267
	6,800	TOTVS SA (Software & Services)	42,522
			484,089
	Egypt – 0.4%
	18,353	Commercial International Bank Egypt SAE (Banks)	29,976
	Greece – 2.4%
	2,108	JUMBO SA (Consumer Discretionary Distribution & Retail)	62,904
	15,491	National Bank of Greece SA (Banks)*	106,682
			169,586
	India – 22.4%
	1,001	Amber Enterprises India Ltd. (Consumer Durables & Apparel)*	29,649
	991	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)	62,385
	7,020	Axis Bank Ltd. (Banks)	81,499
	7,023	Bharti Airtel Ltd. (Telecommunication Services)	76,059
	599	Coforge Ltd. (Software & Services)	34,309
	1,778	Computer Age Management Services Ltd. (Commercial & Professional Services)	51,011
	352	Craftsman Automation Ltd. (Capital Goods)	19,937
	8,359	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)	29,900

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	4,990	Godrej Consumer Products Ltd. (Household & Personal Products)*	$     62,907
	2,150	Godrej Properties Ltd. (Real Estate Management & Development)*	45,545
	4,060	Gokaldas Exports Ltd. (Consumer Durables & Apparel)*	26,493
	6,761	HDFC Bank Ltd. (Banks)	135,735
	11,045	Hindalco Industries Ltd. (Materials)	62,265
	2,297	Home First Finance Co. India Ltd. (Financial Services)(a)	24,315
	13,525	ICICI Bank Ltd. (Banks)	164,836
	546	Info Edge India Ltd. (Media & Entertainment)	30,514
	5,645	Infosys Ltd. (Software & Services)	93,431
	3,411	Jio Financial Services Ltd. (Financial Services)*	10,859
	4,249	Kfin Technologies Ltd. (Financial Services)*	19,973
	890	Navin Fluorine International Ltd. (Materials)	46,177
	3,142	Reliance Industries Ltd. (Energy)	97,537
	1,956	Route Mobile Ltd. (Software & Services)	35,725
	2,806	SBI Life Insurance Co. Ltd. (Insurance)(a)	43,802
	5,913	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)	41,025
	2,808	Spandana Sphoorty Financial Ltd. (Financial Services)*(b)	28,560
	5,425	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	75,461
	8,636	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)	90,276
	675	TeamLease Services Ltd. (Commercial & Professional Services)*	19,361
	76,162	Zomato Ltd. (Consumer Services)*	77,968
			1,617,514
	Indonesia – 5.3%
	190,400	Bank BTPN Syariah Tbk PT (Banks)	26,924
	371,700	Bank Central Asia Tbk PT (Banks)	225,113
	411,400	BFI Finance Indonesia Tbk PT (Financial Services)	36,023

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	947,000	Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail)	$     50,867
	924,200	Nusantara Sejahtera Raya Tbk PT (Hotels, Restaurants & Leisure)*(a)	16,547
	768,900	Pakuwon Jati Tbk PT (Real Estate Management & Development)	24,497
			379,971
	Mexico – 7.0%
	12,800	Alsea SAB de CV (Consumer Services)*	44,420
	10,027	Arca Continental SAB de CV (Food, Beverage & Tobacco)	100,456
	24,600	Bolsa Mexicana de Valores SAB de CV (Financial Services)	52,153
	9,700	Grupo Financiero Banorte SAB de CV, Class O (Banks)	91,937
	24,926	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)	92,335
	28,700	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)	119,479
			500,780
	Philippines – 1.9%
	18,360	BDO Unibank, Inc. (Banks)	48,554
	8,410	Jollibee Foods Corp. (Consumer Services)	39,062
	329,800	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)	49,128
			136,744
	Poland – 1.3%
	841	Dino Polska SA (Consumer Staples Distribution & Retail)*(a)	93,654
	Saudi Arabia – 4.0%
	6,335	Alinma Bank (Banks)	62,460
	1,298	Co. For Cooperative Insurance (The) (Insurance)	49,407
	13,573	Saudi Arabian Oil Co. (Energy)(a)	117,295
	5,767	Saudi National Bank (The) (Banks)	59,261
			288,423

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – 1.0%
	22,600	Nanofilm Technologies International Ltd. (Materials)	$     19,385
	644	Sea Ltd. ADR (Media & Entertainment)*	42,839
	1,217	TDCX, Inc. ADR (Commercial & Professional Services)*	8,726
			70,950
	Slovenia – 0.8%
	3,232	Nova Ljubljanska Banka dd GDR (Banks)	56,386
	South Africa – 2.0%
	5,036	Clicks Group Ltd. (Consumer Staples Distribution & Retail)	78,993
	4,767	JSE Ltd. (Financial Services)	24,395
	58,327	Old Mutual Ltd. (Insurance)	42,432
			145,820
	South Korea – 17.3%
	270	Hyundai Mobis Co. Ltd. (Automobiles & Components)	49,333
	385	JYP Entertainment Corp. (Media & Entertainment)	41,219
	948	Kia Corp. (Automobiles & Components)	61,525
	201	LG Chem Ltd. (Materials)	102,250
	1,118	LG Electronics, Inc. (Consumer Durables & Apparel)	95,166
	370	NAVER Corp. (Media & Entertainment)	65,922
	121	NCSoft Corp. (Media & Entertainment)	26,250
	573	Orion Corp. (Food, Beverage & Tobacco)	51,000
	12,208	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	668,421
	162	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)	84,565
			1,245,651
	Taiwan – 19.8%
	13,000	Chailease Holding Co. Ltd. (Financial Services)*	86,078
	9,000	Delta Electronics, Inc. (Technology Hardware & Equipment)	105,063

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	5,000	E Ink Holdings, Inc. (Technology Hardware & Equipment)	$     35,859
	5,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	110,025
	1,200	momo.com, Inc. (Consumer Discretionary Distribution & Retail)	22,919
	3,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)	31,098
	45,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	812,592
	4,000	Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment)	20,120
	13,000	Unimicron Technology Corp. (Technology Hardware & Equipment)	76,750
	67,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)	100,681
	2,000	Universal Vision Biotechnology Co. Ltd. (Health Care Equipment & Services)*	24,956
			1,426,141
	Thailand – 2.4%
	52,600	Airports of Thailand PCL (Transportation)*	109,899
	14,100	PTT Exploration & Production PCL (Energy)	65,844
			175,743
	United Arab Emirates – 1.7%
	31,194	Abu Dhabi Commercial Bank PJSC (Banks)	74,569
	47,230	ADNOC Drilling Co. PJSC (Energy)	50,664
			125,233
	TOTAL COMMON STOCKS (Cost $6,303,649)		$6,946,661

Shares		Description	Rate	Value
	Preferred Stock – 1.0%
	Brazil – 1.0%
	11,700	Itau Unibanco Holding SA (Banks)
	(Cost $59,853)		5.35%	$     70,862
Shares		Dividend Rate		Value
	Investment Company – 2.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	196,170	5.220%		$   196,170
	(Cost $196,170)
	TOTAL INVESTMENTS – 100.1% (Cost $6,559,672)			$7,213,693
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%			(6,805)
	NET ASSETS – 100.0%			$7,206,888

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

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Sector Name	% of Market Value
Information Technology		30.8	%
Financials		24.3
Consumer Discretionary		11.2
Consumer Staples		10.1
Energy		4.6
Communication Services		4.4
Health Care		3.5
Materials		3.2
Industrials		2.9
Investment Company		2.7
Real Estate		2.3
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 94.7%
	Brazil – 3.6%
	207,463	Caixa Seguridade Participacoes SA (Insurance)	$     473,386
	558	MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)*	690,832
	58,000	TIM SA (Telecommunication Services)	175,886
			1,340,104
	China – 30.7%
	102,727	Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)*	1,312,788
	29,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)	343,677
	17,500	BYD Co. Ltd., Class H (Automobiles & Components)	623,315
	98,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)*	372,223
	132,000	China Merchants Bank Co. Ltd., Class H (Banks)	656,401
	12,960	Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods)	432,048
	40,900	ENN Energy Holdings Ltd. (Utilities)	497,131
	61,000	Haidilao International Holding Ltd. (Consumer Services)(a)	172,292
	8,860	KE Holdings, Inc. ADR (Real Estate Management & Development)*	154,341
	47,630	Meituan, Class B (Consumer Services)*(a)	909,262
	26,100	NetEase, Inc. (Media & Entertainment)	568,467
	800	Oppein Home Group, Inc., Class A (Consumer Durables & Apparel)	12,052
	113,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)	827,045
	7,500	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services)	311,222
	22,500	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	238,834
	11,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)	116,351
	20,800	Sungrow Power Supply Co. Ltd., Class A (Capital Goods)	325,020
	19,700	Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment)	193,140
	54,000	Tencent Holdings Ltd. (Media & Entertainment)	2,481,902

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	26,700	WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)(a)	$     253,982
	154,200	Yunnan Aluminium Co. Ltd., Class A (Materials)	320,900
	54,450	Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods)	212,514
			11,334,907
	Egypt – 0.4%
	98,712	Commercial International Bank Egypt SAE (Banks)	161,228
	Greece – 2.4%
	13,640	JUMBO SA (Consumer Discretionary Distribution & Retail)	407,024
	67,388	National Bank of Greece SA (Banks)*	464,082
			871,106
	Hong Kong – 3.5%
	37,200	AIA Group Ltd. (Insurance)	372,176
	12,667	Hong Kong Exchanges & Clearing Ltd. (Financial Services)	534,067
	367,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	166,448
	18,500	Techtronic Industries Co. Ltd. (Capital Goods)	210,170
			1,282,861
	India – 14.9%
	5,558	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)	349,883
	27,970	Axis Bank Ltd. (Banks)	324,718
	51,374	Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel)	183,761
	9,814	Godrej Properties Ltd. (Real Estate Management & Development)*	207,897
	31,669	HDFC Bank Ltd. (Banks)	635,790
	77,988	ICICI Bank Ltd. (Banks)	950,477
	3,872	Info Edge India Ltd. (Media & Entertainment)	216,395
	24,825	Infosys Ltd. ADR (Software & Services)	413,584
	22,904	SBI Life Insurance Co. Ltd. (Insurance)(a)	357,534

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	25,162	Sona Blw Precision Forgings Ltd. (Automobiles & Components)(a)	$     174,577
	23,505	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	326,949
	81,266	Tata Consumer Products Ltd. (Food, Beverage & Tobacco)	849,510
	495,323	Zomato Ltd. (Consumer Services)*	507,069
			5,498,144
	Indonesia – 2.5%
	1,047,500	Bank BTPN Syariah Tbk PT (Banks)	148,122
	1,281,400	Bank Central Asia Tbk PT (Banks)	776,057
			924,179
	Mexico – 4.2%
	68,100	Alsea SAB de CV (Consumer Services)*	236,327
	37,899	Arca Continental SAB de CV (Food, Beverage & Tobacco)	379,692
	64,900	Banco del Bajio SA (Banks)(a)	197,859
	89,674	Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts)	332,187
	100,400	Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)	417,968
			1,564,033
	Philippines – 1.2%
	57,820	BDO Unibank, Inc. (Banks)	152,908
	14,080	Jollibee Foods Corp. (Consumer Services)	65,398
	1,436,600	Monde Nissin Corp. (Food, Beverage & Tobacco)(a)	214,001
			432,307
	Romania – 0.7%
	9,773	Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA (Utilities)*	244,358
	Russia – 0.0%
	96,162	Detsky Mir PJSC (Consumer Discretionary Distribution & Retail)*(a)(b)	—

Shares		Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	16,753	Renaissance Insurance Group JSC (Insurance)*(b)	$              —
			—
	Saudi Arabia – 1.6%
	23,830	Alinma Bank (Banks)	234,953
	5,925	Co. for Cooperative Insurance (The) (Insurance)	225,528
	14,024	Saudi National Bank (The) (Banks)	144,108
			604,589
	South Africa – 1.8%
	29,812	Clicks Group Ltd. (Consumer Staples Distribution & Retail)	467,623
	273,971	Old Mutual Ltd. (Insurance)	199,307
			666,930
	South Korea – 11.1%
	5,405	Kia Corp. (Automobiles & Components)	350,781
	719	LG Chem Ltd. (Materials)	365,760
	5,752	LG Electronics, Inc. (Consumer Durables & Apparel)	489,618
	1,791	NAVER Corp. (Media & Entertainment)	319,098
	631	NCSoft Corp. (Media & Entertainment)	136,893
	1,977	Orion Corp. (Food, Beverage & Tobacco)	175,963
	41,131	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	2,252,032
			4,090,145
	Taiwan – 13.7%
	57,580	Chailease Holding Co. Ltd. (Financial Services)*	381,260
	26,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	572,128
	19,000	Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel)	196,953
	185,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	3,340,657
	40,000	Unimicron Technology Corp. (Technology Hardware & Equipment)	236,152

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	218,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)	$     327,588
			5,054,738
	Thailand – 1.4%
	256,100	Airports of Thailand PCL (Transportation)*	535,079
	United Arab Emirates – 1.0%
	150,631	Abu Dhabi Commercial Bank PJSC (Banks)	360,080
	TOTAL COMMON STOCKS (Cost $34,296,025)		$34,964,788

Shares		Description	Rate	Value
	Preferred Stock – 1.0%
	Brazil – 1.0%
	63,000	Itau Unibanco Holding SA (Banks)
	(Cost $339,436)		5.35%	$     381,564
Shares		Dividend Rate		Value
	Investment Company – 2.7%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,013,551	5.220%		$  1,013,551
	(Cost $1,013,551)
	TOTAL INVESTMENTS – 98.4% (Cost $35,649,012)			$36,359,903
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.6%			584,382
	NET ASSETS – 100.0%			$36,944,285

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
REIT	— Real Estate Investment Trust

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Sector Name	% of Market Value
Financials		24.6	%
Information Technology		20.5
Consumer Discretionary		19.0
Communication Services		10.7
Consumer Staples		7.9
Industrials		4.7
Health Care		3.9
Investment Company		2.8
Utilities		2.1
Real Estate		1.9
Materials		1.9
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Denmark – 3.0%
	180,743	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$  29,145,214
	Finland – 1.9%
	497,227	Neste OYJ (Energy)	18,305,465
	France – 8.3%
	462,800	BNP Paribas SA (Banks)	30,520,669
	1,172,150	Klepierre SA REIT (Equity Real Estate Investment Trusts)	31,113,162
	168,711	Vinci SA (Capital Goods)	19,814,670
			81,448,501
	Germany – 2.5%
	548,475	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	24,097,525
	Japan – 19.8%
	167,800	Hoya Corp. (Health Care Equipment & Services)	19,541,890
	55,000	Keyence Corp. (Technology Hardware & Equipment)	24,680,822
	251,400	NIDEC Corp. (Capital Goods)	15,014,859
	1,067,300	Nomura Research Institute Ltd. (Software & Services)	30,327,246
	1,641,600	ORIX Corp. (Financial Services)	31,578,693
	582,100	Shiseido Co. Ltd. (Household & Personal Products)	25,521,631
	422,000	Sumitomo Mitsui Financial Group, Inc. (Banks)	19,771,411
	883,673	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	27,018,172
			193,454,724
	Netherlands – 5.2%
	445,408	Aalberts NV (Capital Goods)	20,098,830
	903,859	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)	31,154,789
			51,253,619

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – 2.8%
	1,043,280	DBS Group Holdings Ltd. (Banks)	$  26,913,541
	Spain – 9.5%
	2,673,515	Banco Bilbao Vizcaya Argentaria SA (Banks)	21,191,295
	852,097	Cellnex Telecom SA (Telecommunication Services)*(a)	34,798,870
	2,974,352	Iberdrola SA (Utilities)	37,124,482
			93,114,647
	Sweden – 1.6%
	1,661,988	Hexagon AB, Class B (Technology Hardware & Equipment)	16,114,324
	Switzerland – 9.9%
	357,453	DSM-Firmenich AG (Materials)	39,498,481
	863,385	UBS Group AG (Financial Services)	19,157,547
	79,829	Zurich Insurance Group AG (Insurance)	38,597,206
			97,253,234
	Taiwan – 2.7%
	263,712	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	26,147,045
	United Kingdom – 18.2%
	290,474	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)	41,734,258
	354,201	Compass Group PLC (Consumer Services)	9,215,487
	9,102,477	DS Smith PLC (Materials)	36,190,129
	2,159,704	Informa PLC (Media & Entertainment)	21,013,684
	142,654	InterContinental Hotels Group PLC (Consumer Services)	10,543,170
	399,710	Reckitt Benckiser Group PLC (Household & Personal Products)	29,943,158
	3,539,660	Rentokil Initial PLC (Commercial & Professional Services)	28,862,990
			177,502,876
	United States – 12.2%
	702,501	Experian PLC (Commercial & Professional Services)	27,148,585
	122,577	Ferguson PLC (Capital Goods)	19,712,916

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	328,039	Nestle SA (Food, Beverage & Tobacco)	$  40,191,081
	181,340	Schneider Electric SE (Capital Goods)	32,346,009
			119,398,591
	TOTAL COMMON STOCKS (Cost $887,966,668)		$954,149,306
Shares		Dividend Rate	Value
	Investment Company – 2.4%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,575,885	5.220%	$  23,575,885
	(Cost $23,575,885)
	TOTAL INVESTMENTS – 100.0% (Cost $911,542,553)		$977,725,191
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%		136,726
	NET ASSETS – 100.0%		$977,861,917

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Sector Name	% of Market Value
Financials		19.2	%
Industrials		16.7
Consumer Staples		13.0
Information Technology		12.4
Health Care		12.0
Materials		7.7
Communication Services		5.7
Utilities		3.8
Real Estate		3.2
Investment Company		2.4
Consumer Discretionary		2.0
Energy		1.9
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.3%
	Australia – 5.3%
	538,257	Rio Tinto PLC (Materials)	$     35,577,633
	2,136,938	Transurban Group (Transportation)	20,632,243
			56,209,876
	Denmark – 1.9%
	125,442	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	20,227,804
	Finland – 1.7%
	1,597,252	Nordea Bank Abp (Banks)	18,078,248
	France – 10.0%
	533,392	BNP Paribas SA (Banks)	35,176,060
	179,527	Gecina SA REIT (Equity Real Estate Investment Trusts)	19,409,129
	672,765	Klepierre SA REIT (Equity Real Estate Investment Trusts)	17,857,652
	293,500	Vinci SA (Capital Goods)	34,470,815
			106,913,656
	Italy – 4.7%
	3,390,976	Enel SpA (Utilities)	23,381,462
	1,045,071	UniCredit SpA (Banks)	26,461,475
			49,842,937
	Japan – 8.9%
	1,758,400	ORIX Corp. (Financial Services)	33,825,520
	346,400	Sumitomo Mitsui Financial Group, Inc. (Banks)	16,229,424
	650,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	19,895,057
	167,200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	25,094,557
			95,044,558
	Netherlands – 10.9%
	1,240,364	Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail)	42,753,659
	9,172,808	Koninklijke KPN NV (Telecommunication Services)(a)	33,189,575

Shares		Description	Value
	Common Stocks – (continued)
	Netherlands – (continued)
	1,322,567	Shell PLC (Energy)	$     40,084,096
			116,027,330
	Singapore – 3.8%
	824,200	DBS Group Holdings Ltd. (Banks)	21,261,924
	2,690,600	Singapore Exchange Ltd. (Financial Services)	19,667,735
			40,929,659
	Spain – 3.3%
	2,799,583	Iberdrola SA (Utilities)	34,943,096
	Switzerland – 4.4%
	163,820	DSM-Firmenich AG (Materials)	18,102,075
	59,902	Zurich Insurance Group AG (Insurance)	28,962,530
			47,064,605
	Taiwan – 3.1%
	1,834,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	33,117,646
	United Kingdom – 22.1%
	203,467	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)	29,233,405
	5,391,049	BP PLC (Energy)	33,448,539
	546,073	Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco)	34,615,568
	9,233,914	DS Smith PLC (Materials)	36,712,703
	4,158,856	HSBC Holdings PLC (Banks)	34,545,229
	1,901,597	National Grid PLC (Utilities)	25,205,367
	264,545	Reckitt Benckiser Group PLC (Household & Personal Products)	19,817,650
	398,031	Unilever PLC (Household & Personal Products)	21,387,388
			234,965,849
	United States – 17.2%
	148,708	Ferguson PLC (Capital Goods)	23,915,321
	333,970	Nestle SA (Food, Beverage & Tobacco)	40,917,742
	95,623	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	29,648,052

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	332,119	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	$     35,431,981
	126,160	Schneider Electric SE (Capital Goods)	22,503,433
	299,430	Swiss Re AG (Insurance)	31,242,340
			183,658,869
	TOTAL COMMON STOCKS (Cost $953,747,135)		$1,037,024,133
Shares		Dividend Rate	Value
	Investment Company – 3.9%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	41,508,639	5.220%	$     41,508,639
	(Cost $41,508,639)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $995,255,774)		$1,078,532,772
Shares		Dividend Rate	Value
	Securities Lending Reinvestment Vehicle – 1.5%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	16,014,857	5.220%	$     16,014,857
	(Cost $16,014,857)
	TOTAL INVESTMENTS – 102.7% (Cost $1,011,270,631)		$1,094,547,629
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.7)%		(28,531,481)
	NET ASSETS – 100.0%		$1,066,016,148

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(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

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

Sector Name	% of Market Value
Financials		24.2	%
Consumer Staples		14.6
Health Care		12.3
Industrials		9.3
Materials		8.3
Utilities		7.6
Energy		6.7
Information Technology		5.3
Investment Company		3.8
Real Estate		3.4
Communication Services		3.0
Securities Lending Reinvestment Vehicle		1.5
TOTAL INVESTMENTS		100.0	%

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

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

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 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 classified in the fair value hierarchy as of July 31, 2023:

CHINA EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	1,123,018	$	59,000,434	$	—
Total	$	1,123,018	$	59,000,434	$	—
EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	47,060,417	$	13,935,109	$	—
Asia		84,853,196		2,473,678,277		—
Europe		56,316,285		80,713,410		—
North America		126,890,910		29,189,609		—
South America		131,414,334		23,343,833		—
Investment Company		7,804,515		—		—
Exchange-Traded Fund		57,235,361		—		—
Total	$	511,575,018	$	2,620,860,238	$	—
EMERGING MARKETS EQUITY EX. CHINA FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	145,820	$	29,976	$	—
Asia		277,072		5,160,738		28,560
Europe		62,904		256,722		—
North America		500,780		—		—
South America		484,089		70,862		—
Investment Company		196,170		—		—
Total	$	1,666,835	$	5,518,298	$	28,560
ESG EMERGING MARKETS EQUITY FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	666,930	$	161,228	$	—
Asia		1,153,533		28,963,496		—
Europe		651,382		464,082		—
North America		1,564,033		—		—
South America		1,340,104		381,564		—
Investment Company		1,013,551		—		—
Total	$	6,389,533	$	29,970,370	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INTERNATIONAL EQUITY ESG FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	26,147,045	$	220,368,265	$	—
Europe		39,498,481		548,736,924		—
North America		—		119,398,591		—
Investment Company		23,575,885		—		—
Total	$	89,221,411	$	888,503,780	$	—
INTERNATIONAL EQUITY INCOME FUND
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	—	$	169,091,863	$	—
Europe		52,717,643		575,345,882		—
North America		—		183,658,869		—
Oceania		—		56,209,876		—
Investment Company		41,508,639		—		—
Securities Lending Reinvestment Vehicle		16,014,857		—		—
Total	$	110,241,139	$	984,306,490	$	—

(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.

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

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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, 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.

ESG Standards Risk — The ESG Emerging Markets Equity and International Equity ESG Funds’ adherence to their environmental, social and governance (“ESG”) criteria and the application of GSAM’s supplemental ESG analysis when selecting investments may affect the Funds’ exposure to certain companies, sectors, regions, and countries and may affect the Funds’ performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, 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, 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.

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.