NPORT-EX 2 307165GS013124.htm
GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
95.2%
China
–
90.9%
97,016
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
$
173,151
244,076
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
2,189,112
16,137
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
272,382
17,600
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
167,803
65,200
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
550,318
44,600
Baidu,
Inc.,
Class
A
(Media
&
Entertainment)*
577,446
80,641
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Banks)
241,731
10,000
BYD
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
238,131
21,500
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
481,389
176,900
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Banks)
756,981
120,500
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
439,269
1,382,000
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
718,921
39,400
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
286,827
310,700
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
1,055,225
351,000
CITIC
Securities
Co.
Ltd.,
Class
H
(Financial
Services)
685,055
34,636
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
730,960
184,991
East
Money
Information
Co.
Ltd.,
Class
A
(Financial
Services)
321,481
115,980
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
614,737
24,400
H
World
Group
Ltd.
(Consumer
Services)
76,480
4,088
H
World
Group
Ltd.
ADR
(Consumer
Services)
129,876
150,000
Haidilao
International
Holding
Ltd.
(Consumer
Services)
(a)
236,328
115,700
Hualan
Biological
Engineering,
Inc.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
283,337
95,700
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
360,936
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
45,000
Innovent
Biologics,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
$
181,301
287,800
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Transportation)
455,548
12,975
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
183,856
148,000
Kingdee
International
Software
Group
Co.
Ltd.
(Software
&
Services)*
143,066
8,119
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
1,814,748
26,300
Li
Auto,
Inc.,
Class
A
(Automobiles
&
Components)*
363,543
44,774
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
158,555
18,490
Meituan,
Class
B
(Consumer
Services)*
(a)
148,719
86,900
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
704,269
52,924
Montage
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
331,071
210,336
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
614,370
27,785
NetEase,
Inc.
(Media
&
Entertainment)
540,088
47,650
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
323,280
5,381
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
682,687
652,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
811,000
112,800
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Insurance)
637,297
103,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
432,965
1,416,955
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Banks)
933,536
31,550
SG
Micro
Corp.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
272,744
47,178
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
367,437
12,500
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
467,319
25,200
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Capital
Goods)
177,449
363,800
Sinotrans
Ltd.,
Class
A
(Transportation)
278,965
GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
24,712
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Capital
Goods)
$
269,499
36,400
Sunny
Optical
Technology
Group
Co.
Ltd.
(Technology
Hardware
&
Equipment)
223,729
33,850
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
207,757
88,800
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
3,082,365
20,350
Trip.com
Group
Ltd.
(Consumer
Services)*
740,728
58,000
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Food,
Beverage
&
Tobacco)
330,990
104,200
Venustech
Group,
Inc.,
Class
A
(Software
&
Services)
268,162
25,098
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
244,234
324,698
Weichai
Power
Co.
Ltd.,
Class
A
(Capital
Goods)
666,341
110,966
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
290,013
32,239
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
387,347
58,528
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(a)
404,955
153,600
Xiaomi
Corp.,
Class
B
(Technology
Hardware
&
Equipment)*
(a)
242,001
94,777
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
346,796
53,128
Yifeng
Pharmacy
Chain
Co.
Ltd.,
Class
A
(Consumer
Staples
Distribution
&
Retail)
280,418
283,670
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
424,002
101,119
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Capital
Goods)
295,401
30,700
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
437,244
520,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
771,609
32,525,280
Hong
Kong
–
2.3%
33,800
AIA
Group
Ltd.
(Insurance)
265,074
3,801
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
115,242
265,500
Sino
Biopharmaceutical
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
95,802
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
164,000
Sino
Land
Co.
Ltd.
(Real
Estate
Management
&
Development)
$
171,308
16,000
Techtronic
Industries
Co.
Ltd.
(Capital
Goods)
169,938
817,364
Taiwan
–
2.0%
37,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
236,478
20,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
478,748
715,226
TOTAL
COMMON
STOCKS
(Cost
$36,844,138)
34,057,870
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
4.4%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,571,025
5.223%
1,571,025
(Cost
$1,571,025)
TOTAL
INVESTMENTS
–
99.6%
(Cost
$38,415,163)
$
35,628,895
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.4%
135,307
NET
ASSETS
–
100.0%
$
35,764,202
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
Sector
Name
%
of
Market
Value
Consumer
Discretionary
21.0
%
Financials
15.8
Communication
Services
11.8
Industrials
11.3
Information
Technology
10.2
Consumer
Staples
8.6
Health
Care
5.3
Materials
4.6
Investment
Company
4.4
Energy
3.0
Utilities
3.0
Real
Estate
1.0
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
100.6%
Brazil
–
8.5%
32,800
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
93,546
15,500
Fleury
SA
(Health
Care
Equipment
&
Services)
50,901
119
MercadoLibre
,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
203,705
7,245
NU
Holdings
Ltd.,
Class
A
(Banks)*
62,379
15,300
Odontoprev
SA
(Health
Care
Equipment
&
Services)
37,305
4,800
PRIO
SA
(Energy)
42,561
11,400
Rumo
SA
(Transportation)
53,061
6,500
Sao
Martinho
SA
(Food,
Beverage
&
Tobacco)
36,984
31,000
Sendas
Distribuidora
SA
(Consumer
Staples
Distribution
&
Retail)
85,472
23,900
TIM
SA
(Telecommunication
Services)
83,648
13,600
TOTVS
SA
(Software
&
Services)
86,524
5,900
Vivara
Participacoes
SA
(Consumer
Durables
&
Apparel)
40,251
876,337
Egypt
–
0.2%
19,343
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
22,825
Greece
–
2.4%
3,001
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
84,323
21,994
National
Bank
of
Greece
SA
(Banks)*
167,222
251,545
India
–
26.6%
1,143
Amber
Enterprises
India
Ltd.
(Consumer
Durables
&
Apparel)*
60,974
1,420
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
108,579
11,832
Axis
Bank
Ltd.
(Banks)
152,128
762
Bajaj
Finance
Ltd.
(Financial
Services)
63,072
10,063
Bharti
Airtel
Ltd.
(Telecommunication
Services)
141,954
7,741
CMS
Info
Systems
Ltd.
(Commercial
&
Professional
Services)
35,860
1,218
Coforge
Ltd.
(Software
&
Services)
91,563
1,641
Computer
Age
Management
Services
Ltd.
(Commercial
&
Professional
Services)
57,323
462
Craftsman
Automation
Ltd.
(Capital
Goods)
24,343
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
11,301
Crompton
Greaves
Consumer
Electricals
Ltd.
(Consumer
Durables
&
Apparel)
$
41,268
4,351
Five-Star
Business
Finance
Ltd.
(Financial
Services)*
39,968
7,032
Godrej
Consumer
Products
Ltd.
(Household
&
Personal
Products)
98,610
3,017
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
86,199
5,918
Gokaldas
Exports
Ltd.
(Consumer
Durables
&
Apparel)
66,181
15,691
Hindalco
Industries
Ltd.
(Materials)
109,281
3,306
Home
First
Finance
Co.
India
Ltd.
(Financial
Services)
(a)
39,195
21,900
ICICI
Bank
Ltd.
(Banks)
271,235
765
Info
Edge
India
Ltd.
(Media
&
Entertainment)
46,319
7,718
Infosys
Ltd.
(Software
&
Services)
153,867
17,272
Jio
Financial
Services
Ltd.
(Financial
Services)*
51,569
5,803
Kfin
Technologies
Ltd.
(Financial
Services)*
43,466
1,066
Navin
Fluorine
International
Ltd.
(Materials)
43,803
2,968
Netweb
Technologies
India
Ltd.
(Technology
Hardware
&
Equipment)*
50,040
2,670
Reliance
Industries
Ltd.
(Energy)
91,732
2,113
Route
Mobile
Ltd.
(Software
&
Services)
40,543
3,858
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
65,234
7,747
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
57,662
3,736
Spandana
Sphoorty
Financial
Ltd.
(Financial
Services)*
46,881
7,609
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
129,991
5,768
Suven
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
46,724
12,169
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
163,875
986
TeamLease
Services
Ltd.
(Commercial
&
Professional
Services)*
33,933
107,191
Zomato
Ltd.
(Consumer
Services)*
180,096
2,733,468
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
4.8%
174,700
Bank
BTPN
Syariah
Tbk
PT
(Banks)
$
17,603
530,600
Bank
Central
Asia
Tbk
PT
(Banks)
321,027
561,200
BFI
Finance
Indonesia
Tbk
PT
(Financial
Services)
43,210
1,067,100
Map
Aktif
Adiperkasa
PT
(Consumer
Discretionary
Distribution
&
Retail)
65,595
1,222,000
Nusantara
Sejahtera
Raya
Tbk
PT
(Media
&
Entertainment)*
(a)
20,754
1,088,600
Pakuwon
Jati
Tbk
PT
(Real
Estate
Management
&
Development)
28,969
497,158
Mexico
–
5.5%
27,699
Alsea
SAB
de
CV
(Consumer
Services)*
108,244
9,427
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
107,111
34,500
Bolsa
Mexicana
de
Valores
SAB
de
CV
(Financial
Services)
69,896
12,300
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Banks)
125,105
17,739
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
73,104
20,400
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
84,283
567,743
Peru
–
0.7%
456
Credicorp
Ltd.
(Banks)
67,684
Philippines
–
1.9%
25,830
BDO
Unibank
,
Inc.
(Banks)
66,494
11,580
Jollibee
Foods
Corp.
(Consumer
Services)
52,248
462,300
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
72,349
191,091
Poland
–
0.9%
832
Dino
Polska
SA
(Consumer
Staples
Distribution
&
Retail)*
(a)
89,796
Romania
–
0.7%
2,729
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)*
73,782
Saudi
Arabia
–
4.1%
7,139
Alinma
Bank
(Banks)
78,631
2,194
Co.
for
Cooperative
Insurance
(The)
(Insurance)
71,683
2,400
Etihad
Etisalat
Co.
(Telecommunication
Services)
33,343
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
19,175
Saudi
Arabian
Oil
Co.
(Energy)
(a)
$
156,201
7,294
Saudi
National
Bank
(The)
(Banks)
78,772
418,630
Singapore
–
0.2%
26,100
Nanofilm
Technologies
International
Ltd.
(Materials)
13,315
1,383
TDCX,
Inc.
ADR
(Commercial
&
Professional
Services)*
8,671
21,986
Slovenia
–
0.9%
4,779
Nova
Ljubljanska
Banka
dd
,
GDR
(Banks)
94,571
South
Africa
–
2.0%
7,115
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
114,364
6,930
JSE
Ltd.
(Financial
Services)
32,136
82,190
Old
Mutual
Ltd.
(Insurance)
54,696
201,196
South
Korea
–
15.5%
431
F&F
Co.
Ltd.
(Consumer
Durables
&
Apparel)*
22,889
376
Hyundai
Mobis
Co.
Ltd.
(Automobiles
&
Components)
58,939
734
JYP
Entertainment
Corp.
(Media
&
Entertainment)*
41,309
1,631
KB
Financial
Group,
Inc.
(Banks)
69,216
1,360
Kia
Corp.
(Automobiles
&
Components)*
104,463
1,382
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
96,331
515
NAVER
Corp.
(Media
&
Entertainment)
76,798
172
NCSoft
Corp.
(Media
&
Entertainment)*
25,386
798
Orion
Corp.
(Food,
Beverage
&
Tobacco)
55,194
108
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
67,983
16,427
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
892,591
291
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
80,759
1,591,858
Taiwan
–
21.4%
17,260
Chailease
Holding
Co.
Ltd.
(Financial
Services)
95,543
6,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
38,348
Goldman
Sachs
Emerging
Markets
Equity
Ex.
China
Fund
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
14,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
$
125,280
7,000
E
Ink
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
46,422
2,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
47,875
7,000
MediaTek
,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
216,003
6,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
64,142
63,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
1,261,166
19,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
106,595
95,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
147,978
3,000
Yageo
Corp.
(Technology
Hardware
&
Equipment)
52,767
2,202,119
Thailand
–
2.0%
29,400
Airports
of
Thailand
PCL
(Transportation)
49,505
82,300
Bangkok
Dusit
Medical
Services
PCL,
Class
F
(Health
Care
Equipment
&
Services)
63,794
23,000
PTT
Exploration
&
Production
PCL
(Energy)
97,067
210,366
United
Arab
Emirates
–
1.7%
30,755
Abu
Dhabi
Commercial
Bank
PJSC
(Banks)
75,361
65,873
ADNOC
Drilling
Co.
PJSC
(Energy)
65,820
63,523
Emirates
Central
Cooling
Systems
Corp.
(Utilities)
30,266
171,447
United
States
–
0.6%
5,100
GCC
SAB
de
CV
(Materials)
58,898
TOTAL
COMMON
STOCKS
(Cost
$9,162,712)
10,342,500
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.9%
Brazil
–
0.9%
13,000
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$67,233)
3.83
%
$
86,013
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.3%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
135,650
5.223%
135,650
(Cost
$135,650)
TOTAL
INVESTMENTS
–
102.8%
(Cost
$9,365,595)
$
10,564,163
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(2.8)%
(283,864)
NET
ASSETS
–
100.0%
$
10,280,299
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
32.5
%
Financials
24.3
Consumer
Discretionary
12.4
Consumer
Staples
8.6
Health
Care
4.8
Communication
Services
4.4
Energy
4.3
Industrials
2.5
Materials
2.1
Real
Estate
1.8
Investment
Company
1.3
Utilities
1.0
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.7%
Brazil
–
6.2%
5,940,479
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
16,942,308
3,222,600
Fleury
SA
(Health
Care
Equipment
&
Services)
10,582,856
22,715
MercadoLibre,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
38,883,764
1,712,468
NU
Holdings
Ltd.,
Class
A
(Banks)*
14,744,349
4,111,400
Odontoprev
SA
(Health
Care
Equipment
&
Services)
10,024,566
1,001,900
PRIO
SA
(Energy)
8,883,713
2,566,600
Rumo
SA
(Transportation)
11,946,108
5,843,500
Sendas
Distribuidora
SA
(Consumer
Staples
Distribution
&
Retail)
16,111,378
4,072,400
TIM
SA
(Telecommunication
Services)
14,253,071
2,324,300
TOTVS
SA
(Software
&
Services)
14,787,247
957,400
Vivara
Participacoes
SA
(Consumer
Durables
&
Apparel)
6,531,592
163,690,952
China
–
24.2%
9,314,024
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
83,537,278
2,201,200
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
18,579,127
1,036,500
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
23,207,417
9,386,500
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
34,217,418
3,761,780
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
12,776,062
689,876
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
14,559,178
3,095,600
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
(a)
13,994,942
3,800,797
Hualan
Biological
Engineering,
Inc.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
9,307,753
4,777,700
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Transportation)
7,562,449
1,177,413
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
16,683,942
287,651
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
64,295,378
1,398,100
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
11,330,705
3,179,300
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
9,286,406
784,900
NetEase,
Inc.
(Media
&
Entertainment)
15,256,973
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
16,372,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
$
20,364,565
775,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
3,259,848
4,592,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
19,302,671
353,329
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
13,209,390
2,095,300
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Durables
&
Apparel)
18,659,500
1,319,988
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
16,244,759
1,675,740
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
10,284,981
3,578,300
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
124,207,520
8,775,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
15,491,951
1,127,616
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
13,548,133
1,097,500
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(a)
7,593,595
12,140,392
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
18,146,261
3,128,392
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Capital
Goods)
9,139,021
955,497
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
13,608,641
637,655,864
Egypt
–
0.4%
8,531,781
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
10,067,502
Greece
–
2.0%
742,787
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
20,870,993
4,314,457
National
Bank
of
Greece
SA
(Banks)*
32,803,209
33,510
Sarantis
SA
(Household
&
Personal
Products)
317,962
53,992,164
India
–
19.2%
218,381
Amber
Enterprises
India
Ltd.
(Consumer
Durables
&
Apparel)*
11,649,608
287,256
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
21,964,745
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
2,989,931
Axis
Bank
Ltd.
(Banks)
$
38,442,486
151,213
Bajaj
Finance
Ltd.
(Financial
Services)
12,516,131
529,897
Cartrade
Tech
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)*
4,656,214
283,421
Coforge
Ltd.
(Software
&
Services)
21,306,126
619,236
Computer
Age
Management
Services
Ltd.
(Commercial
&
Professional
Services)
21,630,817
120,956
Craftsman
Automation
Ltd.
(Capital
Goods)
6,373,223
3,338,492
Crompton
Greaves
Consumer
Electricals
Ltd.
(Consumer
Durables
&
Apparel)
12,191,338
1,033,211
Five-Star
Business
Finance
Ltd.
(Financial
Services)*
9,490,948
962,240
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
27,492,299
4,911,127
ICICI
Bank
Ltd.
(Banks)
60,825,010
226,470
Info
Edge
India
Ltd.
(Media
&
Entertainment)
13,712,119
1,408,972
Infosys
Ltd.
(Software
&
Services)
28,089,514
4,617,348
Jio
Financial
Services
Ltd.
(Financial
Services)*
13,786,066
313,173
Navin
Fluorine
International
Ltd.
(Materials)
12,868,519
590,418
Netweb
Technologies
India
Ltd.
(Technology
Hardware
&
Equipment)*
9,954,385
645,489
Route
Mobile
Ltd.
(Software
&
Services)
12,385,308
1,182,284
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
19,990,916
2,265,012
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
16,858,735
2,013,656
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
34,401,084
2,923,533
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
39,370,081
266,142
TeamLease
Services
Ltd.
(Commercial
&
Professional
Services)*
9,159,359
27,908,963
Zomato
Ltd.
(Consumer
Services)*
46,890,920
506,005,951
Indonesia
–
3.8%
34,279,700
Bank
BTPN
Syariah
Tbk
PT
(Banks)
3,454,038
79,553,800
Bank
Central
Asia
Tbk
PT
(Banks)
48,132,153
152,427,600
BFI
Finance
Indonesia
Tbk
PT
(Financial
Services)
11,736,346
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
275,570,700
Map
Aktif
Adiperkasa
PT
(Consumer
Discretionary
Distribution
&
Retail)
$
16,939,390
399,875,000
Nusantara
Sejahtera
Raya
Tbk
PT
(Media
&
Entertainment)*
(a)
6,791,286
300,456,400
Pakuwon
Jati
Tbk
PT
(Real
Estate
Management
&
Development)
7,995,620
10,087,871
Semen
Indonesia
Persero
Tbk
PT
(Materials)
3,961,888
99,010,721
Mexico
–
4.1%
4,769,899
Alsea
SAB
de
CV
(Consumer
Services)*
18,640,061
2,048,099
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
23,270,850
5,807,000
Banco
del
Bajio
SA
(Banks)
(a)
22,092,343
8,732,750
Gentera
SAB
de
CV
(Financial
Services)
11,877,737
4,216,249
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
17,375,507
3,517,900
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
14,534,345
107,790,843
Peru
–
0.5%
94,175
Credicorp
Ltd.
(Banks)
13,978,395
Philippines
–
1.8%
6,580,820
BDO
Unibank,
Inc.
(Banks)
16,940,934
3,122,160
Jollibee
Foods
Corp.
(Consumer
Services)
14,087,018
110,947,900
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
17,363,016
48,390,968
Poland
–
0.8%
183,409
Dino
Polska
SA
(Consumer
Staples
Distribution
&
Retail)*
(a)
19,794,896
Romania
–
0.5%
507,589
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)*
13,723,358
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)
—
—
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
2.7%
1,244,675
Alinma
Bank
(Banks)
$
13,709,185
331,245
Co.
for
Cooperative
Insurance
(The)
(Insurance)
10,822,447
357,287
Etihad
Etisalat
Co.
(Telecommunication
Services)
4,963,775
3,381,863
Saudi
Arabian
Oil
Co.
(Energy)
(a)
27,548,964
1,271,649
Saudi
National
Bank
(The)
(Banks)
13,733,212
70,777,583
Singapore
–
0.3%
7,450,093
Nanofilm
Technologies
International
Ltd.
(Materials)
3,800,564
562,724
TDCX,
Inc.
ADR
(Commercial
&
Professional
Services)*
3,528,279
7,328,843
Slovenia
–
0.9%
1,161,973
Nova
Ljubljanska
Banka
dd,
GDR
(Banks)
22,994,056
South
Africa
–
1.5%
1,204,892
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
(c)
19,367,082
1,552,394
JSE
Ltd.
(Financial
Services)
7,198,763
21,336,772
Old
Mutual
Ltd.
(Insurance)
14,199,218
40,765,063
South
Korea
–
11.5%
187,445
JYP
Entertainment
Corp.
(Media
&
Entertainment)*
10,549,297
387,258
KB
Financial
Group,
Inc.
(Banks)
16,434,353
389,274
Kia
Corp.
(Automobiles
&
Components)*
29,900,555
271,321
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
18,912,241
127,317
NAVER
Corp.
(Media
&
Entertainment)
18,985,787
37,299
NCSoft
Corp.
(Media
&
Entertainment)*
5,504,956
162,315
Orion
Corp.
(Food,
Beverage
&
Tobacco)
11,226,508
26,638
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
16,767,889
3,018,517
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
164,016,676
39,805
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
11,046,829
303,345,091
Taiwan
–
15.7%
3,447,589
Chailease
Holding
Co.
Ltd.
(Financial
Services)
19,084,215
1,060,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
6,774,772
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
2,325,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
$
20,805,481
465,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
11,130,889
1,318,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
40,670,350
96,000
Merida
Industry
Co.
Ltd.
(Consumer
Durables
&
Apparel)
525,760
1,287,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
13,758,500
13,058,883
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
261,419,249
2,801,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
15,714,398
15,975,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
24,883,604
414,767,218
Thailand
–
0.7%
4,159,500
PTT
Exploration
&
Production
PCL
(Energy)
17,554,398
United
Arab
Emirates
–
0.8%
8,043,655
Abu
Dhabi
Commercial
Bank
PJSC
(Banks)
19,709,741
671,669
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
2,048,134
21,757,875
United
States
–
1.1%
1,026,472
GCC
SAB
de
CV
(Materials)
11,854,390
5,915,400
Samsonite
International
SA
(Consumer
Durables
&
Apparel)*
(a)
16,514,190
28,368,580
TOTAL
COMMON
STOCKS
(Cost
$2,364,595,913)
2,601,760,321
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.8%
Brazil
–
0.8%
3,241,900
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$17,544,196)
3.83
%
$
21,449,516
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.4%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
10,272,803
5.223%
10,272,803
(Cost
$10,272,803)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$2,392,412,912)
2,633,482,640
Value  
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
12,758,800
5.223%
12,758,800
(Cost
$12,758,800)
TOTAL
INVESTMENTS
–
100.4%
(Cost
$2,405,171,712)
$
2,646,241,440
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.4)%
(11,246,107)
NET
ASSETS
–
100.0%
$
2,634,995,333
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
All
or
a
portion
of
security
is
on
loan.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
26
.0%
Financials
22
.5
Consumer
Discretionary
17
.3
Consumer
Staples
8
.5
Communication
Services
8
.1
Health
Care
4
.7
Industrials
4
.1
Real
Estate
2
.6
Materials
2
.3
Energy
2
.0
Utilities
1
.0
Investment
Company
0
.4
Securities
Lending
Reinvestment
Vehicle
0
.5
TOTAL
INVESTMENTS
100
.0%
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.9%
Brazil
–
4.9%
51,563
Caixa
Seguridade
Participacoes
SA
(Insurance)
$
147,058
287
MercadoLibre,
Inc.
(Consumer
Discretionary
Distribution
&
Retail)*
491,289
14,919
NU
Holdings
Ltd.,
Class
A
(Banks)*
128,453
23,300
Rumo
SA
(Transportation)
108,449
44,300
TIM
SA
(Telecommunication
Services)
155,046
8,000
Vivara
Participacoes
SA
(Consumer
Durables
&
Apparel)
54,578
1,084,873
China
–
24.6%
78,527
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
704,307
24,200
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
204,259
13,000
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
291,072
101,500
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
370,007
32,299
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
109,696
8,960
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
189,092
11,251
KE
Holdings,
Inc.
ADR
(Real
Estate
Management
&
Development)
159,427
17,100
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
138,584
30,400
NARI
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
88,795
9,700
NetEase,
Inc.
(Media
&
Entertainment)
188,550
128,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
159,215
58,000
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
243,805
4,500
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
168,235
20,100
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Durables
&
Apparel)
178,999
12,000
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
147,681
36,900
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
1,280,848
94,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
165,954
12,900
Will
Semiconductor
Co.
Ltd.
Shanghai,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
154,991
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
12,300
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(a)
$
85,104
138,800
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
207,465
39,550
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Capital
Goods)
115,538
8,000
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
113,940
5,465,564
Egypt
–
0.5%
88,619
Commercial
International
Bank
-
Egypt
(CIB),
GDR
(Banks)
104,570
Greece
–
2.5%
8,669
JUMBO
SA
(Consumer
Discretionary
Distribution
&
Retail)
243,583
41,718
National
Bank
of
Greece
SA
(Banks)*
317,186
560,769
Hong
Kong
–
0.5%
3,567
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
108,147
India
–
20.5%
4,050
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
309,679
27,814
Axis
Bank
Ltd.
(Banks)
357,613
1,646
Bajaj
Finance
Ltd.
(Financial
Services)
136,242
37,411
Crompton
Greaves
Consumer
Electricals
Ltd.
(Consumer
Durables
&
Apparel)
136,616
7,147
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)*
204,198
56,107
ICICI
Bank
Ltd.
(Banks)
694,893
2,821
Info
Edge
India
Ltd.
(Media
&
Entertainment)
170,804
16,999
Infosys
Ltd.
ADR
(Software
&
Services)
337,600
60,554
Jio
Financial
Services
Ltd.
(Financial
Services)*
180,797
16,681
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(a)
282,054
17,395
Sona
Blw
Precision
Forgings
Ltd.
(Automobiles
&
Components)
(a)
129,473
17,117
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
292,425
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
54,327
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
$
731,600
347,964
Zomato
Ltd.
(Consumer
Services)*
584,628
4,548,622
Indonesia
–
3.0%
712,400
Bank
BTPN
Syariah
Tbk
PT
(Banks)
71,782
988,800
Bank
Central
Asia
Tbk
PT
(Banks)
598,250
670,032
Mexico
–
4.5%
57,500
Alsea
SAB
de
CV
(Consumer
Services)*
224,702
24,399
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
277,226
47,200
Banco
del
Bajio
SA
(Banks)
(a)
179,569
34,063
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
140,376
46,201
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples
Distribution
&
Retail)
190,881
1,012,754
Peru
–
0.7%
1,057
Credicorp
Ltd.
(Banks)
156,890
Philippines
–
1.4%
42,110
BDO
Unibank,
Inc.
(Banks)
108,403
10,250
Jollibee
Foods
Corp.
(Consumer
Services)
46,248
1,046,300
Monde
Nissin
Corp.
(Food,
Beverage
&
Tobacco)
(a)
163,743
318,394
Romania
–
0.5%
4,286
Societatea
De
Producere
A
Energiei
Electrice
in
Hidrocentrale
Hidroelectrica
SA
(Utilities)*
115,878
Russia
–
0.0%
96,162
Detsky
Mir
PJSC
(Consumer
Discretionary
Distribution
&
Retail)*
(a)(b)
—
16,753
Renaissance
Insurance
Group
JSC
(Insurance)
(b)
—
—
Saudi
Arabia
–
2.3%
16,815
Alinma
Bank
(Banks)
185,205
5,179
Co.
for
Cooperative
Insurance
(The)
(Insurance)
169,208
3,330
Etihad
Etisalat
Co.
(Telecommunication
Services)
46,264
10,213
Saudi
National
Bank
(The)
(Banks)
110,296
510,973
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
2.1%
20,953
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
$
336,793
199,575
Old
Mutual
Ltd.
(Insurance)
132,813
469,606
South
Korea
–
11.8%
3,861
KB
Financial
Group,
Inc.
(Banks)
163,852
3,806
Kia
Corp.
(Automobiles
&
Components)*
292,343
3,339
LG
Electronics,
Inc.
(Consumer
Durables
&
Apparel)
232,743
1,306
NAVER
Corp.
(Media
&
Entertainment)
194,754
462
NCSoft
Corp.
(Media
&
Entertainment)*
68,186
1,350
Orion
Corp.
(Food,
Beverage
&
Tobacco)
93,373
26,658
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,448,511
466
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
129,326
2,623,088
Taiwan
–
17.2%
40,731
Chailease
Holding
Co.
Ltd.
(Financial
Services)
225,467
27,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
241,612
16,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
493,722
13,000
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
138,975
115,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
2,302,128
30,000
Unimicron
Technology
Corp.
(Technology
Hardware
&
Equipment)
168,308
159,000
United
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
247,668
3,817,880
United
Arab
Emirates
–
0.9%
71,650
Abu
Dhabi
Commercial
Bank
PJSC
(Banks)
175,567
5,665
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
17,275
192,842
TOTAL
COMMON
STOCKS
(Cost
$20,283,763)
21,760,882
Goldman
Sachs
ESG
Emerging
Markets
Equity
Fund
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Description
Rate
Value
a
Preferred
Stock
–
1.0%
Brazil
–
1.0%
33,700
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$170,685)
3.83
%
$
222,970
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.8%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
168,282
5.223%
168,282
(Cost
$168,282)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$20,622,730)
$
22,152,134
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
56,084
NET
ASSETS
–
100.0%
$
22,208,218
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
26.1
%
Financials
25.9
Consumer
Discretionary
18.5
Communication
Services
9.5
Consumer
Staples
8.1
Health
Care
3.9
Industrials
3.0
Real
Estate
2.3
Utilities
1.0
Materials
0.9
Investment
Company
0.8
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.8%
Denmark
–
3.2%
305,796
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
34,953,848
Finland
–
2.6%
829,461
Neste
OYJ
(Energy)
28,595,308
France
–
5.5%
533,527
BNP
Paribas
SA
(Banks)
35,844,594
194,493
Vinci
SA
(Capital
Goods)
24,568,829
60,413,423
Germany
–
2.9%
872,663
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
31,814,625
Hong
Kong
–
2.9%
4,063,600
AIA
Group
Ltd.
(Insurance)
31,868,458
Japan
–
19.5%
193,300
Hoya
Corp.
(Health
Care
Equipment
&
Services)
24,554,742
63,400
Keyence
Corp.
(Technology
Hardware
&
Equipment)
28,365,025
1,230,400
Nomura
Research
Institute
Ltd.
(Software
&
Services)
37,629,975
1,892,500
ORIX
Corp.
(Financial
Services)
36,542,792
671,300
Shiseido
Co.
Ltd.
(Household
&
Personal
Products)
18,713,623
721,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
37,501,647
1,018,673
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
29,939,288
213,247,092
Netherlands
–
4.6%
513,476
Aalberts
NV
(Capital
Goods)
20,420,091
1,041,991
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
29,304,110
49,724,201
Spain
–
9.9%
3,082,096
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
28,846,718
982,317
Cellnex
Telecom
SA
(Telecommunication
Services)*
(a)
37,797,005
3,428,911
Iberdrola
SA
(Utilities)
41,287,420
56,049
Iberdrola
SA
(Utilities)*
674,884
108,606,027
Sweden
–
2.4%
2,432,297
Hexagon
AB,
Class
B
(Technology
Hardware
&
Equipment)
26,545,087
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
14.4%
412,081
DSM-Firmenich
AG
(Materials)
$
43,569,559
75,600
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
36,961,274
995,313
UBS
Group
AG
(Financial
Services)
29,792,327
92,026
Zurich
Insurance
Group
AG
(Insurance)
46,757,445
157,080,605
Taiwan
–
3.1%
304,041
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Semiconductors
&
Semiconductor
Equipment)
34,344,471
United
Kingdom
–
14.7%
334,923
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
44,403,070
408,402
Compass
Group
PLC
(Consumer
Services)
11,248,941
5,819,419
DS
Smith
PLC
(Materials)
20,749,703
460,871
Reckitt
Benckiser
Group
PLC
(Household
&
Personal
Products)
33,321,407
530,981
RELX
PLC
(Commercial
&
Professional
Services)
21,915,766
5,653,227
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
29,112,727
160,751,614
United
States
–
12.1%
810,000
Experian
PLC
(Commercial
&
Professional
Services)
33,714,168
117,666
Ferguson
PLC
(Capital
Goods)
22,001,859
378,162
Nestle
SA
(Food,
Beverage
&
Tobacco)
43,091,790
171,384
Schneider
Electric
SE
(Capital
Goods)
33,668,434
132,476,251
TOTAL
COMMON
STOCKS
(Cost
$997,203,147)
1,070,421,010
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
7.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
76,807,272
5.223%
$
76,807,272
(Cost
$76,807,272)
TOTAL
INVESTMENTS
–
104.8%
(Cost
$1,074,010,419)
$
1,147,228,282
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(4.8)%
(52,849,074)
NET
ASSETS
–
100.0%
$
1,094,379,208
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
f
rom
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Financials
21.5
%
Industrials
16.2
Health
Care
14.9
Information
Technology
13.8
Consumer
Staples
10.8
Investment
Company
6.7
Materials
5.6
Utilities
3.7
Communication
Services
3.3
Energy
2.5
Consumer
Discretionary
1.0
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.9%
Australia
–
5.3%
628,639
Rio
Tinto
PLC
(Materials)
$
43,514,073
2,495,763
Transurban
Group
(Transportation)
21,925,875
65,439,948
Denmark
–
2.2%
235,596
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
26,929,674
Finland
–
1.8%
1,865,454
Nordea
Bank
Abp
(Banks)
22,989,646
France
–
8.7%
622,954
BNP
Paribas
SA
(Banks)
41,852,677
209,670
Gecina
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
23,123,818
342,780
Vinci
SA
(Capital
Goods)
43,300,804
108,277,299
Italy
–
4.5%
3,960,374
Enel
SpA
(Utilities)
27,023,143
1,000,024
UniCredit
SpA
(Banks)
29,292,776
56,315,919
Japan
–
9.7%
2,053,700
ORIX
Corp.
(Financial
Services)
39,655,447
539,800
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
28,076,822
760,200
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
22,342,642
165,000
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
30,619,455
120,694,366
Netherlands
–
10.1%
1,245,001
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
35,013,399
10,713,074
Koninklijke
KPN
NV
(Telecommunication
Services)
36,443,141
1,764,153
Shell
PLC
(Energy)
54,692,894
126,149,434
Singapore
–
3.6%
962,800
DBS
Group
Holdings
Ltd.
(Banks)
22,804,209
3,142,400
Singapore
Exchange
Ltd.
(Financial
Services)
21,942,249
44,746,458
Spain
–
3.2%
3,269,680
Iberdrola
SA
(Utilities)
(a)
39,370,124
Switzerland
–
5.2%
241,184
DSM-Firmenich
AG
(Materials)
25,500,522
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
77,087
Zurich
Insurance
Group
AG
(Insurance)
$
39,167,096
64,667,618
Taiwan
–
3.4%
2,143,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
42,899,645
United
Kingdom
–
22.6%
302,238
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
40,069,792
7,849,680
BP
PLC
(Energy)
45,845,440
637,764
Coca-Cola
Europacific
Partners
PLC
(Food,
Beverage
&
Tobacco)
43,941,940
10,784,456
DS
Smith
PLC
(Materials)
38,453,025
4,857,192
HSBC
Holdings
PLC
(Banks)
37,923,546
2,220,903
National
Grid
PLC
(Utilities)
29,580,464
308,965
Reckitt
Benckiser
Group
PLC
(Household
&
Personal
Products)
22,338,460
464,863
Unilever
PLC
(Household
&
Personal
Products)
22,620,363
280,773,030
United
States
–
16.6%
173,676
Ferguson
PLC
(Capital
Goods)
32,474,928
390,049
Nestle
SA
(Food,
Beverage
&
Tobacco)
44,446,320
111,680
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
31,797,122
293,629
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
29,405,650
147,343
Schneider
Electric
SE
(Capital
Goods)
28,945,573
349,707
Swiss
Re
AG
(Insurance)
40,041,632
207,111,225
TOTAL
COMMON
STOCKS
(Cost
$1,110,630,114)
1,206,364,386
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
2.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
33,884,633
5.223%
33,884,633
(Cost
$33,884,633)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,144,514,747)
1,240,249,019
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value  
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(b)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
744,325
5.223%
$
744,325
(Cost
$744,325)
TOTAL
INVESTMENTS
–
99.7%
(Cost
$1,145,259,072)
$
1,240,993,344
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.3%
3,485,339
NET
ASSETS
–
100.0%
$
1,244,478,683
  a
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
Sector
Name
%
of
Market
Value
Financials
26.1
%
Consumer
Staples
13.6
Health
Care
12.1
Industrials
10.2
Materials
8.7
Energy
8.1
Utilities
7.7
Information
Technology
5.9
Communication
Services
2.9
Investment
Company
2.7
Real
Estate
1.9
Securities
Lending
Reinvestment
Vehicle
0.1
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
January
31,
2024
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
of
1940
(“Valuation
Designee”)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
U.S.
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.,
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Forward
Contracts —
A
forward
contract
is
a
contract
between
two
parties
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
A
forward
contract
settlement
can
occur
on
a
cash
or
delivery
basis.
Forward
contracts
are
marked-to-market
daily
using
independent
vendor
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Cash
and
certain
investments
may
be
used
to
collateralize
forward
contracts.
ii.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
January
31,
2024:
China
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,741,980
$
32,315,890
$
—
Investment
Company
1,571,025
—
—
Total
$
3,313,005
$
32,315,890
$
—
€
1.00
€
1.00
€
1.00
Emerging
Markets
Equity
ex.
China
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
146,500
$
77,521
$
—
Asia
485,220
7,552,904
—
Europe
84,323
425,371
—
North
America
626,641
—
—
South
America
944,021
86,012
—
Investment
Company
135,650
—
—
Total
$
2,422,355
$
8,141,808
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Emerging
Markets
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
26,565,845
$
24,266,720
$
—
Asia
124,867,414
2,001,727,098
—
Europe
21,188,955
89,315,519
—
North
America
119,645,233
16,514,190
—
South
America
177,669,347
21,449,516
—
Investment
Company
10,272,803
—
—
Securities
Lending
Reinvestment
Vehicle
12,758,800
—
—
Total
$
492,968,397
$
2,153,273,043
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
ESG
Emerging
Markets
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
336,793
$
237,383
$
—
Asia
1,017,906
17,237,636
—
Europe
243,583
433,064
—
North
America
1,012,754
—
—
South
America
1,241,763
222,970
—
Investment
Company
168,282
—
—
Total
$
4,021,081
$
18,131,053
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein
the
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.
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
International
Equity
ESG
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
34,344,471
$
245,115,550
$
—
Europe
—
658,484,738
—
North
America
—
132,476,251
—
Investment
Company
76,807,272
—
—
Total
$
111,151,743
$
1,036,076,539
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
International
Equity
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
—
$
208,340,469
$
—
Europe
43,941,940
681,530,804
—
North
America
—
207,111,225
—
Oceania
—
65,439,948
—
Investment
Company
33,884,633
—
—
Securities
Lending
Reinvestment
Vehicle
744,325
—
—
Total
$
78,570,898
$
1,162,422,446
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
is
unable
to
purchase
replacement
securities,
GSAL
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
ESG
Standards
Risk
—
The
ESG
Emerging
Markets
Equity
and
International
Equity
ESG
Funds’
adherence
to
their
environmental,
social
and
governance
(“ESG”)
criteria
and
the
application
of
GSAM’s
supplemental
ESG
analysis
when
selecting
investments
may
affect
the
Funds’
exposure
to
certain
companies,
sectors,
regions,
and
countries
and
may
affect
the
Funds’
performance
depending
on
whether
such
investments
are
in
or
out
of
favor.
For
example,
the
Funds
will
not
seek
to
invest
in
companies
that
GSAM
believes
have
adverse
social
or
environmental
impacts
(i.e.,
gambling,
alcohol,
tobacco,
coal
or
weapons
companies),
and
the
Funds
will
not
seek
to
invest
in
companies
that
GSAM
believes
show
inadequate
governance
standards
(e.g.,
certain
state-owned
enterprises).
Foreign
Custody
Risk
—
A
Fund
invests
in
foreign
securities,
and
as
such
the
Fund
may
hold
such
securities
and
cash
with
foreign
banks,
agents,
and
securities
depositories
appointed
by
the
Fund’s
custodian
(each
a
“Foreign
Custodian”).
Some
foreign
custodians
may
be
recently
organized
or
new
to
the
foreign
custody
business.
In
some
countries,
Foreign
Custodians
may
be
subject
to
little
or
no
regulatory
oversight
over,
or
independent
evaluation
of,
their
operations.
Further,
the
laws
of
certain
countries
may
place
limitations
on
a
Fund’s
ability
to
recover
its
assets
if
a
Foreign
Custodian
enters
bankruptcy.
Investments
in
emerging
markets
may
be
subject
to
even
greater
custody
risks
than
investments
in
more
developed
markets.
Custody
services
in
emerging
market
countries
are
very
often
undeveloped
and
may
be
considerably
less
well
regulated
than
in
more
developed
countries,
and
thus
may
not
afford
the
same
level
of
investor
protection
as
would
apply
in
developed
countries.
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation,
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/
or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Issuer
Concentration
Risk
—
The
Funds
may
invest
in
a
relatively
small
number
of
issuers.
As
a
result,
they
may
be
subject
to
greater
risks
than
a
fund
that
invests
in
a
greater
number
of
issuers.
A
change
in
the
value
of
any
single
investment
held
by
the
Funds
may
affect
the
overall
value
of
the
Funds
more
than
it
would
affect
a
mutual
fund
that
holds
more
investments.
In
particular,
the
Funds
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
in
the
Funds
and
may
be
susceptible
to
greater
losses
because
of
these
developments.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
Liquidity
Risk
—
A
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
a
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
These
risks
may
be
more
pronounced
in
connection
with
the
Funds’
investments
in
securities
of
issuers
located
in
emerging
market
countries.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
Emerging
Markets
Equity,
Emerging
Markets
Equity
ex.
China
and
ESG
Emerging
Markets
Equity
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Sector
Risk
—
To
the
extent
a
Fund
focuses
its
investments
in
securities
of
issuers
in
one
or
more
sectors
(such
as
the
financial
services
or
telecommunications
sectors),
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
diversified
across
different
sectors,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
sector,
such
as:
adverse
economic,
business,
political,
environmental
or
other
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)