NPORT-EX 2 307283GS013124.htm
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.0%
Brazil
–
4.8%
45,200
Banco
Bradesco
SA
(Banks)
$
124,805
1,321,400
Banco
Bradesco
SA
ADR
(Banks)
4,096,340
2,832,900
Banco
BTG
Pactual
SA
(Financial
Services)
20,596,048
108,400
Banco
do
Brasil
SA
(Banks)
1,235,100
1,033,900
BB
Seguridade
Participacoes
SA
(Insurance)
7,147,399
37,900
Centrais
Eletricas
Brasileiras
SA
(Utilities)
312,187
539,600
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
(Utilities)
2,327,477
793,100
Cia
Siderurgica
Nacional
SA
(Materials)
2,838,217
2,663,800
Cielo
SA
(Financial
Services)
2,672,188
84,000
CPFL
Energia
SA
(Utilities)
614,775
1,687,000
CSN
Mineracao
SA
(Materials)
2,315,437
7,000
Multiplan
Empreendimentos
Imobiliarios
SA
(Real
Estate
Management
&
Development)
39,363
228,750
Petroleo
Brasileiro
SA
ADR
(Energy)
3,904,763
282,900
Porto
Seguro
SA
(Insurance)
1,523,448
103,000
Santos
Brasil
Participacoes
SA
(Transportation)
209,559
429,700
Telefonica
Brasil
SA
(Telecommunication
Services)
4,454,503
190,000
Telefonica
Brasil
SA
ADR
(Telecommunication
Services)
1,960,800
727,100
Ultrapar
Participacoes
SA
(Energy)
4,134,185
1,730,700
Vale
SA
ADR
(Materials)
23,693,283
84,199,877
Chile
–
0.9%
86,768,443
Banco
de
Chile
(Banks)
9,728,555
72,128
Banco
de
Credito
e
Inversiones
SA
(Banks)
1,909,864
48,628,648
Cia
Sud
Americana
de
Vapores
SA
(Transportation)
3,504,108
7,868,391
Colbun
SA
(Utilities)
1,116,705
41,986
Quinenco
SA
(Capital
Goods)
142,693
16,401,925
China
–
25.2%
4,216,000
Agricultural
Bank
of
China
Ltd.,
Class
H
(Banks)
1,632,397
2,868,886
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
5,120,306
4,012,200
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
35,985,334
171,900
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,050,081
43,100
Autohome,
Inc.
ADR
(Media
&
Entertainment)
1,086,120
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,038,200
Baidu,
Inc.,
Class
A
(Media
&
Entertainment)*
$
13,441,801
15,432,918
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
13,218,218
55,600
BeiGene
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
630,127
333,963
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,763,860
1,332,000
Bosideng
International
Holdings
Ltd.
(Consumer
Durables
&
Apparel)
602,140
294,500
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
6,593,907
2,793,000
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)
(a)
782,668
228,457
Changchun
High
&
New
Technology
Industry
Group,
Inc.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,631,156
3,045,000
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financial
Services)
292,157
6,892,000
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Banks)
3,415,689
1,443,000
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
1,584,673
4,010,000
China
Communications
Services
Corp.
Ltd.,
Class
H
(Capital
Goods)
1,651,191
6,702,000
China
Construction
Bank
Corp.,
Class
H
(Banks)
3,980,074
798,600
China
Gas
Holdings
Ltd.
(Utilities)
728,102
3,054,000
China
Lesso
Group
Holdings
Ltd.
(Capital
Goods)
1,352,983
2,875,000
China
Medical
System
Holdings
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,108,468
1,374,500
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate
Management
&
Development)
2,079,330
240,000
China
Overseas
Property
Holdings
Ltd.
(Real
Estate
Management
&
Development)
159,070
3,954,000
China
Railway
Group
Ltd.,
Class
H
(Capital
Goods)
1,808,312
1,494,000
China
Resources
Land
Ltd.
(Real
Estate
Management
&
Development)
4,535,868
4,865,200
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Insurance)
4,038,721
7,361,000
CITIC
Ltd.
(Capital
Goods)
7,104,794
3,327,700
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Transportation)
4,605,413
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,852,000
CSPC
Pharmaceutical
Group
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
5,776,636
1,056,300
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
1,952,318
4,503,000
Geely
Automobile
Holdings
Ltd.
(Automobiles
&
Components)
4,268,210
615,800
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
(Consumer
Durables
&
Apparel)
3,024,397
1,824,400
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
2,404,790
1,056,000
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care
Equipment
&
Services)
2,571,805
426,500
H
World
Group
Ltd.
(Consumer
Services)
1,336,835
121,972
H
World
Group
Ltd.
ADR
(Consumer
Services)
3,875,050
35,000
Hello
Group,
Inc.
ADR
(Media
&
Entertainment)
205,450
2,033,402
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
4,916,210
706,800
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
1,453,742
1,074,571
JD.com,
Inc.,
Class
A
(Consumer
Discretionary
Distribution
&
Retail)
12,117,009
1,198,000
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Transportation)
1,143,149
2,832,797
Jointown
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
2,742,370
1,331,400
Kuaishou
Technology
(Media
&
Entertainment)*
(a)
6,710,706
978,900
Li
Auto,
Inc.,
Class
A
(Automobiles
&
Components)*
13,531,267
1,166,300
Lingyi
iTech
Guangdong
Co.,
Class
A
(Technology
Hardware
&
Equipment)
769,582
20,000
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
256,298
481,960
Meituan,
Class
B
(Consumer
Services)*
(a)
3,876,514
862,100
NetEase,
Inc.
(Media
&
Entertainment)
16,757,596
1,071,600
New
Oriental
Education
&
Technology
Group,
Inc.
(Consumer
Services)*
8,270,873
553,200
OFILM
Group
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)*
512,457
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
102,900
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
$
13,054,923
12,472,000
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Insurance)
3,877,271
6,064,000
PetroChina
Co.
Ltd.,
Class
H
(Energy)
4,386,491
175,000
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Capital
Goods)
113,898
10,253,445
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Transportation)
7,872,712
6,583,600
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
5,893,896
249,200
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
821,685
1,038,500
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
895,961
701,772
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)*
5,122,265
31,000
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care
Equipment
&
Services)
1,158,951
404,031
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
7,680,166
326,600
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Durables
&
Apparel)
2,908,506
8,832,000
Shougang
Fushan
Resources
Group
Ltd.
(Materials)
3,489,680
585,530
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,884,605
69,000
Silergy
Corp.
(Semiconductors
&
Semiconductor
Equipment)
849,166
439,500
Sinopec
Engineering
Group
Co.
Ltd.,
Class
H
(Capital
Goods)
220,438
3,273,500
Sinotruk
Hong
Kong
Ltd.
(Capital
Goods)
7,434,751
544,000
SITC
International
Holdings
Co.
Ltd.
(Transportation)
825,435
326,300
Sunny
Optical
Technology
Group
Co.
Ltd.
(Technology
Hardware
&
Equipment)
2,005,566
420,078
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
729,284
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
39,700
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
$
472,020
2,095,500
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
72,737,573
3,438,800
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Services)*
7,014,653
1,488,000
Topsports
International
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
(a)
964,494
583,750
Trip.com
Group
Ltd.
(Consumer
Services)*
21,248,168
38,100
Trip.com
Group
Ltd.
ADR
(Consumer
Services)*
1,392,936
429,200
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
760,529
957,400
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
15,213,086
186,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
328,376
42,854
WuXi
AppTec
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
324,738
836,300
Xiamen
C
&
D,
Inc.,
Class
A
(Capital
Goods)
1,127,338
9,180,800
Xiaomi
Corp.,
Class
B
(Technology
Hardware
&
Equipment)*
(a)
14,464,619
682,100
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
2,170,387
548,000
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
1,125,858
2,450,100
Yutong
Bus
Co.
Ltd.,
Class
A
(Capital
Goods)
5,162,948
445,573
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
(Capital
Goods)
842,891
443,032,488
Greece
–
0.2%
11,346
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
309,974
511,698
Piraeus
Financial
Holdings
SA
(Banks)*
2,072,239
38,800
Star
Bulk
Carriers
Corp.
(Transportation)
843,512
3,225,725
Hong
Kong
–
0.4%
16,221,000
Sino
Biopharmaceutical
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
5,853,125
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
832,000
United
Laboratories
International
Holdings
Ltd.
(The)
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
719,223
6,572,348
India
–
18.1%
870,819
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Transportation)
12,659,659
623,172
Adani
Power
Ltd.
(Utilities)*
4,230,459
81,307
Ajanta
Pharma
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,128,778
15,848
Alkem
Laboratories
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
952,838
481,370
Axis
Bank
Ltd.
(Banks)
6,189,126
20,393
Balkrishna
Industries
Ltd.
(Automobiles
&
Components)
602,686
9,119
Bharat
Dynamics
Ltd.
(Capital
Goods)
187,317
5,245,404
Bharat
Electronics
Ltd.
(Capital
Goods)
11,748,481
1,805,708
Bharat
Petroleum
Corp.
Ltd.
(Energy)
10,944,495
94,268
Birlasoft
Ltd.
(Software
&
Services)
963,090
19,316
Ceat
Ltd.
(Automobiles
&
Components)
616,708
262,802
Cipla
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,274,263
71,671
Cummins
India
Ltd.
(Capital
Goods)
1,980,201
290,051
Dr
Reddy's
Laboratories
Ltd.
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
20,869,169
185,134
Equitas
Small
Finance
Bank
Ltd.
(Banks)
(a)
231,736
314,011
Godawari
Power
and
Ispat
Ltd.
(Materials)
2,878,790
3,088
Great
Eastern
Shipping
Co.
Ltd.
(The)
(Energy)
36,790
94,265
HCL
Technologies
Ltd.
(Software
&
Services)
1,787,802
108,373
Hindustan
Aeronautics
Ltd.
(Capital
Goods)
3,921,731
1,024,260
ICICI
Bank
Ltd.
ADR
(Banks)
24,991,944
780,662
IDBI
Bank
Ltd.
(Banks)
814,341
3,797,906
IDFC
Ltd.
(Financial
Services)
5,450,488
970,241
Indiabulls
Housing
Finance
Ltd.
(Financial
Services)
2,596,322
113,691
IndiaMart
InterMesh
Ltd.
(Capital
Goods)
(a)
3,451,338
813,937
Indian
Bank
(Banks)
4,895,966
2,706,687
Indian
Oil
Corp.
Ltd.
(Energy)
4,793,188
109,624
ITD
Cementation
India
Ltd.
(Capital
Goods)
428,454
1,242,192
Jamna
Auto
Industries
Ltd.
(Capital
Goods)
1,775,190
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
291,655
Jindal
Saw
Ltd.
(Materials)
$
1,828,497
166,512
Jindal
Stainless
Ltd.
(Materials)
1,157,758
788
JK
Cement
Ltd.
(Materials)
41,359
243,613
JSW
Energy
Ltd.
(Utilities)
1,482,399
1,263,849
JSW
Steel
Ltd.
(Materials)
12,444,274
20,336
Just
Dial
Ltd.
(Media
&
Entertainment)*
202,278
60,668
Karnataka
Bank
Ltd.
(The)
(Banks)
185,922
356,423
KNR
Constructions
Ltd.
(Capital
Goods)
1,187,205
142,980
L&T
Finance
Holdings
Ltd.
(Financial
Services)
298,472
211,446
Larsen
&
Toubro
Ltd.
(Capital
Goods)
8,852,243
338,041
Lupin
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
6,121,643
38,826
Motilal
Oswal
Financial
Services
Ltd.
(Financial
Services)
837,278
3,693
MRF
Ltd.
(Automobiles
&
Components)
6,332,502
131,537
Narayana
Hrudayalaya
Ltd.
(Health
Care
Equipment
&
Services)
2,085,688
1,280,758
NCC
Ltd.
(Capital
Goods)
3,319,618
2,305,070
NMDC
Ltd.
(Materials)
6,102,877
2,651,892
NTPC
Ltd.
(Utilities)
10,153,175
207,083
Petronet
LNG
Ltd.
(Energy)
671,312
3,711,587
Power
Finance
Corp.
Ltd.
(Financial
Services)
19,818,439
1,435,432
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
4,483,354
196,063
PTC
India
Ltd.
(Utilities)
566,698
656,463
REC
Ltd.
(Financial
Services)
3,943,479
43,018
Reliance
Industries
Ltd.
(Energy)
1,477,949
71,000
ReNew
Energy
Global
PLC,
Class
A
(Utilities)*
480,670
3,501
Shree
Cement
Ltd.
(Materials)
1,203,259
1,882,629
State
Bank
of
India
(Banks)
14,542,133
106,120
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,812,943
359,252
Tata
Consultancy
Services
Ltd.
(Software
&
Services)
16,500,851
34,107
Tata
Elxsi
Ltd.
(Software
&
Services)
3,121,940
92,551
Tata
Motors
Ltd.,
Class
A
(Automobiles
&
Components)
650,860
209,605
Torrent
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
6,387,624
20,800
Trent
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
773,397
152,698
UltraTech
Cement
Ltd.
(Materials)
18,670,687
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
725,596
Varun
Beverages
Ltd.
(Food,
Beverage
&
Tobacco)
$
11,193,396
257,324
Welspun
Corp.
Ltd.
(Materials)
1,816,866
37,400
WNS
Holdings
Ltd.
ADR
(Commercial
&
Professional
Services)*
2,593,690
907,684
Zydus
Lifesciences
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
8,306,726
318,050,811
Indonesia
–
2.9%
18,293,700
Aneka
Tambang
Tbk
(Materials)
1,794,854
2,652,600
Astra
International
Tbk
PT
(Capital
Goods)
859,550
19,135,200
Bank
Central
Asia
Tbk
PT
(Banks)
11,577,302
39,526,800
Bank
Mandiri
Persero
Tbk
PT
(Banks)
16,641,406
756,400
Bank
Negara
Indonesia
Persero
Tbk
PT
(Banks)
275,190
8,246,200
Bank
Pembangunan
Daerah
Jawa
Barat
Dan
Banten
Tbk
PT
(Banks)
608,797
22,175,900
Bank
Pembangunan
Daerah
Jawa
Timur
Tbk
PT
(Banks)
913,456
38,035,600
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Banks)
13,701,775
551,200
Indocement
Tunggal
Prakarsa
Tbk
PT
(Materials)
314,742
719,300
Indofood
CBP
Sukses
Makmur
Tbk
PT
(Food,
Beverage
&
Tobacco)
535,960
592,800
Jasa
Marga
Persero
Tbk
PT
(Transportation)
187,833
14,087,800
Telkom
Indonesia
Persero
Tbk
PT
(Telecommunication
Services)
3,533,599
226,900
United
Tractors
Tbk
PT
(Energy)
329,597
51,274,061
Kuwait
–
0.4%
248,833
Agility
Public
Warehousing
Co.
KSC
(Transportation)*
468,227
398,807
Burgan
Bank
SAK
(Banks)
248,573
1,915,074
Kuwait
Finance
House
KSCP
(Banks)
4,800,147
259,629
National
Bank
of
Kuwait
SAKP
(Banks)
826,665
6,343,612
Luxembourg
–
0.2%
110,993
Reinet
Investments
SCA
(Financial
Services)
2,781,806
Mexico
–
2.5%
935,893
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
10,633,776
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
237,012
Coca-Cola
Femsa
SAB
de
CV
ADR
(Food,
Beverage
&
Tobacco)
$
22,501,919
34,000
FIBRA
Macquarie
Mexico
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
(a)
65,071
811,706
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Banks)
8,255,948
575,186
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Banks)*
1,699,341
40,440
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
(Transportation)
397,903
23,421
Ternium
SA
ADR
(Materials)
905,456
44,459,414
Peru
–
0.1%
13,700
Credicorp
Ltd.
(Banks)
2,033,491
Philippines
–
0.7%
173,100
Aboitiz
Power
Corp.
(Utilities)
116,845
930,379
Bank
of
the
Philippine
Islands
(Banks)
1,823,145
962,960
BDO
Unibank,
Inc.
(Banks)
2,478,937
1,158,900
International
Container
Terminal
Services,
Inc.
(Transportation)
5,011,091
146,650
Jollibee
Foods
Corp.
(Consumer
Services)
661,677
1,632,960
Metropolitan
Bank
&
Trust
Co.
(Banks)
1,654,093
11,745,788
Poland
–
2.1%
41,353
Alior
Bank
SA
(Banks)*
777,802
314,467
Bank
Pekao
SA
(Banks)
12,096,325
6,581
Grupa
Kety
SA
(Materials)
1,119,317
72,583
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Banks)
920,935
1,786,939
Powszechny
Zaklad
Ubezpieczen
SA
(Insurance)
21,515,040
36,429,419
Qatar
–
0.4%
859,217
Commercial
Bank
PSQC
(The)
(Banks)
1,237,711
623,447
Qatar
Aluminum
Manufacturing
Co.
(Materials)
219,174
205,195
Qatar
Electricity
&
Water
Co.
QSC
(Utilities)
975,846
1,138,277
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
1,084,384
137,464
Qatar
Islamic
Bank
(Banks)
736,212
809,936
Qatar
National
Bank
QPSC
(Banks)
3,445,042
7,698,369
Shares
Description
Value
a
Common
Stocks
–
(continued)
Romania
–
0.1%
205,523
NEPI
Rockcastle
NV
(Real
Estate
Management
&
Development)*
$
1,384,021
Russia
–
0.0%
106,118
PhosAgro
PJSC,
GDR
(Materials)*
(b)
—
683
PhosAgro
PJSC
NPV
(Materials)
(b)
—
18,426
Polyus
PJSC,
GDR
(Materials)*
(b)
—
2,789,380
Sberbank
of
Russia
PJSC
(Banks)
(b)
—
274,080,000
VTB
Bank
PJSC
(Banks)*
(b)
—
—
Saudi
Arabia
–
3.9%
148,351
Al
Hammadi
Holding
(Health
Care
Equipment
&
Services)
2,419,909
215,146
Al
Rajhi
Bank
(Banks)
4,802,688
99,306
Aldrees
Petroleum
and
Transport
Services
Co.
(Energy)
4,273,855
1,198,339
Alinma
Bank
(Banks)
13,198,828
1,199,113
Arab
National
Bank
(Banks)
7,973,335
7,078
Ataa
Educational
Co.
(Consumer
Services)
141,217
67,007
Bank
AlBilad
(Banks)
794,419
151,919
Banque
Saudi
Fransi
(Banks)
1,615,694
207,791
Bawan
Co.
(Capital
Goods)
2,633,952
45,169
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Insurance)
2,486,972
5,585
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care
Equipment
&
Services)
431,733
3,555
Mouwasat
Medical
Services
Co.
(Health
Care
Equipment
&
Services)
112,349
1,046
National
Co.
for
Learning
&
Education
(Consumer
Services)
41,393
16,055
National
Medical
Care
Co.
(Health
Care
Equipment
&
Services)
810,609
1,512,789
Riyad
Bank
(Banks)
11,417,507
953,945
Saudi
Awwal
Bank
(Banks)
9,113,383
18,498
Saudi
Cement
Co.
(Materials)
237,508
438,008
Saudi
Chemical
Co.
Holding
(Health
Care
Equipment
&
Services)
539,846
103,971
Saudi
Investment
Bank
(The)
(Banks)
431,727
269,879
Saudi
National
Bank
(The)
(Banks)
2,914,567
191,613
Sustained
Infrastructure
Holding
Co.
(Transportation)
1,576,294
67,967,785
South
Africa
–
1.7%
52,913
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
850,508
9,901
Exxaro
Resources
Ltd.
(Energy)
98,640
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
4,385,033
FirstRand
Ltd.
(Financial
Services)
$
15,881,367
344,099
Investec
Ltd.
(Financial
Services)
2,277,146
43,779
Kumba
Iron
Ore
Ltd.
(Materials)
1,293,108
1,923,424
Old
Mutual
Ltd.
(Insurance)
1,280,002
2,191,524
Sanlam
Ltd.
(Insurance)
8,361,093
30,541
Standard
Bank
Group
Ltd.
(Banks)
325,825
44,198
Sun
International
Ltd.
(Consumer
Services)
99,772
13,644
Thungela
Resources
Ltd.
(Energy)
87,392
30,554,853
South
Korea
–
12.7%
13,802
Advanced
Process
Systems
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
220,787
4,874
Celltrion,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
654,045
5,447
Chong
Kun
Dang
Pharmaceutical
Corp.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
448,752
5,660
Daewoong
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
467,885
139,904
DB
Insurance
Co.
Ltd.
(Insurance)*
9,228,888
81,204
DGB
Financial
Group,
Inc.
(Banks)*
547,950
30,103
Doosan
Tesna,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
1,009,842
9,120
Douzone
Bizon
Co.
Ltd.
(Software
&
Services)*
326,459
134,429
GS
Holdings
Corp.
(Capital
Goods)*
4,661,909
28,840
HAESUNG
DS
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
1,080,634
76,304
Hana
Financial
Group,
Inc.
(Banks)
2,728,437
157,687
Hankook
Tire
&
Technology
Co.
Ltd.
(Automobiles
&
Components)*
6,035,334
256,393
Hanmi
Semiconductor
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
11,181,236
160,347
Hanwha
Aerospace
Co.
Ltd.
(Capital
Goods)*
16,559,581
10,141
Hanwha
Systems
Co.
Ltd.
(Capital
Goods)*
116,968
107,574
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Capital
Goods)*
9,127,287
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
54,445
HDC
Hyundai
Development
Co.-Engineering
&
Construction,
Class
E
(Capital
Goods)*
$
728,903
1,337
Hyosung
TNC
Corp.
(Materials)*
300,709
4,775
Hyundai
Autoever
Corp.
(Software
&
Services)*
527,977
14,763
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(Insurance)*
374,952
148,118
Hyundai
Steel
Co.
(Materials)*
3,709,109
247,944
JB
Financial
Group
Co.
Ltd.
(Banks)
2,127,479
7,880
Kakao
Corp.
(Media
&
Entertainment)*
308,154
106,102
KB
Financial
Group,
Inc.
(Banks)
4,502,729
371,947
Kia
Corp.
(Automobiles
&
Components)*
28,569,650
7,293
KoMiCo
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
333,267
107,805
Korea
Aerospace
Industries
Ltd.
(Capital
Goods)*
4,061,752
40,764
Korea
Investment
Holdings
Co.
Ltd.
(Financial
Services)*
1,871,728
78,937
KT
Corp.
(Telecommunication
Services)*
2,090,883
248,872
Meritz
Financial
Group,
Inc.
(Financial
Services)*
12,777,113
119,098
NAVER
Corp.
(Media
&
Entertainment)*
17,760,152
24,293
POSCO
Holdings,
Inc.
(Materials)
7,707,689
133,291
Posco
International
Corp.
(Capital
Goods)*
5,232,043
18,944
PSK,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
285,299
56,148
Samsung
C&T
Corp.
(Capital
Goods)
5,800,341
821,721
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
44,649,723
28,079
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Insurance)*
5,556,266
1,325
Samsung
SDI
Co.
Ltd.
(Technology
Hardware
&
Equipment)
367,719
5,639
Samsung
Securities
Co.
Ltd.
(Financial
Services)
158,502
1,933
SeAH
Steel
Holdings
Corp.
(Materials)
314,906
25,536
Seoul
Semiconductor
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
198,559
105,903
Shinhan
Financial
Group
Co.
Ltd.
(Banks)
3,244,877
156,316
Shinsung
E&G
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
228,095
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
4,375
SK
Hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
$
438,115
6,168
SK
Square
Co.
Ltd.
(Capital
Goods)*
239,616
1,846
SK,
Inc.
(Capital
Goods)
253,047
10,704
Systems
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
212,548
154,382
Worldex
Industry
&
Trading
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
2,745,802
222,073,698
Taiwan
–
16.0%
290,455
Advantech
Co.
Ltd.
(Technology
Hardware
&
Equipment)
3,130,876
629,000
Ardentec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
1,482,999
6,117,000
ASE
Technology
Holding
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
26,448,534
23,000
ASMedia
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
1,360,028
352,000
Brighton-Best
International
Taiwan,
Inc.
(Capital
Goods)
379,987
883,000
Catcher
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
5,486,734
1,596,000
Chicony
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
8,368,191
1,272,000
Chipbond
Technology
Corp.
(Semiconductors
&
Semiconductor
Equipment)
2,926,155
10,165,000
Compal
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
11,657,796
1,224,000
CTBC
Financial
Holding
Co.
Ltd.
(Banks)
1,110,428
125,000
Fitipower
Integrated
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
935,933
407,000
FocalTech
Systems
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
1,284,096
130,000
Genesys
Logic,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
450,957
2,028,000
Getac
Holdings
Corp.
(Technology
Hardware
&
Equipment)
6,668,820
186,000
Global
Mixed
Mode
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
1,459,178
9,000
Global
Unichip
Corp.
(Semiconductors
&
Semiconductor
Equipment)
441,870
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
1,082,000
Hon
Hai
Precision
Industry
Co.
Ltd.
(Technology
Hardware
&
Equipment)
$
3,539,465
959,000
ITE
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
4,656,844
3,493,000
King
Yuan
Electronics
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
9,330,571
4,075,000
Lite-On
Technology
Corp.
(Technology
Hardware
&
Equipment)
14,112,189
1,224,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
37,769,733
755,000
Novatek
Microelectronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
12,298,728
465,000
Pegatron
Corp.
(Technology
Hardware
&
Equipment)
1,225,820
63,000
Powertech
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
292,490
1,952,000
Quanta
Computer,
Inc.
(Technology
Hardware
&
Equipment)
15,434,500
354,000
Radiant
Opto-Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
1,565,509
15,900
Silicon
Motion
Technology
Corp.
ADR
(Semiconductors
&
Semiconductor
Equipment)
1,001,382
11,000
Sitronix
Technology
Corp.
(Semiconductors
&
Semiconductor
Equipment)
95,448
52,000
Supreme
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
99,900
4,910,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
98,290,835
650,000
Tung
Ho
Steel
Enterprise
Corp.
(Materials)
1,532,131
1,784,000
WPG
Holdings
Ltd.
(Technology
Hardware
&
Equipment)
4,966,485
158,000
Zero
One
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
344,502
280,149,114
Thailand
–
1.2%
273,500
Advanced
Info
Service
PCL
(Telecommunication
Services)
1,686,779
1,791,800
Bumrungrad
Hospital
PCL
(Health
Care
Equipment
&
Services)
12,122,672
205,200
Electricity
Generating
PCL
(Utilities)
759,586
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
437,100
Intouch
Holdings
PCL,
Class
F
(Telecommunication
Services)
$
907,690
1,606,300
Krung
Thai
Bank
PCL
(Banks)
719,967
4,803,400
PTT
PCL
(Energy)
4,559,766
1,667,700
Sansiri
PCL
(Real
Estate
Management
&
Development)
83,829
156,100
SCB
X
PCL
(Banks)
450,997
21,291,286
Turkey
–
0.7%
31,862
AG
Anadolu
Grubu
Holding
AS
(Capital
Goods)
240,448
109,825
KOC
Holding
AS
(Capital
Goods)
580,035
231,763
Migros
Ticaret
AS
(Consumer
Staples
Distribution
&
Retail)
3,117,160
643,869
Turkiye
Is
Bankasi
AS,
Class
C
(Banks)
542,909
10,754,316
Yapi
ve
Kredi
Bankasi
AS
(Banks)
7,724,291
12,204,843
United
Arab
Emirates
–
0.8%
405,655
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
1,236,972
2,437,203
Air
Arabia
PJSC
(Transportation)
1,975,000
225,328
Dubai
Islamic
Bank
PJSC
(Banks)
387,719
378,207
Emaar
Development
PJSC
(Real
Estate
Management
&
Development)
715,692
2,191,560
Emirates
NBD
Bank
PJSC
(Banks)
10,561,160
14,876,543
TOTAL
COMMON
STOCKS
(Cost
$1,511,718,885)
1,684,751,277
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.6%
Brazil
–
1.1%
166,900
Banco
Pan
SA,
2/1/7369
(Banks)
2.74
%
264,782
338,800
Bradespar
SA,
13.2599
(Materials)
13.26
1,558,463
35,800
Gerdau
SA,
7/1/6068
(Materials)
7.61
152,033
2,596,700
Itau
Unibanco
Holding
SA
(Banks)
3.83
17,180,653
19,155,931
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
South
Korea
–
0.5%
284,543
Mirae
Asset
Securities
Co.
Ltd.,
N.A.
(Financial
Services)*
0.00
%
$
793,915
194,589
Samsung
Electronics
Co.
Ltd.,
2/1/4204
(Technology
Hardware
&
Equipment)
2.42
8,514,408
9,308,323
TOTAL
PREFERRED
STOCKS
(Cost
$26,572,247)
28,464,254
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.4%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
24,032,378
5.223%
24,032,378
(Cost
$24,032,378)
TOTAL
INVESTMENTS
–
99.0%
(Cost
$1,562,323,510)
$
1,737,247,909
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.0%
18,051,102
NET
ASSETS
–
100.0%
$
1,755,299,011
  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
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Additional
Investment
Information 
Sector
Name
%
of
Market
Value
Financials
24.8
%
Information
Technology
23.6
Consumer
Discretionary
11.5
Industrials
9.2
Communication
Services
8.3
Materials
6.8
Health
Care
6.6
Consumer
Staples
2.8
Energy
2.8
Utilities
1.7
Investment
Company
1.4
Real
Estate
0.5
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
January
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
565
03/15/24
$
27,707,600
$
(238,224)
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.7%
Australia
–
6.7%
543,434
BHP
Group
Ltd.
(Materials)
$
16,625,845
187,133
BlueScope
Steel
Ltd.
(Materials)
2,857,207
211,132
Boral
Ltd.
(Materials)*
727,652
864,328
Brambles
Ltd.
(Commercial
&
Professional
Services)
8,241,168
228,809
Challenger
Ltd.
(Financial
Services)
970,649
58,313
Cochlear
Ltd.
(Health
Care
Equipment
&
Services)
11,572,159
206,287
Coles
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
2,140,719
36,148
Computershare
Ltd.
(Commercial
&
Professional
Services)
598,728
217,937
CSR
Ltd.
(Materials)
981,364
903,749
Deterra
Royalties
Ltd.
(Materials)
3,254,805
714,090
Dexus
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,613,773
156,671
Emerald
Resources
NL
(Materials)*
340,528
31,438
Fortescue
Ltd.
(Materials)
607,595
130,745
Glencore
PLC
(Materials)
691,767
1,889,632
Insurance
Australia
Group
Ltd.
(Insurance)
7,417,611
267,085
National
Australia
Bank
Ltd.
(Banks)
5,632,933
298,238
New
Hope
Corp.
Ltd.
(Energy)
(a)
1,043,130
142,163
Northern
Star
Resources
Ltd.
(Materials)
1,219,447
354,223
Perseus
Mining
Ltd.
(Materials)
417,097
874,081
Ramelius
Resources
Ltd.
(Materials)
907,884
19,586
Rio
Tinto
Ltd.
(Materials)
1,685,325
3,087,108
Scentre
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
6,137,319
800,886
Stockland
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,365,106
641,605
Suncorp
Group
Ltd.
(Insurance)
5,905,684
867,572
Telstra
Group
Ltd.
(Telecommunication
Services)
2,288,078
1,024,060
Vicinity
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,359,345
12,987
WiseTech
Global
Ltd.
(Software
&
Services)
611,443
600,759
Woolworths
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
14,108,812
104,323,173
Austria
–
0.5%
58,158
BAWAG
Group
AG
(Banks)*
(b)
2,994,358
95,143
Erste
Group
Bank
AG
(Banks)
4,098,612
7,092,970
Shares
Description
Value
a
Common
Stocks
–
(continued)
Belgium
–
0.3%
108,048
Euronav
NV
(Energy)
$
1,903,311
38,261
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,599,050
5,502,361
China
–
0.6%
212,919
Prosus
NV
(Consumer
Discretionary
Distribution
&
Retail)*
6,334,701
1,891,400
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Capital
Goods)
2,361,261
8,695,962
Denmark
–
4.7%
358
AP
Moller
–
Maersk
A/S,
Class
A
(Transportation)
649,151
54,016
Genmab
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
14,936,621
465,337
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
53,190,096
34,242
Pandora
A/S
(Consumer
Durables
&
Apparel)
5,003,338
4,793
Sydbank
AS
(Banks)
212,709
73,991,915
Finland
–
1.0%
43,748
Kesko
OYJ,
Class
B
(Consumer
Staples
Distribution
&
Retail)
854,382
25,975
Kone
OYJ,
Class
B
(Capital
Goods)
1,285,798
1,118,202
Nordea
Bank
Abp
(Banks)
13,780,596
15,920,776
France
–
8.9%
43,430
Adevinta
ASA
(Media
&
Entertainment)*
466,623
91,315
Air
Liquide
SA
(Materials)
17,088,098
105,449
Cie
de
Saint-Gobain
SA
(Capital
Goods)
7,455,941
99,498
Cie
Generale
des
Etablissements
Michelin
SCA
(Automobiles
&
Components)
3,303,602
10,508
Danone
SA
(Food,
Beverage
&
Tobacco)
700,082
41,103
Dassault
Aviation
SA
(Capital
Goods)
7,785,261
188,012
Dassault
Systemes
(Software
&
Services)
9,746,227
10,293
Edenred
SE
(Financial
Services)
614,786
105,753
Eiffage
SA
(Capital
Goods)
11,064,964
483,665
Engie
SA
(Utilities)
7,725,333
2,747
Gecina
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
302,958
86,813
Getlink
SE
(Transportation)
1,495,883
7,472
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
15,763,392
33,862
Ipsen
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,904,261
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
35,922
Klepierre
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
930,046
181,137
Legrand
SA
(Capital
Goods)
17,555,027
7,769
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
6,464,271
11,347
Nexans
SA
(Capital
Goods)
1,032,786
6,103
Publicis
Groupe
SA
(Media
&
Entertainment)
611,481
121,298
Rexel
SA
(Capital
Goods)
3,230,567
26,751
Safran
SA
(Capital
Goods)
4,994,651
87,042
Thales
SA
(Capital
Goods)
12,730,259
128,276
Veolia
Environnement
SA
(Utilities)
4,179,727
139,146,226
Germany
–
8.5%
46,982
Allianz
SE
(Insurance)
12,552,474
8,926
Bechtle
AG
(Software
&
Services)
462,839
63,484
Brenntag
SE
(Capital
Goods)
5,612,626
44,352
Continental
AG
(Automobiles
&
Components)
3,623,148
36,028
Deutsche
Boerse
AG
(Financial
Services)
7,174,609
547,559
Deutsche
Telekom
AG
(Telecommunication
Services)
13,441,394
670,822
E.ON
SE
(Utilities)
9,075,743
141,676
GEA
Group
AG
(Capital
Goods)
5,673,991
22,044
Hannover
Rueck
SE
(Insurance)
5,284,322
30,085
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2,057,536
6,835
HOCHTIEF
AG
(Capital
Goods)
733,293
185,805
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
6,773,882
18,532
Knorr-Bremse
AG
(Capital
Goods)
1,144,651
46,520
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
19,804,465
29,489
Nemetschek
SE
(Software
&
Services)
2,721,061
38,799
RWE
AG
(Utilities)
1,432,679
141,113
SAP
SE
(Software
&
Services)
24,447,357
10,130
Scout24
SE
(Media
&
Entertainment)
(b)
745,875
45,654
Siemens
AG
(Capital
Goods)
8,173,162
37,513
TAG
Immobilien
AG
(Real
Estate
Management
&
Development)*
525,064
132,517
TeamViewer
SE
(Software
&
Services)*
(b)
1,899,852
133,360,023
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
1.2%
1,846,600
AIA
Group
Ltd.
(Insurance)
$
14,481,813
133,500
CLP
Holdings
Ltd.
(Utilities)
1,061,784
7,800
Jardine
Matheson
Holdings
Ltd.
(Capital
Goods)
314,223
458,000
Swire
Pacific
Ltd.,
Class
A
(Real
Estate
Management
&
Development)
3,543,562
19,401,382
Ireland
–
0.0%
48,210
Bank
of
Ireland
Group
PLC
(Banks)
443,339
Israel
–
0.1%
37,715
Plus500
Ltd.
(Financial
Services)
852,996
Italy
–
3.2%
413,238
A2A
SpA
(Utilities)
819,313
141,041
Azimut
Holding
SpA
(Financial
Services)
3,932,046
46,954
Banca
Generali
SpA
(Financial
Services)
1,790,024
735,550
Banca
Mediolanum
SpA
(Financial
Services)
7,527,423
231,663
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)*
813,077
1,094,213
Banco
BPM
SpA
(Banks)
5,903,608
427,230
BPER
Banca
(Banks)
1,540,961
46,862
Hera
SpA
(Utilities)
165,077
20,220
Leonardo
SpA
(Capital
Goods)
352,921
65,373
Prysmian
SpA
(Capital
Goods)
2,877,059
649,953
UniCredit
SpA
(Banks)
19,038,471
717,364
Unipol
Gruppo
SpA
(Insurance)
4,454,552
49,214,532
Japan
–
23.3%
116,600
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
4,640,430
27,000
Air
Water,
Inc.
(Materials)
356,649
182,600
Aisin
Corp.
(Automobiles
&
Components)
6,817,391
119,700
Alfresa
Holdings
Corp.
(Health
Care
Equipment
&
Services)
1,962,954
14,800
Asahi
Group
Holdings
Ltd.
(Food,
Beverage
&
Tobacco)
550,086
96,500
Central
Japan
Railway
Co.
(Transportation)
2,411,790
266,200
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
3,453,330
189,300
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
&
Professional
Services)
5,478,333
5,500
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate
Management
&
Development)
625,628
132,400
Daiwa
Securities
Group,
Inc.
(Financial
Services)
948,893
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
38,100
DCM
Holdings
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
$
354,918
18,300
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
4,938,058
515,800
ENEOS
Holdings,
Inc.
(Energy)
2,083,087
27,200
Exedy
Corp.
(Automobiles
&
Components)
521,845
29,600
Fujitsu
Ltd.
(Software
&
Services)
4,097,064
1,677,100
Honda
Motor
Co.
Ltd.
(Automobiles
&
Components)
18,746,730
156,400
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)
1,727,023
132,500
Idemitsu
Kosan
Co.
Ltd.
(Energy)
735,770
68,000
IHI
Corp.
(Capital
Goods)
1,300,595
28,800
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
336,739
18,500
Itoki
Corp.
(Commercial
&
Professional
Services)
188,384
285,000
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
2,639,481
141,300
Japan
Post
Bank
Co.
Ltd.
(Banks)
1,469,499
639,500
JFE
Holdings,
Inc.
(Materials)
10,096,952
43,100
Kamigumi
Co.
Ltd.
(Transportation)
991,550
60,500
Kandenko
Co.
Ltd.
(Capital
Goods)
622,184
11,500
Kawasaki
Kisen
Kaisha
Ltd.
(Transportation)
(a)
560,324
288,900
KDDI
Corp.
(Telecommunication
Services)
9,572,718
36,500
Kinden
Corp.
(Capital
Goods)
608,256
41,800
Kobayashi
Pharmaceutical
Co.
Ltd.
(Household
&
Personal
Products)
1,886,457
105,900
Kobe
Steel
Ltd.
(Materials)
1,462,255
68,900
Kokuyo
Co.
Ltd.
(Commercial
&
Professional
Services)
1,109,600
86,100
Kurita
Water
Industries
Ltd.
(Capital
Goods)
3,144,460
24,400
Kyoto
Financial
Group,
Inc.
(Banks)
405,515
28,000
Mars
Group
Holdings
Corp.
(Consumer
Durables
&
Apparel)
529,124
558,400
Mazda
Motor
Corp.
(Automobiles
&
Components)
6,769,735
104,700
Medipal
Holdings
Corp.
(Health
Care
Equipment
&
Services)
1,671,115
573,800
Mitsubishi
Electric
Corp.
(Capital
Goods)
8,515,364
614,000
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
8,507,535
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,368,400
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
$
9,702,571
520,000
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
4,870,606
262,800
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
6,597,273
586,300
Mizuho
Financial
Group,
Inc.
(Banks)
10,648,128
244,300
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
10,088,310
60,200
NEC
Corp.
(Software
&
Services)
3,933,752
370,900
NGK
Insulators
Ltd.
(Capital
Goods)
4,633,557
19,700
Nippn
Corp.
(Food,
Beverage
&
Tobacco)
302,435
640,700
Nippon
Steel
Corp.
(Materials)
15,418,238
6,847,400
Nippon
Telegraph
&
Telephone
Corp.
(Telecommunication
Services)
8,598,656
119,700
Nisshin
Seifun
Group,
Inc.
(Food,
Beverage
&
Tobacco)
1,669,717
58,400
Nissin
Foods
Holdings
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
1,889,321
258,000
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
7,060,352
19,800
NS
United
Kaiun
Kaisha
Ltd.
(Transportation)
696,361
13,900
Obic
Co.
Ltd.
(Software
&
Services)
2,135,174
171,700
Ono
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,094,744
436,900
ORIX
Corp.
(Financial
Services)
8,436,220
31,600
Otsuka
Corp.
(Software
&
Services)
1,329,658
59,000
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,319,191
76,100
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
1,645,015
67,000
Panasonic
Holdings
Corp.
(Consumer
Durables
&
Apparel)
631,058
70,200
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
1,151,813
29,900
Sankyo
Co.
Ltd.
(Consumer
Durables
&
Apparel)
1,828,881
414,300
Santen
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,185,396
51,700
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
5,069,668
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
309,500
SCSK
Corp.
(Software
&
Services)
$
6,076,917
32,800
Sega
Sammy
Holdings,
Inc.
(Consumer
Durables
&
Apparel)
482,738
204,100
Sekisui
Chemical
Co.
Ltd.
(Consumer
Durables
&
Apparel)
2,914,046
344,500
Sekisui
House
Ltd.
(Consumer
Durables
&
Apparel)
(c)
7,776,811
292,300
Seven
Bank
Ltd.
(Banks)
611,879
130,500
SKY
Perfect
JSAT
Holdings,
Inc.
(Media
&
Entertainment)
686,737
214,000
SoftBank
Group
Corp.
(Telecommunication
Services)
9,238,517
55,300
Sojitz
Corp.
(Capital
Goods)
1,305,159
86,700
Sompo
Holdings,
Inc.
(Insurance)
4,495,521
72,300
Subaru
Corp.
(Automobiles
&
Components)
1,442,335
155,300
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
2,064,187
159,100
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
4,127,769
31,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
1,612,415
24,400
Sumitomo
Osaka
Cement
Co.
Ltd.
(Materials)
614,692
311,900
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
9,808,992
29,000
Sumitomo
Rubber
Industries
Ltd.
(Automobiles
&
Components)
335,950
63,100
Suzuken
Co.
Ltd.
(Health
Care
Equipment
&
Services)
1,958,686
419,100
Takashimaya
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
5,838,588
17,300
TIS,
Inc.
(Software
&
Services)
384,784
223,100
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
860,616
4,800
Token
Corp.
(Consumer
Durables
&
Apparel)
307,812
62,400
Tokio
Marine
Holdings,
Inc.
(Insurance)
1,645,328
85,200
Tokyo
Century
Corp.
(Financial
Services)
946,690
66,600
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
12,359,126
13,600
Tokyo
Seimitsu
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
880,922
49,400
Tokyo
Steel
Manufacturing
Co.
Ltd.
(Materials)
596,658
1,761,800
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
11,782,172
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
252,900
TOPPAN
Holdings,
Inc.
(Commercial
&
Professional
Services)
$
6,971,052
38,600
Toyo
Tire
Corp.
(Automobiles
&
Components)
639,151
261,500
Toyota
Motor
Corp.
(Automobiles
&
Components)
5,221,585
193,500
Trend
Micro,
Inc.
(Software
&
Services)
11,070,012
66,500
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,257,609
24,700
Yokogawa
Electric
Corp.
(Technology
Hardware
&
Equipment)
485,373
130,400
Zensho
Holdings
Co.
Ltd.
(Consumer
Services)
6,385,523
363,960,268
Netherlands
–
6.4%
3,258
Adyen
NV
(Financial
Services)*
(b)
4,086,146
4,485
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
2,485,741
56,956
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
49,414,387
17,463
BE
Semiconductor
Industries
NV
(Semiconductors
&
Semiconductor
Equipment)
2,624,312
8,444
Euronext
NV
(Financial
Services)
(b)
742,711
176,836
ING
Groep
NV
(Banks)
2,512,571
663,578
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
18,661,930
15,453
Koninklijke
Vopak
NV
(Energy)
482,731
366,241
Shell
PLC
(Energy)
11,462,816
52,026
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
7,669,527
100,142,872
New
Zealand
–
0.3%
72,909
Xero
Ltd.
(Software
&
Services)*
5,218,728
Norway
–
0.4%
465,005
Aker
Solutions
ASA
(Energy)
1,724,713
27,089
Hoegh
Autoliners
ASA
(Transportation)
272,764
24,475
Kongsberg
Gruppen
ASA
(Capital
Goods)
1,247,329
676,533
MPC
Container
Ships
ASA
(Transportation)
1,016,972
1,131,189
PGS
ASA
(Energy)*
707,818
21,645
Schibsted
ASA,
Class
A
(Media
&
Entertainment)
664,003
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
(continued)
6,587
Schibsted
ASA,
Class
B
(Media
&
Entertainment)
$
189,019
5,822,618
Portugal
–
0.2%
114,767
Jeronimo
Martins
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)
2,610,185
Singapore
–
1.0%
307,532
Hafnia
Ltd.
(Energy)
2,236,330
493,200
Keppel
Ltd.
(Capital
Goods)
2,620,748
754,200
Sembcorp
Industries
Ltd.
(Utilities)
3,174,043
583,400
Singapore
Exchange
Ltd.
(Financial
Services)
4,073,672
349,100
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
967,335
22,532
STMicroelectronics
NV
(Semiconductors
&
Semiconductor
Equipment)
989,325
100,400
United
Overseas
Bank
Ltd.
(Banks)
2,116,285
16,177,738
South
Africa
–
0.2%
103,138
Anglo
American
PLC
(Materials)
2,458,572
Spain
–
3.4%
198,298
Amadeus
IT
Group
SA
(Consumer
Services)
13,896,809
423,782
Banco
de
Sabadell
SA
(Banks)
550,043
2,108,770
Banco
Santander
SA
(Banks)
8,475,278
751,061
Bankinter
SA
(Banks)
4,637,143
188,435
CaixaBank
SA
(Banks)
803,486
542,557
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
23,198,330
126,956
Inmobiliaria
Colonial
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
763,299
52,324,388
Sweden
–
3.9%
38,197
Atlas
Copco
AB,
Class
B
(Capital
Goods)
528,950
31,582
Avanza
Bank
Holding
AB
(Financial
Services)
634,403
25,810
Evolution
AB
(Consumer
Services)
(b)
3,013,669
52,653
Fortnox
AB
(Software
&
Services)
290,291
61,080
Hexpol
AB
(Materials)
699,156
34,486
Indutrade
AB
(Capital
Goods)
837,806
115,287
Investor
AB,
Class
A
(Financial
Services)
2,688,718
587,106
Investor
AB,
Class
B
(Financial
Services)
13,823,279
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
69,468
Saab
AB,
Class
B
(Capital
Goods)
$
4,473,110
50,943
Sandvik
AB
(Capital
Goods)
1,070,613
400,551
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Banks)
5,688,680
188,821
SKF
AB,
Class
B
(Capital
Goods)
3,720,743
755,109
SSAB
AB,
Class
A
(Materials)
5,874,605
1,014,962
SSAB
AB,
Class
B
(Materials)
7,752,749
78,910
Swedish
Orphan
Biovitrum
AB
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
2,214,856
221,184
Trelleborg
AB,
Class
B
(Capital
Goods)
6,732,222
41,756
Wihlborgs
Fastigheter
AB
(Real
Estate
Management
&
Development)
373,284
60,417,134
Switzerland
–
6.0%
464,384
ABB
Ltd.
(Capital
Goods)
19,648,942
322,188
Aryzta
AG
(Food,
Beverage
&
Tobacco)*
578,288
10,542
Cie
Financiere
Richemont
SA
(Consumer
Durables
&
Apparel)
1,565,852
135,751
Julius
Baer
Group
Ltd.
(Financial
Services)
7,390,480
67,603
Logitech
International
SA
(Technology
Hardware
&
Equipment)
5,667,381
8,862
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,332,683
222,135
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
22,971,825
8,661
SGS
SA
(Commercial
&
Professional
Services)
800,327
6,664
Sika
AG
(Materials)
1,839,650
30,809
Temenos
AG
(Software
&
Services)
3,135,445
424,069
UBS
Group
AG
(Financial
Services)
12,693,497
27,339
Zurich
Insurance
Group
AG
(Insurance)
13,890,659
94,515,029
United
Kingdom
–
8.7%
46,069
3i
Group
PLC
(Financial
Services)
1,442,189
244,010
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
16,260,826
1,548,938
Aviva
PLC
(Insurance)
8,455,006
48,040
Babcock
International
Group
PLC
(Capital
Goods)
274,561
391,985
BAE
Systems
PLC
(Capital
Goods)
5,839,198
228,289
Barclays
PLC
(Banks)
424,236
149,729
Beazley
PLC
(Insurance)
1,030,670
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
33,605
Bellway
PLC
(Consumer
Durables
&
Apparel)
$
1,170,870
17,859
Berkeley
Group
Holdings
PLC
(Consumer
Durables
&
Apparel)
1,081,447
297,345
BP
PLC
ADR
(Energy)
10,436,809
415,439
British
American
Tobacco
PLC
(Food,
Beverage
&
Tobacco)
12,248,652
256,500
CK
Hutchison
Holdings
Ltd.
(Capital
Goods)
1,324,777
197,145
Compass
Group
PLC
(Consumer
Services)
5,430,121
263,019
Direct
Line
Insurance
Group
PLC
(Insurance)*
561,271
771,092
HSBC
Holdings
PLC
(Banks)
6,020,463
282,863
Informa
PLC
(Media
&
Entertainment)
2,778,155
48,513
Intermediate
Capital
Group
PLC
(Financial
Services)
1,093,732
1,059,875
M&G
PLC
(Financial
Services)
2,996,659
595,321
Man
Group
PLC
(Financial
Services)
1,788,803
125,105
Marks
&
Spencer
Group
PLC
(Consumer
Staples
Distribution
&
Retail)
390,866
268,373
Melrose
Industries
PLC
(Capital
Goods)
2,000,318
1,335,687
National
Grid
PLC
(Utilities)
17,790,170
937,217
NatWest
Group
PLC
(Banks)
2,644,959
57,800
Next
PLC
(Consumer
Discretionary
Distribution
&
Retail)
6,170,531
76,532
Pearson
PLC
(Consumer
Services)
938,878
90,474
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
465,919
1,785,182
Rolls-Royce
Holdings
PLC
(Capital
Goods)*
6,777,363
243,203
Sage
Group
PLC
(The)
(Software
&
Services)
3,620,790
371,883
Smiths
Group
PLC
(Capital
Goods)
7,621,241
1,746,877
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
3,261,407
36,543
Unilever
PLC
(Household
&
Personal
Products)
1,781,386
106,500
Vistry
Group
PLC
(Consumer
Durables
&
Apparel)
1,347,152
135,469,425
United
States
–
7.2%
90,836
CRH
PLC
(Materials)
6,518,391
12,548
Experian
PLC
(Commercial
&
Professional
Services)
522,278
35,662
Ferguson
PLC
(Capital
Goods)
6,668,284
200,119
Holcim
AG
(Materials)*
15,284,862
211,051
Nestle
SA
(Food,
Beverage
&
Tobacco)
24,049,390
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
63,742
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
18,148,390
138,974
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
13,917,633
93,802
Schneider
Electric
SE
(Capital
Goods)
18,427,429
44,042
Signify
NV
(Capital
Goods)
(b)
1,320,586
73,401
Stellantis
NV
(Automobiles
&
Components)
1,616,779
337,971
Tenaris
SA
(Energy)
5,338,015
111,812,037
TOTAL
COMMON
STOCKS
(Cost
$1,317,566,725)
1,508,874,649
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.1%
Germany
–
1.1%
27,159
Bayerische
Motoren
Werke
AG
(Automobiles
&
Components)
9.40
%
2,653,720
192,005
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2.60
14,718,828
TOTAL
PREFERRED
STOCKS
(Cost
$17,250,044)
17,372,548
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,334,816,769)
1,526,247,197
Shares
Dividend
Rate
Value  
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
7,140,000
5.223%
7,140,000
(Cost
$7,140,000)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$1,341,956,769)
$
1,533,387,197
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
27,137,306
NET
ASSETS
–
100.0%
$
1,560,524,503
  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)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
All
or
a
portion
of
security
is
on
loan.
(d)
Represents
an
affiliated
issuer.
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
20.5
%
Industrials
16.3
Consumer
Discretionary
11.9
Health
Care
11.8
Information
Technology
11.7
Materials
7.6
Consumer
Staples
6.5
Real
Estate
4.3
Communication
Services
3.2
Utilities
3.2
Energy
2.5
Securities
Lending
Reinvestment
Vehicle
0.5
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
January
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
30
03/15/24
$
1,512,441
$
37,701
FTSE
100
Index
6
03/15/24
580,094
(6,599)
Hang
Seng
Index
1
02/28/24
99,291
(3,917)
MSCI
Singapore
Index
2
02/28/24
41,364
(199)
SPI
200
Index
2
03/21/24
250,710
5,066
TOPIX
Index
5
03/07/24
867,475
80,198
Total
Futures
Contracts
$
112,250
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.4%
Australia
–
8.6%
474,921
Altium
Ltd.
(Software
&
Services)
$
15,257,237
3,686,461
Boral
Ltd.
(Materials)*
12,705,128
522,308
BWP
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,169,571
2,615,002
Centuria
Industrial
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
5,539,763
1,896,765
Cettire
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)*
3,857,715
923,181
Challenger
Ltd.
(Financial
Services)
3,916,302
2,905,077
Charter
Hall
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
22,658,719
4,929,855
Charter
Hall
Retail
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
11,910,821
6,257,109
CSR
Ltd.
(Materials)
28,175,595
6,343,214
Deterra
Royalties
Ltd.
(Materials)
22,844,752
448,727
Evolution
Mining
Ltd.
(Materials)
939,969
1,844,344
Gold
Road
Resources
Ltd.
(Materials)
1,822,301
2,865,551
GrainCorp
Ltd.,
Class
A
(Consumer
Staples
Distribution
&
Retail)
15,055,314
1,486,404
Helia
Group
Ltd.
(Financial
Services)
4,779,687
56,187
Magellan
Financial
Group
Ltd.
(Financial
Services)
329,334
47,353
Megaport
Ltd.
(Software
&
Services)*
386,695
1,175,318
National
Storage
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,762,641
2,088,593
New
Hope
Corp.
Ltd.
(Energy)
7,305,151
1,502,051
Nine
Entertainment
Co.
Holdings
Ltd.
(Media
&
Entertainment)
1,927,128
2,906,565
Perenti
Ltd.
(Materials)*
1,545,710
8,660,215
Perseus
Mining
Ltd.
(Materials)
10,197,397
262,583
Premier
Investments
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
4,780,895
174,012
Pro
Medicus
Ltd.
(Health
Care
Equipment
&
Services)
11,463,751
11,640,673
Ramelius
Resources
Ltd.
(Materials)
12,090,855
1,887,784
Regis
Resources
Ltd.
(Materials)*
2,574,690
6,881,258
Resolute
Mining
Ltd.
(Materials)*
1,933,070
757,446
Seven
Group
Holdings
Ltd.
(Capital
Goods)
17,728,119
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
373,894
SmartGroup
Corp.
Ltd.
(Commercial
&
Professional
Services)
$
2,356,758
1,544,597
Stanmore
Resources
Ltd.
(Materials)
3,963,674
127,102
Super
Retail
Group
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,311,717
10,985,432
Tabcorp
Holdings
Ltd.
(Consumer
Services)
5,707,083
2,563,856
Technology
One
Ltd.
(Software
&
Services)
26,195,421
187,460
Temple
&
Webster
Group
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)*
1,110,457
2,308,263
Ventia
Services
Group
Pty
Ltd.
(Capital
Goods)
4,952,329
4,872,268
Waypoint
REIT
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
7,843,919
1,856,761
Webjet
Ltd.
(Consumer
Services)*
9,008,468
780,413
Westgold
Resources
Ltd.
(Materials)*
1,125,861
2,099,120
Whitehaven
Coal
Ltd.
(Energy)
11,475,368
299,709,365
Austria
–
1.4%
3,623,192
ams-OSRAM
AG
(Semiconductors
&
Semiconductor
Equipment)*
8,479,857
527,874
BAWAG
Group
AG
(Banks)*
(a)
27,178,444
164,033
CA
Immobilien
Anlagen
AG
(Real
Estate
Management
&
Development)
5,384,892
262,443
Kontron
AG
(Software
&
Services)
(b)
6,086,181
18,017
Raiffeisen
Bank
International
AG
(Banks)
375,641
47,505,015
Belgium
–
1.2%
24,870
Aedifica
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,620,638
8,882
Bekaert
SA
(Materials)
433,202
41,550
Cofinimmo
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,019,745
190,501
Colruyt
Group
NV
(Consumer
Staples
Distribution
&
Retail)
8,703,620
950,136
Euronav
NV
(Energy)
16,737,048
42,553
KBC
Ancora
(Banks)
1,959,899
109,320
Melexis
NV
(Semiconductors
&
Semiconductor
Equipment)
9,366,906
12,126
Montea
NV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,040,832
42,881,890
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
0.8%
22,627,000
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Capital
Goods)
$
28,247,992
Denmark
–
1.7%
337,780
D/S
Norden
A/S
(Transportation)
18,174,834
159,249
Dfds
A/S
(Transportation)
5,395,393
80,398
GN
Store
Nord
AS
(Consumer
Durables
&
Apparel)*
1,895,989
12,821
Netcompany
Group
A/S
(Software
&
Services)*
(a)
511,410
110,988
NKT
A/S
(Capital
Goods)*
7,738,524
581,025
Sydbank
AS
(Banks)
25,785,410
59,501,560
Finland
–
1.7%
422,047
Cargotec
OYJ,
Class
B
(Capital
Goods)
23,993,446
460,782
Kojamo
OYJ
(Real
Estate
Management
&
Development)
5,462,764
589,914
Konecranes
OYJ
(Capital
Goods)
25,334,765
2,650
QT
Group
OYJ
(Software
&
Services)*
186,919
299,716
Tokmanni
Group
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
5,139,211
60,117,105
France
–
4.7%
101,082
Alten
SA
(Software
&
Services)
15,629,331
417,531
Coface
SA
(Insurance)
5,642,010
207,374
ICADE
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
7,020,907
175,439
IPSOS
SA
(Media
&
Entertainment)
11,514,203
69,347
Mercialys
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
788,944
331,236
Nexans
SA
(Capital
Goods)
30,148,569
1,497,520
Rexel
SA
(Capital
Goods)
39,883,910
352,661
Rubis
SCA
(Utilities)
8,917,579
287,012
SCOR
SE
(Insurance)
8,561,908
20,353
Societe
pour
l'Informatique
Industrielle
(Software
&
Services)
1,534,251
5,506
SOITEC
(Semiconductors
&
Semiconductor
Equipment)*
795,778
24,968
Sopra
Steria
Group
(Software
&
Services)
5,856,351
34,759
Trigano
SA
(Automobiles
&
Components)
5,475,258
346,574
Vallourec
SACA
(Energy)*
4,958,163
458,844
Verallia
SA
(Materials)
(a)
16,180,855
162,908,017
Georgia
–
0.1%
67,454
Bank
of
Georgia
Group
PLC
(Banks)
3,244,138
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
2.3%
256,891
AIXTRON
SE
(Semiconductors
&
Semiconductor
Equipment)
(b)
$
9,561,033
30,959
CANCOM
SE
(Software
&
Services)
982,750
96,884
CompuGroup
Medical
SE
&
Co.
KgaA
(Health
Care
Equipment
&
Services)
4,153,875
41,802
Deutz
AG
(Capital
Goods)
252,635
142,780
Freenet
AG
(Telecommunication
Services)
3,945,398
526,537
Hensoldt
AG
(Capital
Goods)
15,807,121
140,462
Jenoptik
AG
(Technology
Hardware
&
Equipment)
4,386,521
418,442
Kloeckner
&
Co.
SE
(Capital
Goods)
3,026,229
631,937
Sirius
Real
Estate
Ltd.
REIT
(Real
Estate
Management
&
Development)
727,176
56,853
Softwareone
Holding
AG
(Technology
Hardware
&
Equipment)*
1,065,571
366,656
TAG
Immobilien
AG
(Real
Estate
Management
&
Development)*
5,132,029
2,025,090
TeamViewer
SE
(Software
&
Services)*
(a)
29,033,031
78,073,369
Guernsey
–
0.1%
3,627,028
Balanced
Commercial
Property
Trust
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,478,594
Hong
Kong
–
0.6%
3,795,000
Kerry
Properties
Ltd.
(Real
Estate
Management
&
Development)
6,026,394
750,000
Luk
Fook
Holdings
International
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,858,070
11,771,000
Pacific
Basin
Shipping
Ltd.
(Transportation)
3,276,570
11,648,000
United
Laboratories
International
Holdings
Ltd.
(The)
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
10,069,117
21,230,151
Indonesia
–
0.0%
871,100
First
Resources
Ltd.
(Food,
Beverage
&
Tobacco)
958,720
Israel
–
3.0%
88,576
Airport
City
Ltd.
(Real
Estate
Management
&
Development)*
1,477,977
341,428
Alony
Hetz
Properties
&
Investments
Ltd.
(Real
Estate
Management
&
Development)
2,584,137
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
310,779
Amot
Investments
Ltd.
(Real
Estate
Management
&
Development)
$
1,614,645
6,193,131
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Telecommunication
Services)
8,192,054
17,180
Big
Shopping
Centers
Ltd.
(Real
Estate
Management
&
Development)*
1,746,918
51,654
Camtek
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
4,003,176
114,569
Clal
Insurance
Enterprises
Holdings
Ltd.
(Insurance)*
1,782,641
8,894
Delek
Group
Ltd.
(Energy)
1,101,359
12,462
Elco
Ltd.
(Capital
Goods)
384,570
32,213
Energix-Renewable
Energies
Ltd.
(Utilities)
117,519
12,800
Enlight
Renewable
Energy
Ltd.
(Utilities)*
231,211
22,850
Fattal
Holdings
1998
Ltd.
(Consumer
Services)*
2,594,035
7,743
FIBI
Holdings
Ltd.
(Banks)
328,519
130,310
First
International
Bank
Of
Israel
Ltd.
(The)
(Banks)
5,225,840
20,415
Fox
Wizel
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,446,617
211,479
G
City
Ltd.
(Real
Estate
Management
&
Development)*
676,563
762,384
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Insurance)*
6,323,938
184,964
Israel
Canada
T.R
Ltd.
(Real
Estate
Management
&
Development)
623,852
11,117
Israel
Corp.
Ltd.
(Materials)*
(b)
2,547,742
23,279
Melisron
Ltd.
(Real
Estate
Management
&
Development)
1,707,132
1,795,390
Mivne
Real
Estate
KD
Ltd.
(Real
Estate
Management
&
Development)
4,858,089
66,663
Nova
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
9,493,245
49,504
OPC
Energy
Ltd.
(Utilities)*
350,766
47,479
Perion
Network
Ltd.
(Media
&
Entertainment)*
1,408,606
938,854
Phoenix
Holdings
Ltd.
(The)
(Insurance)
9,548,675
1,194,363
Plus500
Ltd.
(Financial
Services)
27,012,788
103,142
Shapir
Engineering
and
Industry
Ltd.
(Capital
Goods)
581,439
117,871
Shikun
&
Binui
Ltd.
(Capital
Goods)*
307,577
485,481
Shufersal
Ltd.
(Consumer
Staples
Distribution
&
Retail)*
2,604,830
19,356
Strauss
Group
Ltd.
(Food,
Beverage
&
Tobacco)*
375,921
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
66,988
Tower
Semiconductor
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
$
1,910,194
103,162,575
Italy
–
6.4%
15,198,653
A2A
SpA
(Utilities)
30,133,862
950,516
Azimut
Holding
SpA
(Financial
Services)
26,499,195
554,681
Banca
Generali
SpA
(Financial
Services)
21,146,062
226,283
Banca
IFIS
SpA
(Financial
Services)
3,916,686
2,991,487
Banca
Mediolanum
SpA
(Financial
Services)
30,614,082
4,413,447
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)*
15,490,047
1,527,971
Banca
Popolare
di
Sondrio
SpA
(Banks)
11,609,543
1,207,998
BFF
Bank
SpA
(Financial
Services)
(a)
13,054,416
4,683,338
BPER
Banca
(Banks)
16,892,172
106,559
d'Amico
International
Shipping
SA
(Energy)
713,406
3,570,196
Hera
SpA
(Utilities)
12,576,486
2,494,192
Iren
SpA
(Utilities)
5,234,745
495,899
Technogym
SpA
(Consumer
Durables
&
Apparel)
(a)
4,910,774
4,400,730
Unipol
Gruppo
SpA
(Insurance)
27,326,824
220,118,300
Japan
–
34.1%
33,000
Abalance
Corp.
(Semiconductors
&
Semiconductor
Equipment)
604,847
4,441
Activia
Properties,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
12,094,469
142,600
Aica
Kogyo
Co.
Ltd.
(Materials)
3,304,181
1,772,400
Air
Water,
Inc.
(Materials)
23,412,022
1,124,700
Alfresa
Holdings
Corp.
(Health
Care
Equipment
&
Services)
18,443,900
636,300
Anritsu
Corp.
(Technology
Hardware
&
Equipment)
5,038,633
70,000
Aozora
Bank
Ltd.
(Banks)
(b)
1,538,801
76,000
Artience
Co.
Ltd.
(Materials)
1,422,087
133,900
ASAHI
YUKIZAI
Corp.
(Materials)
3,725,021
4,300
Bank
of
Nagoya
Ltd.
(The)
(Banks)
161,683
34,000
BIPROGY,
Inc.
(Software
&
Services)
995,468
71,600
Canon
Marketing
Japan,
Inc.
(Technology
Hardware
&
Equipment)
2,178,439
285,200
Central
Glass
Co.
Ltd.
(Capital
Goods)
5,336,126
961,700
Chiyoda
Corp.
(Capital
Goods)*
2,205,624
48,800
Chugin
Financial
Group,
Inc.
(Banks)
345,555
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
289,900
Chugoku
Marine
Paints
Ltd.
(Materials)
$
3,687,763
131,900
COMSYS
Holdings
Corp.
(Capital
Goods)
2,887,963
24,600
Credit
Saison
Co.
Ltd.
(Financial
Services)
456,612
374,000
Daiichikosho
Co.
Ltd.
(Media
&
Entertainment)
5,123,748
1,037
Daiwa
Office
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,420,744
1,449,400
DCM
Holdings
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
13,501,795
10,700
Digital
Garage,
Inc.
(Software
&
Services)
257,970
857,900
Doutor
Nichires
Holdings
Co.
Ltd.
(Consumer
Services)
12,666,969
17,500
DyDo
Group
Holdings,
Inc.
(Food,
Beverage
&
Tobacco)
351,432
680,800
Exedy
Corp.
(Automobiles
&
Components)
13,061,475
8,900
FCC
Co.
Ltd.
(Automobiles
&
Components)
115,948
6,071
Frontier
Real
Estate
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
17,945,139
115,800
Fuji
Soft,
Inc.
(Software
&
Services)
5,075,791
390,600
Glory
Ltd.
(Capital
Goods)
8,070,366
434,700
Gree,
Inc.
(Media
&
Entertainment)
1,729,311
23,400
G-Tekt
Corp.
(Automobiles
&
Components)
290,859
1,500,900
H2O
Retailing
Corp.
(Consumer
Staples
Distribution
&
Retail)
16,069,106
32,900
Hazama
Ando
Corp.
(Capital
Goods)
265,690
556,900
Heiwa
Corp.
(Consumer
Services)
8,274,339
12,400
Heiwa
Real
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
327,836
41,100
Hiday
Hidaka
Corp.
(Consumer
Services)
828,440
77,100
HIS
Co.
Ltd.
(Consumer
Services)*
936,643
30,200
Hisamitsu
Pharmaceutical
Co.,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
860,769
177,800
Hitachi
Zosen
Corp.
(Capital
Goods)
1,097,081
181
Hoshino
Resorts
REIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
631,691
1,297
Hulic
Reit,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,365,829
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
7,712
Ichigo
Office
REIT
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
4,333,612
657,400
IHI
Corp.
(Capital
Goods)
(b)
12,573,691
1,824,800
Iino
Kaiun
Kaisha
Ltd.
(Transportation)
15,936,492
768
Industrial
&
Infrastructure
Fund
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
694,997
57,100
Infomart
Corp.
(Commercial
&
Professional
Services)
153,250
104,800
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,225,354
66,400
Ito
En
Ltd.
(Food,
Beverage
&
Tobacco)
1,927,564
26,600
Izumi
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
626,185
3,533,600
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
32,725,856
86,500
Japan
Elevator
Service
Holdings
Co.
Ltd.
(Commercial
&
Professional
Services)
1,307,145
6,069
Japan
Excellent,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
5,017,801
62,400
Japan
Material
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
1,054,423
339,300
Kaga
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
15,706,200
1,099,800
Kamigumi
Co.
Ltd.
(Transportation)
25,301,771
57,700
Kanamoto
Co.
Ltd.
(Capital
Goods)
1,102,126
1,447,900
Kandenko
Co.
Ltd.
(Capital
Goods)
14,890,261
71,100
Kanematsu
Corp.
(Capital
Goods)
1,102,357
56,600
Keikyu
Corp.
(Transportation)
494,368
33,300
Keio
Corp.
(Transportation)
974,369
136,400
Keiyo
Bank
Ltd.
(The)
(Banks)
667,713
529,800
Kinden
Corp.
(Capital
Goods)
8,828,882
61,200
Kobayashi
Pharmaceutical
Co.
Ltd.
(Household
&
Personal
Products)
2,761,989
1,227,200
Kobe
Steel
Ltd.
(Materials)
16,945,037
1,133,700
Kokuyo
Co.
Ltd.
(Commercial
&
Professional
Services)
18,257,677
951,100
Konica
Minolta,
Inc.
(Technology
Hardware
&
Equipment)*
2,610,019
63,200
Kumagai
Gumi
Co.
Ltd.
(Capital
Goods)
1,644,847
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
509,000
Kurita
Water
Industries
Ltd.
(Capital
Goods)
$
18,589,202
16,900
Kyoei
Steel
Ltd.
(Materials)
242,916
109,500
Kyoto
Financial
Group,
Inc.
(Banks)
1,819,832
66,400
Kyudenko
Corp.
(Capital
Goods)
2,525,727
155,200
Life
Corp.
(Consumer
Staples
Distribution
&
Retail)
3,941,248
115,500
Maruha
Nichiro
Corp.
(Food,
Beverage
&
Tobacco)
2,285,299
150,000
Maruichi
Steel
Tube
Ltd.
(Materials)
3,821,932
921,300
Matsui
Securities
Co.
Ltd.
(Financial
Services)
5,175,890
1,781,400
Mebuki
Financial
Group,
Inc.
(Banks)
5,332,081
690,800
Medipal
Holdings
Corp.
(Health
Care
Equipment
&
Services)
11,025,850
20,500
Megmilk
Snow
Brand
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
321,508
415,500
Mimasu
Semiconductor
Industry
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
8,955,037
168,900
MIRAIT
ONE
Corp.
(Capital
Goods)
2,231,499
19,200
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
313,553
202,700
Mitsubishi
Logisnext
Co.
Ltd.
(Capital
Goods)
2,099,371
594,300
Mitsubishi
Logistics
Corp.
(Transportation)
18,357,412
101,300
Mitsubishi
Research
Institute,
Inc.
(Software
&
Services)
3,395,551
109,800
Mitsubishi
Shokuhin
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
3,732,772
370,500
Mizuho
Leasing
Co.
Ltd.
(Financial
Services)
13,427,203
213,700
Modec,
Inc.
(Energy)*
3,337,251
16,400
Money
Forward,
Inc.
(Software
&
Services)*
640,125
70,800
Morinaga
&
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
1,351,279
78,500
Nagase
&
Co.
Ltd.
(Capital
Goods)
1,283,528
578,600
NEC
Networks
&
System
Integration
Corp.
(Software
&
Services)
9,343,947
1,800,200
NGK
Insulators
Ltd.
(Capital
Goods)
22,489,429
549,100
Nikkon
Holdings
Co.
Ltd.
(Transportation)
11,796,125
593,800
Nippn
Corp.
(Food,
Beverage
&
Tobacco)
9,116,046
94,400
Nippon
Shinyaku
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,334,962
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
253,600
Nisshin
Oillio
Group
Ltd.
(The)
(Food,
Beverage
&
Tobacco)
$
7,746,886
1,101,500
Nisshin
Seifun
Group,
Inc.
(Food,
Beverage
&
Tobacco)
15,365,027
541,500
NS
Solutions
Corp.
(Software
&
Services)
18,060,603
804,800
NS
United
Kaiun
Kaisha
Ltd.
(Transportation)
28,304,593
153,500
NSD
Co.
Ltd.
(Software
&
Services)
2,880,574
281,100
NTN
Corp.
(Capital
Goods)
514,064
49,800
OBIC
Business
Consultants
Co.
Ltd.
(Software
&
Services)
2,408,341
6,600
Ohsho
Food
Service
Corp.
(Consumer
Services)
364,900
763,200
Okamura
Corp.
(Commercial
&
Professional
Services)
11,438,204
2,506,000
Okasan
Securities
Group,
Inc.
(Financial
Services)
12,264,949
1,145,100
Oki
Electric
Industry
Co.
Ltd.
(Technology
Hardware
&
Equipment)
8,045,781
685,100
Optorun
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
7,916,376
9,964
Orix
JREIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
11,525,462
73,300
PALTAC
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
2,231,650
12,300
Paramount
Bed
Holdings
Co.
Ltd.
(Health
Care
Equipment
&
Services)
222,152
147,400
PeptiDream,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
1,291,740
1,362,900
Persol
Holdings
Co.
Ltd.
(Commercial
&
Professional
Services)
2,166,618
74,100
Prima
Meat
Packers
Ltd.
(Food,
Beverage
&
Tobacco)
1,212,397
349,300
Rakus
Co.
Ltd.
(Software
&
Services)
5,741,137
94,300
Relo
Group,
Inc.
(Real
Estate
Management
&
Development)
946,558
374,000
Round
One
Corp.
(Consumer
Services)
1,656,460
227,700
Royal
Holdings
Co.
Ltd.
(Consumer
Services)
4,007,361
51,300
RS
Technologies
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
995,873
8,000
Ryobi
Ltd.
(Capital
Goods)
147,488
197,500
Saizeriya
Co.
Ltd.
(Consumer
Services)
6,780,039
43,800
San-A
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
1,352,796
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
163,300
Sankyo
Co.
Ltd.
(Consumer
Durables
&
Apparel)
$
9,988,502
2,156,700
Santen
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
21,787,697
84,500
Sanyo
Special
Steel
Co.
Ltd.
(Materials)
1,451,428
427,100
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
41,881,145
772,400
Sega
Sammy
Holdings,
Inc.
(Consumer
Durables
&
Apparel)
11,367,883
47,300
Seiko
Group
Corp.
(Consumer
Durables
&
Apparel)
843,837
324,500
Senshu
Ikeda
Holdings,
Inc.
(Banks)
751,794
45,900
Shibaura
Machine
Co.
Ltd.
(Capital
Goods)
1,112,843
2,100
Shibaura
Mechatronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
(b)
99,475
9,400
Shiga
Bank
Ltd.
(The)
(Banks)
233,723
1,316,100
Shikoku
Electric
Power
Co.,
Inc.
(Utilities)
9,305,869
11,500
Simplex
Holdings,
Inc.
(Software
&
Services)
209,605
4,894,400
SKY
Perfect
JSAT
Holdings,
Inc.
(Media
&
Entertainment)
25,756,050
70,200
Sohgo
Security
Services
Co.
Ltd.
(Commercial
&
Professional
Services)
383,221
1,237,900
Sojitz
Corp.
(Capital
Goods)
29,216,202
33,500
Starts
Corp.,
Inc.
(Real
Estate
Management
&
Development)
687,213
648,300
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
16,819,815
653,800
Sumitomo
Mitsui
Construction
Co.
Ltd.
(Capital
Goods)
1,833,770
341,500
Sumitomo
Osaka
Cement
Co.
Ltd.
(Materials)
8,603,168
444,000
Sumitomo
Pharma
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,303,349
538,100
Sumitomo
Rubber
Industries
Ltd.
(Automobiles
&
Components)
6,233,607
222,200
Sun
Frontier
Fudousan
Co.
Ltd.
(Real
Estate
Management
&
Development)
2,657,346
704,500
Suzuken
Co.
Ltd.
(Health
Care
Equipment
&
Services)
21,868,375
75,000
Taikisha
Ltd.
(Capital
Goods)
2,236,264
2,214,900
Takashimaya
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
30,856,330
3,300
Toa
Corp.
(Capital
Goods)
87,230
1,900
Toei
Co.
Ltd.
(Media
&
Entertainment)
266,652
298,300
Toho
Gas
Co.
Ltd.
(Utilities)
5,992,815
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
170,700
Toho
Holdings
Co.
Ltd.
(Health
Care
Equipment
&
Services)
$
3,697,107
1,077,500
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
7,193,177
27,800
Tokai
Rika
Co.
Ltd.
(Automobiles
&
Components)
439,825
2,553,400
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
9,849,830
1,017,200
Tokyo
Century
Corp.
(Financial
Services)
11,302,498
32,500
Tokyo
Kiraboshi
Financial
Group,
Inc.
(Banks)
950,669
374,800
Tokyo
Seimitsu
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
24,277,185
2,217,200
Tokyo
Steel
Manufacturing
Co.
Ltd.
(Materials)
26,779,573
1,787,000
Tokyo
Tatemono
Co.
Ltd.
(Real
Estate
Management
&
Development)
27,541,132
5,621,900
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
37,596,886
265,300
Towa
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,642,591
398,500
Toyo
Construction
Co.
Ltd.
(Capital
Goods)
3,511,157
175,600
Toyo
Seikan
Group
Holdings
Ltd.
(Materials)
2,789,317
1,631,400
Toyo
Tire
Corp.
(Automobiles
&
Components)
27,013,228
301,000
Toyoda
Gosei
Co.
Ltd.
(Automobiles
&
Components)
5,811,841
230,800
Toyota
Boshoku
Corp.
(Automobiles
&
Components)
3,802,968
669,200
UBE
Corp.
(Materials)
11,125,792
85,300
United
Arrows
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,118,632
32,500
WingArc1st,
Inc.
(Software
&
Services)
618,273
8,100
Yellow
Hat
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
100,561
4,500
Yokogawa
Bridge
Holdings
Corp.
(Capital
Goods)
87,090
1,179,931,295
Netherlands
–
1.2%
154,410
Aalberts
NV
(Capital
Goods)
6,140,630
8,991
Basic-Fit
NV
(Consumer
Services)*
(a)(b)
260,332
327,561
Fugro
NV
(Capital
Goods)*
6,047,709
1,798,303
Koninklijke
BAM
Groep
NV
(Capital
Goods)
4,964,734
425,191
Koninklijke
Vopak
NV
(Energy)
13,282,407
107,602
TKH
Group
NV
(Capital
Goods)
4,332,892
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
254,928
Van
Lanschot
Kempen
NV
(Financial
Services)
$
7,675,290
42,703,994
Norway
–
3.4%
4,350,439
Aker
Solutions
ASA
(Energy)
16,135,873
1,901,899
Europris
ASA
(Consumer
Discretionary
Distribution
&
Retail)
(a)
14,254,938
513,903
Golden
Ocean
Group
Ltd.
(Transportation)
5,419,236
2,277,298
Hoegh
Autoliners
ASA
(Transportation)
22,930,505
16,599,994
MPC
Container
Ships
ASA
(Transportation)
(b)
24,953,291
10,260,811
PGS
ASA
(Energy)*
6,420,494
144,583
Schibsted
ASA,
Class
A
(Media
&
Entertainment)
4,435,368
291,107
Schibsted
ASA,
Class
B
(Media
&
Entertainment)
8,353,523
175,421
Stolt-Nielsen
Ltd.
(Transportation)
6,556,893
118,830
TGS
ASA
(Energy)
(b)
1,157,138
82,469
Veidekke
ASA
(Capital
Goods)
752,766
567,286
Wallenius
Wilhelmsen
ASA
(Transportation)
5,514,846
116,884,871
Portugal
–
0.7%
2,197,544
Mota-Engil
SGPS
SA
(Capital
Goods)
12,604,032
623,328
Navigator
Co.
SA
(The)
(Materials)
2,568,446
245,759
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
(Utilities)
603,825
7,742,478
Sonae
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)
7,484,886
23,261,189
Singapore
–
1.2%
59,438
BW
LPG
Ltd.
(Energy)
(a)
733,562
4,693,326
Hafnia
Ltd.
(Energy)
34,129,219
21,909
Kenon
Holdings
Ltd.
(Utilities)
541,029
2,282,900
Keppel
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,569,988
3,603,200
Keppel
DC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,524,252
41,498,050
Spain
–
1.9%
523,392
Acerinox
SA
(Materials)
5,525,554
2,441,433
Bankinter
SA
(Banks)
15,073,709
39,747
Fluidra
SA
(Capital
Goods)
860,493
977,595
Inmobiliaria
Colonial
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
5,877,601
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
(continued)
3,639,588
Merlin
Properties
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
37,062,776
64,400,133
Sweden
–
6.5%
136,006
AAK
AB
(Food,
Beverage
&
Tobacco)
3,065,317
444,359
AddTech
AB,
Class
B
(Capital
Goods)
9,167,001
1,915,144
Arjo
AB,
Class
B
(Health
Care
Equipment
&
Services)
8,964,000
265,288
Avanza
Bank
Holding
AB
(Financial
Services)
5,328,969
46,221
Axfood
AB
(Consumer
Staples
Distribution
&
Retail)
1,169,444
1,813,267
Betsson
AB,
Class
B
(Consumer
Services)*
19,733,996
18,825
BoneSupport
Holding
AB
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(a)
372,704
11,675
Camurus
AB
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
578,793
8,375
Catena
AB
(Real
Estate
Management
&
Development)
357,082
4,660,995
Fortnox
AB
(Software
&
Services)
25,697,412
401,765
Hemnet
Group
AB
(Media
&
Entertainment)
10,846,781
1,396,643
Hexpol
AB
(Materials)
15,986,753
557,285
Inwido
AB
(Capital
Goods)
6,807,478
404,741
Lindab
International
AB
(Capital
Goods)
7,685,505
132,268
Loomis
AB
(Commercial
&
Professional
Services)
3,621,232
63,924
MEKO
AB
(Consumer
Discretionary
Distribution
&
Retail)
649,274
294,190
Modern
Times
Group
MTG
AB,
Class
B
(Media
&
Entertainment)*
2,251,735
156,836
Mycronic
AB
(Technology
Hardware
&
Equipment)
4,362,214
122,429
Nyfosa
AB
(Real
Estate
Management
&
Development)
1,095,052
861,147
Samhallsbyggnadsbolaget
i
Norden
AB
(Real
Estate
Management
&
Development)
(b)
394,573
361,045
SSAB
AB,
Class
A
(Materials)
2,808,862
5,129,996
SSAB
AB,
Class
B
(Materials)
39,185,279
3,054,361
Storskogen
Group
AB,
Class
B
(Capital
Goods)
2,108,431
1,369,887
Trelleborg
AB,
Class
B
(Capital
Goods)
41,695,528
588,565
Truecaller
AB,
Class
B
(Software
&
Services)*
(b)
1,740,224
273,210
Vitrolife
AB
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
4,497,962
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
749,833
Wihlborgs
Fastigheter
AB
(Real
Estate
Management
&
Development)
$
6,703,247
226,874,848
Switzerland
–
2.4%
50,525
Allreal
Holding
AG
(Real
Estate
Management
&
Development)
8,986,958
7,700
ALSO
Holding
AG
(Technology
Hardware
&
Equipment)
2,254,305
9,245,437
Aryzta
AG
(Food,
Beverage
&
Tobacco)*
16,594,421
21,937
Burckhardt
Compression
Holding
AG
(Capital
Goods)
12,273,033
341
Comet
Holding
AG
(Technology
Hardware
&
Equipment)
112,432
56,263
DKSH
Holding
AG
(Commercial
&
Professional
Services)
3,936,996
2,097
dormakaba
Holding
AG
(Capital
Goods)
1,050,472
181,649
Galenica
AG
(Health
Care
Equipment
&
Services)
(a)
16,018,271
75,894
Georg
Fischer
AG
(Capital
Goods)
5,079,473
118,616
Huber
+
Suhner
AG
(Capital
Goods)
8,507,482
57,839
Implenia
AG
(Capital
Goods)
2,053,355
497
Inficon
Holding
AG
(Technology
Hardware
&
Equipment)
754,385
595,100
IWG
PLC
(Real
Estate
Management
&
Development)*
1,410,265
9,828
Sulzer
AG
(Capital
Goods)
949,408
45,728
Zehnder
Group
AG
(Capital
Goods)
2,725,205
82,706,461
United
Kingdom
–
11.2%
4,500
4imprint
Group
PLC
(Media
&
Entertainment)
308,583
2,844,517
Babcock
International
Group
PLC
(Capital
Goods)
16,257,126
2,470,459
Balfour
Beatty
PLC
(Capital
Goods)
10,394,307
3,234,828
Beazley
PLC
(Insurance)
22,267,173
1,010,834
Bellway
PLC
(Consumer
Durables
&
Apparel)
35,219,629
24,592
Big
Yellow
Group
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
355,601
94,358
Bodycote
PLC
(Capital
Goods)
760,820
2,505,807
Breedon
Group
PLC
(Materials)
11,543,349
2,890,672
British
Land
Co.
PLC
(The)
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
13,894,660
888,518
Britvic
PLC
(Food,
Beverage
&
Tobacco)
9,937,125
218,878
Bytes
Technology
Group
PLC
(Software
&
Services)
1,817,044
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
56,208
Clarkson
PLC
(Transportation)
$
2,528,752
42,682
Computacenter
PLC
(Software
&
Services)
1,559,313
637,250
Darktrace
PLC
(Software
&
Services)*
2,763,129
539,395
Direct
Line
Insurance
Group
PLC
(Insurance)*
1,151,046
156,540
Dunelm
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)
2,156,339
46,346
Frasers
Group
PLC
(Consumer
Discretionary
Distribution
&
Retail)*
474,190
957,180
Grainger
PLC
(Real
Estate
Management
&
Development)
3,192,709
165,207
Greggs
PLC
(Consumer
Services)
5,565,052
1,875,915
IG
Group
Holdings
PLC
(Financial
Services)
16,857,249
2,583,298
Inchcape
PLC
(Consumer
Discretionary
Distribution
&
Retail)
22,244,151
862,857
Investec
PLC
(Financial
Services)
5,617,648
137,709
Lancashire
Holdings
Ltd.
(Insurance)
1,059,329
20,423
Liontrust
Asset
Management
PLC
(Financial
Services)
162,022
10,345,824
Man
Group
PLC
(Financial
Services)
31,086,829
6,290,487
Marks
&
Spencer
Group
PLC
(Consumer
Staples
Distribution
&
Retail)
19,653,369
343,005
OSB
Group
PLC
(Financial
Services)
1,951,796
779,203
Pagegroup
PLC
(Commercial
&
Professional
Services)
4,528,605
940,321
Paragon
Banking
Group
PLC
(Financial
Services)
8,389,355
1,319,293
Playtech
PLC
(Consumer
Services)*
7,430,108
5,042,154
QinetiQ
Group
PLC
(Capital
Goods)
22,771,521
331,960
Redde
Northgate
PLC
(Transportation)
1,493,461
1,151,541
Redrow
PLC
(Consumer
Durables
&
Apparel)
8,747,733
290,108
Safestore
Holdings
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,021,255
2,271,970
Serco
Group
PLC
(Commercial
&
Professional
Services)
4,995,533
291,671
Shaftesbury
Capital
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
491,347
503,205
Spectris
PLC
(Technology
Hardware
&
Equipment)
23,425,922
1,852,595
SSP
Group
PLC
(Consumer
Services)*
5,272,449
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
378,167
Supermarket
Income
Reit
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
388,194
348,746
TORM
PLC,
Class
A
(Energy)
12,252,898
915,520
TP
ICAP
Group
PLC
(Financial
Services)
2,169,108
1,131,000
Travis
Perkins
PLC
(Capital
Goods)
11,281,308
1,358,400
Tritax
Big
Box
REIT
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,843,931
5,133,259
UK
Commercial
Property
REIT
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,158,092
707,035
UNITE
Group
PLC
(The)
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
9,032,970
1,031,473
Vistry
Group
PLC
(Consumer
Durables
&
Apparel)
13,047,431
25,047
Weir
Group
PLC
(The)
(Capital
Goods)
575,729
103,112
Yellow
Cake
PLC
(Capital
Goods)*
(a)
906,225
388,001,515
United
States
–
1.2%
2,402,478
Reliance
Worldwide
Corp.
Ltd.
(Capital
Goods)
6,568,610
1,109,590
Signify
NV
(Capital
Goods)
(a)
33,270,713
135,927
Sims
Ltd.
(Materials)
1,273,179
41,112,502
TOTAL
COMMON
STOCKS
(Cost
$2,987,018,237)
3,338,511,649
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.4%
Germany
–
0.4%
339,566
FUCHS
SE
(Materials)
(Cost
$13,476,120)
2.63
%
14,884,383
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$3,000,494,357)
3,353,396,032
Shares
Dividend
Rate
Value  
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
19,040,310
5.223%
$
19,040,310
(Cost
$19,040,310)
TOTAL
INVESTMENTS
–
97.3%
(Cost
$3,019,534,667)
$
3,372,436,342
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
2.7%
92,131,107
NET
ASSETS
–
100.0%
$
3,464,567,449
  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)
All
or
a
portion
of
security
is
on
loan.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Industrials
25.2
%
Financials
14.3
Information
Technology
11.4
Consumer
Discretionary
11.3
Real
Estate
10.1
Materials
9.5
Consumer
Staples
4.5
Health
Care
4.3
Energy
3.8
Communication
Services
2.6
Utilities
2.4
Securities
Lending
Reinvestment
Vehicle
0.6
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
FUTURES
CONTRACTS
—
At
January
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
EURO
STOXX
50
Index
467
03/15/24
$
23,543,661
$
441,937
FTSE
100
Index
109
03/15/24
10,538,381
78,099
Hang
Seng
Index
11
02/28/24
1,092,198
(42,974)
MSCI
Singapore
Index
54
02/28/24
1,116,832
(5,359)
SPI
200
Index
46
03/21/24
5,766,321
80,779
TOPIX
Index
111
03/07/24
19,257,950
1,613,983
Total
Futures
Contracts
$
2,166,465
Goldman
Sachs
International
Equity
Insights
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
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
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
International
Equity
Insights
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:
Emerging
Markets
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
13,195,072
$
17,359,781
$
—
Asia
122,313,911
1,344,537,153
5,738,005
Europe
5,319,313
38,501,658
—
North
America
44,459,414
—
—
South
America
102,900,075
18,891,149
—
Investment
Company
24,032,378
—
—
Total
$
312,220,163
$
1,419,289,741
$
5,738,005
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(b)
$
(238,224)
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
2,458,572
$
—
Asia
6,648,924
401,879,098
560,324
Europe
31,318,155
862,028,186
—
North
America
6,518,391
105,293,646
—
Oceania
—
108,498,771
1,043,130
Investment
Company
7,140,000
—
—
Securities
Lending
Reinvestment
Vehicle
7,140,000
—
—
Total
$
58,765,470
$
1,480,158,273
$
1,603,454
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
122,965
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(10,715)
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
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
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
International
Small
Cap
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
733,562
$
1,374,295,221
$
—
Europe
152,406,958
1,485,138,424
—
North
America
—
41,112,502
—
Oceania
—
299,709,365
—
Securities
Lending
Reinvestment
Vehicle
19,040,310
—
—
Total
$
172,180,830
$
3,200,255,512
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
2,214,798
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(48,333)
$
—
$
—
€
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.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
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:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscations
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
share
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Investment
Style
Risk
—
Investment
Style
Risk.
Different
investment
styles
(e.g.,
“growth”,
“value”
or
“quantitative”)
end
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2024
(Unaudited)
Liquidity
Risk
—
A
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
a
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
Liquidity
risk
may
be
the
result
of,
among
other
things,
the
reduced
number
and
capacity
of
traditional
market
participants
to
make
a
market
in
fixed
income
securities
or
the
lack
of
an
active
market.
The
potential
for
liquidity
risk
may
be
magnified
by
a
rising
interest
rate
environment
or
other
circumstances
where
investor
redemptions
from
fixed
income
funds
may
be
higher
than
normal,
potentially
causing
increased
supply
in
the
market
due
to
selling
activity.
These
risks
may
be
more
pronounced
in
connection
with
a
Fund’s
investments
in
securities
of
issuers
located
in
emerging
market
countries.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Non-Diversification
Risk
—
The
Emerging
Markets
Equity
Insights
Fund
is
non-diversified,
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
the
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
Portfolio
Turnover
Rate
Risk
—
A
high
rate
of
portfolio
turnover
may
involve
correspondingly
greater
expenses
which
must
be
borne
by
the
Fund
and
its
shareholders,
and
is
also
likely
to
result
in
short-term
capital
gains
taxable
to
shareholders.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)