NPORT-EX 2 304055GS033124.htm
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
93.3%
Australia
–
5.5%
169,630
BlueScope
Steel
Ltd.
(Materials)
$
2,638,275
580,973
Brambles
Ltd.
(Commercial
&
Professional
Services)
6,114,224
29,512
Cochlear
Ltd.
(Health
Care
Equipment
&
Services)
6,490,613
524,987
Coles
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
5,795,452
49,916
Commonwealth
Bank
of
Australia
(Banks)
3,915,386
399,247
Fortescue
Ltd.
(Materials)
6,681,416
20,567
Goodman
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
453,036
565,924
Insurance
Australia
Group
Ltd.
(Insurance)
2,360,658
9,345
Macquarie
Group
Ltd.
(Financial
Services)
1,215,575
387,590
National
Australia
Bank
Ltd.
(Banks)
8,775,850
7,179
Reece
Ltd.
(Capital
Goods)
131,446
984,512
Scentre
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,174,320
5,402
Seven
Group
Holdings
Ltd.
(Capital
Goods)
143,551
905,696
Stockland
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,861,888
49,751,690
Austria
–
0.2%
46,689
Erste
Group
Bank
AG
(Banks)
2,080,823
Belgium
–
1.1%
7,363
D’ieteren
Group
(Consumer
Discretionary
Distribution
&
Retail)
1,632,392
20,751
Fagron
(Health
Care
Equipment
&
Services)
395,356
65,157
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
8,043,436
10,071,184
Denmark
–
4.4%
20,443
Genmab
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
6,129,397
41,567
Jyske
Bank
A/S
(Banks)
3,520,961
203,399
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
26,090,683
22,499
Pandora
A/S
(Consumer
Durables
&
Apparel)
3,631,475
39,372,516
Finland
–
0.3%
39,328
Kone
OYJ,
Class
B
(Capital
Goods)
1,832,179
Shares
Description
Value
a
Common
Stocks
–
(continued)
Finland
–
(continued)
131,110
Nokia
OYJ
(Technology
Hardware
&
Equipment)
$
465,191
2,297,370
France
–
11.1%
22,372
Air
Liquide
SA
(Materials)
4,654,468
70,447
Airbus
SE
(Capital
Goods)
12,978,373
5,560
Carmila
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))*
96,706
2,419
Christian
Dior
SE
(Consumer
Durables
&
Apparel)
2,030,784
100,989
Cie
de
Saint-Gobain
SA
(Capital
Goods)
7,838,141
111,519
Danone
SA
(Food,
Beverage
&
Tobacco)
7,209,132
16,307
Dassault
Aviation
SA
(Capital
Goods)
3,590,314
144,322
Dassault
Systemes
(Software
&
Services)
6,388,730
2,337
Edenred
SE
(Financial
Services)
124,783
37,698
Eiffage
SA
(Capital
Goods)
4,278,431
203,252
Engie
SA
(Utilities)
3,405,967
4,844
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
1,095,770
3,929
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
10,041,668
63,580
Legrand
SA
(Capital
Goods)
6,732,917
2,868
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
2,580,618
72,358
Publicis
Groupe
SA
(Media
&
Entertainment)
7,888,510
82,118
Rexel
SA
(Capital
Goods)
2,218,241
42,906
Safran
SA
(Capital
Goods)
9,717,000
961
Sartorius
Stedim
Biotech
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
274,103
71,226
SCOR
SE
(Insurance)
2,465,670
24,573
Thales
SA
(Capital
Goods)
4,189,216
99,799,542
Georgia
–
0.4%
16,843
Bank
of
Georgia
Group
PLC
(Banks)
1,073,550
52,115
TBC
Bank
Group
PLC
(Banks)
2,114,731
3,188,281
Germany
–
7.3%
16,969
Bechtle
AG
(Software
&
Services)
896,884
1,712
Brenntag
SE
(Capital
Goods)
144,289
34,495
Deutsche
Boerse
AG
(Financial
Services)
7,064,232
353,467
Deutsche
Telekom
AG
(Telecommunication
Services)
8,580,242
84,941
E.ON
SE
(Utilities)
1,182,543
31,721
GEA
Group
AG
(Capital
Goods)
1,341,170
20,702
Hannover
Rueck
SE
(Insurance)
5,668,757
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
3,582
HOCHTIEF
AG
(Capital
Goods)
$
416,239
9,625
Knorr-Bremse
AG
(Capital
Goods)
727,985
18,163
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
8,866,107
12,186
Nemetschek
SE
(Software
&
Services)
1,206,207
1,094
Rheinmetall
AG
(Capital
Goods)
615,289
83,568
SAP
SE
(Software
&
Services)
16,272,285
14,925
Scout24
SE
(Media
&
Entertainment)
(a)
1,124,425
57,514
Siemens
AG
(Capital
Goods)
10,981,664
14,781
TeamViewer
SE
(Software
&
Services)*
(a)
220,270
65,308,588
Hong
Kong
–
0.4%
430,000
Swire
Pacific
Ltd.,
Class
A
(Real
Estate
Management
&
Development)
3,539,921
Italy
–
3.8%
9,199
Azimut
Holding
SpA
(Financial
Services)
250,078
11,581
Banca
Mediolanum
SpA
(Financial
Services)
127,286
1,007,213
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)*
4,568,017
981,229
Banco
BPM
SpA
(Banks)
6,528,392
61,704
BFF
Bank
SpA
(Financial
Services)
(a)
826,108
32,179
Credito
Emiliano
SpA
(Banks)
321,993
67,620
Leonardo
SpA
(Capital
Goods)
1,698,862
109,528
Prysmian
SpA
(Capital
Goods)
5,712,321
309,307
UniCredit
SpA
(Banks)
11,747,270
270,219
Unipol
Gruppo
SpA
(Insurance)
2,264,419
34,044,746
Japan
–
25.5%
144,600
Aisin
Corp.
(Automobiles
&
Components)
5,908,754
16,900
Brother
Industries
Ltd.
(Technology
Hardware
&
Equipment)
313,431
8,400
Canon
Marketing
Japan,
Inc.
(Technology
Hardware
&
Equipment)
247,486
12,400
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
162,144
24,900
Dai
Nippon
Printing
Co.
Ltd.
(Commercial
&
Professional
Services)
762,579
22,200
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
566,201
108,900
Daiwa
Securities
Group,
Inc.
(Financial
Services)
828,549
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
15,300
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
$
5,592,662
1,287,400
ENEOS
Holdings,
Inc.
(Energy)
6,202,504
49,000
Fujitsu
Ltd.
(Software
&
Services)
784,196
56,000
Futaba
Industrial
Co.
Ltd.
(Automobiles
&
Components)
435,737
16,300
GS
Yuasa
Corp.
(Capital
Goods)
339,709
655,200
Honda
Motor
Co.
Ltd.
(Automobiles
&
Components)
8,107,243
349,400
Hulic
Co.
Ltd.
(Real
Estate
Management
&
Development)
3,588,458
190,900
IHI
Corp.
(Capital
Goods)
5,103,094
105,300
Iino
Kaiun
Kaisha
Ltd.
(Transportation)
878,810
7,900
I-Net
Corp.
(Software
&
Services)
119,291
17,100
ITOCHU
Corp.
(Capital
Goods)
734,609
346,600
JFE
Holdings,
Inc.
(Materials)
5,744,416
36,300
JTEKT
Corp.
(Automobiles
&
Components)
343,328
3,800
Kaga
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
161,565
26,700
Kandenko
Co.
Ltd.
(Capital
Goods)
304,793
8,800
Kanematsu
Corp.
(Capital
Goods)
150,203
24,000
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
342,452
143,300
KDDI
Corp.
(Telecommunication
Services)
4,236,911
463,300
Kobe
Steel
Ltd.
(Materials)
6,287,001
90,900
Konica
Minolta,
Inc.
(Technology
Hardware
&
Equipment)
297,482
34,500
Kurita
Water
Industries
Ltd.
(Capital
Goods)
1,430,370
140,700
Marubeni
Corp.
(Capital
Goods)
2,436,875
170,500
Marusan
Securities
Co.
Ltd.
(Financial
Services)
1,209,839
492,500
Mazda
Motor
Corp.
(Automobiles
&
Components)
5,707,881
122,400
Mitsubishi
Corp.
(Capital
Goods)
2,828,815
223,500
Mitsubishi
Electric
Corp.
(Capital
Goods)
3,741,155
36,000
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate
Management
&
Development)
656,855
942,400
Mitsubishi
HC
Capital,
Inc.
(Financial
Services)
6,572,904
62,400
Mitsubishi
Shokuhin
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
2,295,047
195,300
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
2,105,622
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
385,000
Mizuho
Financial
Group,
Inc.
(Banks)
$
7,613,494
95,500
Mizuho
Leasing
Co.
Ltd.
(Financial
Services)
703,924
37,500
Modec,
Inc.
(Energy)
758,601
418,200
MS&AD
Insurance
Group
Holdings,
Inc.
(Insurance)
(b)
7,384,385
67,800
NEC
Corp.
(Software
&
Services)
4,949,762
386,600
NGK
Insulators
Ltd.
(Capital
Goods)
5,198,395
51,400
Nippn
Corp.
(Food,
Beverage
&
Tobacco)
789,038
233,400
Nippon
Steel
Corp.
(Materials)
5,616,650
5,000
Nisshin
Oillio
Group
Ltd.
(The)
(Food,
Beverage
&
Tobacco)
167,608
69,500
Nisshin
Seifun
Group,
Inc.
(Food,
Beverage
&
Tobacco)
957,566
979,500
Nomura
Holdings,
Inc.
(Financial
Services)
6,269,310
88,800
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate
Management
&
Development)
2,508,717
21,900
Oki
Electric
Industry
Co.
Ltd.
(Technology
Hardware
&
Equipment)
167,426
655,200
Panasonic
Holdings
Corp.
(Consumer
Durables
&
Apparel)
6,253,076
8,100
Sanki
Engineering
Co.
Ltd.
(Capital
Goods)
112,695
273,600
Santen
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,690,668
63,800
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
8,271,984
83,700
SCSK
Corp.
(Software
&
Services)
1,555,795
20,500
Seiko
Epson
Corp.
(Technology
Hardware
&
Equipment)
358,597
226,500
Sekisui
House
Ltd.
(Consumer
Durables
&
Apparel)
5,138,070
51,800
Shikoku
Electric
Power
Co.,
Inc.
(Utilities)
403,607
13,200
Showa
Sangyo
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
301,268
103,200
SoftBank
Group
Corp.
(Telecommunication
Services)
6,128,572
142,400
Sojitz
Corp.
(Capital
Goods)
3,756,359
290,100
Sompo
Holdings,
Inc.
(Insurance)
6,080,513
44,800
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
3,841,633
59,400
Subaru
Corp.
(Automobiles
&
Components)
1,345,282
59,500
Sumitomo
Corp.
(Capital
Goods)
1,433,233
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
372,400
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
$
5,744,180
47,000
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
1,479,992
20,900
Sumitomo
Osaka
Cement
Co.
Ltd.
(Materials)
522,873
183,800
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
6,848,304
4,500
Taikisha
Ltd.
(Capital
Goods)
140,586
19,600
Toa
Corp.
(Capital
Goods)
157,155
15,300
Tokai
Rika
Co.
Ltd.
(Automobiles
&
Components)
262,543
173,900
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
693,664
91,400
Tokio
Marine
Holdings,
Inc.
(Insurance)
2,865,049
460,800
Tokyo
Century
Corp.
(Financial
Services)
4,799,071
8,000
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
2,083,593
8,900
Tokyo
Seimitsu
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
691,416
6,700
Tokyo
Tekko
Co.
Ltd.
(Materials)
232,837
780,700
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
6,307,633
8,900
Topy
Industries
Ltd.
(Materials)
158,775
40,200
Toyo
Tire
Corp.
(Automobiles
&
Components)
759,642
33,900
Toyoda
Gosei
Co.
Ltd.
(Automobiles
&
Components)
747,689
10,000
Toyota
Boshoku
Corp.
(Automobiles
&
Components)
170,407
602,300
Toyota
Motor
Corp.
(Automobiles
&
Components)
15,223,115
3,800
Trend
Micro,
Inc.
(Software
&
Services)
192,990
42,600
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
352,181
228,718,894
Netherlands
–
6.1%
334,392
ABN
AMRO
Bank
NV
(Banks)
(a)
5,722,202
10,680
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
6,540,462
26,349
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
25,544,362
36,308
BE
Semiconductor
Industries
NV
(Semiconductors
&
Semiconductor
Equipment)
5,561,611
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
15,305
Euronext
NV
(Financial
Services)
(a)
$
1,456,579
51,611
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
1,544,295
243,461
Shell
PLC
(Energy)
8,156,458
54,525,969
New
Zealand
–
0.1%
9,314
Xero
Ltd.
(Software
&
Services)*
808,730
Norway
–
1.9%
249,322
Aker
BP
ASA
(Energy)
6,253,370
73,646
Kongsberg
Gruppen
ASA
(Capital
Goods)
5,085,103
182,406
Leroy
Seafood
Group
ASA
(Food,
Beverage
&
Tobacco)
802,442
638,504
Orkla
ASA
(Food,
Beverage
&
Tobacco)
4,509,574
4,831
Schibsted
ASA,
Class
B
(Media
&
Entertainment)
146,223
13,796
Wallenius
Wilhelmsen
ASA
(Transportation)
112,850
16,909,562
Singapore
–
1.2%
191,282
Hafnia
Ltd.
(Energy)
1,319,701
75,700
Keppel
Ltd.
(Capital
Goods)
411,357
683,500
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
6,829,443
1,444,037
Seatrium
Ltd.
(Capital
Goods)*
84,395
98,300
United
Overseas
Bank
Ltd.
(Banks)
2,137,046
10,781,942
Spain
–
2.0%
96,523
Amadeus
IT
Group
SA
(Consumer
Services)
6,196,462
215,532
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
10,853,397
22,615
Naturgy
Energy
Group
SA
(Utilities)
490,806
17,540,665
Sweden
–
2.1%
113,436
AAK
AB
(Food,
Beverage
&
Tobacco)
2,695,614
124,335
Fortnox
AB
(Software
&
Services)*
776,696
87,584
Hexagon
AB,
Class
B
(Technology
Hardware
&
Equipment)
1,035,325
16,792
Indutrade
AB
(Capital
Goods)*
457,361
14,472
Mycronic
AB
(Technology
Hardware
&
Equipment)
510,350
15,261
Saab
AB,
Class
B
(Capital
Goods)
1,357,510
56,949
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Banks)
771,519
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
68,177
SKF
AB,
Class
B
(Capital
Goods)
$
1,391,821
522,477
SSAB
AB,
Class
B
(Materials)
3,857,787
28,510
Swedbank
AB,
Class
A
(Banks)
565,859
214,846
Volvo
AB,
Class
B
(Capital
Goods)
5,822,638
19,242,480
Switzerland
–
6.0%
202,270
ABB
Ltd.
(Capital
Goods)
9,383,366
52,523
Aryzta
AG
(Food,
Beverage
&
Tobacco)*
95,373
10
Chocoladefabriken
Lindt
&
Spruengli
AG
(Food,
Beverage
&
Tobacco)
1,206,390
11
Chocoladefabriken
Lindt
&
Spruengli
AG
(Food,
Beverage
&
Tobacco)
131,657
13,595
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
8,124,352
155,129
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
15,025,553
10,554
Sandoz
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
318,581
12,265
Temenos
AG
(Software
&
Services)
877,320
332,155
UBS
Group
AG
(Financial
Services)
10,227,362
16,123
Zurich
Insurance
Group
AG
(Insurance)
8,709,878
54,099,832
United
Kingdom
–
8.7%
41,932
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
5,633,311
7,838
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
531,024
665,010
Aviva
PLC
(Insurance)
4,172,741
246,605
BAE
Systems
PLC
(Capital
Goods)
4,203,492
198,331
Beazley
PLC
(Insurance)
1,667,749
13,432
Bellway
PLC
(Consumer
Durables
&
Apparel)
450,587
32,763
Bodycote
PLC
(Capital
Goods)
287,164
7,264
Clarkson
PLC
(Transportation)
367,648
299,227
Compass
Group
PLC
(Consumer
Services)
8,777,131
223,273
Imperial
Brands
PLC
(Food,
Beverage
&
Tobacco)
4,991,186
34,895
Informa
PLC
(Media
&
Entertainment)
366,119
102,234
Investec
PLC
(Financial
Services)
685,404
61,456
Lancashire
Holdings
Ltd.
(Insurance)
480,138
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
1,201,806
M&G
PLC
(Financial
Services)
$
3,345,041
827,119
Marks
&
Spencer
Group
PLC
(Consumer
Staples
Distribution
&
Retail)
2,769,917
22,449
Mears
Group
PLC
(Commercial
&
Professional
Services)
104,553
143,166
National
Grid
PLC
(Utilities)
1,929,022
21,344
National
Grid
PLC
ADR
(Utilities)
(b)(c)
1,456,088
353,170
Pearson
PLC
(Consumer
Services)
4,650,365
66,949
Pearson
PLC
ADR
(Consumer
Services)
881,049
49,755
Redde
Northgate
PLC
(Transportation)
239,576
66,209
Redrow
PLC
(Consumer
Durables
&
Apparel)
556,130
23,544
RELX
PLC
(Commercial
&
Professional
Services)
1,015,347
2,051,704
Rolls-Royce
Holdings
PLC
(Capital
Goods)*
11,038,931
56,688
Rotork
PLC
(Capital
Goods)
235,380
277,229
Sage
Group
PLC
(The)
(Software
&
Services)
4,430,694
171,106
Smiths
Group
PLC
(Capital
Goods)
3,546,777
342,460
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
592,070
1,093,850
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
4,096,990
157,978
TP
ICAP
Group
PLC
(Financial
Services)
449,081
70,350
Unilever
PLC
(Household
&
Personal
Products)
3,531,703
37,445
Vesuvius
PLC
(Capital
Goods)
233,597
37,396
Volex
PLC
(Capital
Goods)
135,934
77,851,939
United
States
–
5.2%
110,311
CRH
PLC
(Materials)
9,515,427
40,474
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,735,120
90,474
Holcim
AG
(Materials)*
8,196,653
57,904
Nestle
SA
(Food,
Beverage
&
Tobacco)
6,152,297
6,387
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,630,723
72,983
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
7,100,118
367,173
Stellantis
NV
(Automobiles
&
Components)
10,431,039
85,357
Tenaris
SA
(Energy)
1,687,614
46,448,991
TOTAL
COMMON
STOCKS
(Cost
$629,966,015)
836,383,665
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.0%
Germany
–
1.0%
6,518
FUCHS
SE
(Materials)
2.33
%
$
322,922
78,721
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2.47
6,327,287
5,537
Sartorius
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
0.39
2,198,802
TOTAL
PREFERRED
STOCKS
(Cost
$8,366,752)
8,849,011
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$638,332,767)
845,232,676
Shares
Dividend
Rate
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
–
Institutional
Shares
6,355,725
5.211%
6,355,725
(Cost
$6,355,725)
TOTAL
INVESTMENTS
–
95.0%
(Cost
$644,688,492)
$
851,588,401
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
5.0%
44,441,298
NET
ASSETS
–
100.0%
$
896,029,699
  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.
(c)
All
or
portion
of
security
is
pledged
as
collateral
for
futures
contracts.
Total
market
value
of
securities
pledged
as
collateral
on
futures
contracts
amounts
to
$1,186,346,
which
represents
approximately
0.1%
of
net
assets
as
of
March
31,
2024.
(d)
Represents
an
affiliated
issuer.
Goldman
Sachs
International
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
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
19.8%
Industrials
18.5 
Consumer
Discretionary
14.6 
Information
Technology
11.4 
Health
Care
11.0 
Consumer
Staples
6.7 
Materials
6.3 
Real
Estate
3.7 
Communication
Services
3.4 
Energy
2.8 
Utilities
1.1 
Securities
Lending
Reinvestment
Vehicle
0.7 
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
March
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
297
06/21/24
$
16,165,118
$
130,774
FTSE
100
Index
58
06/21/24
5,847,598
47,807
MSCI
Singapore
Index
22
04/29/24
473,890
(560)
SPI
200
Index
5
06/20/24
647,659
17,145
TOPIX
Index
46
06/13/24
8,354,934
23,401
Total
Futures
Contracts
$
218,567
Goldman
Sachs
U.S.
Tax-Managed
Equity
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
97.6%
Aerospace
&
Defense
–
1.1%
6,227
AAR
Corp.*
$
372,810
3,982
Curtiss-Wright
Corp.
1,019,153
16,693
HEICO
Corp.,
Class
A
2,569,720
12,658
Hexcel
Corp.
922,135
111,232
Howmet
Aerospace,
Inc.
7,611,606
12,408
Lockheed
Martin
Corp.
5,644,027
149,820
RTX
Corp.
14,611,945
32,751,396
Air
Freight
&
Logistics
–
0.1%
15,128
United
Parcel
Service,
Inc.,
Class
B
2,248,475
Automobile
Components
–
0.1%
16,119
Autoliv
,
Inc.
(Sweden)
1,941,211
Automobiles
–
0.7%
97,923
General
Motors
Co.
4,440,808
96,772
Tesla,
Inc.*
17,011,550
21,452,358
Banks
–
1.3%
260,798
Bank
of
America
Corp.
9,889,460
1
Cadence
Bank
29
77,539
Cullen/Frost
Bankers,
Inc.
8,728,565
11,346
East
West
Bancorp,
Inc.
897,582
40,192
First
BanCorp.
(Puerto
Rico)
704,968
3,519
First
Citizens
BancShares
,
Inc.,
Class
A
5,753,565
19,845
International
Bancshares
Corp.
1,114,098
40,827
JPMorgan
Chase &
Co.
8,177,648
5,054
PNC
Financial
Services
Group,
Inc.
(The)
816,727
86,695
Prosperity
Bancshares,
Inc.
5,702,797
41,785,439
Beverages
–
1.1%
553,965
Monster
Beverage
Corp.*
32,839,045
23,763
Primo
Water
Corp.
432,724
33,271,769
Biotechnology
–
3.7%
279,233
AbbVie,
Inc.
50,848,329
11,499
Biogen,
Inc.*
2,479,529
160,006
Gilead
Sciences,
Inc.
11,720,440
132,083
Moderna
,
Inc.*
14,074,764
4,775
Regeneron
Pharmaceuticals,
Inc.*
4,595,890
76,297
Vertex
Pharmaceuticals,
Inc.*
31,892,909
115,611,861
Broadline
Retail
–
4.0%
623,356
Amazon.com,
Inc.*
112,440,955
34,974
eBay,
Inc.
1,845,928
5,605
MercadoLibre
,
Inc.
(Brazil)*
8,474,536
122,761,419
Building
Products
–
0.7%
3,357
AAON,
Inc.
295,752
21,989
Johnson
Controls
International
PLC
1,436,322
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Building
Products
–
(continued)
39,269
Lennox
International,
Inc.
$
19,193,116
20,925,190
Capital
Markets
–
2.9%
160,197
CME
Group,
Inc.
34,488,812
1,845
Coinbase
Global,
Inc.,
Class
A*
489,146
31,838
Interactive
Brokers
Group,
Inc.,
Class
A
3,556,623
107,848
Jefferies
Financial
Group,
Inc.
4,756,097
9,250
LPL
Financial
Holdings,
Inc.
2,443,850
82,450
Morgan
Stanley
7,763,492
189,281
Nasdaq,
Inc.
11,943,631
153,054
Northern
Trust
Corp.
13,609,562
639,904
Robinhood
Markets,
Inc.,
Class
A*
12,881,268
91,932,481
Chemicals
–
2.0%
187,288
Axalta
Coating
Systems
Ltd.*
6,440,834
47,477
CF
Industries
Holdings,
Inc.
3,950,561
8,601
Dow,
Inc.
498,256
71,308
Element
Solutions,
Inc.
1,781,274
7,581
Linde
PLC
3,520,010
26,262
Mosaic
Co.
(The)
852,464
16,316
Olin
Corp.
959,381
138,969
RPM
International,
Inc.
16,530,363
81,377
Sherwin-Williams
Co.
(The)
28,264,673
62,797,816
Communications
Equipment
–
0.8%
74,650
Arista
Networks,
Inc.*
21,647,007
43,784
Cisco
Systems,
Inc.
2,185,259
23,832,266
Construction
&
Engineering
–
0.1%
10,335
Comfort
Systems
USA,
Inc.
3,283,533
3,893
Sterling
Infrastructure,
Inc.*
429,437
3,712,970
Construction
Materials
–
1.0%
32,458
Eagle
Materials,
Inc.
8,820,462
6,646
Martin
Marietta
Materials,
Inc.
4,080,245
35,390
Summit
Materials,
Inc.,
Class
A*
1,577,332
58,415
Vulcan
Materials
Co.
15,942,622
30,420,661
Consumer
Finance
–
2.2%
234,665
Capital
One
Financial
Corp.
34,939,272
96,351
Discover
Financial
Services
12,630,653
131,102
OneMain
Holdings,
Inc.
6,698,001
316,003
Synchrony
Financial
13,626,049
67,893,975
Consumer
Staples
Distribution
&
Retail
–
1.7%
8,547
Casey's
General
Stores,
Inc.
2,721,792
68,268
Costco
Wholesale
Corp.
50,015,185
2,087
Target
Corp.
369,837
53,106,814
Diversified
Consumer
Services
–
0.4%
1,587
Graham
Holdings
Co.,
Class
B
1,218,308
23,862
Grand
Canyon
Education,
Inc.*
3,250,243
Goldman
Sachs
U.S.
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Diversified
Consumer
Services
–
(continued)
14,814
H&R
Block,
Inc.
$
727,516
63,661
Service
Corp.
International
4,724,283
15,235
Strategic
Education,
Inc.
1,586,268
11,506,618
Electric
Utilities
–
0.2%
123,204
Xcel
Energy,
Inc.
6,622,215
Electrical
Equipment
–
2.4%
195,946
AMETEK,
Inc.
35,838,523
32,336
Atkore
,
Inc.
6,155,481
32,308
Emerson
Electric
Co.
3,664,373
85,947
Encore
Wire
Corp.
22,585,153
101,799
nVent
Electric
PLC
7,675,645
75,919,175
Electronic
Equipment,
Instruments
&
Components
–
0.5%
94,239
Keysight
Technologies,
Inc.*
14,737,095
2,989
Teledyne
Technologies,
Inc.*
1,283,238
1
Vontier
Corp.
45
16,020,378
Energy
Equipment
&
Services
–
0.5%
94,650
Schlumberger
NV
5,187,766
476,743
TechnipFMC
PLC
(United
Kingdom)
11,971,017
17,158,783
Entertainment
–
0.9%
48,382
Netflix,
Inc.*
29,383,840
Financial
Services
–
4.8%
29,759
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
881,462
133,530
Berkshire
Hathaway,
Inc.,
Class
B*
56,152,036
343,965
Equitable
Holdings,
Inc.
13,074,110
27,204
Fiserv,
Inc.*
4,347,743
141,838
Flywire
Corp.*
3,519,001
119,426
MGIC
Investment
Corp.
2,670,365
119,179
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)*
1,701,876
73,466
StoneCo
Ltd.,
Class
A
(Brazil)*
1,220,270
205,078
Visa,
Inc.,
Class
A
57,233,168
160,518
Voya
Financial,
Inc.
11,865,490
152,665,521
Food
Products
–
0.7%
39,594
Darling
Ingredients,
Inc.*
1,841,517
238,660
General
Mills,
Inc.
16,699,040
9,833
Lancaster
Colony
Corp.
2,041,626
20,582,183
Gas
Utilities
–
0.0%
9,112
Atmos
Energy
Corp.
1,083,143
Ground
Transportation
–
0.7%
94,059
CSX
Corp.
3,486,767
12,022
Norfolk
Southern
Corp.
3,064,047
36,542
Ryder
System,
Inc.
4,391,983
43,995
Union
Pacific
Corp.
10,819,691
21,762,488
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Health
Care
Equipment
&
Supplies
–
1.6%
507,954
Boston
Scientific
Corp.*
$
34,789,769
35,822
Intuitive
Surgical,
Inc.*
14,296,202
49,085,971
Health
Care
Providers
&
Services
–
4.0%
96,982
Centene
Corp.*
7,611,147
21,748
Cigna
Group
(The)
7,898,656
71,276
Elevance
Health,
Inc.
36,959,457
6,544
Encompass
Health
Corp.
540,404
43,802
HCA
Healthcare,
Inc.
14,609,281
112,567
HealthEquity
,
Inc.*
9,188,844
112,845
Hims
&
Hers
Health,
Inc.*
1,745,712
34,579
Humana,
Inc.
11,989,231
6,269
Molina
Healthcare,
Inc.*
2,575,493
74,114
Quest
Diagnostics,
Inc.
9,865,315
47,957
UnitedHealth
Group,
Inc.
23,724,328
126,707,868
Health
Care
REITs
–
0.0%
28,435
Ventas,
Inc.
REIT
1,238,060
Hotel
&
Resort
REITs
–
1.5%
1,485,784
Host
Hotels
&
Resorts,
Inc.
REIT
30,726,013
531,112
Park
Hotels
&
Resorts,
Inc.
REIT
9,289,149
268,199
RLJ
Lodging
Trust
REIT
3,170,112
24,877
Ryman
Hospitality
Properties,
Inc.
REIT
2,876,030
46,061,304
Hotels,
Restaurants
&
Leisure
–
2.5%
49,494
Airbnb,
Inc.,
Class
A*
8,164,530
18,262
Chipotle
Mexican
Grill,
Inc.*
53,083,434
53,406
International
Game
Technology
PLC
1,206,442
17,245
Shake
Shack,
Inc.,
Class
A*
1,793,997
14,177
Wingstop
,
Inc.
5,194,453
81,196
Wynn
Resorts
Ltd.
8,300,667
5,222
Yum!
Brands,
Inc.
724,030
78,467,553
Household
Durables
–
2.0%
188,174
D.R.
Horton,
Inc.
30,964,032
187,169
M/I
Homes,
Inc.*
25,509,263
40,583
PulteGroup,
Inc.
4,895,121
61,368,416
Household
Products
–
0.0%
8,185
Procter &
Gamble
Co.
(The)
1,328,016
Industrial
REITs
–
0.4%
62,315
First
Industrial
Realty
Trust,
Inc.
REIT
3,274,030
65,403
Prologis,
Inc.
REIT
8,516,779
11,790,809
Insurance
–
3.4%
303,068
American
Equity
Investment
Life
Holding
Co.*
17,038,483
35,396
American
Financial
Group,
Inc.
4,830,846
49,985
Arch
Capital
Group
Ltd.*
4,620,613
41,284
CNO
Financial
Group,
Inc.
1,134,484
11,633
Globe
Life,
Inc.
1,353,732
Goldman
Sachs
U.S.
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Insurance
–
(continued)
72,930
Goosehead
Insurance,
Inc.,
Class
A*
$
4,858,597
9,627
Kinsale
Capital
Group,
Inc.
5,051,672
15,650
Marsh
&
McLennan
Cos.,
Inc.
3,223,587
32,867
Principal
Financial
Group,
Inc.
2,836,751
186,750
Progressive
Corp.
(The)
38,623,635
6,559
Reinsurance
Group
of
America,
Inc.
1,265,100
65,766
Travelers
Cos.,
Inc.
(The)
15,135,387
65,442
W
R
Berkley
Corp.
5,787,691
105,760,578
Interactive
Media
&
Services
–
5.3%
326,600
Alphabet,
Inc.,
Class
A*
49,293,738
315,000
Alphabet,
Inc.,
Class
C*
47,961,900
141,176
Meta
Platforms,
Inc.,
Class
A
68,552,242
165,807,880
IT
Services
–
2.5%
5,074
EPAM
Systems,
Inc.*
1,401,236
52,678
Gartner,
Inc.*
25,110,022
112,139
International
Business
Machines
Corp.
21,414,064
13,789
MongoDB,
Inc.*
4,945,287
5,663
Perficient
,
Inc.*
318,770
120,549
VeriSign,
Inc.*
22,845,241
76,034,620
Life
Sciences
Tools
&
Services
–
1.7%
52,981
IQVIA
Holdings,
Inc.*
13,398,365
67,528
Medpace
Holdings,
Inc.*
27,291,441
6,958
Mettler
-Toledo
International,
Inc.*
9,263,116
3,494
Thermo
Fisher
Scientific,
Inc.
2,030,748
6,675
West
Pharmaceutical
Services,
Inc.
2,641,364
54,625,034
Machinery
–
1.3%
5,761
AGCO
Corp.
708,718
1
Fortive
Corp.
86
97,597
Illinois
Tool
Works,
Inc.
26,188,203
151,534
Mueller
Industries,
Inc.
8,172,229
3,190
Parker-Hannifin
Corp.
1,772,970
15,142
Snap-on,
Inc.
4,485,363
17,147
Trinity
Industries,
Inc.
477,544
41,805,113
Media
–
0.8%
538,121
News
Corp.,
Class
A
14,088,008
130,537
Trade
Desk,
Inc.
(The),
Class
A*
11,411,544
25,499,552
Metals
&
Mining
–
0.4%
120,574
Carpenter
Technology
Corp.
8,611,395
29,197
Steel
Dynamics,
Inc.
4,327,871
12,939,266
Office
REITs
–
0.0%
1
Vornado
Realty
Trust
REIT
29
Oil,
Gas
&
Consumable
Fuels
–
2.5%
135,360
Antero
Midstream
Corp.
1,903,162
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Oil,
Gas
&
Consumable
Fuels
–
(continued)
135,648
Antero
Resources
Corp.*
$
3,933,792
10,830
Cheniere
Energy,
Inc.
1,746,663
186,166
Devon
Energy
Corp.
9,341,810
89,256
EOG
Resources,
Inc.
11,410,487
11,147
Exxon
Mobil
Corp.
1,295,727
12,264
Hess
Corp.
1,871,977
43,602
Kinder
Morgan,
Inc.
799,661
14,840
Marathon
Petroleum
Corp.
2,990,260
1,622,690
Nordic
American
Tankers
Ltd.
6,360,945
8,760
ONEOK,
Inc.
702,289
33,190
Pioneer
Natural
Resources
Co.
8,712,375
112,988
Scorpio
Tankers,
Inc.
(Monaco)
8,084,291
108,374
Teekay
Tankers
Ltd.,
Class
A
(Canada)
6,330,125
31,484
Valero
Energy
Corp.
5,374,004
156,754
Williams
Cos.,
Inc.
(The)
6,108,703
76,966,271
Personal
Care
Products
–
0.5%
81,760
elf
Beauty,
Inc.*
16,027,413
Pharmaceuticals
–
1.1%
11,367
Eli
Lilly
&
Co.
8,843,071
88,523
Johnson &
Johnson
14,003,454
26,154
Merck &
Co.,
Inc.
3,451,020
44,312
Zoetis,
Inc.
7,498,034
33,795,579
Professional
Services
–
1.4%
42,630
Equifax,
Inc.
11,404,377
294,208
ExlService
Holdings,
Inc.*
9,355,815
50,403
FTI
Consulting,
Inc.*
10,599,247
28,293
Genpact
Ltd.
932,254
156,109
Parsons
Corp.*
12,949,242
45,240,935
Real
Estate
Management
&
Development
–
0.5%
159,123
CoStar
Group,
Inc.*
15,371,282
32,161
Zillow
Group,
Inc.,
Class
C*
1,568,814
16,940,096
Residential
REITs
–
0.5%
1
Apartment
Income
REIT
Corp.
REIT
32
1
Apartment
Investment
and
Management
Co.,
Class
A
REIT*
8
15,691
AvalonBay
Communities,
Inc.
REIT
2,911,622
13,563
Camden
Property
Trust
REIT
1,334,599
42,893
Equity
LifeStyle
Properties,
Inc.
REIT
2,762,309
26,815
Equity
Residential
REIT
1,692,295
94,993
Invitation
Homes,
Inc.
REIT
3,382,701
26,742
Mid-America
Apartment
Communities,
Inc.
REIT
3,518,713
15,602,279
Retail
REITs
–
0.1%
21,275
Brixmor
Property
Group,
Inc.
REIT
498,899
63,218
NNN
REIT,
Inc.
REIT
2,701,937
Goldman
Sachs
U.S.
Tax-Managed
Equity
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Retail
REITs
–
(continued)
2
Simon
Property
Group,
Inc.
REIT
$
313
3,201,149
Semiconductors
&
Semiconductor
Equipment
–
7.5%
218,165
Applied
Materials,
Inc.
44,992,168
25,132
Axcelis
Technologies,
Inc.*
2,802,721
38,684
Broadcom,
Inc.
51,272,160
3,264
KLA
Corp.
2,280,132
4,959
Lam
Research
Corp.
4,818,016
128,423
NVIDIA
Corp.
116,037,886
63,128
Texas
Instruments,
Inc.
10,997,529
233,200,612
Software
–
11.9%
62,705
Adobe,
Inc.*
31,640,943
86,638
Crowdstrike
Holdings,
Inc.,
Class
A*
27,775,276
42,325
Fortinet,
Inc.*
2,891,221
34,876
Intuit,
Inc.
22,669,400
9,452
Manhattan
Associates,
Inc.*
2,365,174
524,636
Microsoft
Corp.
(a)
220,724,858
55,458
Oracle
Corp.
6,966,079
20,331
Palo
Alto
Networks,
Inc.*
5,776,647
82,859
Salesforce,
Inc.
24,955,474
24,029
ServiceNow
,
Inc.*
18,319,710
1,599
SPS
Commerce,
Inc.*
295,655
8,354
Varonis
Systems,
Inc.*
394,058
43,289
Zscaler
,
Inc.*
8,338,760
373,113,255
Specialized
REITs
–
0.1%
43,448
CubeSmart
REIT
1,964,719
9,634
Lamar
Advertising
Co.,
Class
A
REIT
1,150,396
3,115,115
Specialty
Retail
–
1.9%
785
Asbury
Automotive
Group,
Inc.*
185,087
8,075
Buckle,
Inc.
(The)
325,180
17,213
CarMax,
Inc.*
1,499,425
1,019
Home
Depot,
Inc.
(The)
390,889
91,859
Lowe’s
Cos.,
Inc.
23,399,243
224,376
Ross
Stores,
Inc.
32,929,422
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Specialty
Retail
–
(continued)
1
Victoria's
Secret
&
Co.*
$
19
58,729,265
Technology
Hardware,
Storage
&
Peripherals
–
6.5%
740,190
Apple,
Inc.
126,927,781
378,330
Dell
Technologies,
Inc.,
Class
C
43,171,236
42,942
NetApp,
Inc.
4,507,622
5,355
Seagate
Technology
Holdings
PLC
498,283
26,571
Super
Micro
Computer,
Inc.*
26,837,507
201,942,429
Textiles,
Apparel
&
Luxury
Goods
–
0.8%
12,460
Deckers
Outdoor
Corp.*
11,728,099
38,986
G-III
Apparel
Group
Ltd.*
1,130,984
65,014
Levi
Strauss
&
Co.,
Class
A
1,299,630
36,900
Ralph
Lauren
Corp.
6,928,344
75,785
Skechers
USA,
Inc.,
Class
A*
4,642,589
25,729,646
Trading
Companies
&
Distributors
–
0.3%
84,372
Core
&
Main,
Inc.,
Class
A*
4,830,297
6,318
Ferguson
PLC
1,380,041
5,515
United
Rentals,
Inc.
3,976,921
10,187,259
TOTAL
INVESTMENTS
–
97.6%
(Cost
$1,597,460,641)
$
3,051,461,817
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
2.4%
74,494,597
NET
ASSETS
–
100.0%
$
3,125,956,414
  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)
All
or
portion
of
security
is
pledged
as
collateral
for
futures
contracts.
Total
market
value
of
securities
pledged
as
collateral
on
futures
contracts
amounts
to
$702,602,
which
represents
approximately
0.0%
of
net
assets
as
of
March
31,
2024.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
March
31,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
Russell
2000
E-Mini
Index
38
06/21/24
$
4,077,210
$
4,347
S&P
500
E-Mini
Index
155
06/21/24
41,140,875
3,875
Total
Futures
Contracts
$
8,222
Goldman
Sachs
Tax-Advantaged
Equity
Funds
Schedule
of
Investments
March
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.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
Tax-Advantaged
Equity
Funds
Schedule
of
Investments
(continued)
March
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.
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
March
31,
2024:
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Tax-Advantaged
Equity
Funds
Schedule
of
Investments
(continued)
March
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
Goldman
Sachs
International
Tax-Managed
Equity
Fund
and
the
Goldman
Sachs
U.S.
Tax-
Advantaged
Equity
Fund
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
International
Tax-
Managed
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
14,775,406
$
231,453,632
$
—
Europe
5,700,805
496,293,422
—
North
America
11,250,547
35,198,444
—
Oceania
—
50,560,420
—
Securities
Lending
Reinvestment
Vehicle
6,355,725
—
—
Total
$
38,082,483
$
813,505,918
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
219,127
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(560)
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
U.S.
Tax-Managed
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Europe
$
21,996,519
$
—
$
—
North
America
3,018,068,616
—
—
South
America
11,396,682
—
—
Total
$
3,051,461,817
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
8,222
$
—
$
—
€
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
Tax-Advantaged
Equity
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
is
unable
to
purchase
replacement
securities,
GSAL
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
Each
of
the
Funds
and
GSAL
received
compensation
relating
to
the
lending
of
the
Funds’
securities.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Foreign
and
Emerging
Countries
Risk—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Tax-Advantaged
Equity
Funds
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Foreign
Custody
Risk—
A
Fund
invests
in
foreign
securities,
and
as
such
the
Fund
may
hold
such
securities
and
cash
with
foreign
banks,
agents,
and
securities
depositories
appointed
by
the
Fund’s
custodian
(each
a
“Foreign
Custodian”).
Some
foreign
custodians
may
be
recently
organized
or
new
to
the
foreign
custody
business.
In
some
countries,
Foreign
Custodians
may
be
subject
to
little
or
no
regulatory
oversight
over,
or
independent
evaluation
of,
their
operations.
Further,
the
laws
of
certain
countries
may
place
limitations
on
a
Fund’s
ability
to
recover
its
assets
if
a
Foreign
Custodian
enters
bankruptcy.
Investments
in
emerging
markets
may
be
subject
to
even
greater
custody
risks
than
investments
in
more
developed
markets.
Custody
services
in
emerging
market
countries
are
very
often
undeveloped
and
may
be
considerably
less
well
regulated
than
in
more
developed
countries,
and
thus
may
not
afford
the
same
level
of
investor
protection
as
would
apply
in
developed
countries.
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.
Management
Risk
—
A
strategy
used
by
the
Investment
Adviser
may
fail
to
produce
the
intended
results.
Market
Risk
—
The
value
of
the
securities
in
which
the
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
the
Fund
and
its
investments.
Tax-Managed
Investment
Risk
—
Because
the
Investment
Adviser
balances
investment
considerations
and
tax
considerations,
the
pre-tax
performance
of
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio
may
be
lower
than
the
performance
of
similar
funds
that
are
not
tax-managed.
This
is
because
the
Investment
Adviser
may
choose
not
to
make
certain
investments
that
may
result
in
taxable
distributions
to
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio.
Even
though
tax
managed
strategies
are
being
used,
they
may
not
reduce
the
amount
of
taxable
income
and
capital
gains
distributed
by
the
Goldman
Sachs
Tax-Advantaged
Global
Equity
Portfolio
to
shareholders.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)