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)