GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.8%
Australia
–
0.3%
87,650
Anglogold
Ashanti
PLC
(Materials)
$
7,901,438
Belgium
–
0.1%
73,266
Cenergy
Holdings
SA
(Capital
Goods)
1,683,115
89,950
Viohalco
SA
(Materials)
1,384,252
3,067,367
Brazil
–
4.7%
326,800
Ambev
SA
ADR
(Food,
Beverage
&
Tobacco)
(a)
908,504
2,489,000
Banco
Bradesco
SA
(Banks)
8,664,383
9,100,500
Banco
Bradesco
SA
ADR
(Banks)
36,857,025
12,058
Banco
BTG
Pactual
SA
(Financial
Services)
137,353
281,300
Cia
De
Sanena
Do
Parana
(Utilities)
2,495,099
291,068
Cia
Energetica
de
Minas
Gerais
ADR
(Utilities)
625,796
171,000
Cury
Construtora
e
Incorporadora
SA
(Consumer
Durables
&
Apparel)
1,122,617
634,100
Direcional
Engenharia
SA
(Consumer
Durables
&
Apparel)
1,680,812
290,225
Embraer
SA
ADR
(Capital
Goods)
21,319,929
406,389
Ez
Tec
Empreendimentos
e
Participacoes
SA
(Consumer
Durables
&
Apparel)
1,169,110
362,900
Fleury
SA
(Health
Care
Equipment
&
Services)
1,146,054
248,000
Grupo
SBF
SA
(Consumer
Discretionary
Distribution
&
Retail)
678,581
449,800
Hypera
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
2,154,664
385,500
JHSF
Participacoes
SA
(Real
Estate
Management
&
Development)
699,544
46,600
Mahle
Metal
Leve
SA
(Automobiles
&
Components)
304,247
2,898,900
Rede
D’Or
Sao
Luiz
SA
(Health
Care
Equipment
&
Services)
(b)
23,349,840
1,397,300
Transmissora
Alianca
de
Energia
Eletrica
SA
(Utilities)
11,053,080
1,183,400
Vale
SA
ADR
(Materials)
19,017,238
442,500
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
(Transportation)
335,485
133,719,361
Chile
–
1.4%
141,073,688
Banco
de
Chile
(Banks)
31,093,911
59,819
Banco
de
Credito
e
Inversiones
SA
(Banks)
4,449,168
32,179
Banco
Itau
Chile
SA
(Banks)
876,441
Shares
Description
Value
a
Common
Stocks
–
(continued)
Chile
–
(continued)
284,682
Empresas
Copec
SA
(Consumer
Discretionary
Distribution
&
Retail)
$
2,427,109
151,136
Engie
Energia
Chile
SA
(Utilities)
268,016
63,404,838
Latam
Airlines
Group
SA
(Transportation)
2,057,067
41,171,712
China
–
25.5%
2,616,500
3SBio,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(b)
7,801,910
1,117,000
AAC
Technologies
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
5,302,435
3,844,500
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
81,786,304
2,296,212
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Banks)
3,048,179
2,552,500
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
2,666,768
681,000
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
996,693
495,000
China
Conch
Venture
Holdings
Ltd.
(Capital
Goods)
676,351
15,790,000
China
Construction
Bank
Corp.,
Class
H
(Banks)
15,943,643
4,745,500
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financial
Services)
6,381,258
307,700
China
Gold
International
Resources
Corp.
Ltd.
(Materials)
7,791,264
5,621,500
China
Hongqiao
Group
Ltd.
(Materials)
25,710,897
2,297,000
China
Life
Insurance
Co.
Ltd.,
Class
H
(Insurance)
10,222,200
2,821,000
China
Nonferrous
Mining
Corp.
Ltd.
(Materials)
5,591,402
1,984,000
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
2,180,493
5,025,000
CMOC
Group
Ltd.,
Class
H
(Materials)
14,123,091
4,620,000
Consun
Pharmaceutical
Group
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
10,681,646
345,800
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
17,417,865
1,084,000
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
325,764
864,894
Flat
Glass
Group
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)*
2,001,862
216,000
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Semiconductors
&
Semiconductor
Equipment)*
301,855
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
382,400
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
(b)
$
3,277,748
1,939,100
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
1,289,845
9,124,000
Geely
Automobile
Holdings
Ltd.
(Automobiles
&
Components)
18,781,698
727,400
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
(Capital
Goods)
1,358,230
426,900
H
World
Group
Ltd.
(Consumer
Services)
2,050,291
211,200
H
World
Group
Ltd.
ADR
(Consumer
Services)
10,034,112
3,646,000
Harbin
Electric
Co.
Ltd.,
Class
H
(Capital
Goods)
9,261,444
576,422
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
2,684,547
11,794,000
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)
8,599,052
4,855,706
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
13,415,348
22,042,000
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Banks)
18,283,774
373,500
Innovent
Biologics,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(b)
3,876,960
2,494,000
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
14,899,614
836,900
Kuaishou
Technology
(Media
&
Entertainment)
(b)
8,550,702
1,687,100
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
6,349,220
19,000,000
Lonking
Holdings
Ltd.
(Capital
Goods)
7,793,726
15,000
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
1,515,750
10,988,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
22,747,335
3,267,000
Q
Technology
Group
Co.
Ltd.
(Technology
Hardware
&
Equipment)
3,896,969
109,200
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
514,331
6,940,000
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Capital
Goods)
10,661,856
4,295,540
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Capital
Goods)
13,528,013
181,800
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
581,314
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
685,900
Shanghai
Putailai
New
Energy
Technology
Group
Co.
Ltd.,
Class
A
(Materials)
$
2,711,710
1,481,800
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
1,773,181
82,900
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
961,607
3,132,000
Simcere
Pharmaceutical
Group
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(b)
4,689,174
26,050,000
Sino
Biopharmaceutical
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
22,103,592
7,819,000
Sinopec
Engineering
Group
Co.
Ltd.,
Class
H
(Capital
Goods)
7,446,571
571,880
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Capital
Goods)
12,402,254
2,157,000
TCL
Electronics
Holdings
Ltd.
(Consumer
Durables
&
Apparel)*
3,315,994
1,967,400
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
151,217,921
164,400
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Services)
489,008
340,900
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
2,559,035
395,250
Trip.com
Group
Ltd.
(Consumer
Services)
24,258,726
131,800
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary
Distribution
&
Retail)
2,255,098
4,536,985
Weichai
Power
Co.
Ltd.,
Class
A
(Capital
Goods)
15,470,317
1,895,000
Weichai
Power
Co.
Ltd.,
Class
H
(Capital
Goods)
6,423,351
724,600
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
3,643,709
949,500
WuXi
AppTec
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
12,990,734
172,300
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(b)
2,451,839
7,700,000
Yadea
Group
Holdings
Ltd.
(Automobiles
&
Components)
(b)
10,879,427
235,000
ZCZL
Industrial
Technology
Group
Co.
Ltd.,
Class
H
(Capital
Goods)
662,189
318,800
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Capital
Goods)
1,338,464
634,200
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Capital
Goods)
3,467,646
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
762,650
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
$
4,260,173
5,044,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
26,299,532
728,975,011
Colombia
–
0.0%
9,844
Grupo
Cibest
SA
ADR
(Banks)
803,763
Czech
Republic
–
0.2%
66,186
Komercni
Banka
AS
(Banks)
4,010,679
244,040
Moneta
Money
Bank
AS
(Banks)
(b)
2,449,271
6,459,950
Greece
–
0.1%
498,909
Alpha
Bank
SA
(Banks)
2,388,262
64,646
HELLENiQ
ENERGY
Holdings
SA
(Energy)
695,018
10,601
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
426,828
3,510,108
Hong
Kong
–
0.6%
3,954,000
Skyworth
Group
Ltd.
(Consumer
Durables
&
Apparel)*
3,600,413
2,164,000
Wasion
Holdings
Ltd.
(Technology
Hardware
&
Equipment)
6,608,873
5,455,000
WH
Group
Ltd.
(Food,
Beverage
&
Tobacco)
(b)
6,437,422
16,646,708
Hungary
–
0.1%
65,384
Magyar
Telekom
Telecommunications
PLC
(Telecommunication
Services)
405,610
12,744
OTP
Bank
Nyrt
(Banks)
1,603,603
2,009,213
India
–
13.5%
181,233
Avanti
Feeds
Ltd.
(Food,
Beverage
&
Tobacco)
1,572,768
3,231,986
Bank
of
India
(Banks)
5,774,237
2,881,707
Bharat
Petroleum
Corp.
Ltd.
(Energy)
11,424,671
1,806,126
Bharti
Airtel
Ltd.
(Telecommunication
Services)
38,735,931
357,110
Biocon
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,425,716
10,241
Bosch
Ltd.
(Automobiles
&
Components)
4,070,930
2,307,266
Canara
Bank
(Banks)
3,703,156
316,846
Chambal
Fertilisers
and
Chemicals
Ltd.
(Materials)
1,521,180
279,555
City
Union
Bank
Ltd.
(Banks)
917,874
285,731
Cummins
India
Ltd.
(Capital
Goods)
12,786,871
157,911
Edelweiss
Financial
Services
Ltd.
(Financial
Services)
183,802
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
207,079
Eicher
Motors
Ltd.
(Automobiles
&
Components)
$
16,048,857
5,096
Force
Motors
Ltd.
(Capital
Goods)
1,063,470
101,522
GE
Vernova
T&D
India
Ltd.
(Capital
Goods)
3,565,120
92,762
Graphite
India
Ltd.
(Capital
Goods)
623,476
43,284
HBL
Engineering
Ltd.
(Capital
Goods)
368,612
30,464
HDFC
Asset
Management
Co.
Ltd.
(Financial
Services)
(b)
834,115
5,144,544
HDFC
Bank
Ltd.
(Banks)
52,017,901
60,851
Hero
MotoCorp
Ltd.
(Automobiles
&
Components)
3,665,194
2,921,946
Hindalco
Industries
Ltd.
(Materials)
30,415,445
26,241
Hitachi
Energy
India
Ltd.
(Capital
Goods)
5,385,696
1,325,917
ICICI
Bank
Ltd.
ADR
(Banks)
38,836,109
7,077,186
Indian
Oil
Corp.
Ltd.
(Energy)
12,568,552
1,488,099
Indus
Towers
Ltd.
(Telecommunication
Services)*
7,218,535
660,437
Infosys
Ltd.
ADR
(Software
&
Services)
(a)
11,610,483
1,002,520
ITC
Ltd.
(Food,
Beverage
&
Tobacco)
3,514,267
333,082
Jamna
Auto
Industries
Ltd.
(Capital
Goods)
450,742
62,057
JB
Chemicals
&
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,262,616
741,786
JM
Financial
Ltd.
(Financial
Services)
1,042,175
701,753
Larsen
&
Toubro
Ltd.
(Capital
Goods)
30,026,141
708,781
Laurus
Labs
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(b)
7,446,601
168,637
Lupin
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,951,850
125,683
Mahindra
&
Mahindra
Ltd.
(Automobiles
&
Components)
4,692,970
46,850
Motilal
Oswal
Financial
Services
Ltd.
(Financial
Services)
384,398
407,686
Muthoot
Finance
Ltd.
(Financial
Services)
16,988,652
426,629
National
Aluminium
Co.
Ltd.
(Materials)
1,777,702
1,586,958
NTPC
Ltd.
(Utilities)
6,148,763
213,348
Petronet
LNG
Ltd.
(Energy)
672,870
75,438
Power
Finance
Corp.
Ltd.
(Financial
Services)
311,551
570,445
Reliance
Industries
Ltd.
(Energy)
8,667,875
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
2,300,982
Samvardhana
Motherson
International
Ltd.
(Automobiles
&
Components)
$
2,829,353
25,600
Solar
Industries
India
Ltd.
(Materials)
3,756,120
1,351,831
State
Bank
of
India
(Banks)
15,844,331
37,641
Syngene
International
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(b)
193,944
189,827
Tata
Motors
Passenger
Vehicles
Ltd.
(Automobiles
&
Components)
723,408
8,094
TVS
Motor
Co.
Ltd.
(Automobiles
&
Components)
323,997
4,367,038
Yes
Bank
Ltd.
(Banks)*
1,017,719
807,848
Zydus
Lifesciences
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
7,782,440
386,149,186
Indonesia
–
0.4%
15,373,700
Aneka
Tambang
Tbk
(Materials)
3,784,764
10,219,200
Bank
Mandiri
Persero
Tbk
PT
(Banks)
2,940,537
3,548,800
Bumitama
Agri
Ltd.
(Food,
Beverage
&
Tobacco)
4,017,194
37,610,400
Elang
Mahkota
Teknologi
Tbk
PT
(Media
&
Entertainment)
2,196,911
12,939,406
Kuwait
–
0.5%
98,768
Boubyan
Bank
KSCP
(Banks)
218,055
82,796
Gulf
Cables
&
Electrical
Industries
Group
Co.
KSCP
(Capital
Goods)
540,238
18,846
Jazeera
Airways
Co.
KSCP
(Transportation)
94,997
217,694
Kuwait
Finance
House
KSCP
(Banks)
572,767
2,783,884
Kuwait
International
Bank
KSCP
(Banks)
2,465,673
3,213,691
National
Bank
of
Kuwait
SAKP
(Banks)
9,957,241
13,848,971
Mexico
–
2.2%
380,170
Cemex
SAB
de
CV
ADR
(Materials)
4,744,522
2,410,252
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Banks)
27,248,426
2,362,140
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
26,228,729
65,000
Industrias
Penoles
SAB
de
CV
(Materials)*
3,766,995
126,617
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
(Transportation)
1,979,821
63,968,493
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
0.4%
831,360
International
Container
Terminal
Services,
Inc.
(Transportation)
$
9,105,842
2,127,980
Metropolitan
Bank
&
Trust
Co.
(Banks)
2,638,268
11,744,110
Poland
–
1.4%
98,579
Alior
Bank
SA
(Banks)
3,217,587
1,753
Asseco
Poland
SA
(Software
&
Services)
106,751
5,291
Budimex
SA
(Capital
Goods)
1,022,819
684,634
ORLEN
SA
(Energy)
20,807,805
52,162
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Banks)
1,356,779
626,374
Powszechny
Zaklad
Ubezpieczen
SA
(Insurance)
12,324,746
106,354
Tauron
Polska
Energia
SA
(Utilities)*
328,921
39,165,408
Qatar
–
0.3%
871,281
Ooredoo
QPSC
(Telecommunication
Services)
3,398,020
688,659
Qatar
National
Bank
QPSC
(Banks)
3,752,089
549,657
Vodafone
Qatar
PQSC
(Telecommunication
Services)
384,050
7,534,159
Russia
–
0.0%
106,118
PhosAgro
PJSC,
GDR
(Materials)*
(c)
—
683
PhosAgro
PJSC
NPV
(Materials)*
(c)
—
18,426
Polyus
PJSC,
GDR
(Materials)*
(c)
—
2,789,380
Sberbank
of
Russia
PJSC
(Banks)*
(c)
—
54,816
VTB
Bank
PJSC
(Banks)*
(c)
—
—
Saudi
Arabia
–
3.4%
273,920
Al
Babtain
Power
&
Telecommunication
Co.
(Capital
Goods)
5,112,601
491,123
Al
Rajhi
Bank
(Banks)
14,024,661
78,950
Aldrees
Petroleum
and
Transport
Services
Co.
(Consumer
Discretionary
Distribution
&
Retail)
2,513,947
1,899,535
Arab
National
Bank
(Banks)
11,528,758
302,099
Arabian
Pipes
Co.
(Materials)
418,916
766,227
Banque
Saudi
Fransi
(Banks)
3,688,318
404,036
Etihad
Etisalat
Co.
(Telecommunication
Services)
7,603,195
16,267
Mouwasat
Medical
Services
Co.
(Health
Care
Equipment
&
Services)
301,942
2,919,129
Riyad
Bank
(Banks)
21,907,077
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
182,828
Riyadh
Cables
Group
Co.
(Capital
Goods)
$
6,363,299
147,782
Saudi
Arabian
Oil
Co.
(Energy)
(b)
1,015,887
1,138,388
Saudi
Awwal
Bank
(Banks)
10,816,941
1,006,708
Saudi
National
Bank
(The)
(Banks)
12,040,665
97,336,207
South
Africa
–
3.2%
54,758
DataTec
Ltd.
(Technology
Hardware
&
Equipment)
259,361
105,850
DRDGOLD
Ltd.
(Materials)
330,520
355,868
Exxaro
Resources
Ltd.
(Energy)
4,062,122
1,318,267
FirstRand
Ltd.
(Financial
Services)
7,519,205
593,236
Gold
Fields
Ltd.
ADR
(Materials)
29,732,988
76,530
Investec
Ltd.
(Financial
Services)
622,758
10,731
Kumba
Iron
Ore
Ltd.
(Materials)
239,149
695,413
Momentum
Group
Ltd.
(Insurance)
1,621,680
617,623
Naspers
Ltd.,
Class
N
(Consumer
Discretionary
Distribution
&
Retail)
37,814,130
131,128
Northam
Platinum
Holdings
Ltd.
(Materials)
3,124,185
6,965,275
Old
Mutual
Ltd.
(Insurance)
6,684,805
92,010,903
South
Korea
–
14.5%
464,499
Bosung
Power
Technology
Co.
Ltd.
(Capital
Goods)*
2,522,226
82,762
D.I
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
1,956,475
103,430
Daou
Technology,
Inc.
(Financial
Services)
3,806,430
126,374
DB
HiTek
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
9,220,359
6,405
Eo
Technics
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
1,652,308
62,810
HAESUNG
DS
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
2,786,843
148,292
Hanwha
Engine
(Capital
Goods)*
5,577,889
28,491
HD
Hyundai
Co.
Ltd.
(Energy)
4,623,743
869
HD
Hyundai
Electric
Co.
Ltd.
(Capital
Goods)
532,388
98,326
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Capital
Goods)
28,163,899
40,385
Hyundai
Glovis
Co.
Ltd.
(Transportation)
6,808,886
11,910
Hyundai
Mobis
Co.
Ltd.
(Automobiles
&
Components)
3,721,362
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
7,979
Hyundai
Rotem
Co.
Ltd.
(Capital
Goods)
$
1,275,805
125,327
KB
Financial
Group,
Inc.
(Banks)
11,730,510
11,567
KC
Tech
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
374,792
209,164
Korea
Electric
Power
Corp.
(Utilities)*
8,436,234
13,568
Korea
Electric
Terminal
Co.
Ltd.
(Capital
Goods)
703,655
245,285
LEENO
Industrial,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
17,858,647
27,826
Mirae
Asset
Securities
Co.
Ltd.
(Financial
Services)
824,917
4,639
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(b)
5,606,276
50,273
Samsung
Electro-Mechanics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
9,668,440
1,266,040
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
139,865,490
1,042,300
Samsung
Heavy
Industries
Co.
Ltd.
(Capital
Goods)*
21,243,289
131,110
Shinhan
Financial
Group
Co.
Ltd.
(Banks)
7,662,558
167,467
SK
hynix,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
104,562,622
47,140
SNT
Energy
Co.
Ltd.
(Capital
Goods)
1,371,217
127,378
TES
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
6,278,953
79,692
WONIK
IPS
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
6,269,302
6,412
Youngone
Corp.
(Consumer
Durables
&
Apparel)
404,926
38,056
Zeus
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
516,337
416,026,778
Taiwan
–
20.6%
102,000
Accton
Technology
Corp.
(Technology
Hardware
&
Equipment)
3,566,252
465,000
ACES
Electronic
Co.
Ltd.
(Technology
Hardware
&
Equipment)
946,119
282,000
ADATA
Technology
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
3,191,714
596,000
Advanced
Wireless
Semiconductor
Co.
(Semiconductors
&
Semiconductor
Equipment)
2,106,640
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
28,000
Alchip
Technologies
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
$
2,749,024
25,000
Alltop
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
196,780
387,000
Anpec
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)
3,183,311
168,000
AP
Memory
Technology
Corp.
(Semiconductors
&
Semiconductor
Equipment)
2,262,249
72,000
Arcadyan
Technology
Corp.
(Technology
Hardware
&
Equipment)
408,895
2,664,000
Ardentec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
13,417,174
61,000
Argosy
Research,
Inc.
(Technology
Hardware
&
Equipment)
301,973
157,000
ASE
Technology
Holding
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
1,459,646
386,000
Asia
Vital
Components
Co.
Ltd.
(Technology
Hardware
&
Equipment)
17,536,949
57,000
Brillian
Network
&
Automation
Integrated
System
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
562,664
3,739,000
Cathay
Financial
Holding
Co.
Ltd.
(Insurance)
8,908,102
280,000
Channel
Well
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
555,375
192,000
ChipMOS
Technologies,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
361,328
66,000
Chunghwa
Precision
Test
Tech
Co.
Ltd.
(Technology
Hardware
&
Equipment)
6,882,288
2,277,000
Compeq
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
12,140,461
1,349,000
Contrel
Technology
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
2,264,116
146,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
5,571,703
105,000
E&R
Engineering
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
372,220
593,000
Eson
Precision
Ind
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,579,891
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
324,000
Etron
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
$
622,944
33,000
EZconn
Corp.
(Technology
Hardware
&
Equipment)
1,838,630
1,789,000
Formosa
Petrochemical
Corp.
(Energy)
3,039,634
679,000
Fubon
Financial
Holding
Co.
Ltd.
(Insurance)
1,949,803
1,142,000
Gamania
Digital
Entertainment
Co.
Ltd.
(Media
&
Entertainment)
1,826,560
106,000
Genius
Electronic
Optical
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,516,914
934,000
Gigastorage
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
821,927
127,000
Global
Mixed
Mode
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
972,991
84,000
Gold
Circuit
Electronics
Ltd.
(Technology
Hardware
&
Equipment)
1,834,311
366,000
Holy
Stone
Enterprise
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,204,996
1,651,000
Hon
Hai
Precision
Industry
Co.
Ltd.
(Technology
Hardware
&
Equipment)
11,412,408
679,000
Hong
TAI
Electric
Industrial
(Capital
Goods)
778,976
480,000
HUA
ENG
Wire
&
Cable
Co.
Ltd.
(Capital
Goods)
576,254
756,000
Ichia
Technologies,
Inc.
(Technology
Hardware
&
Equipment)
1,257,530
329,000
Kaimei
Electronic
Corp.
(Technology
Hardware
&
Equipment)
944,207
85,000
Keystone
Microtech
Corp.
(Semiconductors
&
Semiconductor
Equipment)
1,545,970
1,475,000
King
Yuan
Electronics
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
13,666,121
1,401,000
Kinko
Optical
Co.
Ltd.
(Technology
Hardware
&
Equipment)*
2,880,054
1,207,000
Lelon
Electronics
Corp.
(Technology
Hardware
&
Equipment)
4,112,973
110,000
Lion
Travel
Service
Co.
Ltd.
(Consumer
Services)
589,186
702,000
Macronix
International
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
2,019,550
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
119,000
Marketech
International
Corp.
(Semiconductors
&
Semiconductor
Equipment)
$
1,058,311
8,000
MPI
Corp.
(Semiconductors
&
Semiconductor
Equipment)
632,232
245,000
Powertech
Technology,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
1,940,047
308,000
Simplo
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
3,387,636
171,000
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
(Capital
Goods)
769,062
690,000
TA-I
Technology
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,428,113
6,990,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
386,518,600
57,000
Taiwan
Union
Technology
Corp.
(Technology
Hardware
&
Equipment)
901,548
38,000
Team
Group,
Inc.
(Semiconductors
&
Semiconductor
Equipment)*
298,822
49,000
Thinking
Electronic
Industrial
Co.
Ltd.
(Technology
Hardware
&
Equipment)
257,838
24,000
Topco
Scientific
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
243,666
762,000
TPK
Holding
Co.
Ltd.
(Technology
Hardware
&
Equipment)
935,385
1,399,000
Tripod
Technology
Corp.
(Technology
Hardware
&
Equipment)
16,487,661
6,000
TTY
Biopharm
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
16,239
356,000
UDE
Corp.
(Technology
Hardware
&
Equipment)
1,225,603
388,000
United
Integrated
Services
Co.
Ltd.
(Capital
Goods)
11,064,276
1,625,000
Win
Semiconductors
Corp.
(Semiconductors
&
Semiconductor
Equipment)
12,016,028
1,495,030
Yuanta
Financial
Holding
Co.
Ltd.
(Financial
Services)
2,036,577
442,000
Zhen
Ding
Technology
Holding
Ltd.
(Technology
Hardware
&
Equipment)
2,723,877
589,878,334
Thailand
–
0.5%
19,048,100
Charoen
Pokphand
Foods
PCL
(Food,
Beverage
&
Tobacco)
12,477,441
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
379,900
Kiatnakin
Phatra
Bank
PCL
(Banks)
$
868,911
719,900
Krung
Thai
Bank
PCL
(Banks)
645,991
13,992,343
Turkey
–
2.0%
56,003
Agesa
Hayat
ve
Emeklilik
AS
(Insurance)
323,562
284,830
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
AS
(Materials)*
4,217,068
2,369,208
CVK
Maden
Isletmeleri
Sanayi
VE
Ticaret
AS
(Materials)*
2,190,130
1,952,694
Enka
Insaat
ve
Sanayi
AS
(Capital
Goods)
(a)
4,387,536
322,124
Iskenderun
Demir
ve
Celik
AS
(Materials)
302,319
3,062,947
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)
816,195
2,232,871
TR
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
7,335,333
6,494,815
Turk
Altin
Isletmeleri
AS
(Materials)*
8,107,324
1,341,279
Turkiye
Garanti
Bankasi
AS
(Banks)
4,978,411
0
Turkiye
Is
Bankasi
AS,
Class
C
(Banks)
—
4,482,923
Turkiye
Petrol
Rafinerileri
AS
(Energy)
25,261,623
57,919,501
United
Arab
Emirates
–
1.1%
2,275,706
Abu
Dhabi
Commercial
Bank
PJSC
(Banks)
9,439,396
342,965
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
2,274,595
1,365,834
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary
Distribution
&
Retail)
1,524,825
827,575
Air
Arabia
PJSC
(Transportation)
1,123,154
680,796
Borouge
PLC
(Materials)
483,871
1,175,336
Dubai
Investments
PJSC
(Capital
Goods)
1,280,963
1,539,156
Dubai
Islamic
Bank
PJSC
(Banks)
4,049,177
937,886
Emirates
NBD
Bank
PJSC
(Banks)
7,942,343
706,694
First
Abu
Dhabi
Bank
PJSC
(Banks)
3,579,172
107,671
Orascom
Construction
PLC
(Capital
Goods)
922,282
32,619,778
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
0.8%
895,100
BeOne
Medicines
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
$
23,606,421
TOTAL
COMMON
STOCKS
(Cost
$1,956,635,963)
2,803,004,629
Shares
Description
Rate
Value
a
Preferred
Stocks
–
1.0%
Brazil
–
0.3%
97,200
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
(Banks)
8.90
%
332,635
1,102,700
Petroleo
Brasileiro
SA
-
Petrobras
(Energy)
7.68
7,911,824
8,244,459
South
Korea
–
0.7%
462,910
Mirae
Asset
Securities
Co.
Ltd.,
N.A.
(Financial
Services)
1.58
5,139,134
191,513
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1.43
15,512,758
20,651,892
TOTAL
PREFERRED
STOCKS
(Cost
$16,678,467)
28,896,351
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,973,314,430)
2,831,900,980
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
14,907,012
3.590%
$
14,907,012
(Cost
$14,907,012)
TOTAL
INVESTMENTS
–
99.3%
(Cost
$1,988,221,442)
$
2,846,807,992
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.7%
19,759,625
NET
ASSETS
–
100.0%
$
2,866,567,617
  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
a
portion
of
security
is
on
loan.
(b)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
GDR
—
Global
Depositary
Receipt
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Information
Technology
31.9
%
Financials
19.0
Industrials
10.6
Materials
9.6
Consumer
Discretionary
9.2
Communication
Services
7.8
Health
Care
5.2
Energy
3.7
Utilities
1.5
Consumer
Staples
1.0
Real
Estate
0.0
Securities
Lending
Reinvestment
Vehicle
0.5
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Additional
Investment
Information 
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
January
31,
2026,
the
Fund
had
the
following
forward
foreign
currency
exchange
contracts:
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
ZAR
16,669,000
USD
1,057,388
2/3/2026
$
(25,563)
TOTAL
$
(25,563)
FUTURES
CONTRACTS
—
At
January
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
442
03/20/26
$
33,609,680
$
561,669
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.8%
Australia
–
5.6%
773,648
Brambles
Ltd.
(Commercial
&
Professional
Services)
$
12,009,116
247,067
Capricorn
Metals
Ltd.
(Materials)*
2,314,134
890,744
Challenger
Ltd.
(Financial
Services)
5,673,546
68,250
Commonwealth
Bank
of
Australia
(Banks)
7,065,301
2,719,185
Evolution
Mining
Ltd.
(Materials)
26,112,961
3,905,145
Glencore
PLC
(Materials)*
26,622,790
77,912
HUB24
Ltd.
(Financial
Services)
5,458,988
36,425
National
Australia
Bank
Ltd.
(Banks)
1,094,186
1,192,699
Northern
Star
Resources
Ltd.
(Materials)
21,925,750
812,073
Orica
Ltd.
(Materials)
14,466,443
1,428,521
Perseus
Mining
Ltd.
(Materials)
5,501,942
50,447
Pro
Medicus
Ltd.
(Health
Care
Equipment
&
Services)
6,449,314
949,575
QBE
Insurance
Group
Ltd.
(Insurance)
13,014,666
1,712,078
Ramelius
Resources
Ltd.
(Materials)
5,272,883
1,074,826
Regis
Resources
Ltd.
(Materials)
5,602,267
468,701
Rio
Tinto
PLC
ADR
(Materials)
42,665,852
846,581
Sandfire
Resources
Ltd.
(Materials)*
11,487,289
473,685
Service
Stream
Ltd.
(Capital
Goods)
750,748
691,898
Sigma
Healthcare
Ltd.
(Health
Care
Equipment
&
Services)
1,482,628
1,956,771
Suncorp
Group
Ltd.
(Insurance)
23,034,988
569,243
Vault
Minerals
Ltd.
(Materials)*
2,178,364
531,995
Wesfarmers
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
30,688,979
1,378,786
Westpac
Banking
Corp.
(Banks)
37,046,757
307,919,892
Austria
–
0.4%
106,228
BAWAG
Group
AG
(Banks)*
(a)
17,280,756
134,949
Raiffeisen
Bank
International
AG
(Banks)
6,802,177
24,082,933
Belgium
–
0.8%
42,466
Aedifica
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,739,479
16,806
Anheuser-Busch
InBev
SA/NV
(Food,
Beverage
&
Tobacco)
1,209,748
9,167
KBC
Ancora
(Banks)
842,425
116,000
UCB
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
35,348,211
41,139,863
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
0.4%
756,000
AAC
Technologies
Holdings,
Inc.
(Technology
Hardware
&
Equipment)
$
3,588,756
1,267,500
Fosun
International
Ltd.
(Capital
Goods)
674,346
6,860,000
MMG
Ltd.
(Materials)*
8,881,645
7,994,000
Nexteer
Automotive
Group
Ltd.
(Automobiles
&
Components)
6,819,682
19,964,429
Denmark
–
2.2%
34,273
AL
Sydbank
(Banks)
3,103,915
736,955
Danske
Bank
A/S
(Banks)
37,546,406
35,532
Genmab
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
11,575,810
24,234
Jyske
Bank
A/S
(Banks)
3,526,689
844,042
Novo
Nordisk
A/S,
Class
B
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
50,118,577
3,465
Ringkjoebing
Landbobank
A/S
(Banks)
873,484
357,284
Vestas
Wind
Systems
A/S
(Capital
Goods)
10,829,782
39,403
Zealand
Pharma
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
2,635,174
120,209,837
Finland
–
2.3%
255,380
Metso
Oyj
(Capital
Goods)
4,992,875
153,676
Nokia
OYJ
(Technology
Hardware
&
Equipment)
989,815
3,837,106
Nordea
Bank
Abp
(Banks)
74,134,520
2,226,666
Sampo
OYJ,
Class
A
(Insurance)
24,832,502
538,333
Wartsila
OYJ
Abp
(Capital
Goods)
21,824,070
126,773,782
France
–
9.8%
335,312
Air
Liquide
SA
(Materials)
62,791,395
40,447
Airbus
SE
(Capital
Goods)
9,260,349
368,967
AXA
SA
(Insurance)
16,824,592
116,805
Bureau
Veritas
SA
(Commercial
&
Professional
Services)
3,760,229
39,765
Capgemini
SE
(Software
&
Services)
6,178,621
124,691
Cie
de
Saint-Gobain
SA
(Capital
Goods)
12,307,702
717,363
Danone
SA
(Food,
Beverage
&
Tobacco)
56,212,574
41,103
Dassault
Aviation
SA
(Capital
Goods)
15,626,349
744,163
Dassault
Systemes
(Software
&
Services)
20,468,088
9,109
Eiffage
SA
(Capital
Goods)
1,350,933
639,335
Engie
SA
(Utilities)
19,088,282
101,686
EssilorLuxottica
SA
(Health
Care
Equipment
&
Services)
31,085,037
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
28,060
Gaztransport
Et
Technigaz
SA
(Energy)
$
6,045,490
23,493
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
56,524,196
161,811
Klepierre
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
6,233,517
110,025
Legrand
SA
(Capital
Goods)
17,566,386
19,658
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Durables
&
Apparel)
12,687,375
16,351
Nexans
SA
(Capital
Goods)
2,575,489
134,585
Safran
SA
(Capital
Goods)
48,086,105
68,132
SPIE
SA
(Commercial
&
Professional
Services)
3,733,224
127,015
Technip
Energies
NV
(Energy)
4,977,653
148,927
Thales
SA
(Capital
Goods)
45,590,454
633,989
TotalEnergies
SE
(Energy)
46,109,274
175,763
Unibail-Rodamco-Westfield
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))*
19,433,257
367,683
Valeo
SE
(Automobiles
&
Components)
5,135,212
145,923
Vallourec
SACA
(Energy)
3,096,907
6,622
Vinci
SA
(Capital
Goods)
952,143
19,221
Viridien
(Energy)*
2,907,566
536,608,399
Georgia
–
0.0%
8,810
Lion
Finance
Group
PLC
(Banks)
1,217,185
Germany
–
8.9%
114,121
AIXTRON
SE
(Semiconductors
&
Semiconductor
Equipment)
2,618,093
229,219
Allianz
SE
(Insurance)
100,930,290
119,974
Aumovio
SE
(Automobiles
&
Components)*
5,756,867
9,309
Aurubis
AG
(Materials)
1,757,858
353,996
Continental
AG
(Automobiles
&
Components)
27,855,722
1,097,331
Deutsche
Bank
AG
(Financial
Services)
43,301,936
1,170,238
Deutsche
Lufthansa
AG
(Transportation)
12,055,191
109,495
Deutsche
Post
AG
(Transportation)
6,123,897
140,131
Deutsche
Telekom
AG
(Telecommunication
Services)
4,702,561
137,482
Deutz
AG
(Capital
Goods)
1,760,557
9,144
DWS
Group
GmbH
&
Co.
KGaA
(Financial
Services)
(a)
669,471
2,560,293
E.ON
SE
(Utilities)
54,217,520
69,124
Fresenius
Medical
Care
AG
(Health
Care
Equipment
&
Services)
3,111,897
24,807
GEA
Group
AG
(Capital
Goods)
1,773,773
13,767
Heidelberg
Materials
AG
(Materials)
3,770,382
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
37,125
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
$
3,064,640
33,859
Hensoldt
AG
(Capital
Goods)
3,363,645
71,991
Knorr-Bremse
AG
(Capital
Goods)
8,382,301
526,331
Mercedes-Benz
Group
AG
(Automobiles
&
Components)
35,971,725
65,787
MTU
Aero
Engines
AG
(Capital
Goods)
29,247,306
9,797
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Insurance)
5,937,737
42,020
Nemetschek
SE
(Software
&
Services)
3,671,477
311,168
Nordex
SE
(Capital
Goods)*
12,458,069
9,251
Rheinmetall
AG
(Capital
Goods)
19,601,475
42,362
SAP
SE
(Software
&
Services)
8,462,598
172,191
Scout24
SE
(Media
&
Entertainment)
(a)
17,143,575
66,045
Siemens
AG
(Capital
Goods)
19,967,420
278,072
Siemens
Energy
AG
(Capital
Goods)*
47,377,974
220,234
thyssenkrupp
AG
(Materials)
2,935,885
197,495
TUI
AG
(Consumer
Services)*
2,105,699
490,097,541
Hong
Kong
–
1.5%
405,900
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
22,377,719
1,581,900
Hongkong
Land
Holdings
Ltd.
(Real
Estate
Management
&
Development)
13,422,229
1,024,500
Johnson
Electric
Holdings
Ltd.
(Automobiles
&
Components)
3,528,906
871,328
Prudential
PLC
(Insurance)
14,311,790
1,636,000
Swire
Properties
Ltd.
(Real
Estate
Management
&
Development)
4,958,802
18,958,000
WH
Group
Ltd.
(Food,
Beverage
&
Tobacco)
(a)
22,372,255
80,971,701
Indonesia
–
0.0%
10,600
Jardine
Matheson
Holdings
Ltd.
(Capital
Goods)
772,506
Ireland
–
0.3%
1,273,206
AIB
Group
PLC
(Banks)
14,232,090
224,466
Bank
of
Ireland
Group
PLC
(Banks)
4,560,585
18,792,675
Israel
–
0.0%
37,715
Plus500
Ltd.
(Financial
Services)
2,170,933
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
2.1%
86,966
Azimut
Holding
SpA
(Financial
Services)
$
3,673,790
65,760
Banca
Generali
SpA
(Financial
Services)
4,430,921
724,375
Banca
Mediolanum
SpA
(Financial
Services)
16,992,556
785,153
Banca
Monte
dei
Paschi
di
Siena
SpA
(Banks)
8,145,032
223,186
Banco
BPM
SpA
(Banks)
3,345,409
36,156
Coca-Cola
HBC
AG
(Food,
Beverage
&
Tobacco)*
1,963,622
155,831
DiaSorin
SpA
(Health
Care
Equipment
&
Services)
13,358,307
683,111
FinecoBank
Banca
Fineco
SpA
(Banks)
18,109,459
200,281
Leonardo
SpA
(Capital
Goods)
13,384,117
350,537
Saipem
SpA
(Energy)
1,294,625
221,529
UniCredit
SpA
(Banks)
19,305,395
619,428
Unipol
Assicurazioni
SpA
(Insurance)
13,795,774
117,799,007
Ivory
Coast
–
0.3%
251,187
Endeavour
Mining
PLC
(Materials)
14,297,138
Japan
–
24.8%
214,800
Advantest
Corp.
(Semiconductors
&
Semiconductor
Equipment)
35,525,040
504,600
AGC,
Inc.
(Capital
Goods)
18,619,484
148,600
Aisin
Corp.
(Automobiles
&
Components)
2,662,169
129,200
Alps
Alpine
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,692,248
667,800
ANA
Holdings,
Inc.
(Transportation)
12,965,286
2,169,400
Astellas
Pharma,
Inc.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
30,176,130
202,000
Bridgestone
Corp.
(Automobiles
&
Components)
4,547,880
179,000
Chiba
Bank
Ltd.
(The)
(Banks)
2,423,432
206,500
Credit
Saison
Co.
Ltd.
(Financial
Services)
5,575,107
150,500
Dai-ichi
Life
Holdings,
Inc.
(Insurance)
1,323,518
651,200
Daiichi
Sankyo
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
11,929,742
66,500
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate
Management
&
Development)
2,265,926
2,611,400
Daiwa
Securities
Group,
Inc.
(Financial
Services)
25,446,502
4,900
Disco
Corp.
(Semiconductors
&
Semiconductor
Equipment)
2,088,628
220,600
Eisai
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
6,150,204
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
758,700
Electric
Power
Development
Co.
Ltd.
(Utilities)
$
16,113,453
5,370,400
ENEOS
Holdings,
Inc.
(Energy)
45,390,179
434,500
FANUC
Corp.
(Capital
Goods)
17,447,173
293,700
Fuji
Electric
Co.
Ltd.
(Capital
Goods)
20,921,035
1,792,500
FUJIFILM
Holdings
Corp.
(Technology
Hardware
&
Equipment)
35,805,653
113,200
Fujikura
Ltd.
(Capital
Goods)
14,227,765
1,094,100
Fujitsu
Ltd.
(Software
&
Services)
30,400,425
174,400
Fukuoka
Financial
Group,
Inc.
(Banks)
6,341,855
23,500
Glory
Ltd.
(Capital
Goods)
612,124
427,300
Gunma
Bank
Ltd.
(The)
(Banks)
5,379,583
123,200
Hachijuni
Bank
Ltd.
(The)
(Banks)
1,539,184
196,900
Haseko
Corp.
(Consumer
Durables
&
Apparel)
4,035,735
169,600
Hitachi
Construction
Machinery
Co.
Ltd.
(Capital
Goods)
5,545,751
452,300
Hitachi
Ltd.
(Capital
Goods)
15,694,871
51,900
Hokuhoku
Financial
Group,
Inc.
(Banks)
1,783,744
6,300
Horiba
Ltd.
(Technology
Hardware
&
Equipment)
747,216
98,200
Hyakugo
Bank
Ltd.
(The)
(Banks)
893,055
80,000
Ibiden
Co.
Ltd.
(Technology
Hardware
&
Equipment)
4,217,182
221,300
Inpex
Corp.
(Energy)
4,958,053
1,914,700
Isuzu
Motors
Ltd.
(Automobiles
&
Components)
30,845,467
781,100
ITOCHU
Corp.
(Capital
Goods)
10,000,090
416,700
Iyogin
Holdings,
Inc.
(Banks)
7,756,855
302,200
Japan
Airlines
Co.
Ltd.
(Transportation)
5,710,134
541,100
Japan
Exchange
Group,
Inc.
(Financial
Services)
5,904,604
72,700
Japan
Material
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
843,075
296,700
Japan
Post
Holdings
Co.
Ltd.
(Insurance)
3,570,138
1,609,500
Japan
Tobacco,
Inc.
(Food,
Beverage
&
Tobacco)
58,170,059
111,700
JFE
Holdings,
Inc.
(Materials)
1,503,838
439,900
JX
Advanced
Metals
Corp.
(Materials)
7,118,188
121,500
Kajima
Corp.
(Capital
Goods)
4,956,686
79,600
Kao
Corp.
(Household
&
Personal
Products)
3,184,199
362,700
KDDI
Corp.
(Telecommunication
Services)
6,123,818
333,200
Kinden
Corp.
(Capital
Goods)
14,744,085
73,000
Kioxia
Holdings
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
9,985,406
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
31,600
Komatsu
Ltd.
(Capital
Goods)
$
1,209,497
20,300
Konami
Group
Corp.
(Media
&
Entertainment)
2,964,274
82,800
K's
Holdings
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
861,111
79,500
Kyoto
Financial
Group,
Inc.
(Banks)
1,920,586
413,100
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
4,598,593
326,000
Kyushu
Railway
Co.
(Transportation)
8,312,200
7,000
Lasertec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
1,608,162
146,600
Mabuchi
Motor
Co.
Ltd.
(Capital
Goods)
1,377,146
46,600
Makita
Corp.
(Capital
Goods)
1,619,143
222,100
Mazda
Motor
Corp.
(Automobiles
&
Components)
1,709,139
216,200
Mebuki
Financial
Group,
Inc.
(Banks)
1,631,055
502,600
Mitsubishi
Corp.
(Capital
Goods)
13,352,245
1,154,200
Mitsubishi
Electric
Corp.
(Capital
Goods)
36,082,496
685,800
Mitsubishi
Heavy
Industries
Ltd.
(Capital
Goods)
20,192,654
139,500
Mitsubishi
Materials
Corp.
(Materials)
4,012,594
183,800
Mitsubishi
UFJ
Financial
Group,
Inc.
(Banks)
3,328,686
21,600
Mitsui
E&S
Co.
Ltd.
(Capital
Goods)
959,884
983,400
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate
Management
&
Development)
11,276,555
21,300
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
2,779,839
86,500
Mizuho
Financial
Group,
Inc.
(Banks)
3,755,652
75,300
Modec,
Inc.
(Energy)
7,343,066
176,000
Monex
Group,
Inc.
(Financial
Services)
808,563
1,600,300
Murata
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
32,510,987
322,800
Nabtesco
Corp.
(Capital
Goods)
8,747,126
666,000
NEC
Corp.
(Software
&
Services)
22,577,172
1,298,900
NGK
Insulators
Ltd.
(Capital
Goods)
31,119,037
39,800
Nintendo
Co.
Ltd.
(Media
&
Entertainment)
2,464,637
215,000
Nippon
Electric
Glass
Co.
Ltd.
(Technology
Hardware
&
Equipment)
9,350,349
1,100,900
Nippon
Steel
Corp.
(Materials)
4,587,508
20,200
Nishimatsu
Construction
Co.
Ltd.
(Capital
Goods)
751,699
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
63,500
Nishi-Nippon
Financial
Holdings,
Inc.
(Banks)
$
1,538,037
126,000
Nomura
Holdings,
Inc.
(Financial
Services)
1,141,855
312,500
Nomura
Research
Institute
Ltd.
(Software
&
Services)
9,506,372
151,500
NSK
Ltd.
(Capital
Goods)
1,053,616
1,001,900
NTN
Corp.
(Capital
Goods)
2,401,290
21,232,400
NTT,
Inc.
(Telecommunication
Services)
21,336,015
523,800
Obayashi
Corp.
(Capital
Goods)
11,823,907
66,200
Obic
Co.
Ltd.
(Software
&
Services)
1,839,960
19,900
Ogaki
Kyoritsu
Bank
Ltd.
(The)
(Banks)
726,807
814,900
ORIX
Corp.
(Financial
Services)
24,834,406
43,800
Osaka
Gas
Co.
Ltd.
(Utilities)
1,644,369
145,800
Otsuka
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
8,728,810
704,100
Renesas
Electronics
Corp.
(Semiconductors
&
Semiconductor
Equipment)*
11,705,984
511,800
Ricoh
Co.
Ltd.
(Technology
Hardware
&
Equipment)
4,528,740
104,000
SBI
Holdings,
Inc.
(Financial
Services)
2,351,857
13,900
SCREEN
Holdings
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
1,770,208
221,300
Sharp
Corp.
(Consumer
Durables
&
Apparel)*
1,009,940
356,100
Shionogi
&
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
7,331,810
84,200
Shizuoka
Financial
Group,
Inc.
(Banks)
1,375,491
1,172,200
SoftBank
Group
Corp.
(Telecommunication
Services)
32,009,719
580,000
Sompo
Holdings,
Inc.
(Insurance)
20,001,026
5,511,700
Sony
Financial
Group,
Inc.
(Financial
Services)*
5,538,055
230,300
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
5,077,633
632,600
Subaru
Corp.
(Automobiles
&
Components)
13,580,766
380,300
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)
3,970,339
180,000
Sumitomo
Corp.
(Capital
Goods)
7,309,637
1,400,900
Sumitomo
Electric
Industries
Ltd.
(Automobiles
&
Components)
61,330,757
40,500
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
2,288,591
1,254,800
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
44,156,978
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
148,300
Sumitomo
Pharma
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
$
2,206,856
58,200
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
1,620,696
24,300
SWCC
Corp.
(Capital
Goods)
1,811,108
130,700
Taiheiyo
Cement
Corp.
(Materials)
3,591,552
153,700
Taisei
Corp.
(Capital
Goods)
15,331,294
2,134,100
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
72,644,154
2,966,700
TDK
Corp.
(Technology
Hardware
&
Equipment)
38,280,012
232,600
Terumo
Corp.
(Health
Care
Equipment
&
Services)
3,042,702
31,900
Toho
Co.
Ltd.
(Media
&
Entertainment)
1,623,651
107,200
Tokai
Carbon
Co.
Ltd.
(Materials)
741,756
132,800
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
636,253
117,600
Tokio
Marine
Holdings,
Inc.
(Insurance)
4,383,252
10,700
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
2,851,112
103,300
Tokyo
Seimitsu
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
9,359,044
1,461,200
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
13,529,999
337,600
TOPPAN
Holdings,
Inc.
(Commercial
&
Professional
Services)
10,428,383
606,200
Tosoh
Corp.
(Materials)
9,893,558
110,100
Towa
Corp.
(Semiconductors
&
Semiconductor
Equipment)
2,124,975
59,800
Toyoda
Gosei
Co.
Ltd.
(Automobiles
&
Components)
1,624,640
57,600
Toyota
Motor
Corp.
(Automobiles
&
Components)
1,305,533
53,600
Tsugami
Corp.
(Capital
Goods)
1,114,842
687,900
Tsuruha
Holdings,
Inc.
(Consumer
Staples
Distribution
&
Retail)
10,961,534
99,400
UBE
Corp.
(Materials)
1,718,953
95,900
Ulvac,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
5,149,078
123,900
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,369,013
393,200
West
Japan
Railway
Co.
(Transportation)
8,034,822
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
71,800
Yamaichi
Electronics
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
$
2,728,717
1,559,400
Yokohama
Financial
Group,
Inc.
(Banks)
14,202,601
1,363,896,694
Luxembourg
–
0.2%
139,895
Eurofins
Scientific
SE
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
11,316,540
Netherlands
–
5.5%
33,562
AMG
Critical
Materials
NV
(Materials)
1,435,777
10,030
Argenx
SE
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
8,434,951
30,161
ASM
International
NV
(Semiconductors
&
Semiconductor
Equipment)
25,330,249
127,272
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
182,496,237
64,773
BE
Semiconductor
Industries
NV
(Semiconductors
&
Semiconductor
Equipment)
12,607,647
43,464
EXOR
NV
(Financial
Services)
3,568,663
137,074
Fugro
NV
(Capital
Goods)
1,894,177
47,431
Heineken
NV
(Food,
Beverage
&
Tobacco)
3,915,416
1,002,161
ING
Groep
NV
(Banks)
29,554,679
301,522
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
11,789,568
82,146
Koninklijke
BAM
Groep
NV
(Capital
Goods)
861,524
24,451
NN
Group
NV
(Insurance)
1,938,165
238,291
SBM
Offshore
NV
(Energy)
8,559,480
91,215
Wolters
Kluwer
NV
(Commercial
&
Professional
Services)
8,565,379
300,951,912
New
Zealand
–
0.1%
152,079
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care
Equipment
&
Services)
3,552,772
Nigeria
–
0.0%
365,277
Airtel
Africa
PLC
(Telecommunication
Services)
(a)
1,592,621
Norway
–
0.4%
472,328
Kongsberg
Gruppen
ASA
(Capital
Goods)
16,224,985
228,247
Orkla
ASA
(Food,
Beverage
&
Tobacco)
2,715,766
18,940,751
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Portugal
–
0.4%
14,474,107
Banco
Comercial
Portugues
SA,
Class
R
(Banks)
$
15,666,838
911,830
EDP
SA
(Utilities)
4,662,599
20,329,437
Singapore
–
0.9%
332,900
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
2,425,702
764,500
Keppel
Ltd.
(Capital
Goods)
6,576,863
547,500
Oversea-Chinese
Banking
Corp.
Ltd.
(Banks)
9,137,530
259,400
Singapore
Exchange
Ltd.
(Financial
Services)
3,594,276
2,689,200
Singapore
Technologies
Engineering
Ltd.
(Capital
Goods)
20,673,462
1,047,600
Singapore
Telecommunications
Ltd.
(Telecommunication
Services)
3,780,465
46,900
Venture
Corp.
Ltd.
(Technology
Hardware
&
Equipment)
602,249
46,790,547
South
Africa
–
0.3%
358,250
Anglo
American
PLC
(Materials)
16,611,285
Spain
–
2.8%
452,768
Aena
SME
SA
(Transportation)
(a)
14,061,889
1,299,262
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
32,980,071
2,862,603
Banco
Santander
SA
(Banks)
36,549,941
1,937,674
CaixaBank
SA
(Banks)
25,577,684
426,270
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
27,737,468
131,635
Merlin
Properties
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,959,153
96,899
Naturgy
Energy
Group
SA
(Utilities)
3,041,475
197,955
Redeia
Corp.
SA
(Utilities)
3,421,052
2,936,666
Unicaja
Banco
SA
(Banks)
(a)
10,063,628
155,392,361
Sweden
–
3.2%
402,072
Boliden
AB
(Materials)*
28,155,789
457,180
Epiroc
AB,
Class
A
(Capital
Goods)
12,816,214
42,310
Epiroc
AB,
Class
B
(Capital
Goods)
1,055,089
505,670
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary
Distribution
&
Retail)
10,126,110
140,106
Investor
AB,
Class
A
(Financial
Services)
5,362,233
632,774
Investor
AB,
Class
B
(Financial
Services)
24,399,560
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
439,300
Sandvik
AB
(Capital
Goods)
$
17,346,353
1,031,046
Svenska
Handelsbanken
AB,
Class
A
(Banks)
16,254,504
203,407
Swedbank
AB,
Class
A
(Banks)
7,908,517
300,229
Tele2
AB,
Class
B
(Telecommunication
Services)
5,523,772
3,001,602
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Technology
Hardware
&
Equipment)
32,507,845
381,065
Volvo
AB,
Class
B
(Capital
Goods)
13,846,922
175,302,908
Switzerland
–
4.8%
1,047,656
ABB
Ltd.
(Capital
Goods)
90,201,183
98,427
Accelleron
Industries
AG
(Capital
Goods)
9,428,032
1,034
Burckhardt
Compression
Holding
AG
(Capital
Goods)
714,853
31,287
Cie
Financiere
Richemont
SA
(Consumer
Durables
&
Apparel)
6,073,110
14,167
Galenica
AG
(Health
Care
Equipment
&
Services)
(a)
1,770,841
25,527
Logitech
International
SA
(Technology
Hardware
&
Equipment)
2,199,205
26,332
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
17,891,284
40,906
Schindler
Holding
AG
Participation
Certificates
(Capital
Goods)
15,783,276
271,182
SGS
SA
(Commercial
&
Professional
Services)
32,639,318
62,258
Sonova
Holding
AG
(Health
Care
Equipment
&
Services)
17,038,983
6,199
Tecan
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
1,092,173
1,306,183
UBS
Group
AG
(Financial
Services)
61,802,568
12,432
Zurich
Insurance
Group
AG
(Insurance)
8,844,398
265,479,224
United
Kingdom
–
9.2%
718,268
AstraZeneca
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
—
632,173
Aviva
PLC
(Insurance)
5,511,197
432,818
Babcock
International
Group
PLC
(Capital
Goods)
8,533,637
1,240,544
BAE
Systems
PLC
(Capital
Goods)
33,677,011
638,242
Beazley
PLC
(Insurance)
9,915,445
94,951
British
American
Tobacco
PLC
(Food,
Beverage
&
Tobacco)
5,736,337
1,317,130
Centrica
PLC
(Utilities)
3,448,921
658,506
Compass
Group
PLC
(Consumer
Services)
19,745,610
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
1,221,289
Convatec
Group
PLC
(Health
Care
Equipment
&
Services)
(a)
$
3,852,339
36,602
DCC
PLC
(Capital
Goods)
2,320,182
1,738,075
easyJet
PLC
(Transportation)
11,372,187
148,965
Hiscox
Ltd.
(Insurance)
3,029,854
3,520,787
HSBC
Holdings
PLC
(Banks)
62,109,999
71,186
ICG
PLC
(Financial
Services)
1,771,349
100,055
IG
Group
Holdings
PLC
(Financial
Services)
1,856,227
1,162,620
Imperial
Brands
PLC
(Food,
Beverage
&
Tobacco)
48,967,019
156,679
InterContinental
Hotels
Group
PLC
(Consumer
Services)
21,167,379
179,649
Intertek
Group
PLC
(Commercial
&
Professional
Services)
11,021,059
547,451
Investec
PLC
(Financial
Services)
4,554,560
1,189,802
ITV
PLC
(Media
&
Entertainment)
1,326,565
1,516,442
Kingfisher
PLC
(Consumer
Discretionary
Distribution
&
Retail)
6,988,364
100,557
Lancashire
Holdings
Ltd.
(Insurance)
849,239
40,453,661
Lloyds
Banking
Group
PLC
(Banks)
60,405,669
964,361
Man
Group
PLC
(Financial
Services)
3,480,769
977,343
National
Grid
PLC
(Utilities)
16,604,638
3,117,270
NatWest
Group
PLC
(Banks)
28,413,271
77,460
Next
PLC
(Consumer
Discretionary
Distribution
&
Retail)
14,063,569
95,880
QinetiQ
Group
PLC
(Capital
Goods)
660,558
331,005
Reckitt
Benckiser
Group
PLC
(Household
&
Personal
Products)*
27,592,563
229,337
RELX
PLC
(Commercial
&
Professional
Services)
8,130,467
1,190,361
Rolls-Royce
Holdings
PLC
(Capital
Goods)
19,899,255
96,831
RS
GROUP
PLC
(Capital
Goods)
889,157
407,851
Smiths
Group
PLC
(Capital
Goods)
14,006,366
2,014
SSE
PLC
(Utilities)
66,940
380,860
Standard
Chartered
PLC
(Banks)
9,744,857
1,210,675
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
1,769,962
2,259,084
Tesco
PLC
(Consumer
Staples
Distribution
&
Retail)
13,145,174
1,046,649
Vodafone
Group
PLC
ADR
(Telecommunication
Services)
15,333,408
501,961,103
United
States
–
9.6%
211,773
Aegon
Ltd.
(Insurance)
1,663,370
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
409,802
Alcon
AG
(Health
Care
Equipment
&
Services)
$
33,170,338
915,017
BP
PLC
ADR
(Energy)
34,660,844
603,975
GSK
PLC
ADR
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
31,165,110
221,957
Holcim
AG
(Materials)*
22,876,859
1,295,570
Nestle
SA
(Food,
Beverage
&
Tobacco)
123,631,778
475,628
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
70,568,840
222,617
QIAGEN
NV
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
11,802,992
164,509
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
74,808,810
850,910
Sanofi
SA
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
80,261,073
25,616
Schneider
Electric
SE
(Capital
Goods)
7,344,164
41,170
Spotify
Technology
SA
(Media
&
Entertainment)*
20,599,409
899,849
Tenaris
SA
(Energy)
19,988,321
532,541,908
TOTAL
COMMON
STOCKS
(Cost
$4,403,668,163)
5,317,477,884
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.2%
Germany
–
0.2%
86,325
Henkel
AG
&
Co.
KGaA
(Household
&
Personal
Products)
2.75
%
7,583,831
19,294
Sartorius
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
0.31
5,392,542
TOTAL
PREFERRED
STOCKS
(Cost
$12,829,603)
12,976,373
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.3%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
14,793,562
3.590%
$
14,793,562
(Cost
$14,793,562)
TOTAL
INVESTMENTS
–
97.3%
(Cost
$4,431,291,328)
$
5,345,247,819
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
2.7%
150,031,572
NET
ASSETS
–
100.0%
$
5,495,279,391
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
23.6
%
Industrials
20.4
Health
Care
12.5
Information
Technology
10.9
Consumer
Discretionary
8.0
Consumer
Staples
7.5
Materials
6.9
Energy
3.5
Communication
Services
2.5
Utilities
2.4
Real
Estate
1.5
Investment
Company
0.3
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
January
31,
2026,
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
903
03/20/26
$
63,697,833
$
(573,953)
FTSE
100
Index
166
03/20/26
23,145,073
8,683
Hang
Seng
Index
30
02/26/26
5,280,270
75,900
MSCI
Singapore
Index
47
02/26/26
1,699,183
183
SPI
200
Index
60
03/19/26
9,220,025
(18,157)
TOPIX
Index
135
03/12/26
31,202,830
(94,289)
Total
Futures
Contracts
$
(601,633)
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.6%
Australia
–
10.3%
281,986
Aurizon
Holdings
Ltd.
(Transportation)
$
721,314
1,644,281
Austal
Ltd.
(Capital
Goods)*
7,929,448
3,031,054
Capricorn
Metals
Ltd.
(Materials)*
28,390,130
1,881,705
Challenger
Ltd.
(Financial
Services)
11,985,418
3,739,145
Charter
Hall
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
59,546,698
7,508,073
Charter
Hall
Retail
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
20,445,421
1,240,960
Codan
Ltd.
(Technology
Hardware
&
Equipment)
32,676,747
148,071
Deep
Yellow
Ltd.
(Energy)*
289,150
1,025,204
Dexus
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,782,854
590,251
Downer
EDI
Ltd.
(Commercial
&
Professional
Services)
3,291,610
356,122
Eagers
Automotive
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
6,610,924
12,476
EBOS
Group
Ltd.
(Health
Care
Equipment
&
Services)
193,128
108,838
Elders
Ltd.
(Food,
Beverage
&
Tobacco)
557,549
858,693
GPT
Group
(The)
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,154,850
1,415,157
Harvey
Norman
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
6,359,315
182,849
HUB24
Ltd.
(Financial
Services)
12,811,511
37,040,526
Mirvac
Group
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
51,440,625
22,960
Neuren
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
265,855
3,615,106
Orica
Ltd.
(Materials)
64,400,276
372,262
Pantoro
Gold
Ltd.
(Materials)*
1,234,990
9,908,691
Perenti
Ltd.
(Materials)
19,075,330
17,398,835
Perseus
Mining
Ltd.
(Materials)
67,011,537
16,934,807
Ramelius
Resources
Ltd.
(Materials)
52,156,072
348,364
Regis
Healthcare
Ltd.
(Health
Care
Equipment
&
Services)
1,633,325
10,513,259
Regis
Resources
Ltd.
(Materials)
54,797,782
7,181,046
Resolute
Mining
Ltd.
(Materials)*
6,432,943
5,266,000
Sandfire
Resources
Ltd.
(Materials)*
71,454,546
2,781,086
Service
Stream
Ltd.
(Capital
Goods)
4,407,769
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
173,503
Superloop
Ltd.
(Telecommunication
Services)*
$
276,460
1,183,470
Tabcorp
Holdings
Ltd.
(Consumer
Services)
726,507
1,153,574
Technology
One
Ltd.
(Software
&
Services)
20,140,017
488,243
Temple
&
Webster
Group
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)*
4,060,870
3,952,721
Vault
Minerals
Ltd.
(Materials)*
15,126,169
3,344,678
Ventia
Services
Group
Pty
Ltd.
(Capital
Goods)
13,395,309
669,255
Waypoint
REIT
Ltd.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,140,781
1,080,650
WEB
Travel
Group,
Ltd.
(Consumer
Services)*
3,458,047
2,340,003
Westgold
Resources
Ltd.
(Materials)
11,165,793
1,236,419
Whitehaven
Coal
Ltd.
(Energy)
7,554,087
671,101,157
Austria
–
0.3%
62,126
BAWAG
Group
AG
(Banks)*
(a)
10,106,415
21,590
Porr
AG
(Capital
Goods)
887,954
144,135
voestalpine
AG
(Materials)
6,844,332
17,838,701
Belgium
–
0.9%
14,790
Ackermans
&
van
Haaren
NV
(Capital
Goods)
4,375,896
518,216
Aedifica
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
45,633,157
80,892
Colruyt
Group
NV
(Consumer
Staples
Distribution
&
Retail)
3,102,852
57,211
KBC
Ancora
(Banks)
5,257,550
94,502
Warehouses
De
Pauw
CVA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,677,777
61,047,232
China
–
0.0%
351,000
Health
&
Happiness
H&H
International
Holdings
Ltd.
(Food,
Beverage
&
Tobacco)
687,153
134,000
VSTECS
Holdings
Ltd.
(Technology
Hardware
&
Equipment)
132,581
819,734
Denmark
–
1.7%
427,597
AL
Sydbank
(Banks)
38,725,082
314,240
Bavarian
Nordic
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
9,574,675
34,600
Chemometec
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,344,018
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
93,966
H
Lundbeck
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
$
629,981
5,211
Jyske
Bank
A/S
(Banks)
758,339
43,661
NKT
A/S
(Capital
Goods)*
5,710,261
61,458
Ringkjoebing
Landbobank
A/S
(Banks)
15,492,814
521,200
Zealand
Pharma
A/S
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
34,856,556
109,091,726
Finland
–
1.4%
343,794
Hiab
OYJ
(Capital
Goods)
20,428,736
262,009
Kalmar
OYJ,
Class
B
(Capital
Goods)
13,395,959
472,133
Konecranes
OYJ
(Capital
Goods)
55,599,478
89,424,173
France
–
5.0%
305,261
Coface
SA
(Insurance)
5,582,975
12,394
Exosens
SAS
(Capital
Goods)
793,968
881,455
Forvia
SE
(Automobiles
&
Components)*
14,391,907
194,703
Gaztransport
Et
Technigaz
SA
(Energy)
41,948,504
253,489
Mercialys
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,189,398
403,640
Nexans
SA
(Capital
Goods)
63,578,399
200,996
Rubis
SCA
(Utilities)
8,138,954
3,724
Sopra
Steria
Group
(Software
&
Services)
680,246
1,178,936
SPIE
SA
(Commercial
&
Professional
Services)
64,598,603
785,359
Technip
Energies
NV
(Energy)
30,777,817
3,352,490
Valeo
SE
(Automobiles
&
Components)
46,822,256
1,830,992
Vallourec
SACA
(Energy)
38,858,933
14,224
Vicat
SACA
(Materials)
1,318,003
26,833
Vusion
(Technology
Hardware
&
Equipment)
4,177,318
324,857,281
Georgia
–
0.6%
228,006
Lion
Finance
Group
PLC
(Banks)
31,501,187
117,681
TBC
Bank
Group
PLC
(Banks)
6,842,242
38,343,429
Germany
–
5.1%
1,375,042
AIXTRON
SE
(Semiconductors
&
Semiconductor
Equipment)
31,545,361
262,555
Aumovio
SE
(Automobiles
&
Components)*
12,598,516
132,817
Aurubis
AG
(Materials)
(b)
25,080,391
314,490
Bilfinger
SE
(Commercial
&
Professional
Services)
44,062,861
3,064,632
Deutz
AG
(Capital
Goods)
39,244,851
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
591,947
Jenoptik
AG
(Technology
Hardware
&
Equipment)
$
18,681,487
125,379
KION
Group
AG
(Capital
Goods)
8,856,136
1,845,617
Nordex
SE
(Capital
Goods)*
73,891,994
54,473
SMA
Solar
Technology
AG
(Capital
Goods)*
2,369,742
1,911,833
thyssenkrupp
AG
(Materials)
25,486,172
204,320
Tkms
AG&
Co.
KGaA
(Capital
Goods)*
23,940,571
2,603,634
TUI
AG
(Consumer
Services)*
27,760,046
333,518,128
Guatemala
–
0.1%
109,833
Millicom
International
Cellular
SA
(Telecommunication
Services)
6,703,108
Hong
Kong
–
1.7%
391,700
DFI
Retail
Group
Holdings
Ltd.
(Consumer
Staples
Distribution
&
Retail)
1,612,874
565,000
Hang
Lung
Group
Ltd.
(Real
Estate
Management
&
Development)
1,217,208
2,753,000
Hysan
Development
Co.
Ltd.
(Real
Estate
Management
&
Development)
7,560,777
13,458,500
Johnson
Electric
Holdings
Ltd.
(Automobiles
&
Components)
46,358,016
7,264,000
Kerry
Properties
Ltd.
(Real
Estate
Management
&
Development)
22,051,783
6,413,000
Luk
Fook
Holdings
International
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
26,345,476
2,019,000
Pacific
Basin
Shipping
Ltd.
(Transportation)
792,928
3,178,000
PAX
Global
Technology
Ltd.
(Technology
Hardware
&
Equipment)
2,005,548
107,944,610
Indonesia
–
0.1%
8,756,000
First
Pacific
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
6,851,087
1,215,900
First
Resources
Ltd.
(Food,
Beverage
&
Tobacco)
2,045,170
8,896,257
Iraq
–
–%
7,102,000
United
Energy
Group
Ltd.
(Energy)
—
Israel
–
5.1%
183,808
Airport
City
Ltd.
(Real
Estate
Management
&
Development)*
3,419,343
495,905
Alony
Hetz
Properties
&
Investments
Ltd.
(Real
Estate
Management
&
Development)
6,543,584
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
604,625
Amot
Investments
Ltd.
(Real
Estate
Management
&
Development)
$
4,682,060
3,312
Bet
Shemesh
Engines
Holdings
1997
Ltd.
(Capital
Goods)*
836,490
12,414,532
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Telecommunication
Services)
31,882,816
26,189
Big
Shopping
Centers
Ltd.
(Real
Estate
Management
&
Development)
6,299,348
7,489
Camtek
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
1,119,321
46,231
Clal
Insurance
Enterprises
Holdings
Ltd.
(Insurance)
3,362,245
6,204
Delek
Group
Ltd.
(Energy)
1,745,921
498,561
El
Al
Israel
Airlines
(Transportation)
2,819,469
6,883
Elco
Ltd.
(Capital
Goods)
361,299
284,685
Enlight
Renewable
Energy
Ltd.
(Utilities)*
16,065,617
17,665
Fattal
Holdings
1998
Ltd.
(Consumer
Services)*
3,633,989
333,614
First
International
Bank
Of
Israel
Ltd.
(The)
(Banks)
28,324,435
16,593
Fox
Wizel
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
1,675,212
209,250
G
City
Ltd.
(Real
Estate
Management
&
Development)
644,414
876,599
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Insurance)
40,208,211
6,961
Israel
Corp.
Ltd.
(Materials)
2,080,572
50,053
Melisron
Ltd.
(Real
Estate
Management
&
Development)
6,557,835
7,004
Menora
Mivtachim
Holdings
Ltd.
(Insurance)
899,980
370,776
Migdal
Insurance
&
Financial
Holdings
Ltd.
(Insurance)*
1,989,444
2,388,273
Mivne
Real
Estate
KD
Ltd.
(Real
Estate
Management
&
Development)
11,129,651
64,701
Next
Vision
Stabilized
Systems
Ltd.
(Technology
Hardware
&
Equipment)
5,821,660
1
Orion
Retail
Properties
Ltd.
(Equity
Real
Estate
Investment
Trusts
(REITs))*
1
59,750
Partner
Communications
Co.
Ltd.
(Telecommunication
Services)
726,035
1,057,733
Plus500
Ltd.
(Financial
Services)
60,884,735
1,721,900
Shufersal
Ltd.
(Consumer
Staples
Distribution
&
Retail)
22,238,432
270,710
Strauss
Group
Ltd.
(Food,
Beverage
&
Tobacco)
10,217,245
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
75,205
Tel
Aviv
Stock
Exchange
Ltd.
(Financial
Services)
$
2,889,405
389,117
Tower
Semiconductor
Ltd.
(Semiconductors
&
Semiconductor
Equipment)*
51,380,528
5,952
YH
Dimri
Construction
&
Development
Ltd.
(Real
Estate
Management
&
Development)
755,688
331,194,985
Italy
–
4.1%
966,811
Avio
SpA
(Capital
Goods)
39,790,937
779,176
Azimut
Holding
SpA
(Financial
Services)
32,915,500
565,680
Banca
Generali
SpA
(Financial
Services)
38,115,619
25,131
Danieli
&
C
Officine
Meccaniche
SpA
(Capital
Goods)
1,855,378
626,651
De'
Longhi
SpA
(Consumer
Durables
&
Apparel)
27,702,526
697,163
DiaSorin
SpA
(Health
Care
Equipment
&
Services)
59,762,933
406,779
Enav
SpA
(Transportation)
(a)
2,347,746
88,837
Fincantieri
SpA
(Capital
Goods)*
1,686,270
263,929
Reply
SpA
(Software
&
Services)
34,601,921
5,938,199
Saipem
SpA
(Energy)
(b)
21,931,325
371,948
Technogym
SpA
(Consumer
Durables
&
Apparel)
(a)
7,767,367
268,477,522
Japan
–
35.6%
5,619,200
Acom
Co.
Ltd.
(Financial
Services)
18,588,503
397,100
ADEKA
Corp.
(Materials)
11,803,534
3,057
Advance
Residence
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
3,317,738
23,400
Alfresa
Holdings
Corp.
(Health
Care
Equipment
&
Services)
376,854
2,606,200
Alps
Alpine
Co.
Ltd.
(Technology
Hardware
&
Equipment)
34,135,733
246,000
Aozora
Bank
Ltd.
(Banks)
3,985,466
431,000
Asahi
Intecc
Co.
Ltd.
(Health
Care
Equipment
&
Services)
7,184,840
38,000
Bank
of
Nagoya
Ltd.
(The)
(Banks)
1,204,085
1,677,100
Brother
Industries
Ltd.
(Technology
Hardware
&
Equipment)
34,192,038
81,700
Casio
Computer
Co.
Ltd.
(Consumer
Durables
&
Apparel)
798,781
933,600
Chugin
Financial
Group,
Inc.
(Banks)
16,898,403
238,000
Chugoku
Electric
Power
Co.,
Inc.
(The)
(Utilities)
1,519,172
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,896,500
Citizen
Watch
Co.
Ltd.
(Technology
Hardware
&
Equipment)
$
16,761,663
297,000
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Food,
Beverage
&
Tobacco)
6,625,090
532,500
Cosmo
Energy
Holdings
Co.
Ltd.
(Energy)
15,968,152
892,000
Credit
Saison
Co.
Ltd.
(Financial
Services)
24,082,303
647,700
Daido
Steel
Co.
Ltd.
(Materials)
8,320,253
31,300
Denka
Co.
Ltd.
(Materials)
—
610,800
Dexerials
Corp.
(Technology
Hardware
&
Equipment)
10,716,025
189,200
Dowa
Holdings
Co.
Ltd.
(Materials)
11,205,937
123,100
DTS
Corp.
(Software
&
Services)
1,002,833
524,300
EDION
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
7,176,836
114,200
Electric
Power
Development
Co.
Ltd.
(Utilities)
2,425,407
48,200
Exedy
Corp.
(Automobiles
&
Components)
1,776,197
50,100
Ferrotec
Corp.
(Semiconductors
&
Semiconductor
Equipment)
1,915,498
409,900
Fuji
Corp.
(Capital
Goods)
10,098,650
1,003,000
Fujita
Kanko,
Inc.
(Consumer
Services)
16,166,272
282,000
Fukuoka
Financial
Group,
Inc.
(Banks)
10,254,605
10,700
Fuso
Chemical
Co.
Ltd.
(Materials)
515,716
615,000
Glory
Ltd.
(Capital
Goods)
16,019,411
16,459
GLP
J
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
15,123,222
26,400
GMO
internet
group,
Inc.
(Software
&
Services)
657,920
40,600
GS
Yuasa
Corp.
(Automobiles
&
Components)
945,108
519,000
Gunma
Bank
Ltd.
(The)
(Banks)
6,534,059
197,400
H2O
Retailing
Corp.
(Consumer
Staples
Distribution
&
Retail)
2,703,172
610,900
Hamamatsu
Photonics
KK
(Technology
Hardware
&
Equipment)
6,826,357
1,996,500
Haseko
Corp.
(Consumer
Durables
&
Apparel)
40,921,001
280,500
Heiwa
Corp.
(Consumer
Services)
3,674,319
31,400
Hirogin
Holdings,
Inc.
(Banks)
355,633
18,000
Hirose
Electric
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,943,312
203,500
HIS
Co.
Ltd.
(Consumer
Services)
1,690,253
1,456,600
Hitachi
Construction
Machinery
Co.
Ltd.
(Capital
Goods)
47,629,365
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
270,500
Hokuriku
Electric
Power
Co.
(Utilities)
$
1,710,920
8,100
Horiba
Ltd.
(Technology
Hardware
&
Equipment)
960,706
51,900
Hosiden
Corp.
(Technology
Hardware
&
Equipment)
864,603
625,000
Ibiden
Co.
Ltd.
(Technology
Hardware
&
Equipment)
32,946,734
332,900
Iino
Kaiun
Kaisha
Ltd.
(Transportation)
3,377,931
8,200
Inaba
Denki
Sangyo
Co.
Ltd.
(Capital
Goods)
136,581
11,539
Industrial
&
Infrastructure
Fund
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
11,174,845
67,200
Internet
Initiative
Japan,
Inc.
(Telecommunication
Services)
1,085,825
26,300
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
422,077
32,400
Iwatani
Corp.
(Energy)
384,296
24,300
Izumi
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
480,712
201,000
Japan
Aviation
Electronics
Industry
Ltd.
(Technology
Hardware
&
Equipment)
3,140,281
630,000
Japan
Material
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
7,305,881
6,700
Japan
Steel
Works
Ltd.
(The)
(Capital
Goods)
370,863
384,500
JTEKT
Corp.
(Automobiles
&
Components)
4,540,120
144,000
Kamigumi
Co.
Ltd.
(Transportation)
5,039,394
1,114,800
Kanematsu
Corp.
(Capital
Goods)
14,642,542
81,900
Kansai
Paint
Co.
Ltd.
(Materials)
1,307,073
39,377
KDX
Realty
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
42,599,482
1,065,000
Kinden
Corp.
(Capital
Goods)
47,126,202
889,400
Kobe
Steel
Ltd.
(Materials)
12,802,752
4,678,600
Konica
Minolta,
Inc.
(Technology
Hardware
&
Equipment)
20,479,371
2,475,300
K's
Holdings
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
25,742,866
491,900
Kumagai
Gumi
Co.
Ltd.
(Capital
Goods)
5,520,657
3,500
Kurita
Water
Industries
Ltd.
(Capital
Goods)
175,069
15,300
KYB
Corp.
(Automobiles
&
Components)
434,683
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
437,000
Kyokuto
Kaihatsu
Kogyo
Co.
Ltd.
(Capital
Goods)
$
9,334,642
1,531,500
Kyoritsu
Maintenance
Co.
Ltd.
(Consumer
Services)
27,848,619
76,500
Kyoto
Financial
Group,
Inc.
(Banks)
1,848,111
14,700
Kyudenko
Corp.
(Capital
Goods)
766,630
2,275,300
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
25,328,440
1,550,000
Kyushu
Railway
Co.
(Transportation)
39,521,194
10,770
LaSalle
Logiport
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
10,931,080
20,800
Lifedrink
Co.,
Inc.
(Food,
Beverage
&
Tobacco)
218,112
83,700
Lintec
Corp.
(Materials)
2,582,370
608,000
Lion
Corp.
(Household
&
Personal
Products)
6,509,796
2,802,900
Mabuchi
Motor
Co.
Ltd.
(Capital
Goods)
26,330,165
68,900
Maruha
Nichiro
Corp.
(Food,
Beverage
&
Tobacco)
620,547
653,900
Maruichi
Steel
Tube
Ltd.
(Materials)
6,479,414
681,900
Mebuki
Financial
Group,
Inc.
(Banks)
5,144,387
340,500
Medipal
Holdings
Corp.
(Health
Care
Equipment
&
Services)
6,171,344
2,529
Mitsubishi
Estate
Logistics
Investment
Corp.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
2,150,261
1,134,200
Mitsubishi
Materials
Corp.
(Materials)
32,624,256
1,242
Mitsui
Fudosan
Logistics
Park,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
(b)
926,983
89,400
Mitsui
High-Tec,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
—
239,900
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
31,309,079
422,800
Modec,
Inc.
(Energy)
41,230,389
329,200
Monex
Group,
Inc.
(Financial
Services)
1,512,380
479,700
Morinaga
Milk
Industry
Co.
Ltd.
(Food,
Beverage
&
Tobacco)
12,387,733
1,643,500
Nabtesco
Corp.
(Capital
Goods)
44,535,012
3,237,100
NGK
Insulators
Ltd.
(Capital
Goods)
77,554,419
236,300
NH
Foods
Ltd.
(Food,
Beverage
&
Tobacco)
10,728,385
15,700
Nippn
Corp.
(Food,
Beverage
&
Tobacco)
268,007
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
1,483,000
Nippon
Electric
Glass
Co.
Ltd.
(Technology
Hardware
&
Equipment)
$
64,495,664
623,400
Nippon
Light
Metal
Holdings
Co.
Ltd.
(Materials)
10,998,104
2,420
Nippon
Prologis
REIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,412,125
307,600
Nippon
Shinyaku
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
10,267,658
780,600
Nippon
Television
Holdings,
Inc.
(Media
&
Entertainment)
18,760,802
409,500
Nipro
Corp.
(Health
Care
Equipment
&
Services)
3,763,168
399,000
Nishimatsu
Construction
Co.
Ltd.
(Capital
Goods)
14,847,919
173,100
Nishi-Nippon
Financial
Holdings,
Inc.
(Banks)
4,192,664
227,800
Nissan
Chemical
Corp.
(Materials)
7,852,154
322,900
Nisshin
Seifun
Group,
Inc.
(Food,
Beverage
&
Tobacco)
4,097,800
2,244,300
Nissui
Corp.
(Food,
Beverage
&
Tobacco)
18,919,565
12,500
Nitto
Kogyo
Corp.
(Capital
Goods)
334,408
917,600
Nojima
Corp.
(Consumer
Discretionary
Distribution
&
Retail)
6,402,706
1,115,300
NOK
Corp.
(Automobiles
&
Components)
21,721,063
30,797
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
33,276,952
34,800
Noritsu
Koki
Co.
Ltd.
(Consumer
Durables
&
Apparel)
496,030
59,200
North
Pacific
Bank
Ltd.
(Banks)
353,667
651,900
NS
United
Kaiun
Kaisha
Ltd.
(Transportation)
(b)
29,082,834
4,104,900
NSK
Ltd.
(Capital
Goods)
28,547,768
11,273,100
NTN
Corp.
(Capital
Goods)
27,018,647
391,400
Okamura
Corp.
(Commercial
&
Professional
Services)
6,007,238
1,737,500
Okasan
Securities
Group,
Inc.
(Financial
Services)
(b)
9,949,823
1,412,900
Oki
Electric
Industry
Co.
Ltd.
(Technology
Hardware
&
Equipment)
18,643,254
83,300
Okumura
Corp.
(Capital
Goods)
3,469,142
2,328,700
Ono
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
34,693,799
329,600
Orient
Corp.
(Financial
Services)
2,343,176
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
4,663
Orix
JREIT,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
$
3,122,910
13,600
Osaka
Soda
Co.
Ltd.
(Materials)
197,656
129,300
Penta-Ocean
Construction
Co.
Ltd.
(Capital
Goods)
1,357,029
1,211,300
Pigeon
Corp.
(Household
&
Personal
Products)
12,623,728
253,800
Resorttrust,
Inc.
(Consumer
Services)
2,957,424
4,586,300
Ricoh
Co.
Ltd.
(Technology
Hardware
&
Equipment)
40,582,575
64,100
Rinnai
Corp.
(Consumer
Durables
&
Apparel)
1,683,612
408,600
Rohto
Pharmaceutical
Co.
Ltd.
(Household
&
Personal
Products)
6,764,695
535,900
Rorze
Corp.
(Semiconductors
&
Semiconductor
Equipment)
11,352,548
67,300
Sakata
Seed
Corp.
(Food,
Beverage
&
Tobacco)
1,770,202
89,700
San-In
Godo
Bank
Ltd.
(The)
(Banks)
917,573
1,154,400
Santen
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
12,986,576
2,784,500
Sawai
Group
Holdings
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
42,710,758
152,400
Seiko
Group
Corp.
(Consumer
Durables
&
Apparel)
7,613,130
155,300
Seino
Holdings
Co.
Ltd.
(Transportation)
(b)
2,417,620
13,996
Sekisui
House
Reit,
Inc.
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
8,218,790
330,400
Seven
Bank
Ltd.
(Banks)
635,997
2,749,900
Sharp
Corp.
(Consumer
Durables
&
Apparel)*
12,549,634
854,900
Shikoku
Electric
Power
Co.,
Inc.
(Utilities)
8,653,750
115,900
Shimizu
Corp.
(Capital
Goods)
2,058,259
388,400
Shinmaywa
Industries
Ltd.
(Capital
Goods)
5,488,081
7,300
Shochiku
Co.
Ltd.
(Media
&
Entertainment)
558,937
2,835,600
SKY
Perfect
JSAT
Holdings,
Inc.
(Media
&
Entertainment)
40,988,251
1,044,500
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
24,020,260
3,180,800
SUMCO
Corp.
(Semiconductors
&
Semiconductor
Equipment)
33,207,611
26,200
Sumitomo
Bakelite
Co.
Ltd.
(Materials)
922,763
653,700
Sumitomo
Chemical
Co.
Ltd.
(Materials)
1,988,637
402,400
Sumitomo
Forestry
Co.
Ltd.
(Consumer
Durables
&
Apparel)
4,362,949
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
53,200
Sumitomo
Heavy
Industries
Ltd.
(Capital
Goods)
$
1,656,362
628,700
Sumitomo
Osaka
Cement
Co.
Ltd.
(Materials)
16,945,231
2,153,400
Sumitomo
Pharma
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
32,044,801
1,110,400
Sundrug
Co.
Ltd.
(Consumer
Staples
Distribution
&
Retail)
29,560,920
186,700
SWCC
Corp.
(Capital
Goods)
13,914,972
898,900
Taiheiyo
Cement
Corp.
(Materials)
24,701,195
153,900
Taikisha
Ltd.
(Capital
Goods)
3,437,983
53,300
Taiyo
Yuden
Co.
Ltd.
(Technology
Hardware
&
Equipment)
1,127,055
258,500
Takasago
Thermal
Engineering
Co.
Ltd.
(Capital
Goods)
7,473,424
668,200
Toa
Corp.
(Capital
Goods)
13,588,644
847,000
Toda
Corp.
(Capital
Goods)
7,393,231
170,700
Toho
Gas
Co.
Ltd.
(Utilities)
5,654,672
1,879,200
Tokai
Carbon
Co.
Ltd.
(Materials)
13,002,879
2,633,500
Tokai
Tokyo
Financial
Holdings,
Inc.
(Financial
Services)
12,617,252
222,600
Tokuyama
Corp.
(Materials)
5,819,715
693,900
Tokyo
Century
Corp.
(Financial
Services)
9,666,492
591,100
Tokyo
Seimitsu
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
53,554,025
4,607,600
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate
Management
&
Development)
42,664,129
3,061,900
Tosoh
Corp.
(Materials)
49,972,100
413,100
Towa
Corp.
(Semiconductors
&
Semiconductor
Equipment)
7,972,999
163,300
Towa
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
3,803,351
142,100
Toyo
Seikan
Group
Holdings
Ltd.
(Materials)
3,565,271
367,500
Toyo
Tire
Corp.
(Automobiles
&
Components)
9,904,024
546,300
Toyoda
Gosei
Co.
Ltd.
(Automobiles
&
Components)
14,841,824
184,900
Toyota
Boshoku
Corp.
(Automobiles
&
Components)
3,104,828
604,500
TRE
Holdings
Corp.
(Commercial
&
Professional
Services)
6,708,335
347,800
Tsugami
Corp.
(Capital
Goods)
7,233,992
894,300
Tsumura
&
Co.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
23,640,672
903,400
TV
Asahi
Holdings
Corp.
(Media
&
Entertainment)
20,893,001
74,300
UACJ
Corp.
(Materials)
1,175,985
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
2,372,000
UBE
Corp.
(Materials)
$
41,019,690
543,600
Ulvac,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
29,187,056
191,800
Ushio,
Inc.
(Capital
Goods)
3,447,919
1,652,400
USS
Co.
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
18,257,925
92,200
Yamaguchi
Financial
Group,
Inc.
(Banks)
1,468,648
1,910,800
Yamaha
Corp.
(Consumer
Durables
&
Apparel)
13,888,591
334,800
Yamato
Holdings
Co.
Ltd.
(Transportation)
4,377,421
18,100
Zenkoku
Hosho
Co.
Ltd.
(Financial
Services)
359,857
78,600
Zeon
Corp.
(Materials)
—
2,327,980,493
Macau
–
0.0%
734,000
MGM
China
Holdings
Ltd.
(Consumer
Services)
1,172,100
Netherlands
–
2.8%
697,755
AMG
Critical
Materials
NV
(Materials)
29,849,854
2,004,454
Fugro
NV
(Capital
Goods)
27,698,838
4,143,047
Koninklijke
BAM
Groep
NV
(Capital
Goods)
43,451,121
419,162
Koninklijke
Heijmans
N.V
(Capital
Goods)
34,153,519
1,103,053
SBM
Offshore
NV
(Energy)
39,621,973
153,838
Van
Lanschot
Kempen
NV
(Financial
Services)
9,328,614
21,408
Wereldhave
NV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
530,396
184,634,315
Norway
–
0.8%
5,274,091
Aker
Solutions
ASA
(Energy)
19,271,805
1,420,693
DOF
Group
ASA
(Energy)
16,627,901
97,884
Europris
ASA
(Consumer
Discretionary
Distribution
&
Retail)
(a)
899,250
715,722
Kitron
ASA
(Technology
Hardware
&
Equipment)
6,151,907
652,305
Wallenius
Wilhelmsen
ASA
(Transportation)
7,578,944
50,529,807
Portugal
–
0.1%
302,013
REN
-
Redes
Energeticas
Nacionais
SGPS
SA
(Utilities)
1,231,490
4,140,647
Sonae
SGPS
SA
(Consumer
Staples
Distribution
&
Retail)
8,689,326
9,920,816
Singapore
–
1.3%
458,400
City
Developments
Ltd.
(Real
Estate
Management
&
Development)
3,340,168
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
16,123
Kenon
Holdings
Ltd.
(Utilities)
$
1,149,796
2,779,000
Keppel
DC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,979,701
10,702,700
Seatrium
Ltd.
(Capital
Goods)
17,749,293
1,330,600
Sheng
Siong
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
2,845,994
4,183,000
Suntec
Real
Estate
Investment
Trust
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
4,725,189
2,313,800
UOL
Group
Ltd.
(Real
Estate
Management
&
Development)
19,761,189
2,181,800
Venture
Corp.
Ltd.
(Technology
Hardware
&
Equipment)
28,016,763
11,084,200
Yangzijiang
Financial
Holding
Ltd.
(Financial
Services)
3,086,968
3,679,600
Yangzijiang
Maritime
Development
Ltd.
(Transportation)*
1,735,524
87,390,585
South
Africa
–
0.2%
6,056,981
Pan
African
Resources
PLC
(Materials)
10,720,040
Spain
–
1.6%
497,182
ATALAYA
MINING
COPPER
SA
(Materials)
6,964,035
3,548,821
Merlin
Properties
Socimi
SA
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
52,817,889
4,483
Tecnicas
Reunidas
SA
(Energy)*
169,747
10,164,197
Unicaja
Banco
SA
(Banks)
(a)
34,831,572
19,765
Vidrala
SA
(Materials)
2,064,917
148,831
Viscofan
SA
(Food,
Beverage
&
Tobacco)
9,988,156
106,836,316
Sweden
–
2.5%
62,251
Ambea
AB
(Health
Care
Equipment
&
Services)
(a)
950,450
360,390
Avanza
Bank
Holding
AB
(Financial
Services)
14,041,670
1,401,369
Betsson
AB,
Class
B
(Consumer
Services)
16,454,295
52,067
BoneSupport
Holding
AB
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
1,081,191
94,682
Clas
Ohlson
AB,
Class
B
(Consumer
Discretionary
Distribution
&
Retail)
3,241,988
841,529
Dometic
Group
AB
(Automobiles
&
Components)
(a)
3,621,799
3,461,877
Elekta
AB,
Class
B
(Health
Care
Equipment
&
Services)
22,253,646
22,482
Getinge
AB,
Class
B
(Health
Care
Equipment
&
Services)
492,633
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
38,959
Granges
AB
(Materials)
$
—
743,693
Hemnet
Group
AB
(Media
&
Entertainment)
11,859,158
1,574,445
Hexpol
AB
(Materials)
12,886,345
188,011
Loomis
AB
(Commercial
&
Professional
Services)
7,801,753
890,381
Mycronic
AB
(Technology
Hardware
&
Equipment)
20,494,887
238,708
NCC
AB,
Class
B
(Capital
Goods)
6,112,537
44,353
Nordnet
AB
publ
(Financial
Services)
1,434,957
54,386
RaySearch
Laboratories
AB
(Health
Care
Equipment
&
Services)
1,161,728
50,699
Scandic
Hotels
Group
AB
(Consumer
Services)
(a)
506,623
3,034,074
SSAB
AB,
Class
A
(Materials)
25,084,985
607,522
SSAB
AB,
Class
B
(Materials)
4,997,695
295,566
Sweco
AB,
Class
B
(Capital
Goods)
4,896,675
72,834
Thule
Group
AB
(Consumer
Durables
&
Apparel)
1,744,934
161,119,949
Switzerland
–
5.6%
678,836
Accelleron
Industries
AG
(Capital
Goods)
65,023,700
129,324
Allreal
Holding
AG
(Real
Estate
Management
&
Development)
37,828,950
19,618
Aryzta
AG
(Food,
Beverage
&
Tobacco)*
1,390,613
8,501
Bachem
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
770,598
30,634
Burckhardt
Compression
Holding
AG
(Capital
Goods)
21,178,721
7,209
Burkhalter
Holding
AG
(Capital
Goods)
1,310,141
234,610
Cembra
Money
Bank
AG
(Financial
Services)
29,990,662
147,412
Clariant
AG
(Materials)*
1,363,945
2,080
DKSH
Holding
AG
(Capital
Goods)
152,614
2,719
Emmi
AG
(Food,
Beverage
&
Tobacco)
2,754,618
336,369
Galenica
AG
(Health
Care
Equipment
&
Services)
(a)
42,045,305
186,852
Georg
Fischer
AG
(Capital
Goods)
12,453,849
65,212
Huber
+
Suhner
AG
(Capital
Goods)
13,189,430
62,248
Inficon
Holding
AG
(Technology
Hardware
&
Equipment)
9,850,779
2,415
Kardex
Holding
AG
(Capital
Goods)
848,964
268,960
PSP
Swiss
Property
AG
(Real
Estate
Management
&
Development)
53,985,424
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
655,498
R&S
Group
Holding
AG
(Capital
Goods)*
$
13,676,336
129,985
Siegfried
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
15,983,191
252,452
Tecan
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
44,478,330
368,276,170
United
Kingdom
–
10.1%
3,581,724
Babcock
International
Group
PLC
(Capital
Goods)
70,618,903
2,080,696
Balfour
Beatty
PLC
(Capital
Goods)
20,374,846
3,712,014
Beazley
PLC
(Insurance)
57,668,205
13,897
Berkeley
Group
Holdings
PLC
(Consumer
Durables
&
Apparel)
785,165
127,459
Big
Yellow
Group
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
1,804,286
1,440,057
Burberry
Group
PLC
(Consumer
Durables
&
Apparel)*
21,757,746
12,918,381
Convatec
Group
PLC
(Health
Care
Equipment
&
Services)
(a)
40,748,733
5,431,801
Currys
PLC
(Consumer
Discretionary
Distribution
&
Retail)
10,885,640
41,327
CVS
Group
PLC
(Health
Care
Equipment
&
Services)
737,470
311,754
Diploma
PLC
(Capital
Goods)
22,711,809
1,390,227
Dowlais
Group
PLC
(Automobiles
&
Components)
1,771,846
1,842,103
Drax
Group
PLC
(Utilities)
22,711,002
8,198,938
easyJet
PLC
(Transportation)
53,645,473
1,585,147
Firstgroup
PLC
(Transportation)
4,043,087
4,432
Games
Workshop
Group
PLC
(Consumer
Durables
&
Apparel)
1,033,934
279,231
Harbour
Energy
PLC
(Energy)
894,358
15,923
Hiscox
Ltd.
(Insurance)
323,864
135,849
ICG
PLC
(Financial
Services)
3,380,384
1,824,238
IG
Group
Holdings
PLC
(Financial
Services)
33,843,393
2,022,319
Inchcape
PLC
(Consumer
Discretionary
Distribution
&
Retail)
22,594,537
916,052
Investec
PLC
(Financial
Services)
7,621,164
15,480,567
ITV
PLC
(Media
&
Entertainment)
17,260,001
953,558
JET2
PLC
(Transportation)
16,165,113
307,859
Keller
Group
PLC
(Capital
Goods)
7,464,714
121,613
Kier
Group
PLC
(Capital
Goods)
372,656
824,465
Lancashire
Holdings
Ltd.
(Insurance)
6,962,896
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
9,339,364
Man
Group
PLC
(Financial
Services)
$
33,709,539
123,623
OSB
Group
PLC
(Financial
Services)
1,033,273
1,398,548
Paragon
Banking
Group
PLC
(Financial
Services)
16,993,700
255,402
Persimmon
PLC
(Consumer
Durables
&
Apparel)
4,918,340
1,680,616
PRS
REIT
PLC
(The)
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
—
7,769,766
QinetiQ
Group
PLC
(Capital
Goods)
53,529,172
162,301
Quilter
PLC
(Financial
Services)
(a)
431,511
3,375,268
Rotork
PLC
(Capital
Goods)
16,379,358
647,305
RS
GROUP
PLC
(Capital
Goods)
5,943,922
580,832
Senior
PLC
(Capital
Goods)
1,943,609
3,802,133
Shaftesbury
Capital
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
7,479,839
406,013
Softcat
PLC
(Software
&
Services)
7,951,406
865,206
Subsea
7
SA
(Energy)
22,116,476
139,547
Target
Healthcare
PLC
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
198,609
108,688
Tate
&
Lyle
PLC
(Food,
Beverage
&
Tobacco)
562,315
11,238,079
Taylor
Wimpey
PLC
(Consumer
Durables
&
Apparel)
16,429,655
3,920,518
TP
ICAP
Group
PLC
(Financial
Services)
13,676,397
2,460,584
Trainline
PLC
(Consumer
Services)*
(a)
6,895,884
26,518
Weir
Group
PLC
(The)
(Capital
Goods)
1,171,268
659,545,498
United
States
–
0.6%
1,349,213
Carnival
PLC
ADR
(Consumer
Services)*
40,193,055
TOTAL
COMMON
STOCKS
(Cost
$4,964,131,379)
6,377,577,187
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.1%
Germany
–
0.1%
46,648
Jungheinrich
AG
(Capital
Goods)
(Cost
$1,450,571)
2.20
%
$
2,007,487
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.0%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
65,643
3.590%
65,643
(Cost
$65,643)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$4,965,647,593)
6,379,650,317
a
Securities
Lending
Reinvestment
Vehicle
–
0.6%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
40,760,523
3.590%
40,760,523
(Cost
$40,760,523)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$5,006,408,116)
$
6,420,410,840
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
113,633,976
NET
ASSETS
–
100.0%
$
6,534,044,816
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Currency
Abbreviations:
ILS
Israeli
New
Shekel
USD
United
States
Dollar
GOLDMAN
SACHS
INTERNATIONAL
SMALL
CAP
INSIGHTS
FUND
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Sector
Name
%
of
Market
Value
Industrials
24.9
%
Materials
13.1
Financials
11.7
Information
Technology
11.1
Consumer
Discretionary
10.0
Real
Estate
9.7
Health
Care
7.2
Energy
4.6
Consumer
Staples
3.3
Communication
Services
2.4
Utilities
1.4
Investment
Company
0.0
Securities
Lending
Reinvestment
Vehicle
0.6
TOTAL
INVESTMENTS
100.0%
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
—
At
January
31,
2026,
the
Fund
had
the
following
forward
foreign
currency
exchange
contracts:
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
WITH
UNREALIZED
LOSS
Counterparty
Currency
Purchased
Currency
Sold
Settlement
Date
Unrealized
Loss
Morgan
Stanley
Co.,
Inc.
ILS
4,284,000
USD
1,383,254
2/2/2026
$
(1,162)
TOTAL
$
(1,162)
FUTURES
CONTRACTS
—
At
January
31,
2026,
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
706
03/20/26
$
49,801,406
$
(16,436)
FTSE
100
Index
162
03/20/26
22,587,361
82,228
Hang
Seng
Index
15
02/26/26
2,640,135
64,527
MSCI
Singapore
Index
65
02/26/26
2,349,933
8,106
SPI
200
Index
77
03/19/26
11,832,366
77,222
TOPIX
Index
169
03/12/26
39,061,321
148,360
Total
Futures
Contracts
$
364,007
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
January
31,
2026
(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
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Act
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Securities
traded
on
certain
foreign
securities
exchanges
are
valued
daily
at
fair
value
determined
by
an
independent
fair
value
service
(if
available)
under
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
The
independent
fair
value
service
takes
into
account
multiple
factors
including,
but
not
limited
to,
movements
in
the
securities
markets,
certain
depositary
receipts,
futures
contracts
and
foreign
currency
exchange
rates
that
have
occurred
subsequent
to
the
close
of
the
foreign
securities
exchange.
These
investments
are
generally
classified
as
Level
2
of
the
fair
value
hierarchy.
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
January
31,
2026:
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Emerging
Markets
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
36,278,697
$
55,732,206
$
—
Asia
126,201,743
2,280,060,641
—
Europe
695,018
53,517,028
—
North
America
63,968,493
23,606,421
—
Oceania
—
7,901,438
—
South
America
175,694,836
8,244,459
—
Investment
Company
—
—
—
Securities
Lending
Reinvestment
Vehicle
14,907,012
—
—
Total
$
417,745,799
$
2,429,062,193
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
561,669
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(b)
$
—
$
(25,563)
$
—
€
1.00
€
1.00
€
1.00
(a)
International
Equity
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
32,501,044
$
—
Asia
29,785,696
1,485,998,299
—
Europe
338,960,296
2,599,194,350
—
North
America
86,425,363
446,116,545
—
Oceania
42,665,852
268,806,812
—
Investment
Company
14,793,562
—
—
Total
$
512,630,769
$
4,832,617,050
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
84,766
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures
Contracts
(b)
$
(686,399)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
Pursuant
to
exemptive
relief
granted
by
the
Securities
and
Exchange
Commission
(“SEC”)
and
the
terms
and
conditions
contained
therein,
the
Funds
may
lend
their
securities
through
a
securities
lending
agent,
Goldman
Sachs
Agency
Lending
(“GSAL”),
a
wholly-owned
subsidiary
of
Goldman
Sachs,
to
certain
qualified
borrowers
including
Goldman
Sachs
and
affiliates.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
International
Small
Cap
Insights
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
—
$
10,720,040
$
—
Asia
129,613,133
2,774,129,060
—
Europe
111,085,078
2,636,040,043
—
North
America
46,896,163
—
—
Oceania
193,128
670,908,029
—
Investment
Company
65,643
—
—
Securities
Lending
Reinvestment
Vehicle
40,760,523
—
—
Total
$
328,613,668
$
6,091,797,172
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
380,443
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Forward
Foreign
Currency
Exchange
Contracts
(b)
$
—
$
(1,162)
$
—
Futures
Contracts
(b)
(16,436)
—
—
Total
$
(16,436)
$
(1,162)
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
The
Fund
utilizes
fair
value
model
prices
provided
by
an
independent
third-party
fair
value
service
for
certain
international
equity
securities
resulting
in
a
level
2
classification.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
GSAL
will
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
GSAL
is
unable
to
purchase
replacement
securities,
GSAL
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
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.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
“growth”,
“value”
or
“quantitative”)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Large
Shareholder
Transactions
Risk
—
A
Fund
may
experience
adverse
effects
when
certain
large
shareholders,
such
as
other
funds,
institutional
investors
(including
those
trading
by
use
of
non-discretionary
mathematical
formulas),
financial
intermediaries
(who
may
make
investment
decisions
on
behalf
of
underlying
clients
and/or
include
a
Fund
in
their
investment
model),
individuals,
accounts
and
Goldman
Sachs
affiliates,
purchase
or
redeem
large
amounts
of
shares
of
a
Fund.
Such
large
shareholder
redemptions,
which
may
occur
rapidly
or
unexpectedly,
may
cause
a
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negatively
impact
a
Fund’s
NAV
and
liquidity.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains,
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in
a
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund’s
expense
ratio.
Similarly,
large
Fund
share
purchases
may
adversely
affect
a
Fund’s
performance
to
the
extent
that
the
Fund
is
delayed
in
investing
new
cash
or
otherwise
maintains
a
larger
cash
position
than
it
ordinarily
would.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
International
Equity
Insights
Funds
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanction
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Portfolio
Turnover
Rate
Risk
—
A
high
rate
of
portfolio
turnover
may
involve
correspondingly
greater
expenses
which
must
be
borne
by
the
Fund
and
its
shareholders,
and
is
also
likely
to
result
in
short-term
capital
gains
taxable
to
shareholders.
Sector
Risk
—
To
the
extent
a
Fund
focuses
its
investments
in
securities
of
issuers
in
one
or
more
sectors
(such
as
the
financial
services
or
telecommunications
sectors),
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
diversified
across
different
sectors,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
sector,
such
as:
adverse
economic,
business,
political,
environmental
or
other
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)