GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

94.4%

Argentina

–

0.1%

37,500

Vista

Energy

SAB

de

CV

ADR

(Energy)*

$

2,641,875

Australia

–

0.0%

19,560

Anglogold

Ashanti

PLC

(Materials)

1,479,183

Belgium

–

0.0%

22,249

Viohalco

SA

(Materials)

456,358

Brazil

–

2.8%

2,177,390

Ambev

SA

ADR

(Food,

Beverage

&

Tobacco)

(a)

6,771,683

3,801,470

Axia

Energia

SA

(Utilities)

39,610,910

3,350,400

Banco

Bradesco

SA

ADR

(Banks)

12,094,944

731,200

Banco

BTG

Pactual

SA

(Financial

Services)

8,193,121

267,400

Banco

Santander

Brasil

SA

ADR

(Banks)

(a)

1,516,158

1,643,600

BB

Seguridade

Participacoes

SA

(Insurance)

13,377,970

454,600

Cia

De

Saneamento

do

Parana

Sanepar

(Utilities)

3,249,097

465,100

Fleury

SA

(Health

Care

Equipment

&

Services)

1,572,614

2,729,900

Intelbras

SA

Industria

de

Telecomunicacao

Eletronica

Brasileira

(Technology

Hardware

&

Equipment)

7,889,495

378,000

Transmissora

Alianca

de

Energia

Eletrica

SA

(Utilities)

2,957,395

97,233,387

Chile

–

0.8%

105,546,427

Banco

de

Chile

(Banks)

21,990,211

70,106

Banco

de

Credito

e

Inversiones

SA

(Banks)

5,044,465

42,825,924

Latam

Airlines

Group

SA

(Transportation)

1,139,568

20,734

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

(Materials)

1,390,422

29,564,666

China

–

20.2%

2,216,500

3SBio,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(b)

4,733,474

2,919,500

AAC

Technologies

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

14,345,803

8,712,000

Agricultural

Bank

of

China

Ltd.,

Class

H

(Banks)

7,004,274

3,499,500

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

53,309,295

12,470,000

Bank

of

China

Ltd.,

Class

H

(Banks)

8,747,771

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

23,000

Biocytogen

Pharmaceuticals

Beijing

Co.

Ltd.,

Class

H

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(a)

$

146,742

11,956,900

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

9,727,145

508,400

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financial

Services)

647,385

52,705,000

China

Construction

Bank

Corp.,

Class

H

(Banks)

61,845,410

58,700

China

Life

Insurance

Co.

Ltd.,

Class

A

(Insurance)

343,026

3,287,000

China

Life

Insurance

Co.

Ltd.,

Class

H

(Insurance)

12,237,312

4,222,000

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

3,829,059

1,443,000

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Insurance)

6,899,443

3,399,400

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Insurance)

13,268,104

4,381,000

Consun

Pharmaceutical

Group

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

7,657,613

7,132,000

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

(Utilities)

2,294,716

883,200

Full

Truck

Alliance

Co.

Ltd.

ADR

(Transportation)

8,381,568

490,700

GDS

Holdings

Ltd.,

Class

A

(Software

&

Services)*

1,996,731

11,109,000

Geely

Automobile

Holdings

Ltd.

(Automobiles

&

Components)

28,047,307

1,240,000

Genscript

Biotech

Corp.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

2,852,409

3,878,000

Guangdong

Investment

Ltd.

(Utilities)

4,185,074

2,596,000

Harbin

Electric

Co.

Ltd.,

Class

H

(Capital

Goods)

5,218,669

290,000

HBM

Holdings

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(b)

450,380

12,876,000

Huishang

Bank

Corp.

Ltd.,

Class

H

(Banks)

8,340,569

41,889,000

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Banks)

40,070,500

1,441,000

InnoCare

Pharma

Ltd.,

Class

H

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(b)

2,507,473

269,500

Innovent

Biologics,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(b)

2,975,872

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,896,000

J&T

Global

Express

Ltd.

(Transportation)*

$

5,011,699

2,284,150

JD.com,

Inc.,

Class

A

(Consumer

Discretionary

Distribution

&

Retail)

37,574,208

770,400

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

(Materials)*

1,341,497

28,500

Kanzhun

Ltd.

ADR

(Commercial

&

Professional

Services)

463,980

725,000

Kingboard

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

3,625,727

8,290,000

Lenovo

Group

Ltd.

(Technology

Hardware

&

Equipment)

25,352,418

686,800

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,274,541

19,000,000

Lonking

Holdings

Ltd.

(Capital

Goods)

7,556,437

528,000

NetEase,

Inc.

(Media

&

Entertainment)

14,048,082

6,427,400

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

(Materials)

22,116,256

15,000

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary

Distribution

&

Retail)*

1,328,400

1,756,300

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Insurance)

1,914,233

2,829,195

Ping

An

Bank

Co.

Ltd.,

Class

A

(Banks)

4,872,060

2,363,993

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Insurance)

19,188,755

1,427,000

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Insurance)

10,660,795

59,800

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

(b)

1,240,946

5,463,000

Q

Technology

Group

Co.

Ltd.

(Technology

Hardware

&

Equipment)

4,789,103

38,569

Raytron

Technology

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

806,545

587,400

Satellite

Chemical

Co.

Ltd.,

Class

A

(Materials)

2,200,853

608,202

Shengyi

Technology

Co.

Ltd.,

Class

A

(Technology

Hardware

&

Equipment)

9,503,287

7,279,000

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

(Capital

Goods)

5,030,626

8,904,000

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(Materials)*

1,285,163

424,500

Sinotruk

Hong

Kong

Ltd.

(Capital

Goods)

2,200,197

4,204,000

SITC

International

Holdings

Co.

Ltd.

(Transportation)

21,195,718

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,789,000

TCL

Electronics

Holdings

Ltd.

(Consumer

Durables

&

Apparel)*

$

3,681,025

28,241,760

TCL

Technology

Group

Corp.,

Class

A

(Technology

Hardware

&

Equipment)

19,761,064

1,369,000

Tencent

Holdings

Ltd.

(Media

&

Entertainment)

83,649,988

483,500

Trip.com

Group

Ltd.

(Consumer

Services)*

22,652,216

262,000

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary

Distribution

&

Retail)

4,019,080

1,326,100

WuXi

AppTec

Co.

Ltd.,

Class

A

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

25,202,011

2,449,500

Wuxi

Biologics

Cayman,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

(b)

12,089,520

8,886,000

Yadea

Group

Holdings

Ltd.

(Automobiles

&

Components)

(b)

12,157,857

1,278,900

YTO

Express

Group

Co.

Ltd.,

Class

A

(Transportation)

3,569,875

34,900

Yum

China

Holdings,

Inc.

(Consumer

Services)

1,653,719

43,150

ZTO

Express

Cayman,

Inc.

(Transportation)

1,032,631

707,113,636

Colombia

–

0.1%

256,785

Ecopetrol

SA

ADR

(Energy)

(a)

4,306,284

9,844

Grupo

Cibest

SA

ADR

(Banks)

910,767

5,217,051

Czech

Republic

–

0.0%

130,526

Moneta

Money

Bank

AS

(Banks)

(b)

1,194,481

Greece

–

0.3%

14,800

Danaos

Corp.

(Transportation)

2,096,124

5,603

HELLENiQ

ENERGY

Holdings

SA

(Energy)

83,994

84,300

Star

Bulk

Carriers

Corp.

(Transportation)

2,423,625

119,700

Tsakos

Energy

Navigation

Ltd.

(Energy)

4,802,364

9,406,107

Guatemala

–

0.0%

2,600

Millicom

International

Cellular

SA

(Telecommunication

Services)

248,248

Hong

Kong

–

0.3%

340,000

Kingboard

Laminates

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

1,266,621

3,954,000

Skyworth

Group

Ltd.

(Consumer

Durables

&

Apparel)*

2,201,840

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

3,224,000

Wasion

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

$

7,256,127

1,354,500

WH

Group

Ltd.

(Food,

Beverage

&

Tobacco)

(b)

1,457,399

12,181,987

Hungary

–

0.3%

73,099

OTP

Bank

Nyrt

(Banks)

10,829,022

India

–

9.9%

609,009

Adani

Energy

Solutions

Ltd.

(Utilities)*

10,502,947

5,033,933

Adani

Power

Ltd.

(Utilities)*

11,138,001

453,093

Aegis

Logistics

Ltd.

(Energy)

6,073,780

104,620

Anand

Rathi

Wealth

Ltd.

(Financial

Services)

2,273,339

11,669

Apar

Industries

Ltd.

(Capital

Goods)*

1,755,419

24,019

Asian

Paints

Ltd.

(Materials)

690,910

80,935

Astra

Microwave

Products

Ltd.

(Technology

Hardware

&

Equipment)

1,578,997

68,065

Ather

Energy

Ltd.

(Automobiles

&

Components)*

899,298

3,217

Bajaj

Auto

Ltd.

(Automobiles

&

Components)

388,326

184,305

Bandhan

Bank

Ltd.

(Banks)

(b)

336,176

6,464,787

Bank

of

India

(Banks)

9,340,288

241,693

Bharat

Heavy

Electricals

Ltd.

(Capital

Goods)

1,030,364

6,053,260

Bharat

Petroleum

Corp.

Ltd.

(Energy)

20,229,854

986,180

Bharti

Airtel

Ltd.

(Telecommunication

Services)

20,373,814

2,503,016

Canara

Bank

(Banks)

3,276,460

205,109

CESC

Ltd.

(Utilities)

355,553

44,642

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financial

Services)

865,107

817,503

City

Union

Bank

Ltd.

(Banks)

1,768,687

87,548

Dixon

Technologies

India

Ltd.

(Consumer

Durables

&

Apparel)

12,884,491

62,024

Dr

Lal

PathLabs

Ltd.

(Health

Care

Equipment

&

Services)

(b)

1,238,818

286,646

Eicher

Motors

Ltd.

(Automobiles

&

Components)

23,518,495

401,379

GE

Vernova

T&D

India

Ltd.

(Capital

Goods)

18,174,616

61,295

Glenmark

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,434,886

58,515

Great

Eastern

Shipping

Co.

Ltd.

(The)

(Energy)

827,916

588,631

Gujarat

Alkalies

&

Chemicals

Ltd.

(Materials)

4,138,275

27,456

HDFC

Asset

Management

Co.

Ltd.

(Financial

Services)

(b)

752,214

3,006,203

HDFC

Bank

Ltd.

(Banks)

23,544,010

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

73,873

Hero

MotoCorp

Ltd.

(Automobiles

&

Components)

$

4,170,159

456,004

Hindalco

Industries

Ltd.

(Materials)

4,672,610

1,177,223

Hindustan

Zinc

Ltd.

(Materials)

6,669,756

75,775

Hitachi

Energy

India

Ltd.

(Capital

Goods)

25,538,301

33,546

ICICI

Bank

Ltd.

ADR

(Banks)

1,006,045

8,936,093

Indian

Oil

Corp.

Ltd.

(Energy)

13,099,522

52,488

Infosys

Ltd.

ADR

(Software

&

Services)

(a)

631,431

84,490

IOL

Chemicals

and

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

129,564

333,082

Jamna

Auto

Industries

Ltd.

(Capital

Goods)

457,742

109,946

Kirloskar

Oil

Engines

Ltd.

(Capital

Goods)

2,523,230

241,956

Larsen

&

Toubro

Ltd.

(Capital

Goods)

9,979,694

1,491,913

Laurus

Labs

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

(b)

28,401,500

3,987

Linde

India

Ltd.

(Materials)

281,771

117,932

Lupin

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,984,918

67,735

MTAR

Technologies

Ltd.

(Capital

Goods)*

4,073,007

34,364

Muthoot

Finance

Ltd.

(Financial

Services)

1,122,738

2,626,810

NTPC

Ltd.

(Utilities)

9,552,678

844,010

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

2,150,230

21,319

Piramal

Finance

Ltd.

(Financial

Services)

459,020

19,594

Polycab

India

Ltd.

(Capital

Goods)

1,869,072

711,586

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

2,118,236

845,955

Reliance

Industries

Ltd.

(Energy)

11,582,356

2,300,982

Samvardhana

Motherson

International

Ltd.

(Automobiles

&

Components)

3,634,176

232,707

Shipping

Corp.

of

India

Ltd.

(Transportation)

710,486

10,127

Siemens

Energy

India

Ltd.

(Capital

Goods)

342,845

1,086,262

State

Bank

of

India

(Banks)

11,690,818

1,183,157

Tata

Steel

Ltd.

(Materials)

2,354,118

19,200

TD

Power

Systems

Ltd.

(Capital

Goods)

227,373

73,306

TVS

Motor

Co.

Ltd.

(Automobiles

&

Components)

3,311,906

17,256

Varun

Beverages

Ltd.

(Food,

Beverage

&

Tobacco)

79,963

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

6,016

Vindhya

Telelinks

Ltd.

(Technology

Hardware

&

Equipment)

$

125,258

1,343

Voltamp

Transformers

Ltd.

(Capital

Goods)

139,573

220,827

Welspun

Corp.

Ltd.

(Materials)

3,818,975

5,915,441

Yes

Bank

Ltd.

(Banks)*

1,410,968

732,105

Zydus

Lifesciences

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,643,646

349,354,726

Indonesia

–

0.9%

98,198,800

Bank

Mandiri

Persero

Tbk

PT

(Banks)

22,847,914

17,058,100

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Banks)

2,868,762

4,249,800

Bumitama

Agri

Ltd.

(Food,

Beverage

&

Tobacco)

5,434,654

12,627,000

Elang

Mahkota

Teknologi

Tbk

PT

(Media

&

Entertainment)

371,197

11,003,700

Perusahaan

Gas

Negara

Persero

Tbk

PT

(Utilities)

916,892

4,604,100

Unilever

Indonesia

Tbk

PT

(Household

&

Personal

Products)

449,047

32,888,466

Kuwait

–

0.4%

82,796

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

(Capital

Goods)

448,037

3,426,728

Kuwait

International

Bank

KSCP

(Banks)

2,826,253

3,374,375

National

Bank

of

Kuwait

SAKP

(Banks)

9,366,312

12,640,602

Mexico

–

1.6%

3,966,352

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Banks)

45,934,980

160,487

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(Transportation)

2,534,230

189,278

Regional

SAB

de

CV

(Banks)

1,554,266

158,600

Ternium

SA

ADR

(Materials)

7,809,464

57,832,940

Monaco

–

0.1%

376,000

Safe

Bulkers,

Inc.

(Transportation)

2,936,560

Peru

–

0.0%

3,800

Credicorp

Ltd.

(Banks)

1,522,204

Philippines

–

0.2%

423,400

Ayala

Land,

Inc.

(Real

Estate

Management

&

Development)

116,624

251,840

Bank

of

the

Philippine

Islands

(Banks)

420,688

Shares

Description

Value

a

Common

Stocks

–

(continued)

Philippines

–

(continued)

112,010

International

Container

Terminal

Services,

Inc.

(Transportation)

$

1,758,955

3,048,150

Metropolitan

Bank

&

Trust

Co.

(Banks)

3,264,212

29,640

SM

Investments

Corp.

(Capital

Goods)

287,085

5,847,564

Poland

–

1.8%

53,064

Alior

Bank

SA

(Banks)

1,958,142

97,975

Bank

Millennium

SA

(Banks)*

541,444

41,879

Bank

Polska

Kasa

Opieki

SA

(Banks)

2,760,447

906

Benefit

Systems

SA

(Commercial

&

Professional

Services)*

1,313,124

867,713

ORLEN

SA

(Energy)

34,431,992

471,967

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

14,136,774

473,483

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)

9,016,836

64,158,759

Qatar

–

0.2%

871,281

Ooredoo

QPSC

(Telecommunication

Services)

2,992,315

1,315,283

Qatar

Navigation

QSC

(Transportation)

3,574,417

549,657

Vodafone

Qatar

PQSC

(Telecommunication

Services)

389,636

6,956,368

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

–

3.0%

11,159

Al

Babtain

Power

&

Telecommunication

Co.

(Capital

Goods)

157,186

498,633

Al

Rajhi

Bank

(Banks)

8,321,577

1,899,535

Arab

National

Bank

(Banks)

10,991,977

1,338,955

Banque

Saudi

Fransi

(Banks)

7,061,161

12,057

Co.

for

Cooperative

Insurance

(The)

(Insurance)

393,916

227,706

Jarir

Marketing

Co.

(Consumer

Discretionary

Distribution

&

Retail)

1,010,922

3,774,034

Riyad

Bank

(Banks)

20,469,840

95,186

Riyadh

Cables

Group

Co.

(Capital

Goods)

2,533,328

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

5,101,993

Saudi

Arabian

Oil

Co.

(Energy)

(b)

$

35,995,761

1,386,306

Saudi

Awwal

Bank

(Banks)

12,526,018

380,992

Saudi

Basic

Industries

Corp.

(Materials)

5,045,204

104,506,890

South

Africa

–

1.3%

56,206

DataTec

Ltd.

(Technology

Hardware

&

Equipment)

288,731

215,775

Discovery

Ltd.

(Insurance)

3,423,928

850,743

FirstRand

Ltd.

(Financial

Services)

5,087,930

108,287

Investec

Ltd.

(Financial

Services)

940,164

958,494

Momentum

Group

Ltd.

(Insurance)

2,386,486

418,863

Naspers

Ltd.,

Class

N

(Consumer

Discretionary

Distribution

&

Retail)

22,008,165

7,814,901

Old

Mutual

Ltd.

(Insurance)

6,319,563

134,825

Omnia

Holdings

Ltd.

(Materials)

861,362

292,415

OUTsurance

Group

Ltd.

(Insurance)

1,463,638

985,329

Redefine

Properties

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

389,450

302,661

Remgro

Ltd.

(Financial

Services)

3,561,127

46,730,544

South

Korea

–

19.1%

45,373

BNK

Financial

Group,

Inc.

(Banks)

475,544

86,585

Daou

Technology,

Inc.

(Financial

Services)

2,206,396

59,633

GS

Holdings

Corp.

(Capital

Goods)

3,689,427

234,929

Hana

Financial

Group,

Inc.

(Banks)

20,307,049

1,025

HD

Hyundai

Electric

Co.

Ltd.

(Capital

Goods)

473,990

11,051

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Capital

Goods)

2,934,704

4,424

Hyundai

Department

Store

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

361,383

101,248

iM

Financial

Group

Co.

Ltd.

(Banks)

1,187,147

38,483

INTOPS

Co.

Ltd.

(Technology

Hardware

&

Equipment)

455,383

380,703

KB

Financial

Group,

Inc.

(Banks)

44,556,288

198,799

LG

Electronics,

Inc.

(Consumer

Durables

&

Apparel)

22,035,237

10,129

Mirae

Asset

Life

Insurance

Co.

Ltd.

(Insurance)*

110,781

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

64,384

Power

Logics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

$

123,990

6,965

Samsung

C&T

Corp.

(Capital

Goods)

1,622,586

14,082

Samsung

Card

Co.

Ltd.

(Financial

Services)

461,261

1,621,598

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

282,246,957

325

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

140,661

96,925

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

20,317,447

483,434

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

33,559,976

136,991

SK

hynix

,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

155,574,613

645,954

SK

Networks

Co.

Ltd.

(Capital

Goods)

3,259,057

40,093

SK

Square

Co.

Ltd.

(Capital

Goods)*

27,568,492

72,079

SK,

Inc.

(Capital

Goods)

26,928,440

859,455

Woori

Financial

Group,

Inc.

(Banks)

19,895,828

670,492,637

Taiwan

–

27.1%

62,000

Acter

Group

Corp.

Ltd.

(Capital

Goods)

1,744,556

351,000

Advanced

Wireless

Semiconductor

Co.

(Semiconductors

&

Semiconductor

Equipment)

1,168,295

48,000

Advantech

Co.

Ltd.

(Technology

Hardware

&

Equipment)

817,617

894,000

Alltek

Technology

Corp.

(Technology

Hardware

&

Equipment)

1,522,451

18,000

Alltop

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

165,764

423,000

Ampak

Technology,

Inc.

(Technology

Hardware

&

Equipment)

710,691

2,325,000

Ardentec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

12,502,957

27,000

Argosy

Research,

Inc.

(Technology

Hardware

&

Equipment)

117,252

2,183,000

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

37,251,821

372,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware

&

Equipment)

26,161,950

2,000

ASPEED

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

873,491

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

195,000

Axiomtek

Co.

Ltd.

(Technology

Hardware

&

Equipment)

$

705,516

67,000

Brillian

Network

&

Automation

Integrated

System

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

655,231

577,000

Capital

Securities

Corp.

(Financial

Services)*

603,894

11,517,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

35,844,133

81,000

Channel

Well

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

131,518

927,000

China

Airlines

Ltd.

(Transportation)

642,639

284,000

Chroma

ATE,

Inc.

(Technology

Hardware

&

Equipment)

17,842,605

94,000

Chunghwa

Precision

Test

Tech

Co.

Ltd.

(Technology

Hardware

&

Equipment)

7,083,590

2,659,000

Compal

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

2,924,189

652,000

Delta

Electronics,

Inc.

(Technology

Hardware

&

Equipment)

32,076,845

5,000

Elite

Material

Co.

Ltd.

(Technology

Hardware

&

Equipment)

717,764

268,000

Eson

Precision

Ind

Co.

Ltd.

(Technology

Hardware

&

Equipment)

631,340

944,000

Etron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)*

2,061,287

1,157,000

Eva

Airways

Corp.

(Transportation)

1,543,642

1,013,000

First

Financial

Holding

Co.

Ltd.

(Banks)

1,150,829

2,526,000

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

4,398,622

568,000

Formosa

Petrochemical

Corp.

(Energy)

1,226,671

212,000

Formosa

Plastics

Corp.

(Materials)

356,472

11,000

Fositek

Corp.

(Technology

Hardware

&

Equipment)

449,896

278,000

Genius

Electronic

Optical

Co.

Ltd.

(Technology

Hardware

&

Equipment)

4,081,009

188,000

Gold

Circuit

Electronics

Ltd.

(Technology

Hardware

&

Equipment)

4,506,032

1,667,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Technology

Hardware

&

Equipment)

12,730,892

6,000

Hon

Precision,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,112,894

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

621,000

Innolux

Corp.

(Technology

Hardware

&

Equipment)

$

852,233

59,000

Inpaq

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

128,563

329,000

Kaimei

Electronic

Corp.

(Technology

Hardware

&

Equipment)

1,147,654

85,000

Keystone

Microtech

Corp.

(Semiconductors

&

Semiconductor

Equipment)

2,347,192

32,000

King

Slide

Works

Co.

Ltd.

(Technology

Hardware

&

Equipment)

7,667,891

67,000

Kinik

Co.

(Capital

Goods)

1,303,475

894,000

Kinko

Optical

Co.

Ltd.

(Technology

Hardware

&

Equipment)*

1,749,956

10,000

Largan

Precision

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,239,677

1,555,000

Macronix

International

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

4,670,678

246,000

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

26,205,821

194,000

Mildef

Crete,

Inc.

(Technology

Hardware

&

Equipment)

733,962

269,000

Nan

Ya

Printed

Circuit

Board

Corp.

(Technology

Hardware

&

Equipment)

7,406,382

743,000

Nanya

Technology

Corp.

(Semiconductors

&

Semiconductor

Equipment)

7,943,586

270,000

New

Era

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)*

301,523

375,000

Powerchip

Semiconductor

Manufacturing

Corp.

(Semiconductors

&

Semiconductor

Equipment)*

613,317

3,669,000

Shinkong

Synthetic

Fibers

Corp.

(Materials)

2,331,992

587,000

Sigurd

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

3,335,277

393,000

Sitronix

Technology

Corp.

(Semiconductors

&

Semiconductor

Equipment)

3,193,332

30,000

Sunplus

Innovation

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

130,344

416,000

TA-I

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,352,469

7,817,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

578,186,564

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

25,000

Thinking

Electronic

Industrial

Co.

Ltd.

(Technology

Hardware

&

Equipment)

$

166,276

224,000

Transcend

Information,

Inc.

(Technology

Hardware

&

Equipment)

1,989,327

840,000

Tripod

Technology

Corp.

(Technology

Hardware

&

Equipment)

9,431,556

573,000

TSRC

Corp.

(Materials)

372,634

34,000

TXC

Corp.

(Technology

Hardware

&

Equipment)

155,259

804,000

Unimicron

Technology

Corp.

(Technology

Hardware

&

Equipment)

18,864,235

213,000

United

Integrated

Services

Co.

Ltd.

(Capital

Goods)

7,128,253

2,498,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

9,345,265

1,085,000

Weikeng

Industrial

Co.

Ltd.

(Technology

Hardware

&

Equipment)

1,476,028

3,659,000

Winbond

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

14,112,351

1,044,000

WPG

Holdings

Ltd.

(Technology

Hardware

&

Equipment)*

3,579,345

906,000

Yageo

Corp.

(Technology

Hardware

&

Equipment)

13,636,482

821,000

Youngtek

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,846,188

150,000

Zero

One

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

505,514

112,000

Zhen

Ding

Technology

Holding

Ltd.

(Technology

Hardware

&

Equipment)

1,405,259

953,370,215

Thailand

–

1.2%

502,400

Advanced

Info

Service

PCL

(Telecommunication

Services)

5,706,703

1,318,000

Hana

Microelectronics

PCL

(Technology

Hardware

&

Equipment)

1,404,540

1,530,400

Jaymart

Group

Holdings

PCL

(Technology

Hardware

&

Equipment)

507,173

2,569,900

Kiatnakin

Phatra

Bank

PCL

(Banks)

8,511,638

5,193,800

Krung

Thai

Bank

PCL

(Banks)

6,860,994

8,967,500

Thai

Oil

PCL

(Energy)

17,547,418

77,100

Thanachart

Capital

PCL

(Banks)

179,943

40,718,409

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

1.0%

583,350

AG

Anadolu

Grubu

Holding

AS

(Capital

Goods)

$

435,563

19,690

Agesa

Hayat

ve

Emeklilik

AS

(Insurance)

100,649

3,629,364

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Food,

Beverage

&

Tobacco)

1,669,073

93,719

Aygaz

AS

(Utilities)

522,154

590,739

BIM

Birlesik

Magazalar

AS

(Consumer

Staples

Distribution

&

Retail)

4,852,010

5,080,541

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Materials)

4,541,238

3,508,037

Is

Yatirim

Menkul

Degerler

AS

(Financial

Services)

2,550,879

1,503,185

Iskenderun

Demir

ve

Celik

AS

(Materials)

1,699,131

3,089,775

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(Materials)*

2,677,617

1,111,464

KOC

Holding

AS

(Capital

Goods)

4,598,473

573,611

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS

(Utilities)*

445,429

6,155,696

Petkim

Petrokimya

Holding

AS

(Materials)*

2,476,116

650,947

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS

(Capital

Goods)

324,766

145,274

Tera

Yatirim

Menkul

Degerler

AS

(Financial

Services)*

550,295

574,496

Turkiye

Petrol

Rafinerileri

AS

(Energy)

3,578,592

33,665,267

Turkiye

Sigorta

AS

(Insurance)

4,454,973

35,476,958

United

Arab

Emirates

–

0.7%

145,214

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

591,629

1,696,285

Abu

Dhabi

Ports

Co.

PJSC

(Transportation)*

2,260,565

1,175,336

Dubai

Investments

PJSC

(Capital

Goods)

1,151,681

2,121,859

Dubai

Islamic

Bank

PJSC

(Banks)

4,205,153

50,883

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

179,065

1,535,428

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

4,582,593

1,248,700

Emirates

NBD

Bank

PJSC

(Banks)

10,255,824

32,383

First

Abu

Dhabi

Bank

PJSC

(Banks)

170,559

141,490

Orascom

Construction

PLC

(Capital

Goods)

1,979,146

25,376,215

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

1.0%

1,296,700

BeOne

Medicines

Ltd.,

Class

H

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

$

32,054,413

190,200

Seanergy

Maritime

Holdings

Corp.

(Transportation)

3,326,598

35,381,011

TOTAL

COMMON

STOCKS

(Cost

$2,486,256,788)

3,323,757,069

Shares

Description

Rate

Value

a

Preferred

Stocks

–

3.3%

Brazil

–

2.2%

516,209

Axia

Energia

SA

(Utilities)*

0.00

%

5,296,357

219,800

Bradespar

SA

(Materials)

10.71

953,927

2,582,600

Itau

Unibanco

Holding

SA

(Banks)

8.00

21,851,339

9,512,900

Itausa

SA

(Banks)

9.47

25,934,975

4,988,700

Metalurgica

Gerdau

SA

(Materials)

3.04

10,746,694

7,836,600

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

(Materials)*

5.14

11,378,116

76,161,408

South

Korea

–

1.1%

119,348

LG

Electronics,

Inc.

(Consumer

Durables

&

Apparel)

3.14

4,837,358

117,869

Mirae

Asset

Securities

Co.

Ltd.

(Financial

Services)

2.83

891,007

2,786

Samsung

Electro-

Mechanics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

0.57

770,725

251,648

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

0.95

31,623,341

1,512

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

5.05

401,478

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

South

Korea

–

(continued)

1,790

Samsung

SDI

Co.

Ltd.

(Technology

Hardware

&

Equipment)*

0.46

%

$

214,049

38,737,958

TOTAL

PREFERRED

STOCKS

(Cost

$98,717,993)

114,899,366

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.0%

(d)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

10,274

3.760%

10,274

(Cost

$10,274)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$2,584,985,055)

3,438,666,709

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

11,334,820

3.571%

11,334,820

(Cost

$11,334,820)

TOTAL

INVESTMENTS

–

98.0%

(Cost

$2,596,319,875)

$

3,450,001,529

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.0%

69,940,950

NET

ASSETS

–

100.0%

$

3,519,942,479

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

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

EMERGING

MARKETS

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

Sector

Name

%

of

Market

Value

Information

Technology

42.7

%

Financials

23.1

Consumer

Discretionary

7.7

Industrials

7.0

Energy

4.8

Health

Care

4.0

Communication

Services

3.7

Materials

3.2

Utilities

2.7

Consumer

Staples

0.6

Real

Estate

0.2

Investment

Company

0.0

Securities

Lending

Reinvestment

Vehicle

0.3

TOTAL

INVESTMENTS

100.0%

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

forward

foreign

currency

exchange

contracts:

FORWARD

FOREIGN

CURRENCY

EXCHANGE

CONTRACTS

WITH

UNREALIZED

GAIN

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

Morgan

Stanley

Co.,

Inc.

ZAR

49,086,704

USD

2,941,724

8/3/2026

$

29,401

TOTAL

$

29,401

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

Emerging

Markets

Index

871

09/18/26

$

71,522,165

$

(1,590,312)

Currency

Abbreviations:

USD

United

States

Dollar

ZAR

South

African

Rand

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.2%

Australia

–

6.5%

1,586,752

AMP

Ltd.

(Financial

Services)

$

2,390,884

902,071

ANZ

Group

Holdings

Ltd.

(Banks)

23,575,701

5,971,989

Aurizon

Holdings

Ltd.

(Transportation)

17,562,201

1,268,270

BHP

Group

Ltd.

(Materials)

53,458,292

667,721

Brambles

Ltd.

(Commercial

&

Professional

Services)

9,166,277

352,276

Capricorn

Metals

Ltd.

(Materials)

3,122,735

890,744

Challenger

Ltd.

(Financial

Services)

6,121,146

144,517

Commonwealth

Bank

of

Australia

(Banks)

18,065,324

172,690

Computershare

Ltd.

(Commercial

&

Professional

Services)

4,961,918

545,007

Evolution

Mining

Ltd.

(Materials)

4,321,539

1,221,316

Fortescue

Ltd.

(Materials)

15,848,113

53,103

HUB24

Ltd.

(Financial

Services)

3,162,060

444,735

Insurance

Australia

Group

Ltd.

(Insurance)

2,649,817

92,542

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

5,323,675

69,089

Macquarie

Group

Ltd.

(Financial

Services)

12,264,600

496,468

Medibank

Pvt

Ltd.

(Insurance)

1,799,569

777,828

National

Australia

Bank

Ltd.

(Banks)

22,522,760

965,581

Orica

Ltd.

(Materials)

15,773,373

1,175,897

Origin

Energy

Ltd.

(Utilities)

8,871,465

1,071,900

Perseus

Mining

Ltd.

(Materials)

3,669,408

1,345,910

PLS

Group

Ltd.

(Materials)*

3,910,716

277,474

Qantas

Airways

Ltd.

(Transportation)

1,930,946

1,038,131

QBE

Insurance

Group

Ltd.

(Insurance)

18,006,139

1,074,826

Regis

Resources

Ltd.

(Materials)

4,605,850

434,806

Rio

Tinto

PLC

ADR

(Materials)

42,110,961

846,581

Sandfire

Resources

Ltd.

(Materials)*

11,206,514

1,344,577

Scentre

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

3,691,557

473,685

Service

Stream

Ltd.

(Capital

Goods)

809,633

1,105,644

South32

Ltd.

(Materials)

3,524,908

569,303

Suncorp

Group

Ltd.

(Insurance)

7,659,832

5,741,325

Telstra

Group

Ltd.

(Telecommunication

Services)

20,269,029

994,719

Wesfarmers

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

62,304,568

1,098,150

Westpac

Banking

Corp.

(Banks)

29,119,953

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

431,690

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

$

12,046,584

455,828,047

Austria

–

0.4%

19,709

AT&S

Austria

Technologie

&

Systemtechnik

AG

(Technology

Hardware

&

Equipment)*

3,018,264

120,945

BAWAG

Group

AG

(Banks)

(a)

24,527,120

27,545,384

Belgium

–

0.1%

9,167

KBC

Ancora

(Banks)

936,657

23,610

UCB

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

6,060,304

6,996,961

China

–

0.2%

756,000

AAC

Technologies

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

3,714,823

7,994,000

Nexteer

Automotive

Group

Ltd.

(Automobiles

&

Components)

4,282,169

76,951

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)*

3,576,131

11,573,123

Denmark

–

0.7%

525,209

Danske

Bank

A/S

(Banks)

30,225,619

29,573

Jyske

Bank

A/S

(Banks)

4,693,984

54,560

NKT

A/S

(Capital

Goods)*

7,446,759

60,492

Pandora

A/S

(Consumer

Durables

&

Apparel)

7,575,329

3,465

Ringkjoebing

Landbobank

A/S

(Banks)

931,074

50,872,765

Finland

–

1.4%

129,934

Kone

OYJ,

Class

B

(Capital

Goods)

7,496,800

286,459

Neste

OYJ

(Energy)

10,151,649

2,213,460

Nordea

Bank

Abp

(Banks)

44,674,629

2,209,769

Sampo

OYJ,

Class

A

(Insurance)

24,466,032

263,989

UPM-

Kymmene

OYJ

(Materials)

7,182,032

134,076

Wartsila

OYJ

Abp

(Capital

Goods)

4,546,829

98,517,971

France

–

9.8%

210,586

Air

Liquide

SA

(Materials)

41,487,257

33,414

Arkema

SA

(Materials)

2,275,916

1,648,861

AXA

SA

(Insurance)

85,459,899

324,740

BNP

Paribas

SA

(Banks)

41,264,318

30,932

Capgemini

SE

(Software

&

Services)

3,676,602

373,705

Cie

de

Saint-Gobain

SA

(Capital

Goods)

35,123,470

955,749

Danone

SA

(Food,

Beverage

&

Tobacco)

74,344,047

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

41,103

Dassault

Aviation

SA

(Capital

Goods)

$

14,199,036

29,672

Eiffage

SA

(Capital

Goods)

4,217,271

352,834

EssilorLuxottica

SA

(Health

Care

Equipment

&

Services)

66,799,255

19,573

Gaztransport

Et

Technigaz

SA

(Energy)

4,423,879

10,912

Hermes

International

SCA

(Consumer

Durables

&

Apparel)

19,334,699

236,826

Klepierre

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

10,756,888

255,085

Legrand

SA

(Capital

Goods)

38,780,400

52,801

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

28,994,904

30,589

Nexans

SA

(Capital

Goods)

4,659,361

48,123

Rexel

SA

(Capital

Goods)

1,996,899

146,600

Safran

SA

(Capital

Goods)

57,611,090

9,711

Sartorius

Stedim

Biotech

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,877,526

168,388

Thales

SA

(Capital

Goods)

47,936,809

575,781

TotalEnergies

SE

(Energy)

50,761,161

46,146

Unibail

-

Rodamco

-Westfield

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))*

5,622,360

367,683

Valeo

SE

(Automobiles

&

Components)

6,361,618

211,498

Vallourec

SACA

(Energy)*

5,099,449

194,418

Vinci

SA

(Capital

Goods)

27,450,448

19,221

Viridien

(Energy)*

2,066,830

682,581,392

Georgia

–

0.0%

8,810

Lion

Finance

Group

PLC

(Banks)

1,383,885

Germany

–

10.6%

54,121

adidas

AG

(Consumer

Durables

&

Apparel)

10,013,642

145,283

AIXTRON

SE

(Semiconductors

&

Semiconductor

Equipment)

6,128,215

89,329

Allianz

SE

(Insurance)

44,495,011

119,974

Aumovio

SE

(Automobiles

&

Components)*

5,539,573

511,068

BASF

SE

(Materials)

29,669,366

26,083

Bilfinger

SE

(Commercial

&

Professional

Services)

2,494,476

2,135,731

Deutsche

Bank

AG

(Financial

Services)

78,607,785

2,236,939

Deutsche

Lufthansa

AG

(Transportation)

23,472,282

957,710

Deutsche

Post

AG

(Transportation)

63,976,778

2,306,110

Deutsche

Telekom

AG

(Telecommunication

Services)

71,168,905

702,221

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)

36,092,248

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

248,425

GEA

Group

AG

(Capital

Goods)

$

17,648,497

37,125

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

3,042,034

4,374

HOCHTIEF

AG

(Capital

Goods)

2,241,783

187,114

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)

13,427,978

217,927

Merck

KGaA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

36,016,428

24,434

MTU

Aero

Engines

AG

(Capital

Goods)

10,244,655

55,389

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Insurance)

33,272,194

145,889

RWE

AG

(Utilities)

9,597,019

347,293

SAP

SE

(Software

&

Services)

63,657,159

172,191

Scout24

SE

(Media

&

Entertainment)

(a)

14,762,571

393,615

Siemens

AG

(Capital

Goods)

128,966,663

196,441

Siemens

Energy

AG

(Capital

Goods)

33,560,597

15,314

Talanx

AG

(Insurance)

2,035,456

740,131,315

Guatemala

–

0.0%

23,925

Millicom

International

Cellular

SA

(Telecommunication

Services)

2,284,359

Hong

Kong

–

1.6%

4,997,200

AIA

Group

Ltd.

(Insurance)

50,376,265

133,000

ASMPT

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,552,212

1,013,000

Cathay

Pacific

Airways

Ltd.

(Transportation)

1,884,553

1,332,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

8,113,240

1,581,900

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

12,827,224

421,500

Johnson

Electric

Holdings

Ltd.

(Automobiles

&

Components)

999,885

284,500

Power

Assets

Holdings

Ltd.

(Utilities)

2,141,841

317,879

Prudential

PLC

(Insurance)

4,777,263

1,636,000

Swire

Properties

Ltd.

(Real

Estate

Management

&

Development)

4,982,557

20,986,000

WH

Group

Ltd.

(Food,

Beverage

&

Tobacco)

(a)

22,580,269

111,235,309

Indonesia

–

0.1%

87,600

Jardine

Matheson

Holdings

Ltd.

(Capital

Goods)

5,817,950

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Ireland

–

0.3%

1,035,008

AIB

Group

PLC

(Banks)

$

12,310,009

224,466

Bank

of

Ireland

Group

PLC

(Banks)

4,713,767

17,023,776

Israel

–

0.2%

253,051

Bank

Leumi

Le-Israel

BM

(Banks)

5,979,171

3,618

Elbit

Systems

Ltd.

(Capital

Goods)

2,922,741

206,095

Israel

Discount

Bank

Ltd.,

Class

A

(Banks)

2,150,910

37,715

Plus500

Ltd.

(Financial

Services)

1,987,469

13,711

Tower

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

3,003,619

16,043,910

Italy

–

2.3%

137,685

Azimut

Holding

SpA

(Financial

Services)

5,848,173

48,318

Banca

Generali

SpA

(Financial

Services)

3,650,288

762,533

Banca

Mediolanum

SpA

(Financial

Services)

20,432,054

1,485,103

Banco

BPM

SpA

(Banks)

27,115,312

13,711

Ferrari

NV

(Automobiles

&

Components)

5,391,074

1,219,180

FinecoBank

Banca

Fineco

SpA

(Banks)

33,401,734

590,074

Pirelli

&

C

SpA

(Automobiles

&

Components)

(a)

4,494,964

9,135

Prysmian

SpA

(Capital

Goods)

1,260,570

657,985

UniCredit

SpA

(Banks)

62,055,819

163,649,988

Ivory

Coast

–

0.1%

192,206

Endeavour

Mining

PLC

(Materials)

9,169,270

Japan

–

24.1%

217,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)

42,914,798

504,600

AGC,

Inc.

(Capital

Goods)

19,029,991

277,600

Alps

Alpine

Co.

Ltd.

(Technology

Hardware

&

Equipment)

3,802,553

593,200

Aozora

Bank

Ltd.

(Banks)

11,256,389

345,100

Asahi

Intecc

Co.

Ltd.

(Health

Care

Equipment

&

Services)

7,785,850

2,231,200

Astellas

Pharma,

Inc.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

30,645,098

475,800

Chiba

Bank

Ltd.

(The)

(Banks)

7,734,157

479,900

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

20,823,510

311,300

Cosmo

Energy

Holdings

Co.

Ltd.

(Energy)

7,746,720

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

98,800

Credit

Saison

Co.

Ltd.

(Financial

Services)

$

2,798,730

298,400

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

&

Professional

Services)

5,410,657

3,215,600

Daiichi

Life

Group,

Inc.

(Insurance)

38,771,677

290,300

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

6,147,014

3,873,500

Daiwa

Securities

Group,

Inc.

(Financial

Services)

43,331,477

48,100

DIC

Corp.

(Materials)

1,322,749

294,200

East

Japan

Railway

Co.

(Transportation)

6,769,114

4,534,400

ENEOS

Holdings,

Inc.

(Energy)

37,447,487

640,000

FANUC

Corp.

(Capital

Goods)

25,789,120

64,100

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

31,387,800

144,400

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

5,041,503

293,700

Fuji

Electric

Co.

Ltd.

(Capital

Goods)

25,630,998

330,200

Fujikura

Ltd.

(Capital

Goods)

8,379,274

2,049,600

Fujitsu

Ltd.

(Software

&

Services)

47,241,792

547,200

Fukuoka

Financial

Group,

Inc.

(Banks)

25,012,657

123,200

Hachijuni

Nagano

Bank

Ltd.

(Banks)

1,914,285

7,400

Hikari

Tsushin,

Inc.

(Capital

Goods)

1,809,424

356,700

Hitachi

Construction

Machinery

Co.

Ltd.

(Capital

Goods)

11,888,918

801,400

Hitachi

Ltd.

(Capital

Goods)

26,262,323

309,000

Hoya

Corp.

(Health

Care

Equipment

&

Services)

47,251,361

208,600

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

2,293,505

56,900

Ibiden

Co.

Ltd.

(Technology

Hardware

&

Equipment)

5,692,438

168,400

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

3,758,579

1,868,600

Isuzu

Motors

Ltd.

(Automobiles

&

Components)

27,878,677

450,600

ITOCHU

Corp.

(Capital

Goods)

5,654,855

109,700

Iyogin

Holdings,

Inc.

(Banks)

2,468,193

79,200

Japan

Airlines

Co.

Ltd.

(Transportation)

1,460,809

769,500

Japan

Post

Bank

Co.

Ltd.

(Banks)

14,878,387

660,900

Japan

Post

Holdings

Co.

Ltd.

(Insurance)

9,777,594

361,100

Japan

Tobacco,

Inc.

(Food,

Beverage

&

Tobacco)

16,100,326

298,300

JGC

Holdings

Corp.

(Capital

Goods)

4,172,075

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

333,200

Kinden

Corp.

(Capital

Goods)

$

14,663,605

99,600

Kioxia

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)*

27,762,149

85,700

Koito

Manufacturing

Co.

Ltd.

(Automobiles

&

Components)

1,432,306

351,000

Kubota

Corp.

(Capital

Goods)

5,954,889

1,939,100

Kyocera

Corp.

(Technology

Hardware

&

Equipment)

44,224,658

74,400

Kyoto

Financial

Group,

Inc.

(Banks)

2,050,760

413,100

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

4,576,748

42,700

Kyushu

Railway

Co.

(Transportation)

963,557

11,900

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

2,733,814

7,175,800

LY

Corp.

(Media

&

Entertainment)

19,993,534

146,600

Mabuchi

Motor

Co.

Ltd.

(Capital

Goods)

1,518,598

138,700

Makita

Corp.

(Capital

Goods)

4,467,583

750,600

Mitsubishi

Chemical

Group

Corp.

(Materials)

5,523,553

507,600

Mitsubishi

Electric

Corp.

(Capital

Goods)

18,285,336

170,300

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

1,567,987

100,400

Mitsubishi

Materials

Corp.

(Materials)

2,605,829

3,782,000

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

84,476,635

422,900

Mizuho

Financial

Group,

Inc.

(Banks)

21,924,913

656,600

Murata

Manufacturing

Co.

Ltd.

(Technology

Hardware

&

Equipment)

29,917,559

322,800

Nabtesco

Corp.

(Capital

Goods)

9,278,227

1,294,700

NEC

Corp.

(Software

&

Services)

38,476,761

1,298,900

NGK

Corp.

(Capital

Goods)

44,441,087

215,000

Nippon

Electric

Glass

Co.

Ltd.

(Technology

Hardware

&

Equipment)

7,082,681

239,200

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Transportation)

7,894,356

256,600

Nippon

Yusen

KK

(Transportation)

9,852,801

107,400

Nishi-Nippon

Financial

Holdings,

Inc.

(Banks)

2,838,349

50,400

Nissan

Chemical

Corp.

(Materials)

2,342,724

1,301,900

Nomura

Holdings,

Inc.

(Financial

Services)

12,595,226

327,000

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate

Management

&

Development)

1,879,096

1,016,700

NSK

Ltd.

(Capital

Goods)

7,241,901

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,001,900

NTN

Corp.

(Capital

Goods)

$

2,422,240

29,325,500

NTT,

Inc.

(Telecommunication

Services)

28,108,898

177,800

Odakyu

Electric

Railway

Co.

Ltd.

(Transportation)

1,967,895

170,600

Olympus

Corp.

(Health

Care

Equipment

&

Services)

1,949,853

1,260,800

ORIX

Corp.

(Financial

Services)

50,885,075

493,600

Panasonic

Holdings

Corp.

(Consumer

Durables

&

Apparel)

13,052,002

252,000

Recruit

Holdings

Co.

Ltd.

(Commercial

&

Professional

Services)

19,928,367

869,800

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

17,434,061

277,500

Resona

Holdings,

Inc.

(Banks)

3,763,125

19,700

Resonac

Holdings

Corp.

(Materials)

1,640,993

867,400

Ricoh

Co.

Ltd.

(Technology

Hardware

&

Equipment)

8,511,782

99,200

Seiko

Epson

Corp.

(Technology

Hardware

&

Equipment)

1,817,052

293,800

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

3,895,824

343,800

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

12,256,517

703,600

SoftBank

Group

Corp.

(Telecommunication

Services)

21,915,387

236,900

Sojitz

Corp.

(Capital

Goods)

7,914,950

1,174,700

Sompo

Holdings,

Inc.

(Insurance)

52,152,729

5,074,500

Sony

Group

Corp.

(Consumer

Durables

&

Apparel)

118,585,349

1,675,500

Sumitomo

Chemical

Co.

Ltd.

(Materials)

5,421,600

2,795,800

Sumitomo

Electric

Industries

Ltd.

(Automobiles

&

Components)

37,002,686

21,600

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

698,262

24,300

SWCC

Corp.

(Capital

Goods)

1,675,053

535,400

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

7,654,006

2,251,500

TDK

Corp.

(Technology

Hardware

&

Equipment)

43,292,895

175,900

Tokio

Marine

Holdings,

Inc.

(Insurance)

8,964,990

139,500

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

46,640,053

34,800

Tokyo

Seimitsu

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

3,623,666

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

257,600

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

$

2,141,025

243,300

Toray

Industries,

Inc.

(Materials)

1,747,686

713,400

Tosoh

Corp.

(Materials)

11,998,304

59,600

TOTO

Ltd.

(Capital

Goods)

2,586,591

1,337,200

Toyota

Motor

Corp.

(Automobiles

&

Components)

25,306,085

53,600

Tsugami

Corp.

(Capital

Goods)

1,966,931

315,000

Unicharm

Corp.

(Household

&

Personal

Products)

1,998,032

77,100

Yamaguchi

Financial

Group,

Inc.

(Banks)

1,425,674

680,200

Yamaha

Corp.

(Consumer

Durables

&

Apparel)

5,272,659

269,700

Yamaha

Motor

Co.

Ltd.

(Automobiles

&

Components)

2,256,010

52,600

Yamaichi

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,730,675

2,053,600

Yokohama

Financial

Group,

Inc.

(Banks)

23,375,735

1,690,030,803

Luxembourg

–

0.3%

111,486

ArcelorMittal

SA

(Materials)

7,875,081

160,088

Eurofins

Scientific

SE

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

12,624,671

20,499,752

Netherlands

–

5.1%

5,862

Adyen

NV

(Financial

Services)*

(a)

5,962,924

13,159

Argenx

SE

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

11,270,653

19,742

ASM

International

NV

(Semiconductors

&

Semiconductor

Equipment)

18,284,042

146,376

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

241,219,771

59,560

BE

Semiconductor

Industries

NV

(Semiconductors

&

Semiconductor

Equipment)

13,658,248

773,657

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

30,654,032

82,146

Koninklijke

BAM

Groep

NV

(Capital

Goods)

1,101,627

212,487

Koninklijke

Philips

NV

(Health

Care

Equipment

&

Services)

5,598,582

163,424

NN

Group

NV

(Insurance)

15,404,546

313,991

SBM

Offshore

NV

(Energy)

11,726,285

54,565

Wolters

Kluwer

NV

(Commercial

&

Professional

Services)

4,283,827

359,164,537

Shares

Description

Value

a

Common

Stocks

–

(continued)

New

Zealand

–

0.1%

152,079

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Services)

$

3,637,245

Nigeria

–

0.0%

195,739

Airtel

Africa

PLC

(Telecommunication

Services)

(a)

883,546

Norway

–

0.5%

357,584

DNB

Bank

ASA

(Banks)

11,513,706

147,755

Frontline

PLC

(Energy)

5,858,753

936,360

Norwegian

Air

Shuttle

ASA

(Transportation)

1,292,169

297,471

Orkla

ASA

(Food,

Beverage

&

Tobacco)

3,304,291

2,756,859

Var

Energi

ASA

(Energy)

13,850,483

35,819,402

Portugal

–

0.8%

6,375,978

Banco

Comercial

Portugues

SA,

Class

R

(Banks)

7,855,893

8,670,316

EDP

SA

(Utilities)

44,646,099

73,513

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)

1,474,297

53,976,289

Singapore

–

0.2%

320,200

AEM

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,059,831

332,900

City

Developments

Ltd.

(Real

Estate

Management

&

Development)

2,035,994

393,800

Keppel

Ltd.

(Capital

Goods)

3,517,012

1,035,900

Singapore

Technologies

Engineering

Ltd.

(Capital

Goods)

8,139,883

19,096

STMicroelectronics

NV

(Semiconductors

&

Semiconductor

Equipment)

1,016,316

16,769,036

Spain

–

4.4%

202,382

Amadeus

IT

Group

SA

(Consumer

Services)

12,490,412

2,374,307

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

66,556,393

3,796,250

Banco

Santander

SA

(Banks)

53,991,331

329,008

CaixaBank

SA

(Banks)

4,779,286

347,267

Enagas

SA

(Utilities)

6,769,143

81,962

Iberdrola

SA

(Utilities)

1,946,894

1,214,217

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

79,244,253

529,169

Merlin

Properties

Socimi

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

9,197,033

495,464

Naturgy

Energy

Group

SA

(Utilities)

(b)

16,528,621

233,361

Redeia

Corp.

SA

(Utilities)

4,115,801

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Spain

–

(continued)

1,257,420

Repsol

SA

(Energy)

$

38,377,774

173,491

Solaria

Energia

y

Medio

Ambiente

SA

(Utilities)*

3,357,275

3,555,427

Unicaja

Banco

SA

(Banks)

(a)

13,671,516

311,025,732

Sweden

–

2.6%

1,321,245

Assa

Abloy

AB,

Class

B

(Capital

Goods)

49,025,833

1,122,849

Atlas

Copco

AB,

Class

A

(Capital

Goods)

23,725,605

442,965

Atlas

Copco

AB,

Class

B

(Capital

Goods)

8,184,908

111,285

Boliden

AB

(Materials)

5,599,594

157,166

Getinge

AB,

Class

B

(Health

Care

Equipment

&

Services)

3,917,418

223,539

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary

Distribution

&

Retail)

4,093,835

83,583

Hexagon

AB,

Class

B

(Technology

Hardware

&

Equipment)

825,012

31,302

Industrivarden

AB,

Class

C

(Financial

Services)

1,791,219

421,483

Investor

AB,

Class

A

(Financial

Services)

17,885,021

247,103

Sandvik

AB

(Capital

Goods)

9,240,352

505,784

Securitas

AB,

Class

B

(Commercial

&

Professional

Services)

8,125,099

592,656

SSAB

AB,

Class

B

(Materials)

6,242,353

569,089

Svenska

Handelsbanken

AB,

Class

A

(Banks)

8,701,694

3,095,670

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Technology

Hardware

&

Equipment)

30,451,132

35,891

Trelleborg

AB,

Class

B

(Capital

Goods)

1,595,501

179,404,576

Switzerland

–

7.6%

671,615

ABB

Ltd.

(Capital

Goods)

66,260,822

98,427

Accelleron

Industries

AG

(Capital

Goods)

8,911,239

158,335

Avolta

AG

(Consumer

Discretionary

Distribution

&

Retail)*

9,505,533

522

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food,

Beverage

&

Tobacco)

6,024,964

206,250

Cie

Financiere

Richemont

SA

(Consumer

Durables

&

Apparel)

48,745,526

14,167

Galenica

AG

(Health

Care

Equipment

&

Services)

(a)

1,504,984

6,013

Inficon

Holding

AG

(Technology

Hardware

&

Equipment)

1,213,103

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

54,051

Logitech

International

SA

(Technology

Hardware

&

Equipment)

$

5,520,245

118,139

Lonza

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

82,340,317

538,383

Nestle

SA

(Food,

Beverage

&

Tobacco)

53,811,957

39,453

Partners

Group

Holding

AG

(Financial

Services)

32,885,224

87,597

Sandoz

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

7,140,719

283,797

SGS

SA

(Commercial

&

Professional

Services)

33,628,921

60,785

Sonova

Holding

AG

(Health

Care

Equipment

&

Services)

16,561,109

1,392,629

UBS

Group

AG

(Financial

Services)

73,611,100

3,845

VAT

Group

AG

(Capital

Goods)

(a)

2,877,899

109,125

Zurich

Insurance

Group

AG

(Insurance)

83,123,588

533,667,250

United

Kingdom

–

11.4%

395,648

AstraZeneca

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

67,117,727

739,894

Autotrader

Group

PLC

(Media

&

Entertainment)

(a)

5,224,532

632,173

Aviva

PLC

(Insurance)

5,916,639

91,699

Babcock

International

Group

PLC

(Capital

Goods)

1,392,041

592,286

BAE

Systems

PLC

(Capital

Goods)

16,767,230

5,391,778

Barclays

PLC

(Banks)

37,060,597

638,242

Beazley

PLC

(Insurance)

11,092,672

138,539

Burberry

Group

PLC

(Consumer

Durables

&

Apparel)*

2,233,029

1,317,130

Centrica

PLC

(Utilities)

2,751,502

1,327,500

CK

Hutchison

Holdings

Ltd.

(Capital

Goods)

12,437,720

1,149,341

Compass

Group

PLC

(Consumer

Services)

36,498,311

1,221,289

Convatec

Group

PLC

(Health

Care

Equipment

&

Services)

(a)

3,690,338

36,602

DCC

Energy

PLC

(Energy)

3,129,684

504,354

easyJet

PLC

(Transportation)

4,293,835

20,693

Games

Workshop

Group

PLC

(Consumer

Durables

&

Apparel)

5,334,286

496,916

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

25,685,588

3,067,589

Harbour

Energy

PLC

(Energy)

9,950,955

482,218

Hiscox

Ltd.

(Insurance)

11,772,819

1,846,911

HSBC

Holdings

PLC

(Banks)

39,330,564

144,792

ICG

PLC

(Financial

Services)

3,696,821

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

100,055

IG

Group

Holdings

PLC

(Financial

Services)

$

1,968,798

1,596,163

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

60,575,818

179,649

Intertek

Group

PLC

(Commercial

&

Professional

Services)

14,189,261

399,189

Investec

PLC

(Financial

Services)

3,493,778

1,189,802

ITV

PLC

(Media

&

Entertainment)

1,192,857

100,557

Lancashire

Holdings

Ltd.

(Insurance)

816,788

45,519,353

Lloyds

Banking

Group

PLC

(Banks)

70,355,531

964,361

Man

Group

PLC

(Financial

Services)

3,948,628

503,091

Melrose

Industries

PLC

(Capital

Goods)

3,094,655

3,276,627

National

Grid

PLC

(Utilities)

52,445,238

6,997,891

NatWest

Group

PLC

(Banks)

66,008,559

12,132

Next

PLC

(Consumer

Discretionary

Distribution

&

Retail)

2,429,532

671,606

Reckitt

Benckiser

Group

PLC

(Household

&

Personal

Products)

47,400,217

1,755,393

Rolls-Royce

Holdings

PLC

(Capital

Goods)

35,019,508

313,245

RS

GROUP

PLC

(Capital

Goods)

2,982,681

1,000,819

Sage

Group

PLC

(The)

(Software

&

Services)

13,183,760

458,660

Smiths

Group

PLC

(Capital

Goods)

16,378,573

1,688,648

Standard

Chartered

PLC

(Banks)

49,929,307

440,491

Unilever

PLC

(Household

&

Personal

Products)

28,208,024

1,200,242

Vodafone

Group

PLC

ADR

(Telecommunication

Services)

18,939,819

797,938,222

United

States

–

5.8%

1,005,424

BP

PLC

ADR

(Energy)

45,465,273

189,398

Haleon

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,869,358

274,307

InterContinental

Hotels

Group

PLC

(Consumer

Services)

44,357,409

119,450

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

18,681,012

198,728

QIAGEN

NV

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,177,444

307,461

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

134,388,899

763,892

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

65,780,054

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

107,229

Schneider

Electric

SE

(Capital

Goods)

$

36,027,416

768,000

Shell

PLC

(Energy)

35,214,921

24,872

Spotify

Technology

SA

(Media

&

Entertainment)*

12,434,508

73,956

Tenaris

SA

(Energy)

2,121,771

404,518,065

TOTAL

COMMON

STOCKS

(Cost

$5,900,848,066)

6,807,989,860

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.6%

Germany

–

0.6%

369,435

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

2.73

%

32,206,879

29,841

Sartorius

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

0.34

7,520,946

TOTAL

PREFERRED

STOCKS

(Cost

$40,098,856)

39,727,825

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(c)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

19,134,297

3.760%

19,134,297

(Cost

$19,134,297)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$5,960,081,219)

6,866,851,982

a

Securities

Lending

Reinvestment

Vehicle

–

0.2%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

14,391,000

3.571%

14,391,000

(Cost

$14,391,000)

TOTAL

INVESTMENTS

–

98.3%

(Cost

$5,974,472,219)

$

6,881,242,982

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.7%

121,477,033

NET

ASSETS

–

100.0%

$

7,002,720,015

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

GOLDMAN

SACHS

INTERNATIONAL

EQUITY

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

*

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

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

28.0

%

Industrials

18.3

Information

Technology

11.6

Health

Care

10.7

Consumer

Discretionary

10.0

Consumer

Staples

5.8

Materials

4.6

Energy

4.1

Communication

Services

3.1

Utilities

2.3

Real

Estate

1.0

Investment

Company

0.3

Securities

Lending

Reinvestment

Vehicle

0.2

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

760

09/18/26

$

55,852,614

$

398,816

FTSE

100

Index

136

09/18/26

19,914,903

490,752

Hang

Seng

Index

29

08/28/26

4,796,108

133,268

MSCI

Singapore

Index

40

08/28/26

1,623,611

22,639

SPI

200

Index

55

09/17/26

8,652,521

143,853

TOPIX

Index

116

09/10/26

29,064,706

(354,558)

Total

Futures

Contracts

$

834,770

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.5%

Australia

–

9.7%

12,173,841

AMP

Ltd.

(Financial

Services)

$

18,343,283

301,707

Ampol

Ltd.

(Energy)

8,512,412

23,815,343

Aurizon

Holdings

Ltd.

(Transportation)

70,035,268

1,084,609

Capricorn

Metals

Ltd.

(Materials)

9,614,467

1,605,434

Challenger

Ltd.

(Financial

Services)

11,032,457

3,130,536

Charter

Hall

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

51,189,486

8,778,434

Charter

Hall

Retail

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

24,812,073

1,675,261

Codan

Ltd.

(Technology

Hardware

&

Equipment)

47,052,772

44,196

Credit

Corp.

Group

Ltd.

(Financial

Services)

427,596

2,241,699

Deterra

Royalties

Ltd.

(Materials)

6,824,135

600,801

Dicker

Data

Ltd.

(Technology

Hardware

&

Equipment)

5,288,447

4,055,764

Downer

EDI

Ltd.

(Commercial

&

Professional

Services)

22,064,972

7,553,171

Dyno

Nobel

Ltd.

(Materials)

19,992,621

432,838

Elsight

Ltd.

(Technology

Hardware

&

Equipment)*

1,704,742

124,609

GenusPlus

Group

Ltd.

(Capital

Goods)

765,579

1,019,277

Harvey

Norman

Holdings

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

3,510,494

185,808

HUB24

Ltd.

(Financial

Services)

11,064,084

522,291

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

30,045,898

527,362

Medibank

Pvt

Ltd.

(Insurance)

1,911,551

4,436,036

Metcash

Ltd.

(Consumer

Staples

Distribution

&

Retail)

9,471,840

20,543,169

Mirvac

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

25,764,692

567,300

Monadelphous

Group

Ltd.

(Capital

Goods)

11,614,942

33,432

Neuren

Pharmaceuticals

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

421,409

429,608

nib

holdings

Ltd.

(Insurance)

2,260,610

1,238,374

NRW

Holdings

Ltd.

(Capital

Goods)

6,066,738

4,402,923

Orica

Ltd.

(Materials)

71,924,517

5,523,084

Orora

Ltd.

(Materials)

5,638,014

11,025,519

Perenti

Ltd.

(Materials)

16,360,505

11,033,205

Perseus

Mining

Ltd.

(Materials)

37,769,688

1,691,287

Qantas

Airways

Ltd.

(Transportation)

11,769,696

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

6,356,150

Region

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

10,626,547

7,215,806

Regis

Resources

Ltd.

(Materials)

30,921,212

5,876,030

Resolute

Mining

Ltd.

(Materials)*

3,844,651

4,131,704

Sandfire

Resources

Ltd.

(Materials)*

54,692,935

2,157,907

Service

Stream

Ltd.

(Capital

Goods)

3,688,344

58,768

SmartGroup

Corp.

Ltd.

(Commercial

&

Professional

Services)

529,213

1,532,397

Superloop

Ltd.

(Telecommunication

Services)*

3,434,494

72,599

Technology

One

Ltd.

(Software

&

Services)

1,583,430

7,048,713

TPG

Telecom

Ltd.

(Telecommunication

Services)

17,696,326

3,622,126

Vicinity

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

6,807,230

669,255

Waypoint

REIT

Ltd.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,170,023

2,266,895

Westgold

Resources

Ltd.

(Materials)

7,556,386

2,884,749

Zip

Co.

Ltd.

(Financial

Services)*

5,164,661

690,970,440

Austria

–

0.4%

162,244

AT&S

Austria

Technologie

&

Systemtechnik

AG

(Technology

Hardware

&

Equipment)*

24,846,278

Belgium

–

1.4%

511,082

Aedifica

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

41,328,327

31,088

KBC

Ancora

(Banks)

3,176,478

3,501

Melexis

NV

(Semiconductors

&

Semiconductor

Equipment)

274,913

1,413,138

Umicore

SA

(Materials)

35,271,771

777,249

Warehouses

De

Pauw

CVA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

20,002,493

100,053,982

China

–

0.3%

1,207,500

AAC

Technologies

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

5,933,398

18,045,000

Nexteer

Automotive

Group

Ltd.

(Automobiles

&

Components)

9,666,217

7,060,000

VSTECS

Holdings

Ltd.

(Technology

Hardware

&

Equipment)

8,442,506

24,042,121

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

2.3%

101,746

AL

Sydbank

(Banks)

$

9,797,521

524,955

Bavarian

Nordic

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

14,389,974

63,316

Chemometec

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,225,886

559,232

GN

Store

Nord

AS

(Consumer

Durables

&

Apparel)*

8,437,024

160,867

H

Lundbeck

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,029,202

82,849

Jyske

Bank

A/S

(Banks)

13,150,234

151,136

NKT

A/S

(Capital

Goods)*

20,628,177

492,653

Pandora

A/S

(Consumer

Durables

&

Apparel)

61,694,252

70,497

Ringkjoebing

Landbobank

A/S

(Banks)

18,943,137

115,373

Royal

Unibrew

A/S

(Food,

Beverage

&

Tobacco)

8,654,833

89,465

Zealand

Pharma

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

4,205,688

165,155,928

Finland

–

0.8%

477,577

Huhtamaki

OYJ

(Materials)

17,031,868

243,022

Kalmar

OYJ,

Class

B

(Capital

Goods)

10,806,897

84,790

Konecranes

OYJ

(Capital

Goods)

2,645,091

3,337,251

Mandatum

OYJ

(Insurance)

22,864,129

402,132

Outokumpu

OYJ

(Materials)

2,421,737

55,769,722

France

–

5.6%

890,500

Air

France-KLM

(Transportation)*

12,437,676

49,116

Alten

SA

(Software

&

Services)

4,271,291

429,602

Arkema

SA

(Materials)

29,261,328

120,476

BioMerieux

(Health

Care

Equipment

&

Services)

9,602,909

102,323

Covivio

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

6,246,526

720,726

Edenred

SE

(Financial

Services)

23,729,763

70,475

Elis

SA

(Commercial

&

Professional

Services)

2,021,499

28,989

Eurazeo

SE

(Financial

Services)

1,593,977

1,153,466

Forvia

SE

(Automobiles

&

Components)*

11,916,415

186,443

Gaztransport

Et

Technigaz

SA

(Energy)

42,139,744

327,384

Gecina

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

28,362,266

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

209,733

Mercialys

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

2,907,322

443,155

Nexans

SA

(Capital

Goods)

67,502,022

479,875

SCOR

SE

(Insurance)

18,984,418

11,866

Sopra

Steria

Group

(Software

&

Services)

2,518,703

622,595

SPIE

SA

(Commercial

&

Professional

Services)

33,483,652

3,427,369

Valeo

SE

(Automobiles

&

Components)

59,300,031

1,679,674

Vallourec

SACA

(Energy)*

40,498,788

30,911

Viridien

(Energy)*

3,323,853

10,342

Vusion

(Technology

Hardware

&

Equipment)

(a)

1,554,515

401,656,698

Georgia

–

0.6%

228,006

Lion

Finance

Group

PLC

(Banks)

35,815,458

115,031

TBC

Bank

Group

PLC

(Banks)

7,469,851

43,285,309

Germany

–

4.6%

818,550

AIXTRON

SE

(Semiconductors

&

Semiconductor

Equipment)

34,527,444

1,584,131

Aroundtown

SA

(Real

Estate

Management

&

Development)*

3,984,704

299,564

Aumovio

SE

(Automobiles

&

Components)*

13,831,802

470,418

Bilfinger

SE

(Commercial

&

Professional

Services)

44,988,928

4,517,303

Deutsche

Lufthansa

AG

(Transportation)

47,400,225

29,181

Elmos

Semiconductor

SE

(Semiconductors

&

Semiconductor

Equipment)

4,931,107

40,765

flatexDEGIRO

SE

(Financial

Services)

1,716,416

467,452

Fresenius

Medical

Care

AG

(Health

Care

Equipment

&

Services)

23,990,531

28,422

Friedrich

Vorwerk

Group

SE

(Energy)

2,158,811

365,716

GEA

Group

AG

(Capital

Goods)

25,981,032

94,775

HelloFresh

SE

(Consumer

Staples

Distribution

&

Retail)*

373,368

714,564

Jenoptik

AG

(Technology

Hardware

&

Equipment)

30,959,297

913,009

LANXESS

AG

(Materials)

17,439,886

17,025

Nemetschek

SE

(Software

&

Services)

1,147,566

18,480

Salzgitter

AG

(Materials)

1,107,153

470,662

Scout24

SE

(Media

&

Entertainment)

(b)

40,351,593

47,088

Siltronic

AG

(Semiconductors

&

Semiconductor

Equipment)*

4,161,838

731,372

TeamViewer

SE

(Software

&

Services)*

(b)

5,107,228

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

276,616

thyssenkrupp

AG

(Materials)

$

3,881,722

9,701

Wacker

Chemie

AG

(Materials)*

993,618

562,234

Zalando

SE

(Consumer

Discretionary

Distribution

&

Retail)*

(b)

18,337,388

327,371,657

Greece

–

0.1%

130,386

Metlen

Energy

&

Metals

PLC

(Capital

Goods)

6,953,108

Hong

Kong

–

1.3%

1,580,600

ASMPT

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

30,331,029

140,000

Cowell

e

Holdings,

Inc.

(Technology

Hardware

&

Equipment)

368,277

2,457,200

DFI

Retail

Group

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

9,715,142

7,427,000

Johnson

Electric

Holdings

Ltd.

(Automobiles

&

Components)

17,618,377

5,912,500

Kerry

Properties

Ltd.

(Real

Estate

Management

&

Development)

14,752,303

6,413,000

Luk

Fook

Holdings

International

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

20,102,600

7,848,000

Pacific

Basin

Shipping

Ltd.

(Transportation)

3,279,181

96,166,909

Indonesia

–

0.1%

8,756,000

First

Pacific

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

6,249,784

135,700

First

Resources

Ltd.

(Food,

Beverage

&

Tobacco)

358,706

6,608,490

Israel

–

4.2%

180,531

Airport

City

Ltd.

(Real

Estate

Management

&

Development)*

3,252,210

447,254

Alony

Hetz

Properties

&

Investments

Ltd.

(Real

Estate

Management

&

Development)

4,644,769

1,074,079

Amot

Investments

Ltd.

(Real

Estate

Management

&

Development)

6,526,225

166,780

Aryt

Industries

Ltd.

(Capital

Goods)

1,376,692

9,729

Ayalon

Holdings

Ltd.

(Insurance)

448,358

17,130

Bet

Shemesh

Engines

Holdings

1997

Ltd.

(Capital

Goods)*

4,650,714

14,040,093

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Telecommunication

Services)

33,640,499

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

26,887

Big

Shopping

Centers

Ltd.

(Real

Estate

Management

&

Development)

$

6,042,806

61,288

Camtek

Ltd.

(Semiconductors

&

Semiconductor

Equipment)*

8,474,736

114,659

Clal

Insurance

Enterprises

Holdings

Ltd.

(Insurance)

8,677,121

222,430

Delek

Group

Ltd.

(Energy)

5,872,223

100,124

Doral

Group

Renewable

Energy

Resources

Ltd.

(Utilities)*

2,256,299

854,481

El

Al

Israel

Airlines

(Transportation)

3,794,304

6,883

Elco

Ltd.

(Capital

Goods)

332,716

116,913

Energix-Renewable

Energies

Ltd.

(Utilities)

847,209

17,241

Fattal

Holdings

1998

Ltd.

(Consumer

Services)*

3,818,356

430,630

First

International

Bank

Of

Israel

Ltd.

(The)

(Banks)

33,254,826

16,593

Fox

Wizel

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,641,114

209,250

G

City

Ltd.

(Real

Estate

Management

&

Development)

792,701

35,698

Gilat

Satellite

Networks

Ltd.

(Technology

Hardware

&

Equipment)*

393,177

97,591

Israel

Canada

T.R

Ltd.

(Real

Estate

Management

&

Development)

498,522

61,310

Israel

Corp.

Ltd.

(Materials)

1,603,279

29,032

Matrix

IT

Ltd.

(Software

&

Services)

822,635

20,302

Mega

Or

Holdings

Ltd.

(Real

Estate

Management

&

Development)

3,297,415

35,804

Meitav

Investment

House

Ltd.

(Financial

Services)

1,549,209

60,188

Melisron

Ltd.

(Real

Estate

Management

&

Development)

7,903,108

31,508

Menora

Mivtachim

Holdings

Ltd.

(Insurance)

4,927,028

1,024,271

Migdal

Insurance

&

Financial

Holdings

Ltd.

(Insurance)*

5,818,097

2,832,050

Mivne

Real

Estate

KD

Ltd.

(Real

Estate

Management

&

Development)

12,497,260

8,661

Nayax

Ltd.

(Technology

Hardware

&

Equipment)*

587,784

117,357

Next

Vision

Stabilized

Systems

Ltd.

(Technology

Hardware

&

Equipment)

9,119,021

54,006

Nice

Ltd.

ADR

(Software

&

Services)*

5,335,253

1,167,851

Oil

Refineries

Ltd.

(Energy)

744,307

1

Orion

Retail

Properties

Ltd.

(Equity

Real

Estate

Investment

Trusts

(REITs))*

1

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

21,528

OY

Nofar

Energy

Ltd.

(Utilities)*

$

1,265,815

59,750

Partner

Communications

Co.

Ltd.

(Telecommunication

Services)

734,750

2,431

Paz

Retail

And

Energy

Ltd.

(Energy)

686,395

1,033,348

Plus500

Ltd.

(Financial

Services)

54,454,393

4,438

Qualitau

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

728,164

21,840

Shapir

Engineering

and

Industry

Ltd.

(Capital

Goods)

326,860

1,993,167

Shufersal

Ltd.

(Consumer

Staples

Distribution

&

Retail)

28,511,529

356,690

Strauss

Group

Ltd.

(Food,

Beverage

&

Tobacco)

13,508,393

278,536

Tel

Aviv

Stock

Exchange

Ltd.

(Financial

Services)

10,728,374

34,972

Turpaz

Industries

Ltd.

(Materials)

734,349

5,952

YH

Dimri

Construction

&

Development

Ltd.

(Real

Estate

Management

&

Development)

702,076

297,821,072

Italy

–

2.3%

3,469,898

Amplifon

SpA

(Health

Care

Equipment

&

Services)

48,575,855

750,294

Azimut

Holding

SpA

(Financial

Services)

31,868,754

179,563

Banca

Generali

SpA

(Financial

Services)

13,565,477

295,440

Brembo

NV

(Automobiles

&

Components)

3,617,666

8,062

Danieli

&

C

Officine

Meccaniche

SpA

(Capital

Goods)

605,386

653,846

De'

Longhi

SpA

(Consumer

Durables

&

Apparel)

30,691,107

16,871

Maire

SpA

(Capital

Goods)

252,127

2,738,484

Pirelli

&

C

SpA

(Automobiles

&

Components)

(b)

20,860,749

67,226

Reply

SpA

(Software

&

Services)

8,531,115

137,082

Technogym

SpA

(Consumer

Durables

&

Apparel)

(b)

2,144,714

160,712,950

Japan

–

37.0%

845,600

77

Bank

Ltd.

(The)

(Banks)

18,321,159

3,370,000

Acom

Co.

Ltd.

(Financial

Services)

10,032,619

483,600

AGC,

Inc.

(Capital

Goods)

18,238,018

321,100

Aichi

Financial

Group,

Inc.

(Banks)

3,461,248

3,263,500

Alps

Alpine

Co.

Ltd.

(Technology

Hardware

&

Equipment)

44,703,280

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

826,500

ALSOK

Co.

Ltd.

(Commercial

&

Professional

Services)

$

6,075,200

266,900

Amada

Co.

Ltd.

(Capital

Goods)

4,578,981

35,300

Amano

Corp.

(Technology

Hardware

&

Equipment)

—

877,300

Aozora

Bank

Ltd.

(Banks)

16,647,387

529,100

Asahi

Diamond

Industrial

Co.

Ltd.

(Capital

Goods)

3,611,647

2,002,500

Asahi

Intecc

Co.

Ltd.

(Health

Care

Equipment

&

Services)

45,178,688

294,700

Bank

of

Nagoya

Ltd.

(The)

(Banks)

11,893,361

20,800

BIPROGY,

Inc.

(Software

&

Services)

—

2,382,100

Brother

Industries

Ltd.

(Technology

Hardware

&

Equipment)

59,321,916

23,000

BuySell

Technologies

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

424,837

5,400

C

Uyemura

&

Co.

Ltd.

(Materials)

749,433

65,300

Capcom

Co.

Ltd.

(Media

&

Entertainment)

1,640,360

1,406,700

Casio

Computer

Co.

Ltd.

(Consumer

Durables

&

Apparel)

15,457,444

286,800

Chiba

Bank

Ltd.

(The)

(Banks)

4,661,951

1,200,200

Chugin

Financial

Group,

Inc.

(Banks)

24,730,584

2,038,100

Citizen

Watch

Co.

Ltd.

(Technology

Hardware

&

Equipment)

26,981,116

26,000

CKD

Corp.

(Capital

Goods)

948,814

86,600

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Food,

Beverage

&

Tobacco)

2,081,079

1,789,200

Cosmo

Energy

Holdings

Co.

Ltd.

(Energy)

44,524,354

57,200

Cosmos

Pharmaceutical

Corp.

(Consumer

Staples

Distribution

&

Retail)

2,307,160

1,076,800

Credit

Saison

Co.

Ltd.

(Financial

Services)

30,502,763

1,837,200

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

&

Professional

Services)

33,312,529

163,400

Daido

Steel

Co.

Ltd.

(Materials)

2,296,684

779,500

Daishi

Hokuetsu

Financial

Group,

Inc.

(Banks)

11,197,432

1,118,800

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

23,690,250

99,200

DeNA

Co.

Ltd.

(Media

&

Entertainment)

—

1,028,300

Dexerials

Corp.

(Technology

Hardware

&

Equipment)

20,757,114

460,300

DIC

Corp.

(Materials)

12,658,239

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

46,900

Dowa

Holdings

Co.

Ltd.

(Materials)

$

2,392,893

137,200

EDION

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

2,085,030

52,000

EXEO

Group,

Inc.

(Capital

Goods)

849,101

53,100

Ezaki

Glico

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

1,686,731

1,426,100

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

49,790,083

492,600

Fuji

Corp.

(Capital

Goods)

22,007,564

16,500

Fuji

Oil

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

411,087

453,800

Fujita

Kanko,

Inc.

(Consumer

Services)

5,720,337

991,500

Fukuoka

Financial

Group,

Inc.

(Banks)

45,321,728

18,200

Fukuyama

Transporting

Co.

Ltd.

(Transportation)

678,346

310,200

Furuya

Metal

Co.

Ltd.

(Technology

Hardware

&

Equipment)

12,664,794

150,800

Fuso

Chemical

Co.

Ltd.

(Materials)

3,451,900

939,200

H2O

Retailing

Corp.

(Consumer

Staples

Distribution

&

Retail)

16,802,225

769,600

Hachijuni

Nagano

Bank

Ltd.

(Banks)

11,958,068

149,400

Hakuhodo

DY

Holdings,

Inc.

(Media

&

Entertainment)

1,219,319

1,241,500

Hamamatsu

Photonics

KK

(Technology

Hardware

&

Equipment)

17,675,343

274,200

Hazama

Ando

Corp.

(Capital

Goods)

3,124,039

3,900

Hikari

Tsushin,

Inc.

(Capital

Goods)

953,615

489,800

Hirogin

Holdings,

Inc.

(Banks)

6,703,536

63,000

Hirose

Electric

Co.

Ltd.

(Technology

Hardware

&

Equipment)

10,616,056

1,438,300

Hitachi

Construction

Machinery

Co.

Ltd.

(Capital

Goods)

47,938,969

26,800

Hosiden

Corp.

(Technology

Hardware

&

Equipment)

475,864

2,279,000

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

25,057,033

337,700

Hyakugo

Bank

Ltd.

(The)

(Banks)

4,221,516

35,300

Hyakujushi

Bank

Ltd.

(The)

(Banks)

621,980

1,706,500

Idemitsu

Kosan

Co.

Ltd.

(Energy)

13,970,316

544

Industrial

&

Infrastructure

Fund

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

481,339

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

48,382

Invincible

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

18,541,237

1,189,700

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

26,553,337

16,800

Itoki

Corp.

(Commercial

&

Professional

Services)

307,792

110,500

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

2,056,157

302,200

Japan

Elevator

Service

Holdings

Co.

Ltd.

(Commercial

&

Professional

Services)

3,202,835

34,803

Japan

Hotel

REIT

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

17,734,429

168,900

Japan

Post

Insurance

Co.

Ltd.

(Insurance)

1,859,776

941,400

JGC

Holdings

Corp.

(Capital

Goods)

13,166,581

858,000

JTEKT

Corp.

(Automobiles

&

Components)

11,748,768

1,294,900

JVCKenwood

Corp.

(Consumer

Durables

&

Apparel)

9,101,572

7,300

Kaneka

Corp.

(Materials)

259,707

121,600

Kanto

Denka

Kogyo

Co.

Ltd.

(Materials)

1,983,849

75,600

Kawasaki

Kisen

Kaisha

Ltd.

(Transportation)

1,347,104

64,443

KDX

Realty

Investment

Corp.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

62,983,634

42,200

Keihan

Holdings

Co.

Ltd.

(Capital

Goods)

—

292,500

Kikkoman

Corp.

(Food,

Beverage

&

Tobacco)

3,012,448

704,400

Kinden

Corp.

(Capital

Goods)

30,999,529

679,000

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

11,871,409

247,800

Koei

Tecmo

Holdings

Co.

Ltd.

(Media

&

Entertainment)

2,508,827

1,113,500

Koito

Manufacturing

Co.

Ltd.

(Automobiles

&

Components)

18,609,954

6,919,800

Konica

Minolta,

Inc.

(Technology

Hardware

&

Equipment)

25,282,358

2,473,700

K's

Holdings

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

29,301,881

457,500

Kuraray

Co.

Ltd.

(Materials)

5,247,283

105,700

Kusuri

no

Aoki

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

2,670,651

1,354,300

Kyoritsu

Maintenance

Co.

Ltd.

(Consumer

Services)

29,432,190

202,200

Kyoto

Financial

Group,

Inc.

(Banks)

5,573,437

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,393,100

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

$

15,434,198

142,600

Kyushu

Financial

Group,

Inc.

(Banks)

1,310,752

70,600

Kyushu

Railway

Co.

(Transportation)

1,593,141

7,256

LaSalle

Logiport

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

6,941,002

118,100

Lintec

Corp.

(Materials)

4,527,399

3,294,100

Mabuchi

Motor

Co.

Ltd.

(Capital

Goods)

34,122,868

198,500

Makita

Corp.

(Capital

Goods)

6,393,765

63,300

Matsuda

Sangyo

Co.

Ltd.

(Commercial

&

Professional

Services)

2,128,253

246,500

Matsui

Securities

Co.

Ltd.

(Financial

Services)

1,614,727

85,200

MEIJI

Holdings

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

2,028,992

52,500

Meiko

Electronics

Co.

Ltd.

(Technology

Hardware

&

Equipment)

6,594,509

135,400

MEITEC

Group

Holdings,

Inc.

(Commercial

&

Professional

Services)

2,834,216

139,700

Metaplanet,

Inc.

(Consumer

Services)*

203,436

2,298,900

Mitsubishi

Chemical

Group

Corp.

(Materials)

16,917,262

13,300

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

343,543

1,693,600

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

15,593,322

116,400

Mitsubishi

Kakoki

Kaisha

Ltd.

(Capital

Goods)

2,273,856

656,400

Mitsubishi

Materials

Corp.

(Materials)

17,036,518

207,800

Mitsui

High-Tec,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,161,269

30,800

Mitsui-Soko

Holdings

Co.

Ltd.

(Transportation)

695,191

12,900

Monogatari

Corp.

(The)

(Consumer

Services)

443,160

26,800

Musashino

Bank

Ltd.

(The)

(Banks)

427,632

975,600

Nabtesco

Corp.

(Capital

Goods)

28,041,630

18,600

Nachi-Fujikoshi

Corp.

(Capital

Goods)

629,021

309,600

Nagoya

Railroad

Co.

Ltd.

(Transportation)

3,680,292

61,800

Namura

Shipbuilding

Co.

Ltd.

(Capital

Goods)

1,657,356

199,700

Nanto

Bank

Ltd.

(The)

(Banks)

2,132,455

2,015,300

NGK

Corp.

(Capital

Goods)

68,952,285

717,400

NHK

Spring

Co.

Ltd.

(Automobiles

&

Components)

15,904,448

68,000

Nichias

Corp.

(Capital

Goods)

1,409,386

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

636,500

Nichicon

Corp.

(Technology

Hardware

&

Equipment)

$

11,311,132

77,700

Nikkon

Holdings

Co.

Ltd.

(Transportation)

(a)

2,452,442

34,000

Nikon

Corp.

(Consumer

Durables

&

Apparel)

404,000

1,443,900

Nippon

Electric

Glass

Co.

Ltd.

(Technology

Hardware

&

Equipment)

47,565,970

431,600

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Transportation)

14,244,165

695,300

Nippon

Light

Metal

Holdings

Co.

Ltd.

(Materials)

11,696,418

835,300

Nippon

Shinyaku

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

17,767,419

323,300

Nippon

Shokubai

Co.

Ltd.

(Materials)

4,349,068

1,006,700

Nippon

Television

Holdings,

Inc.

(Media

&

Entertainment)

18,382,723

84,800

Nippon

Thompson

Co.

Ltd.

(Capital

Goods)

925,399

847,500

Nipro

Corp.

(Health

Care

Equipment

&

Services)

8,645,841

5,300

Nishimatsu

Construction

Co.

Ltd.

(Capital

Goods)

175,635

539,000

Nishi-Nippon

Financial

Holdings,

Inc.

(Banks)

14,244,603

299,700

Nissan

Chemical

Corp.

(Materials)

13,930,841

1,527,500

Nissui

Corp.

(Food,

Beverage

&

Tobacco)

12,045,207

282,900

Nitto

Boseki

Co.

Ltd.

(Capital

Goods)

(a)

4,858,874

874,700

Nojima

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

7,161,558

535,600

NOK

Corp.

(Automobiles

&

Components)

10,121,427

2,491,500

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate

Management

&

Development)

14,317,333

49,000

Noritake

Co.

Ltd.

(Capital

Goods)

1,028,949

735,400

Noritsu

Koki

Co.

Ltd.

(Consumer

Durables

&

Apparel)

8,945,242

668,100

North

Pacific

Bank

Ltd.

(Banks)

4,789,933

651,900

NS

United

Kaiun

Kaisha

Ltd.

(Transportation)

(a)

32,701,402

7,987,200

NSK

Ltd.

(Capital

Goods)

56,892,408

10,794,700

NTN

Corp.

(Capital

Goods)

26,097,770

56,200

Odakyu

Electric

Railway

Co.

Ltd.

(Transportation)

622,023

76,200

Oita

Bank

Ltd.

(The)

(Banks)

1,212,055

827,600

Oji

Holdings

Corp.

(Materials)

4,550,803

391,400

Okamura

Corp.

(Commercial

&

Professional

Services)

5,713,730

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,671,000

Okasan

Securities

Group,

Inc.

(Financial

Services)

$

11,554,634

1,023,400

Olympus

Corp.

(Health

Care

Equipment

&

Services)

11,696,834

144,100

Omron

Corp.

(Technology

Hardware

&

Equipment)

4,818,624

1,004,300

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

15,009,258

214,800

Oracle

Corp.

Japan

(Software

&

Services)

12,068,245

219,200

Orient

Corp.

(Financial

Services)

1,237,963

249,600

OSG

Corp.

(Capital

Goods)

(a)

5,694,530

51,200

Penta-Ocean

Construction

Co.

Ltd.

(Capital

Goods)

476,566

353,100

Persol

Holdings

Co.

Ltd.

(Commercial

&

Professional

Services)

585,448

385,700

Pigeon

Corp.

(Household

&

Personal

Products)

4,888,565

310,000

Raito

Kogyo

Co.

Ltd.

(Capital

Goods)

7,303,585

1,861,000

Rakuten

Group,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

9,703,537

718,800

Rengo

Co.

Ltd.

(Materials)

6,718,710

1,403,300

Resorttrust,

Inc.

(Consumer

Services)

15,739,543

5,103,400

Ricoh

Co.

Ltd.

(Technology

Hardware

&

Equipment)

50,079,578

354,000

Rohto

Pharmaceutical

Co.

Ltd.

(Household

&

Personal

Products)

5,301,581

12,900

Rorze

Corp.

(Semiconductors

&

Semiconductor

Equipment)

310,671

520,500

Round

One

Corp.

(Consumer

Services)

3,955,058

218,900

Sankyu,

Inc.

(Transportation)

12,948,545

605,900

Sanrio

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

4,845,905

77,900

Sansan,

Inc.

(Software

&

Services)

990,060

1,118,700

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

13,207,604

38,400

Sanyo

Denki

Co.

Ltd.

(Capital

Goods)

1,299,934

2,784,500

Sawai

Group

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

28,761,898

216,900

SBI

Holdings,

Inc.

(Financial

Services)

4,094,701

3,368,000

Seiko

Epson

Corp.

(Technology

Hardware

&

Equipment)

61,691,842

981,900

Seino

Holdings

Co.

Ltd.

(Transportation)

(a)

16,213,181

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,706

Sekisui

House

Reit,

Inc.

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

811,376

177,500

Senshu

Ikeda

Holdings,

Inc.

(Banks)

1,040,563

72,400

Seria

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,754,203

73,300

Shiga

Bank

Ltd.

(The)

(Banks)

1,089,141

882,500

Shikoku

Electric

Power

Co.,

Inc.

(Utilities)

9,157,909

14,000

Shimadzu

Corp.

(Technology

Hardware

&

Equipment)

356,055

646,900

Shimamura

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

13,620,659

17,600

Shimizu

Corp.

(Capital

Goods)

259,263

25,700

Sojitz

Corp.

(Capital

Goods)

858,650

783,000

Stanley

Electric

Co.

Ltd.

(Automobiles

&

Components)

17,062,134

10,552,000

Sumitomo

Chemical

Co.

Ltd.

(Materials)

34,144,269

294,900

Sumitomo

Heavy

Industries

Ltd.

(Capital

Goods)

9,533,211

391,400

Sumitomo

Osaka

Cement

Co.

Ltd.

(Materials)

13,231,616

86,700

Sumitomo

Pharma

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

675,666

1,950,500

Sundrug

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

46,339,776

502,700

Suruga

Bank

Ltd.

(Banks)

8,140,939

147,900

SWCC

Corp.

(Capital

Goods)

10,195,076

147,500

T&D

Holdings,

Inc.

(Insurance)

4,648,586

186,600

Taiheiyo

Cement

Corp.

(Materials)

4,725,214

202,100

Taikisha

Ltd.

(Capital

Goods)

5,295,981

1,687,400

Takashimaya

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

24,122,843

39,500

Tamura

Corp.

(Technology

Hardware

&

Equipment)

196,241

37,500

THK

Co.

Ltd.

(Capital

Goods)

1,543,106

50,300

Timee,

Inc.

(Commercial

&

Professional

Services)*

463,860

168,100

TIS,

Inc.

(Software

&

Services)

4,030,092

205,300

Tobu

Railway

Co.

Ltd.

(Transportation)

3,982,310

79,600

Toho

Bank

Ltd.

(The)

(Banks)

424,841

1,153,400

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

8,475,497

2,590,100

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

12,935,735

515,800

Tokyo

Century

Corp.

(Financial

Services)

8,428,749

192,000

Tokyo

Seimitsu

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

19,992,642

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

26,300

TOPPAN

Holdings,

Inc.

(Commercial

&

Professional

Services)

$

737,475

3,387,500

Toray

Industries,

Inc.

(Materials)

24,333,274

2,199,700

Tosoh

Corp.

(Materials)

36,995,610

194,700

TOTO

Ltd.

(Capital

Goods)

8,449,819

111,600

Towa

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,810,028

286,000

Toyo

Engineering

Corp.

(Capital

Goods)*

(a)

3,431,598

371,500

Toyo

Seikan

Group

Holdings

Ltd.

(Materials)

9,439,435

23,900

Toyobo

Co.

Ltd.

(Materials)

224,824

135,000

Toyoda

Gosei

Co.

Ltd.

(Automobiles

&

Components)

4,660,667

158,000

Trend

Micro,

Inc.

(Software

&

Services)

6,366,114

45,200

Tri

Chemical

Laboratories,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

904,406

109,900

Trial

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

(a)

2,160,797

10,700

Tsuburaya

Fields

Holdings,

Inc.

(Consumer

Durables

&

Apparel)

161,800

391,500

Tsugami

Corp.

(Capital

Goods)

14,366,672

1,216,800

Tsumura

&

Co.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

29,119,466

97,700

TV

Asahi

Holdings

Corp.

(Media

&

Entertainment)

1,915,239

476,700

UACJ

Corp.

(Materials)

6,958,079

1,716,600

UBE

Corp.

(Materials)

33,994,024

41,300

Ulvac,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

2,178,234

1,810,400

Unicharm

Corp.

(Household

&

Personal

Products)

11,483,290

535,000

Ushio,

Inc.

(Capital

Goods)

12,415,819

1,643,400

UT

Group

Co.

Ltd.

(Commercial

&

Professional

Services)

1,892,634

78,500

WingArc1st,

Inc.

(Software

&

Services)

1,575,516

891,900

Yamaguchi

Financial

Group,

Inc.

(Banks)

16,492,326

3,639,500

Yamaha

Corp.

(Consumer

Durables

&

Apparel)

28,212,057

30,800

Yamaichi

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

1,598,951

36,400

Yamanashi

Chuo

Bank

Ltd.

(The)

(Banks)

1,448,977

80,500

Yokohama

Financial

Group,

Inc.

(Banks)

916,316

35,100

Yokowo

Co.

Ltd.

(Technology

Hardware

&

Equipment)

864,235

451,700

Zenkoku

Hosho

Co.

Ltd.

(Financial

Services)

8,886,088

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,681,000

Zeon

Corp.

(Materials)

$

23,573,531

2,641,701,562

Luxembourg

–

0.0%

48,160

APERAM

SA

(Materials)

2,543,948

Netherlands

–

1.5%

126,235

AMG

Critical

Materials

NV

(Materials)

4,321,212

511,449

Fugro

NV

(Capital

Goods)

4,999,614

2,292,103

Koninklijke

BAM

Groep

NV

(Capital

Goods)

30,738,470

141,304

Koninklijke

Heijmans

N.V

(Capital

Goods)

15,286,081

1,511,523

Pharming

Group

NV

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

1,534,014

171,911

Randstad

NV

(Commercial

&

Professional

Services)

7,267,697

913,393

SBM

Offshore

NV

(Energy)

34,111,509

156,715

Van

Lanschot

Kempen

NV

(Financial

Services)

11,777,193

110,035,790

Norway

–

1.5%

26,086

Aker

ASA,

Class

A

(Capital

Goods)

3,509,155

5,357,514

Aker

Solutions

ASA

(Energy)

23,850,539

1,283,092

DOF

Group

ASA

(Energy)

16,855,178

352,280

Frontline

PLC

(Energy)

13,968,539

15,454,012

Norwegian

Air

Shuttle

ASA

(Transportation)

21,326,411

418,069

Storebrand

ASA

(Insurance)

8,898,740

225,990

TGS

ASA

(Energy)

3,062,529

493,173

Vend

Marketplaces

ASA,

Class

B

(Media

&

Entertainment)

12,510,742

103,981,833

Singapore

–

1.2%

1,223,800

AEM

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

7,872,645

1,495,500

City

Developments

Ltd.

(Real

Estate

Management

&

Development)

9,146,378

58,291

Kenon

Holdings

Ltd.

(Utilities)

3,974,462

6,116,900

Keppel

DC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

10,636,962

2,546,600

Sheng

Siong

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

6,627,773

3,801,600

Suntec

Real

Estate

Investment

Trust

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

4,386,384

1,620,800

UOL

Group

Ltd.

(Real

Estate

Management

&

Development)

12,506,625

2,370,000

Venture

Corp.

Ltd.

(Technology

Hardware

&

Equipment)

29,529,699

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

8,918,200

Yangzijiang

Financial

Holding

Ltd.

(Financial

Services)*

$

1,461,905

86,142,833

Spain

–

1.1%

723,023

Colonial

SFL

Socimi

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

4,628,016

305,035

Logista

Integral

SA

(Transportation)

13,013,296

2,165,411

Merlin

Properties

Socimi

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

37,635,154

651,593

Neinor

Homes

SA

(Consumer

Durables

&

Apparel)*

(b)

11,932,933

139,436

Pharma

Mar

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

12,715,379

12,573

Viscofan

SA

(Food,

Beverage

&

Tobacco)

833,091

80,757,869

Sweden

–

3.6%

528,156

AAK

AB

(Food,

Beverage

&

Tobacco)

11,396,693

62,251

Ambea

AB

(Health

Care

Equipment

&

Services)

(b)

943,596

2,005,595

Betsson

AB,

Class

B

(Consumer

Services)

19,384,724

27,051

BioArctic

AB

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

(b)

923,614

83,654

Clas

Ohlson

AB,

Class

B

(Consumer

Discretionary

Distribution

&

Retail)

3,685,661

166,385

Dometic

Group

AB

(Automobiles

&

Components)*

(b)

415,633

294,382

Elekta

AB,

Class

B

(Health

Care

Equipment

&

Services)

1,497,639

1,801,288

Fastighets

AB

Balder,

Class

B

(Real

Estate

Management

&

Development)*

9,858,862

1,197,625

Getinge

AB,

Class

B

(Health

Care

Equipment

&

Services)

29,851,228

156,455

Granges

AB

(Materials)

2,946,521

2,358,441

Hexatronic

Group

AB

(Capital

Goods)*

9,394,694

2,286,038

Hexpol

AB

(Materials)

21,278,368

208,533

Holmen

AB,

Class

B

(Materials)

7,071,998

178,392

Indutrade

AB

(Capital

Goods)

4,478,902

354,974

Lagercrantz

Group

AB,

Class

B

(Technology

Hardware

&

Equipment)

8,347,093

360,018

Loomis

AB

(Commercial

&

Professional

Services)

19,867,420

773,003

Mycronic

AB

(Technology

Hardware

&

Equipment)

25,541,581

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

92,020

NCC

AB,

Class

B

(Capital

Goods)

$

1,642,594

13,433

Nordnet

AB

publ

(Financial

Services)

514,607

171,406

Norion

Bank

AB

(Banks)*

1,053,629

1,372,347

Securitas

AB,

Class

B

(Commercial

&

Professional

Services)

22,045,884

1,338,011

SSAB

AB,

Class

A

(Materials)

14,086,394

308,290

SSAB

AB,

Class

B

(Materials)

3,247,170

1,145,666

Sweco

AB,

Class

B

(Capital

Goods)

16,174,261

474,097

Trelleborg

AB,

Class

B

(Capital

Goods)

21,075,543

256,724,309

Switzerland

–

5.2%

351,761

Accelleron

Industries

AG

(Capital

Goods)

31,847,221

1,088,273

Adecco

Group

AG

(Commercial

&

Professional

Services)

30,418,580

785,622

Avolta

AG

(Consumer

Discretionary

Distribution

&

Retail)*

47,164,275

109,649

Bachem

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

10,192,981

29,566

Burckhardt

Compression

Holding

AG

(Capital

Goods)

17,722,473

282,661

Cembra

Money

Bank

AG

(Financial

Services)

31,426,051

620,397

Clariant

AG

(Materials)*

7,049,815

4,802

Comet

Holding

AG

(Technology

Hardware

&

Equipment)

1,948,371

681,240

EFG

International

AG

(Financial

Services)*

13,554,014

303,802

Galenica

AG

(Health

Care

Equipment

&

Services)

(b)

32,273,397

308,034

Georg

Fischer

AG

(Capital

Goods)

19,751,306

9,998

Huber

+

Suhner

AG

(Capital

Goods)

2,356,691

36,032

Inficon

Holding

AG

(Technology

Hardware

&

Equipment)

7,269,340

140,456

PSP

Swiss

Property

AG

(Real

Estate

Management

&

Development)

25,340,509

195,119

R&S

Group

Holding

AG

(Capital

Goods)*

5,055,135

505,398

Swissquote

Group

Holding

SA

(Financial

Services)

26,330,934

223,585

Tecan

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

51,670,059

69,876

Temenos

AG

(Software

&

Services)

5,812,613

101,532

TORM

PLC,

Class

A

(Energy)

3,099,843

7,461

Vontobel

Holding

AG

(Financial

Services)

798,419

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

8,464

VZ

Holding

AG

(Financial

Services)

$

1,623,890

372,705,917

United

Kingdom

–

11.7%

544,402

AJ

Bell

PLC

(Financial

Services)

4,304,970

1,743,613

Autotrader

Group

PLC

(Media

&

Entertainment)

(b)

12,311,981

3,864,779

B&M

European

Value

Retail

PLC

(Consumer

Discretionary

Distribution

&

Retail)

11,617,698

1,170,254

Balfour

Beatty

PLC

(Capital

Goods)

13,642,523

729,416

Barratt

Redrow

PLC

(Consumer

Durables

&

Apparel)

2,898,858

3,712,014

Beazley

PLC

(Insurance)

64,514,952

580,866

Big

Yellow

Group

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

6,954,336

396,067

British

Land

Co.

PLC

(The)

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

2,368,335

63,401

Bunzl

PLC

(Capital

Goods)

2,392,573

1,577,257

Burberry

Group

PLC

(Consumer

Durables

&

Apparel)*

25,422,878

939,057

Coats

Group

PLC

(Consumer

Durables

&

Apparel)

1,017,648

15,026,133

Convatec

Group

PLC

(Health

Care

Equipment

&

Services)

(b)

45,404,083

10,870

Cranswick

PLC

(Food,

Beverage

&

Tobacco)

783,778

133,211

Croda

International

PLC

(Materials)

5,767,045

5,938,803

Currys

PLC

(Consumer

Discretionary

Distribution

&

Retail)

13,445,283

285,799

Diploma

PLC

(Capital

Goods)

28,303,510

514,119

Drax

Group

PLC

(Utilities)

5,110,169

3,142,178

easyJet

PLC

(Transportation)

26,751,037

1,780,410

Entain

PLC

(Consumer

Services)

13,034,611

1,557,100

Firstgroup

PLC

(Transportation)

3,869,786

58,734

Games

Workshop

Group

PLC

(Consumer

Durables

&

Apparel)

15,140,576

168,597

Greggs

PLC

(Consumer

Services)

4,267,434

1,073,141

Hiscox

Ltd.

(Insurance)

26,199,551

1,446,458

ICG

PLC

(Financial

Services)

36,930,886

1,821,120

IG

Group

Holdings

PLC

(Financial

Services)

35,834,469

222,477

Inchcape

PLC

(Consumer

Discretionary

Distribution

&

Retail)

2,514,188

42,448

Intertek

Group

PLC

(Commercial

&

Professional

Services)

3,352,681

13,588,392

ITV

PLC

(Media

&

Entertainment)

13,623,280

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

720,699

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

$

3,475,437

5,429,527

JD

Sports

Fashion

PLC

(Consumer

Discretionary

Distribution

&

Retail)

6,582,774

1,762,644

JET2

PLC

(Transportation)

36,582,062

289,959

Keller

Group

PLC

(Capital

Goods)

11,817,563

1,090,315

Lancashire

Holdings

Ltd.

(Insurance)

8,856,229

7,374,971

Man

Group

PLC

(Financial

Services)

30,197,218

3,413,108

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

18,657,330

1,453,977

Melrose

Industries

PLC

(Capital

Goods)

8,943,825

589,723

Ocado

Group

PLC

(Consumer

Staples

Distribution

&

Retail)*

1,685,611

770,781

Paragon

Banking

Group

PLC

(Financial

Services)

8,733,555

153,756

Polar

Capital

Holdings

PLC

(Financial

Services)

1,597,703

1,377,440

Primary

Health

Properties

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,755,583

1,680,616

PRS

REIT

PLC

(The)

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

(c)

—

7,490,427

QinetiQ

Group

PLC

(Capital

Goods)

51,282,042

5,996

Renishaw

PLC

(Technology

Hardware

&

Equipment)

399,853

2,726,318

RS

GROUP

PLC

(Capital

Goods)

25,959,673

2,311,909

Sage

Group

PLC

(The)

(Software

&

Services)

30,454,712

4,396,280

Senior

PLC

(Capital

Goods)

17,212,385

407,923

Shaftesbury

Capital

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

790,581

375,060

Smiths

Group

PLC

(Capital

Goods)

13,393,249

131,427

Softcat

PLC

(Software

&

Services)

3,448,698

129,630

St

James's

Place

PLC

(Financial

Services)

1,841,900

793,307

Subsea

7

SA

(Energy)

26,651,432

1,224,524

Supermarket

Income

Reit

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,418,478

139,547

Target

Healthcare

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

212,900

6,943,525

TP

ICAP

Group

PLC

(Financial

Services)

32,069,468

3,314,359

Trainline

PLC

(Consumer

Services)*

(b)

10,595,557

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

3,020,235

Tritax

Big

Box

REIT

PLC

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

6,943,882

1,246,533

Volex

PLC

(Capital

Goods)

8,590,283

136,849

Watches

of

Switzerland

Group

PLC

(Consumer

Discretionary

Distribution

&

Retail)*

(b)

1,351,688

638,963

Whitbread

PLC

(Consumer

Services)

21,646,848

654,520

WPP

PLC

(Media

&

Entertainment)

2,643,792

242,245

Zegona

Communications

PLC

(Telecommunication

Services)

4,780,738

828,352,168

United

States

–

1.0%

1,621,000

Impro

Precision

Industries

Ltd.

(Capital

Goods)

(b)

1,497,054

1,452,274

QIAGEN

NV

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

59,759,514

2,428,800

Samsonite

Group

SA

(Consumer

Durables

&

Apparel)

(b)

4,370,780

325,065

Signify

NV

(Capital

Goods)

(b)

5,556,209

90,785

Sims

Ltd.

(Materials)

1,621,566

243,212

Sinch

AB

(Software

&

Services)*

(b)

1,028,607

73,833,730

TOTAL

COMMON

STOCKS

(Cost

$6,043,173,892)

6,958,194,623

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.1%

Germany

–

0.1%

234,429

FUCHS

SE

(Materials)

(Cost

$10,321,009)

3.06

%

10,865,985

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.0%

(d)

Goldman

Sachs

Central

Government

Fund

-

Institutional

Shares

10,251

3.760%

10,251

(Cost

$10,251)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$6,053,505,152)

6,969,070,859

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

18,039,554

3.571%

$

18,039,554

(Cost

$18,039,554)

TOTAL

INVESTMENTS

–

97.9%

(Cost

$6,071,544,706)

$

6,987,110,413

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.1%

150,186,090

NET

ASSETS

–

100.0%

$

7,137,296,503

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

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

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Industrials

22.6

%

Financials

15.1

Consumer

Discretionary

12.9

Information

Technology

11.8

Materials

10.8

Real

Estate

8.4

Health

Care

7.5

Energy

4.0

Consumer

Staples

3.5

Communication

Services

2.4

Utilities

0.7

Investment

Company

0.0

Securities

Lending

Reinvestment

Vehicle

0.3

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

INTERNATIONAL

SMALL

CAP

INSIGHTS

FUND

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

July

31,

2026,

the

Fund

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

753

09/18/26

$

55,338,182

$

776,456

FTSE

100

Index

168

09/18/26

24,600,762

749,270

Hang

Seng

Index

15

08/28/26

2,480,746

70,864

MSCI

Singapore

Index

59

08/28/26

2,394,826

34,957

SPI

200

Index

76

09/17/26

11,956,210

101,282

TOPIX

Index

158

09/10/26

39,588,134

875,681

Total

Futures

Contracts

$

2,608,510

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

July

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)

July

31,

2026

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Central

Government

Fund

and

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Funds”)

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

Funds’

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Funds’

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Forward

Contracts

—

A

forward

contract

is

a

contract

between

two

parties

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

A

forward

contract

settlement

can

occur

on

a

cash

or

delivery

basis.

Forward

contracts

are

marked-to-market

daily

using

independent

vendor

prices,

and

the

change

in

value,

if

any,

is

recorded

as

an

unrealized

gain

or

loss.

Cash

and

certain

investments

may

be

used

to

collateralize

forward

contracts.

A

forward

foreign

currency

exchange

contract

is

a

forward

contract

in

which

a

Fund

agrees

to

receive

or

deliver

a

fixed

quantity

of

one

currency

for

another,

at

a

pre-determined

price

at

a

future

date.

All

forward

foreign

currency

exchange

contracts

are

marked

to

market

daily

by

using

the

outright

forward

rates

or

interpolating

based

upon

maturity

dates,

where

available.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

ii.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

31,

2026

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

July

31,

2026:

(a)

Emerging

Markets

Equity

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

15,784,325

$

30,946,219

$

—

Asia

77,006,866

2,918,655,765

—

Europe

13,537,148

75,444,139

—

North

America

61,407,786

32,054,413

—

Oceania

—

1,479,183

—

South

America

136,179,183

76,161,408

—

Investment

Company

10,274

—

—

Securities

Lending

Reinvestment

Vehicle

11,334,820

—

—

Total

$

315,260,402

$

3,134,741,127

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Forward

Foreign

Currency

Exchange

Contracts

(b)

$

—

$

29,401

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(1,590,312)

$

—

$

—

€

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

$

—

$

10,052,816

$

—

Asia

8,134,483

1,844,719,533

—

Europe

152,976,219

3,965,566,918

—

North

America

62,053,498

344,748,926

—

Oceania

42,110,961

417,354,331

—

Investment

Company

19,134,297

—

—

Securities

Lending

Reinvestment

Vehicle

14,391,000

—

—

Total

$

298,800,458

$

6,582,442,524

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

1,189,328

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(354,558)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

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.

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

International

Small

Cap

Insights

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

145,512,895

$

3,050,255,401

$

—

Europe

170,392,919

2,838,095,223

—

North

America

—

73,833,730

—

Oceania

—

690,970,440

—

Investment

Company

10,251

—

—

Securities

Lending

Reinvestment

Vehicle

18,039,554

—

—

Total

$

333,955,619

$

6,653,154,794

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

2,608,510

$

—

$

—

€

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)

July

31,

2026

(Unaudited)

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.

Management

Risk

—

A

strategy

used

by

the

Investment

Adviser

may

fail

to

produce

the

intended

results.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

International

Equity

Insights

Funds

Schedule

of

Investments

(continued)

July

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.

Stock

Risk

—

Stock

prices

have

historically

risen

and

fallen

in

periodic

cycles.

U.S.

and

foreign

stock

markets

have

experienced

periods

of

substantial

price

volatility

in

the

past

and

may

do

so

again

in

the

future.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)