GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.9%
China
–
95.7%
7,692
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
$
391,082
163,576
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
2,491,819
5,915
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
207,427
3,700
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
66,864
12,300
Anker
Innovations
Technology
Co.
Ltd.,
Class
H
(Technology
Hardware
&
Equipment)*
172,210
36,200
ANTA
Sports
Products
Ltd.
(Consumer
Durables
&
Apparel)
364,332
25,450
Baidu,
Inc.,
Class
A
(Media
&
Entertainment)*
352,549
263,200
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Banks)
461,115
121,475
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Banks)
573,514
21,598
BYD
Co.
Ltd.,
Class
A
(Automobiles
&
Components)
306,222
34,000
BYD
Co.
Ltd.,
Class
H
(Automobiles
&
Components)
406,465
3,580
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
585,238
54,700
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
H
(Technology
Hardware
&
Equipment)*
702,373
655,099
China
Construction
Bank
Corp.,
Class
A
(Banks)
1,052,374
1,036,000
China
Construction
Bank
Corp.,
Class
H
(Banks)
1,215,669
116,900
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Banks)
685,710
54,500
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
353,600
56,000
China
Resources
Land
Ltd.
(Real
Estate
Management
&
Development)
236,915
52,800
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate
Management
&
Development)
(a)
268,543
133,000
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
572,973
3,951
Circuit
Fabology
Microelectronics
Equipment
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
189,733
129,589
CITIC
Securities
Co.
Ltd.,
Class
A
(Financial
Services)
545,087
131,500
CITIC
Securities
Co.
Ltd.,
Class
H
(Financial
Services)
459,052
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
22,429
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
$
1,313,939
38,900
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
97,186
24,000
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
42,569
98,000
Dongyue
Group
Ltd.
(Materials)
148,006
14,000
East
Money
Information
Co.
Ltd.,
Class
A
(Financial
Services)
41,772
44,100
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
369,966
2,700
GigaDevice
Semiconductor,
Inc.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
150,765
40,800
H
World
Group
Ltd.
(Consumer
Services)
173,332
3,033
H
World
Group
Ltd.
ADR
(Consumer
Services)
129,479
7,900
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
303,107
27,170
Hubei
Dinglong
Co.
Ltd.,
Class
A
(Materials)
275,876
28,045
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
119,716
79,700
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
319,553
30,279
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Capital
Goods)
486,494
56,438
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
451,742
6,019
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
1,203,898
34,600
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
294,641
17,000
Mao
Geping
Cosmetics
Co.
Ltd.,
Class
H
(Household
&
Personal
Products)
127,352
38,090
Meituan
,
Class
B
(Consumer
Services)*
(a)
449,709
30,399
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Durables
&
Apparel)
394,273
68,100
Minth
Group
Ltd.
(Automobiles
&
Components)
241,232
1,060
Momenta
Global
Ltd.
(Software
&
Services)*
35,548
GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
10,946
Montage
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
$
331,547
4,840
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
491,353
19,700
NetEase,
Inc.
(Media
&
Entertainment)
524,142
598,000
PetroChina
Co.
Ltd.,
Class
H
(Energy)
760,931
206,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
429,932
45,800
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Insurance)
371,763
53,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
399,686
86,494
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
348,939
110,814
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Capital
Goods)
337,227
13,200
SG
Micro
Corp.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
186,734
11,600
Shanghai
Conant
Optical
Co.
Ltd.,
Class
H
(Health
Care
Equipment
&
Services)
46,758
42,100
Shanghai
Top
Numerical
Control
Technology
Co.
Ltd.,
Class
H
(Capital
Goods)*
75,692
4,700
Shenzhen
Han's
CNC
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
162,001
35,200
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
333,962
1,300
Sichuan
Kelun
-Biotech
Biopharmaceutical
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
79,931
19,500
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Capital
Goods)
451,655
21,100
Sigenergy
Technology
Co.
Ltd.,
Class
H
(Capital
Goods)
783,827
55,000
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
3,360,664
21,900
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
336,110
27,828
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(a)
570,676
7,250
Yum
China
Holdings,
Inc.
(Consumer
Services)
343,538
64,970
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
256,626
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,700
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
$
891,559
226,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
959,592
9,600
ZTO
Express
Cayman,
Inc.
(Transportation)
229,739
32,895,605
Hong
Kong
–
1.0%
501
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financial
Services)
26,104
25,000
Insilico
Medicine
Cayman
TopCo
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
145,738
11,613
Zijin
Gold
International
Co.
Ltd.
(Materials)
175,608
347,450
Taiwan
–
1.8%
5,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
314,130
2,000
Elite
Material
Co.
Ltd.
(Technology
Hardware
&
Equipment)
287,106
601,236
United
States
–
1.4%
18,900
BeOne
Medicines
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
467,208
TOTAL
COMMON
STOCKS
(Cost
$26,332,712)
34,311,499
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.0%
(b)
Goldman
Sachs
Central
Government
Fund
-
Institutional
Shares
36
3.760%
36
(Cost
$36)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$26,332,748)
$
34,311,535
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
47,243
NET
ASSETS
–
100.0%
$
34,358,778
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
GOLDMAN
SACHS
CHINA
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
19.3
%
Information
Technology
18.4
Consumer
Discretionary
15.5
Communication
Services
12.3
Industrials
12.1
Materials
6.7
Health
Care
5.1
Consumer
Staples
4.8
Energy
2.6
Utilities
1.7
Real
Estate
1.5
Investment
Company
0.0
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.1%
Brazil
–
4.8%
2,063,000
Axia
Energia
SA
(Utilities)
$
21,496,239
1,237,500
Banco
BTG
Pactual
SA
(Financial
Services)
13,866,230
256,088
Embraer
SA
ADR
(Capital
Goods)
17,498,493
1,439,000
Localiza
Rent
a
Car
SA
(Transportation)
10,676,502
2,094,096
NU
Holdings
Ltd.,
Class
A
(Banks)*
30,008,396
612,476
PicS
NV
(Financial
Services)*
(a)
8,084,683
5,598,414
Raia
Drogasil
SA
(Consumer
Staples
Distribution
&
Retail)
20,409,475
279,607
Wheaton
Precious
Metals
Corp.
(Materials)
30,485,551
152,525,569
China
–
21.5%
6,732,124
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary
Distribution
&
Retail)
102,553,160
625,000
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
10,231,346
16,179,295
China
Construction
Bank
Corp.,
Class
A
(Banks)
25,990,978
11,306,000
China
Construction
Bank
Corp.,
Class
H
(Banks)
13,266,753
5,820,000
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Banks)
37,760,622
523,071
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
30,642,633
4,595,600
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
11,481,428
220,605
H
World
Group
Ltd.
ADR
(Consumer
Services)
9,417,627
1,091,800
Hubei
Dinglong
Co.
Ltd.,
Class
A
(Materials)
11,085,817
921,787
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Capital
Goods)
14,810,381
825,800
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
6,019,078
161,251
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Food,
Beverage
&
Tobacco)
32,252,827
1,018,200
Meituan
,
Class
B
(Consumer
Services)*
(b)
12,021,357
2,083,000
Minth
Group
Ltd.
(Automobiles
&
Components)
7,378,647
401,048
Montage
Technology
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
12,147,482
205,855
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Semiconductors
&
Semiconductor
Equipment)
20,898,247
8,434,000
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Insurance)
17,602,156
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,792,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
$
28,332,911
775,500
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Insurance)
5,793,585
2,561,796
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
10,334,942
4,991,200
Sany
Heavy
Industry
Co.
Ltd.,
Class
H
(Capital
Goods)
13,422,160
1,782,700
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Capital
Goods)
16,913,462
531,200
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Capital
Goods)
8,162,988
2,206,900
Tencent
Holdings
Ltd.
(Media
&
Entertainment)
134,848,179
740,600
WuXi
AppTec
Co.
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
(b)
15,187,666
428,805
Yum
China
Holdings,
Inc.
(Consumer
Services)
20,659,825
3,243,592
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
12,811,919
121,900
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Technology
Hardware
&
Equipment)
16,221,051
3,300,000
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
14,011,742
398,950
ZTO
Express
Cayman,
Inc.
(Transportation)
9,547,351
681,808,320
Greece
–
1.0%
2,649,540
Piraeus
Bank
SA
(Banks)*
30,904,423
Hong
Kong
–
0.3%
539,195
Zijin
Gold
International
Co.
Ltd.
(Materials)
8,153,546
Hungary
–
0.6%
135,756
OTP
Bank
Nyrt
(Banks)
20,111,146
India
–
13.5%
533,961
360
ONE
WAM
Ltd.
(Financial
Services)
6,344,718
135,984
Amber
Enterprises
India
Ltd.
(Consumer
Durables
&
Apparel)*
10,607,908
191,850
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care
Equipment
&
Services)
17,998,859
175,909
Archean
Chemical
Industries
Ltd.
(Materials)
968,908
2,377,921
Axis
Bank
Ltd.
(Banks)
30,621,269
2,642,782
Bajaj
Finance
Ltd.
(Financial
Services)
31,592,629
722,784
Coforge
Ltd.
(Software
&
Services)
13,036,164
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
1,415,736
Computer
Age
Management
Services
Ltd.
(Commercial
&
Professional
Services)
$
11,809,749
116,782
Dixon
Technologies
India
Ltd.
(Consumer
Durables
&
Apparel)
17,186,876
7,337,613
Eternal
Ltd.
(Consumer
Services)*
23,253,902
582,567
Godrej
Properties
Ltd.
(Real
Estate
Management
&
Development)
12,855,314
430,771
Grasim
Industries
Ltd.
(Materials)
13,991,695
358,897
Hindustan
Aeronautics
Ltd.
(Capital
Goods)
17,482,111
3,901,929
ICICI
Bank
Ltd.
(Banks)
58,642,707
1,395,581
Infosys
Ltd.
(Software
&
Services)
16,578,180
855,174
JSW
Infrastructure
Ltd.
(Transportation)
2,798,396
238,540
Navin
Fluorine
International
Ltd.
(Materials)
18,917,647
705,001
SAI
Life
Sciences
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(b)
9,720,622
808,913
SBI
Life
Insurance
Co.
Ltd.
(Insurance)
(b)
15,946,663
1,176,166
Sun
Pharmaceutical
Industries
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
24,523,440
12,425,915
Suzlon
Energy
Ltd.
(Capital
Goods)*
6,243,924
3,127,241
Tata
Capital
Ltd.
(Financial
Services)
11,968,390
1,512,543
Tata
Consumer
Products
Ltd.
(Food,
Beverage
&
Tobacco)
17,162,549
267,076
Torrent
Pharmaceuticals
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
14,343,854
351,434
Tube
Investments
of
India
Ltd.
(Automobiles
&
Components)
10,136,856
276,843
TVS
Motor
Co.
Ltd.
(Automobiles
&
Components)
12,507,544
427,240,874
Indonesia
–
0.7%
43,467,600
Bank
Central
Asia
Tbk
PT
(Banks)
15,234,308
16,968,300
BFI
Finance
Indonesia
Tbk
PT
(Financial
Services)
862,552
155,573,200
Map
Aktif
Adiperkasa
PT
(Consumer
Discretionary
Distribution
&
Retail)
5,622,655
21,719,515
Kazakhstan
–
0.3%
344,919
Halyk
Savings
Bank
of
Kazakhstan
JSC,
GDR
(Banks)
11,054,654
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
2.3%
1,448,099
Arca
Continental
SAB
de
CV
(Food,
Beverage
&
Tobacco)
$
16,593,419
255,757
BBB
Foods,
Inc.,
Class
A
(Consumer
Staples
Distribution
&
Retail)*
10,570,437
1,744,086
Cemex
SAB
de
CV
ADR
(Materials)
20,615,096
4,142,050
Gentera
SAB
de
CV
(Financial
Services)
9,602,085
3,267,003
Prologis
Property
Mexico
SA
de
CV
REIT
(Equity
Real
Estate
Investment
Trusts
(REITs))
14,671,757
72,052,794
Peru
–
0.6%
47,507
Credicorp
Ltd.
(Banks)
19,030,354
Philippines
–
0.4%
717,530
International
Container
Terminal
Services,
Inc.
(Transportation)
11,267,768
Poland
–
1.1%
1,856,511
Dino
Polska
SA
(Consumer
Staples
Distribution
&
Retail)*
(b)
15,918,436
675,517
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Banks)
20,233,683
36,152,119
Russia
–
0.0%
2,495,750
Renaissance
Insurance
Group
JSC
(Insurance)*
(c)
—
4,327,745
Sberbank
of
Russia
PJSC
(Banks)*
(c)
—
—
Saudi
Arabia
–
2.2%
1,703,534
Al
Rajhi
Bank
(Banks)
28,429,906
446,566
Rasan
Information
Technology
Co.
(Insurance)*
15,482,065
2,407,564
Saudi
National
Bank
(The)
(Banks)
25,193,741
69,105,712
Singapore
–
1.1%
3,576,237
Grab
Holdings
Ltd.,
Class
A
(Transportation)*
12,516,830
208,784
Sea
Ltd.
ADR
(Consumer
Discretionary
Distribution
&
Retail)*
22,285,604
34,802,434
Slovenia
–
0.5%
333,300
Nova
Ljubljanska
Banka
dd,
GDR
(Banks)
17,257,093
South
Africa
–
2.2%
85,002
Capitec
Bank
Holdings
Ltd.
(Banks)
24,271,051
874,976
Clicks
Group
Ltd.
(Consumer
Staples
Distribution
&
Retail)
(a)
11,679,940
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
3,789,961
FirstRand
Ltd.
(Financial
Services)
$
22,666,135
15,144,831
Old
Mutual
Ltd.
(Insurance)
12,246,951
70,864,077
South
Korea
–
19.2%
46,177
HD
Hyundai
Marine
Solution
Co.
Ltd.
(Commercial
&
Professional
Services)
5,864,598
7,080
Hyosung
Heavy
Industries
Corp.
(Capital
Goods)
11,506,574
178,061
Hyundai
Rotem
Co.
Ltd.
(Capital
Goods)
16,547,180
387,702
KB
Financial
Group,
Inc.
(Banks)
45,375,429
170,938
Kia
Corp.
(Automobiles
&
Components)
15,411,808
73,894
LG
Energy
Solution
Ltd.
(Capital
Goods)*
16,717,053
72,511
NC
Corp.
(Media
&
Entertainment)
11,789,370
13,548
Samsung
Biologics
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
(b)
13,938,701
19,774
Samsung
Electro-Mechanics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
15,110,243
1,461,353
Samsung
Electronics
Co.
Ltd.
(Technology
Hardware
&
Equipment)
254,355,542
1,134,718
Samsung
Heavy
Industries
Co.
Ltd.
(Capital
Goods)*
16,871,100
157,996
SK
hynix
,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
179,429,061
12,026
SK
Square
Co.
Ltd.
(Capital
Goods)*
8,269,241
611,185,900
Taiwan
–
23.9%
457,000
Accton
Technology
Corp.
(Technology
Hardware
&
Equipment)
29,621,368
2,370,000
ASE
Technology
Holding
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
40,442,884
398,000
Bizlink
Holding,
Inc.
(Capital
Goods)
25,340,342
8,188,000
Cathay
Financial
Holding
Co.
Ltd.
(Insurance)
25,483,352
511,000
Chroma
ATE,
Inc.
(Technology
Hardware
&
Equipment)
32,104,125
1,070,000
Delta
Electronics,
Inc.
(Technology
Hardware
&
Equipment)
52,641,448
256,000
Elite
Material
Co.
Ltd.
(Technology
Hardware
&
Equipment)
36,749,495
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
2,964,000
Far
EasTone
Telecommunications
Co.
Ltd.
(Telecommunication
Services)
$
9,621,961
121,000
Jentech
Precision
Industrial
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
12,533,221
299,000
Lotes
Co.
Ltd.
(Technology
Hardware
&
Equipment)*
16,851,489
659,000
MediaTek,
Inc.
(Semiconductors
&
Semiconductor
Equipment)
70,201,772
568,200
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Durables
&
Apparel)
6,699,206
5,218,883
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
386,016,123
953,000
Yageo
Corp.
(Technology
Hardware
&
Equipment)
14,343,893
758,650,679
Turkey
–
1.5%
2,887,328
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Capital
Goods)
20,795,749
4,083,708
Turkiye
Petrol
Rafinerileri
AS
(Energy)
25,437,821
46,233,570
United
Arab
Emirates
–
0.9%
1,753,232
Abu
Dhabi
Islamic
Bank
PJSC
(Banks)
10,127,693
3,565,862
First
Abu
Dhabi
Bank
PJSC
(Banks)
18,781,178
28,908,871
United
States
–
0.5%
668,400
BeOne
Medicines
Ltd.,
Class
H
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
16,522,843
TOTAL
COMMON
STOCKS
(Cost
$1,906,199,536)
3,145,552,261
GOLDMAN
SACHS
EMERGING
MARKETS
EQUITY
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Rate
Value
a
Preferred
Stock
–
0.8%
Brazil
–
0.8%
3,014,894
Itau
Unibanco
Holding
SA
(Banks)
(Cost
$16,738,340)
8.00
%
$
25,508,972
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.7%
(d)
Goldman
Sachs
Central
Government
Fund
-
Institutional
Shares
23,110,771
3.760%
23,110,771
(Cost
$23,110,771)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,946,048,647)
3,194,172,004
a
Securities
Lending
Reinvestment
Vehicle
–
0.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
15,622,660
3.571%
15,622,660
(Cost
$15,622,660)
TOTAL
INVESTMENTS
–
101.1%
(Cost
$1,961,671,307)
$
3,209,794,664
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.1)%
(33,802,504)
NET
ASSETS
–
100.0%
$
3,175,992,160
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
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
38.2
%
Financials
22.8
Industrials
9.6
Consumer
Discretionary
8.6
Communication
Services
4.9
Materials
4.4
Consumer
Staples
3.8
Health
Care
3.7
Energy
1.2
Real
Estate
0.9
Investment
Company
0.7
Utilities
0.7
Securities
Lending
Reinvestment
Vehicle
0.5
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.9%
France
–
10.0%
87,611
Air
Liquide
SA
(Materials)
$
17,260,122
127,784
BNP
Paribas
SA
(Banks)
16,237,358
6,755
Hermes
International
SCA
(Consumer
Durables
&
Apparel)
11,969,015
58,600
L'Oreal
SA
(Household
&
Personal
Products)
26,100,179
91,687
Vinci
SA
(Capital
Goods)
12,945,557
84,512,231
Germany
–
6.6%
285,777
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
20,508,392
72,993
Siemens
AG
(Capital
Goods)
23,915,917
68,575
Siemens
Energy
AG
(Capital
Goods)
11,715,568
56,139,877
Hong
Kong
–
3.3%
2,749,000
AIA
Group
Ltd.
(Insurance)
27,712,389
Japan
–
17.2%
131,800
Hoya
Corp.
(Health
Care
Equipment
&
Services)
20,154,464
2,206,000
ITOCHU
Corp.
(Capital
Goods)
27,684,444
42,300
Keyence
Corp.
(Technology
Hardware
&
Equipment)
21,217,131
174,200
Murata
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
7,937,311
359,300
Nomura
Research
Institute
Ltd.
(Software
&
Services)
10,629,370
436,400
ORIX
Corp.
(Financial
Services)
17,612,823
425,500
Sony
Group
Corp.
(Consumer
Durables
&
Apparel)
9,943,456
724,500
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
31,130,995
146,309,994
Netherlands
–
11.8%
20,216
ASML
Holding
NV
(Semiconductors
&
Semiconductor
Equipment)
33,314,880
810,256
ING
Groep
NV
(Banks)
28,473,670
562,949
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
22,305,306
3,416,857
Koninklijke
KPN
NV
(Telecommunication
Services)
16,133,864
100,227,720
Singapore
–
1.9%
273,200
DBS
Group
Holdings
Ltd.
(Banks)
15,762,751
Spain
–
6.8%
1,060,380
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
29,724,492
1,167,121
Iberdrola
SA
(Utilities)
27,723,353
57,447,845
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
7.9%
63,574
Galderma
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)*
$
13,834,434
29,420
Lonza
Group
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
20,505,101
42,944
Zurich
Insurance
Group
AG
(Insurance)
32,711,655
67,051,190
Taiwan
–
1.9%
39,170
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Semiconductors
&
Semiconductor
Equipment)
15,834,473
United
Kingdom
–
17.3%
302,620
3i
Group
PLC
(Financial
Services)
11,650,207
164,867
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
28,045,592
730,448
Compass
Group
PLC
(Consumer
Services)
23,196,004
118,860
London
Stock
Exchange
Group
PLC
(Financial
Services)
13,370,867
2,029,001
National
Grid
PLC
(Utilities)
32,475,909
2,617,533
NatWest
Group
PLC
(Banks)
24,690,236
2,845,698
Rentokil
Initial
PLC
(Commercial
&
Professional
Services)
13,105,179
146,533,994
United
States
–
14.2%
75,626
Ferguson
Enterprises,
Inc.
(Capital
Goods)
17,721,441
133,428
InterContinental
Hotels
Group
PLC
(Consumer
Services)
21,576,264
116,024
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
18,145,213
91,503
Schneider
Electric
SE
(Capital
Goods)
30,743,704
33,633
Spotify
Technology
SA
(Media
&
Entertainment)*
16,814,482
221,297
Sunbelt
Rentals
Holdings,
Inc.
(Capital
Goods)
15,855,100
120,856,204
TOTAL
COMMON
STOCKS
(Cost
$583,887,418)
838,388,668
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
ESG
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.6%
(a)
Goldman
Sachs
Central
Government
Fund
-
Institutional
Shares
5,295,884
3.760%
$
5,295,884
(Cost
$5,295,884)
TOTAL
INVESTMENTS
–
99.5%
(Cost
$589,183,302)
$
843,684,552
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.5%
4,569,122
NET
ASSETS
–
100.0%
$
848,253,674
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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Financials
29.5
%
Industrials
18.2
Information
Technology
13.0
Health
Care
12.0
Consumer
Discretionary
7.9
Utilities
7.1
Consumer
Staples
5.7
Communication
Services
3.9
Materials
2.1
Investment
Company
0.6
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
July
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.4%
Australia
–
3.3%
1,247,267
Rio
Tinto
PLC
(Materials)
$
121,196,569
France
–
13.2%
684,870
Accor
SA
(Consumer
Services)
35,617,380
1,007,765
BNP
Paribas
SA
(Banks)
128,055,475
121,099
Kering
SA
(Consumer
Durables
&
Apparel)
39,971,589
182,501
L'Oreal
SA
(Household
&
Personal
Products)
81,285,134
3,556,170
Orange
SA
(Telecommunication
Services)
67,950,243
953,769
TotalEnergies
SE
(Energy)
84,084,785
351,693
Vinci
SA
(Capital
Goods)
49,656,566
486,621,172
Germany
–
6.9%
182,613
Allianz
SE
(Insurance)
90,960,018
604,175
Infineon
Technologies
AG
(Semiconductors
&
Semiconductor
Equipment)
43,357,786
368,324
Siemens
AG
(Capital
Goods)
120,680,150
254,997,954
Italy
–
2.5%
8,167,761
Enel
SpA
(Utilities)
92,241,878
Japan
–
14.4%
9,666,000
ITOCHU
Corp.
(Capital
Goods)
121,304,547
1,114,900
Murata
Manufacturing
Co.
Ltd.
(Technology
Hardware
&
Equipment)
50,799,705
1,361,600
ORIX
Corp.
(Financial
Services)
54,953,298
3,157,200
Sumitomo
Mitsui
Financial
Group,
Inc.
(Banks)
135,661,528
1,485,100
Takeda
Pharmaceutical
Co.
Ltd.
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
50,991,862
124,700
Tokyo
Electron
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
41,691,861
4,047,200
Toyota
Motor
Corp.
(Automobiles
&
Components)
76,591,975
531,994,776
Netherlands
–
7.2%
3,764,749
ING
Groep
NV
(Banks)
132,299,201
1,861,157
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples
Distribution
&
Retail)
73,743,230
12,729,524
Koninklijke
KPN
NV
(Telecommunication
Services)
60,106,819
266,149,250
Singapore
–
4.3%
1,694,250
DBS
Group
Holdings
Ltd.
(Banks)
97,752,709
3,282,800
Singapore
Exchange
Ltd.
(Financial
Services)
62,583,981
160,336,690
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
7.4%
3,802,719
Banco
Bilbao
Vizcaya
Argentaria
SA
(Banks)
$
106,597,529
3,181,521
Iberdrola
SA
(Utilities)
75,572,623
1,432,647
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary
Distribution
&
Retail)
93,499,796
275,669,948
Switzerland
–
2.7%
131,609
Zurich
Insurance
Group
AG
(Insurance)
100,250,284
Taiwan
–
1.4%
706,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Semiconductors
&
Semiconductor
Equipment)
52,219,485
United
Kingdom
–
22.1%
1,657,010
3i
Group
PLC
(Financial
Services)
63,791,253
557,879
AstraZeneca
PLC
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
94,901,023
2,480,450
BAE
Systems
PLC
(Capital
Goods)
70,219,922
1,089,130
Coca-Cola
Europacific
Partners
PLC
(Food,
Beverage
&
Tobacco)
119,216,170
2,460,917
Compass
Group
PLC
(Consumer
Services)
78,148,533
6,829,536
HSBC
Holdings
PLC
(Banks)
145,437,167
505,206
London
Stock
Exchange
Group
PLC
(Financial
Services)
56,831,921
6,654,378
National
Grid
PLC
(Utilities)
106,509,052
8,628,070
NatWest
Group
PLC
(Banks)
81,385,444
816,440,485
United
States
–
13.0%
391,911
Ferguson
Enterprises,
Inc.
(Capital
Goods)
91,836,505
664,702
Novartis
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
103,954,006
236,039
Roche
Holding
AG
(Pharmaceuticals,
Biotechnology
&
Life
Sciences)
103,170,878
239,509
Schneider
Electric
SE
(Capital
Goods)
80,471,611
2,249,650
Shell
PLC
(Energy)
102,970,369
482,403,369
TOTAL
COMMON
STOCKS
(Cost
$2,589,160,371)
3,640,521,860
GOLDMAN
SACHS
INTERNATIONAL
EQUITY
INCOME
FUND
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.1%
(a)
Goldman
Sachs
Central
Government
Fund
-
Institutional
Shares
41,746,924
3.760%
$
41,746,924
(Cost
$41,746,924)
TOTAL
INVESTMENTS
–
99.5%
(Cost
$2,630,907,295)
$
3,682,268,784
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.5%
16,715,728
NET
ASSETS
–
100.0%
$
3,698,984,512
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Financials
34.1
%
Industrials
14.5
Health
Care
9.6
Consumer
Discretionary
8.8
Utilities
7.5
Consumer
Staples
7.4
Information
Technology
5.1
Energy
5.1
Communication
Services
3.5
Materials
3.3
Investment
Company
1.1
TOTAL
INVESTMENTS
100.0%
Goldman
Sachs
Fundamental
Equity
International
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
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
midpoint
of
the
bid
and
ask
prices
on
the
exchange
where
they
are
principally
traded
(or,
in
the
absence
of
two-way
trading,
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions).
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
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)
China
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
4,066,557
$
29,777,734
$
—
North
America
—
467,208
—
Investment
Company
36
—
—
Total
$
4,066,593
$
30,244,942
$
—
€
1.00
€
1.00
€
1.00
(a)
Emerging
Markets
Equity
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
23,926,891
$
46,937,186
$
—
Asia
144,891,955
2,565,239,888
—
Europe
—
104,424,781
—
North
America
72,052,794
16,522,843
—
South
America
171,555,923
25,508,972
—
Investment
Company
23,110,771
—
—
Securities
Lending
Reinvestment
Vehicle
15,622,660
—
—
Total
$
451,160,994
$
2,758,633,670
$
—
€
1.00
€
1.00
€
1.00
(a)
International
Equity
ESG
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
15,834,473
$
189,785,134
$
—
Europe
22,305,306
489,607,551
—
North
America
34,535,923
86,320,281
—
Investment
Company
5,295,884
—
—
Total
$
77,971,586
$
765,712,966
$
—
€
1.00
€
1.00
€
1.00
(a)
International
Equity
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
—
$
744,550,951
$
—
Europe
260,909,643
2,031,461,328
—
North
America
91,836,505
390,566,864
—
Oceania
—
121,196,569
—
Investment
Company
41,746,924
—
—
Total
$
394,493,072
$
3,287,775,712
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
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
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
€
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
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.
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.
Liquidity
Risk
—
A
Fund
may
make
investments
that
are
illiquid
or
that
may
become
less
liquid
in
response
to
market
developments
or
adverse
investor
perceptions.
Illiquid
investments
may
be
more
difficult
to
value.
Liquidity
risk
may
also
refer
to
the
risk
that
a
Fund
will
not
be
able
to
pay
redemption
proceeds
within
the
allowable
time
period
or
without
significant
dilution
to
remaining
investors’
interests
because
of
unusual
market
conditions,
declining
prices
of
the
securities
sold,
an
unusually
high
volume
of
redemption
requests,
or
other
reasons.
To
meet
redemption
requests,
a
Fund
may
be
forced
to
sell
investments
at
an
unfavorable
time
and/or
under
unfavorable
conditions.
If
a
Fund
is
forced
to
sell
securities
at
an
unfavorable
time
and/or
under
unfavorable
conditions,
such
sales
may
adversely
affect
the
Fund’s
NAV
and
dilute
remaining
investors’
interests.
These
risks
may
be
more
pronounced
in
connection
with
the
Funds’
investments
in
securities
of
issuers
located
in
emerging
market
countries.
Redemptions
by
large
shareholders
may
have
a
negative
impact
on
a
Fund’s
liquidity.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors,
governments
or
countries
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,
sanctions
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.
Non-Diversification
Risk
—
Emerging
Markets
Equity,
Emerging
Markets
Equity
ex.
China
and
ESG
Emerging
Markets
Equity
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Fundamental
Equity
International
Funds
Schedule
of
Investments
(continued)
July
31,
2026
(Unaudited)
Sector
Risk
—
To
the
extent
a
Fund
focuses
its
investments
in
securities
of
issuers
in
one
or
more
sectors
(such
as
the
financial
services
or
telecommunications
sectors),
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
diversified
across
different
sectors,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
sector,
such
as:
adverse
economic,
business,
political,
environmental
or
other
developments.
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)