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Goldman Sachs High Yield Instl (GSHIX) NPORT-PGoldman Sachs U.S. Tax-Managed Equity Fund (Sep 2024 report)

Filed: 22 Nov 24, 4:05pm

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

96.8%

Australia

–

8.0%

79,260

AGL

Energy

Ltd.

(Utilities)

$

647,588

470,365

ANZ

Group

Holdings

Ltd.

(Banks)

9,885,158

132,198

Brambles

Ltd.

(Commercial

&

Professional

Services)

1,735,203

5,266

Cochlear

Ltd.

(Health

Care

Equipment

&

Services)

1,024,766

151,408

Commonwealth

Bank

of

Australia

(Banks)

14,122,711

228,257

Computershare

Ltd.

(Commercial

&

Professional

Services)

3,979,174

589,663

Fortescue

Ltd.

(Materials)

8,316,951

11,681

Goodman

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

297,971

565,924

Insurance

Australia

Group

Ltd.

(Insurance)

2,876,056

49,936

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

2,748,314

421,272

National

Australia

Bank

Ltd.

(Banks)

10,906,865

667,320

Northern

Star

Resources

Ltd.

(Materials)

7,309,993

12,969

Pro

Medicus

Ltd.

(Health

Care

Equipment

&

Services)

1,596,284

746,900

Scentre

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,877,630

2,037,873

Telstra

Group

Ltd.

(Telecommunication

Services)

5,454,429

373,019

Westpac

Banking

Corp.

(Banks)

8,151,405

80,930,498

Austria

–

0.3%

46,689

Erste

Group

Bank

AG

(Banks)

2,558,489

Belgium

–

0.8%

44,821

Colruyt

Group

NV

(Consumer

Staples

Distribution

&

Retail)

2,086,505

6,878

D’ieteren

Group

(Consumer

Discretionary

Distribution

&

Retail)

1,456,437

16,541

Fagron

(Health

Care

Equipment

&

Services)

342,233

25,183

UCB

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,545,963

8,431,138

China

–

1.1%

248,432

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)*

10,857,048

Denmark

–

3.8%

15,439

Genmab

A/S

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)*

3,742,936

32,161

Jyske

Bank

A/S

(Banks)

2,503,118

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

1,930

NKT

A/S

(Capital

Goods)*

$

182,628

231,824

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

27,496,997

28,823

Pandora

A/S

(Consumer

Durables

&

Apparel)

4,750,551

12,409

Scandinavian

Tobacco

Group

A/S

(Food,

Beverage

&

Tobacco)

(a)

190,493

7,632

Vestas

Wind

Systems

A/S

(Capital

Goods)*

167,932

39,034,655

France

–

11.1%

66,429

Air

Liquide

SA

(Materials)

12,828,127

63,224

Airbus

SE

(Capital

Goods)

9,253,238

12,825

Capgemini

SE

(Software

&

Services)

2,768,927

2,419

Christian

Dior

SE

(Consumer

Durables

&

Apparel)

1,752,173

100,989

Cie

de

Saint-Gobain

SA

(Capital

Goods)

9,210,457

55,311

Danone

SA

(Food,

Beverage

&

Tobacco)

4,028,828

12,738

Dassault

Aviation

SA

(Capital

Goods)

2,630,249

16,549

Dassault

Systemes

(Software

&

Services)

657,340

25,924

Eiffage

SA

(Capital

Goods)

2,503,370

330,452

Engie

SA

(Utilities)

5,714,248

44,108

EssilorLuxottica

SA

(Health

Care

Equipment

&

Services)

10,450,268

2,962

Hermes

International

SCA

(Consumer

Durables

&

Apparel)

7,293,505

95,008

Klepierre

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

3,113,033

67,487

Legrand

SA

(Capital

Goods)

7,774,902

2,349

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

1,801,393

72,358

Publicis

Groupe

SA

(Media

&

Entertainment)

7,918,601

82,118

Rexel

SA

(Capital

Goods)

2,380,331

42,906

Safran

SA

(Capital

Goods)

10,096,775

71,226

SCOR

SE

(Insurance)

1,593,336

18,775

Thales

SA

(Capital

Goods)

2,983,937

191,443

Veolia

Environnement

SA

(Utilities)

6,302,936

113,055,974

Georgia

–

0.2%

5,186

Bank

of

Georgia

Group

PLC

(Banks)

254,803

49,396

TBC

Bank

Group

PLC

(Banks)

1,750,060

2,004,863

Germany

–

10.4%

41,047

Allianz

SE

(Insurance)

13,501,153

57,970

BASF

SE

(Materials)

3,072,580

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

66,452

CECONOMY

AG

(Consumer

Discretionary

Distribution

&

Retail)*

$

241,992

84,941

E.ON

SE

(Utilities)

1,264,937

10,971

Fresenius

Medical

Care

AG

(Health

Care

Equipment

&

Services)

466,177

186,703

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)*

7,122,858

14,058

GEA

Group

AG

(Capital

Goods)

689,497

27,193

Hannover

Rueck

SE

(Insurance)

7,762,504

57,406

Knorr-Bremse

AG

(Capital

Goods)

5,115,156

19,307

MTU

Aero

Engines

AG

(Capital

Goods)

6,033,984

19,390

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Insurance)

10,684,758

6,485

Nemetschek

SE

(Software

&

Services)

674,051

1,094

Rheinmetall

AG

(Capital

Goods)

594,727

83,568

SAP

SE

(Software

&

Services)

19,114,739

8,646

Scout24

SE

(Media

&

Entertainment)

(a)

744,402

56,398

Siemens

AG

(Capital

Goods)

11,409,771

252,862

Siemens

Energy

AG

(Capital

Goods)*

9,335,644

33,501

Symrise

AG

(Materials)

4,636,191

19,969

Talanx

AG

(Insurance)

1,683,284

30,667

Zalando

SE

(Consumer

Discretionary

Distribution

&

Retail)*

(a)

1,013,604

105,162,009

Hong

Kong

–

1.9%

1,495,200

AIA

Group

Ltd.

(Insurance)

13,057,369

265,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

2,876,653

98,500

Swire

Pacific

Ltd.,

Class

A

(Capital

Goods)

839,941

3,749,000

WH

Group

Ltd.

(Food,

Beverage

&

Tobacco)

(a)

2,952,710

19,726,673

Ireland

–

0.0%

73,446

Greencore

Group

PLC

(Food,

Beverage

&

Tobacco)*

180,676

Italy

–

4.4%

49,268

Azimut

Holding

SpA

(Financial

Services)

1,274,228

4,870

Banca

Generali

SpA

(Financial

Services)

218,456

507,944

Banca

Mediolanum

SpA

(Financial

Services)

6,416,016

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

599,354

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)

$

3,463,896

981,229

Banco

BPM

SpA

(Banks)

6,629,627

22,617

Credito

Emiliano

SpA

(Banks)

256,195

67,620

Leonardo

SpA

(Capital

Goods)

1,513,424

112,352

Prysmian

SpA

(Capital

Goods)

8,174,572

306,223

UniCredit

SpA

(Banks)

13,443,697

270,219

Unipol

Gruppo

SpA

(Insurance)

3,216,169

44,606,280

Japan

–

22.1%

88,300

Bic

Camera,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)

977,525

57,400

Brother

Industries

Ltd.

(Technology

Hardware

&

Equipment)

1,125,754

159,000

Central

Japan

Railway

Co.

(Transportation)

3,671,321

8,700

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

102,244

53,900

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Food,

Beverage

&

Tobacco)

748,927

10,200

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

&

Professional

Services)

182,124

191,400

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

4,966,325

198,600

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

6,251,130

85,600

Daiwa

Securities

Group,

Inc.

(Financial

Services)

607,132

34,800

DCM

Holdings

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

384,537

27,700

DIC

Corp.

(Materials)

627,899

22,500

EDION

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

287,706

44,300

Eisai

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,651,280

182,300

ENEOS

Holdings,

Inc.

(Energy)

998,123

4,200

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

1,393,548

263,600

Food

&

Life

Cos.

Ltd.

(Consumer

Services)

5,296,642

11,100

Fuji

Corp.

(Capital

Goods)

178,319

49,700

Fuji

Oil

Holdings,

Inc.

(Food,

Beverage

&

Tobacco)

1,099,152

14,000

Fujitsu

Ltd.

(Software

&

Services)

287,832

23,400

H.U.

Group

Holdings,

Inc.

(Health

Care

Equipment

&

Services)

433,876

23,200

Heiwa

Corp.

(Consumer

Services)

344,329

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

47,400

Hokuriku

Electric

Power

Co.

(Utilities)

$

305,109

428,100

Honda

Motor

Co.

Ltd.

(Automobiles

&

Components)

4,570,543

607,200

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

6,180,987

94,600

Japan

Post

Holdings

Co.

Ltd.

(Insurance)

907,134

36,300

JGC

Holdings

Corp.

(Capital

Goods)

318,412

17,200

Joshin

Denki

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

324,693

23,000

Kagome

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

515,381

8,400

Kaken

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

224,667

30,100

Kawasaki

Heavy

Industries

Ltd.

(Capital

Goods)

1,233,773

32,900

KDDI

Corp.

(Telecommunication

Services)

1,054,034

49,900

Kewpie

Corp.

(Food,

Beverage

&

Tobacco)

1,246,534

212,200

Kikkoman

Corp.

(Food,

Beverage

&

Tobacco)

2,414,102

263,600

Kirin

Holdings

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

4,017,229

349,100

Kobe

Steel

Ltd.

(Materials)

4,183,826

6,200

Komeri

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

160,512

5,300

Kura

Sushi,

Inc.

(Consumer

Services)

139,068

1,400

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

233,417

6,100

Life

Corp.

(Consumer

Staples

Distribution

&

Retail)

154,750

49,900

Lintec

Corp.

(Materials)

1,154,004

140,700

Marubeni

Corp.

(Capital

Goods)

2,324,624

40,300

Marusan

Securities

Co.

Ltd.

(Financial

Services)

259,949

16,800

Mitsubishi

Corp.

(Capital

Goods)

349,102

218,000

Mitsubishi

Electric

Corp.

(Capital

Goods)

3,536,166

94,900

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

1,498,878

939,800

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

6,674,579

53,800

Mitsubishi

Shokuhin

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

1,986,376

195,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

1,840,284

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

212,100

Mitsui

OSK

Lines

Ltd.

(Transportation)

$

7,343,034

160,900

Modec,

Inc.

(Energy)

3,862,325

418,200

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

9,829,451

67,800

NEC

Corp.

(Software

&

Services)

6,547,200

34,800

Nexon

Co.

Ltd.

(Media

&

Entertainment)

691,542

146,900

NGK

Insulators

Ltd.

(Capital

Goods)

1,932,048

39,900

Nichirei

Corp.

(Food,

Beverage

&

Tobacco)

1,236,325

45,800

Nippon

Kayaku

Co.

Ltd.

(Materials)

400,111

4,205,200

Nippon

Telegraph

&

Telephone

Corp.

(Telecommunication

Services)

4,311,109

194,900

Nippon

Yusen

KK

(Transportation)

7,158,981

5,000

Nisshin

Oillio

Group

Ltd.

(The)

(Food,

Beverage

&

Tobacco)

184,253

71,000

Nitto

Denko

Corp.

(Materials)

1,194,807

99,900

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate

Management

&

Development)

2,691,615

119,200

Oji

Holdings

Corp.

(Materials)

477,541

86,700

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

4,924,484

79,800

PHC

Holdings

Corp.

(Health

Care

Equipment

&

Services)

590,493

1,013,000

Rakuten

Group,

Inc.

(Consumer

Discretionary

Distribution

&

Retail)*

6,536,291

300,800

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

3,651,511

61,400

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

4,317,737

128,100

Sekisui

Chemical

Co.

Ltd.

(Consumer

Durables

&

Apparel)

2,002,939

213,700

Sekisui

House

Ltd.

(Consumer

Durables

&

Apparel)

5,933,528

67,600

Shikoku

Electric

Power

Co.,

Inc.

(Utilities)

601,424

11,800

Shimamura

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

644,584

453,300

Shionogi

&

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

6,497,687

1,370,000

SoftBank

Corp.

(Telecommunication

Services)

1,788,659

50,400

SoftBank

Group

Corp.

(Telecommunication

Services)

2,989,538

125,300

Sojitz

Corp.

(Capital

Goods)

2,968,815

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

218,000

Sompo

Holdings,

Inc.

(Insurance)

$

4,913,895

38,200

Sumitomo

Corp.

(Capital

Goods)

857,821

409,100

Sumitomo

Electric

Industries

Ltd.

(Automobiles

&

Components)

6,642,839

286,300

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Banks)

6,852,573

77,100

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

2,609,877

144,300

T&D

Holdings,

Inc.

(Insurance)

2,544,125

22,800

Toho

Holdings

Co.

Ltd.

(Health

Care

Equipment

&

Services)

724,638

173,900

Tokai

Tokyo

Financial

Holdings,

Inc.

(Financial

Services)

590,977

166,600

Tokio

Marine

Holdings,

Inc.

(Insurance)

6,143,283

428,600

Tokyo

Century

Corp.

(Financial

Services)

4,827,865

8,000

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

1,426,686

20,300

Tokyo

Tatemono

Co.

Ltd.

(Real

Estate

Management

&

Development)

326,053

780,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

5,431,840

6,400

Toyo

Seikan

Group

Holdings

Ltd.

(Materials)

100,730

25,100

Toyota

Motor

Corp.

(Automobiles

&

Components)

451,148

111,900

Trend

Micro,

Inc.

(Software

&

Services)

6,644,102

18,000

UACJ

Corp.

(Materials)

643,842

6,700

Valor

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

103,197

20,700

West

Japan

Railway

Co.

(Transportation)

393,122

163,800

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

513,595

59,600

Yamazaki

Baking

Co.

Ltd.

(Food,

Beverage

&

Tobacco)

1,180,940

224,655,038

Netherlands

–

3.4%

32,851

Aegon

Ltd.

(Insurance)

211,006

25,283

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

21,031,944

1,624

Euronext

NV

(Financial

Services)

(a)

176,281

231,887

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

8,009,624

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

(continued)

9,682

NSI

NV

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

$

222,017

31,405

Wolters

Kluwer

NV

(Commercial

&

Professional

Services)

5,297,139

34,948,011

Norway

–

1.3%

249,322

Aker

BP

ASA

(Energy)

5,336,243

73,646

Kongsberg

Gruppen

ASA

(Capital

Goods)

7,193,700

28,601

Pexip

Holding

ASA

(Software

&

Services)

105,222

12,635,165

Singapore

–

1.0%

142,288

Hafnia

Ltd.

(Energy)

1,010,357

75,700

Keppel

Ltd.

(Capital

Goods)

388,846

557,600

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

6,527,253

72,201

Seatrium

Ltd.

(Capital

Goods)*

100,013

98,300

United

Overseas

Bank

Ltd.

(Banks)

2,453,762

10,480,231

South

Africa

–

0.0%

949,822

Pan

African

Resources

PLC

(Materials)

402,547

Spain

–

1.3%

215,532

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

12,765,210

Sweden

–

3.0%

122,654

AAK

AB

(Food,

Beverage

&

Tobacco)

4,021,917

110,522

Alfa

Laval

AB

(Capital

Goods)

5,313,454

12,860

Ambea

AB

(Health

Care

Equipment

&

Services)

(a)

113,814

182,782

Essity

AB,

Class

B

(Household

&

Personal

Products)

5,703,473

31,123

Evolution

AB

(Consumer

Services)

(a)

3,061,043

158,538

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary

Distribution

&

Retail)

2,700,158

45,980

Saab

AB,

Class

B

(Capital

Goods)

979,858

185,452

Swedbank

AB,

Class

A

(Banks)

3,936,342

615,708

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Technology

Hardware

&

Equipment)

4,652,569

30,482,628

Switzerland

–

5.5%

202,270

ABB

Ltd.

(Capital

Goods)

11,734,822

1,381

Baloise

Holding

AG

(Insurance)

282,406

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

10

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food,

Beverage

&

Tobacco)

$

1,273,706

11

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food,

Beverage

&

Tobacco)

141,899

13,595

Lonza

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,627,165

165,453

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

19,050,653

5,325

Sandoz

Group

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

221,908

13,535

Sika

AG

(Materials)

4,486,386

338,982

UBS

Group

AG

(Financial

Services)

10,489,476

56,308,421

United

Kingdom

–

11.9%

59,181

Associated

British

Foods

PLC

(Food,

Beverage

&

Tobacco)

1,849,565

18,003

AstraZeneca

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,804,624

1,722

AstraZeneca

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

134,161

665,010

Aviva

PLC

(Insurance)

4,307,113

246,605

BAE

Systems

PLC

(Capital

Goods)

4,094,155

429,305

Barratt

Developments

PLC

(Consumer

Durables

&

Apparel)

2,754,253

29,116

Beazley

PLC

(Insurance)

297,338

299,227

Compass

Group

PLC

(Consumer

Services)

9,593,124

282,059

Currys

PLC

(Consumer

Discretionary

Distribution

&

Retail)*

337,315

7,293

DCC

PLC

(Capital

Goods)

497,889

58,037

Galliford

Try

Holdings

PLC

(Capital

Goods)

238,985

124,467

IG

Group

Holdings

PLC

(Financial

Services)

1,531,769

269,146

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

7,829,208

34,895

Informa

PLC

(Media

&

Entertainment)

383,759

199,869

Investec

PLC

(Financial

Services)

1,521,213

14,264

Keller

Group

PLC

(Capital

Goods)

308,175

54,398

Lancashire

Holdings

Ltd.

(Insurance)

499,637

956,006

M&G

PLC

(Financial

Services)

2,651,823

1,371,593

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

6,844,874

75,916

Mears

Group

PLC

(Commercial

&

Professional

Services)

383,655

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

29,163

Mitchells

&

Butlers

PLC

(Consumer

Services)*

$

115,833

580,523

Mitie

Group

PLC

(Commercial

&

Professional

Services)

920,945

302,240

National

Grid

PLC

(Utilities)

4,177,867

1,727,470

NatWest

Group

PLC

(Banks)

7,997,076

50,570

Next

PLC

(Consumer

Discretionary

Distribution

&

Retail)

6,624,494

37,181

Paragon

Banking

Group

PLC

(Financial

Services)

386,161

13,174

Pearson

PLC

(Consumer

Services)

179,093

66,949

Pearson

PLC

ADR

(Consumer

Services)

908,498

278,541

Persimmon

PLC

(Consumer

Durables

&

Apparel)

6,129,541

36,236

RELX

PLC

(Commercial

&

Professional

Services)

1,710,931

1,907,590

Rolls-Royce

Holdings

PLC

(Capital

Goods)*

13,500,956

8,999

Sage

Group

PLC

(The)

(Software

&

Services)

123,612

171,105

Smiths

Group

PLC

(Capital

Goods)

3,845,250

316,675

SSE

PLC

(Utilities)

7,981,607

2,523,753

Taylor

Wimpey

PLC

(Consumer

Durables

&

Apparel)

5,551,456

1,616,523

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

7,761,429

157,978

TP

ICAP

Group

PLC

(Financial

Services)

499,509

21,213

Unilever

PLC

(Household

&

Personal

Products)

1,375,309

127,990

Vistry

Group

PLC

(Consumer

Durables

&

Apparel)*

2,238,290

120,890,492

United

States

–

5.3%

440,581

GSK

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,970,680

40,474

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,654,577

57,904

Nestle

SA

(Food,

Beverage

&

Tobacco)

5,818,914

63,483

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

20,315,655

72,983

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,403,218

243,461

Shell

PLC

(Energy)

8,042,593

53,205,637

TOTAL

COMMON

STOCKS

(Cost

$758,893,860)

983,321,683

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stock

–

0.8%

Germany

–

0.8%

82,078

Henkel

AG

&

Co.

KGaA

(Household

&

Personal

Products)

(Cost

$6,152,055)

2.19

%

$

7,715,323

TOTAL

INVESTMENTS

–

97.6%

(Cost

$765,045,915)

$

991,037,006

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

2.4%

24,720,913

NET

ASSETS

–

100.0%

$

1,015,757,919

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.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

23.1

%

Industrials

18.7

Health

Care

14.7

Consumer

Discretionary

12.3

Consumer

Staples

8.4

Information

Technology

7.0

Materials

5.0

Real

Estate

3.5

Utilities

2.7

Communication

Services

2.6

Energy

2.0

TOTAL

INVESTMENTS

100.0%

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

FUTURES

CONTRACTS

—

At

September

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

EURO

STOXX

50

Index

63

12/20/24

$

3,527,463

$

119,690

FTSE

100

Index

12

12/20/24

1,329,757

(8,479)

Hang

Seng

Index

3

10/30/24

410,569

56,595

MSCI

Singapore

Index

4

10/29/24

106,874

(46)

SPI

200

Index

4

12/19/24

574,235

8,190

TOPIX

Index

10

12/12/24

1,842,060

80,479

Total

Futures

Contracts

$

256,429

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

98.4%

Aerospace

&

Defense

–

1.2%

3,982

Curtiss-Wright

Corp.

$

1,308,844

16,693

HEICO

Corp.,

Class

A

3,401,366

12,658

Hexcel

Corp.

782,644

111,232

Howmet

Aerospace,

Inc.

11,151,008

12,408

Lockheed

Martin

Corp.

7,253,221

86,880

Rocket

Lab

USA,

Inc.*

845,342

149,820

RTX

Corp.

18,152,191

42,894,616

Automobile

Components

–

0.2%

70,754

Autoliv,

Inc.

(Sweden)

6,606,301

11,750

Fox

Factory

Holding

Corp.*

487,625

108,396

Goodyear

Tire

&

Rubber

Co.

(The)*

959,305

8,053,231

Automobiles

–

1.2%

97,923

General

Motors

Co.

4,390,867

146,333

Tesla,

Inc.*

38,285,103

42,675,970

Banks

–

1.6%

260,798

Bank

of

America

Corp.

10,348,465

50,591

Bank

OZK

2,174,907

4,743

BOK

Financial

Corp.

496,213

10,418

Cadence

Bank

331,813

77,539

Cullen/Frost

Bankers,

Inc.

8,673,512

11,346

East

West

Bancorp,

Inc.

938,768

40,192

First

BanCorp.

(Puerto

Rico)

850,865

6,380

First

Citizens

BancShares,

Inc.,

Class

A

11,745,261

126,581

Huntington

Bancshares,

Inc.

1,860,741

18,404

Independent

Bank

Corp.

1,088,228

35,645

International

Bancshares

Corp.

2,131,214

40,827

JPMorgan

Chase &

Co.

8,608,781

5,054

PNC

Financial

Services

Group,

Inc.

(The)

934,232

86,695

Prosperity

Bancshares,

Inc.

6,248,109

56,431,109

Beverages

–

0.2%

4,124

Coca-Cola

Consolidated,

Inc.

5,428,833

23,763

Primo

Water

Corp.

600,016

6,028,849

Biotechnology

–

4.0%

279,233

AbbVie,

Inc.

55,142,933

29,001

Alnylam

Pharmaceuticals,

Inc.*

7,976,145

72,662

Aurinia

Pharmaceuticals,

Inc.

(Canada)*

532,613

11,499

Biogen,

Inc.*

2,228,966

254,998

Gilead

Sciences,

Inc.

21,379,032

30,241

Protagonist

Therapeutics,

Inc.*

1,360,845

9,575

Regeneron

Pharmaceuticals,

Inc.*

10,065,623

119,754

TG

Therapeutics,

Inc.*

2,801,046

76,297

Vertex

Pharmaceuticals,

Inc.*

35,484,209

136,971,412

Broadline

Retail

–

3.7%

623,356

Amazon.com,

Inc.*

116,149,924

34,974

eBay,

Inc.

2,277,157

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Broadline

Retail

–

(continued)

5,605

MercadoLibre,

Inc.

(Brazil)*

$

11,501,236

129,928,317

Building

Products

–

0.8%

3,357

AAON,

Inc.

362,019

21,989

Johnson

Controls

International

PLC

1,706,566

39,269

Lennox

International,

Inc.

23,729,864

25,798,449

Capital

Markets

–

3.5%

167,106

CME

Group,

Inc.

36,871,939

1,862

Coinbase

Global,

Inc.,

Class

A*

331,753

235,098

Franklin

Resources,

Inc.

4,737,225

31,838

Interactive

Brokers

Group,

Inc.,

Class

A

4,436,944

107,848

Jefferies

Financial

Group,

Inc.

6,638,044

9,250

LPL

Financial

Holdings,

Inc.

2,151,827

188,821

Morgan

Stanley

19,682,701

189,281

Nasdaq,

Inc.

13,819,406

190,046

Northern

Trust

Corp.

17,109,841

4,488

Piper

Sandler

Cos.

1,273,739

576,185

Robinhood

Markets,

Inc.,

Class

A*

13,494,253

120,547,672

Chemicals

–

1.4%

47,477

CF

Industries

Holdings,

Inc.

4,073,526

8,601

Dow,

Inc.

469,873

71,308

Element

Solutions,

Inc.

1,936,725

35,970

FMC

Corp.

2,371,862

235,969

Mosaic

Co.

(The)

6,319,250

16,316

Olin

Corp.

782,842

81,377

Sherwin-Williams

Co.

(The)

31,059,159

47,013,237

Commercial

Services

&

Supplies

–

0.1%

18,832

Cintas

Corp.

3,877,132

78,137

Healthcare

Services

Group,

Inc.*

872,790

4,749,922

Communications

Equipment

–

1.1%

74,650

Arista

Networks,

Inc.*

28,652,163

133,214

Cisco

Systems,

Inc.

7,089,649

6,071

Motorola

Solutions,

Inc.

2,729,704

38,471,516

Construction

&

Engineering

–

0.3%

19,697

Comfort

Systems

USA,

Inc.

7,688,724

10,330

Limbach

Holdings,

Inc.*

782,601

3,893

Sterling

Infrastructure,

Inc.*

564,563

9,035,888

Construction

Materials

–

0.7%

32,458

Eagle

Materials,

Inc.

9,336,544

6,646

Martin

Marietta

Materials,

Inc.

3,577,209

76,142

Summit

Materials,

Inc.,

Class

A*

2,971,822

35,514

Vulcan

Materials

Co.

8,893,771

24,779,346

Consumer

Finance

–

2.2%

125,798

Ally

Financial,

Inc.

4,477,151

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Finance

–

(continued)

234,665

Capital

One

Financial

Corp.

$

35,136,390

96,351

Discover

Financial

Services

13,517,082

24,872

Navient

Corp.

387,755

131,102

OneMain

Holdings,

Inc.

6,170,971

337,757

Synchrony

Financial

16,847,319

76,536,668

Consumer

Staples

Distribution

&

Retail

–

2.6%

8,547

Casey's

General

Stores,

Inc.

3,211,194

67,314

Costco

Wholesale

Corp.

59,675,207

183,391

Target

Corp.

28,583,321

91,469,722

Containers

&

Packaging

–

0.1%

32,406

Berry

Global

Group,

Inc.

2,202,960

54,728

Sealed

Air

Corp.

1,986,626

4,189,586

Diversified

Consumer

Services

–

0.5%

18,852

Bright

Horizons

Family

Solutions,

Inc.*

2,641,731

455,414

Coursera,

Inc.*

3,615,987

1,587

Graham

Holdings

Co.,

Class

B

1,304,069

17,838

Grand

Canyon

Education,

Inc.*

2,530,320

14,814

H&R

Block,

Inc.

941,430

63,661

Service

Corp.

International

5,024,763

3,840

Strategic

Education,

Inc.

355,392

16,413,692

Electric

Utilities

–

0.5%

270,149

Xcel

Energy,

Inc.

17,640,730

Electrical

Equipment

–

1.3%

195,946

AMETEK,

Inc.

33,645,887

32,308

Emerson

Electric

Co.

3,533,526

101,799

nVent

Electric

PLC

7,152,398

44,331,811

Electronic

Equipment,

Instruments

&

Components

–

0.5%

94,239

Keysight

Technologies,

Inc.*

14,977,404

2,989

Teledyne

Technologies,

Inc.*

1,308,166

1

Vontier

Corp.

34

16,285,604

Energy

Equipment

&

Services

–

0.8%

334,376

Schlumberger

NV

14,027,073

476,743

TechnipFMC

PLC

(United

Kingdom)

12,504,969

26,532,042

Entertainment

–

0.7%

28,089

Netflix,

Inc.*

19,922,685

97,602

ROBLOX

Corp.,

Class

A*

4,319,865

24,242,550

Financial

Services

–

3.7%

53,130

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

1,726,193

133,530

Berkshire

Hathaway,

Inc.,

Class

B*

61,458,518

343,965

Equitable

Holdings,

Inc.

14,456,849

12,041

Euronet

Worldwide,

Inc.*

1,194,829

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financial

Services

–

(continued)

193,899

Fiserv,

Inc.*

$

34,833,955

8,978

Merchants

Bancorp

403,651

119,426

MGIC

Investment

Corp.

3,057,305

151,167

Voya

Financial,

Inc.

11,975,450

129,106,750

Food

Products

–

0.1%

39,594

Darling

Ingredients,

Inc.*

1,471,313

9,833

Lancaster

Colony

Corp.

1,736,213

3,207,526

Ground

Transportation

–

1.0%

94,059

CSX

Corp.

3,247,857

12,022

Norfolk

Southern

Corp.

2,987,467

36,542

Ryder

System,

Inc.

5,327,824

122,521

Uber

Technologies,

Inc.*

9,208,678

43,995

Union

Pacific

Corp.

10,843,888

31,615,714

Health

Care

Equipment

&

Supplies

–

1.7%

507,954

Boston

Scientific

Corp.*

42,566,545

35,822

Intuitive

Surgical,

Inc.*

17,598,274

60,164,819

Health

Care

Providers

&

Services

–

4.2%

21,748

Cigna

Group

(The)

7,534,377

71,276

Elevance

Health,

Inc.

37,063,520

6,544

Encompass

Health

Corp.

632,412

43,802

HCA

Healthcare,

Inc.

17,802,447

49,173

HealthEquity,

Inc.*

4,024,810

34,579

Humana,

Inc.

10,952,553

157,166

LifeStance

Health

Group,

Inc.*

1,100,162

6,269

Molina

Healthcare,

Inc.*

2,160,047

19,477

Quest

Diagnostics,

Inc.

3,023,804

16,065

Tenet

Healthcare

Corp.*

2,670,003

47,957

UnitedHealth

Group,

Inc.

28,039,499

127,035

Universal

Health

Services,

Inc.,

Class

B

29,092,285

144,095,919

Health

Care

REITs

–

0.1%

47,046

Omega

Healthcare

Investors,

Inc.

REIT

1,914,772

28,435

Ventas,

Inc.

REIT

1,823,537

3,738,309

Hotel

&

Resort

REITs

–

0.2%

115,123

Chatham

Lodging

Trust

REIT

980,848

531,112

Park

Hotels

&

Resorts,

Inc.

REIT

7,488,679

8,469,527

Hotels,

Restaurants

&

Leisure

–

1.8%

49,494

Airbnb,

Inc.,

Class

A*

6,276,334

558,821

Chipotle

Mexican

Grill,

Inc.*

32,199,266

53,406

International

Game

Technology

PLC

1,137,548

261,983

Life

Time

Group

Holdings,

Inc.*

6,397,625

42,721

MGM

Resorts

International*

1,669,964

11,998

Red

Rock

Resorts,

Inc.,

Class

A

653,171

18,807

Wingstop,

Inc.

7,825,216

58,200

Wynn

Resorts

Ltd.

5,580,216

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Hotels,

Restaurants

&

Leisure

–

(continued)

5,222

Yum!

Brands,

Inc.

$

729,566

62,468,906

Household

Durables

–

2.3%

188,174

D.R.

Horton,

Inc.

35,897,954

214,994

M/I

Homes,

Inc.*

36,841,372

40,583

PulteGroup,

Inc.

5,824,878

78,564,204

Household

Products

–

0.0%

8,185

Procter &

Gamble

Co.

(The)

1,417,642

Industrial

REITs

–

0.5%

102,576

First

Industrial

Realty

Trust,

Inc.

REIT

5,742,204

149,533

LXP

Industrial

Trust

REIT

1,502,807

65,403

Prologis,

Inc.

REIT

8,259,091

6,896

Rexford

Industrial

Realty,

Inc.

REIT

346,938

15,851,040

Insurance

–

2.5%

20,517

Allstate

Corp.

(The)

3,891,049

35,396

American

Financial

Group,

Inc.

4,764,302

49,985

Arch

Capital

Group

Ltd.*

5,592,322

41,284

CNO

Financial

Group,

Inc.

1,449,068

17,855

Goosehead

Insurance,

Inc.,

Class

A*

1,594,451

8,744

Kinsale

Capital

Group,

Inc.

4,070,944

15,650

Marsh

&

McLennan

Cos.,

Inc.

3,491,359

157,127

Progressive

Corp.

(The)

39,872,548

6,559

Reinsurance

Group

of

America,

Inc.

1,429,009

65,766

Travelers

Cos.,

Inc.

(The)

15,397,136

98,163

W

R

Berkley

Corp.

5,568,787

87,120,975

Interactive

Media

&

Services

–

6.1%

451,486

Alphabet,

Inc.,

Class

A

74,878,953

315,000

Alphabet,

Inc.,

Class

C

52,664,850

438,928

fuboTV,

Inc.*

623,278

141,176

Meta

Platforms,

Inc.,

Class

A

80,814,789

208,981,870

IT

Services

–

1.4%

5,074

EPAM

Systems,

Inc.*

1,009,878

52,678

Gartner,

Inc.*

26,695,103

77,270

International

Business

Machines

Corp.

17,082,852

13,789

MongoDB,

Inc.*

3,727,856

5,663

Perficient,

Inc.*

427,443

9,314

VeriSign,

Inc.*

1,769,288

50,712,420

Leisure

Products

–

0.5%

189,586

Hasbro,

Inc.

13,710,860

60,238

Mattel,

Inc.*

1,147,534

132,089

Topgolf

Callaway

Brands

Corp.*

1,450,337

16,308,731

Life

Sciences

Tools

&

Services

–

2.0%

123,311

IQVIA

Holdings,

Inc.*

29,221,008

67,528

Medpace

Holdings,

Inc.*

22,540,846

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Life

Sciences

Tools

&

Services

–

(continued)

9,338

Mettler-Toledo

International,

Inc.*

$

14,004,199

3,494

Thermo

Fisher

Scientific,

Inc.

2,161,283

6,675

West

Pharmaceutical

Services,

Inc.

2,003,568

69,930,904

Machinery

–

1.3%

5,761

AGCO

Corp.

563,771

1

Fortive

Corp.

79

97,597

Illinois

Tool

Works,

Inc.

25,577,246

151,534

Mueller

Industries,

Inc.

11,228,669

66,199

Mueller

Water

Products,

Inc.,

Class

A

1,436,518

15,142

Snap-on,

Inc.

4,386,789

17,147

Trinity

Industries,

Inc.

597,402

43,790,474

Media

–

0.9%

1,694

Cable

One,

Inc.

592,544

759

Charter

Communications,

Inc.,

Class

A*

245,977

37,692

Liberty

Broadband

Corp.,

Class

C*

2,913,215

538,121

News

Corp.,

Class

A

14,330,162

130,537

Trade

Desk,

Inc.

(The),

Class

A*

14,313,382

32,395,280

Metals

&

Mining

–

1.5%

1,106,066

Anglogold

Ashanti

PLC

(United

Kingdom)

(a)

29,454,537

120,574

Carpenter

Technology

Corp.

19,241,199

35,810

Gatos

Silver,

Inc.*

540,015

209,660

Hecla

Mining

Co.

1,398,432

50,634,183

Multi-Utilities

–

0.0%

3,200

Black

Hills

Corp.

195,584

Office

REITs

–

0.1%

48,088

Cousins

Properties,

Inc.

REIT

1,417,634

1

Vornado

Realty

Trust

REIT

39

1,417,673

Oil,

Gas

&

Consumable

Fuels

–

1.5%

135,360

Antero

Midstream

Corp.

2,037,168

10,830

Cheniere

Energy,

Inc.

1,947,667

89,256

EOG

Resources,

Inc.

10,972,240

88,260

Exxon

Mobil

Corp.

10,345,837

12,264

Hess

Corp.

1,665,451

43,602

Kinder

Morgan,

Inc.

963,168

14,840

Marathon

Petroleum

Corp.

2,417,584

8,760

ONEOK,

Inc.

798,299

28,683

Scorpio

Tankers,

Inc.

(Monaco)

2,045,098

108,374

Teekay

Tankers

Ltd.,

Class

A

(Canada)

6,312,786

44,424

Valero

Energy

Corp.

5,998,573

156,754

Williams

Cos.,

Inc.

(The)

7,155,820

52,659,691

Paper

&

Forest

Products

–

0.0%

15,157

Sylvamo

Corp.

1,301,228

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Passenger

Airlines

–

0.1%

52,440

Alaska

Air

Group,

Inc.*

$

2,370,812

9,795

Allegiant

Travel

Co.

539,313

2,910,125

Personal

Care

Products

–

0.2%

55,484

elf

Beauty,

Inc.*

6,049,421

Pharmaceuticals

–

2.4%

196,040

Bristol-Myers

Squibb

Co.

10,143,110

47,539

Elanco

Animal

Health,

Inc.*

698,348

12,802

Eli

Lilly

&

Co.

11,341,804

304,379

Johnson &

Johnson

49,327,661

26,154

Merck &

Co.,

Inc.

2,970,048

48,148

Zoetis,

Inc.

9,407,156

83,888,127

Professional

Services

–

1.6%

35,982

Equifax,

Inc.

10,573,671

163,147

ExlService

Holdings,

Inc.*

6,224,058

39,782

FTI

Consulting,

Inc.*

9,052,792

45,729

Genpact

Ltd.

1,793,034

156,109

Parsons

Corp.*

16,185,381

137,993

UL

Solutions,

Inc.,

Class

A

6,803,055

50,631,991

Real

Estate

Management

&

Development

–

0.1%

71,280

CoStar

Group,

Inc.*

5,377,363

Residential

REITs

–

0.8%

1

Apartment

Investment

and

Management

Co.,

Class

A

REIT*

9

19,800

AvalonBay

Communities,

Inc.

REIT

4,459,950

130,426

Camden

Property

Trust

REIT

16,111,524

42,893

Equity

LifeStyle

Properties,

Inc.

REIT

3,059,986

11,780

Equity

Residential

REIT

877,139

26,742

Mid-America

Apartment

Communities,

Inc.

REIT

4,249,304

28,757,912

Retail

REITs

–

0.1%

21,275

Brixmor

Property

Group,

Inc.

REIT

592,721

63,218

NNN

REIT,

Inc.

REIT

3,065,441

2

Simon

Property

Group,

Inc.

REIT

338

3,658,500

Semiconductors

&

Semiconductor

Equipment

–

7.9%

121,381

Applied

Materials,

Inc.

24,525,031

25,132

Axcelis

Technologies,

Inc.*

2,635,090

386,840

Broadcom,

Inc.

66,729,900

3,264

KLA

Corp.

2,527,674

4,959

Lam

Research

Corp.

4,046,941

1,307,951

NVIDIA

Corp.

158,837,570

63,128

Texas

Instruments,

Inc.

13,040,351

272,342,557

Software

–

11.0%

371,526

ACI

Worldwide,

Inc.*

18,910,673

52,029

Adobe,

Inc.*

26,939,575

367,100

Clear

Secure,

Inc.,

Class

A

12,165,694

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Software

–

(continued)

34,428

CommVault

Systems,

Inc.*

$

5,296,748

42,325

Fortinet,

Inc.*

3,282,304

34,876

Intuit,

Inc.

21,657,996

9,452

Manhattan

Associates,

Inc.*

2,659,604

524,636

Microsoft

Corp.

225,750,871

181,885

Oracle

Corp.

30,993,204

3,825

Palo

Alto

Networks,

Inc.*

1,307,385

24,029

ServiceNow,

Inc.*

21,491,297

1,599

SPS

Commerce,

Inc.*

310,478

8,354

Varonis

Systems,

Inc.*

472,001

43,289

Zscaler,

Inc.*

7,399,822

378,637,652

Specialized

REITs

–

0.1%

5,206

CubeSmart

REIT

280,239

9,634

Lamar

Advertising

Co.,

Class

A

REIT

1,287,102

1,567,341

Specialty

Retail

–

1.6%

62,402

Abercrombie

&

Fitch

Co.,

Class

A*

8,730,040

785

Asbury

Automotive

Group,

Inc.*

187,293

122,977

Best

Buy

Co.,

Inc.

12,703,524

17,213

CarMax,

Inc.*

1,331,942

80,872

Chewy,

Inc.,

Class

A*

2,368,741

91,859

Lowe’s

Cos.,

Inc.

24,880,010

39,680

Ross

Stores,

Inc.

5,972,237

1

Victoria's

Secret

&

Co.*

25

56,173,812

Technology

Hardware,

Storage

&

Peripherals

–

8.5%

1,069,447

Apple,

Inc.

249,181,151

334,473

Dell

Technologies,

Inc.,

Class

C

39,648,430

42,942

NetApp,

Inc.

5,303,766

5,355

Seagate

Technology

Holdings

PLC

586,533

294,719,880

Textiles,

Apparel

&

Luxury

Goods

–

1.0%

50,176

Birkenstock

Holding

PLC

(Luxembourg)*

2,473,175

23,412

Deckers

Outdoor

Corp.*

3,733,043

170,151

Figs,

Inc.,

Class

A*

1,163,833

58,375

G-III

Apparel

Group

Ltd.*

1,781,605

217,205

Levi

Strauss

&

Co.,

Class

A

4,735,069

31,116

Ralph

Lauren

Corp.

6,032,459

188,219

Skechers

USA,

Inc.,

Class

A*

12,595,616

32,514,800

Tobacco

–

0.1%

259,243

Vector

Group

Ltd.

3,867,906

Trading

Companies

&

Distributors

–

0.3%

6,318

Ferguson

Enterprises,

Inc.

1,254,565

42,034

FTAI

Aviation

Ltd.

5,586,319

5,515

United

Rentals,

Inc.

4,465,661

11,306,545

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Wireless

Telecommunication

Services

–

0.0%

30,785

Telephone

and

Data

Systems,

Inc.

$

715,751

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$1,746,784,181)

3,398,290,991

Dividend

Rate

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

4,534,125

5.220%

4,534,125

(Cost

$4,534,125)

TOTAL

INVESTMENTS

–

98.5%

(Cost

$1,751,318,306)

$

3,402,825,116

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.5%

52,875,006

NET

ASSETS

–

100.0%

$

3,455,700,122

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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

September

30,

2024,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

17

12/20/24

$

1,911,820

$

36,399

S&P

500

E-Mini

Index

65

12/20/24

18,896,313

401,387

Total

Futures

Contracts

$

437,786

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

September

30,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds’

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designee”).

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

A.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Securities

traded

on

certain

foreign

securities

exchanges

are

valued

daily

at

fair

value

determined

by

an

independent

fair

value

service

(if

available)

under

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

The

independent

fair

value

service

takes

into

account

multiple

factors

including,

but

not

limited

to,

movements

in

the

securities

markets,

certain

depositary

receipts,

futures

contracts

and

foreign

currency

exchange

rates

that

have

occurred

subsequent

to

the

close

of

the

foreign

securities

exchange.

These

investments

are

generally

classified

as

Level

2

of

the

fair

value

hierarchy.

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Underlying

Money

Market

Fund”)

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund’s

shareholder

report.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker/receivable

for

collateral

on

certain

derivative

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

midpoint

of

the

bid

and

ask

prices

on

the

exchange

where

they

are

principally

traded

(or,

in

the

absence

of

two-way

trading,

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions).

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

B.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

September

30,

2024:

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

(“SEC”)

and

the

terms

and

conditions

contained

therein,

the

Goldman

Sachs

International

Tax-Managed

Equity

Fund

and

the

Goldman

Sachs

U.S.

Tax-

Advantaged

Equity

Fund

may

lend

their

securities

through

a

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

a

wholly-owned

subsidiary

of

Goldman

Sachs,

to

certain

qualified

borrowers

including

Goldman

Sachs

and

affiliates.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

International

Tax-Managed

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

402,547

$

—

$

—

Asia

12,861,911

254,861,942

—

Europe

21,234,492

567,539,979

—

North

America

1,654,577

51,551,060

—

Oceania

—

80,930,498

—

Total

$

36,153,527

$

954,883,479

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

264,954

$

—

$

—

€

1.00

€

1.00

€

1.00

Liabilities

Futures

Contracts

(b)

$

(8,525)

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

U.S.

Tax-Managed

Equity

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Europe

$

53,084,080

$

—

$

—

North

America

3,333,705,675

—

—

South

America

11,501,236

—

—

Securities

Lending

Reinvestment

Vehicle

4,534,125

—

—

Total

$

3,402,825,116

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

437,786

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

GSAL

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

GSAL

is

unable

to

purchase

replacement

securities,

GSAL

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds’

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction’s

bankruptcy

or

insolvency

laws.

The

Funds’

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

Each

of

the

Funds

and

GSAL

received

compensation

relating

to

the

lending

of

the

Funds’

securities.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Foreign

Custody

Risk—

A

Fund

invests

in

foreign

securities,

and

as

such

the

Fund

may

hold

such

securities

and

cash

with

foreign

banks,

agents,

and

securities

depositories

appointed

by

the

Fund’s

custodian

(each

a

“Foreign

Custodian”).

Some

foreign

custodians

may

be

recently

organized

or

new

to

the

foreign

custody

business.

In

some

countries,

Foreign

Custodians

may

be

subject

to

little

or

no

regulatory

oversight

over,

or

independent

evaluation

of,

their

operations.

Further,

the

laws

of

certain

countries

may

place

limitations

on

the

Fund’s

ability

to

recover

its

assets

if

a

Foreign

Custodian

enters

bankruptcy.

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

the

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

the

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2024

(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

the

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

the

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.

Management

Risk

—

A

strategy

used

by

the

Investment

Adviser

may

fail

to

produce

the

intended

results.

Market

Risk

—

The

value

of

the

securities

in

which

the

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

the

Fund

and

its

investments.

Tax-Managed

Investment

Risk

—

Because

the

Investment

Adviser

balances

investment

considerations

and

tax

considerations,

the

pre-tax

performance

of

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

may

be

lower

than

the

performance

of

similar

funds

that

are

not

tax-managed.

This

is

because

the

Investment

Adviser

may

choose

not

to

make

certain

investments

that

may

result

in

taxable

distributions

to

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio.

Even

though

tax

managed

strategies

are

being

used,

they

may

not

reduce

the

amount

of

taxable

income

and

capital

gains

distributed

by

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

to

shareholders.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

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