# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-075159
**Filing Date:** 2023-3
**Character Count:** 137111
**Document Hash:** 9c35d715230fa26d1b65d53d02e967eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075159.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075159

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23784309

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Emerging Markets Equity Fund (Series ID: S000009335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025571 | Institutional   | GEMIX           |
| C000025572 | Service         | GEMSX           |
| C000025573 | Class A         | GEMAX           |
| C000025575 | Class C         | GEMCX           |
| C000091958 | Investor Shares | GIRMX           |
| C000161505 | Class R6 Shares | GEMUX           |
| C000201742 | Class P Shares  | GAHPX           |

## Nport-Ex

GOLDMAN SACHS CHINA EQUITY FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 102.3%** | **Common Stocks – 102.3%** |  |
| **China – 96.2%** | **China – 96.2%** |  |
| 139000 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) | $679098 |
| 1414 | Alibaba Group Holding Ltd. ADR (Retailing)\* | 155823 |
| 335676 | Alibaba Group Holding Ltd. (Retailing)\* | 4615098 |
| 4691 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 135414 |
| 35400 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 536969 |
| 400741 | Bank of Ningbo Co. Ltd., Class A (Banks) | 1953015 |
| 287900 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 908417 |
| 48100 | BYD Co. Ltd., Class A (Automobiles & Components) | 2055161 |
| 566000 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 781330 |
| 336000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 1620821 |
| 156800 | China Merchants Bank Co. Ltd., Class A (Banks) | 961395 |
| 470000 | China Merchants Bank Co. Ltd., Class H (Banks) | 3048480 |
| 31300 | China Tourism Group Duty Free Corp. Ltd., Class H (Retailing)\*<sup>(a)</sup> | 959049 |
| 52000 | China Yangtze Power Co. Ltd., Class A (Utilities) | 160205 |
| 192000 | CITIC Securities Co. Ltd., Class H (Diversified Financials) | 439260 |
| 35498 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 2463032 |
| 361676 | East Money Information Co. Ltd., Class A (Diversified Financials) | 1212285 |
| 1162466 | Focus Media Information Technology Co. Ltd., Class A (Media & Entertainment) | 1199966 |
| 205900 | H World Group Ltd. (Consumer Services) | 978950 |
| 220574 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 983327 |
| 107894 | Hongfa Technology Co. Ltd., Class A (Capital Goods) | 600198 |
| 287000 | Jiumaojiu International Holdings Ltd. (Consumer Services)<sup>(a)</sup> | 735346 |
| 74928 | Juewei Food Co. Ltd., Class A (Food, Beverage & Tobacco) | 593011 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 198000 | Kingdee International Software Group Co. Ltd. (Software & Services)\* | $432137 |
| 55800 | Kuaishou Technology (Media & Entertainment)\*<sup>(a)</sup> | 490974 |
| 13119 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 3597850 |
| 64500 | Li Auto, Inc., Class A (Automobiles & Components)\* | 789237 |
| 140500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 1388936 |
| 97899 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 701980 |
| 245574 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 1189588 |
| 164090 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 3668376 |
| 126400 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | 1037606 |
| 248000 | Minth Group Ltd. (Automobiles & Components) | 727881 |
| 54977 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 452767 |
| 161880 | NARI Technology Co. Ltd., Class A (Capital Goods) | 634536 |
| 50485 | NetEase, Inc. (Media & Entertainment) | 895711 |
| 41198 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Capital Goods) | 393105 |
| 53197 | Oppein Home Group, Inc., Class A (Consumer Durables & Apparel) | 992707 |
| 570699 | Ping An Bank Co. Ltd., Class A (Banks) | 1272432 |
| 430500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 3343996 |
| 329000 | Postal Savings Bank of China Co. Ltd., Class H (Banks)<sup>(a)</sup> | 223887 |
| 25977 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 279552 |
| 66500 | SF Holding Co. Ltd., Class A (Transportation) | 580595 |
| 17200 | SG Micro Corp., Class A (Semiconductors & Semiconductor Equipment) | 455324 |
| 76500 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 383824 |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 37300 | Shanghai M&G Stationery, Inc., Class A (Commercial & Professional Services) | $297022 |
| 7600 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Food, Beverage & Tobacco) | 329124 |
| 145278 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | 1537669 |
| 23700 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 1172063 |
| 46100 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 580566 |
| 71512 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 1384954 |
| 89700 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 1210693 |
| 150400 | Tencent Holdings Ltd. (Media & Entertainment) | 7328829 |
| 88000 | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | 849626 |
| 59898 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 859595 |
| 24800 | Wuliangye Yibin Co. Ltd., Class A (Food, Beverage & Tobacco) | 771911 |
| 81228 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 1055480 |
| 141500 | Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 1181583 |
| 85678 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 412416 |
| 89792 | Yifeng Pharmacy Chain Co. Ltd., Class A (Food & Staples Retailing) | 755994 |
| 396770 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 795250 |
| 22520 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 523098 |
| 219719 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 835882 |
| 149099 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Capital Goods) | 505509 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 17871 | ZTO Express Cayman, Inc. ADR (Transportation) | $509502 |
|  |  | 74605417 |
| **Hong Kong – 5.2%** | **Hong Kong – 5.2%** | **Hong Kong – 5.2%** |
| 128400 | AIA Group Ltd. (Insurance) | 1451902 |
| 33000 | Henderson Land Development Co. Ltd. (Real Estate) | 121902 |
| 18101 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 814139 |
| 1462500 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 851011 |
| 188000 | Sino Land Co. Ltd. (Real Estate) | 244302 |
| 44500 | Techtronic Industries Co. Ltd. (Capital Goods) | 573684 |
|  |  | 4056940 |
| **Taiwan – 0.9%** | **Taiwan – 0.9%** | **Taiwan – 0.9%** |
| 29000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 700668 |
| **TOTAL COMMON STOCKS**<br> **(Cost $70,002,647)** | **TOTAL COMMON STOCKS**<br> **(Cost $70,002,647)** | $79363025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** |
| 1299950 | Goldman Sachs Financial Square Government Fund – Institutional Shares | 4.237% | $1299950 |
| **(Cost $1,299,950)** | **(Cost $1,299,950)** | **(Cost $1,299,950)** | **(Cost $1,299,950)** |
| **TOTAL INVESTMENTS – 104.0%<br>(Cost $71,302,597)** | **TOTAL INVESTMENTS – 104.0%<br>(Cost $71,302,597)** | **TOTAL INVESTMENTS – 104.0%<br>(Cost $71,302,597)** | $80662975 |
| **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (4.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (4.0)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (4.0)%** | (3084018) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $77578957 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

*January 31, 2023 (Unaudited)*

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Consumer Discretionary | 25.0% |
|  Financials | 18.2 |
|  Industrials | 12.8 |
|  Communication Services | 12.3 |
|  Consumer Staples | 11.7 |
|  Information Technology | 6.5 |
|  Health Care | 6.5 |
|  Materials | 3.2 |
|  Investment Company | 1.6 |
|  Utilities | 1.2 |
|  Energy | 0.5 |
|  Real Estate | 0.5 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS — At January 31, 2023, the Fund had the following futures contracts:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  HSCEI | (40) | 02/27/23 | $(1901252) | $2086 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 94.6%** | **Common Stocks – 94.6%** |  |
| **Brazil – 5.7%** | **Brazil – 5.7%** |  |
| 32500 | Caixa Seguridade Participacoes SA (Insurance) | $55636 |
| 22100 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)\*<sup>(a)</sup> | 22421 |
| 4700 | Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences) | 42960 |
| 85 | MercadoLibre, Inc. (Retailing)\* | 100444 |
| 7452 | Odontoprev SA (Health Care Equipment & Services) | 16706 |
| 6100 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 38333 |
| 2600 | Sao Martinho SA (Food, Beverage & Tobacco) | 12810 |
| 10200 | Sendas Distribuidora SA (Food & Staples Retailing) | 39483 |
|  |  | 328793 |
| **Egypt – 0.8%** | **Egypt – 0.8%** |  |
| 23670 | Commercial International Bank Egypt SAE (Banks) | 38933 |
| 11722 | E-Finance for Digital & Financial Investments (Software & Services) | 7099 |
|  |  | 46032 |
| **Greece – 2.1%** | **Greece – 2.1%** |  |
| 4180 | Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials) | 17346 |
| 2410 | JUMBO SA, (Retailing) | 43278 |
| 13442 | National Bank of Greece SA (Banks)\* | 63912 |
|  |  | 124536 |
| **India – 19.9%** | **India – 19.9%** |  |
| 903 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* | 21146 |
| 768 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 40078 |
| 4990 | Axis Bank Ltd. (Banks) | 53332 |
| 4585 | Bharti Airtel Ltd. (Telecommunication Services) | 43203 |
| 456 | Coforge Ltd. (Software & Services) | 24583 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **India – (continued)** | **India – (continued)** |  |
| 903 | Computer Age Management Services Ltd. (Software & Services) | $25247 |
| 7191 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 29143 |
| 9676 | FSN E-Commerce Ventures Ltd. (Retailing)\* | 16251 |
| 4293 | Godrej Consumer Products Ltd. (Household & Personal Products)\* | 47990 |
| 1851 | Godrej Properties Ltd. (Real Estate)\* | 26852 |
| 6056 | HDFC Bank Ltd. (Banks) | 119174 |
| 7269 | Hindalco Industries Ltd. (Materials) | 41958 |
| 9630 | ICICI Bank Ltd. (Banks) | 98526 |
| 470 | Info Edge India Ltd. (Media & Entertainment) | 21211 |
| 6424 | Infosys Ltd. (Software & Services) | 120998 |
| 3656 | Kfin Technologies Ltd. (Diversified Financials)\* | 14266 |
| 767 | Navin Fluorine International Ltd. (Materials) | 37066 |
| 21205 | NTPC Ltd. (Utilities) | 44413 |
| 2421 | Reliance Industries Ltd. (Energy) | 69840 |
| 1683 | Route Mobile Ltd. (Software & Services) | 25425 |
| 2415 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 36053 |
| 5087 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 28077 |
| 4667 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 59091 |
| 7429 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 66336 |
| 596 | TeamLease Services Ltd. (Commercial & Professional Services)\* | 16796 |
| 39147 | Zomato Ltd. (Retailing)\* | 23988 |
|  |  | 1151043 |
| **Indonesia – 5.2%** | **Indonesia – 5.2%** | **Indonesia – 5.2%** |
| 163300 | Bank BTPN Syariah Tbk PT (Banks) | 27926 |
| 319800 | Bank Central Asia Tbk PT (Banks) | 181490 |
| 416300 | BFI Finance Indonesia Tbk PT (Diversified Financials) | 32180 |
| 69500 | Cisarua Mountain Dairy PT TBK (Food, Beverage & Tobacco) | 21003 |
| 79400 | Map Aktif Adiperkasa PT (Retailing)\* | 20128 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Indonesia – (continued)** | **Indonesia – (continued)** |  |
| 659300 | Pakuwon Jati Tbk PT (Real Estate) | $19720 |
|  |  | 302447 |
| **Mexico – 7.0%** | **Mexico – 7.0%** |  |
| 13900 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 122786 |
| 21000 | Bolsa Mexicana de Valores SAB de CV (Diversified Financials) | 45545 |
| 4800 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 39814 |
| 22800 | Prologis Property Mexico SA de CV REIT (Real Estate) | 74149 |
| 31300 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 122604 |
|  |  | 404898 |
| **Philippines – 0.9%** | **Philippines – 0.9%** |  |
| 7110 | Jollibee Foods Corp. (Consumer Services) | 31022 |
| 87600 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 21232 |
|  |  | 52254 |
| **Poland – 1.6%** | **Poland – 1.6%** |  |
| 1032 | Dino Polska SA (Food & Staples<br>Retailing)\*<sup>(a)</sup> | 93494 |
| **Saudi Arabia – 2.9%** | **Saudi Arabia – 2.9%** |  |
| 3922 | Alinma Bank (Banks) | 34553 |
| 7593 | Saudi Arabian Oil Co. (Energy)<sup>(a)</sup> | 66989 |
| 2721 | Saudi National Bank (The) (Banks) | 34447 |
| 708 | Saudi Tadawul Group Holding Co. (Diversified Financials) | 30675 |
|  |  | 166664 |
| **Singapore – 1.2%** | **Singapore – 1.2%** |  |
| 18900 | Nanofilm Technologies International Ltd. (Materials) | 20887 |
| 558 | Sea Ltd. ADR (Media & Entertainment)\* | 35963 |
| 1189 | TDCX, Inc. ADR (Software & Services)\* | 15671 |
|  |  | 72521 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Slovenia – 0.7%** | **Slovenia – 0.7%** |  |
| 2774 | Nova Ljubljanska Banka dd GDR (Banks) | $40863 |
| **South Africa – 3.5%** | **South Africa – 3.5%** |  |
| 3340 | Clicks Group Ltd. (Food & Staples Retailing) | 50941 |
| 4105 | JSE Ltd. (Diversified Financials) | 27307 |
| 4151 | Mr Price Group Ltd. (Retailing) | 39282 |
| 41820 | Old Mutual Ltd. (Insurance) | 28508 |
| 28879 | Transaction Capital Ltd. (Diversified Financials) | 57260 |
|  |  | 203298 |
| **South Korea – 17.2%** | **South Korea – 17.2%** |  |
| 231 | Hyundai Mobis Co. Ltd. (Automobiles & Components) | 38625 |
| 402 | JYP Entertainment Corp. (Media & Entertainment)\* | 23832 |
| 771 | Kia Corp. (Automobiles & Components) | 42005 |
| 148 | L&F Co. Ltd. (Technology Hardware & Equipment) | 24985 |
| 183 | LG Chem Ltd. (Materials) | 103286 |
| 898 | LG Electronics, Inc. (Consumer Durables & Apparel) | 73582 |
| 156 | NCSoft Corp. (Media & Entertainment)\* | 57740 |
| 696 | NHN KCP Corp. (Software & Services) | 8151 |
| 488 | Orion Corp. (Food, Beverage & Tobacco)\* | 49396 |
| 10344 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 515237 |
| 110 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) | 61644 |
|  |  | 998483 |
| **Taiwan – 19.7%** | **Taiwan – 19.7%** |  |
| 10000 | Chailease Holding Co. Ltd. (Diversified Financials) | 75361 |
| 7000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 67882 |
| 5000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 120805 |
| 1000 | momo.com, Inc. (Retailing) | 26612 |
| 3000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 31269 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Taiwan – (continued)** | **Taiwan – (continued)** |  |
| 38000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | $670578 |
| 4000 | Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment) | 30699 |
| 7000 | Unimicron Technology Corp. (Technology Hardware & Equipment) | 32228 |
| 33000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 54003 |
| 3000 | Universal Vision Biotechnology Co. Ltd. (Health Care Equipment & Services) | 32730 |
|  |  | 1142167 |
| **Thailand – 4.1%** | **Thailand – 4.1%** |  |
| 44600 | Airports of Thailand PCL (Transportation)\* | 100578 |
| 11500 | Kasikornbank PCL (Banks) | 50720 |
| 24700 | Ngern Tid Lor PCL (Diversified Financials) | 20881 |
| 12000 | PTT Exploration & Production PCL (Energy) | 62641 |
|  |  | 234820 |
| **United Arab Emirates – 2.1%** | **United Arab Emirates – 2.1%** |  |
| 25618 | Abu Dhabi Commercial Bank PJSC (Banks) | 57985 |
| 18837 | ADNOC Drilling Co. PJSC (Energy) | 17393 |
| 39886 | Fertiglobe PLC (Materials) | 43511 |
|  |  | 118889 |
| **TOTAL COMMON STOCKS<br>(Cost $885,133)** | **TOTAL COMMON STOCKS<br>(Cost $885,133)** | $5481202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 1.5%** | **Preferred Stocks – 1.5%** | **Preferred Stocks – 1.5%** | **Preferred Stocks – 1.5%** |
| **Brazil – 1.5%** | **Brazil – 1.5%** |  |  |
| 18700 | Banco Bradesco SA (Banks) | 7.47% | $51647 |
| 7100 | Itau Unibanco Holding SA (Banks) | 4.11 | 35428 |
| **TOTAL PREFERRED STOCKS<br>(Cost $5,790)** | **TOTAL PREFERRED STOCKS<br>(Cost $5,790)** |  | $87075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Dividend<br>Rate** | **Value** |
| **Investment Company – 1.2%<sup>(b)</sup>** | **Investment Company – 1.2%<sup>(b)</sup>** | **Investment Company – 1.2%<sup>(b)</sup>** | **Investment Company – 1.2%<sup>(b)</sup>** |
| 69500 | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | 4.237% | $69500 |
| **(Cost $69,500)** | **(Cost $69,500)** | **(Cost $69,500)** | **(Cost $69,500)** |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $960,423)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $960,423)** |  | $5637777 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** |  | 155825 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $5793602 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

---

---

| | |
|:---|:---|
| <br> **Investment Abbreviations:** | <br> **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| GDR | — Global Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Information Technology | 32.0% |
|  Financials | 24.3 |
|  Consumer Staples | 11.5 |
|  Consumer Discretionary | 10.0 |
|  Health Care | 4.5 |
|  Materials | 4.4 |
|  Energy | 3.9 |
|  Communication Services | 3.2 |
|  Real Estate | 2.1 |
|  Industrials | 2.1 |
|  Investment Company | 1.2 |
|  Utilities | 0.8 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.1%** | **Common Stocks – 97.1%** |  |
| **Brazil – 3.7%** | **Brazil – 3.7%** |  |
| 11954979 | Caixa Seguridade Participacoes SA (Insurance) | $20465451 |
| 12545300 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)\*<sup>(a)</sup> | 12727438 |
| 1724600 | Hypera SA (Pharmaceuticals, Biotechnology & Life Sciences) | 15763733 |
| 32063 | MercadoLibre, Inc. (Retailing)\* | 37888527 |
| 2633681 | Odontoprev SA (Health Care Equipment & Services) | 5904160 |
| 1891486 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 11886296 |
| 3665200 | Sendas Distribuidora SA (Food & Staples Retailing) | 14187731 |
|  |  | 118823336 |
| **China – 33.1%** | **China – 33.1%** |  |
| 8775924 | Alibaba Group Holding Ltd. (Retailing)\* | 120657274 |
| 6390100 | Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | 20162811 |
| 1011000 | BYD Co. Ltd., Class H (Automobiles & Components) | 32015895 |
| 6664000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 32146286 |
| 11644500 | China Merchants Bank Co. Ltd., Class H (Banks) | 75527722 |
| 483047 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 33516266 |
| 1916000 | ENN Energy Holdings Ltd. (Utilities) | 28867849 |
| 3733284 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 16643119 |
| 255221 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 69993657 |
| 3304500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 32667177 |
| 2807844 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 20133515 |
| 3221411 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 15604878 |
| 3328940 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 74421379 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 5292000 | Minth Group Ltd. (Automobiles & Components) | $15532035 |
| 1815300 | NetEase, Inc. (Media & Entertainment) | 32207267 |
| 6901500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 53608794 |
| 775500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 6013942 |
| 1146984 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 12343284 |
| 2510000 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 12593430 |
| 339400 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 16784729 |
| 2344300 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 29523220 |
| 921988 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | 18761956 |
| 1308441 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 25340225 |
| 1279900 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 17274988 |
| 3915400 | Tencent Holdings Ltd. (Media & Entertainment) | 190793211 |
| 1530400 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 19886073 |
| 12362592 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 24778479 |
| 3705092 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 14095374 |
|  |  | 1061894835 |
| **Egypt – 0.6%** | **Egypt – 0.6%** | **Egypt – 0.6%** |
| 9051878 | Commercial International Bank Egypt SAE (Banks) | 14888796 |
| 5757782 | E-Finance for Digital & Financial Investments (Software & Services) | 3486910 |
|  |  | 18375706 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Greece – 2.0%** | **Greece – 2.0%** | **Greece – 2.0%** |
| 1336217 | Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financials) | $5545001 |
| 1192921 | JUMBO SA, (Retailing) | 21422120 |
| 4799903 | National Bank of Greece SA (Banks)\* | 22821977 |
| 1557836 | Sarantis SA (Household & Personal Products) | 13040735 |
|  |  | 62829833 |
| **Hong Kong – 3.0%** | **Hong Kong – 3.0%** |  |
| 2448200 | AIA Group Ltd. (Insurance) | 27683384 |
| 544313 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 24481887 |
| 38506500 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 22406460 |
| 1565000 | Techtronic Industries Co. Ltd. (Capital Goods) | 20175640 |
|  |  | 94747371 |
| **India – 12.8%** | **India – 12.8%** |  |
| 356903 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* | 8357921 |
| 244998 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 12785194 |
| 1869397 | Axis Bank Ltd. (Banks) | 19979607 |
| 529897 | Cartrade Tech Ltd. (Retailing)\* | 3254200 |
| 203188 | Coforge Ltd. (Software & Services) | 10953692 |
| 630565 | Computer Age Management Services Ltd. (Software & Services) | 17630042 |
| 3399584 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 13777473 |
| 4038456 | FSN E-Commerce Ventures Ltd. (Retailing)\* | 6782571 |
| 1068493 | Godrej Properties Ltd. (Real Estate)\* | 15500246 |
| 1609440 | HDFC Bank Ltd. (Banks) | 31671598 |
| 3825755 | ICICI Bank Ltd. (Banks) | 39141960 |
| 244990 | Info Edge India Ltd. (Media & Entertainment) | 11056136 |
| 2401623 | Infosys Ltd. (Software & Services) | 45235301 |
| 385502 | Navin Fluorine International Ltd. (Materials) | 18629769 |
| 822338 | Reliance Industries Ltd. (Energy) | 23722322 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 1007191 | Route Mobile Ltd. (Software & Services) | $15215718 |
| 1407360 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 21009905 |
| 2441061 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 13473311 |
| 2327702 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 29472039 |
| 2977030 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 26582720 |
| 359310 | TeamLease Services Ltd. (Commercial & Professional Services)\* | 10125788 |
| 24920963 | Zomato Ltd. (Retailing)\* | 15270790 |
|  |  | 409628303 |
| **Indonesia – 3.4%** | **Indonesia – 3.4%** |  |
| 66281200 | Bank BTPN Syariah Tbk PT (Banks) | 11334794 |
| 89020600 | Bank Central Asia Tbk PT (Banks) | 50520003 |
| 211974700 | BFI Finance Indonesia Tbk PT (Diversified Financials) | 16385753 |
| 32300000 | Cisarua Mountain Dairy Tbk PT (Food, Beverage & Tobacco) | 9761107 |
| 33752500 | Map Aktif Adiperkasa PT (Retailing)\* | 8556338 |
| 300456400 | Pakuwon Jati Tbk PT (Real Estate) | 8986802 |
| 10272471 | Semen Indonesia Persero Tbk PT (Materials) | 5088643 |
|  |  | 110633440 |
| **Mexico – 4.0%** | **Mexico – 4.0%** |  |
| 3715499 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 32821014 |
| 5913300 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 23812726 |
| 8732750 | Gentera SAB de CV (Diversified Financials) | 10666379 |
| 9050008 | Prologis Property Mexico SA de CV REIT (Real Estate) | 29432171 |
| 8168400 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 31996027 |
|  |  | 128728317 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Philippines – 1.0%** | **Philippines – 1.0%** |  |
| 841840 | BDO Unibank, Inc. (Banks) | $1898717 |
| 6337700 | Del Monte Pacific Ltd. (Food, Beverage & Tobacco) | 1524241 |
| 3179300 | Jollibee Foods Corp. (Consumer Services) | 13871893 |
| 63472400 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 15383832 |
|  |  | 32678683 |
| **Poland – 1.0%** | **Poland – 1.0%** |  |
| 363391 | Dino Polska SA (Food & Staples Retailing)\*<sup>(a)</sup> | 32921303 |
| **Russia – 0.0%** | **Russia – 0.0%** |  |
| 10483256 | Detsky Mir PJSC (Retailing)\*<sup>(a)(b)</sup> |  |
| 2495750 | Renaissance Insurance Group JSC (Insurance)\*<sup>(b)</sup> |  |
| 4327745 | Sberbank of Russia PJSC (Banks)\*<sup>(b)</sup> |  |
| 15182 | TCS Group Holding PLC GDR (Banks)\*<sup>(b)</sup> |  |
| 740821 | United Medical Group CY PLC GDR (Health Care Equipment &<br>Services)\*<sup>(b)</sup> |  |
| **Saudi Arabia – 2.0%** | **Saudi Arabia – 2.0%** |  |
| 1457418 | Alinma Bank (Banks) | 12839910 |
| 3100451 | Saudi Arabian Oil Co. (Energy)<sup>(a)</sup> | 27353712 |
| 998770 | Saudi National Bank (The) (Banks) | 12644014 |
| 290475 | Saudi Tadawul Group Holding Co. (Diversified Financials) | 12585432 |
|  |  | 65423068 |
| **Singapore – 0.5%** | **Singapore – 0.5%** |  |
| 7586393 | Nanofilm Technologies International Ltd. (Materials) | 8383911 |
| 647991 | TDCX, Inc. ADR (Software & Services)\* | 8540522 |
|  |  | 16924433 |
| **Slovenia – 0.5%** | **Slovenia – 0.5%** |  |
| 1186774 | Nova Ljubljanska Banka dd GDR (Banks) | 17482233 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **South Africa – 2.6%** | **South Africa – 2.6%** |  |
| 1409615 | Clicks Group Ltd. (Food & Staples Retailing) | $21499059 |
| 1552394 | JSE Ltd. (Diversified Financials) | 10326989 |
| 1524222 | Mr Price Group Ltd. (Retailing) | 14424056 |
| 23375591 | Old Mutual Ltd. (Insurance) | 15934643 |
| 10068876 | Transaction Capital Ltd. (Diversified Financials) | 19964151 |
|  |  | 82148898 |
| **South Korea – 9.5%** | **South Korea – 9.5%** |  |
| 191538 | JYP Entertainment Corp. (Media & Entertainment)\* | 11354920 |
| 375168 | Kia Corp. (Automobiles & Components) | 20439887 |
| 70154 | LG Chem Ltd. (Materials) | 39595146 |
| 334985 | LG Electronics, Inc. (Consumer Durables & Apparel) | 27448535 |
| 56598 | NCSoft Corp. (Media & Entertainment)\* | 20948695 |
| 479269 | NHN KCP Corp. (Software & Services) | 5612638 |
| 185816 | Orion Corp. (Food, Beverage & Tobacco)\* | 18808483 |
| 3247398 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 161753718 |
|  |  | 305962022 |
| **Taiwan – 12.6%** | **Taiwan – 12.6%** |  |
| 3441754 | Chailease Holding Co. Ltd. (Diversified Financials) | 25937540 |
| 1702000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 41121973 |
| 493720 | momo.com, Inc. (Retailing) | 13138664 |
| 1311000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 13664320 |
| 15528883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 274035049 |
| 1923946 | Tong Hsing Electronic Industries Ltd. (Technology Hardware & Equipment) | 14765852 |
| 13669000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 22368571 |
|  |  | 405031969 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Thailand – 2.7%** | **Thailand – 2.7%** |  |
| 14984900 | Airports of Thailand PCL (Transportation)\* | $33792641 |
| 4619100 | Kasikornbank PCL (Banks) | 20372270 |
| 14631823 | Ngern Tid Lor PCL (Diversified Financials) | 12369458 |
| 3764900 | PTT Exploration & Production PCL (Energy) | 19653060 |
|  |  | 86187429 |
| **United Arab Emirates – 1.2%** | **United Arab Emirates – 1.2%** |  |
| 10921346 | Abu Dhabi Commercial Bank PJSC (Banks) | 24720021 |
| 13734434 | Fertiglobe PLC (Materials) | 14982525 |
|  |  | 39702546 |
| **United States – 0.9%** | **United States – 0.9%** |  |
| 9794700 | Samsonite International SA (Consumer Durables & Apparel)\*<sup>(a)</sup> | 29178275 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
| **(Cost $2,918,225,990)** | **(Cost $2,918,225,990)** | $3119302000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 0.9%** | **Preferred Stocks – 0.9%** | **Preferred Stocks – 0.9%** | **Preferred Stocks – 0.9%** |
| **Brazil – 0.9%** | **Brazil – 0.9%** |  |  |
| 5481659 | Banco Bradesco SA (Banks) | 7.47% | $15139543 |
| 2808500 | Itau Unibanco Holding SA (Banks) | 4.11 | 14014007 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $35,891,720)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $35,891,720)** |  | $29153550 |
| **Shares** | **Description** |  | **Value** |
| **Exchange-Traded Fund – 0.5%** | **Exchange-Traded Fund – 0.5%** | **Exchange-Traded Fund – 0.5%** | **Exchange-Traded Fund – 0.5%** |
| **United States – 0.5%** | **United States – 0.5%** |  |  |
| 486005 | iShares ESG Aware MSCI<br>EM ETF<sup>(c)</sup> |  |  |
| **(Cost $16,087,980)** | **(Cost $16,087,980)** |  | $16043025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Investment Company – 1.2%<sup>(d)</sup>** | **Investment Company – 1.2%<sup>(d)</sup>** | **Investment Company – 1.2%<sup>(d)</sup>** | **Investment Company – 1.2%<sup>(d)</sup>** |
| 37981989 | Goldman Sachs Financial Square Government Fund – Institutional Shares | 4.237% | $37981989 |
| **(Cost $37,981,989)** | **(Cost $37,981,989)** |  |  |
| **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT<br>VEHICLE**<br> **(Cost $3,008,187,679)** | **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT<br>VEHICLE**<br> **(Cost $3,008,187,679)** |  | $3202480564 |
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(d)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 5076200 |  | 4.237% | $5076200 |
| **(Cost $5,076,200)** | **(Cost $5,076,200)** |  |  |
| **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $3,013,263,879)** | **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $3,013,263,879)** |  | $3207556764 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1%** |  | 6006593 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $3213563357 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | All or a portion of security is on loan. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| GDR | — Global Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Information Technology | 21.6% |
|  Financials | 21.6 |
|  Consumer Discretionary | 18.1 |
|  Consumer Staples | 10.6 |
|  Communication Services | 8.3 |
|  Health Care | 5.0 |
|  Industrials | 4.3 |
|  Materials | 3.9 |
|  Energy | 2.2 |
|  Real Estate | 1.7 |
|  Investment Company | 1.2 |
|  Utilities | 0.9 |
|  Exchange-Traded Fund | 0.5 |
|  Securities Lending Reinvestment Vehicle | 0.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.8%** | **Common Stocks – 95.8%** |  |
| **Brazil – 4.0%** | **Brazil – 4.0%** |  |
| 123820 | Banco Bradesco SA ADR (Banks) | $345458 |
| 145763 | Caixa Seguridade Participacoes SA (Insurance) | 249528 |
| 128700 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)\*<sup>(a)</sup> | 130569 |
| 534 | MercadoLibre, Inc. (Retailing)\* | 631022 |
| 24418 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 153445 |
|  |  | 1510022 |
| **China – 34.3%** | **China – 34.3%** |  |
| 109927 | Alibaba Group Holding Ltd. (Retailing)\* | 1511350 |
| 16000 | BYD Co. Ltd., Class H (Automobiles & Components) | 506681 |
| 98000 | China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)\* | 472739 |
| 161500 | China Merchants Bank Co. Ltd., Class H (Banks) | 1047510 |
| 7100 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 492634 |
| 36900 | ENN Energy Holdings Ltd. (Utilities) | 555962 |
| 41100 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Durables & Apparel) | 183225 |
| 46500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 459683 |
| 29100 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 208660 |
| 34100 | Luxshare Precision Industry Co. Ltd., Class A (Technology Hardware & Equipment) | 165184 |
| 42230 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 944089 |
| 24800 | NetEase, Inc. (Media & Entertainment) | 440005 |
| 112000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 869983 |
| 10392 | Qingdao Haier Biomedical Co. Ltd., Class A (Health Care Equipment & Services) | 111834 |
| 21100 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 105865 |
| 5100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 252216 |
| 26300 | Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel) | 331212 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 11000 | Silergy Corp. (Semiconductors & Semiconductor Equipment) | $223844 |
| 19800 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) | 383461 |
| 19700 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) | 265894 |
| 54000 | Tencent Holdings Ltd. (Media & Entertainment) | 2631362 |
| 21900 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 284569 |
| 154200 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 309065 |
| 46050 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Capital Goods) | 175189 |
|  |  | 12932216 |
| **Egypt – 0.4%** | **Egypt – 0.4%** | **Egypt – 0.4%** |
| 99328 | Commercial International Bank Egypt SAE (Banks) | 163378 |
| **Greece – 1.6%** | **Greece – 1.6%** |  |
| 19273 | JUMBO SA, (Retailing) | 346099 |
| 54270 | National Bank of Greece SA (Banks)\* | 258036 |
|  |  | 604135 |
| **Hong Kong – 4.7%** | **Hong Kong – 4.7%** |  |
| 59400 | AIA Group Ltd. (Insurance) | 671674 |
| 12667 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financials) | 569731 |
| 387000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 225191 |
| 23500 | Techtronic Industries Co. Ltd. (Capital Goods) | 302957 |
|  |  | 1769553 |
| **India – 12.0%** | **India – 12.0%** |  |
| 4380 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 228570 |
| 25297 | Axis Bank Ltd. (Banks) | 270368 |
| 51374 | Crompton Greaves Consumer Electricals Ltd. (Consumer Durables & Apparel) | 208203 |
| 67131 | FSN E-Commerce Ventures Ltd. (Retailing)\* | 112746 |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **India – (continued)** | **India – (continued)** |  |
| 8154 | Godrej Properties Ltd. (Real Estate)\* | $118287 |
| 27888 | HDFC Bank Ltd. (Banks) | 548798 |
| 52566 | ICICI Bank Ltd. (Banks) | 537812 |
| 3442 | Info Edge India Ltd. (Media & Entertainment) | 155334 |
| 40874 | Infosys Ltd. ADR (Software & Services) | 768431 |
| 21581 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 322174 |
| 25162 | Sona Blw Precision Forgings Ltd. (Automobiles & Components)<sup>(a)</sup> | 138880 |
| 19246 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 243682 |
| 70483 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 629362 |
| 410720 | Zomato Ltd. (Retailing)\* | 251676 |
|  |  | 4534323 |
| **Indonesia – 2.3%** | **Indonesia – 2.3%** |  |
| 1047500 | Bank BTPN Syariah Tbk PT (Banks) | 179134 |
| 1189300 | Bank Central Asia Tbk PT (Banks) | 674938 |
|  |  | 854072 |
| **Mexico – 5.1%** | **Mexico – 5.1%** |  |
| 59199 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 522937 |
| 64900 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 261351 |
| 95211 | Prologis Property Mexico SA de CV REIT (Real Estate) | 309642 |
| 213000 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 834332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1928262 |
| **Philippines – 0.6%** | **Philippines – 0.6%** |  |
| 14080 | Jollibee Foods Corp. (Consumer Services) | 61434 |
| 672500 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 162994 |
|  |  | 224428 |
| **Russia – 0.0%** | **Russia – 0.0%** |  |
| 96162 | Detsky Mir PJSC (Retailing)\*<sup>(a)(b)</sup> |  |
| 16753 | Renaissance Insurance Group JSC (Insurance)\*<sup>(b)</sup> |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Russia – (continued)** | **Russia – (continued)** |  |
| 139 | TCS Group Holding PLC GDR (Banks)\*<sup>(b)</sup> | $— |
| **Saudi Arabia – 1.2%** | **Saudi Arabia – 1.2%** |  |
| 18707 | Alinma Bank (Banks) | 164810 |
| 10467 | Saudi National Bank (The) (Banks) | 132508 |
| 3177 | Saudi Tadawul Group Holding Co. (Diversified Financials) | 137650 |
|  |  | 434968 |
| **South Africa – 2.8%** | **South Africa – 2.8%** |  |
| 29812 | Clicks Group Ltd. (Food & Staples Retailing) | 454684 |
| 20886 | Mr Price Group Ltd. (Retailing) | 197649 |
| 273971 | Old Mutual Ltd. (Insurance) | 186760 |
| 117537 | Transaction Capital Ltd. (Diversified Financials) | 233048 |
|  |  | 1072141 |
| **South Korea – 10.0%** | **South Korea – 10.0%** |  |
| 5258 | Kia Corp. (Automobiles & Components) | 286466 |
| 848 | LG Chem Ltd. (Materials) | 478614 |
| 5468 | LG Electronics, Inc. (Consumer Durables & Apparel) | 448046 |
| 891 | NCSoft Corp. (Media & Entertainment)\* | 329787 |
| 1977 | Orion Corp. (Food, Beverage & Tobacco)\* | 200114 |
| 41131 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 2048745 |
|  |  | 3791772 |
| **Taiwan – 13.6%** | **Taiwan – 13.6%** |  |
| 57580 | Chailease Holding Co. Ltd. (Diversified Financials) | 433931 |
| 31000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 748990 |
| 19000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | 198034 |
| 196000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3458772 |
| 183000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 299469 |
|  |  | 5139196 |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Thailand – 1.9%** | **Thailand – 1.9%** | **Thailand – 1.9%** |  |
| 181100 | Airports of Thailand PCL (Transportation)\* | Airports of Thailand PCL (Transportation)\* | $408401 |
| 66400 | Kasikornbank PCL (Banks) | Kasikornbank PCL (Banks) | 292853 |
|  |  |  | 701254 |
| **United Arab Emirates – 1.3%** | **United Arab Emirates – 1.3%** | **United Arab Emirates – 1.3%** |  |
| 143170 | Abu Dhabi Commercial Bank PJSC (Banks) | Abu Dhabi Commercial Bank PJSC (Banks) | 324060 |
| 163636 | Fertiglobe PLC (Materials) | Fertiglobe PLC (Materials) | 178506 |
|  |  |  | 502566 |
| **TOTAL COMMON STOCKS<br>(Cost $36,286,371)** | **TOTAL COMMON STOCKS<br>(Cost $36,286,371)** | **TOTAL COMMON STOCKS<br>(Cost $36,286,371)** | $36162286 |
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.4%** | **Preferred Stock – 0.4%** | **Preferred Stock – 0.4%** | **Preferred Stock – 0.4%** |
| **Brazil – 0.4%** | **Brazil – 0.4%** |  |  |
| 31100 | Itau Unibanco Holding<br> SA (Banks) | Itau Unibanco Holding<br> SA (Banks) |  |
| **(Cost $178,987)** | **(Cost $178,987)** | 4.11% | $155185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Investment Company – 2.0%(c)** | **Investment Company – 2.0%(c)** | **Investment Company – 2.0%(c)** | **Investment Company – 2.0%(c)** |
| 757742 | Goldman Sachs Financial Square Government Fund – Institutional Shares | 4.237% | $757742 |
| **(Cost $757,742)** | **(Cost $757,742)** | **(Cost $757,742)** | **(Cost $757,742)** |
| **TOTAL INVESTMENTS – 98.2%<br>(Cost $37,223,100)** | **TOTAL INVESTMENTS – 98.2%<br>(Cost $37,223,100)** |  | $37075213 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.8%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.8%** |  | 663076 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $37738289 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| GDR | — Global Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Financials | 24.4% |
|  Information Technology | 22.1 |
|  Consumer Discretionary | 18.4 |
|  Communication Services | 9.6 |
|  Consumer Staples | 8.8 |
|  Industrials | 4.8 |
|  Health Care | 4.4 |
|  Materials | 2.9 |
|  Investment Company | 2.0 |
|  Utilities | 1.5 |
|  Real Estate | 1.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 98.0%** | **Common Stocks – 98.0%** |  |
| **Denmark – 3.3%** | **Denmark – 3.3%** |  |
| 166033 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $22977286 |
| **Finland – 2.6%** | **Finland – 2.6%** |  |
| 374848 | Neste OYJ (Energy) | 17918603 |
| **France – 10.2%** | **France – 10.2%** |  |
| 511632 | BNP Paribas SA (Banks) | 35139852 |
| 883650 | Klepierre SA REIT (Real Estate)\* | 22427347 |
| 127189 | Vinci SA (Capital Goods) | 14371036 |
|  |  | 71938235 |
| **Germany – 2.1%** | **Germany – 2.1%** |  |
| 413483 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 14889711 |
| **Japan – 16.9%** | **Japan – 16.9%** |  |
| 126600 | Hoya Corp. (Health Care Equipment & Services) | 13922448 |
| 41400 | Keyence Corp. (Technology Hardware & Equipment) | 19059274 |
| 189700 | Nidec Corp. (Capital Goods) | 10512955 |
| 804700 | Nomura Research Institute Ltd. (Software & Services) | 19318911 |
| 1237700 | ORIX Corp. (Diversified Financials) | 21762466 |
| 246400 | Shiseido Co. Ltd. (Household & Personal Products) | 12806893 |
| 666273 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 20945888 |
|  |  | 118328835 |
| **Netherlands – 8.9%** | **Netherlands – 8.9%** |  |
| 335782 | Aalberts NV (Capital Goods) | 15876637 |
| 681397 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 20337642 |
| 204339 | Koninklijke DSM NV (Materials) | 26278409 |
|  |  | 62492688 |
| **Singapore – 3.1%** | **Singapore – 3.1%** |  |
| 786480 | DBS Group Holdings Ltd. (Banks) | 21530890 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Spain – 13.0%** | **Spain – 13.0%** |  |
| 231107 | Amadeus IT Group SA (Software & Services)\* | $14560658 |
| 3630951 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 25648223 |
| 642375 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 25173404 |
| 2157943 | Iberdrola SA (Utilities) | 25316502 |
| 34556 | Iberdrola SA (Utilities)\* | 405403 |
|  |  | 91104190 |
| **Sweden – 1.6%** | **Sweden – 1.6%** |  |
| 968840 | Hexagon AB, Class B (Technology Hardware & Equipment) | 11106303 |
| **Switzerland – 2.9%** | **Switzerland – 2.9%** |  |
| 41745 | Zurich Insurance Group AG (Insurance) | 20644110 |
| **Taiwan – 2.6%** | **Taiwan – 2.6%** |  |
| 198846 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 18438990 |
| **United Kingdom – 20.1%** | **United Kingdom – 20.1%** |  |
| 181355 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 23759786 |
| 267052 | Compass Group PLC (Consumer Services) | 6379346 |
| 6276405 | DS Smith PLC (Materials) | 27477555 |
| 529652 | Experian PLC (Commercial & Professional Services) | 19369116 |
| 669986 | Farfetch Ltd., Class A (Retailing)\* | 4569304 |
| 899309 | Informa PLC (Media & Entertainment) | 7437966 |
| 107556 | InterContinental Hotels Group PLC (Consumer Services) | 7466930 |
| 274847 | Reckitt Benckiser Group PLC (Household & Personal Products) | 19585860 |
| 4187715 | Rentokil Initial PLC (Commercial & Professional Services) | 25391938 |
|  |  | 141437801 |
| **United States – 10.7%** | **United States – 10.7%** |  |
| 185206 | Ferguson PLC (Capital Goods) | 26094626 |
| 164762 | Nestle SA (Food, Beverage & Tobacco) | 20102456 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** |  | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |  |
| **United States – (continued)** | **United States – (continued)** |  |  |
| 179823 | Schneider Electric SE (Capital Goods) |  | $29170104 |
|  |  |  | 75367186 |
| **TOTAL COMMON STOCKS<br>(Cost $658,691,653)** | **TOTAL COMMON STOCKS<br>(Cost $658,691,653)** |  | $688174828 |
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** | **Investment Company – 1.7%<sup>(b)</sup>** |
| 11778400 | Goldman Sachs Financial Square Government Fund – Institutional Shares | 4.237% | $11778400 |
| **(Cost $11,778,400)** | **(Cost $11,778,400)** | **(Cost $11,778,400)** | **(Cost $11,778,400)** |
| **TOTAL INVESTMENTS – 99.7% (Cost<br>$670,470,053)** | **TOTAL INVESTMENTS – 99.7% (Cost<br>$670,470,053)** |  | $699953228 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** |  | 1916034 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $701869262 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Industrials | 20.1% |
|  Financials | 17.8 |
|  Information Technology | 13.9 |
|  Health Care | 11.6 |
|  Consumer Staples | 10.4 |
|  Materials | 7.7 |
|  Communication Services | 4.7 |
|  Utilities | 3.7 |
|  Real Estate | 3.2 |
|  Consumer Discretionary | 2.6 |
|  Energy | 2.6 |
|  Investment Company | 1.7 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.1%** | **Common Stocks – 97.1%** |  |
| **Australia – 7.0%** | **Australia – 7.0%** |  |
| 257762 | Rio Tinto PLC (Materials) | $20183096 |
| 1215796 | Transurban Group (Transportation) | 11919846 |
| 556153 | Westpac Banking Corp. (Banks) | 9357771 |
|  |  | 41460713 |
| **Denmark – 2.1%** | **Denmark – 2.1%** |  |
| 88797 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 12288606 |
| **Finland – 2.7%** | **Finland – 2.7%** |  |
| 1386596 | Nordea Bank Abp (Banks) | 16209844 |
| **France – 13.0%** | **France – 13.0%** | **France – 13.0%** |
| 249933 | BNP Paribas SA (Banks) | 17165871 |
| 102901 | Gecina SA REIT (Real Estate) | 12188596 |
| 385592 | Klepierre SA REIT (Real Estate)\* | 9786460 |
| 190358 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 18640712 |
| 168222 | Vinci SA (Capital Goods) | 19007338 |
|  |  | 76788977 |
| **Germany – 1.7%** | **Germany – 1.7%** | **Germany – 1.7%** |
| 366126 | Vonovia SE (Real Estate) | 10342294 |
| **Italy – 5.2%** | **Italy – 5.2%** | **Italy – 5.2%** |
| 1614998 | Enel SpA (Utilities) | 9509304 |
| 1091274 | UniCredit SpA (Banks) | 21313823 |
|  |  | 30823127 |
| **Japan – 6.7%** | **Japan – 6.7%** | **Japan – 6.7%** |
| 979400 | ORIX Corp. (Diversified Financials) | 17220780 |
| 362100 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 11383481 |
| 32000 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 11184778 |
|  |  | 39789039 |
| **Netherlands – 8.5%** | **Netherlands – 8.5%** | **Netherlands – 8.5%** |
| 710904 | Koninklijke Ahold Delhaize NV (Food & Staples Retailing) | 21218336 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Netherlands – (continued)** | **Netherlands – (continued)** |  |
| 5257258 | Koninklijke KPN NV (Telecommunication Services) | $17973758 |
| 372739 | Shell PLC (Energy) | 10942796 |
|  |  | 50134890 |
| **Singapore – 4.0%** | **Singapore – 4.0%** | **Singapore – 4.0%** |
| 472100 | DBS Group Holdings Ltd. (Banks) | 12924338 |
| 1541600 | Singapore Exchange Ltd. (Diversified Financials) | 10858292 |
|  |  | 23782630 |
| **Spain – 3.2%** | **Spain – 3.2%** | **Spain – 3.2%** |
| 1604542 | Iberdrola SA (Utilities) | 18824126 |
| **Switzerland – 4.9%** | **Switzerland – 4.9%** | **Switzerland – 4.9%** |
| 4823 | SGS SA (Commercial & Professional Services) | 11761532 |
| 34344 | Zurich Insurance Group AG (Insurance) | 16984102 |
|  |  | 28745634 |
| **Taiwan – 3.0%** | **Taiwan – 3.0%** | **Taiwan – 3.0%** |
| 1022000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 18035027 |
| **United Kingdom – 22.1%** | **United Kingdom – 22.1%** | **United Kingdom – 22.1%** |
| 116621 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 15278817 |
| 2821639 | BP PLC (Energy) | 17043423 |
| 312977 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) | 17595567 |
| 522100 | Compass Group PLC (Consumer Services) | 12471939 |
| 4432435 | DS Smith PLC (Materials) | 19404815 |
| 2383594 | HSBC Holdings PLC (Banks) | 17563156 |
| 890698 | National Grid PLC (Utilities) | 11323364 |
| 117590 | Reckitt Benckiser Group PLC (Household & Personal Products) | 8379576 |
| 228140 | Unilever PLC (Household & Personal Products) | 11612128 |
|  |  | 130672785 |
| **United States – 13.0%** | **United States – 13.0%** | **United States – 13.0%** |
| 85237 | Ferguson PLC (Capital Goods) | 12009479 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |  |
| 145885 | Nestle SA (Food, Beverage & Tobacco) | Nestle SA (Food, Beverage & Tobacco) | $17799291 |
| 54816 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 17111933 |
| 72313 | Schneider Electric SE (Capital Goods) | Schneider Electric SE (Capital Goods) | 11730300 |
| 171639 | Swiss Re AG (Insurance) | Swiss Re AG (Insurance) | 17972491 |
|  |  |  | 76623494 |
| **TOTAL COMMON STOCKS<br>(Cost $527,792,685)** | **TOTAL COMMON STOCKS<br>(Cost $527,792,685)** |  | $574521186 |
| **Shares** |  | **Dividend**<br> **Rate** | **Value** |
| **Investment Company – 3.4%<sup>(a)</sup>** | **Investment Company – 3.4%<sup>(a)</sup>** | **Investment Company – 3.4%<sup>(a)</sup>** | **Investment Company – 3.4%<sup>(a)</sup>** |
| 20277612 | Goldman Sachs Financial Square Government Fund – Institutional Shares | 4.237% | $20277612 |
| **(Cost $20,277,612)** | **(Cost $20,277,612)** | **(Cost $20,277,612)** | **(Cost $20,277,612)** |
| **TOTAL INVESTMENTS – 100.5%<br>(Cost $548,070,297)** | **TOTAL INVESTMENTS – 100.5%<br>(Cost $548,070,297)** | **TOTAL INVESTMENTS – 100.5%<br>(Cost $548,070,297)** | $594798798 |
| **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS – (0.5)%** | (3383631) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $591415167 |
| The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. | The percentage shown for each investment category reflects<br>the value of investments in that category as a percentage of<br>net assets. |

---

\* Non-income producing security.

(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
|  Financials | 26.5% |
|  Consumer Staples | 12.9 |
|  Health Care | 12.6 |
|  Industrials | 11.2 |
|  Utilities | 6.7 |
|  Materials | 6.6 |
|  Real Estate | 5.4 |
|  Information Technology | 4.9 |
|  Energy | 4.7 |
|  Investment Company | 3.4 |
|  Communication Services | 3.0 |
|  Consumer Discretionary | 2.1 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*January 31, 2023 (Unaudited)* 

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**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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**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 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.

**Underlying Funds (including Money Market Funds)** — Underlying funds ("Underlying Funds") include other investment companies and exchange-traded funds ("ETFs"). 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.

**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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

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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.

**C. Fair Value Hierarchy** — The following is a summary of the Funds' investments classified in the fair value hierarchy as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **CHINA EQUITY FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $665325 | $78697700 | $— |
|  Investment Company | 1299950 |  |  |
| **Total** | $1965275 | $78697700 | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $— | $2086 | $— |
| **Total** |  | 2086 |  |
| **EMERGING MARKETS EQUITY EX. CHINA FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $135508 | $113822 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 107031 | 4132257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 258893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 404898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 328793 | 87075 |  |
|  Investment Company | 69500 |  |  |
| **Total** | $1045730 | $4592047 | $— |
| **EMERGING MARKETS EQUITY FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $51790199 | $48734405 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 26857967 | 2601956132 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 13040735 | 100192634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 128728317 | 29178275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 118823336 | 29153550 |  |
|  Investment Company | 37981989 |  |  |
|  Exchange-Traded Fund | 16043025 |  |  |
|  Securities Lending Reinvestment Vehicle | 5076200 |  |  |
| **Total** | $398341768 | $2809214996 | $— |

---

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **ESG EMERGING MARKETS EQUITY FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $687732 | $547787 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 768431 | 30115917 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 604135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1928262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1510022 | 155185 |  |
|  Investment Company | 757742 |  |  |
| **Total** | $5652189 | $31423024 | $— |
| **INTERNATIONAL EQUITY ESG FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $18438990 | $139859725 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 4569304 | 449939623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 75367186 |  |
|  Investment Company | 11778400 |  |  |
| **Total** | $34786694 | $665166534 | $— |
| **INTERNATIONAL EQUITY INCOME FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $81606696 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 17595567 | 357234716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America |  | 76623494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 41460713 |  |
|  Investment Company | 20277612 |  |  |
| **Total** | $37873179 | $556925619 | $— |

---

(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.

(c) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of January 31, 2023.

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*January 31, 2023 (Unaudited)* 

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**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

For further information regarding security characteristics, see the Schedules of Investments.

**D. Securities Lending** — Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein the China Equity, Emerging Markets Equity, International Equity ESG and International Equity Income 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:

**Dividend-Paying Investments Risk** — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

**ESG Standards Risk** — The ESG Emerging Markets Equity and International Equity ESG Funds' adherence to their environmental, social and governance ("ESG") criteria and the application of GSAM's supplemental ESG analysis when selecting investments may affect the Funds' exposure to certain companies, sectors, regions, and countries and may affect the Funds' performance depending on whether such investments are in or out of favor. For example, the Funds will not seek to invest in companies that GSAM believes have adverse social or environmental impacts (i.e., gambling, alcohol, tobacco, coal or weapons companies), and the Funds will not seek to invest in companies that GSAM believes show inadequate governance standards (e.g., certain state-owned enterprises).

**Foreign Custody Risk** — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Geographic Risk** — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

**Issuer Concentration Risk** — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

**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** — 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, 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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats 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.

**Non-Diversification Risk** — Emerging Markets Equity 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000009335

- **c. LEI of Series:** BWG4TKY1KCT8ICDTBC46

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3222103844.30

**Total Liabilities:** $9596600.99

**Net Assets:** $3212507243.31

**Cash Not Reported:** $32133186.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025572 | 15.65%               | -2.35%               | 10.35%               |
| Class ID C000025573 | 15.71%               | -2.37%               | 10.38%               |
| Class ID C000025571 | 15.72%               | -2.37%               | 10.46%               |
| Class ID C000201742 | 15.76%               | -2.35%               | 10.41%               |
| Class ID C000161505 | 15.70%               | -2.33%               | 10.41%               |
| Class ID C000091958 | 15.74%               | -2.35%               | 10.43%               |
| Class ID C000025575 | 15.61%               | -2.40%               | 10.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25672465.57            | $454647171.89                              |
| Month 2  | $-46059699.42            | $-31885129.75                              |
| Month 3  | $-17998997.94            | $310358036.15                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Infosys Ltd                                    | Infosys Ltd                                     | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |   2401623 | NS      | $45235300.72  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Crompton Greaves Consumer Elec                 | Crompton Greaves Consumer Electricals Ltd       | CUSIP: 000000000<br>LEI: 335800DIIEEWMH3UDH51 | Long             | EC               | CORP              | IN        |   3399584 | NS      | $13777473.12  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                           | Taiwan Semiconductor Manufacturing Co Ltd       | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  15528883 | NS      | $274035049.08 | 8.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Aluminium Co Ltd                        | Yunnan Aluminium Co Ltd                         | CUSIP: 000000000<br>LEI: 3003008AXWSVMLG3MX37 | Long             | EC               | CORP              | CN        |  12362592 | NS      | $24778479.10  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                                        | Ping An Insurance Group Co of China Ltd         | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   6901500 | NS      | $53608794.00  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                                  | Shenzhou International Group Holdings Ltd       | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |   2344300 | NS      | $29523219.94  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                      | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   3247398 | NS      | $161753718.22 | 5.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                              | Banco Bradesco SA                               | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |   5481659 | NS      | $15139542.42  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| NHN KCP Corp                                   | NHN KCP Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    479269 | NS      | $5612638.24   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                                         | Zhejiang Sanhua Intelligent Controls Co Ltd     | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |   3705092 | NS      | $14095373.80  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Info Edge India Ltd                            | Info Edge India Ltd                             | CUSIP: 000000000<br>LEI: 335800MXUVHTBF9DEC78 | Long             | EC               | CORP              | IN        |    244990 | NS      | $11056135.93  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco del Bajio SA                             | Banco del Bajio SA                              | CUSIP: 000000000<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |   5913300 | NS      | $23812726.11  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                     | National Bank of Greece SA                      | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |   4799903 | NS      | $22821977.58  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd                        | Reliance Industries Ltd                         | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |    822338 | NS      | $23722321.91  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical E                 | Shenzhen Mindray Bio-Medical Electronics Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    339400 | NS      | $16784728.81  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                                | Minth Group Ltd                                 | CUSIP: 000000000<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | CN        |   5292000 | NS      | $15532034.68  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                      | SBI Life Insurance Co Ltd                       | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |   1407360 | NS      | $21009904.63  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| HUALU-HENGSHENG                                | Shandong Hualu Hengsheng Chemical Co Ltd        | CUSIP: 000000000<br>LEI: 655600R2WZ4EKICFE373 | Long             | EC               | CORP              | CN        |   3058200 | NS      | $15343915.75  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Renaissance Insurance Group JS                 | Renaissance Insurance Group JSC                 | CUSIP: 000000000<br>LEI: 2534004ERNZEU8P2HW17 | Long             | EC               | CORP              | RU        |   2495750 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tong Hsing Electronic Industri                 | Tong Hsing Electronic Industries Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1923946 | NS      | $14765851.93  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Alinma Bank                                    | Alinma Bank                                     | CUSIP: 000000000<br>LEI: 558600HPAUTN6XSVBK93 | Long             | EC               | CORP              | SA        |   1457418 | NS      | $12839909.66  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Hospitals Enterprise Lt                 | Apollo Hospitals Enterprise Ltd                 | CUSIP: 000000000<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |    244998 | NS      | $12785194.54  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Navin Fluorine International L                 | Navin Fluorine International Ltd                | CUSIP: 000000000<br>LEI: 335800OVIUAAKYG44C59 | Long             | EC               | CORP              | IN        |    385502 | NS      | $18629769.34  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Pakuwon Jati Tbk PT                            | Pakuwon Jati Tbk PT                             | CUSIP: 000000000<br>LEI: 254900GUXQAQB065PM73 | Long             | EC               | CORP              | ID        | 300456400 | NS      | $8986802.15   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D'Or Sao Luiz SA                          | Rede D'Or Sao Luiz SA                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1891486 | NS      | $11886295.81  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertiglobe plc                                 | Fertiglobe plc                                  | CUSIP: 000000000<br>LEI: 984500A99D1B4CPBF744 | Long             | EC               | CORP              | AE        |  13734434 | NS      | $14982524.65  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ljubljanska Banka dd                      | Nova Ljubljanska Banka dd                       | CUSIP: 66980N203<br>LEI: 5493001BABFV7P27OW30 | Long             | EC               | CORP              | SI        |   1186774 | NS      | $17482233.46  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consumer Products Ltd                     | Tata Consumer Products Ltd                      | CUSIP: 000000000<br>LEI: 335800LOXFWU8ZQJMD12 | Long             | EC               | CORP              | IN        |   2977030 | NS      | $26582719.55  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ROBAM APPLIANCES                               | Hangzhou Robam Appliances Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3733284 | NS      | $16643118.85  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co                 | Saudi Tadawul Group Holding Co                  | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |    290475 | NS      | $12585432.07  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Amber Enterprises India Ltd                    | Amber Enterprises India Ltd                     | CUSIP: 000000000<br>LEI: 3358009JZU4XT3666G06 | Long             | EC               | CORP              | IN        |    356903 | NS      | $8357921.13   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Map Aktif Adiperkasa PT                        | Map Aktif Adiperkasa PT                         | CUSIP: 000000000<br>LEI: 254900N3WK9AC24SVF17 | Long             | EC               | CORP              | ID        |  33752500 | NS      | $8556337.56   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Godrej Properties Ltd                          | Godrej Properties Ltd                           | CUSIP: 000000000<br>LEI: 335800KM3Y5NZWXOE183 | Long             | EC               | CORP              | IN        |   1068493 | NS      | $15500245.62  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Hapvida Participacoes e Invest                 | Hapvida Participacoes e Investimentos S/A       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  12545300 | NS      | $12727438.29  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Biopharmaceutical Ltd                     | Sino Biopharmaceutical Ltd                      | CUSIP: 000000000<br>LEI: 529900LPR4ADFEJAR786 | Long             | EC               | CORP              | HK        |  38506500 | NS      | $22406460.00  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                                 | Dino Polska SA                                  | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |    363391 | NS      | $32921302.99  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp                                       | Kia Corp                                        | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |    375168 | NS      | $20439886.60  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                   | Techtronic Industries Co Ltd                    | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   1565000 | NS      | $20175639.74  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                     | BYD Co Ltd                                      | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |   1011000 | NS      | $32015894.90  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsonite International SA                     | Samsonite International SA                      | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | US        |   9794700 | NS      | $29178275.33  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                  | Budweiser Brewing Co APAC Ltd                   | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | HK        |   6390100 | NS      | $20162810.81  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                       | Bank Central Asia Tbk PT                        | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  89020600 | NS      | $50520002.72  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Ngern Tid Lor PCL                              | Ngern Tid Lor PCL                               | CUSIP: 000000000<br>LEI: 254900Z5S144PPIQIP04 | Long             | EC               | CORP              | TH        |  14631823 | NS      | $12369458.15  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Route Mobile Ltd                               | Route Mobile Ltd                                | CUSIP: 000000000<br>LEI: 254900ACRLX7ASC1F147 | Long             | EC               | CORP              | IN        |   1007191 | NS      | $15215718.37  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| NCSoft Corp                                    | NCSoft Corp                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     56598 | NS      | $20948695.22  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Electronics Inc                             | LG Electronics Inc                              | CUSIP: 000000000<br>LEI: 988400RMQFTGZIOG0609 | Long             | EC               | CORP              | KR        |    334985 | NS      | $27448535.02  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Cartrade Tech Ltd                              | Cartrade Tech Ltd                               | CUSIP: 000000000<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |    529897 | NS      | $3254200.33   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Exchanges - Athens St                 | Hellenic Exchanges - Athens Stock Exchange SA   | CUSIP: 000000000<br>LEI: 549300GSRN07MNENPL97 | Long             | EC               | CORP              | GR        |   1336217 | NS      | $5545000.72   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                       | Itau Unibanco Holding SA                        | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |   2808500 | NS      | $14014007.25  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Jollibee Foods Corp                            | Jollibee Foods Corp                             | CUSIP: 000000000<br>LEI: 2138009XN3KTAAKUPR35 | Long             | EC               | CORP              | PH        |   3179300 | NS      | $13871893.18  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| E-Finance for Digital & Financ                 | E-Finance for Digital & Financial Investments   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | EG        |   5844074 | NS      | $3539168.31   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Detsky Mir PJSC                                | Detsky Mir PJSC                                 | CUSIP: 000000000<br>LEI: 25340094SFG83VJ0YP24 | Long             | EC               | CORP              | RU        |  10483256 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Zomato Ltd                                     | Zomato Ltd                                      | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |  24920963 | NS      | $15270790.17  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Property Mexico SA de                 | Prologis Property Mexico SA de CV               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   9050008 | NS      | $29432170.68  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                    | China Merchants Bank Co Ltd                     | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  11644500 | NS      | $75527722.59  | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Coforge Ltd                                    | Coforge Ltd                                     | CUSIP: 000000000<br>LEI: 3358004YL9JGBNP4KF72 | Long             | EC               | CORP              | IN        |    203188 | NS      | $10953692.12  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                    | NetEase Inc                                     | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |   1815300 | NS      | $32207267.37  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chailease Holding Co Ltd                       | Chailease Holding Co Ltd                        | CUSIP: 000000000<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | TW        |   3441754 | NS      | $25937539.59  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                            | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   3915400 | NS      | $190793211.34 | 5.94%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                   | MediaTek Inc                                    | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |   1702000 | NS      | $41121973.36  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Pharmaceutical Industries                  | Sun Pharmaceutical Industries Ltd               | CUSIP: 000000000<br>LEI: 335800KJ7GE29LB4SS73 | Long             | EC               | CORP              | IN        |   2327702 | NS      | $29472039.37  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| FSN E-Commerce Ventures Ltd                    | FSN E-Commerce Ventures Ltd                     | CUSIP: 000000000<br>LEI: 335800X5BJYC18NHDQ91 | Long             | EC               | CORP              | IN        |   4038456 | NS      | $6782570.70   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Qingdao Haier Biomedical Co Lt                 | Qingdao Haier Biomedical Co Ltd                 | CUSIP: 000000000<br>LEI: 65560007PZ5ME4672K78 | Long             | EC               | CORP              | CN        |   1146984 | NS      | $12343284.01  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGi Green                                    | LONGi Green Energy Technology Co Ltd            | CUSIP: 000000000<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |   2807844 | NS      | $20133514.87  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Caixa Seguridade Participacoes                 | Caixa Seguridade Participacoes S/A              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  11954979 | NS      | $20465450.72  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nien Made Enterprise Co Ltd                    | Nien Made Enterprise Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1311000 | NS      | $13664319.84  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                         | Kweichow Moutai Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    255221 | NS      | $69993656.90  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BFI Finance Indonesia Tbk PT                   | BFI Finance Indonesia Tbk PT                    | CUSIP: 000000000<br>LEI: 254900NOWNL3CGA4WS37 | Long             | EC               | CORP              | ID        | 211974700 | NS      | $16385753.10  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Computer Age Management Servic                 | Computer Age Management Services Ltd            | CUSIP: 000000000<br>LEI: 33580012MDHMBHWN5Z06 | Long             | EC               | CORP              | IN        |    630565 | NS      | $17630041.64  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Del Monte Pacific Ltd                          | Del Monte Pacific Ltd                           | CUSIP: 000000000<br>LEI: 254900EKTTQ8JQ0ZKH89 | Long             | EC               | CORP              | PH        |   6337700 | NS      | $1524241.45   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                 | Li Ning Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |   3304500 | NS      | $32667177.42  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp/Republic of Korea                   | Orion Corp/Republic of Korea                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    185816 | NS      | $18808482.56  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corp                                   | Silergy Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    921988 | NS      | $18761955.76  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                                       | JUMBO SA                                        | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |   1192921 | NS      | $21422120.12  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                  | AIA Group Ltd                                   | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   2448200 | NS      | $27683383.80  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Nanofilm Technologies Internat                 | Nanofilm Technologies International Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   7586393 | NS      | $8383911.27   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| United Medical Group CY PLC                    | United Medical Group CY PLC                     | CUSIP: 91085A203<br>LEI: N/A                  | Long             | EC               | CORP              | RU        |    740821 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Clicks Group Ltd                               | Clicks Group Ltd                                | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |   1409615 | NS      | $21499059.12  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sungrow Power Supply Co Ltd                    | Sungrow Power Supply Co Ltd                     | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |   1308441 | NS      | $25340225.22  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production P                 | PTT Exploration & Production PCL                | CUSIP: 000000000<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |   3764900 | NS      | $19653060.40  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                               | MercadoLibre Inc                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     32063 | NS      | $37888526.47  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                         | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   4327745 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mr Price Group Ltd                             | Mr Price Group Ltd                              | CUSIP: 000000000<br>LEI: 378900D3417C35C5D733 | Long             | EC               | CORP              | ZA        |   1524222 | NS      | $14424056.00  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sona Blw Precision Forgings Lt                 | Sona Blw Precision Forgings Ltd                 | CUSIP: 000000000<br>LEI: 335800LEL76GE6551Q27 | Long             | EC               | CORP              | IN        |   2441061 | NS      | $13473311.03  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| momo.com Inc                                   | momo.com Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    493720 | NS      | $13138663.97  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                  | Axis Bank Ltd                                   | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1869397 | NS      | $19979606.67  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Monde Nissin Corp                              | Monde Nissin Corp                               | CUSIP: 000000000<br>LEI: 549300CUOTXJCLZ00K49 | Long             | EC               | CORP              | PH        |  63472400 | NS      | $15383832.11  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank BTPN Syariah Tbk PT                       | Bank BTPN Syariah Tbk PT                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  66281200 | NS      | $11334794.30  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial International Bank                  | Commercial International Bank Egypt SAE         | CUSIP: 000000000<br>LEI: 213800FIIXJAMEVRIH48 | Long             | EC               | CORP              | EG        |   9051878 | NS      | $14888795.87  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                  | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   3825755 | NS      | $39141959.72  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                           | Contemporary Amperex Technology Co Ltd          | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    483047 | NS      | $33516265.78  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TDCX Inc                                       | TDCX Inc                                        | CUSIP: 87190U100<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    647991 | NS      | $8540521.38   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                     | China Mengniu Dairy Co Ltd                      | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |   6664000 | NS      | $32146285.61  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisarua Mountain Dairy PT TBK                  | Cisarua Mountain Dairy PT TBK                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  32300000 | NS      | $9761107.40   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                      | Alibaba Group Holding Ltd                       | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   8775924 | NS      | $120657274.32 | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Semen Indonesia Persero Tbk PT                 | Semen Indonesia Persero Tbk PT                  | CUSIP: 000000000<br>LEI: 2549006ADJYJS2SD8T24 | Long             | EC               | CORP              | ID        |  10272471 | NS      | $5088642.72   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank/The                        | Saudi National Bank/The                         | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |    998770 | NS      | $12644014.64  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNNY OPTICAL                                  | Sunny Optical Technology Group Co Ltd           | CUSIP: 000000000<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | CN        |   1279900 | NS      | $17274987.80  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                | BDO Unibank Inc                                 | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    770230 | NS      | $1737204.75   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JSE Ltd                                        | JSE Ltd                                         | CUSIP: 000000000<br>LEI: 213800MZ1VUQEBWRFO39 | Long             | EC               | CORP              | ZA        |   1552394 | NS      | $10326988.82  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                           | Saudi Arabian Oil Co                            | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |   3100451 | NS      | $27353712.01  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| JYP Entertainment Corp                         | JYP Entertainment Corp                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    191538 | NS      | $11354920.06  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Sarantis SA                                    | Sarantis SA                                     | CUSIP: 000000000<br>LEI: 21380078FJXYHFE8KP46 | Long             | EC               | CORP              | GR        |   1557836 | NS      | $13040734.65  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                   | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   1609440 | NS      | $31671598.12  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Hypera SA                                      | Hypera SA                                       | CUSIP: 000000000<br>LEI: 25490092WKPBKTIZX403 | Long             | EC               | CORP              | BR        |   1724600 | NS      | $15763733.43  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Inc iShares ESG Aware MSCI EM ETF      | iShares Inc iShares ESG Aware MSCI EM ETF       | CUSIP: 46434G863<br>LEI: 549300JES9K0OUJ8F389 | Long             | EC               | RF                | US        |    486005 | NS      | $16043025.05  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Old Mutual Ltd                                 | Old Mutual Ltd                                  | CUSIP: 000000000<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |  23375591 | NS      | $15934643.32  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                                           | Hong Kong Exchanges & Clearing Ltd              | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    544313 | NS      | $24481887.30  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Gentera SAB de CV                              | Gentera SAB de CV                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   8732750 | NS      | $10666379.01  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                                    | LG Chem Ltd                                     | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |     70154 | NS      | $39595145.69  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand PCL                       | Airports of Thailand PCL                        | CUSIP: 000000000<br>LEI: 5299006VS4CU6LW0TY22 | Long             | EC               | CORP              | TH        |  14984900 | NS      | $33792640.47  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                               | Kasikornbank PCL                                | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |   4619100 | NS      | $20372269.92  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                                        | Ping An Insurance Group Co of China Ltd         | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    775500 | NS      | $6013942.54   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV                     | Arca Continental SAB de CV                      | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   3715499 | NS      | $32821013.98  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd                             | WuXi AppTec Co Ltd                              | CUSIP: 000000000<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |   1530400 | NS      | $19886073.01  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Odontoprev SA                                  | Odontoprev SA                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2442585 | NS      | $5475763.31   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd                        | ENN Energy Holdings Ltd                         | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |   1916000 | NS      | $28867849.07  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                   | Wal-Mart de Mexico SAB de CV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   8168400 | NS      | $31996026.87  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corp                   | United Microelectronics Corp                    | CUSIP: 000000000<br>LEI: 391200YJCAGH9LF96P73 | Long             | EC               | CORP              | TW        |  13669000 | NS      | $22368570.75  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| TeamLease Services Ltd                         | TeamLease Services Ltd                          | CUSIP: 000000000<br>LEI: 335800SX5B4O4YX1WA11 | Long             | EC               | CORP              | IN        |    359310 | NS      | $10125788.52  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                 | Abu Dhabi Commercial Bank PJSC                  | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |  10921346 | NS      | $24720021.12  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sendas Distribuidora SA                        | Sendas Distribuidora SA                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   3665200 | NS      | $14187731.22  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                        | Meituan                                         | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   3328940 | NS      | $74421378.73  | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  24948448 | NS      | $24948448.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Transaction Capital Ltd                        | Transaction Capital Ltd                         | CUSIP: 000000000<br>LEI: 213800LKDMT3FP3FQU40 | Long             | EC               | CORP              | ZA        |  10068876 | NS      | $19964150.69  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LXJM                                           | Luxshare Precision Industry Co Ltd              | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |   3221411 | NS      | $15604877.70  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TCS Group Holding PLC                          | TCS Group Holding PLC                           | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | CY        |     15182 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer