NPORT-EX 2 304055GS033125.htm
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – 97.8%
Australia – 7.4%
26,263
AGL Energy Ltd. (Utilities)
$
173,352
154,635
Aristocrat Leisure Ltd.
(Consumer Services)
6,253,922
465,608
BHP Group Ltd. (Materials)
11,297,113
33,728
Commonwealth Bank of
Australia (Banks)
3,207,327
281,223
Computershare Ltd.
(Commercial & Professional
Services)
6,931,877
129,496
Emerald Resources NL
(Materials)*
303,309
47,432
Evolution Mining Ltd.
(Materials)
212,229
1,087,439
Glencore PLC (Materials)*
3,980,174
63,448
Goodman Group REIT (Equity
Real Estate Investment Trusts
(REITs))
1,138,678
565,924
Insurance Australia Group Ltd.
(Insurance)
2,752,962
230,439
National Australia Bank Ltd.
(Banks)
4,956,443
623,257
Northern Star Resources Ltd.
(Materials)
7,195,613
12,969
Pro Medicus Ltd. (Health Care
Equipment & Services)
1,641,558
932,334
Qantas Airways Ltd.
(Transportation)
5,315,368
21,423
REA Group Ltd. (Media &
Entertainment)
2,972,324
499,047
South32 Ltd. (Materials)
1,005,350
59,337,599
Austria – 0.4%
45,409
Erste Group Bank AG (Banks)
3,140,991
3,694
Vienna Insurance Group AG
Wiener Versicherung Gruppe
(Insurance)
162,935
3,303,926
Belgium – 0.2%
11,147
UCB SA (Pharmaceuticals,
Biotechnology & Life Sciences)
1,962,595
China – 0.9%
197,500
AAC Technologies Holdings,
Inc. (Technology Hardware &
Equipment)
1,204,984
35,700
ENN Energy Holdings Ltd.
(Utilities)
295,070
1,038,000
Lenovo Group Ltd. (Technology
Hardware & Equipment)
1,410,602
90,985
Prosus NV (Consumer
Discretionary Distribution &
Retail)*
4,227,088
7,137,744
Denmark – 1.5%
24,397
Cementir Holding NV
(Materials)
352,565
Shares
Description
Value
a
Common Stocks – (continued)
Denmark – (continued)
105,042
Novo Nordisk A/S, Class
B (Pharmaceuticals,
Biotechnology & Life Sciences)
$
7,182,597
22,884
Pandora A/S (Consumer
Durables & Apparel)
3,507,232
33,365
Tryg A/S (Insurance)
793,702
11,836,096
Finland – 2.0%
929,578
Nokia OYJ (Technology
Hardware & Equipment)
4,895,899
564,728
Nordea Bank Abp (Banks)
7,223,125
230,039
Wartsila OYJ Abp (Capital
Goods)
4,104,693
16,223,717
France – 9.7%
67,327
Air Liquide SA (Materials)
12,788,445
10,168
Airbus SE (Capital Goods)
1,790,440
257,679
AXA SA (Insurance)
11,009,537
1,528
Christian Dior SE (Consumer
Durables & Apparel)
876,522
64,671
Cie de Saint-Gobain SA
(Capital Goods)
6,442,323
166,539
Cie Generale des Etablissements
Michelin SCA (Automobiles &
Components)
5,853,276
13,606
Covivio SA REIT (Equity
Real Estate Investment Trusts
(REITs))
761,620
12,738
Dassault Aviation SA (Capital
Goods)
4,200,050
30,204
Dassault Systemes (Software &
Services)
1,149,949
449,607
Engie SA (Utilities)
8,760,967
3,094
Gecina SA REIT (Equity
Real Estate Investment Trusts
(REITs))
290,321
9,703
Legrand SA (Capital Goods)
1,027,583
3,723
Publicis Groupe SA (Media &
Entertainment)
351,260
45,906
Safran SA (Capital Goods)
12,086,293
18,309
SCOR SE (Insurance)
528,760
34,672
Thales SA (Capital Goods)
9,216,565
3,672
Vicat SACA (Materials)
198,090
77,332,001
Georgia – 0.2%
31,798
TBC Bank Group PLC (Banks)
1,696,402
Germany – 11.0%
25,577
Continental AG (Automobiles &
Components)
1,803,686
199,845
Deutsche Post AG
(Transportation)
8,580,006
315,103
E.ON SE (Utilities)
4,756,402
128,459
Fresenius Medical Care AG
(Health Care Equipment &
Services)
6,392,121
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Germany – (continued)
164,826
Fresenius SE & Co. KGaA
(Health Care Equipment &
Services)*
$
7,037,029
13,767
GEA Group AG (Capital
Goods)
836,881
20,818
Hannover Rueck SE (Insurance)
6,204,969
96,810
Infineon Technologies
AG (Semiconductors &
Semiconductor Equipment)
3,227,153
15,708
Knorr-Bremse AG (Capital
Goods)
1,429,505
113,112
Mercedes-Benz Group AG
(Automobiles & Components)
6,681,723
14,984
MTU Aero Engines AG (Capital
Goods)
5,206,531
18,357
Muenchener
Rueckversicherungs-
Gesellschaft AG in Muenchen
(Insurance)
11,596,505
43,675
SAP SE (Software & Services)
11,702,705
61,388
Scout24 SE (Media &
Entertainment)
(a)
6,428,707
2,059
Siemens AG (Capital Goods)
475,519
85,882
Siemens Energy AG (Capital
Goods)*
5,091,260
87,450,702
Hong Kong – 2.3%
64,200
AIA Group Ltd. (Insurance)
485,986
207,900
Hong Kong Exchanges &
Clearing Ltd. (Financial
Services)
9,248,267
61,000
Power Assets Holdings Ltd.
(Utilities)
365,302
55,000
Techtronic Industries Co. Ltd.
(Capital Goods)
659,135
8,205,000
WH Group Ltd. (Food,
Beverage & Tobacco)
(a)
7,533,865
18,292,555
Ireland – 0.0%
69,416
Greencore Group PLC (Food,
Beverage & Tobacco)
152,663
Italy – 5.4%
1,394,583
A2A SpA (Utilities)
3,361,022
4,870
Banca Generali SpA (Financial
Services)
274,381
487,906
Banca Mediolanum SpA
(Financial Services)
7,887,887
599,354
Banca Monte dei Paschi di
Siena SpA (Banks)
4,766,809
32,556
Banca Popolare di Sondrio SpA
(Banks)
393,836
677,381
Banco BPM SpA (Banks)
6,893,057
90,624
Coca-Cola HBC AG (Food,
Beverage & Tobacco)*
4,104,346
12,425
Credito Emiliano SpA (Banks)
169,206
7,383
Ferrari NV (Automobiles &
Components)
3,152,989
Shares
Description
Value
a
Common Stocks – (continued)
Italy – (continued)
7,559
Leonardo SpA (Capital Goods)
$
368,115
202,323
UniCredit SpA (Banks)
11,356,828
42,728,476
Japan – 22.5%
156,600
Asics Corp. (Consumer
Durables & Apparel)
3,321,106
473,700
Astellas Pharma, Inc.
(Pharmaceuticals,
Biotechnology & Life Sciences)
4,611,235
73,800
Bandai Namco Holdings, Inc.
(Consumer Durables & Apparel)
2,475,804
18,500
Belluna Co. Ltd. (Consumer
Discretionary Distribution &
Retail)
117,277
46,700
Chugai Pharmaceutical
Co. Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
2,139,400
532,400
Dai-ichi Life Holdings, Inc.
(Insurance)
4,065,156
970,200
Daiwa Securities Group, Inc.
(Financial Services)
6,532,598
13,000
Food & Life Cos. Ltd.
(Consumer Services)
388,604
2,400
Fujita Kanko, Inc. (Consumer
Services)
156,530
234,800
Fujitsu Ltd. (Software &
Services)
4,672,730
22,000
Heiwa Corp. (Consumer
Services)
345,077
530,200
Hitachi Ltd. (Capital Goods)
12,448,781
19,900
Hokuriku Electric Power Co.
(Utilities)
110,723
414,200
Isetan Mitsukoshi Holdings
Ltd. (Consumer Discretionary
Distribution & Retail)
6,006,705
40,400
J Front Retailing Co. Ltd.
(Consumer Discretionary
Distribution & Retail)
501,664
322,400
Japan Post Holdings Co. Ltd.
(Insurance)
3,232,840
57,800
Kansai Electric Power Co., Inc.
(The) (Utilities)
685,972
15,800
KDDI Corp.
(Telecommunication Services)
249,571
364,100
Kirin Holdings Co. Ltd. (Food,
Beverage & Tobacco)
5,045,031
171,900
Kobe Steel Ltd. (Materials)
1,995,226
71,800
Konami Group Corp. (Media &
Entertainment)
8,478,310
37,100
Lion Corp. (Household &
Personal Products)
438,428
606,000
Mitsubishi HC Capital, Inc.
(Financial Services)
4,106,506
17,500
Mitsubishi Shokuhin Co. Ltd.
(Consumer Staples Distribution
& Retail)
574,979
160,900
Modec, Inc. (Energy)
4,466,633
412,200
MS&AD Insurance Group
Holdings, Inc. (Insurance)
8,964,461
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
421,000
NEC Corp. (Software &
Services)
$
8,967,605
24,100
Nippn Corp. (Food, Beverage &
Tobacco)
349,103
7,900
Nippon Steel Corp. (Materials)
169,068
4,452,000
Nippon Telegraph & Telephone
Corp. (Telecommunication
Services)
4,302,732
213,700
Nippon Yusen KK
(Transportation)
7,062,378
33,400
Nojima Corp. (Consumer
Discretionary Distribution &
Retail)
564,884
89,900
NOK Corp. (Automobiles &
Components)
1,323,043
398,700
Nomura Holdings, Inc.
(Financial Services)
2,456,759
120,600
NS Solutions Corp. (Software &
Services)
3,097,118
458,200
Obayashi Corp. (Capital Goods)
6,112,546
193,400
Olympus Corp. (Health Care
Equipment & Services)
2,531,747
20,600
Oracle Corp. Japan (Software &
Services)
2,167,807
50,400
Orient Corp. (Financial
Services)
267,533
58,000
PHC Holdings Corp. (Health
Care Equipment & Services)
397,282
756,900
Rakuten Group, Inc. (Consumer
Discretionary Distribution &
Retail)*
4,342,309
33,800
Resorttrust, Inc. (Consumer
Services)
330,024
23,300
Saizeriya Co. Ltd. (Consumer
Services)
668,850
164,200
Santen Pharmaceutical
Co. Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
1,563,845
111,600
Secom Co. Ltd. (Commercial &
Professional Services)
3,800,995
68,600
Seino Holdings Co. Ltd.
(Transportation)
1,057,938
28,300
Shionogi & Co. Ltd.
(Pharmaceuticals,
Biotechnology & Life Sciences)
427,181
622,600
Shizuoka Financial Group, Inc.
(Banks)
6,806,611
106,500
SoftBank Group Corp.
(Telecommunication Services)
5,447,466
100,000
Sompo Holdings, Inc.
(Insurance)
3,045,120
408,000
Sumitomo Electric Industries
Ltd. (Automobiles &
Components)
6,809,488
286,200
Sumitomo Mitsui Trust Group,
Inc. (Banks)
7,204,021
6,900
Sumitomo Osaka Cement Co.
Ltd. (Materials)
166,454
Shares
Description
Value
a
Common Stocks – (continued)
Japan – (continued)
18,200
Sumitomo Riko Co. Ltd.
(Automobiles & Components)
$
212,917
44,100
Suzuki Motor Corp.
(Automobiles & Components)
541,333
26,400
Taiheiyo Cement Corp.
(Materials)
691,224
25,400
Teijin Ltd. (Materials)
223,412
21,300
Tokio Marine Holdings, Inc.
(Insurance)
828,630
24,400
Tokyo Tekko Co. Ltd.
(Materials)
939,860
4,500
Tokyotokeiba Co. Ltd.
(Consumer Services)
131,893
6,600
Towa Pharmaceutical Co.
Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
118,666
46,600
Toyo Seikan Group Holdings
Ltd. (Materials)
762,851
33,600
Toyo Tire Corp. (Automobiles
& Components)
617,063
11,000
Toyota Motor Corp.
(Automobiles & Components)
194,450
31,800
Trend Micro, Inc. (Software &
Services)
2,146,754
9,000
Tsumura & Co.
(Pharmaceuticals,
Biotechnology & Life Sciences)
261,035
13,800
Tsuruha Holdings, Inc.
(Consumer Staples Distribution
& Retail)
856,930
293,200
Unicharm Corp. (Household &
Personal Products)
2,335,275
38,200
Yamaichi Electronics Co.
Ltd. (Semiconductors &
Semiconductor Equipment)
535,409
16,400
ZERIA Pharmaceutical
Co. Ltd. (Pharmaceuticals,
Biotechnology & Life Sciences)
248,158
179,217,114
Luxembourg – 0.2%
27,624
Eurofins Scientific
SE (Pharmaceuticals,
Biotechnology & Life Sciences)
1,473,540
Netherlands – 2.3%
32,849
Aegon Ltd. (Insurance)
215,747
22,375
ASML Holding NV
(Semiconductors &
Semiconductor Equipment)
14,807,191
7,965
Euronext NV (Financial
Services)
(a)
1,155,977
33,936
Heineken Holding NV (Food,
Beverage & Tobacco)
2,456,075
18,634,990
New Zealand – 0.4%
150,721
Fisher & Paykel Healthcare
Corp. Ltd. (Health Care
Equipment & Services)
2,876,420
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
Norway – 2.2%
156,996
Aker BP ASA (Energy)
$
3,722,227
161,206
DNB Bank ASA (Banks)
4,241,763
54,209
Kongsberg Gruppen ASA
(Capital Goods)
7,947,860
31,038
Mowi ASA (Food, Beverage &
Tobacco)
575,363
42,572
Norsk Hydro ASA (Materials)
246,109
81,343
Orkla ASA (Food, Beverage &
Tobacco)
892,047
17,625,369
Singapore – 1.4%
37,600
Oversea-Chinese Banking Corp.
Ltd. (Banks)
481,883
72,201
Seatrium Ltd. (Capital Goods)*
112,627
716,400
Singapore Exchange Ltd.
(Financial Services)
7,092,386
210,900
Singapore Telecommunications
Ltd. (Telecommunication
Services)
534,917
56,000
StarHub Ltd.
(Telecommunication Services)
49,191
89,700
United Overseas Bank Ltd.
(Banks)
2,531,021
10,802,025
Spain – 0.1%
12,215
Industria de Diseno Textil
SA (Consumer Discretionary
Distribution & Retail)
608,208
112,629
Unicaja Banco SA (Banks)
(a)
208,283
816,491
Sweden – 2.5%
5,873
Alfa Laval AB (Capital Goods)
251,805
86,935
Boliden AB (Materials)
2,852,567
624,398
Hexagon AB, Class B
(Technology Hardware &
Equipment)
6,674,668
7,130
Medicover AB, Class B (Health
Care Equipment & Services)
135,215
14,980
Saab AB, Class B (Capital
Goods)
589,005
553,285
Svenska Handelsbanken AB,
Class A (Banks)
6,252,958
368,506
Telefonaktiebolaget LM
Ericsson, Class B (Technology
Hardware & Equipment)
2,867,256
19,623,474
Switzerland – 4.6%
193,017
ABB Ltd. (Capital Goods)
9,959,283
3,199
BKW AG (Utilities)
559,518
1,359
Cembra Money Bank AG
(Financial Services)
153,138
22,696
Cie Financiere Richemont SA
(Consumer Durables & Apparel)
3,961,948
5,743
Kuehne + Nagel International
AG (Transportation)
1,326,236
Shares
Description
Value
a
Common Stocks – (continued)
Switzerland – (continued)
23,203
Schindler Holding AG
Participation Certificates
(Capital Goods)
$
7,272,090
8,839
Sika AG (Materials)
2,153,041
375,406
UBS Group AG (Financial
Services)
11,530,444
36,915,698
United Kingdom – 11.5%
50,966
Admiral Group PLC (Insurance)
1,881,672
46,001
Associated British Foods PLC
(Food, Beverage & Tobacco)
1,140,429
122,542
AstraZeneca PLC
(Pharmaceuticals,
Biotechnology & Life Sciences)
17,994,675
1,722
AstraZeneca PLC
ADR (Pharmaceuticals,
Biotechnology & Life Sciences)
126,567
665,010
Aviva PLC (Insurance)
4,792,796
193,225
BAE Systems PLC (Capital
Goods)
3,901,698
29,116
Beazley PLC (Insurance)
350,666
105,386
Compass Group PLC
(Consumer Services)
3,485,782
194,925
Currys PLC (Consumer
Discretionary Distribution &
Retail)*
219,061
203,979
Halma PLC (Technology
Hardware & Equipment)
6,843,829
79,824
Hiscox Ltd. (Insurance)
1,212,606
58,505
HSBC Holdings PLC (Banks)
663,242
268,350
Imperial Brands PLC (Food,
Beverage & Tobacco)
9,929,461
62,504
Investec PLC (Financial
Services)
386,904
6,252
JET2 PLC (Transportation)
100,062
303,482
Kingfisher PLC (Consumer
Discretionary Distribution &
Retail)
999,673
4,799,950
Lloyds Banking Group PLC
(Banks)
4,501,955
1,101,749
M&G PLC (Financial Services)
2,838,054
453,043
Marks & Spencer Group PLC
(Consumer Staples Distribution
& Retail)
2,091,635
1,652,909
NatWest Group PLC (Banks)
9,759,428
476,379
Rolls-Royce Holdings PLC
(Capital Goods)*
4,630,106
27,681
Sage Group PLC (The)
(Software & Services)
434,601
62,472
Segro PLC REIT (Equity
Real Estate Investment Trusts
(REITs))
558,740
130,444
Smiths Group PLC (Capital
Goods)
3,273,233
12,918
SSE PLC (Utilities)
266,090
1,869,565
Tesco PLC (Consumer Staples
Distribution & Retail)
8,043,409
61,074
TP ICAP Group PLC (Financial
Services)
203,542
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
a
Common Stocks – (continued)
United Kingdom – (continued)
896,765
Vodafone Group PLC
(Telecommunication Services)
$
842,620
91,472,536
United States – 9.1%
40,474
GSK PLC ADR
(Pharmaceuticals,
Biotechnology & Life Sciences)
1,567,963
86,435
Holcim AG (Materials)*
9,301,549
202,645
Nestle SA (Food, Beverage &
Tobacco)
20,478,620
151,755
Novartis AG (Pharmaceuticals,
Biotechnology & Life Sciences)
16,855,398
10,390
Roche Holding AG
(Pharmaceuticals,
Biotechnology & Life Sciences)
3,419,636
68,157
Sanofi SA (Pharmaceuticals,
Biotechnology & Life Sciences)
7,546,474
243,461
Shell PLC (Energy)
8,909,361
122,100
Shell PLC (Energy)
4,444,484
72,523,485
TOTAL COMMON STOCKS
(Cost $645,754,550)
779,435,618
Shares
Description
Rate
Value
a
Preferred Stock – 0.2%
Germany – 0.2%
7,408
Sartorius AG
(Pharmaceuticals,
Biotechnology &
Life Sciences)
(Cost $1,859,625)
0.35
%
1,726,954
Shares
Dividend Rate
Value
aa
a
Investment Company – 0.0%
(b)
Goldman Sachs Financial Square Government
Fund - Institutional Shares
79
4.259%
79
(Cost $79)
TOTAL INVESTMENTS – 98.0%
(Cost $647,614,254)
$
781,162,651
OTHER ASSETS IN EXCESS OF LIABILITIES
– 2.0%
15,886,623
NET ASSETS – 100.0%
$
797,049,274
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
*
Non-income producing security.
(a)
Exempt from registration under Rule 144A of the Securities
Act of 1933.
(b)
Represents an affiliated issuer.
Investment Abbreviations:
ADR
—
American Depositary Receipt
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
Sector Name
% of
Market
Value
Financials
25.9
%
Industrials
18.4
Health Care
11.5
Information Technology
9.9
Consumer Discretionary
9.0
Consumer Staples
8.6
Materials
7.2
Communication Services
3.8
Energy
2.8
Utilities
2.5
Real Estate
0.4
Investment Company
0.0
TOTAL INVESTMENTS
100.0%
Goldman Sachs International Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
**End swaps header**
FUTURES CONTRACTS
— At March 31, 2025, the
Portfolio
had the following futures contracts:
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long position contracts:
EURO STOXX 50 Index
122
06/20/25
$
6,845,258
$
(312,748)
FTSE 100 Index
23
06/20/25
2,552,707
(37,357)
HANG SENG Index
4
04/29/25
595,313
(15,057)
MSCI Singapore Index
7
04/29/25
203,063
(1,134)
SPI 200 Index
9
06/19/25
1,107,437
(13,282)
TOPIX Index
20
06/12/25
3,549,570
(29,410)
Total Futures Contracts
$
(408,988)
Goldman Sachs U.S. Tax-Managed Equity Fund
Schedule of Investments
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – 98.3%
Aerospace & Defense – 1.8%
3,982
Curtiss-Wright Corp.
$
1,263,369
41,412
General Electric Co.
8,288,612
66,359
HEICO Corp., Class A
13,999,758
12,658
Hexcel Corp.
693,152
111,232
Howmet Aerospace, Inc.
14,430,128
12,408
Lockheed Martin Corp.
5,542,778
86,877
Rocket Lab USA, Inc.*
(a)
1,553,361
149,820
RTX Corp.
19,845,157
3,045
Textron, Inc.
220,001
65,836,316
Air Freight & Logistics – 0.4%
126,437
United Parcel Service, Inc.,
Class B
13,906,806
Automobile Components – 0.0%
50,792
Mobileye Global, Inc., Class A
(Israel)*
(a)
731,151
Automobiles – 1.3%
97,923
General Motors Co.
4,605,319
156,564
Tesla, Inc.*
40,575,126
45,180,445
Banks – 2.6%
260,798
Bank of America Corp.
10,883,101
1
Cadence Bank
30
77,539
Cullen/Frost Bankers, Inc.
9,707,883
11,346
East West Bancorp, Inc.
1,018,417
40,192
First BanCorp. (Puerto Rico)
770,481
5,802
First Citizens BancShares, Inc.,
Class A
10,757,604
126,570
Huntington Bancshares, Inc.
1,899,816
42,796
International Bancshares Corp.
2,698,716
40,827
JPMorgan Chase & Co.
10,014,863
206,703
PNC Financial Services Group,
Inc. (The)
36,332,186
86,695
Prosperity Bancshares, Inc.
6,187,422
65,110
Synovus Financial Corp.
3,043,241
63,600
United Community Banks, Inc.
1,789,068
95,102,828
Beverages – 1.9%
119,526
Brown-Forman Corp., Class B
4,056,712
2,055
Coca-Cola Consolidated, Inc.
2,774,250
425,083
Monster Beverage Corp.*
24,875,857
228,917
PepsiCo, Inc.
34,323,815
23,763
Primo Brands Corp., Class A
843,349
66,873,983
Biotechnology – 3.9%
212,641
AbbVie, Inc.
44,552,542
28,872
Alnylam Pharmaceuticals, Inc.*
7,796,017
72,661
Aurinia Pharmaceuticals, Inc.
(Canada)*
584,195
254,998
Gilead Sciences, Inc.
28,572,526
34,671
Moderna, Inc.*
982,923
36,929
Regeneron Pharmaceuticals, Inc.
23,421,480
119,754
TG Therapeutics, Inc.*
4,721,900
62,342
Vertex Pharmaceuticals, Inc.*
30,224,648
140,856,231
Shares
Description
Value
aa
Common Stocks – (continued)
Broadline Retail – 4.0%
690,724
Amazon.com, Inc.*
$
131,417,148
34,974
eBay, Inc.
2,368,789
5,605
MercadoLibre, Inc. (Brazil)*
10,934,626
144,720,563
Building Products – 0.7%
21,989
Johnson Controls International
PLC
1,761,539
39,269
Lennox International, Inc.
22,023,233
23,784,772
Capital Markets – 4.7%
181,134
CME Group, Inc.
48,053,039
3,223
Coinbase Global, Inc., Class A*
555,097
31,838
Interactive Brokers Group, Inc.,
Class A
5,272,055
202,025
Invesco Ltd.
3,064,719
107,848
Jefferies Financial Group, Inc.
5,777,417
7,391
LPL Financial Holdings, Inc.
2,417,892
386,017
Morgan Stanley
45,036,603
189,281
Nasdaq, Inc.
14,358,857
174,546
Northern Trust Corp.
17,218,963
576,184
Robinhood Markets, Inc., Class
A*
23,980,778
100,016
XP, Inc., Class A (Brazil)
1,375,220
167,110,640
Chemicals – 1.2%
47,477
CF Industries Holdings, Inc.
3,710,327
8,601
Dow, Inc.
300,347
41,536
Ecolab, Inc.
10,530,207
71,307
Element Solutions, Inc.
1,612,251
26,262
Mosaic Co. (The)
709,337
75,528
Sherwin-Williams Co. (The)
26,373,622
43,236,091
Commercial Services & Supplies – 0.3%
37,390
Cintas Corp.
7,684,767
74,123
Rollins, Inc.
4,004,865
11,689,632
Communications Equipment – 0.9%
272,680
Arista Networks, Inc.*
21,127,246
133,214
Cisco Systems, Inc.
8,220,636
6,071
Motorola Solutions, Inc.
2,657,945
32,005,827
Construction & Engineering – 0.4%
10,335
Comfort Systems USA, Inc.
3,331,281
4,587
Limbach Holdings, Inc.*
341,594
78,495
MasTec, Inc.*
9,161,151
3,893
Sterling Infrastructure, Inc.*
440,726
13,274,752
Construction Materials – 0.6%
32,458
Eagle Materials, Inc.
7,203,404
6,646
Martin Marietta Materials, Inc.
3,177,652
42,752
Vulcan Materials Co.
9,974,042
20,355,098
Consumer Finance – 2.3%
234,665
Capital One Financial Corp.
42,075,434
Goldman Sachs U.S. Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Consumer Finance – (continued)
96,351
Discover Financial Services
$
16,447,116
15,678
FirstCash Holdings, Inc.
1,886,377
121,065
OneMain Holdings, Inc.
5,917,657
335,589
Synchrony Financial
17,766,082
84,092,666
Consumer Staples Distribution & Retail – 1.9%
8,547
Casey's General Stores, Inc.
3,709,740
67,314
Costco Wholesale Corp.
63,664,235
67,373,975
Distributors – 0.1%
26,609
Genuine Parts Co.
3,170,196
Diversified Consumer Services – 0.5%
25,695
Adtalem Global Education, Inc.*
2,585,945
75,707
Bright Horizons Family
Solutions, Inc.*
9,617,817
1,587
Graham Holdings Co., Class B
1,524,885
10,601
Grand Canyon Education, Inc.*
1,834,185
14,614
H&R Block, Inc.
802,455
42,877
Service Corp. International
3,438,735
19,804,022
Diversified Telecommunication Services – 0.3%
208,125
Verizon Communications, Inc.
9,440,550
Electric Utilities – 1.0%
151,922
American Electric Power Co.,
Inc.
16,600,517
50,431
Eversource Energy
3,132,269
227,087
Xcel Energy, Inc.
16,075,489
35,808,275
Electrical Equipment – 1.2%
199,821
AMETEK, Inc.
34,397,187
32,308
Emerson Electric Co.
3,542,249
101,799
nVent Electric PLC
5,336,304
43,275,740
Electronic Equipment, Instruments & Components – 0.6%
94,239
Keysight Technologies, Inc.*
14,114,175
11,821
Teledyne Technologies, Inc.*
5,883,430
1
Vontier Corp.
33
19,997,638
Energy Equipment & Services – 1.0%
739,576
Halliburton Co.
18,763,043
94,650
Schlumberger NV
3,956,370
476,743
TechnipFMC PLC (United
Kingdom)
15,107,986
37,827,399
Entertainment – 2.1%
34,926
Netflix, Inc.*
32,569,543
432,035
Walt Disney Co. (The)
42,641,854
75,211,397
Financial Services – 4.2%
6,388
Affirm Holdings, Inc.*
288,674
50,057
Banco Latinoamericano de
Comercio Exterior SA, Class E
(Panama)
1,832,086
Shares
Description
Value
aa
Common Stocks – (continued)
Financial Services – (continued)
133,530
Berkshire Hathaway, Inc., Class
B*
$
71,115,407
343,964
Equitable Holdings, Inc.
17,917,085
193,899
Fiserv, Inc.*
42,818,716
119,426
MGIC Investment Corp.
2,959,376
10,745
Visa, Inc., Class A
3,765,693
151,167
Voya Financial, Inc.
10,243,076
150,940,113
Food Products – 0.1%
39,594
Darling Ingredients, Inc.*
1,236,917
9,833
Lancaster Colony Corp.
1,720,775
2,957,692
Ground Transportation – 0.6%
94,059
CSX Corp.
2,768,156
12,022
Norfolk Southern Corp.
2,847,411
36,542
Ryder System, Inc.
5,255,105
6,305
U-Haul Holding Co.
373,130
43,995
Union Pacific Corp.
10,393,379
21,637,181
Health Care Equipment & Supplies – 1.9%
507,954
Boston Scientific Corp.*
51,242,399
35,822
Intuitive Surgical, Inc.*
17,741,562
68,983,961
Health Care Providers & Services – 3.5%
21,748
Cigna Group (The)
7,155,092
280,149
CVS Health Corp.
18,980,095
71,276
Elevance Health, Inc.
31,002,209
6,544
Encompass Health Corp.
662,776
43,802
HCA Healthcare, Inc.
15,135,781
35,843
HealthEquity, Inc.*
3,167,446
34,579
Humana, Inc.
9,149,603
87,403
LifeStance Health Group, Inc.*
582,104
6,269
Molina Healthcare, Inc.*
2,064,946
19,477
Quest Diagnostics, Inc.
3,295,509
47,957
UnitedHealth Group, Inc.
25,117,479
56,577
Universal Health Services, Inc.,
Class B
10,630,818
126,943,858
Health Care REITs – 0.7%
446,196
Healthpeak Properties, Inc. REIT
9,022,083
47,046
Omega Healthcare Investors, Inc.
REIT
1,791,512
135,658
Ventas, Inc. REIT
9,327,844
38,392
Welltower, Inc. REIT
5,882,038
26,023,477
Hotels, Restaurants & Leisure – 1.0%
49,494
Airbnb, Inc., Class A*
5,912,553
193,571
Chipotle Mexican Grill, Inc.*
9,719,200
46,512
DoorDash, Inc., Class A*
8,500,998
503,739
International Game Technology
PLC
8,190,796
137,868
Las Vegas Sands Corp.
5,325,841
5,222
Yum! Brands, Inc.
821,734
38,471,122
Goldman Sachs U.S. Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Household Durables – 1.5%
117,457
D.R. Horton, Inc.
$
14,932,308
187,169
M/I Homes, Inc.*
21,370,957
154,895
PulteGroup, Inc.
15,923,206
52,226,471
Household Products – 1.4%
302,387
Procter & Gamble Co. (The)
51,532,793
Industrial REITs – 0.9%
62,315
First Industrial Realty Trust, Inc.
REIT
3,362,517
148,701
Prologis, Inc. REIT
16,623,285
265,467
Rexford Industrial Realty, Inc.
REIT
10,393,033
30,378,835
Insurance – 2.4%
35,396
American Financial Group, Inc.
4,648,911
49,985
Arch Capital Group Ltd.
4,807,557
41,284
CNO Financial Group, Inc.
1,719,479
17,855
Goosehead Insurance, Inc.,
Class A
2,107,961
999
Kinsale Capital Group, Inc.
486,223
15,650
Marsh & McLennan Cos., Inc.
3,819,070
157,127
Progressive Corp. (The)
44,468,512
6,559
Reinsurance Group of America,
Inc.
1,291,467
65,766
Travelers Cos., Inc. (The)
17,392,476
98,163
W R Berkley Corp.
6,985,279
87,726,935
Interactive Media & Services – 6.0%
608,787
Alphabet, Inc., Class A
94,142,822
241,058
Alphabet, Inc., Class C
37,660,491
438,924
fuboTV, Inc.*
1,281,658
141,176
Meta Platforms, Inc., Class A
81,368,199
32,852
Pinterest, Inc., Class A*
1,018,412
215,471,582
IT Services – 1.3%
5,074
EPAM Systems, Inc.*
856,694
52,678
Gartner, Inc.*
22,111,064
77,270
International Business Machines
Corp.
19,213,958
13,789
MongoDB, Inc.*
2,418,590
4,947
VeriSign, Inc.*
1,255,895
45,856,201
Leisure Products – 0.1%
53,210
Brunswick Corp.
2,865,359
172,646
Topgolf Callaway Brands Corp.*
1,137,737
4,003,096
Life Sciences Tools & Services – 1.9%
213,308
IQVIA Holdings, Inc.*
37,606,200
67,528
Medpace Holdings, Inc.*
20,575,106
6,958
Mettler-Toledo International,
Inc.*
8,216,772
3,494
Thermo Fisher Scientific, Inc.
1,738,615
5,740
West Pharmaceutical Services,
Inc.
1,285,071
69,421,764
Shares
Description
Value
aa
Common Stocks – (continued)
Machinery – 1.2%
5,761
AGCO Corp.
$
533,296
1
Fortive Corp.
73
97,597
Illinois Tool Works, Inc.
24,205,032
151,534
Mueller Industries, Inc.
11,537,799
66,199
Mueller Water Products, Inc.,
Class A
1,682,779
15,142
Snap-on, Inc.
5,103,005
17,147
Trinity Industries, Inc.
481,145
43,543,129
Media – 1.1%
433,323
Comcast Corp., Class A
15,989,619
37,692
Liberty Broadband Corp., Class
C*
3,205,704
538,121
News Corp., Class A
14,647,654
76,036
Trade Desk, Inc. (The), Class A*
4,160,690
38,003,667
Metals & Mining – 0.7%
56,430
Anglogold Ashanti PLC (United
Kingdom)
2,094,682
120,574
Carpenter Technology Corp.
21,845,597
23,940,279
Mortgage Real Estate Investment Trusts (REITs) – 0.2%
409,656
Annaly Capital Management,
Inc. REIT
8,320,113
Multi-Utilities – 0.2%
79,326
CMS Energy Corp.
5,958,176
Office REITs – 0.0%
1
Vornado Realty Trust REIT
37
Oil, Gas & Consumable Fuels – 2.6%
67,311
Antero Midstream Corp.
1,211,598
252,159
Antero Resources Corp.*
10,197,310
36,958
Cheniere Energy, Inc.
8,552,081
179,119
ConocoPhillips
18,811,077
119,766
Diversified Energy Co. PLC
1,619,236
86,172
EOG Resources, Inc.
11,050,697
9,300
Excelerate Energy, Inc., Class A
266,724
88,260
Exxon Mobil Corp.
10,496,762
12,264
Hess Corp.
1,958,929
63,503
HF Sinclair Corp.
2,087,979
43,600
Kinder Morgan, Inc.
1,243,908
84,178
Marathon Petroleum Corp.
12,263,893
8,760
ONEOK, Inc.
869,167
25,980
Ovintiv, Inc.
1,111,944
31,484
Valero Energy Corp.
4,158,092
156,754
Williams Cos., Inc. (The)
9,367,619
95,267,016
Passenger Airlines – 0.4%
52,439
Alaska Air Group, Inc.*
2,581,048
236,979
Delta Air Lines, Inc.
10,332,284
12,913,332
Pharmaceuticals – 1.5%
196,040
Bristol-Myers Squibb Co.
11,956,480
78,381
Elanco Animal Health, Inc.*
823,000
8,361
Eli Lilly & Co.
6,905,434
88,523
Johnson & Johnson
14,680,654
Goldman Sachs U.S. Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Shares
Description
Value
aa
Common Stocks – (continued)
Pharmaceuticals – (continued)
26,154
Merck & Co., Inc.
$
2,347,583
21,973
Royalty Pharma PLC, Class A
684,019
96,040
Zoetis, Inc.
15,812,986
53,210,156
Professional Services – 0.7%
35,982
Equifax, Inc.
8,763,776
163,146
ExlService Holdings, Inc.*
7,702,123
45,729
Genpact Ltd.
2,303,827
79,228
Parsons Corp.*
4,691,090
72,263
UL Solutions, Inc., Class A
4,075,633
27,536,449
Real Estate Management & Development – 0.3%
287,653
Compass, Inc., Class A*
2,511,211
71,280
CoStar Group, Inc.*
5,647,515
8,158,726
Residential REITs – 0.4%
1
Apartment Investment and
Management Co., Class A REIT
9
15,691
AvalonBay Communities, Inc.
REIT
3,367,603
21,013
Camden Property Trust REIT
2,569,890
42,893
Equity LifeStyle Properties, Inc.
REIT
2,860,963
11,780
Equity Residential REIT
843,212
26,742
Mid-America Apartment
Communities, Inc. REIT
4,481,424
14,123,101
Retail REITs – 0.0%
21,274
Brixmor Property Group, Inc.
REIT
564,825
2
Simon Property Group, Inc.
REIT
332
565,157
Semiconductors & Semiconductor Equipment – 7.6%
16,994
Applied Materials, Inc.
2,466,169
357,941
Broadcom, Inc.
59,930,062
3,264
KLA Corp.
2,218,867
49,590
Lam Research Corp.
3,605,193
1,395,898
NVIDIA Corp.
151,287,425
165,327
QUALCOMM, Inc.
25,395,881
151,946
Texas Instruments, Inc.
27,304,696
272,208,293
Software – 8.9%
328,431
ACI Worldwide, Inc.*
17,968,460
52,029
Adobe, Inc.*
19,954,682
118,466
Alarm.com Holdings, Inc.*
6,592,633
679,635
CCC Intelligent Solutions
Holdings, Inc.*
6,137,104
26,241
Clearwater Analytics Holdings,
Inc., Class A*
703,259
6,856
Commvault Systems, Inc.*
1,081,603
145,749
Datadog, Inc., Class A*
14,459,758
2,905
Intuit, Inc.
1,783,641
39,654
Manhattan Associates, Inc.*
6,861,728
562,097
Microsoft Corp.
211,005,593
2,907
MicroStrategy, Inc., Class A*
838,001
Shares
Description
Value
aa
Common Stocks – (continued)
Software – (continued)
18,506
Oracle Corp.
$
2,587,324
7,650
Palo Alto Networks, Inc.*
1,305,396
19,294
Sapiens International Corp. NV
(Israel)
522,675
24,029
ServiceNow, Inc.*
19,130,448
43,289
Zscaler, Inc.*
8,589,403
319,521,708
Specialized REITs – 0.4%
5,206
CubeSmart REIT
222,348
9,634
Lamar Advertising Co., Class
A REIT
1,096,157
54,176
Public Storage REIT
16,214,335
17,532,840
Specialty Retail – 1.0%
8,232
Asbury Automotive Group, Inc.*
1,817,955
17,213
CarMax, Inc.*
1,341,237
65,256
Chewy, Inc., Class A*
2,121,472
12,542
Lithia Motors, Inc.
3,681,579
91,859
Lowe’s Cos., Inc.
21,424,274
530
O'Reilly Automotive, Inc.*
759,267
15,169
Penske Automotive Group, Inc.
2,184,033
26,000
Sonic Automotive, Inc., Class A
1,480,960
1
Victoria's Secret & Co.*
19
34,810,796
Technology Hardware, Storage & Peripherals – 6.8%
963,215
Apple, Inc.
213,958,948
288,644
Dell Technologies, Inc., Class C
26,309,901
42,942
NetApp, Inc.
3,772,025
5,355
Seagate Technology Holdings
PLC
454,907
244,495,781
Textiles, Apparel & Luxury Goods – 0.6%
38,986
G-III Apparel Group Ltd.*
1,066,267
22,919
Lululemon Athletica, Inc.*
6,487,452
84,770
Movado Group, Inc.
1,417,355
31,116
Ralph Lauren Corp.
6,868,546
75,785
Skechers USA, Inc., Class A*
4,303,072
20,142,692
Trading Companies & Distributors – 0.4%
42,034
FTAI Aviation Ltd.
4,667,035
5,515
United Rentals, Inc.
3,456,250
11,713
Watsco, Inc.
5,953,718
14,077,003
Wireless Telecommunication Services – 0.1%
75,362
Telephone and Data Systems,
Inc.
2,919,524
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $2,113,016,028)
3,530,490,049
Goldman Sachs U.S. Tax-Managed Equity Fund
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Additional Investment Information 
**End swaps header**
Shares
x
Dividend Rate
Value
x
a
Securities Lending Reinvestment Vehicle – 0.1%
(b)
Goldman Sachs Financial Square Government
Fund – Institutional Shares
1,801,600
4.259%
$
1,801,600
(Cost $1,801,600)
TOTAL INVESTMENTS – 98.4%
(Cost $2,114,817,628)
$
3,532,291,649
OTHER ASSETS IN EXCESS OF LIABILITIES
– 1.6%
56,642,054
NET ASSETS – 100.0%
$
3,588,933,703
  a
  a
The percentage shown for each investment category reflects the
value of investments in that category as a percentage of net assets.
(a)
All or a portion of security is on loan.
*
Non-income producing security.
(b)
Represents an affiliated issuer.
Investment Abbreviations:
PLC
—
Public Limited Company
REIT
—
Real Estate Investment Trust
FUTURES CONTRACTS
— At March 31, 2025, the
Portfolio
had the following futures contracts:
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long position contracts:
Russell 2000 E-Mini Index
36
06/20/25
$
3,648,780
$
(391)
S&P 500 E-Mini Index
130
06/20/25
36,746,125
2,860
Total Futures Contracts
$
2,469
Goldman Sachs Tax-Advantaged Equity Funds
Schedule of Investments
March 31, 2025 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation —
The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements —
U.S. GAAP defines the fair value of a financial instrument as the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined
based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying
investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value
hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets
or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit
spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair
value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held
by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments
that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform
fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day
responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To
assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures
and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the
Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments —
The valuation techniques and significant inputs used in determining the fair values
for investments classified as Level 1 and Level 2 are as follows:
Equity Securities —
Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located
on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price
on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by
GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid
closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask
price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory
guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they
are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if
no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service
(if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service
takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts,
futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange.
These investments are generally classified as Level 2 of the fair value hierarchy.
Goldman Sachs Tax-Advantaged Equity Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Money Market Funds —
Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”)
are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as
Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment
holdings, please see the Underlying Money Market Fund’s shareholder report.
Derivative Contracts
—
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a
combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices,
and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For
financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any,
is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative
contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the
exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint
of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price
for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value
hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence,
including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative
pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends
upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the
market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures
of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally
cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant
management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant
inputs are corroborated by market evidence.
i. Futures Contracts
—
Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security.
Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient
to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract
value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments —
To the extent that significant inputs to valuation models and other alternative pricing sources are
unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value,
the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and
applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in
light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To
the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third
party pricing vendors, such investments are classified as Level 3 investments.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Tax-Advantaged Equity Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Fair Value Hierarchy —
The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as
of March 31, 2025:
For further information regarding security characteristics, see the Schedules of Investments.
Securities Lending —
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms
and conditions contained therein, the Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-
Advantaged Equity Fund may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a
wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with
the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan.
The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing
(a)
International Tax-Managed Equity Fund
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Asia
$
2,134,830
$
215,011,010
$
—
Europe
2,248,742
427,030,486
—
North America
1,567,963
70,955,522
—
Oceania
—
62,214,019
—
Investment Company
79
—
—
Total
$
5,951,614
$
775,211,037
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Liabilities
Futures Contracts
(b)
$
(408,988)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
U.S. Tax-Managed Equity Fund
Investment Type
Level 1
Level 2
Level 3
Assets
Common Stock and/or Other Equity Investments
(a)
Asia
$
1,253,826
$
—
$
—
Europe
17,202,668
—
—
North America
3,499,723,709
—
—
South America
12,309,846
—
—
Securities Lending Reinvestment Vehicle
1,801,600
—
—
Total
$
3,532,291,649
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative Type
Assets
Futures Contracts
(b)
$
2,860
$
—
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Futures Contracts
(b)
$
(391)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are
based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model
prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification.
(b)
Amount shown represents unrealized gain (loss) at period end.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Tax-Advantaged Equity Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
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 Goldman Sachs International Tax-Managed Equity Fund and the Goldman Sachs U.S. Tax-Advantaged Equity Fund invest
the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government
Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund
is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for
which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government
Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the
applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying
the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase
replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities
loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting
from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers
provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral
and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower,
a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of
set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities
were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash
received.
Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities.
The Funds’ risks include, but are not limited to, the following:
Foreign Custody Risk—
A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign
banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians
may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no
regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on
the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.
Foreign and Emerging Countries Risk—
Investing in foreign markets may involve special risks and considerations not typically
associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government
regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial
reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The
imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions
(including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement
or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and
other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the
imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities
issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility
and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Goldman Sachs Tax-Advantaged Equity Funds
Schedule of Investments
(continued)
March 31, 2025 (Unaudited)
Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement
of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative
foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other
instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate
significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied
to, emerging markets, these risks may be more pronounced.
Large Shareholder Transactions Risk—
A Fund may experience adverse effects when certain large shareholders, such as other funds,
institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may
make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and
Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur
rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively
impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such
sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s
current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund
share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise
maintains a larger cash position than it ordinarily would.
Management Risk
—
A strategy used by the Investment Adviser may fail to produce the intended results.
Market Risk
—
The value of the securities in which the Fund invests may go up or down in response to the prospects of individual
companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly
interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism,
social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other
restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more
such events and developments, could also significantly impact a Fund and its investments.
Tax-Managed Investment Risk
—
Because the Investment Adviser balances investment considerations and tax considerations, the
pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar
funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result
in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being
used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global
Equity Portfolio to shareholders.
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)