The Goldman Sachs International Small Cap Insights Fund Invests Primarily in a Broadly Diversified Portfolio of Equity Investments in Small Capitalization Non-U.S
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root\projects\imd\ny\fs\HOLDINGS\2014\3Q\Insights Funds - 10.31.14\Intl Small Cap Insights.xlsx Goldman 6/24/2021 3:05 PM The Goldman Sachs International Small Cap Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small capitalization non-U.S. issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities of mid- and small- capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional – 1-800-621- 2550). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman Sachs & Co. LLC, distributor of the Fund(s), is not a bank, and Fund shares distributed by Goldman Sachs & Co. LLC are neither deposits nor obligations of, nor endorsed, nor guaranteed by any bank or other insured depository institution, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in the Funds involves risks, including possible loss of the principal amount invested. © 2021 Goldman Sachs. All rights reserved. Date of First Use: June 29, 2021 225587-TMPL-12/2020-1322353 Traded Market Request Date Account Number Account Name Security Number (Full) Security Description (Short) Shares/Par Value (Base) 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0090498 BELLWAY PLC COMMON STOCK GBP 12.5 290,569.0000 14,495,057.03 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0176581 BREWIN DOLPHIN HOLDINGS PLC COMMON STOCK GBP 1 43,781.0000 205,701.13 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0185929 VISTRY GROUP PLC COMMON STOCK GBP 50 131,007.0000 2,239,408.73 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0214834 RATHBONE BROTHERS PLC COMMON STOCK GBP 5 8,921.0000 208,569.68 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0323042 EURASIA MINING PLC COMMON STOCK GBP 0.1 2,426,434.0000 914,160.09 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0345217 FIRSTGROUP PLC COMMON STOCK GBP 5 2,363,391.0000 2,425,123.14 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0371847 GAMES WORKSHOP GROUP PLC COMMON STOCK GBP 5 62,444.0000 9,356,506.07 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0375377 GO-AHEAD GROUP PLC/THE COMMON STOCK GBP 10 24,310.0000 410,266.04 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0427030 HILL & SMITH HOLDINGS PLC COMMON STOCK GBP 25 25,145.0000 511,329.51 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0472609 SPIRENT COMMUNICATIONS PLC COMMON STOCK GBP 3,477,699.0000 12,311,126.22 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0687061 GB GROUP PLC COMMON STOCK GBP 2.5 109,441.0000 1,358,024.30 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0732358 RENISHAW PLC COMMON STOCK GBP 20 30,122.0000 2,600,823.50 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0808561 MORGAN SINDALL GROUP PLC COMMON STOCK GBP 5 214,174.0000 6,809,974.41 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0875413 TATE & LYLE PLC COMMON STOCK GBP 25 2,662,673.0000 29,455,998.19 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 0912332 ULTRA ELECTRONICS HOLDINGS PLC COMMON STOCK GBP 5 12,223.0000 341,487.20 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 3023231 PAGEGROUP PLC COMMON STOCK GBP 1 908,394.0000 7,028,458.77 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 3239867 JUDGES SCIENTIFIC PLC COMMON STOCK GBP 5 1,224.0000 97,259.33 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 3398649 ITV PLC COMMON STOCK GBP 10 21,233,932.0000 35,489,643.89 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4177988 COFINIMMO SA REIT EUR 0 57,766.0000 8,856,293.63 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4247494 D'IETEREN SA/NV COMMON STOCK EUR 0 186,060.0000 20,202,908.45 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4350035 FORBO HOLDING AG COMMON STOCK CHF 0.1 2,589.0000 4,958,559.10 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4407760 PEAB AB COMMON STOCK SEK 5.35 345,534.0000 4,984,528.65 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4457624 TRIGANO SA COMMON STOCK EUR 4.2568 32,000.0000 5,717,558.39 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4513612 KEMIRA OYJ COMMON STOCK EUR 0 282,885.0000 4,620,895.45 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4589710 NOLATO AB COMMON STOCK SEK 5 28.0000 2,764.73 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4612757 OC OERLIKON CORP AG COMMON STOCK CHF 1 628,388.0000 7,348,930.40 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4697378 ASCOM HOLDING AG COMMON STOCK CHF 0.5 210,466.0000 3,297,959.70 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4798271 EUROCOMMERCIAL PROPERTIES NV DUTCH CERT EUR 5 30,576.0000 790,926.72 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4884006 TESSENDERLO GROUP SA COMMON STOCK EUR 0 19,074.0000 814,038.49 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 4902384 TRELLEBORG AB COMMON STOCK SEK 25 352,667.0000 9,174,928.15 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5071432 METSA BOARD OYJ COMMON STOCK EUR 1.7 556,756.0000 7,088,521.42 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5161407 INTERPUMP GROUP SPA COMMON STOCK EUR 0.52 56,602.0000 3,012,923.19 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5206621 INTERROLL HOLDING AG COMMON STOCK CHF 1 3,169.0000 10,831,008.84 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5208241 KONGSBERG GRUPPEN ASA COMMON STOCK NOK 1.25 293,090.0000 7,397,232.81 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5232671 UPONOR OYJ COMMON STOCK EUR 0 379,442.0000 11,048,534.20 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5260768 SIXT SE COMMON STOCK EUR 0 61,031.0000 8,467,063.20 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5271276 SIXT SE PREFERENCE EUR 0 52,099.0000 4,298,125.13 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5298781 SOCIETE BIC SA COMMON STOCK EUR 3.82 20,240.0000 1,430,325.85 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5334588 RHEINMETALL AG COMMON STOCK EUR 0 231,484.0000 24,152,849.63 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5474008 BANKINTER SA COMMON STOCK EUR 0.3 3,674,535.0000 20,094,381.29 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5481202 MERSEN SA COMMON STOCK EUR 2 59,542.0000 2,065,379.74 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5485527 AURUBIS AG COMMON STOCK EUR 0 288,968.0000 24,840,720.91 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5545670 JUNGHEINRICH AG PREFERENCE EUR 0 132,471.0000 6,930,276.94 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5608915 ALTEN SA COMMON STOCK EUR 1.016399 22,634.0000 2,833,748.93 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5617096 QUADIENT SA COMMON STOCK EUR 1 76,710.0000 2,096,632.91 04/30/2021 P 89734 GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND 5638280 VISCOFAN SA COMMON STOCK EUR 0.7